LyondellBasell Industries (LYB) 10-Q 30 Apr 21 2021 Q1 Quarterly report Financial data

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