Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-34726 | |
Entity Registrant Name | LYONDELLBASELL INDUSTRIES N.V. | |
Entity Incorporation, State or Country Code | P7 | |
Entity Tax Identification Number | 98-0646235 | |
Title of 12(b) Security | Ordinary Shares, €0.04 Par Value | |
Trading Symbol | LYB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 334,353,962 | |
Entity Central Index Key | 0001489393 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | 1221 McKinney St., | |
Entity Address, Address Line Two | Suite 300 | |
Entity Address, City or Town | Houston, | |
Entity Address, State or Province | TX | |
Entity Address, Country | US | |
Entity Address, Postal Zip Code | 77010 | |
City Area Code | (713) | |
Local Phone Number | 309-7200 | |
United Kingdom [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | 4th Floor, One Vine Street | |
Entity Address, City or Town | London | |
Entity Address, Country | GB | |
Entity Address, Postal Zip Code | W1J0AH | |
Country Region | +44 (0) | |
City Area Code | 207 | |
Local Phone Number | 220 2600 | |
Netherlands [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | Delftseplein 27E | |
Entity Address, City or Town | Rotterdam | |
Entity Address, Country | NL | |
Entity Address, Postal Zip Code | 3013AA | |
Country Region | +31 (0) | |
City Area Code | 10 | |
Local Phone Number | 2755 500 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Sales and other operating revenues: | ||
Trade | $ 8,851 | $ 7,303 |
Related parties | 231 | 191 |
Sales revenue, net | 9,082 | 7,494 |
Operating costs and expenses: | ||
Cost of sales | 7,678 | 6,868 |
Selling, general and administrative expenses | 287 | 295 |
Research and development expenses | 29 | 27 |
Costs and expenses | 7,994 | 7,190 |
Operating income | 1,088 | 304 |
Interest expense | (110) | (89) |
Interest income | 2 | 3 |
Other income, net | 25 | 0 |
Income from continuing operations before equity investments and income taxes | 1,005 | 218 |
Income from equity investments | 137 | 0 |
Income from continuing operations before income taxes | 1,142 | 218 |
Provision for income taxes | 70 | 75 |
Income from continuing operations | 1,072 | 143 |
(Loss) income from discontinued operations, net of tax | (2) | 1 |
Net income | 1,070 | 144 |
Dividends on redeemable non-controlling interests | (2) | (2) |
Net income attributable to the Company shareholders | $ 1,068 | $ 142 |
Net income (loss) attributable to the Company shareholders - Basic: | ||
Continuing operations (in dollars per share) | $ 3.20 | $ 0.42 |
Discontinued operations (in dollars per share) | (0.01) | 0 |
Basic (in dollars per share) | 3.19 | 0.42 |
Net income (loss) attributable to the Company shareholders - Diluted: | ||
Continuing operations (in dollars per share) | 3.19 | 0.42 |
Discontinued operations (in dollars per share) | (0.01) | 0 |
Diluted (in dollars per share) | $ 3.18 | $ 0.42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 1,070 | $ 144 |
Other comprehensive income (loss), net of tax – | ||
Financial derivatives | 175 | (338) |
Unrealized losses on available-for-sale debt securities | 0 | (2) |
Defined benefit pension and other postretirement benefit plans | 11 | 10 |
Foreign currency translations | (107) | (199) |
Total other comprehensive income (loss), net of tax | 79 | (529) |
Comprehensive income (loss) | 1,149 | (385) |
Dividends on redeemable non-controlling interests | (2) | (2) |
Comprehensive income (loss) attributable to the Company shareholders | $ 1,147 | $ (387) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,452 | $ 1,763 |
Restricted cash | 11 | 2 |
Short-term investments | 383 | 702 |
Accounts receivable: | ||
Trade, net | 3,796 | 3,291 |
Related parties | 165 | 150 |
Inventories | 4,632 | 4,344 |
Prepaid expenses and other current assets | 1,525 | 1,382 |
Total current assets | 11,964 | 11,634 |
Operating lease assets | 1,466 | 1,492 |
Property, plant and equipment, at cost | 21,631 | 21,484 |
Less: Accumulated depreciation | (7,241) | (7,098) |
Property, plant and equipment, net | 14,390 | 14,386 |
Equity investments | 4,794 | 4,729 |
Goodwill | 1,904 | 1,953 |
Intangible assets, net | 717 | 751 |
Other assets | 511 | 458 |
Total assets | 35,746 | 35,403 |
Current liabilities: | ||
Current maturities of long-term debt | 958 | 8 |
Short-term debt | 682 | 663 |
Accounts payable: | ||
Trade | 2,703 | 2,398 |
Related parties | 579 | 550 |
Accrued liabilities | 1,953 | 1,883 |
Total current liabilities | 6,875 | 5,502 |
Long-term debt | 13,785 | 15,286 |
Operating lease liabilities | 1,199 | 1,222 |
Other liabilities | 2,554 | 2,957 |
Deferred income taxes | 2,403 | 2,332 |
Commitments and contingencies | ||
Redeemable non-controlling interests | 116 | 116 |
Shareholders’ equity: | ||
Ordinary shares, €0.04 par value, 1,275 million shares authorized, 334,313,140 and 334,015,220 shares outstanding, respectively | 19 | 19 |
Additional paid-in capital | 5,993 | 5,986 |
Retained earnings | 5,158 | 4,440 |
Accumulated other comprehensive loss | (1,864) | (1,943) |
Treasury stock, at cost, 5,732,488 and 6,030,408 ordinary shares, respectively | (506) | (531) |
Total Company share of shareholders’ equity | 8,800 | 7,971 |
Non-controlling interests | 14 | 17 |
Total equity | 8,814 | 7,988 |
Total liabilities, redeemable non-controlling interests and equity | $ 35,746 | $ 35,403 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - € / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Shareholders’ equity: | ||
Ordinary shares par value (in euros per share) | € 0.04 | € 0.04 |
Ordinary shares, shares authorized (in shares) | 1,275,000,000 | 1,275,000,000 |
Ordinary shares, shares outstanding (in shares) | 334,313,140 | 334,015,220 |
Treasury stock, shares (in shares) | 5,732,488 | 6,030,408 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 1,070 | $ 144 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 335 | 342 |
Amortization of debt-related costs | 5 | 4 |
Share-based compensation | 19 | 16 |
Inventory valuation charges | 0 | 419 |
Equity investments - | ||
Equity income | (137) | 0 |
Distributions of earnings, net of tax | 20 | 15 |
Deferred income tax (benefit) provision | (83) | 68 |
Changes in assets and liabilities that provided (used) cash: | ||
Accounts receivable | (593) | 4 |
Inventories | (360) | 121 |
Accounts payable | 327 | (235) |
Other, net | (32) | (356) |
Net cash provided by operating activities | 571 | 542 |
Cash flows from investing activities: | ||
Expenditures for property, plant and equipment | (340) | (660) |
Proceeds from maturities of available-for-sale debt securities | 74 | 0 |
Proceeds from equity securities | 226 | 1 |
Other, net | (19) | (4) |
Net cash used in investing activities | (59) | (663) |
Cash flows from financing activities: | ||
Repurchases of Company ordinary shares | 0 | (4) |
Dividends paid - common stock | (352) | (351) |
Purchase of non-controlling interest | 0 | (30) |
Issuance of long-term debt | 0 | 500 |
Repayments of long-term debt | (500) | 0 |
Issuance of short-term debt | 0 | 500 |
Net proceeds from commercial paper | 0 | 516 |
Collateral received from (paid for) interest rate derivatives | 66 | (238) |
Other, net | 4 | (9) |
Net cash (used in) provided by financing activities | (782) | 884 |
Effect of exchange rate changes on cash | (32) | (18) |
(Decrease) increase in cash and cash equivalents and restricted cash | (302) | 745 |
Cash and cash equivalents and restricted cash at beginning of period | 1,765 | 888 |
Cash and cash equivalents and restricted cash at end of period | $ 1,463 | $ 1,633 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Ordinary Shares | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Company Share of Shareholders' Equity | Non-Controlling Interests |
Beginning balance at Dec. 31, 2019 | $ 19 | $ (580) | $ 5,954 | $ 4,435 | $ (1,784) | $ 8,044 | $ 19 | |
Net income | $ 144 | 0 | 0 | 0 | 144 | 0 | 144 | 0 |
Other comprehensive income (loss) | (529) | 0 | 0 | 0 | 0 | (529) | (529) | 0 |
Share-based compensation | 0 | 25 | (11) | 1 | 0 | 15 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (351) | 0 | (351) | 0 | |
Dividends on redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Repurchases of Company ordinary shares | 0 | (4) | 0 | 0 | 0 | (4) | 0 | |
Purchase of non-controlling interest | 0 | 0 | 7 | 0 | 0 | 7 | 0 | |
Ending balance at Mar. 31, 2020 | 19 | (559) | 5,950 | 4,227 | (2,313) | 7,324 | 19 | |
Beginning balance at Dec. 31, 2020 | 7,988 | 19 | (531) | 5,986 | 4,440 | (1,943) | 7,971 | 17 |
Net income | 1,070 | 0 | 0 | 0 | 1,070 | 0 | 1,070 | 0 |
Other comprehensive income (loss) | 79 | 0 | 0 | 0 | 0 | 79 | 79 | 0 |
Share-based compensation | 0 | 25 | 7 | 2 | 0 | 34 | 0 | |
Dividends - common stock | 0 | 0 | 0 | (352) | 0 | (352) | 0 | |
Dividends on redeemable non-controlling interests | (2) | 0 | 0 | 0 | (2) | 0 | (2) | 0 |
Sale of non-controlling interest | 0 | 0 | 0 | 0 | 0 | 0 | (3) | |
Ending balance at Mar. 31, 2021 | $ 8,814 | $ 19 | $ (506) | $ 5,993 | $ 5,158 | $ (1,864) | $ 8,800 | $ 14 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock, dividends per share (in dollars per share) | $ 1.05 | $ 1.05 |
Redeemable non-controlling interests, dividends per share (in dollars per share) | $ 15 | $ 15 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Text Block [Abstract] | |
Basis of Presentation [Text Block] | 1. Basis of Presentation LyondellBasell Industries N.V. is a limited liability company (Naamloze Vennootschap) incorporated under Dutch law by deed of incorporation dated October 15, 2009. Unless otherwise indicated, the “Company,” “we,” “us,” “our” or similar words are used to refer to LyondellBasell Industries N.V. together with its consolidated subsidiaries (“LyondellBasell N.V.”). LyondellBasell N.V. is a worldwide manufacturer of chemicals and polymers, a refiner of crude oil, a significant producer of gasoline blending components and a developer and licensor of technologies for the production of polymers. The accompanying unaudited Consolidated Financial Statements have been prepared from the books and records of LyondellBasell N.V. in accordance with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X for interim financial information. 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, including normal recurring adjustments, considered necessary for a fair statement 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, 2020. |
Accounting and Reporting Change
Accounting and Reporting Changes | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting and Reporting Changes [Text Block] | 2. Accounting and Reporting Changes Recently Adopted Guidance The following table provides a brief description of recently adopted Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): Standard Description ASU 2020-01, Clarifying the Interactions between Topic 321, Topic 323, Equity Method and Joint Ventures, and Topic 815, Derivatives and Hedging This guidance clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 and includes scope considerations for entities that hold certain non-derivative forward contracts and purchased options to acquire equity securities that, upon settlement of the forward contract or exercise of the purchase option, would be accounted for under the equity method of accounting. This guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The prospective adoption of this guidance from January 1, 2021 did not have a material impact on our Consolidated Financial Statements. ASU 2020-06, Debt - Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity This guidance simplifies the accounting for convertible instruments and the application of the derivatives scope exception for contracts in an entity’s own equity. The standard also amends the accounting for convertible instruments in the diluted earnings per share calculation and requires enhanced disclosures of convertible instruments and contracts in an entity’s own equity. The guidance is effective for fiscal years beginning after December 15, 2021 and may be applied on a modified or fully retrospective basis. The early adoption of this guidance on a modified retrospective basis from January 1, 2021 did not have a material impact on our Consolidated Financial Statements. Standard Description ASU 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 This guidance amends and supersedes SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10762 related to financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. The guidance is effective for annual and interim periods ending after January 4, 2021. The adoption of this guidance from January 1, 2021 did not have a material impact on our Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of March 31, 2021 There are no ASUs issued and not yet adopted that could have a material impact on our Consolidated Financial Statements. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues [Text Block] | 3. Revenues Contract Balances— Contract liabilities were $185 million and $194 million at March 31, 2021 and December 31, 2020, respectively. Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial. Disaggregation of Revenues— The following table presents our revenues disaggregated by key products: Three Months Ended Millions of dollars 2021 2020 Sales and other operating revenues: Olefins and co-products $ 1,091 $ 667 Polyethylene 2,153 1,459 Polypropylene 1,718 1,101 Propylene oxide and derivatives 502 464 Oxyfuels and related products 607 707 Intermediate chemicals 578 544 Compounding and solutions 1,038 912 Advanced polymers 231 181 Refined products 993 1,336 Other 171 123 Total $ 9,082 $ 7,494 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Three Months Ended Millions of dollars 2021 2020 Sales and other operating revenues: United States $ 4,086 $ 3,187 Germany 765 641 China 560 243 Italy 378 335 France 290 270 Poland 270 224 The Netherlands 270 212 Mexico 247 380 Japan 230 335 Other 1,986 1,667 Total $ 9,082 $ 7,494 |
Accounts Receivable
Accounts Receivable | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable [Text Block] | 4. Accounts Receivable Our accounts receivable are reflected in the Consolidated Balance Sheets net of allowance for credit losses of $15 million at March 31, 2021 and December 31, 2020. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories [Text Block] | 5. Inventories Inventories consisted of the following components: Millions of dollars March 31, 2021 December 31, 2020 Finished goods $ 2,733 $ 2,816 Work-in-process 184 144 Raw materials and supplies 1,715 1,384 Total inventories $ 4,632 $ 4,344 Our inventories are stated at the lower of cost or market (“LCM”). Cost is determined using the last-in, first-out (“LIFO”) inventory valuation methodology, which means that the most recently incurred costs are charged to cost of sales and inventories are valued at the earliest acquisition costs. Market is determined based on an assessment of the current estimated replacement cost and selling price of the inventory. In periods where the market price of our inventory declines substantially, cost values of inventory may be higher than the market value, and as a result we adjust the value of inventory to market value. Fluctuations in the prices of crude oil, natural gas and correlated products from period to period may result in the recognition of charges to adjust the value of inventory to the LCM in periods of falling prices and the reversal of those charges in subsequent interim periods, within the fiscal year, as market prices recover. During the first three months of 2020, we recognized an LCM inventory valuation charge of $419 million related to the decline in pricing for many of our raw material and finished goods inventories since December 31, 2019. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt [Text Block] | 6. Debt Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following: Millions of dollars March 31, 2021 December 31, 2020 Senior Notes due 2024, $1,000 million, 5.75% ($4 million of debt issuance cost) $ 996 $ 996 Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $11 million of debt issuance cost) 974 974 Term Loan due 2022, $4,000 million ($1 million of debt issuance cost) 949 1,448 Guaranteed Notes due 2023, $750 million, 4.0% ($3 million of discount; $1 million of debt issuance cost) 746 745 Guaranteed Floating Rate Notes due 2023, $650 million ($3 million of debt issuance cost) 647 646 Guaranteed Notes due 2025, $500 million, 2.875% ($4 million of debt issuance cost) 496 496 Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $4 million of debt issuance cost) 495 495 Guaranteed Notes due 2026, €500 million, 0.875% ($2 million of discount; $3 million of debt issuance cost) 583 608 Guaranteed Notes due 2027, $1,000 million, 3.5% ($7 million of discount; $5 million of debt issuance cost) 1,086 1,090 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of discount; $4 million of debt issuance cost) 495 495 Guaranteed Notes due 2030, $500 million, 2.25% ($4 million of discount; $4 million of debt issuance cost) 492 492 Guaranteed Notes due 2031, €500 million, 1.625% ($6 million of discount; $4 million of debt issuance cost) 577 602 Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $8 million of debt issuance cost) 740 740 Guaranteed Notes due 2043, $750 million, 5.25% ($20 million of discount; $7 million of debt issuance cost) 723 723 Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $9 million of debt issuance cost) 981 981 Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost) 975 975 Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) 984 984 Guaranteed Notes due 2051, $1,000 million, 3.625% ($3 million of discount; $11 million of debt issuance cost) 986 986 Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) 490 490 Other 28 28 Total 14,743 15,294 Less current maturities (958) (8) Long-term debt $ 13,785 $ 15,286 Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: Gains (Losses) Cumulative Fair Value Inception Three Months Ended March 31, December 31, Millions of dollars 2021 2020 2021 2020 Senior Notes due 2021, 6.0% 2016 $ — $ (16) $ — $ — Guaranteed Notes due 2027, 3.5% 2017 4 (80) (98) (102) Guaranteed Notes due 2022, 1.875% 2018 — 1 — — Guaranteed Notes due 2026, 0.875% 2020 1 — (1) (2) Total $ 5 $ (95) $ (99) $ (104) Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income. Short-term loans, notes and other debt consisted of the following: Millions of dollars March 31, 2021 December 31, 2020 U.S. Receivables Facility $ — $ — Commercial paper 500 500 Precious metal financings 162 140 Other 20 23 Total Short-term debt $ 682 $ 663 Long-Term Debt Senior Revolving Credit Facility —Our $2,500 million Senior Revolving Credit Facility, of which $2,440 million expires in June 2023 and the remainder expires in June 2022, may be used for dollar and euro denominated borrowings. The facility has a $500 million sub-limit for dollar and euro denominated letters of credit, a $1,000 million uncommitted accordion feature, and supports our commercial paper program. Borrowings under the facility bear interest at either a base rate or LIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. At March 31, 2021, we had no borrowings or letters of credit outstanding and $2,005 million of unused availability under this facility. Term Loan due 2022 —In March 2019, LYB Americas Finance Company LLC (“LYB Americas Finance”), a wholly owned subsidiary of LyondellBasell Industries N.V., entered into a $4,000 million senior unsecured delayed draw term loan credit facility that matures in March 2022. Borrowings under the credit agreement were available through December 31, 2019, subsequent to which no further borrowings may be made under the agreement. Outstanding borrowings bear interest at either a base rate or LIBOR rate, as defined, plus in each case, an applicable margin determined by reference to LyondellBasell N.V.’s current credit ratings. In January 2021, we repaid $500 million outstanding under our Term Loan due 2022. An additional $500 million was repaid in April 2021 . Short-Term Debt U.S. Receivables Facility —Our U.S. Receivables Facility, which expires in July 2021, has a purchase limit of $900 million in addition to a $300 million uncommitted accordion feature. This facility provides liquidity through the sale or contribution of trade receivables by certain of our U.S. subsidiaries to a wholly owned, bankruptcy-remote subsidiary on an ongoing basis and without recourse. We pay variable interest rates on our secured borrowings. Additional fees are incurred for the average daily unused commitments. This facility also provides for the issuance of letters of credit up to $200 million. We plan on extending all or a portion of this facility prior to its maturity in July 2021 in accordance with the terms of the agreement. At March 31, 2021, we had no borrowings or letters of credit outstanding and $900 million unused availability under this facility. Commercial Paper Program —We have a commercial paper program under which we may issue up to $2,500 million of privately placed, unsecured, short-term promissory notes (“commercial paper”). Interest rates on the commercial paper outstanding at March 31, 2021 are based on the terms of the notes and range from 0.19% to 0.27%. At March 31, 2021, we had $500 million of outstanding commercial paper. Weighted Average Interest Rate —At March 31, 2021 and December 31, 2020, our weighted average interest rates on outstanding Short-term debt was 0.9%. Additional Information Debt Discount and Issuance Costs —Amortization of debt discounts and debt issuance costs resulted in amortization expense of $5 million and $4 million for the three months ended March 31, 2021 and 2020, respectively, which is included in Interest expense in the Consolidated Statements of Income. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments and Fair Value Measurements [Text Block] | 7. Financial Instruments and Fair Value Measurements We are exposed to market risks, such as changes in commodity pricing, interest rates and currency exchange rates. To manage the volatility related to these exposures, we selectively enter into derivative contracts pursuant to our risk management policies. A summary of our financial instruments, risk management policies, derivative instruments, hedging activities and fair value measurement can be found in Notes 2 and 13 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. If applicable, updates have been included in the respective sections below. Cash and Cash Equivalents —At March 31, 2021 and December 31, 2020, we had marketable securities classified as Cash and cash equivalents of $560 million and $682 million, respectively. Foreign Currency Gain (Loss) —Other income, net, in the Consolidated Statements of Income reflected foreign currency gains of $3 million and losses of $7 million for the three months ended March 31, 2021 and 2020, respectively. Financial Instruments Measured at Fair Value on a Recurring Basis —The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis: March 31, 2021 December 31, 2020 Millions of dollars Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Assets– Derivatives designated as hedges: Commodities $ 25 $ 5 $ 19 $ 3 Prepaid expenses and other current assets Commodities 30 4 41 4 Other Assets Foreign currency 358 56 — 26 Prepaid expenses and other current assets Interest rates — 1 — — Prepaid expenses and other current assets Interest rates 117 1 122 2 Other assets Derivatives not designated as hedges: Commodities 111 5 71 2 Prepaid expenses and other current assets Foreign currency 34 1 149 — Prepaid expenses and other current assets Non-derivatives: Available-for-sale debt securities 265 266 348 349 Short-term investments Equity securities 117 117 353 353 Short-term investments Total $ 1,057 $ 456 $ 1,103 $ 739 Liabilities– Derivatives designated as hedges: Commodities $ — $ — $ — $ 2 Accrued liabilities Foreign currency 855 116 1,213 146 Accrued liabilities Foreign currency 2,682 209 2,682 302 Other liabilities Interest rates 1,150 120 1,000 343 Other liabilities Derivatives not designated as hedges: Commodities 191 22 113 14 Accrued liabilities Foreign currency 717 5 76 1 Accrued liabilities Total $ 5,595 $ 472 $ 5,084 $ 808 As of March 31, 2021, our limited partnership investments included in our equity securities discussed below are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. All other financial instruments in the table above, including equity securities as of December 31, 2020, are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets. At March 31, 2021, our outstanding foreign currency contracts, not designated as hedges, mature from April 2021 to March 2022. Our commodity contracts, not designated as hedges, mature in May 2021. 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 for the periods presented. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities for which the carrying value approximates fair value are excluded from the table below. Short-term and long-term debt are recorded at amortized cost in the Consolidated Balance Sheets. The carrying and fair values of short-term and of long-term debt exclude commercial paper and other miscellaneous debt. All financial instruments in the table below are classified as Level 2. March 31, 2021 December 31, 2020 Millions of dollars Carrying Fair Carrying Fair Non-derivatives: Liabilities: Short-term debt $ 162 $ 181 $ 140 $ 154 Long-term debt 14,715 15,895 15,266 17,290 Total $ 14,877 $ 16,076 $ 15,406 $ 17,444 Net Investment Hedges— The following table summarizes our net investment hedges outstanding for the periods presented: March 31, 2021 December 31, 2020 Millions of euro/dollars Notional Value Notional Value Expiration Date Equivalent Equivalent Foreign currency € 1,667 $ 1,890 € 1,667 $ 1,890 2021 to 2030 In April 2021, we entered into a foreign currency contract with a notional value of €250 million that was designated as a net investment hedge. Cash Flow Hedges— The following table summarizes our cash flow hedges outstanding for the periods presented: March 31, 2021 December 31, 2020 Millions of dollars Notional Value Notional Value Expiration Date Foreign currency $ 2,005 $ 2,005 2021 to 2027 Interest rates 1,000 1,000 2023 to 2024 Commodities 55 60 2021 to 2022 As of March 31, 2021 and December 31, 2020, Other assets include $172 million and $238 million of collateral held with our counterparties related to our forward-starting interest rate swaps, respectively. Related cash flows are included in financing activities in the Consolidated Statements of Cash Flows. As of March 31, 2021, on a pre-tax basis, $5 million is scheduled to be reclassified from Accumulated other comprehensive loss as an increase to Interest expense over the next twelve months. Fair Value Hedges— The following table summarizes our fair value hedges outstanding for the periods presented: March 31, 2021 December 31, 2020 Millions of dollars Notional Value Notional Value Expiration Date Interest rates $ 267 $ 122 2026 to 2030 In March 2021, we entered into a fixed-for-floating interest rate swap to mitigate the change in the fair value of $150 million of our $500 million, 3.375% guaranteed notes due 2030 associated with the risk of variability in the 3-month LIBOR rate component. In April 2021, we entered into two fixed-for-floating interest rate swaps to mitigate the change in the fair value associated with the risk of variability in the 3-month LIBOR rate component of $150 million of our $500 million, 2.875% guaranteed notes due 2025 and $150 million of our $1,000 million, 3.5% guaranteed notes due 2027. The fixed-rate and variable-rate components for these trades are settled semi-annually and quarterly, respectively. Impact on Earnings and Other Comprehensive Income —The following tables summarize the pre-tax effect of derivative and non-derivative instruments recorded in Accumulated other comprehensive loss (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings: Effects of Financial Instruments Three Months Ended March 31, Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI to Income Gain (Loss) Recognized in Income Income Statement Millions of dollars 2021 2020 2021 2020 2021 2020 Classification Derivatives designated as hedges: Commodities $ 6 $ — $ (1) $ — $ — $ — Cost of sales Foreign currency 148 164 (92) (53) 12 16 Interest expense Interest rates 223 (535) 1 — 2 96 Interest expense Derivatives not designated as hedges: Commodities — — — — 3 (9) Sales and other operating revenues Commodities — — — — 11 (3) Cost of sales Foreign currency — — — — (14) (4) Other income, net Non-derivatives designated as hedges: Long-term debt — 22 — — — — Other income, net Total $ 377 $ (349) $ (92) $ (53) $ 14 $ 96 The derivative amounts excluded from the assessment of effectiveness for foreign currency contracts designated as net investment hedges recognized in Other comprehensive income for the three months ended March 31, 2021 and 2020 were gains of $4 million and less than $1 million, respectively. The derivative amounts excluded from the assessment of effectiveness for foreign currency contracts designated as net investment hedges recognized in Interest expense for the three months ended March 31, 2021 and 2020 were gains of $3 million and $4 million, respectively. The pre-tax effect of the periodic receipt of fixed interest and payment of variable interest associated with our fixed-for-floating interest rate swaps resulted in less than $1 million and $2 million decreases in Interest expense during the three months ended in March 31, 2021 and 2020, respectively. Investments in Available-for-Sale Debt Securities —The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of our outstanding available-for-sale debt securities: Millions of dollars Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities at March 31, 2021 $ 265 $ 1 $ — $ 266 Debt securities at December 31, 2020 348 1 — 349 No allowance for credit losses related to our available-for-sale debt securities were recorded for the three months ended March 31, 2021 and for the year ended December 31, 2020. As of March 31, 2021, bonds classified as available-for-sale debt securities had remaining maturities between 1 month and 3 months. We received proceeds of $74 million from maturities of our available-for-sale debt securities during the three months ended March 31, 2021. No proceeds were received from maturities of our available-for-sale debt securities during the three months ended March 31, 2020. In addition, no proceeds were received and no gain or loss was realized in connection with the sales of our available-for-sale debt securities during the three months ended March 31, 2021 and 2020, respectively. We had no available-for-sale debt securities which were in a continuous unrealized loss position for less than or greater than twelve months as of March 31, 2021 and December 31, 2020. Investments in Equity Securities —Our investment in equity securities consists of an investment in a limited partnership with a notional amount of $117 million and $353 million as of March 31, 2021 and December 31, 2020, respectively. Carrying amount approximate fair value. The investment is carried at its net asset value as a practical expedient at March 31, 2021 and fair value at December 31, 2020. The investment is under voluntary liquidation by the fund administrator and we expect the investment to be fully liquidated within the next twelve months, during which time redemption or sale of the investment is restricted. We received proceeds of $226 million and $1 million related to our investments in equity securities during the three months ended March 31, 2021 and 2020, respectively. Proceeds of $16 million were received in April 2021. We recognized unrealized gains of less than $1 million on our equity securities that were outstanding during the three months ended March 31, 2021 and 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 8. Income Taxes For interim tax reporting, we estimate an annual effective tax rate which is applied to the year-to-date ordinary income (loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. Our effective income tax rate fluctuates based on, among other factors, changes in pretax income in countries with varying statutory tax rates, changes in valuation allowances, changes in foreign exchange gains (losses), the amount of exempt income, changes in unrecognized tax benefits associated with uncertain tax positions and changes in tax laws. Our exempt income primarily includes interest income, export incentives, and equity earnings of joint ventures. Interest income earned by certain of our European subsidiaries through intercompany financings is taxed at rates substantially lower than the U.S. statutory rate. Export incentives relate to tax benefits derived from elections and structures available for U.S. exports. Equity earnings attributable to the earnings of our joint ventures, when paid through dividends to certain European subsidiaries, are exempt from all or portions of normal statutory income tax rates. We currently anticipate the favorable treatment for interest income, dividends, and export incentives to continue in the near term; however, this treatment is based on current law and tax rulings, which could change. Our effective income tax rate for the three months ended March 31, 2021 was 6.1% compared with 34.4% for the three months ended March 31, 2020. The lower effective tax rate was primarily attributable to the remeasurement of U.S. deferred tax liabilities that occurred in the prior year as a result of the Coronavirus Aid, Relief, and Economic Security Act, also known as the “CARES Act”, and return to accrual adjustments primarily from a tax benefit associated with a step-up of certain Italian assets to fair market value. The tax benefit associated with a step-up of certain Italian assets resulted from a tax change which allows a voluntary step-up of tangible and intangible assets to fair market value in exchange for a substitute tax. During the first quarter of 2021, we assessed a reasonable estimate of the step-up of select assets and recognized a net tax benefit of $120 million. These drivers were partially offset by the reduced relative impact of our tax rate drivers, primarily exempt income, due to increased pre-tax earnings. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies [Text Block] | 9. Commitments and Contingencies Commitments —We have various purchase commitments for materials, supplies and services incidental to the ordinary conduct of business, generally for quantities required for our businesses and at prevailing market prices. These commitments are designed to assure sources of supply and are not expected to be in excess of normal requirements. As of March 31, 2021 , we had capital expenditure commitments, which we incurred in our normal course of business , including commitments of approximately $316 million related to building our new PO/TBA plant in Houston, Texas. Financial Assurance Instruments —We have obtained letters of credit, performance and surety bonds and have issued financial and performance guarantees to support trade payables, potential liabilities and other obligations. Considering the frequency of claims made against the financial instruments we use to support our obligations, and the magnitude of those financial instruments in light of our current financial position, management does not expect that any claims against or draws on these instruments would have a material adverse effect on our Consolidated Financial Statements. We have not experienced any unmanageable difficulty in obtaining the required financial assurance instruments for our current operations. Environmental Remediation —Our accrued liability for future environmental remediation costs at current and former plant sites and other remediation sites totaled $130 million and $133 million as of March 31, 2021 and December 31, 2020, respectively. At March 31, 2021, the accrued liabilities for individual sites range from less than $1 million to $16 million. The remediation expenditures are expected to occur over a number of years, and not concentrated in any single year. In our opinion, it is reasonably possible that losses in excess of the liabilities recorded may have been incurred. However, we cannot estimate any amount or range of such possible additional losses. New information about sites, new technology or future developments such as involvement in investigations by regulatory agencies, could require us to reassess our potential exposure related to environmental matters. Indemnification —We are parties to various indemnification arrangements, including arrangements entered into in connection with acquisitions, divestitures and the formation and dissolution of joint ventures. Pursuant to these arrangements, we provide indemnification to and/or receive indemnification from other parties in connection with liabilities that may arise in connection with the transactions and in connection with activities prior to completion of the transactions. These indemnification arrangements typically include provisions pertaining to third-party claims relating to environmental and tax matters and various types of litigation. As of March 31, 2021, we had not accrued any significant amounts for our indemnification obligations, and we are not aware of other circumstances that would likely lead to significant future indemnification obligations. We cannot determine with certainty the potential amount of future payments under the indemnification arrangements until events arise that would trigger a liability under the arrangements. As part of our technology licensing contracts, we give indemnifications to our licensees for liabilities arising from possible patent infringement claims with respect to certain proprietary licensed technologies. Such indemnifications have a stated maximum amount and generally cover a period of 5 to 10 years. Legal Proceedings— We are subject to various lawsuits and claims, including but not limited to, matters involving contract disputes, environmental damages, personal injury and property damage. We vigorously defend ourselves and prosecute these matters as appropriate. Our legal organization applies its knowledge, experience and professional judgment to the specific characteristics of our cases, employing a litigation management process to manage and monitor legal proceedings in which we are a party. Our process facilitates the early evaluation and quantification of potential exposures in individual cases. This process also enables us to track those cases that have been scheduled for trial, mediation or other resolution. We regularly assess the adequacy of legal accruals based on our professional judgment, experience and the information available regarding our cases. Based on a consideration of all relevant facts and circumstances, we do not believe the ultimate outcome of any currently pending lawsuit against us will have a material adverse effect upon our operations, financial condition or Consolidated Financial Statements. |
Shareholders' Equity and Redeem
Shareholders' Equity and Redeemable Non-controlling Interests | 3 Months Ended |
Mar. 31, 2021 | |
Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract] | |
Shareholders' Equity and Redeemable Non-controlling Interests Disclosure [Text Block] | 10. Shareholders’ Equity and Redeemable Non-controlling Interests Shareholders’ Equity Dividend Distributions —In March 2021, we paid a cash dividend of $1.05 per share for an aggregate of $352 million to shareholders of record on March 8, 2021. Ordinary Shares —The changes in the outstanding amounts of ordinary shares are as follows: Three Months Ended 2021 2020 Ordinary shares outstanding: Beginning balance 334,015,220 333,476,883 Share-based compensation 247,964 196,037 Employee stock purchase plan 49,956 81,215 Purchase of ordinary shares — (50,685) Ending balance 334,313,140 333,703,450 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Three Months Ended 2021 2020 Ordinary shares held as treasury shares: Beginning balance 6,030,408 6,568,745 Share-based compensation (247,964) (196,037) Employee stock purchase plan (49,956) (81,215) Purchase of ordinary shares — 50,685 Ending balance 5,732,488 6,342,178 Accumulated Other Comprehensive Loss —The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the three months ended March 31, 2021 and 2020 are presented in the following tables: Millions of dollars Financial Unrealized Defined Benefit Foreign Total Balance – January 1, 2021 $ (426) $ 1 $ (752) $ (766) $ (1,943) Other comprehensive income (loss) before reclassifications 315 — — (93) 222 Tax expense before reclassifications (68) — — (14) (82) Amounts reclassified from accumulated other comprehensive loss (92) — 15 — (77) Tax (expense) benefit 20 — (4) — 16 Net other comprehensive income (loss) 175 — 11 (107) 79 Balance – March 31, 2021 $ (251) $ 1 $ (741) $ (873) $ (1,864) Millions of dollars Financial Unrealized Defined Benefit Foreign Total Balance – January 1, 2020 $ (200) $ — $ (711) $ (873) $ (1,784) Other comprehensive loss before reclassifications (388) (3) — (195) (586) Tax (expense) benefit before reclassifications 88 1 — (4) 85 Amounts reclassified from accumulated other comprehensive loss (53) — 14 — (39) Tax (expense) benefit 15 — (4) — 11 Net other comprehensive income (loss) (338) (2) 10 (199) (529) Balance – March 31, 2020 $ (538) $ (2) $ (701) $ (1,072) $ (2,313) The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: Three Months Ended Affected Line Item on Millions of dollars 2021 2020 Reclassification adjustments for: Financial derivatives: Foreign currency $ (92) $ (53) Interest expense Commodities (1) — Cost of sales Interest rates 1 — Interest expense Income tax expense (benefit) (20) (15) Provision for income taxes Financial derivatives, net of tax (72) (38) Amortization of defined pension items: Prior service cost 1 1 Other income, net Actuarial loss 14 13 Other income, net Income tax expense (benefit) 4 4 Provision for income taxes Defined pension items, net of tax 11 10 Total reclassifications, before tax (77) (39) Income tax benefit (16) (11) Provision for income taxes Total reclassifications, after tax $ (61) $ (28) Amount included in net income Redeemable Non-controlling Interests Our redeemable non-controlling interests relate to shares of cumulative perpetual special stock (“redeemable non-controlling interest stock”) issued by our consolidated subsidiary, formerly known as A. Schulman. As of March 31, 2021 and December 31, 2020, we had 115,374 shares of redeemable non-controlling interest stock outstanding. In February 2021, we paid cash dividends of $15.00 per share to our redeemable non-controlling interest shareholders of record as of January 15, 2021. These dividends totaled $2 million for each of the three months ended March 31, 2021 and 2020. |
Per Share Data
Per Share Data | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Per Share Data [Text Block] | 11. Per Share Data Basic earnings per share are 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 March 31, 2021 2020 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 1,072 $ (2) $ 143 $ 1 Dividends on redeemable non-controlling interests (2) — (2) — Net (income) loss attributable to participating securities (2) — — — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 1,068 $ (2) $ 141 $ 1 Millions of shares, except per share amounts Basic weighted average common stock outstanding 334 334 334 334 Effect of dilutive securities — — — — Potential dilutive shares 334 334 334 334 Earnings (loss) per share: Basic $ 3.20 $ (0.01) $ 0.42 $ — Diluted $ 3.19 $ (0.01) $ 0.42 $ — |
Segment and Related Information
Segment and Related Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment and Related Information [Text Block] | 12. Segment and Related Information Our operations are managed by senior executives who report to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments, and our Chief Executive Officer uses the operating results of each of the operating segments for performance evaluation and resource allocation. The activities of each of our segments from which they earn revenues and incur expenses are described below: • Olefins and Polyolefins—Americas (“O&P—Americas”). Our O&P—Americas segment produces and markets olefins and co-products, polyethylene and polypropylene. • Olefins and Polyolefins—Europe, Asia, International (“O&P—EAI”). Our O&P—EAI segment produces and markets olefins and co-products, polyethylene and polypropylene. • Intermediates and Derivatives (“I&D”). Our I&D segment produces and markets propylene oxide and its derivatives, oxyfuels and related products, and intermediate chemicals such as styrene monomer, acetyls, ethylene oxide and ethylene glycol. • Advanced Polymer Solutions (“APS”) . Our APS segment produces and markets compounding and solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites, colors and powders, and advanced polymers, which includes Catalloy and polybutene-1. • Refining . Our Refining segment refines heavy, high-sulfur crude oil and other crude oils of varied types and sources available on the U.S. Gulf Coast into refined products, including gasoline and distillates. • Technology . Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts. Our chief operating decision maker uses EBITDA as the primary measure for reviewing profitability of our segments, and therefore, we have presented EBITDA for all segments. We define EBITDA as earnings before interest, income taxes, and depreciation and amortization. “Other” includes intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other postretirement benefit costs other than service costs. Sales between segments are made primarily at prices approximating prevailing market prices. Summarized financial information concerning reportable segments is shown in the following tables for the periods presented: Three Months Ended March 31, 2021 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 2,135 $ 2,840 $ 1,704 $ 1,269 $ 993 $ 141 $ — $ 9,082 Intersegment 724 207 63 1 133 24 (1,152) — 2,859 3,047 1,767 1,270 1,126 165 (1,152) 9,082 Income from equity investments 30 95 12 — — — — 137 EBITDA 867 412 182 135 (110) 94 5 1,585 Capital expenditures 65 40 145 20 25 22 23 340 Three Months Ended March 31, 2020 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 1,173 $ 2,064 $ 1,732 $ 1,093 $ 1,336 $ 96 $ — $ 7,494 Intersegment 619 160 38 3 112 26 (958) — 1,792 2,224 1,770 1,096 1,448 122 (958) 7,494 Income (loss) from equity investments 2 (3) 2 (1) — — — — LCM inventory valuation charge 111 36 78 2 192 — — 419 EBITDA 366 189 203 113 (272) 56 (9) 646 Capital expenditures 204 42 353 13 16 30 2 660 A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented: Three Months Ended Millions of dollars 2021 2020 EBITDA: Total segment EBITDA $ 1,580 $ 655 Other EBITDA 5 (9) Less: Depreciation and amortization expense (335) (342) Interest expense (110) (89) Add: Interest income 2 3 Income from continuing operations before income taxes $ 1,142 $ 218 |
Accounting and Reporting Chan_2
Accounting and Reporting Changes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of accounting and reporting changes [Table Text Block] | The following table provides a brief description of recently adopted Accounting Standard Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”): Standard Description ASU 2020-01, Clarifying the Interactions between Topic 321, Topic 323, Equity Method and Joint Ventures, and Topic 815, Derivatives and Hedging This guidance clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with Topic 321 and includes scope considerations for entities that hold certain non-derivative forward contracts and purchased options to acquire equity securities that, upon settlement of the forward contract or exercise of the purchase option, would be accounted for under the equity method of accounting. This guidance is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The prospective adoption of this guidance from January 1, 2021 did not have a material impact on our Consolidated Financial Statements. ASU 2020-06, Debt - Debt with Conversion and Other Options and Derivatives and Hedging - Contracts in Entity’s Own Equity This guidance simplifies the accounting for convertible instruments and the application of the derivatives scope exception for contracts in an entity’s own equity. The standard also amends the accounting for convertible instruments in the diluted earnings per share calculation and requires enhanced disclosures of convertible instruments and contracts in an entity’s own equity. The guidance is effective for fiscal years beginning after December 15, 2021 and may be applied on a modified or fully retrospective basis. The early adoption of this guidance on a modified retrospective basis from January 1, 2021 did not have a material impact on our Consolidated Financial Statements. Standard Description ASU 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 This guidance amends and supersedes SEC paragraphs in the Accounting Standards Codification to reflect the issuance of SEC Release No. 33-10762 related to financial disclosure requirements for subsidiary issuers and guarantors of registered debt securities and affiliates whose securities are pledged as collateral for registered securities. The guidance is effective for annual and interim periods ending after January 4, 2021. The adoption of this guidance from January 1, 2021 did not have a material impact on our Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of March 31, 2021 There are no ASUs issued and not yet adopted that could have a material impact on our Consolidated Financial Statements. |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of revenue [Table Text Block] | Disaggregation of Revenues— The following table presents our revenues disaggregated by key products: Three Months Ended Millions of dollars 2021 2020 Sales and other operating revenues: Olefins and co-products $ 1,091 $ 667 Polyethylene 2,153 1,459 Polypropylene 1,718 1,101 Propylene oxide and derivatives 502 464 Oxyfuels and related products 607 707 Intermediate chemicals 578 544 Compounding and solutions 1,038 912 Advanced polymers 231 181 Refined products 993 1,336 Other 171 123 Total $ 9,082 $ 7,494 The following table presents our revenues disaggregated by geography, based upon the location of the customer: Three Months Ended Millions of dollars 2021 2020 Sales and other operating revenues: United States $ 4,086 $ 3,187 Germany 765 641 China 560 243 Italy 378 335 France 290 270 Poland 270 224 The Netherlands 270 212 Mexico 247 380 Japan 230 335 Other 1,986 1,667 Total $ 9,082 $ 7,494 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory [Table Text Block] | Inventories consisted of the following components: Millions of dollars March 31, 2021 December 31, 2020 Finished goods $ 2,733 $ 2,816 Work-in-process 184 144 Raw materials and supplies 1,715 1,384 Total inventories $ 4,632 $ 4,344 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt [Table Text Block] | Long-term loans, notes and other debt, net of unamortized discount and debt issuance cost, consisted of the following: Millions of dollars March 31, 2021 December 31, 2020 Senior Notes due 2024, $1,000 million, 5.75% ($4 million of debt issuance cost) $ 996 $ 996 Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $11 million of debt issuance cost) 974 974 Term Loan due 2022, $4,000 million ($1 million of debt issuance cost) 949 1,448 Guaranteed Notes due 2023, $750 million, 4.0% ($3 million of discount; $1 million of debt issuance cost) 746 745 Guaranteed Floating Rate Notes due 2023, $650 million ($3 million of debt issuance cost) 647 646 Guaranteed Notes due 2025, $500 million, 2.875% ($4 million of debt issuance cost) 496 496 Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $4 million of debt issuance cost) 495 495 Guaranteed Notes due 2026, €500 million, 0.875% ($2 million of discount; $3 million of debt issuance cost) 583 608 Guaranteed Notes due 2027, $1,000 million, 3.5% ($7 million of discount; $5 million of debt issuance cost) 1,086 1,090 Guaranteed Notes due 2027, $300 million, 8.1% 300 300 Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of discount; $4 million of debt issuance cost) 495 495 Guaranteed Notes due 2030, $500 million, 2.25% ($4 million of discount; $4 million of debt issuance cost) 492 492 Guaranteed Notes due 2031, €500 million, 1.625% ($6 million of discount; $4 million of debt issuance cost) 577 602 Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $8 million of debt issuance cost) 740 740 Guaranteed Notes due 2043, $750 million, 5.25% ($20 million of discount; $7 million of debt issuance cost) 723 723 Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $9 million of debt issuance cost) 981 981 Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost) 975 975 Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) 984 984 Guaranteed Notes due 2051, $1,000 million, 3.625% ($3 million of discount; $11 million of debt issuance cost) 986 986 Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) 490 490 Other 28 28 Total 14,743 15,294 Less current maturities (958) (8) Long-term debt $ 13,785 $ 15,286 Fair value hedging adjustments associated with the fair value hedge accounting of our fixed-for-floating interest rate swaps for the applicable periods are as follows: Gains (Losses) Cumulative Fair Value Inception Three Months Ended March 31, December 31, Millions of dollars 2021 2020 2021 2020 Senior Notes due 2021, 6.0% 2016 $ — $ (16) $ — $ — Guaranteed Notes due 2027, 3.5% 2017 4 (80) (98) (102) Guaranteed Notes due 2022, 1.875% 2018 — 1 — — Guaranteed Notes due 2026, 0.875% 2020 1 — (1) (2) Total $ 5 $ (95) $ (99) $ (104) Fair value adjustments are recognized in Interest expense in the Consolidated Statements of Income. |
Schedule of short-term debt [Table Text Block] | Short-term loans, notes and other debt consisted of the following: Millions of dollars March 31, 2021 December 31, 2020 U.S. Receivables Facility $ — $ — Commercial paper 500 500 Precious metal financings 162 140 Other 20 23 Total Short-term debt $ 682 $ 663 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of fair value of outstanding financial instruments [Table Text Block] | Financial Instruments Measured at Fair Value on a Recurring Basis —The following table summarizes financial instruments outstanding for the periods presented that are measured at fair value on a recurring basis: March 31, 2021 December 31, 2020 Millions of dollars Notional Amount Fair Value Notional Amount Fair Value Balance Sheet Assets– Derivatives designated as hedges: Commodities $ 25 $ 5 $ 19 $ 3 Prepaid expenses and other current assets Commodities 30 4 41 4 Other Assets Foreign currency 358 56 — 26 Prepaid expenses and other current assets Interest rates — 1 — — Prepaid expenses and other current assets Interest rates 117 1 122 2 Other assets Derivatives not designated as hedges: Commodities 111 5 71 2 Prepaid expenses and other current assets Foreign currency 34 1 149 — Prepaid expenses and other current assets Non-derivatives: Available-for-sale debt securities 265 266 348 349 Short-term investments Equity securities 117 117 353 353 Short-term investments Total $ 1,057 $ 456 $ 1,103 $ 739 Liabilities– Derivatives designated as hedges: Commodities $ — $ — $ — $ 2 Accrued liabilities Foreign currency 855 116 1,213 146 Accrued liabilities Foreign currency 2,682 209 2,682 302 Other liabilities Interest rates 1,150 120 1,000 343 Other liabilities Derivatives not designated as hedges: Commodities 191 22 113 14 Accrued liabilities Foreign currency 717 5 76 1 Accrued liabilities Total $ 5,595 $ 472 $ 5,084 $ 808 As of March 31, 2021, our limited partnership investments included in our equity securities discussed below are measured at fair value using the net asset value per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. All other financial instruments in the table above, including equity securities as of December 31, 2020, are classified as Level 2. We present the gross assets and liabilities of our derivative financial instruments on the Consolidated Balance Sheets. |
Schedule of the carrying value and estimated fair value of non-derivative financial instruments [Table Text Block] | Financial Instruments Not Measured at Fair Value on a Recurring Basis —The following table presents the carrying value and estimated fair value of our financial instruments that are not measured at fair value on a recurring basis for the periods presented. Due to the short maturity, the fair value of all non-derivative financial instruments included in Current assets and Current liabilities for which the carrying value approximates fair value are excluded from the table below. Short-term and long-term debt are recorded at amortized cost in the Consolidated Balance Sheets. The carrying and fair values of short-term and of long-term debt exclude commercial paper and other miscellaneous debt. All financial instruments in the table below are classified as Level 2. March 31, 2021 December 31, 2020 Millions of dollars Carrying Fair Carrying Fair Non-derivatives: Liabilities: Short-term debt $ 162 $ 181 $ 140 $ 154 Long-term debt 14,715 15,895 15,266 17,290 Total $ 14,877 $ 16,076 $ 15,406 $ 17,444 |
Summary of net investment hedges [Table Text Block] | Net Investment Hedges— The following table summarizes our net investment hedges outstanding for the periods presented: March 31, 2021 December 31, 2020 Millions of euro/dollars Notional Value Notional Value Expiration Date Equivalent Equivalent Foreign currency € 1,667 $ 1,890 € 1,667 $ 1,890 2021 to 2030 |
Summary of cash flow hedges [Table Text Block] | Cash Flow Hedges— The following table summarizes our cash flow hedges outstanding for the periods presented: March 31, 2021 December 31, 2020 Millions of dollars Notional Value Notional Value Expiration Date Foreign currency $ 2,005 $ 2,005 2021 to 2027 Interest rates 1,000 1,000 2023 to 2024 Commodities 55 60 2021 to 2022 |
Summary of fair value hedges [Table Text Block] | Fair Value Hedges— The following table summarizes our fair value hedges outstanding for the periods presented: March 31, 2021 December 31, 2020 Millions of dollars Notional Value Notional Value Expiration Date Interest rates $ 267 $ 122 2026 to 2030 |
Summary of the impact of financial instruments on earnings and other comprehensive income [Table Text Block] | Impact on Earnings and Other Comprehensive Income —The following tables summarize the pre-tax effect of derivative and non-derivative instruments recorded in Accumulated other comprehensive loss (“AOCI”), the gains (losses) reclassified from AOCI to earnings and additional gains (losses) recognized directly in earnings: Effects of Financial Instruments Three Months Ended March 31, Gain (Loss) Recognized in AOCI Gain (Loss) Reclassified from AOCI to Income Gain (Loss) Recognized in Income Income Statement Millions of dollars 2021 2020 2021 2020 2021 2020 Classification Derivatives designated as hedges: Commodities $ 6 $ — $ (1) $ — $ — $ — Cost of sales Foreign currency 148 164 (92) (53) 12 16 Interest expense Interest rates 223 (535) 1 — 2 96 Interest expense Derivatives not designated as hedges: Commodities — — — — 3 (9) Sales and other operating revenues Commodities — — — — 11 (3) Cost of sales Foreign currency — — — — (14) (4) Other income, net Non-derivatives designated as hedges: Long-term debt — 22 — — — — Other income, net Total $ 377 $ (349) $ (92) $ (53) $ 14 $ 96 |
Schedule of available-for-sale debt securities reconciliation [Table Text Block] | Investments in Available-for-Sale Debt Securities —The following table summarizes the amortized cost, gross unrealized gains and losses, and fair value of our outstanding available-for-sale debt securities: Millions of dollars Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities at March 31, 2021 $ 265 $ 1 $ — $ 266 Debt securities at December 31, 2020 348 1 — 349 |
Shareholders' Equity and Rede_2
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Shareholders Equity and Redeemable Non-controlling Interests Abstract [Abstract] | |
Schedule of changes in ordinary and treasury shares outstanding during the period [Table Text Block] | Ordinary Shares —The changes in the outstanding amounts of ordinary shares are as follows: Three Months Ended 2021 2020 Ordinary shares outstanding: Beginning balance 334,015,220 333,476,883 Share-based compensation 247,964 196,037 Employee stock purchase plan 49,956 81,215 Purchase of ordinary shares — (50,685) Ending balance 334,313,140 333,703,450 Treasury Shares— The changes in the amounts of treasury shares held by the Company are as follows: Three Months Ended 2021 2020 Ordinary shares held as treasury shares: Beginning balance 6,030,408 6,568,745 Share-based compensation (247,964) (196,037) Employee stock purchase plan (49,956) (81,215) Purchase of ordinary shares — 50,685 Ending balance 5,732,488 6,342,178 |
Schedule of accumulated other comprehensive income (loss) [Table Text Block] | Accumulated Other Comprehensive Loss —The components of, and after-tax changes in, Accumulated other comprehensive loss as of and for the three months ended March 31, 2021 and 2020 are presented in the following tables: Millions of dollars Financial Unrealized Defined Benefit Foreign Total Balance – January 1, 2021 $ (426) $ 1 $ (752) $ (766) $ (1,943) Other comprehensive income (loss) before reclassifications 315 — — (93) 222 Tax expense before reclassifications (68) — — (14) (82) Amounts reclassified from accumulated other comprehensive loss (92) — 15 — (77) Tax (expense) benefit 20 — (4) — 16 Net other comprehensive income (loss) 175 — 11 (107) 79 Balance – March 31, 2021 $ (251) $ 1 $ (741) $ (873) $ (1,864) Millions of dollars Financial Unrealized Defined Benefit Foreign Total Balance – January 1, 2020 $ (200) $ — $ (711) $ (873) $ (1,784) Other comprehensive loss before reclassifications (388) (3) — (195) (586) Tax (expense) benefit before reclassifications 88 1 — (4) 85 Amounts reclassified from accumulated other comprehensive loss (53) — 14 — (39) Tax (expense) benefit 15 — (4) — 11 Net other comprehensive income (loss) (338) (2) 10 (199) (529) Balance – March 31, 2020 $ (538) $ (2) $ (701) $ (1,072) $ (2,313) |
Reclassification out of accumulated other comprehensive income (loss) [Table Text Block] | The amounts reclassified out of each component of Accumulated other comprehensive loss are as follows: Three Months Ended Affected Line Item on Millions of dollars 2021 2020 Reclassification adjustments for: Financial derivatives: Foreign currency $ (92) $ (53) Interest expense Commodities (1) — Cost of sales Interest rates 1 — Interest expense Income tax expense (benefit) (20) (15) Provision for income taxes Financial derivatives, net of tax (72) (38) Amortization of defined pension items: Prior service cost 1 1 Other income, net Actuarial loss 14 13 Other income, net Income tax expense (benefit) 4 4 Provision for income taxes Defined pension items, net of tax 11 10 Total reclassifications, before tax (77) (39) Income tax benefit (16) (11) Provision for income taxes Total reclassifications, after tax $ (61) $ (28) Amount included in net income |
Per Share Data (Tables)
Per Share Data (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted [Table Text Block] | Earnings per share data and dividends declared per share of common stock are as follows: Three Months Ended March 31, 2021 2020 Millions of dollars Continuing Discontinued Continuing Discontinued Net income (loss) $ 1,072 $ (2) $ 143 $ 1 Dividends on redeemable non-controlling interests (2) — (2) — Net (income) loss attributable to participating securities (2) — — — Net income (loss) attributable to ordinary shareholders – basic and diluted $ 1,068 $ (2) $ 141 $ 1 Millions of shares, except per share amounts Basic weighted average common stock outstanding 334 334 334 334 Effect of dilutive securities — — — — Potential dilutive shares 334 334 334 334 Earnings (loss) per share: Basic $ 3.20 $ (0.01) $ 0.42 $ — Diluted $ 3.19 $ (0.01) $ 0.42 $ — |
Segment and Related Informati_2
Segment and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment [Table Text Block] | Summarized financial information concerning reportable segments is shown in the following tables for the periods presented: Three Months Ended March 31, 2021 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 2,135 $ 2,840 $ 1,704 $ 1,269 $ 993 $ 141 $ — $ 9,082 Intersegment 724 207 63 1 133 24 (1,152) — 2,859 3,047 1,767 1,270 1,126 165 (1,152) 9,082 Income from equity investments 30 95 12 — — — — 137 EBITDA 867 412 182 135 (110) 94 5 1,585 Capital expenditures 65 40 145 20 25 22 23 340 Three Months Ended March 31, 2020 Millions of dollars O&P– O&P– I&D APS Refining Technology Other Total Sales and other operating revenues: Customers $ 1,173 $ 2,064 $ 1,732 $ 1,093 $ 1,336 $ 96 $ — $ 7,494 Intersegment 619 160 38 3 112 26 (958) — 1,792 2,224 1,770 1,096 1,448 122 (958) 7,494 Income (loss) from equity investments 2 (3) 2 (1) — — — — LCM inventory valuation charge 111 36 78 2 192 — — 419 EBITDA 366 189 203 113 (272) 56 (9) 646 Capital expenditures 204 42 353 13 16 30 2 660 |
Reconciliation of EBITDA to income (loss) from continuing operations before income taxes [Table Text Block] | A reconciliation of EBITDA to Income from continuing operations before income taxes is shown in the following table for each of the periods presented: Three Months Ended Millions of dollars 2021 2020 EBITDA: Total segment EBITDA $ 1,580 $ 655 Other EBITDA 5 (9) Less: Depreciation and amortization expense (335) (342) Interest expense (110) (89) Add: Interest income 2 3 Income from continuing operations before income taxes $ 1,142 $ 218 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Contract with customer, liability [Abstract] | |||
Contract with customer liability | $ 185 | $ 194 | |
Revenue recognized included in beginning contract liability | Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial. | Revenue recognized in each reporting period, included in the contract liability balance at the beginning of the period, was immaterial. |
Revenues, Key product revenues
Revenues, Key product revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | $ 9,082 | $ 7,494 |
Olefins & co-products [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 1,091 | 667 |
Polyethylene [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 2,153 | 1,459 |
Polypropylene [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 1,718 | 1,101 |
Propylene oxide and derivatives [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 502 | 464 |
Oxyfuels and related products [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 607 | 707 |
Intermediate chemicals [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 578 | 544 |
Compounding and solutions [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 1,038 | 912 |
Advanced polymers [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 231 | 181 |
Refined products [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 993 | 1,336 |
Other [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | $ 171 | $ 123 |
Revenues, Geographic location (
Revenues, Geographic location (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | $ 9,082 | $ 7,494 |
United States [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 4,086 | 3,187 |
Germany [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 765 | 641 |
China [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 560 | 243 |
Italy [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 378 | 335 |
France [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 290 | 270 |
Poland [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 270 | 224 |
The Netherlands [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 270 | 212 |
Mexico [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 247 | 380 |
Japan [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | 230 | 335 |
Other [Member] | ||
Disaggregation of revenue [Abstract] | ||
Sales and other operating revenues | $ 1,986 | $ 1,667 |
Accounts Receivable (Details)
Accounts Receivable (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Allowance for credit losses, receivables | $ 15 | $ 15 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Inventory, finished goods, work-in-process, and raw materials and supplies [Abstract] | |||
Finished goods | $ 2,733 | $ 2,816 | |
Work-in-process | 184 | 144 | |
Raw materials and supplies | 1,715 | 1,384 | |
Total inventories | 4,632 | $ 4,344 | |
Lower of cost or market inventory valuation charge (benefit) [Abstract] | |||
LCM inventory valuation charge | $ 0 | $ 419 |
Debt, Long-term debt (Details)
Debt, Long-term debt (Details) € in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | |
Long-term debt [Line Items] | |||
Long-term debt | $ 14,743 | $ 15,294 | |
Current maturities of long-term debt | (958) | (8) | |
Long-term debt, non-current portion | $ 13,785 | 15,286 | |
Senior Notes due 2024, $1,000 million, 5.75% ($4 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2024 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 5.75% | 5.75% | |
Unamortized debt issuance cost | $ 4 | ||
Long-term debt | $ 996 | 996 | |
Senior Notes due 2055, $1,000 million, 4.625% ($15 million of discount; $11 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2055 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 4.625% | 4.625% | |
Unamortized discount | $ 15 | ||
Unamortized debt issuance cost | 11 | ||
Long-term debt | $ 974 | 974 | |
Term Loan due 2022, $4,000 million ($1 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2022 | ||
Maximum borrowing capacity | $ 4,000 | ||
Unamortized debt issuance cost | 1 | ||
Long-term debt | $ 949 | 1,448 | |
Guaranteed Notes due 2023, $750 million, 4.0% ($3 million of discount; $1 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2023 | ||
Face amount | $ 750 | ||
Stated interest rate (in hundredths) | 4.00% | 4.00% | |
Unamortized discount | $ 3 | ||
Unamortized debt issuance cost | 1 | ||
Long-term debt | $ 746 | 745 | |
Guaranteed Floating Rate Notes due 2023, $650 million ($3 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2023 | ||
Face amount | $ 650 | ||
Unamortized debt issuance cost | 3 | ||
Long-term debt | $ 647 | 646 | |
Guaranteed Notes due 2025, $500 million, 2.875% ($4 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2025 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 2.875% | 2.875% | |
Unamortized debt issuance cost | $ 4 | ||
Long-term debt | $ 496 | 496 | |
Guaranteed Notes due 2025, $500 million, 1.25% ($1 million of discount; $4 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2025 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 1.25% | 1.25% | |
Unamortized discount | $ 1 | ||
Unamortized debt issuance cost | 4 | ||
Long-term debt | $ 495 | 495 | |
Guaranteed Notes due 2026, €500 million, 0.875% ($2 million of discount; $3 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2026 | ||
Face amount | € | € 500 | ||
Stated interest rate (in hundredths) | 0.875% | 0.875% | |
Unamortized discount | $ 2 | ||
Unamortized debt issuance cost | 3 | ||
Long-term debt | $ 583 | 608 | |
Guaranteed Notes due 2027, $1,000 million, 3.5% ($7 million of discount; $5 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2027 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 3.50% | 3.50% | |
Unamortized discount | $ 7 | ||
Unamortized debt issuance cost | 5 | ||
Long-term debt | $ 1,086 | 1,090 | |
Guaranteed Notes due 2027, $300 million, 8.1% | |||
Long-term debt [Line Items] | |||
Maturity year | 2027 | ||
Face amount | $ 300 | ||
Stated interest rate (in hundredths) | 8.10% | 8.10% | |
Long-term debt | $ 300 | 300 | |
Guaranteed Notes due 2030, $500 million, 3.375% ($1 million of discount; $4 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2030 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 3.375% | 3.375% | |
Unamortized discount | $ 1 | ||
Unamortized debt issuance cost | 4 | ||
Long-term debt | $ 495 | 495 | |
Guaranteed Notes due 2030, $500 million, 2.25% ($4 million of discount; $4 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2030 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 2.25% | 2.25% | |
Unamortized discount | $ 4 | ||
Unamortized debt issuance cost | 4 | ||
Long-term debt | $ 492 | 492 | |
Guaranteed Notes due 2031, €500 million, 1.625% ($6 million of discount; $4 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2031 | ||
Face amount | € | € 500 | ||
Stated interest rate (in hundredths) | 1.625% | 1.625% | |
Unamortized discount | $ 6 | ||
Unamortized debt issuance cost | 4 | ||
Long-term debt | $ 577 | 602 | |
Guaranteed Notes due 2040, $750 million, 3.375% ($2 million of discount; $8 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2040 | ||
Face amount | $ 750 | ||
Stated interest rate (in hundredths) | 3.375% | 3.375% | |
Unamortized discount | $ 2 | ||
Unamortized debt issuance cost | 8 | ||
Long-term debt | $ 740 | 740 | |
Guaranteed Notes due 2043, $750 million, 5.25% ($20 million of discount; $7 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2043 | ||
Face amount | $ 750 | ||
Stated interest rate (in hundredths) | 5.25% | 5.25% | |
Unamortized discount | $ 20 | ||
Unamortized debt issuance cost | 7 | ||
Long-term debt | $ 723 | 723 | |
Guaranteed Notes due 2044, $1,000 million, 4.875% ($10 million of discount; $9 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2044 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 4.875% | 4.875% | |
Unamortized discount | $ 10 | ||
Unamortized debt issuance cost | 9 | ||
Long-term debt | $ 981 | 981 | |
Guaranteed Notes due 2049, $1,000 million, 4.2% ($15 million of discount; $10 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2049 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 4.20% | 4.20% | |
Unamortized discount | $ 15 | ||
Unamortized debt issuance cost | 10 | ||
Long-term debt | $ 975 | 975 | |
Guaranteed Notes due 2050, $1,000 million, 4.2% ($6 million of discount; $10 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2050 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 4.20% | 4.20% | |
Unamortized discount | $ 6 | ||
Unamortized debt issuance cost | 10 | ||
Long-term debt | $ 984 | 984 | |
Guaranteed Notes due 2051, $1,000 million, 3.625% ($3 million of discount; $11 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2051 | ||
Face amount | $ 1,000 | ||
Stated interest rate (in hundredths) | 3.625% | 3.625% | |
Unamortized discount | $ 3 | ||
Unamortized debt issuance cost | 11 | ||
Long-term debt | $ 986 | 986 | |
Guaranteed Notes due 2060, $500 million, 3.8% ($4 million of discount; $6 million of debt issuance cost) | |||
Long-term debt [Line Items] | |||
Maturity year | 2060 | ||
Face amount | $ 500 | ||
Stated interest rate (in hundredths) | 3.80% | 3.80% | |
Unamortized discount | $ 4 | ||
Unamortized debt issuance cost | 6 | ||
Long-term debt | 490 | 490 | |
Other long-term debt [Member] | |||
Long-term debt [Line Items] | |||
Long-term debt | $ 28 | $ 28 |
Debt, Description of fair value
Debt, Description of fair value adjustments for senior and guaranteed notes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 15 Months Ended | 36 Months Ended | 39 Months Ended | 48 Months Ended | 51 Months Ended | 60 Months Ended | 63 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 5 | $ (95) | $ (104) | $ (99) | ||||||
Senior Notes due 2021, $1,000 million, 6.0% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity year | 2021 | |||||||||
Stated interest rate (in hundredths) | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||||
Inception year | 2016 | |||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 0 | (16) | $ 0 | $ 0 | ||||||
Guaranteed Notes due 2027, $1,000 million, 3.5% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity year | 2027 | |||||||||
Stated interest rate (in hundredths) | 3.50% | 3.50% | 3.50% | 3.50% | 3.50% | |||||
Inception year | 2017 | |||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 4 | (80) | $ (102) | $ (98) | ||||||
Guaranteed Notes due 2022, €750 million, 1.875% [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity year | 2022 | |||||||||
Stated interest rate (in hundredths) | 1.875% | 1.875% | 1.875% | 1.875% | 1.875% | |||||
Inception year | 2018 | |||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 0 | 1 | $ 0 | $ 0 | ||||||
Guaranteed Notes due 2026, €500 million, 0.875% | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maturity year | 2026 | |||||||||
Stated interest rate (in hundredths) | 0.875% | 0.875% | 0.875% | 0.875% | 0.875% | |||||
Inception year | 2020 | |||||||||
Gain (loss) on fair value adjustments of the hedged item related to interest rate swaps | $ 1 | $ 0 | $ (2) | $ (1) |
Debt, Short-term debt (Details)
Debt, Short-term debt (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Short-term debt [Line Items] | ||
Short-term debt | $ 682 | $ 663 |
U.S. Receivables Facility [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 0 | 0 |
Commercial paper [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 500 | 500 |
Precious metal financings [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | 162 | 140 |
Other short-term debt [Member] | ||
Short-term debt [Line Items] | ||
Short-term debt | $ 20 | $ 23 |
Debt, Description of long-term
Debt, Description of long-term debt (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Long-term debt [Line Items] | ||||
Outstanding borrowings | $ 14,743 | $ 15,294 | ||
Repayment of long-term debt | 500 | $ 0 | ||
Senior Revolving Credit Facility [Member] | ||||
Long-term debt [Line Items] | ||||
Maximum borrowing capacity | 2,500 | |||
Extended term borrowing capacity | $ 2,440 | |||
Extended expiration date | June 2023 | |||
Remaining expiration date | June 2022 | |||
Maximum allowed letters of credit | $ 500 | |||
Additional borrowing capacity, uncommitted loans | $ 1,000 | |||
Credit facility description of interest rate | Borrowings under the facility bear interest at either a base rate or LIBOR rate, plus an applicable margin. Additional fees are incurred for the average daily unused commitments. | |||
Outstanding borrowings | $ 0 | |||
Outstanding letters of credit | 0 | |||
Unused availability | 2,005 | |||
Term Loan due 2022, $4,000 million ($1 million of debt issuance cost) | ||||
Long-term debt [Line Items] | ||||
Maximum borrowing capacity | $ 4,000 | |||
Credit facility description of interest rate | Outstanding borrowings bear interest at either a base rate or LIBOR rate, as defined, plus in each case, an applicable margin determined by reference to LyondellBasell N.V.’s current credit ratings | |||
Outstanding borrowings | $ 949 | $ 1,448 | ||
Issuance date | March 2019 | |||
Maturity year | 2022 | |||
Repayment of long-term debt | $ 500 | |||
Term Loan due 2022, $4,000 million ($1 million of debt issuance cost) | Subsequent Event [Member] | ||||
Long-term debt [Line Items] | ||||
Repayment of long-term debt | $ 500 |
Debt, Description of short-term
Debt, Description of short-term debt (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Description of short-term debt [Line Items] | ||
Outstanding short-term borrowings | $ 682 | |
Weighted average interest rate, short-term debt (in hundredths) | 0.90% | 0.90% |
U.S. Receivables Facility [Member] | ||
Description of short-term debt [Line Items] | ||
Expiration date | July 2021 | |
Maximum borrowing capacity | $ 900 | |
Additional borrowing capacity, uncommitted loans | $ 300 | |
Credit facility description of interest rate | We pay variable interest rates on our secured borrowings. Additional fees are incurred for the average daily unused commitments. | |
Maximum allowed letters of credit | $ 200 | |
Outstanding short-term borrowings | 0 | |
Outstanding letters of credit | 0 | |
Unused availability | 900 | |
Commercial paper [Member] | ||
Description of short-term debt [Line Items] | ||
Maximum borrowing capacity | 2,500 | |
Outstanding short-term borrowings | $ 500 | |
Description of interest rate | Interest rates on the commercial paper outstanding at March 31, 2021 are based on the terms of the notes and range from 0.19% to 0.27% |
Debt, Debt discount and issuanc
Debt, Debt discount and issuance costs included in interest expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt discount and issuance costs [Abstract] | ||
Amortization of debt discounts and debt issuance costs | $ 5 | $ 4 |
Debt, Covenant Compliance (Deta
Debt, Covenant Compliance (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt instrument, covenant compliance | we are in compliance with our debt covenants |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements, Market risks, commodity prices and foreign currency rates (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Cash and Cash Equivalents, at Carrying Value [Abstract] | |||
Amount of marketable securities classified as cash and cash equivalents | $ 560 | $ 682 | |
Foreign currency [Abstract] | |||
Foreign currency gain (loss) | $ 3 | $ (7) |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements, Summary of derivative and non-derivative financial instruments outstanding measured at fair value on a recurring basis (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
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 | $ 1,057 | $ 1,103 |
Notional amount, derivative and non-derivative financial instruments liabilities | 5,595 | 5,084 |
Fair value, derivative and non-derivative financial instruments assets | 456 | 739 |
Fair value, derivative and non-derivative financial instruments liabilities | 472 | 808 |
Derivative [Member] | Designated as hedges: [Member] | Commodities [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 25 | 19 |
Fair value, derivative and non-derivative financial instruments assets | 5 | 3 |
Derivative [Member] | Designated as hedges: [Member] | Commodities [Member] | Other assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 30 | 41 |
Fair value, derivative and non-derivative financial instruments assets | 4 | 4 |
Derivative [Member] | Designated as hedges: [Member] | Commodities [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 0 | 0 |
Fair value, derivative and non-derivative financial instruments liabilities | 0 | 2 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 358 | 0 |
Fair value, derivative and non-derivative financial instruments assets | 56 | 26 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 855 | 1,213 |
Fair value, derivative and non-derivative financial instruments liabilities | 116 | 146 |
Derivative [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Other liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 2,682 | 2,682 |
Fair value, derivative and non-derivative financial instruments liabilities | 209 | 302 |
Derivative [Member] | Designated as hedges: [Member] | Interest rate contract [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 0 | 0 |
Fair value, derivative and non-derivative financial instruments assets | 1 | 0 |
Derivative [Member] | Designated as hedges: [Member] | Interest rate contract [Member] | Other assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 117 | 122 |
Fair value, derivative and non-derivative financial instruments assets | 1 | 2 |
Derivative [Member] | Designated as hedges: [Member] | Interest rate contract [Member] | Other liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 1,150 | 1,000 |
Fair value, derivative and non-derivative financial instruments liabilities | 120 | 343 |
Derivative [Member] | Not designated as hedges: [Member] | Commodities [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 111 | 71 |
Fair value, derivative and non-derivative financial instruments assets | 5 | 2 |
Derivative [Member] | Not designated as hedges: [Member] | Commodities [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 191 | 113 |
Fair value, derivative and non-derivative financial instruments liabilities | 22 | 14 |
Derivative [Member] | Not designated as hedges: [Member] | Foreign currency [Member] | Prepaid expenses and other current assets [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 34 | 149 |
Fair value, derivative and non-derivative financial instruments assets | 1 | 0 |
Derivative [Member] | Not designated as hedges: [Member] | Foreign currency [Member] | Accrued liabilities [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments liabilities | 717 | 76 |
Fair value, derivative and non-derivative financial instruments liabilities | 5 | 1 |
Non-derivatives: [Member] | Available-for-sale debt securities [Member] | Short-term investments [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 265 | 348 |
Fair value, derivative and non-derivative financial instruments assets | 266 | 349 |
Non-derivatives: [Member] | Equity securities [Member] | Short-term investments [Member] | Fair value, inputs, level 2 [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 353 | |
Fair value, derivative and non-derivative financial instruments assets | $ 353 | |
Non-derivatives: [Member] | Equity securities [Member] | Short-term investments [Member] | Fair value measured at net asset value per share [Member] | ||
Derivative and non-derivative assets and liabilities at fair value, net, by balance sheet classification [Abstract] | ||
Notional amount, derivative and non-derivative financial instruments assets | 117 | |
Fair value, derivative and non-derivative financial instruments assets | $ 117 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements, Outstanding foreign currency and commodity contracts (Details) - Not designated as hedges: [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Foreign currency rates [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | April 2021 |
Foreign currency rates [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | March 2022 |
Commodities [Member] | Minimum [Member] | |
Derivative [Line Items] | |
Derivative, maturity date | May 2021 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements, Carrying value and estimated fair value of non-derivative financial instruments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Liabilities: [Abstract] | ||
Short-term debt, carrying value | $ 682 | $ 663 |
Nonrecurring [Member] | Non-derivatives: [Member] | ||
Liabilities: [Abstract] | ||
Short-term debt, carrying value | 162 | 140 |
Long-term debt, carrying value | 14,715 | 15,266 |
Total liabilities, carrying value | 14,877 | 15,406 |
Short-term debt, fair value | 181 | 154 |
Long-term debt, fair value | 15,895 | 17,290 |
Total liabilities, fair value | $ 16,076 | $ 17,444 |
Non-derivative fair value level description | All financial instruments in the table below are classified as Level 2 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements, Summary of net investment hedges (Details) - Derivative [Member] - Net investment hedging [Member] - Foreign currency contract [Member] € in Millions, $ in Millions | 3 Months Ended | ||||
Mar. 31, 2021EUR (€) | Apr. 29, 2021EUR (€) | Mar. 31, 2021USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | |
Derivative [Line Items] | |||||
Notional value | € 1,667 | $ 1,890 | € 1,667 | $ 1,890 | |
Subsequent Event [Member] | |||||
Derivative [Line Items] | |||||
Notional value | € 250 | ||||
Minimum [Member] | |||||
Derivative [Line Items] | |||||
Expiration date | 2021 | ||||
Maximum [Member] | |||||
Derivative [Line Items] | |||||
Expiration date | 2030 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements, Summary of cash flow hedges (Details) - Cash flow hedge [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Interest expense [Member] | ||
Derivative [Line Items] | ||
Pre-tax unrealized gain (loss) to be reclassified to earnings over the next twelve months | $ 5 | |
Foreign currency [Member] | ||
Derivative [Line Items] | ||
Notional value | $ 2,005 | $ 2,005 |
Foreign currency [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Expiration date | 2021 | |
Foreign currency [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Expiration date | 2027 | |
Interest rates [Member] | ||
Derivative [Line Items] | ||
Notional value | $ 1,000 | 1,000 |
Interest rates [Member] | Other assets [Member] | ||
Derivative [Line Items] | ||
Derivative collateral | $ 172 | 238 |
Interest rates [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Expiration date | 2023 | |
Interest rates [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Expiration date | 2024 | |
Commodities [Member] | ||
Derivative [Line Items] | ||
Notional value | $ 55 | $ 60 |
Commodities [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Expiration date | 2021 | |
Commodities [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Expiration date | 2022 |
Financial Instruments and Fai_9
Financial Instruments and Fair Value Measurements, Summary of fair value hedges (Details) - USD ($) $ in Millions | Apr. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Guaranteed notes due 2030, 3.375% [Member] | ||||
Derivative [Line Items] | ||||
Face amount | $ 500 | $ 500 | ||
Interest rate | 3.375% | 3.375% | ||
Debt maturity year | 2030 | |||
Guaranteed notes due 2025, 2.875% [Member] | ||||
Derivative [Line Items] | ||||
Face amount | $ 500 | $ 500 | ||
Interest rate | 2.875% | 2.875% | ||
Debt maturity year | 2025 | |||
Guaranteed Notes due 2027, $1,000 million, 3.5% [Member] | ||||
Derivative [Line Items] | ||||
Face amount | $ 1,000 | $ 1,000 | ||
Interest rate | 3.50% | 3.50% | ||
Debt maturity year | 2027 | |||
Fair value hedge [Member] | Interest rate contract [Member] | ||||
Derivative [Line Items] | ||||
Notional value | $ 267 | $ 267 | $ 122 | |
Fair value hedge [Member] | Interest rate contract [Member] | Guaranteed notes due 2030, 3.375% [Member] | ||||
Derivative [Line Items] | ||||
Amount of hedged item | 150 | 150 | ||
Face amount | $ 500 | $ 500 | ||
Interest rate | 3.375% | 3.375% | ||
Debt maturity year | 2030 | |||
Description of interest rate risk exposure | the risk of variability in the 3-month LIBOR rate component | |||
Fair value hedge [Member] | Interest rate contract [Member] | Guaranteed notes due 2025, 2.875% [Member] | Subsequent Event [Member] | ||||
Derivative [Line Items] | ||||
Amount of hedged item | $ 150 | |||
Face amount | $ 500 | |||
Interest rate | 2.875% | |||
Debt maturity year | 2025 | |||
Description of interest rate risk exposure | the risk of variability in the 3-month LIBOR rate component | |||
Fair value hedge [Member] | Interest rate contract [Member] | Guaranteed Notes due 2027, $1,000 million, 3.5% [Member] | Subsequent Event [Member] | ||||
Derivative [Line Items] | ||||
Amount of hedged item | $ 150 | |||
Face amount | $ 1,000 | |||
Interest rate | 3.50% | |||
Debt maturity year | 2027 | |||
Description of interest rate risk exposure | the risk of variability in the 3-month LIBOR rate component | |||
Fair value hedge [Member] | Interest rate contract [Member] | Minimum [Member] | ||||
Derivative [Line Items] | ||||
Derivative, maturity date | 2026 | |||
Fair value hedge [Member] | Interest rate contract [Member] | Maximum [Member] | ||||
Derivative [Line Items] | ||||
Derivative, maturity date | 2030 |
Financial Instruments and Fa_10
Financial Instruments and Fair Value Measurements, Pretax effect of derivative instruments charged directly to income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | $ 377 | $ (349) |
Gain (loss) reclassified from AOCI to income | (92) | (53) |
Gain (loss) recognized in income | $ 14 | 96 |
Pretax effect of the period receipt of fixed interest rate and payment of variable interest | less than $1 million | |
Pretax effect of the periodic receipt of fixed interest and payment of variable interest | $ 2 | |
Foreign currency [Member] | Net investment hedges [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Amount of gain (loss) recognized in other comprehensive income on derivative amount excluded from effectiveness testing | $ 4 | |
Amount of gain (loss) recognized in other comprehensive income on derivative amount excluded from effectiveness testing | less than $1 million | |
Amount of gain (loss) recognized in earnings on derivative amount excluded from effectiveness testing | 3 | $ 4 |
Derivatives: [Member] | Designated as hedges: [Member] | Commodities [Member] | Cost of sales [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 6 | 0 |
Gain (loss) reclassified from AOCI to income | (1) | 0 |
Gain (loss) recognized in income | 0 | 0 |
Derivatives: [Member] | Designated as hedges: [Member] | Foreign currency [Member] | Interest expense [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 148 | 164 |
Gain (loss) reclassified from AOCI to income | (92) | (53) |
Gain (loss) recognized in income | 12 | 16 |
Derivatives: [Member] | Designated as hedges: [Member] | Interest rate contract [Member] | Interest expense [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 223 | (535) |
Gain (loss) reclassified from AOCI to income | 1 | 0 |
Gain (loss) recognized in income | 2 | 96 |
Derivatives: [Member] | Not designated as hedges: [Member] | Commodities [Member] | Cost of sales [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 0 | 0 |
Gain (loss) reclassified from AOCI to income | 0 | 0 |
Gain (loss) recognized in income | 11 | (3) |
Derivatives: [Member] | Not designated as hedges: [Member] | Commodities [Member] | Sales and other operating revenues [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 0 | 0 |
Gain (loss) reclassified from AOCI to income | 0 | 0 |
Gain (loss) recognized in income | 3 | (9) |
Derivatives: [Member] | Not designated as hedges: [Member] | Foreign currency [Member] | Other income (expense), net [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 0 | 0 |
Gain (loss) reclassified from AOCI to income | 0 | 0 |
Gain (loss) recognized in income | (14) | (4) |
Non-derivatives: [Member] | Designated as hedges: [Member] | Long-term debt [Member] | Other income (expense), net [Member] | ||
Derivative Instruments, gain (loss) [Line Items] | ||
Gain (loss) recognized in AOCI | 0 | 22 |
Gain (loss) reclassified from AOCI to income | 0 | 0 |
Gain (loss) recognized in income | $ 0 | $ 0 |
Financial Instruments and Fa_11
Financial Instruments and Fair Value Measurements, Summary of available-for-sale debt securities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Available-for-sale debt securities [Abstract] | |||
Cost | $ 265 | $ 348 | |
Gross unrealized gains | 1 | 1 | |
Gross unrealized losses | 0 | 0 | |
Fair value | 266 | 349 | |
Available-for-sale debt securities, additional information [Abstract] | |||
Allowance for credit losses related to available-for-sale debt securities | 0 | 0 | |
Proceeds from maturities and sales of available-for-sale debt securities and the related gross realized gains and losses [Abstract] | |||
Proceeds from maturities of available-for-sale debt securities | 74 | $ 0 | |
Proceeds from sale of available-for-sale debt securities | 0 | 0 | |
Gross realized gain | 0 | 0 | |
Gross realized loss | 0 | $ 0 | |
Available-for-sale debt securities continuous unrealized loss position [Abstract] | |||
Unrealized loss on available-for-sale debt securities in continuous unrealized loss position for less than twelve months | 0 | 0 | |
Unrealized loss on available-for-sale debt securities in continuous unrealized loss position for greater than twelve months | $ 0 | $ 0 | |
Bonds [Member] | Minimum [Member] | |||
Available-for-sale debt securities, additional information [Abstract] | |||
Investment maturity period | 1 month | ||
Bonds [Member] | Maximum [Member] | |||
Available-for-sale debt securities, additional information [Abstract] | |||
Investment maturity period | 3 months |
Financial Instruments and Fa_12
Financial Instruments and Fair Value Measurements, Equity securities (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | ||||
Proceeds from equity securities | $ 226 | $ 1 | ||
Equity securities [Member] | ||||
Derivative [Line Items] | ||||
Notional amount | 117 | $ 353 | ||
Fair value | 117 | $ 353 | ||
Proceeds from equity securities | $ 226 | $ 1 | ||
Unrealized gain on equity securities | less than $1 million | less than $1 million | ||
Subsequent Event [Member] | Equity securities [Member] | ||||
Derivative [Line Items] | ||||
Proceeds from equity securities | $ 16 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective income tax rate reconciliation, percent [Abstract] | ||
Effective income tax rate (in hundredths) | 6.10% | 34.40% |
Income tax benefit [Abstract] | ||
Return to accrual adjustments tax benefit | $ 120 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital purchase commitment | $ 316 | |
Site contingency [Line Items] | ||
Future environmental remediation costs | $ 130 | $ 133 |
Minimum [Member] | ||
Site contingency [Line Items] | ||
Minimum accrued liability for individual site range | less than $1 million | |
Maximum [Member] | ||
Site contingency [Line Items] | ||
Maximum accrued liability for individual site range | $ 16 |
Commitments and Contingencies,
Commitments and Contingencies, Indemnification (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Minimum [Member] | |
Loss Contingencies [Line Items] | |
Technology licensing contracts indemnification period | 5 years |
Maximum [Member] | |
Loss Contingencies [Line Items] | |
Technology licensing contracts indemnification period | 10 years |
Shareholders' Equity and Rede_3
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Dividend distributions (Details) $ / shares in Units, $ in Millions | 1 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
Payments of Dividends [Abstract] | |
Dividend per ordinary share (per share) | $ / shares | $ 1.05 |
Aggregate dividends paid | $ | $ 352 |
Date of record common stock shareholders | Mar. 8, 2021 |
Shareholders' Equity and Rede_4
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Ordinary shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Ordinary share outstanding [Abstract] | ||
Beginning balance (in shares) | 334,015,220 | |
Ending balance (in shares) | 334,313,140 | |
Ordinary shares [Member] | ||
Ordinary share outstanding [Abstract] | ||
Beginning balance (in shares) | 334,015,220 | 333,476,883 |
Share-based compensation (in shares) | 247,964 | 196,037 |
Employee stock purchase plan (in shares) | 49,956 | 81,215 |
Purchase of ordinary shares (in shares) | 0 | (50,685) |
Ending balance (in shares) | 334,313,140 | 333,703,450 |
Shareholders' Equity and Rede_5
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Treasury shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Increase (Decrease) in Treasury Stock [Roll Forward] | ||
Beginning balance (in shares) | 6,030,408 | |
Ending balance (in shares) | 5,732,488 | |
Treasury shares [Member] | ||
Increase (Decrease) in Treasury Stock [Roll Forward] | ||
Beginning balance (in shares) | 6,030,408 | 6,568,745 |
Share-based compensation (in shares) | (247,964) | (196,037) |
Employee stock purchase plan (in shares) | (49,956) | (81,215) |
Purchase of ordinary shares (in shares) | 0 | 50,685 |
Ending balance (in shares) | 5,732,488 | 6,342,178 |
Shareholders' Equity and Rede_6
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Components of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | $ (1,943) | $ (1,784) |
Other comprehensive income (loss) before reclassifications | 222 | (586) |
Tax (expense) benefit before reclassifications | (82) | 85 |
Amounts reclassified from accumulated other comprehensive income (loss) | (77) | (39) |
Tax (expense) benefit | 16 | 11 |
Net other comprehensive income (loss) | 79 | (529) |
Accumulated other comprehensive income (loss), end of period | (1,864) | (2,313) |
Financial derivatives [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | (426) | (200) |
Other comprehensive income (loss) before reclassifications | 315 | (388) |
Tax (expense) benefit before reclassifications | (68) | 88 |
Amounts reclassified from accumulated other comprehensive income (loss) | (92) | (53) |
Tax (expense) benefit | 20 | 15 |
Net other comprehensive income (loss) | 175 | (338) |
Accumulated other comprehensive income (loss), end of period | (251) | (538) |
Unrealized gains (losses) on available-for-sale debt securities [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | 1 | 0 |
Other comprehensive income (loss) before reclassifications | 0 | (3) |
Tax (expense) benefit before reclassifications | 0 | 1 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Tax (expense) benefit | 0 | 0 |
Net other comprehensive income (loss) | 0 | (2) |
Accumulated other comprehensive income (loss), end of period | 1 | (2) |
Defined benefit pension and other postretirement benefit plans [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | (752) | (711) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Tax (expense) benefit before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss) | 15 | 14 |
Tax (expense) benefit | (4) | (4) |
Net other comprehensive income (loss) | 11 | 10 |
Accumulated other comprehensive income (loss), end of period | (741) | (701) |
Foreign currency translation adjustments [Member] | ||
Accumulated other comprehensive income (loss) [Line Items] | ||
Accumulated other comprehensive income (loss), beginning of period | (766) | (873) |
Other comprehensive income (loss) before reclassifications | (93) | (195) |
Tax (expense) benefit before reclassifications | (14) | (4) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Tax (expense) benefit | 0 | 0 |
Net other comprehensive income (loss) | (107) | (199) |
Accumulated other comprehensive income (loss), end of period | $ (873) | $ (1,072) |
Shareholders' Equity and Rede_7
Shareholders' Equity and Redeemable Non-controlling Interests, Shareholders' Equity, Reclassification out of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Sales and other operating revenue | $ 9,082 | $ 7,494 |
Cost of sales | 7,678 | 6,868 |
Interest expense (income) | 110 | 89 |
Income (loss) before income taxes | 1,142 | 218 |
Provision for (benefit from) income taxes | 70 | 75 |
Net income | 1,070 | 144 |
Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Income (loss) before income taxes | (77) | (39) |
Provision for (benefit from) income taxes | (16) | (11) |
Net income | (61) | (28) |
Financial derivatives [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Provision for (benefit from) income taxes | (20) | (15) |
Net income | (72) | (38) |
Financial derivatives [Member] | Foreign currency [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Interest expense (income) | (92) | (53) |
Financial derivatives [Member] | Commodities [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Cost of sales | (1) | 0 |
Financial derivatives [Member] | Interest rate contract [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Interest expense (income) | 1 | 0 |
Amortization of defined pension items [Member] | Amounts reclassified out of accumulated other comprehensive income (loss) [Member] | ||
Reclassification adjustments out of accumulated other comprehensive income (loss) [Line Items] | ||
Amortization of prior service cost (benefit) | 1 | 1 |
Amortization of actuarial (gain) loss | 14 | 13 |
Provision for (benefit from) income taxes | 4 | 4 |
Net income | $ 11 | $ 10 |
Shareholders' Equity and Rede_8
Shareholders' Equity and Redeemable Non-controlling Interests, Redeemable non-controlling interests (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||
Feb. 28, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Temporary Equity [Abstract] | ||||
Cumulative redeemable non-controlling interest stock outstanding | 115,374 | 115,374 | ||
Redeemable non-controlling interests, dividends per share (in dollars per share) | $ 15 | $ 15 | $ 15 | |
Date of record redeemable non-controlling interest shareholders | Jan. 15, 2021 | |||
Dividends on redeemable non-controlling interests | $ 2 | $ 2 |
Per Share Data (Details)
Per Share Data (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings per share reconciliation [Abstract] | ||
Net income (loss) | $ 1,070 | $ 144 |
Dividends on redeemable non-controlling interests | $ (2) | $ (2) |
Earnings (loss) per share: [Abstract] | ||
Basic (in dollars per share) | $ 3.19 | $ 0.42 |
Diluted (in dollars per share) | $ 3.18 | $ 0.42 |
Continuing operations [Member] | ||
Earnings per share reconciliation [Abstract] | ||
Net income (loss) | $ 1,072 | $ 143 |
Dividends on redeemable non-controlling interests | (2) | (2) |
Net (income) loss attributable to participating securities | (2) | 0 |
Net income (loss) attributable to ordinary shareholders - Basic | 1,068 | 141 |
Net income (loss) attributable to ordinary shareholders - Diluted | $ 1,068 | $ 141 |
Weighted average number of shares outstanding reconciliation [Abstract] | ||
Basic weighted average common stock outstanding (in shares) | 334 | 334 |
Effect of dilutive securities: [Abstract] | ||
Effect of dilutive securities (in shares) | 0 | 0 |
Potential dilutive shares (in shares) | 334 | 334 |
Earnings (loss) per share: [Abstract] | ||
Basic (in dollars per share) | $ 3.20 | $ 0.42 |
Diluted (in dollars per share) | $ 3.19 | $ 0.42 |
Discontinued operations [Member] | ||
Earnings per share reconciliation [Abstract] | ||
Net income (loss) | $ (2) | $ 1 |
Dividends on redeemable non-controlling interests | 0 | 0 |
Net (income) loss attributable to participating securities | 0 | 0 |
Net income (loss) attributable to ordinary shareholders - Basic | (2) | 1 |
Net income (loss) attributable to ordinary shareholders - Diluted | $ (2) | $ 1 |
Weighted average number of shares outstanding reconciliation [Abstract] | ||
Basic weighted average common stock outstanding (in shares) | 334 | 334 |
Effect of dilutive securities: [Abstract] | ||
Effect of dilutive securities (in shares) | 0 | 0 |
Potential dilutive shares (in shares) | 334 | 334 |
Earnings (loss) per share: [Abstract] | ||
Basic (in dollars per share) | $ (0.01) | $ 0 |
Diluted (in dollars per share) | $ (0.01) | $ 0 |
Segment and Related Informati_3
Segment and Related Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | $ 9,082 | $ 7,494 |
Income (loss) from equity investments | 137 | 0 |
LCM inventory valuation charge | 0 | 419 |
EBITDA | 1,585 | 646 |
Capital expenditures | 340 | 660 |
O&P - Americas [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 2,135 | 1,173 |
Income (loss) from equity investments | 30 | 2 |
LCM inventory valuation charge | 111 | |
EBITDA | 867 | 366 |
Capital expenditures | 65 | 204 |
O&P - EAI [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 2,840 | 2,064 |
Income (loss) from equity investments | 95 | (3) |
LCM inventory valuation charge | 36 | |
EBITDA | 412 | 189 |
Capital expenditures | 40 | 42 |
I&D [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1,704 | 1,732 |
Income (loss) from equity investments | 12 | 2 |
LCM inventory valuation charge | 78 | |
EBITDA | 182 | 203 |
Capital expenditures | 145 | 353 |
APS [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1,269 | 1,093 |
Income (loss) from equity investments | 0 | (1) |
LCM inventory valuation charge | 2 | |
EBITDA | 135 | 113 |
Capital expenditures | 20 | 13 |
Refining [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 993 | 1,336 |
Income (loss) from equity investments | 0 | 0 |
LCM inventory valuation charge | 192 | |
EBITDA | (110) | (272) |
Capital expenditures | 25 | 16 |
Technology [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 141 | 96 |
Income (loss) from equity investments | 0 | 0 |
LCM inventory valuation charge | 0 | |
EBITDA | 94 | 56 |
Capital expenditures | 22 | 30 |
Other [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 0 | 0 |
Income (loss) from equity investments | 0 | 0 |
LCM inventory valuation charge | 0 | |
EBITDA | 5 | (9) |
Capital expenditures | 23 | 2 |
Intersegment elimination [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 0 | 0 |
Intersegment elimination [Member] | O&P - Americas [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 724 | 619 |
Intersegment elimination [Member] | O&P - EAI [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 207 | 160 |
Intersegment elimination [Member] | I&D [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 63 | 38 |
Intersegment elimination [Member] | APS [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1 | 3 |
Intersegment elimination [Member] | Refining [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 133 | 112 |
Intersegment elimination [Member] | Technology [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 24 | 26 |
Intersegment elimination [Member] | Other [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | (1,152) | (958) |
Operating segments [Member] | O&P - Americas [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 2,859 | 1,792 |
Operating segments [Member] | O&P - EAI [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 3,047 | 2,224 |
Operating segments [Member] | I&D [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1,767 | 1,770 |
Operating segments [Member] | APS [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1,270 | 1,096 |
Operating segments [Member] | Refining [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 1,126 | 1,448 |
Operating segments [Member] | Technology [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | 165 | 122 |
Operating segments [Member] | Other [Member] | ||
Summarized financial information concerning reportable segments: [Abstract] | ||
Sales and other operating revenues | $ (1,152) | $ (958) |
Segment and Related Informati_4
Segment and Related Information, Reconciliation of EBITDA to income (loss) from continuing operations before income taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
EBITDA: [Abstract] | ||
Total segment EBITDA | $ 1,580 | $ 655 |
Other EBITDA | 5 | (9) |
Less: [Abstract] | ||
Depreciation and amortization expense | (335) | (342) |
Interest expense | (110) | (89) |
Add: [Abstract] | ||
Interest income | 2 | 3 |
Income from continuing operations before income taxes | $ 1,142 | $ 218 |