Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Trading Symbol | ICL |
Entity Registrant Name | ISRAEL CHEMICALS LTD. |
Entity Central Index Key | 941,221 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Isuuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,304,890,778 |
Entity Emerging Growth Company | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 121 | $ 83 |
Short-term investments and deposits | 92 | 90 |
Trade receivables | 990 | 932 |
Inventories | 1,290 | 1,226 |
Assets held for sale | 0 | 169 |
Other receivables | 295 | 225 |
Total current assets | 2,788 | 2,725 |
Non-current assets | ||
Investments in equity-accounted investees | 30 | 29 |
Investments at fair value through other comprehensive income | 145 | 212 |
Deferred tax assets | 122 | 132 |
Property, plant and equipment | 4,663 | 4,521 |
Intangible assets | 671 | 722 |
Other non-current assets | 357 | 373 |
Total non-current assets | 5,988 | 5,989 |
Total assets | 8,776 | 8,714 |
Current liabilities | ||
Short-term credit | 610 | 822 |
Trade payables | 715 | 790 |
Provisions | 37 | 78 |
Liabilities held for sale | 0 | 43 |
Other current liabilities | 647 | 595 |
Total current liabilities | 2,009 | 2,328 |
Non-current liabilities | ||
Long-term debt and debentures | 1,815 | 2,388 |
Deferred tax liabilities | 297 | 228 |
Long-term employee liabilities | 501 | 640 |
Provisions | 229 | 193 |
Other non-current liabilities | 10 | 7 |
Total non-current liabilities | 2,852 | 3,456 |
Total liabilities | 4,861 | 5,784 |
Equity | ||
Total shareholders equity | 3,781 | 2,859 |
Non-controlling interests | 134 | 71 |
Total equity | 3,915 | 2,930 |
Total liabilities and equity | $ 8,776 | $ 8,714 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statements of Income [Abstract] | |||
Sales | $ 5,556 | $ 5,418 | $ 5,363 |
Cost of sales | 3,702 | 3,746 | 3,703 |
Gross profit | 1,854 | 1,672 | 1,660 |
Selling, transport and marketing expenses | 798 | 746 | 722 |
General and administrative expenses | 257 | 261 | 321 |
Research and development expenses | 55 | 55 | 73 |
Other expenses | 84 | 90 | 618 |
Other income | (859) | (109) | (71) |
Operating income (loss) | 1,519 | 629 | (3) |
Finance expenses | 214 | 229 | 157 |
Finance income | (56) | (105) | (25) |
Finance expenses, net | 158 | 124 | 132 |
Share in earnings of equity-accounted investees | 3 | 0 | 18 |
Income (loss) before income taxes | 1,364 | 505 | (117) |
Provision for income taxes | 129 | 158 | 55 |
Net income (loss) | 1,235 | 347 | (172) |
Net loss attributable to the non-controlling interests | (5) | (17) | (50) |
Net income (loss) attributable to the shareholders of the Company | $ 1,240 | $ 364 | $ (122) |
Earnings (loss) per share attributable to the shareholders of the Company | |||
Basic earnings (losses) per share (in $) | $ 0.97 | $ 0.29 | $ (0.1) |
Diluted earnings (losses) per share (in $) | $ 0.97 | $ 0.29 | $ (0.1) |
Weighted-average number of ordinary shares outstanding | |||
Basic (in thousands) | 1,277,209 | 1,276,072 | 1,273,295 |
Diluted (in thousands) | 1,279,781 | 1,276,997 | 1,273,295 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statements of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 1,235 | $ 347 | $ (172) |
Components of other comprehensive income that will be reclassified subsequently to net income (loss) | |||
Currency translation differences | (95) | 152 | (90) |
Changes in fair value of derivatives designated as a cash flow hedge | 0 | 0 | (1) |
Net changes of investments at fair value through other comprehensive income | 0 | (57) | 17 |
Tax income (expense) relating to items that will be reclassified subsequently to net income (loss) | 0 | 5 | (5) |
Total | (95) | 100 | (79) |
Components of other comprehensive income that will not be reclassified to net income (loss) | |||
Net changes of investments at fair value through other comprehensive income | (58) | 0 | 0 |
Actuarial gains (losses) from defined benefit plans | 56 | (17) | (48) |
Tax income (expense) relating to items that will not be reclassified to net income (loss) | (3) | 3 | 8 |
Total | (5) | (14) | (40) |
Total comprehensive income (loss) | 1,135 | 433 | (291) |
Comprehensive loss attributable to the non-controlling interests | (9) | (13) | (59) |
Comprehensive income (loss) attributable to the shareholders of the Company | $ 1,144 | $ 446 | $ (232) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Attributable to the shareholders of the Company [Member] | Share capital [Member] | Share premium [Member] | Cumulative translation adjustment [Member] | Capital reserves [Member] | Treasury shares, at cost [Member] | Retained earnings [Member] | Non-controlling interests [Member] | |
Balance as at Start of Period at Dec. 31, 2015 | $ 3,188 | $ 3,028 | $ 544 | $ 149 | $ (400) | $ 93 | $ (260) | $ 2,902 | $ 160 | |
Share-based compensation | 15 | 15 | 0 | [1] | 25 | 0 | (10) | 0 | 0 | 0 |
Dividends | (226) | (222) | 0 | 0 | 0 | 0 | 0 | (222) | (4) | |
Changes in equity of equity-accounted investees | (15) | (15) | 0 | 0 | 0 | (15) | 0 | 0 | 0 | |
Non-controlling interests in business combinations from prior periods | (12) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (12) | |
Comprensive income (loss) | (291) | (232) | 0 | 0 | (81) | 11 | 0 | (162) | (59) | |
Balance as at End of Period at Dec. 31, 2016 | 2,659 | 2,574 | 544 | 174 | (481) | 79 | (260) | 2,518 | 85 | |
Share-based compensation | 16 | 16 | 1 | 12 | 0 | 3 | 0 | 0 | 0 | |
Dividends | (178) | (177) | 0 | 0 | 0 | 0 | 0 | (177) | (1) | |
Comprensive income (loss) | 433 | 446 | 0 | 0 | 148 | (52) | 0 | 350 | (13) | |
Balance as at End of Period at Dec. 31, 2017 | 2,930 | 2,859 | 545 | 186 | (333) | 30 | (260) | 2,691 | 71 | |
Share-based compensation | 19 | 19 | 1 | 7 | 0 | 11 | 0 | 0 | 0 | |
Dividends | (242) | (241) | 0 | 0 | 0 | 0 | 0 | (241) | (1) | |
Capitalization of subsidiary debt | 73 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 73 | |
Comprensive income (loss) | 1,135 | 1,144 | 0 | 0 | (91) | (58) | 0 | 1,293 | (9) | |
Balance as at End of Period at Dec. 31, 2018 | $ 3,915 | $ 3,781 | $ 546 | $ 193 | $ (424) | $ (17) | $ (260) | $ 3,743 | $ 134 | |
[1] | Less than $1 million. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flows from operating activities | ||||
Net income (loss) | $ 1,235 | $ 347 | $ (172) | |
Adjustments for | ||||
Depreciation and amortization | 403 | 390 | 401 | |
Impairment of non-current assets | 17 | 28 | 5 | |
Exchange rate and interest expenses, net | 35 | 137 | 76 | |
Share in earnings of equity-accounted investees, net | (3) | 0 | (18) | |
Loss (Gain) from divestiture of businesses | (841) | (54) | 1 | |
Capital losses | 0 | 0 | 432 | |
Share-based compensation | 19 | 16 | 15 | |
Deferred tax expenses (income) | 76 | (46) | (2) | |
Adjustments for reconcile profit loss | (294) | 471 | 910 | |
Change in inventories | (115) | 57 | 70 | |
Change in trade and other receivables | (104) | 21 | 150 | |
Change in trade and other payables | (36) | (45) | (90) | |
Change in provisions and employee benefits | (66) | (4) | 98 | |
Net change in operating assets and liabilities | (321) | 29 | 228 | |
Net cash provided by operating activities | 620 | 847 | 966 | |
Cash flows from investing activities | ||||
Proceeds from deposits, net | (3) | (65) | (198) | |
Purchases of property, plant and equipment and intangible assets | (572) | (457) | (632) | |
Proceeds from divestiture of businesses net of transaction expenses | 902 | [1] | 6 | 17 |
Proceeds from sale of equity-accounted investee | 0 | 168 | 0 | |
Dividends from equity-accounted investees | 2 | 3 | 12 | |
Proceeds from sale of property, plant and equipment | 2 | 12 | 5 | |
Other | 0 | 0 | (4) | |
Net cash provided by (used in) investing activities | 331 | (333) | (800) | |
Cash flows from financing activities | ||||
Dividends paid to the company's shareholders | (241) | (237) | (162) | |
Receipt of long-term debt | 1,746 | 966 | 1,278 | |
Repayment of long-term debt | (2,115) | (1,387) | (1,365) | |
Short-term credit from banks and others, net | (283) | 147 | 14 | |
Other | (1) | 0 | (4) | |
Net cash used in financing activities | (894) | (511) | (239) | |
Cash and cash equivalents as at the beginning of the year | 83 | 87 | 161 | |
Net change in cash and cash equivalents | 57 | 3 | (73) | |
Net effect of currency translation on cash and cash equivalents | (24) | (2) | (1) | |
Cash and cash equivalents included as part of assets held for sale | 5 | (5) | 0 | |
Cash and cash equivalents as at the end of the year | 121 | 83 | 87 | |
Statements of Cash Flows - Additional Information | ||||
Income taxes paid, net of refunds | 56 | 127 | 84 | |
Interest paid | $ 103 | $ 111 | $ 112 | |
[1] | See Note 10. |
General
General | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 1 - General | Note 1 – General A. The reporting entity Israel Chemicals Ltd. (hereinafter – the Company), is a company domiciled and incorporated in Israel. The Company's shares are traded on both the Tel-Aviv Stock Exchange (TASE) and the New York Stock Exchange (NYSE). The address of the Company’s registered headquarter is 23 Aranha St., Tel ‑ Aviv, Israel. The Company is a subsidiary of Israel Corporation Ltd., a public company traded on the TASE. The Company together with its subsidiaries, associated companies and joint ventures (hereinafter – the Group or ICL), is a leading specialty minerals group that operates a unique, integrated business model. The Company competitively extracts certain minerals as raw materials and utilizes processing and product formulation technologies to add value to customers in two main end-markets: agriculture and Industrial (including food additives). ICL’s products are used mainly in the areas of agriculture, electronics, food, fuel and gas exploration, water purification and desalination, detergents, cosmetics, medicines and vehicles. The State of Israel holds a Special State Share in ICL and in some of its subsidiaries, entitling the State the right to safeguard the State of Israel interests (see Note 21). B. Definitions 1. Subsidiary – a company over which the Company has control and the financial statements of which are fully consolidated with the Company's statements as part of the consolidated financial statements. 2. Investee company – Subsidiaries and companies, including a partnership or joint venture, the Company's investment in which is accounted for, directly or indirectly, using the equity method. 3. Related party – Within its meaning in IAS 24 (2009), “Related Party Disclosures”. |
Basis of Preparation of the Fin
Basis of Preparation of the Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 2 - Basis of Preparation of the Financial Statements | Note 2 - Basis of Preparation of the Financial Statements A. Statement of compliance with International Financial Reporting Standards The consolidated financial statements have been prepared by ICL in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Boards (IASB). The consolidated financial statements were authorized for issuance by the Company’s Board of Directors on February 26, 2019. B. Functional and presentation currency The consolidated financial statements are presented in United States Dollars (“US Dollars”; $), which is the functional currency of the Company and have been rounded to the nearest million, except when otherwise indicated. Items included in the consolidated financial statements of the Company are measured using the currency of the primary economic environment in which the individual entity operates (“the functional currency”). Note 2 - Basis of Preparation of the Financial Statements (cont’d) C. Basis of measurement The consolidated financial statements were prepared using the historical cost basis except for the following assets and liabilities: derivative financial instruments, non-current assets held-for-sale, Investments in associates and joint ventures, deferred tax assets and liabilities, provisions and assets and liabilities in respect of employee benefits. For further information regarding the measurement of assets and liabilities, see Note 3 below. D. Operating cycle The Company’s regular operating cycle is up to one year. As a result, the current assets and the current liabilities include items the realization of which is intended and anticipated to take place within one year. E. Use of estimates and judgment The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The evaluation of accounting estimates used in the preparation of ICL’s financial statements requires management of the Company to make assumptions regarding laws interpretations which apply to the Company, circumstances and events that involve considerable uncertainty. Management of the Company prepares the estimates based on past experience, various facts, external circumstances, and reasonable assumptions based on the pertinent circumstances of each estimate. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Information about assumptions made by ICL with respect to the future and other reasons for uncertainty with respect to estimates that have a significant risk of resulting in a material adjustment to carrying amounts of assets and liabilities in the next financial year are included in the following table: Note 2 - Basis of Preparation of the Financial Statements (cont'd) E. Use of estimates and judgment (cont'd) Estimate Principal assumptions Possible effects Reference Recognition of deferred tax asset Tax rates expected to apply when the timing differences applied to Beneficiary Enterprise are realized is based on forecasts of future revenues to be earned. The reasonability of future revenues to be earned to use future tax benefits. Recognition or reversal of deferred tax asset in profit or loss. See Note 17 regarding taxes on income Uncertain tax positions The extent of the certainty that ICL’s tax positions will be accepted (uncertain tax positions) and the risk of it incurring any additional tax and interest expenses. This is based on an analysis of several matters including interpretations of tax laws and the ICL’s experience. Recognition of additional income tax expenses. See Note 17 regarding taxes on income Post-employment employee benefits Actuarial assumptions such as the discount rate, future salary increases and the future pension increase. An increase or decrease in the post-employment defined benefit obligation. See Note 18 regarding employee benefits. Assessment of probability of contingent and environmental liabilities including cost of waste removal/restoration Whether it is more likely than not that an outflow of economic resources will be required in respect of potential liabilities under the environmental protection laws and legal claims pending against ICL and the estimation of their amounts. The waste removal/ restoration obligations depend on the reliability of the estimates of future removal costs and interpretation of regulations. Creation, adjustment or reversal of a provision for a claim and/or environmental liability including cost of waste removal/restoration. See Note 20 regarding contingent liabilities Recoverable amount of a cash generating unit, among other things, containing goodwill Expected cash-flow forecasts, the discount rate, market risk and the forecasted growth rate. Change in impairment loss. See Note 13 regarding impairment testing. Assessment of the fair value of the assets and liabilities acquired in business combinations Expected cash ‑ flow forecasts of the acquired business, and models for calculating the fair value of the acquired items and their depreciation and amortization periods. Impact on the balance of assets and liabilities acquired and the depreciation and amortization in the statement of income. Assessment of the net realizable value of inventory Future selling price and expected replacement price when used as the best available evidence for realizable value. Decrease in the carrying value of the inventories and the results of operations accordingly. Concessions, permits and business licenses Forecast of obtaining renewed concessions, permits and business licenses which constitute the basis for the Company's continued operations and /or the Company's expectations regarding the holding of the operating assets by it and / or by a subsidiary until the end of their useful lives Impact on the value of the operation, depreciation periods and residual values of related assets. See Note 20 regarding contingent liabilities Mineral reserves and resource deposits Quantities and qualities estimates of mineral reserves and resource deposits are based on engineering, economic and geological data that is compiled and analyzed by the Company’s engineers and geologists. Impact on the useful life of the assets relating to the relevant activity. Note 2 - Basis of Preparation of the Financial Statements (cont'd) F. Changes in accounting policies Initial application of IFRS 9 (2014), Financial Instruments As of January 1, 2018, ICL applies IFRS 9, Financial Instruments (hereinafter - the standard), which replaces IAS 39, Financial Instruments: Recognition and Measurement (hereinafter - IAS 39) and the consequential amendments to IFRS 7, Financial Instruments: Disclosures, and to IAS 1, Presentation of Financial Statements. Implementation of the Standard did not have a material effect on the financial statements and, therefore, the balance of retained earnings as of January 1, 2018 was not adjusted. Classification and measurement of financial assets and financial liabilities The standard contains three principal classification categories for financial assets: (1) measured at amortized cost; (2) fair value through profit or loss; and (3) fair value through other comprehensive income. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. The standard eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. There was no significant change to the classification or measurement of financial liabilities. On the initial implementation date, the Company chose to designate the investment in YYTH shares at fair value through other comprehensive income (under IAS 39, the investment in YYTH shares was classified as an available-for-sale financial asset). For further information on the measurement and classification of financial instruments, see Note 3. Financial assets value impairment The standard replaces the impairment model of IAS 39 with an 'expected credit loss' (ECL) model. The model applies to financial assets measured at amortized cost, investments in debt instruments measured at fair value through other comprehensive income, contract assets (IFRS 15) and lease receivables. The model will not apply to investments in equity instruments. IFRS 15, Revenue from Contracts with Customers As of January 1, 2018, ICL applies International Financial Reporting Standard 15 (hereinafter - the standard) which provides new guidance on revenue recognition. ICL elected to apply the standard using the cumulative effect approach. Implementation of the Standard did not have a material effect on the financial statements and, therefore, the balance of retained earnings as of January 1, 2018 was not adjusted. The standard introduces a new five step model for recognizing revenue from contracts with customers: (1) Identifying the contract with the customer; (2) Identifying distinct performance obligations in the contract; (3) Determining the transaction price; (4) Allocating the transaction price to distinct performance obligations; and (5) Recognizing revenue when the performance obligations are satisfied. ICL recognizes revenue when the customer obtains control over the promised goods or services. The revenue is measured according to the amount of the consideration to which ICL expects to be entitled in exchange for the goods or services promised to the customer, other than amounts collected for third parties. For further information, see Note 3 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 3 - Significant Accounting Policies | Note 3 - Significant Accounting Policies The accounting policies in accordance with IFRS are consistently applied by ICL companies for all the periods presented in these consolidated financial statements. A. Basis for Consolidation Business combinations ICL implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when ICL is exposed or has rights to variable returns from its involvement with the acquiree and it could affect those returns through its power over the acquiree. Substantive rights held by ICL and others are considered when assessing control. ICL recognizes goodwill on acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of non-controlling interest in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of ICL in the acquiree, less the net amount of the identifiable assets acquired, and the liabilities assumed. Costs associated with the acquisition that were incurred by ICL in a business combination such as finder’s fees, advisory, legal, valuation and other professional or consulting fees, other than those associated with an issue of debt or equity instruments connected to the business combination, are expensed in the period the services are received. 2. Subsidiaries Subsidiaries are entities controlled by ICL. The financial statements of the subsidiaries are included in the consolidated financial statements from the date control commenced until the date control ceases to exist. The accounting policies of subsidiaries have been changed when necessary to align them with the accounting policies adopted by ICL. Structured entities ICL operates with structured entities for purposes of securitization of financial assets. ICL has no direct or indirect holdings in the shares of the structured entities. A structured entity is included in the financial statements where it is controlled by the Company. Non-controlling interests Non-controlling interests comprise of the subsidiary's equity that cannot be attributed, directly or indirectly, to the parent company and they include additional components such as: the equity component of convertible debentures of subsidiaries, share-based payments that will be settled with equity instruments of subsidiaries and share options of subsidiaries. Measurement of non-controlling interests on the date of the business combination – Non ‑ controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Note 3 - Significant Accounting Policies (cont’d) A. Basis for Consolidation (cont’d) Non-controlling interests (cont’d) Allocation of profit or loss and other comprehensive income to the shareholders - Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests. Total profit or loss and other comprehensive income is allocated to the owners of the Company and the non-controlling interests even if the result is a negative balance of non-controlling interests Transactions with non-controlling interests, while retaining control - Transactions with non-controlling interests while retaining control are accounted for as equity transactions. Any difference between the consideration paid or received and the change in non ‑ controlling interests is included in the share of the owners of the Company directly in a separate category in equity. The amount of the adjustment to non-controlling interests - For an increase in the holding rate, according to the proportionate share acquired from the balance of non-controlling interests in the consolidated financial statements prior to the transaction. For a decrease in the holding rate, according to the proportionate share realized by the owners of the subsidiary in the net assets of the subsidiary, including goodwill. Furthermore, when the holding rate of the subsidiary changes, while retaining control, the Company re-attributes the accumulated amounts that were recognized in other comprehensive income to the owners of the Company and the non-controlling interests. Loss of control Upon the loss of control, ICL derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. If ICL retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between the sum of the proceeds and fair value of the retained interest, and the derecognized balances is recognized in profit or loss under other income or other expenses. Subsequently the retained interest is accounted for as an equity-accounted investee or as a financial asset in accordance with the provisions of IFRS 9, depending on the level of influence retained by ICL in the relevant company. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings. Transactions eliminated in consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates and joint ventures are eliminated against the investment to the extent of ICL’s interest in these investments. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Note 3 - Significant Accounting Policies (cont’d) A. Basis for Consolidation (cont’d) Investment in associates and joint ventures Associates are those entities in which ICL has significant influence, but not control or joint control, over the financial and operating policies. There is a rebuttable presumption that significant influence exists when a company holds between 20% and 50% of another entity. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are considered. Joint ventures are joint arrangements in which ICL has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs. B. Foreign Currency Transactions in foreign currency Transactions in foreign currency are translated to the functional currency of the Company and each of its subsidiaries based on the exchange rate in effect on the dates of the transactions. Monetary assets and liabilities denominated in foreign currency on the report date are translated into the functional currency of the Company and each of its subsidiaries based on the exchange rate in effect on that date. Exchange rate differences in respect of monetary items are the difference between the net book value in the functional currency at the beginning of the year adjusted for effective interest and payments during the year, plus the payments during the year and the net book value in foreign currency translated based on the rate of exchange at the end of the year. Exchange rate differences deriving from translation into the functional currency are recognized in the consolidated statement of income. Non ‑ monetary items denominated in foreign currency and measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income and are presented in equity in the foreign currency translation reserve (hereinafter –Translation Reserve). When the foreign operation is a non-wholly-owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the Translation Reserve related to that foreign operation is reclassified to profit or loss as a part of the gain or loss on disposal. Furthermore, when ICL’s interest in a subsidiary that includes a foreign operation changes, while retaining control in the subsidiary, a proportionate part of the cumulative amount of the translation difference that was recognized in other comprehensive income is reattributed to non-controlling interests. Note 3 - Significant Accounting Policies (cont’d) B. Foreign Currency (cont'd) Foreign operations (cont'd) Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income and are presented within equity in the Translation Reserve. C. Financial Instruments 1. Non-derivative financial assets (IFRS9) Initial recognition of financial assets: ICL initially recognizes trade receivables and debt instruments issued on the date that they are originated. All other financial assets are recognized initially on the trade date at which ICL becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset. A trade receivable without a significant financing component is initially measured at the transaction price. Receivables originating from contract assets are initially measured at the carrying amount of the contract assets on the date classification was changed from contract asset to receivables. Derecognition of financial assets: Financial assets are derecognized when the contractual rights of ICL to the cash flows from the asset expire, or ICL transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. When ICL retains substantially all the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category Financial assets are classified at initial recognition to one of the following measurement categories: (1) amortized cost; (2) fair value through other comprehensive income – investments in debt instruments; (3) fair value through other comprehensive income – investments in equity instruments; or (4) fair value through profit or loss. Financial assets are not reclassified in subsequent periods unless, and only if, ICL changes its business model for the management of financial debt assets, in which case the affected financial debt assets are reclassified at the beginning of the period following the change in the business model. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) 1. Non-derivative financial assets (IFRS9) (cont'd) A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: (1) It is held within a business model whose objective is to hold assets so as to collect contractual cash flows; and (2) the contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. In certain cases, on initial recognition of an equity investment that is not held for trading, ICL irrevocably elects to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an investment-by-investment basis. ICL has balances of trade and other receivables and deposits that are held within a business model whose objective is collecting contractual cash flows, which represent solely payments of principal and interest (for the time value and the credit risk). Accordingly, these financial assets are measured at amortized cost. Subsequent measurement and gains and losses - Financial assets at fair value through profit or loss These assets are subsequently measured at fair value. Net gains and losses, including any interest income or dividend income, are recognized in profit or loss (other than certain derivatives designated as hedging instruments). Subsequent measurement and gains and losses - Investments in equity instruments at fair value through other comprehensive income These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss, unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. Subsequent measurement and gains and losses - Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) Non-derivative financial liabilities Non-derivative financial liabilities include bank overdrafts, loans and borrowings from banks and others, marketable debt instruments, finance lease liabilities, and trade and other payables. Initial recognition of financial liabilities: ICL initially recognizes debt securities issued on the date that they originated. All other financial liabilities are recognized initially on the trade date at which ICL becomes a party to the contractual provisions of the instrument. Subsequent Measurement of Financial Liabilities: Financial liabilities (other than financial liabilities at fair value through profit or loss) are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Derecognition of financial liabilities: Financial liabilities are derecognized when the obligation of ICL, as specified in the agreement, expires or when it is discharged or cancelled. Change in terms of debt instruments: An exchange of debt instruments having substantially different terms, between an existing borrower and lender is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. Furthermore, a substantial modification of the terms of the existing financial liability or part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In such cases the entire difference between the amortized cost of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as financing income or expense. The terms are substantially different if the discounted present value of the cash flows according to the new terms, including any commissions paid, less any commissions received and discounted using the original effective interest rate, is different by at least ten percent from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforesaid quantitative criterion, ICL examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments (e.g. linkage). Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) Non-derivative financial liabilities (cont'd) Upon the swap of debt instruments with equity instruments, equity instruments issued at the extinguishment and de-recognition of all or part of a liability, are a part of “consideration paid” for purposes of calculating the gain or loss from de-recognition of the financial liability. The equity instruments are initially recognized at their fair value, unless fair value cannot be reliably measured – in which case the issued instruments are measured at the fair value of the derecognized liability. Any difference between the amortized cost of the financial liability and the initial measurement amount of the equity instruments is recognized in profit or loss under financing income or expenses. Offset of financial instruments: Financial assets and liabilities are offset, and the net amount presented in the statement of financial position when, and only when, ICL currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative financial instruments ICL holds derivative financial instruments in order to reduce exposure to foreign currency risks, risks with respect to commodity prices, marine shipping prices, and interest risks. Derivatives are recognized according to fair value and the attributable transaction costs are recorded in the statement of income as incurred. Changes in the fair value of the derivatives are recorded in the statement of income, except for derivatives used to hedge cash flows, as detailed below. Cash flow hedges Changes in the fair value of derivatives used to hedge cash flows, in respect of the effective portion of the hedge, are recorded through other comprehensive income directly in a hedging reserve. With respect to the non ‑ effective part, changes in the fair value are recognized in the statement of income. The amount accumulated in the capital reserve is reclassified and included in the statement of income in the same period as the hedged cash flows affected profit or loss under the same line item in the statement of income as the hedged item. Where the hedged item is a non-financial asset, the amount recorded in the capital reserve is transferred to the book value of the asset, upon recognition thereof. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss in the other comprehensive income and presented in the hedging reserve in equity remains there until the forecasted transaction occurs or is no longer expected to occur and then, will be reclassified to the profit or loss. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont’d) Derivative financial instruments (cont'd) Economic hedge that does not meet the conditions of an accounting hedge Changes in the fair value of derivatives that do not meet the conditions of an accounting hedge in accordance with IFRS, after the date of the initial recognition thereof, are recorded in the statement of income as financing income or expenses. CPI-linked assets and liabilities not measured at fair value The value of index-linked financial assets and liabilities, which are not measured at fair value, is re-measured every period in accordance with the actual increase/ decrease in the CPI. Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. Incremental costs directly attributable to an expected issuance of an instrument that will be classified as an equity instrument are recognized as an asset in the statement of financial position. The costs are deducted from the equity upon the initial recognition of the equity instruments or are amortized as financing expenses in the statement of income when the issuance is no longer expected to take place. Treasury shares When share capital recognized as equity is repurchased by ICL, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings. Note 3 - Significant Accounting Policies (cont’d) D. Property, plant and equipment 1. Recognition and measurement Property, plant and equipment are presented at cost less accumulated depreciation and provision for impairment. The cost includes expenses that can be directly attributed to the acquisition of the asset after deducting the related amounts of government grants. The cost of assets that were self-constructed includes the cost of the materials and direct labor, as well as any additional costs that are directly attributable to bringing the asset to the required position and condition so that it will be able to function as management intended, as well as an estimate of the costs to dismantle and remove the items and to restore its location, where there is an obligation to dismantle and remove or to restore the site and capitalized borrowing costs. The cost of purchased software, which constitutes an inseparable part of operating the related equipment, is recognized as part of the cost of the equipment. Spare parts for facilities are valued at cost determined based on the moving average method, after recording a write ‑ down in respect of obsolescence. The portion designated for current consumption is presented in the “inventories” category in the current assets section. Where significant parts of an item of property, plant and equipment (including costs of major periodic inspections) have different life expectancies, they are treated as separate items (significant components) of the property, plant and equipment. Changes in a commitment to dismantle and remove items and to restore their location, except for changes stemming from the passage of time, are added to or deducted from the cost of the asset in the period in which they occur. The amount deducted from the cost of the asset does not exceed its book value and any balance is recognized immediately in profit or loss. Gains and losses on disposal of a property, plant or equipment item are determined by comparing the proceeds from disposal with the carrying amount of the asset and are recognized net in the income statement in other income or other expenses, as applicable. The cost of replacing part of an item of property, plant and equipment and other subsequent costs are recognized as part of the book value of the item if it is expected that the future economic benefit inherent therein will flow to ICL and that its cost can be reliably measured. The book value of the part that was replaced is derecognized. Routine maintenance costs are charged to the statement of income as incurred. Subsequent Costs (after initial recognition) The cost of replacing part of a fixed asset item and other subsequent expenses are capitalized if it is probable that the future economic benefits associated with them will flow to ICL and their cost can be measured reliably. The carrying amount of the replaced part of a fixed asset item is derecognized. The costs of day-to-day servicing are expensed as incurred. Note 3 - Significant Accounting Policies (cont’d) D. Property, plant and equipment (cont’d) Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its estimated useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. Depreciation of an item of property, plant and equipment begins when the asset is available for its intended use, that is, when it has reached the place and condition required in order that it can be used in the manner contemplated for it by Management. Depreciation is recorded in the statement of income according to the straight-line method over the estimated useful life of each significant component of the property, plant and equipment items, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Owned land is not depreciated. The estimated useful life for the current period and comparative periods is as follows: In Years Land development, roads and structures 15-30 Facilities, machinery and equipment (1) 8-25 Dams and ponds (2) 20-40 Heavy mechanical equipment, train cars and tanks 5-15 Office furniture and equipment, motor vehicles, computer equipment and other 3-10 Mainly 25 years Mainly 40 years The Company reviews, at least at the end of every reporting year, the estimates regarding the depreciation method, useful lives and the residual value, and adjusts them if appropriate. Once every five years, the Company actively examines the useful lives of the main property, plant and equipment items and, if required, updates them. Over the years, the Company has succeeded in maintaining the useful lives of part of property, plant and equipment items – as a result of investments therein and other current, ongoing maintenance thereof. E. Intangible Assets Goodwill Goodwill recorded consequent to the acquisition of subsidiaries is presented at cost less accumulated impairment charges, under intangible assets. Costs of exploration and evaluation of resources Costs incurred in respect of exploration of resources and the evaluation thereof are recognized at cost less a provision for impairment, under intangible assets. The cost includes, inter ‑ alia, costs of performing research studies, drilling costs and activities in connection with assessing the technical feasibility with respect to the commercial viability of extracting the resources. Note 3 - Significant Accounting Policies (cont’d) E. Intangible Assets (cont'd) Research and development Expenditures for research activities are expensed as incurred. Development expenditures are recognized as intangible asset only if development costs can be measured reliably, the product or process is technically, and commercially feasible, future economic benefits are probable, and ICL has the intention and sufficient resources to complete development and to use or sell the asset. Other development expenditures costs are expensed as incurred. Subsequent to initial recognition, development expenditures are measured at cost less accumulated amortization and any accumulated impairment losses. Other intangible assets Other intangible assets purchased by ICL, with a defined useful life, are measured according to cost less accumulated amortization and accumulated losses from impairment. Intangible assets with indefinite useful lives are measured according to cost less accumulated losses from impairment. Subsequent costs Subsequent costs are recognized as an intangible asset only when they increase the future economic benefit inherent in the asset for which they were incurred. All other costs, including costs relating to goodwill or trademarks developed independently, are charged to the statement of income as incurred. Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset less its residual value. Amortization is recorded in the statement of income according to the straight-line method from the date the assets are available for use, over the estimated useful economic life of the intangible assets, except for customer relationships and geological surveys, which are amortized according to the rate of consumption of the economic benefits expected from the asset based on cash flow forecasts. Goodwill and intangible assets having an indefinite lifespan are not amortized on a systematic basis but, rather, are examined at least once a year for impairment in value. Internally generated intangible assets are not systematically amortized as long as they are not available for use, i.e. they are not yet on site or in working condition for their intended use. Accordingly, these intangible assets, such as development costs, are tested for impairment at least once a year, until such date as they are available for use. Note 3 - Significant Accounting Policies (cont’d) E. Intangible Assets (cont'd) Amortization (cont'd) The estimated useful life for the current period and comparative periods is as follows: In Years Concessions – over the balance of the concession granted to the companies Software costs 3-10 Trademarks 15-20 Customer relationships 15-25 Agreements with suppliers and non-competition agreement 10-15 Patents 7-20 Deferred expenses in respect of geological surveys are amortized over their useful life based on a geological estimate of the amount of the material that will be produced from the mining site. The estimates regarding the amortization method and useful life are reviewed, at a minimum, at the end of every reporting year and are adjusted where necessary. ICL assesses the useful life of the customer relationships on an ongoing basis, based on an analysis of all the relevant factors and evidence, considering the experience the Company has with respect to recurring orders and churn rates and considering the future economic benefits expected to flow to the Company from these customer relationships. ICL periodically examines the estimated useful life of an intangible asset that is not amortized, at least once a year, in order to determine if events and circumstances continue to support the determination that the intangible asset has an indefinite life. F. Leased Assets Leases, where ICL assumes substantially all the risks and rewards of ownership of the asset, are classified as financing leases. Upon initial recognition, the leased assets are measured, and a liability is recognized at an amount equal to the lower of its fair value or the present value of the future minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. Other leases are classified as operating leases where the leased assets are not recognized in ICL’s statement of financial position. Payments under an operating lease are recorded in the statement of income on the straight-line method, over the period of the lease. Note 3 - Significant Accounting Policies (cont’d) G. Inventories Inventories are measured at the lower of cost or net realizable value. The cost of the inventories includes the costs of purchasing the inventories and bringing it to its present location and condition. In the case of work in process and finished goods, the cost includes the proportionate part of the manufacturing overhead based on normal capacity. Net realization value is the estimated selling price in the ordinary course of business, after deduction of the estimated cost of completion and the estimated costs required to execute the sale. The cost of the inventories of raw and auxiliary materials, maintenance materials, finished goods and goods in process, is determined mainly according to the “moving average” method. If the benefit from stripping costs (costs of removing waste produced as part of a mine's mining activities during its production stage) is attributable to inventories, the Company accounts for these stripping costs as inventories. In a case where the benefit is improved access to the quarry, the Company recognizes the costs as a non ‑ current addition to the asset, provided the criteria presented in IFRIC 20 |
Determination of Fair Values
Determination of Fair Values | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 4 - Determination of Fair Values | Note 4 - Determination of Fair Values As part of the accounting policies and disclosures, ICL is required to determine the fair value of both financial and non-financial assets and liabilities. The fair values have been determined for measurement and/or disclosure purposes based on the methods described below. Further information about the assumptions made in determining the fair values is disclosed in the notes specific to that asset or liability. A. Investments in securities The fair value of financial assets classified as fair value through other comprehensive income -investments in equity instruments and as fair value through profit and loss, is determined based on their market price at date of the report. If the asset or liability measured at fair value has a bid price and an ask price, the price in the range between them that best reflects fair value under the circumstances will be used for measuring fair value. B. Derivatives The fair value of forward contracts on foreign currency is determined by averaging the exchange rate and the appropriate interest coefficient for the period of the transaction and the relevant currency index. The fair value of currency options is determined based on the Black and Scholes model, considering the intrinsic value, standard deviation and the interest rates. The fair value of interest rate swap contracts is determined by discounting the estimated amount of the future cash flows based on the terms and length of period to maturity of each contract, while using market interest rates of similar instruments at the date of measurement. Future contracts on energy and marine shipping prices are presented at fair value based on quotes of the prices of products on an ongoing basis. The reasonableness of the market price is examined by comparing it to quotations by banks. For further information regarding the fair value hierarchy, see Note 23 regarding financial instruments. C. Liabilities in respect of debentures The fair value of the liabilities and the debentures is determined for disclosure purposes only. The fair value of marketable debentures is determined based on the stock market prices as at the date of the report. The fair value of the non ‑ marketable debentures is calculated based on the present value of future cash flows in respect of the principal and interest components, discounted at the market rate of interest as at the reporting date. D. Share-based compensation The fair value of employee share options and share appreciation rights is measured using the Black and Scholes model or a binomial model, in accordance with the plan (see Note 21). The model’s assumptions include the share price on the measurement date, exercise price of the instrument, expected volatility (based on the weighted ‑ average historic volatility), the weighted average expected life of the instruments (based on historical experience and general option ‑ holder behavior), expected dividends, and the risk-free interest rate (based on government debentures). Note 4 - Determination of Fair Values (cont'd) E. Property, plant and equipment of the subsidiaries Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium in Israel The fair value of property, plant and equipment, of the subsidiaries Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium (hereinafter - the Subsidiaries) was valuated based on the Replacement Cost Methodology. This evaluation was performed mainly for the Subsidiaries’ financial statements of 2016 and onward, which serve as a basis for the reports filed pursuant to the provisions of the Taxation of Natural Resources Law. For further information, see Note 20. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 5 - Operating Segments | Note 5 - Operating Segments A. General 1. Information on operating segments: ICL is a global specialty minerals and chemicals company operating bromine, potash and phosphate mineral value chains in a unique, integrated business model. To align with ICL's strategy of enhancing market leadership across its three core-mineral value chains of bromine, potash and phosphate, as well as realizing the growth potential of Innovative Ag Solutions, commencing August 31, 2018, the Company operates via four segments: Industrial Products, Potash, Phosphate Solutions and Innovative Ag Solutions. The comparative data has been restated to reflect the change in the structure of the reportable segments, as stated above. Industrial Products – Industrial Products segment produces bromine out of a solution that is a by ‑ product of the potash production process in Sodom, Israel, as well as bromine ‑ based compounds. Industrial Products segment uses most of the bromine it produces for self ‑ production of bromine compounds at its production sites in Israel, the Netherlands and China. In addition, the segment produces several grades of potash, salt, magnesium chloride and magnesia products. The segment is also engaged in the production and marketing of phosphorous - ‑ based products. Potash – The P otash segment uses an evaporation process to extract potash from the Dead Sea and uses conventional mining to produce potash and salt from an underground mine in Spain. The segment markets its potash fertilizers globally and also carries on certain other operations not solely related to the potash activities. At the end of the second quarter of 2018, the Company ceased the production of potash in the ICL Boulby mine in the UK and shifted to sole production of Polysulphate™. The Polysulphate™ is produced in an underground mine at ICL Boulby in the UK, and is the basis for a significant part of the Company's FertilizerpluS product line. The segment also includes magnesium activities under which it produces, markets and sells pure magnesium and magnesium alloys, and also produces related by-products, including chlorine and sylvinite. In addition, the Potash segment sells salt that produced in its underground mines in Spain and UK. Note 5 - Operating Segments (cont’d) A. General (cont’d) 1. Information on operating segments: (cont'd) Phosphate Solutions – The Phosphate Solutions segment is based on a phosphate value chain which uses phosphate commodity products, such as phosphate rock and fertilizer-grade phosphoric acid (“green phosphoric acid”), to produce specialty products with higher added value. The segment also produces and markets phosphate-based fertilizers. Phosphate rock is mined and processed from open pit mines, three of which are located in the Negev Desert in Israel while the fourth is located in Yunnan province in China. Sulphuric acid, green phosphoric acid and phosphate fertilizers are produced in facilities in Israel, China and Europe. The Phosphate Solutions segment purifies some of its green phosphoric acid and manufactures thermal phosphoric acid to provide solutions based on specialty phosphate salts and acids for diversified industrial end markets, such as oral care, cleaning products, paints and coatings, water treatment, asphalt modification, construction and metal treatment. The specialty phosphate salts and acids are mainly produced in the Company’s facilities in US, Brazil, Germany and China. The segment is also a leader in developing and producing functional food ingredients and phosphate additives, which provide texture and stability solutions for the processed meat, poultry, seafood, dairy, beverage and baked goods markets. In addition, the segment supplies pure phosphoric acid to ICL’s specialty fertilizers business and produces milk and whey proteins for the food ingredients industry. Innovative Ag Solutions – The Innovative Ag Solutions segment was established on the foundations of The Innovative Ag Solutions segment develops, manufactures, markets and sells fertilizers that are based primarily on nitrogen, potash (potassium chloride) and phosphate. It produces water soluble specialty fertilizers in Belgium and the US, liquid fertilizers and soluble fertilizers in Israel and Spain, and controlled ‑ release fertilizers in the Netherlands and the United States. ICL's specialty fertilizers business markets its products worldwide, mainly in Europe, Asia, North America and Israel. The segment will also function as ICL’s innovative arm, which will seek to focus on R&D, as well as implementing digital innovation. Other Activities – business activities that are not reviewed regularly by the organization’s chief operating decision maker. Note 5 - Operating Segments (cont’d) A. General (cont’d) 2. Segment capital investments The capital investments made by the segments, for each of the reporting years, include mainly property, plant and equipment and intangible assets acquired in the ordinary course of business and as part of business combinations. 3. Inter–segment transfers and unallocated income (expenses) Segment revenues, expenses and results include inter-segment transfers, which are priced mainly based on transaction prices in the ordinary course of business – this being based on reports that are regularly reviewed by the chief operating decision maker. These transfers are eliminated as part of consolidation of the financial statements. The segment profit is measured based on the operating income, without certain expenses that are not allocated to the operating segments including general and administrative expenses, as it is included in reports that are regularly reviewed by the chief operating decision maker. Note 5 - Operating Segments (cont’d) B. Operating segment data Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2018 Sales to external parties 1,281 1,481 2,001 719 74 - 5,556 Inter-segment sales 15 142 98 22 5 (282) - Total sales 1,296 1,623 2,099 741 79 (282) 5,556 Segment profit 350 393 208 57 9 (7) 1,010 General and administrative expenses (257) Other income not allocated to the segments 766 Operating income 1,519 Financing expenses, net (158) Share in earnings of equity-accounted investee 3 Income before income taxes 1,364 Capital expenditures 50 356 180 15 1 3 605 Depreciation, amortization and impairment 63 141 172 19 4 21 420 Note 5 - Operating Segments (cont'd) B. Operating segment data (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2017 Sales to external parties 1,179 1,258 1,938 671 372 - 5,418 Inter-segment sales 14 125 99 21 12 (271) - Total sales 1,193 1,383 2,037 692 384 (271) 5,418 Segment profit 303 282 149 56 127 (4) 913 General and administrative expenses (261) Other expenses not allocated to the segments (23) Operating income 629 Financing expenses, net (124) Income before income taxes 505 Capital expenditures 49 270 154 12 19 3 507 Depreciation, amortization and impairment 61 128 172 19 8 30 418 Note 5 - Operating Segments (cont’d) B. Operating segment data (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2016 Sales to external parties 1,111 1,213 2,082 632 325 - 5,363 Inter-segment sales 9 125 104 29 15 (282) - Total sales 1,120 1,338 2,186 661 340 (282) 5,363 Segment profit 286 282 224 55 93 (37) 903 General and administrative expenses (321) Other expenses not allocated to the segments (585) Operating loss (3) Financing expenses, net (132) Share in earnings of equity-accounted investees 18 Loss before income taxes (117) Capital expenditures 38 311 237 7 1 58 652 Depreciation, amortization and impairment 52 127 203 17 3 4 406 Note 5 - Operating Segments (cont'd) C. Information based on geographical location The following table presents the distribution of ICL's sales by geographical location of the customer: 2018 2017 2016 $ millions % of sales $ millions % of sales $ millions % of sales USA 903 16 1,091 20 1,070 20 China 848 15 724 13 669 12 Brazil 656 12 594 11 521 10 United Kingdom 382 7 328 6 306 6 Germany 365 7 378 7 392 7 France 267 5 265 5 226 4 Spain 262 5 264 5 258 5 Israel 223 4 171 3 237 4 India 211 4 200 4 199 4 Australia 126 2 85 2 187 3 All other 1,313 23 1,318 24 1,298 25 Total 5,556 100 5,418 100 5,363 100 Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table presents the distribution of the operating segments sales by geographical location of the customer: Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2018 Europe 473 459 719 362 49 (92) 1,970 Asia 399 519 481 105 2 (18) 1,488 North America 347 107 405 103 24 (8) 978 South America 21 408 264 21 1 (3) 712 Rest of the world 56 130 230 150 3 (161) 408 Total 1,296 1,623 2,099 741 79 (282) 5,556 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2017 Europe 456 386 749 326 87 (86) 1,918 Asia 351 433 476 100 3 (21) 1,342 North America 327 116 369 94 282 (13) 1,175 South America 19 347 277 22 5 (4) 666 Rest of the world 40 101 166 150 7 (147) 317 Total 1,193 1,383 2,037 692 384 (271) 5,418 Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table presents the distribution of the operating segments sales by geographical location of the customer: (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2016 Europe 424 421 717 319 77 (95) 1,863 Asia 301 396 511 74 6 (13) 1,275 North America 330 93 380 110 250 (22) 1,141 South America 25 267 274 19 1 2 588 Rest of the world 40 161 304 139 6 (154) 496 Total 1,120 1,338 2,186 661 340 (282) 5,363 Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table presents the distribution of ICL's sales by geographical location of the assets: For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Israel 2,841 2,548 2,470 Europe 2,198 2,119 2,124 North America 831 1,045 1,045 Asia 617 583 556 Others 211 215 218 6,698 6,510 6,413 Intercompany sales (1,142) (1,092) (1,050) Total 5,556 5,418 5,363 The following table presents operating income (loss) by geographical location of the assets from which it was produced: For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Europe* 834 (45) (117) Israel 526 475 304 North America 74 154 83 Asia 52 8 (41) Others 29 33 (203) Intercompany eliminations 4 4 (29) Total 1,519 629 (3) * Europe profit for the year ended December 31, 2018 includes gain from divestiture of businesses in the amount of $841 million. For further information see Note 10 . Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table present the non-current assets by geographical location of the assets (*) For the year ended December 31 2018 2017 $ millions $ millions Israel 3,570 3,387 Europe 1,228 1,227 Asia 401 455 North America 309 321 Other 59 94 Total 5,567 5,484 (*) Mainly consist of property, plant and equipment and intangible assets, non-current inventories and lease rights. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 6 - Inventories | Note 6 – Inventories As at December 31 2018 2017 $ millions $ millions Finished products 772 709 Work in progress 258 269 Raw materials 216 212 Spare parts 143 142 Total inventories 1,389 1,332 Less – non-current inventories. mainly raw materials (presented in non-current assets) 99 106 Current inventories 1,290 1,226 |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 7 - Other receivables | Note 7 - Other Receivables As at December 31 2018 2017 $ millions $ millions Government institutions 108 78 Current tax assets 79 16 Prepaid expenses 52 43 Insurance receivables 1 26 Other 55 62 295 225 |
Investments In Subsidiaries
Investments In Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 8 - Investments in Subsidiaries | Note 8 - Investments in Subsidiaries Non-controlling interests in subsidiaries The following tables present information with respect to non-controlling interests in a Group subsidiary, YPH JV (at the rate of 50%), before elimination of inter-company transactions. The information includes fair value adjustments that were made on the acquisition date, other than goodwill and presented without adjustments for the ownership rates held by the Group. 2018 2017 $ millions $ millions Current assets 192 197 Non-current assets 318 367 Current liabilities 225 241 Non-current liabilities 49 215 Equity 236 108 2018 2017 2016 $ millions $ millions $ millions Sales 387 363 377 Operating loss - (21) (78) Depreciation and amortization 34 34 34 Operating income (loss) before depreciation and amortization 34 13 (44) Net loss (13) (38) (104) Comprehensive income (loss) 3 (26) (126) |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 9 - Other non-current assets | Note 9 – Other non-current assets As at December 31 2018 2017 $ millions $ millions Lease rights 102 106 Non-current inventories 99 106 Surplus in defined benefit plan 73 89 Long-term loan 59 - Derivatives 15 64 Other 9 8 357 373 |
Business divestiture
Business divestiture | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 10 - Business divestiture | Note 10 - Business Divestiture Pursuant to the Company’s strategy to focus its operation on the mineral’s chains, divest low synergies businesses, reduce debt ratios and generate funds for growth initiatives, during 2018, the Company completed the following divestitures: I n December 2017, the Company entered into an agreement to sell its fire safety and oil additives business to SK Invictus Holding L.P., an affiliate of SK Capital (hereinafter – the Buyer). In March 2018, the Company completed the sale transaction for a consideration of $1,010 million, of which $953 million in cash and $57 million in the form of a long-term loan to a subsidiary of the Buyer. As a result, the Company recorded, in the financial statements of 2018, a capital gain of $841 million (net of transaction expenses), under "other income" in the statement of income . the table below presents the book value of the sold assets and liabilities. 2018 $ millions Cash and cash equivalents 1 Trade and other receivables 34 Inventories 59 Property, plant and equipment 26 Intangible assets 64 Trade payables and other current liabilities (28) Deferred tax liabilities (3) Net assets and liabilities 153 Consideration received in cash (*) 938 Income tax paid (35) Cash disposed of (1) Net cash inflow 902 * The consideration received in cash is net of $16 million transaction expenses. In June 2018, the Company entered into an agreement for the sale of the assets and business of its subsidiary, Rovita, for no consideration (hereinafter – the Agreement). Rovita produces commodity milk protein products, using by-products from the whey protein business of Prolactal, which is part of the Phosphate Solutions segment. In July 2018, the company completed the sales transaction and as a result, recognized a loss deriving from the write-off of all Rovita’s assets, in the amount of $16 million ($12 million after tax), under “other expenses” in the statement of income. |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 11 - Property, Plant and Equipment | Note 11 - Property, Plant and Equipment Land, roads and buildings Installations and equipment Dikes and evaporating ponds Heavy mechanical equipment Furniture, vehicles and equipment Plants under construction and spare parts for installations (1) Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2018 844 5,788 1,888 150 242 898 9,810 Additions 42 789 100 5 20 (367) 589 Disposals (2) (19) - (2) (7) - (30) Translation differences (23) (76) (13) - (4) (16) (132) Balance as at December 31, 2018 861 6,482 1,975 153 251 515 10,237 Accumulated depreciation Balance as at January 1, 2018 451 3,520 1,053 84 181 - 5,289 Depreciation for the year 24 234 96 7 12 - 373 Impairment 5 5 - - 1 - 11 Disposals (1) (16) - (2) (8) - (27) Translation differences (11) (50) (10) - (1) - (72) Balance as at December 31, 2018 468 3,693 1,139 89 185 - 5,574 Depreciated balance as at December 31, 2018 393 2,789 836 64 66 515 4,663 (1) The additions for the year are presented net of items the construction of which were completed and accordingly were recorded in other categories in the “property, plant and equipment” section. Note 11 - Property, Plant and Equipment (cont’d) Land, roads and buildings Installations and equipment Dikes and evaporating ponds Heavy mechanical equipment Furniture, vehicles and equipment Plants under construction and spare parts for installations (1) Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2017 763 5,408 1,715 149 244 879 9,158 Additions 42 302 140 7 13 (14) 490 Disposals (6) (28) - (12) (17) - (63) Translation differences 49 136 33 7 9 35 269 Reclassification to assets held for sale (4) (30) - (1) (7) (2) (44) Balance as at December 31, 2017 844 5,788 1,888 150 242 898 9,810 Accumulated depreciation Balance as at January 1, 2017 409 3,232 944 83 181 - 4,849 Depreciation for the year 23 227 84 7 14 - 355 Impairment - 13 - - - - 13 Disposals (4) (23) - (12) (17) - (56) Translation differences 24 85 25 7 6 - 147 Reclassification to assets held for sale (1) (14) - (1) (3) - (19) Balance as at December 31, 2017 451 3,520 1,053 84 181 - 5,289 Depreciated balance as at December 31, 2017 393 2,268 835 66 61 898 4,521 (1) The additions for the year are presented net of items the construction of which were completed and accordingly were recorded in other categories in the “property, plant and equipment” section. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 12 - Intangible Assets | Note 12 - Intangible Assets Composition Goodwill Concessions and mining rights Trademarks Technology / patents Customer relationships Exploration and evaluation assets Computer application Others Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2018 348 216 91 80 183 39 76 34 1,067 Additions - - - 1 - 1 13 1 16 Disposals - - - - - - - (2) (2) Translation differences (17) (6) (3) (6) (5) (1) (2) - (40) Balance as at December 31, 2018 331 210 88 75 178 39 87 33 1,041 Amortization and impairment losses Balance as at January 1, 2018 22 63 24 35 94 25 61 21 345 Amortization for the year - 5 3 5 10 1 4 2 30 Impairment - - - 3 3 - - - 6 Disposals - - - - - - - (1) (1) Translation differences - - (1) (4) (2) (1) (2) - (10) Balance as at December 31, 2018 22 68 26 39 105 25 63 22 370 Amortized Balance as at December 31 ,2018 309 142 62 36 73 14 24 11 671 Note 12 - Intangible Assets (cont'd) Composition (cont’d) Goodwill Concessions and mining rights Trademarks Technology / patents Customer relationships Exploration and evaluation assets Computer application Others Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2017 398 205 86 80 214 35 65 76 1,159 Additions - - - 3 - 1 10 3 17 Discontinuance of consolidation (55) - - - - - - - (55) Translation differences 16 11 7 7 16 3 2 1 63 Reclassification to assets held for sale (11) - (2) (10) (47) - (1) (46) (117) Balance as at December 31, 2017 348 216 91 80 183 39 76 34 1,067 Amortization and impairment losses Balance as at January 1, 2017 21 57 19 34 88 9 57 50 335 Amortization for the year - 6 3 5 12 1 3 5 35 Impairment - - 1 - - 14 - - 15 Translation differences 1 - 1 3 5 1 2 1 14 Reclassification to assets held for sale - - - (7) (11) - (1) (35) (54) - Balance as at December 31, 2017 22 63 24 35 94 25 61 21 345 Amortized Balance as at December 31 ,2017 326 153 67 45 89 14 15 13 722 Note 12 - Intangible Assets (cont'd) B. Total book value of intangible assets having defined useful lives and those having indefinite useful lives are as follows: As at December 31 2018 2017 $ millions $ millions Intangible assets having a defined useful life 332 365 Intangible assets having an indefinite useful life 339 357 671 722 |
Impairment Testing
Impairment Testing | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 13 - Impairment Testing | Note 13 - Impairment Testing Impairment testing for intangible assets with an indefinite useful life Goodwill - The goodwill is not monitored for internal reporting purposes and, accordingly, it is allocated to the Company’s operating segments and not to the cash-generating units, the level of which is lower than the operating segment. The examination of impairment in the carrying amount of the goodwill is made accordingly. Trademarks - For impairment testing purpose, the trademarks with indefinite useful life were allocated to the cash-generating units, which represent the lowest level within the Company. The carrying amounts of intangible assets with an indefinite useful life are as follows: As at December 31 2018 2017 $ millions $ millions Goodwill Phosphate Solutions 127 140 Industrial Products 92 93 Innovative Ag. Solutions 71 73 Potash 19 20 309 326 Trademarks Industrial Products, United States 13 13 Phosphate Solutions, United States 12 12 Industrial Products, Europe 5 6 30 31 339 357 Note 13 - Impairment Testing (cont’d) Impairment testing for intangible assets with an indefinite useful life (cont’d) As a result of a structural change, which entered into effect on August 31, 2018, (see Note 5) the Company is operating through four business segments and consequently, goodwill has been reallocated to the new segments. The comparative Goodwill amounts have been restated to reflect this change. In preparation of the goodwill impairment testing, the after ‑ tax discount rate used for the calculation of the recoverable amount of the operating segments is 9.5% nominal. The long ‑ term growth rate is between 0% and 2%, in industries and markets in which the Company is engaged. The recoverable amount of the operating segments was determined based on their value in use, which is an internal valuation of the discounted future cash flows that will be generated from the continuing operation of the operating segments. The examinations determined that the carrying amount of the operating segments is lower than their recoverable amount and, accordingly, no impairment loss was recognized. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 14 - Derivative Instruments | Note 14 - Derivative Instruments As at December 31, 2018 As at December 31, 2017 Assets Liabilities Assets Liabilities $ millions $ millions Included in current assets and liabilities: Foreign currency and interest derivative instruments 13 (16) 1 (3) Derivative instruments on energy and marine transport - (5) 4 - 13 (21) 5 (3) Included in non-current assets and liabilities: Foreign currency and interest derivative instruments 15 - 64 (3) |
Credit from Banks and Others
Credit from Banks and Others | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 15 - Credit from Banks and Others | Note 15 - Credit from Banks and Others Composition As at December 31 2018 2017 $ millions $ millions Short-term credit From financial institutions 544 635 From the parent company - 175 544 810 Current maturities Long-term loans from financial institutions 32 12 Long-term loans from others 34 - Total Short-Term Credit 610 822 Long- term debt and debentures Loans from financial institutions 377 786 Other loans 35 98 412 884 Less – current maturities 66 12 346 872 Marketable debentures 1,195 1,241 Non-marketable debentures 274 275 Total Long- term debt and debentures 1,815 2,388 For additional information, see Note 23. B. Yearly movement in Credit from Banks and Others* As at December 31 2018 2017 $ millions $ millions Balance as at January 1 3,227 3,399 Changes from financing cash flows Receipt of long-term debt 1,746 966 Repayment of long-term debt (2,115) (1,387) Repayment of short-term credit, net of receipt (283) 147 Interest paid (103) (111) Total net financing cash flows (755) (385) Effect of changes in foreign exchange rates (63) 101 Other changes 33 112 Balance as at December 31 2,442 3,227 (*) Short term credit, loans and debentures, including interest payables. Note 15 - Credit from Banks and Others (cont’d) C. Maturity periods Following are the future maturity periods of the credit and the loans from banks and others, including debentures (net of current maturities): As at December 31 2018 2017 $ millions $ millions Second year 17 261 Third year 273 18 Fourth year 113 213 Fifth year 308 644 Sixth year and thereafter 1,104 1,252 1,815 2,388 For additional information, see Note 15F below. D. Restrictions on the Group relating to the receipt of credit As part of the loan agreements the Group has signed, various restrictions apply including financial covenants, a cross ‑ default mechanism and a negative pledge. Set forth below is information regarding the financial covenants applicable to the Company as part of the loan agreements and the compliance therewith: Financial Covenants (1) Financial Ratio Required under the Agreement Financial Ratio December 31, 2018 Total shareholder's equity Equity greater than 2,000 3,781 million dollars million dollars The Ratio of the EBITDA to the net interest expenses Equal to or greater than 3.5 11.17 Ratio of the net financial debt to EBITDA (2) Less than 4.0 1.62 Ratio of certain subsidiaries loans to the total assets of the consolidated company Less than 10% 1.87% (1) Examination of compliance with the above ‑ mentioned financial covenants is made as required based on the Company's consolidated financial statements. As at December 31, 2018, the Company complies with its financial covenants. (2) According to the Company’s covenants, the required ratio of the net financial debt to EBITDA as of January 1, 2019 will be reduced to 3.5. Note 15 - Credit from Banks and Others (cont'd) E. Sale of receivables under securitization transaction In 2015, the Company and certain Group subsidiaries (hereinafter – the Subsidiaries) signed a series of agreements regarding a securitization transaction with three international banks (hereinafter – the Lending Banks) for the sale of their trade receivables to a foreign company which was established specifically for this purpose and which is not owned by the ICL Group (hereinafter – the Acquiring Company). Those agreements replace the prior securitization agreements which came to an end in July 2015. The main structure of the new securitization agreement is the same as the prior securitization agreement. The Company's policy is to utilize the securitization limit based on its cash flow needs, alternative financing sources and market conditions. The new securitization agreement will expire in July 2020. Under the agreements, ICL undertook to comply with a financial covenant whereby the ratio of net debt to EBITDA will not exceed 4.75. If ICL does not meet with this ratio, the Acquiring Company can discontinue acquiring new trade receivables (without affecting the existing acquisitions). As at the date of the report, ICL meet the above financial covenant. The Acquiring Company finances acquisition of the debts by means of a loan received from a financial institution, which is not related to ICL. As at December 31, 2018, the amount of the securitization framework is $350 million. The period in which the Subsidiaries are entitled to sell their trade receivables to the Acquiring Company is five years from the closing date of the transaction, where both parties have the option at the end of each year to give notice of cancellation of the transaction. Once the Company transferred its trade receivables, it no longer has the right to sell them to another party. The selling price of the trade receivables is the amount of the debt sold, less the calculated interest cost based on the anticipated period between the sale date of the customer debt and its repayment date. Upon acquisition of the debt, the Acquiring Company pays most of the debt price in cash and the remainder in a subordinated note, which is paid after collection of the debt sold. The rate of the cash consideration varies according to the composition and behavior of the customer portfolio. The Subsidiaries handle collection of the trade receivables included in the securitization transaction, on behalf of the Acquiring Company. In the case of a credit default, the Company bears approximately 30% of the overall secured trade receivable balance. In addition, as part of the agreements several conditions were set in connection with the quality of the customer portfolios, which give the Lending Banks the option to end the undertaking or determine that some of the Subsidiaries, the customer portfolios of which do not meet the conditions provided, will no longer be included in the securitization agreements. Note 15 - Credit from Banks and Others (cont'd) E. Sale of receivables under securitization transaction (cont’d) Based on the above terms, the securitization of trade receivables does not meet the conditions for derecognition of financial assets prescribed in International Standard IFRS 9, regarding Financial Instruments – Recognition and Measurement, since the Group did not transfer all the risks and rewards deriving from the trade receivables. Therefore, the receipts received from the Acquiring Company are presented as a financial liability as part of the short-term credit. As of December 31, 2018, utilization of the securitization facility and trade receivables within this framework amounted to $ 332 million (December 31, 2017 - $331 million). The value of the transferred assets (which is approximately their fair value), fair value of the associated liabilities and net position are as follows: Year ended December 31, 2018 2017 2016 $ millions $ millions $ millions Carrying amount of the transferred assets 332 331 331 Fair value of the associated liabilities 332 331 331 Net position * - - - * Less than $1 million. Note 15 - Credit from Banks and Others (cont'd) F. Information on material loans and debentures Instrument type Loan date Original principal (millions) Currency Carrying amount ($ millions) Interest rate Principal repayment date Additional information Loan-Israeli institutions November 2013 300 Israeli Shekel 67 4.74% (1) 2015-2024 (annual installment) Partially prepaid Debentures (private offering) – 3 series January 2014 84 145 46 U.S Dollar 84 144 46 4.55% 5.16% 5.31% January 2021 January 2024 January 2026 Loan-international institutions July 2014 27 Euro 25 2.33% 2019-2024 Partially prepaid Debentures - Series D December 2014 800 U.S Dollar 182 4.50% December 2024 (2) Loan - European Bank December 2014 161 Brazilian Real 19 CDI+1.35% 2015-2021 (Semiannual installment) Debentures - Series E April 2016 1,569 Israeli Shekel 416 2.45% 2021- 2024 (annual installment) Loan - others April - October, 2016 600 Chinese Yuan Renminbi 29 5.23% 2019 (3) Loan - Asian Banks June - October, 2018 600 Chinese Yuan Renminbi 87 4.79% - 5.44% 2019 Loan - Asian Bank April 2018 400 Chinese Yuan Renminbi 58 CNH Hibor + 0.50% 2019 Debentures - Series F May 2018 600 U.S Dollar 596 6.38% May 2038 (4) Loan - European Bank December 2018 70 U.S Dollar 70 Libor + 0.66% December 2021 Note 15 - Credit from Banks and Others (cont'd) F. Information on material loans and debentures: (cont’d) Additional Information: From April 2018, in accordance with the loan agreement, there has been a decrease in the interest rate, from 4.94% to 4.74%. Debentures Series D Private issuance of debentures pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended, to institutional investors in the U.S., Europe, and Israel. The notes are registered for trade in the TACT Institutional; by the Tel-Aviv Stock Exchange Ltd. The notes have been rated BBB (stable). In March 2017, the rating company “Fitch Rating Ltd.” lowered the Company’s credit rating, together with the rating of the debentures, from BBB to BBB- with a stable rating outlook. In November 2017, the rating company “Standard & Poor’s” reaffirmed the Company’s credit rating, together with the rating of the debentures, at BBB-, with a stable rating outlook. On May 29, 2018, the Company completed a cash tender offer for its Series D debentures. Following the tender offer, the Company repurchased an amount of $616 million out of the original principal amount of $800 million. On May 10, 2018 and on June 21, 2018, respectively, the credit rating agency S&P ratified the Company’s international credit rating, BBB- with a stable rating outlook, and credit rating agency Maalot ratified the Company’s credit rating, ‘ilAA’ with a stable rating outlook . Loans from others In July 2018, ICL and YTH agreed to convert their owner’s loans in the YPH joint venture (each company holds 50%) in the amount of $146 million into equity by issuing shares. As a result, the consolidated debt was reduced by $73 million against “non ‑ controlling interest” equity balance. Debentures-Series F On May 31, 2018, the Company completed a private offering of senior unsecured notes to institutional investors pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933 . According to the terms of the Series F Debentures, the Company is required to comply with certain covenants, including restrictions on sale and lease-back transactions, limitations on liens, and standard restrictions on merger and/or transfer of assets. The Company is also required to offer to repurchase the Series F Debentures upon the occurrence of a "change of control" event, as defined in the indenture for the Series F Debentures. In addition, the terms of the Series F Debentures include customary events of default, including a cross ‑ acceleration to other material indebtedness. The Company is entitled to optionally repay the outstanding Series F Debentures at any time prior to the final repayment date, under certain terms, subject to payment of an agreed early repayment premium. The Series F Debentures have been rated BBB- by S&P Global Inc. and Fitch Rating Inc. with a stable rating outlook . Note 15 - Credit from Banks and Others (cont'd) G. Credit facilities: Issuer European bank (1) Group of twelve international banks (2) European bank (3) Date of the credit facility March 2014 March 2015 December 2016 Date of credit facility termination March 2019 March 2023 May 2025 The amount of the credit facility USD 35 million Euro 100 million USD 1,200 million USD 100 million Credit facility has been utilized Euro 40 million USD 200 million USD 70 million Interest rate Up to 33% use of the credit: Libor/Euribor + 0.90%. From 33% to 66% use of the credit: Libor/Euribor + 1.15% 66% or more use of the credit: Libor/Euribor + 1.40% Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% Libor + 0.45% + spread Loan currency type USD and Euro loans USD and Euro loans USD loans Pledges and restrictions Financial covenants - see Section D, a cross-default mechanism and a negative pledge. Financial covenants - see Section D, a cross-default mechanism and a negative pledge. Financial covenants - see Section D and a negative pledge. Non-utilization fee 0.32% 0.21% 0.30% After the date of the report, the Company elected not to realize the option of revolving credit facility extension, and to repay the utilized credit facility on the date of its termination. In October 2018, the Company entered into an agreement according to which, its commitment under certain revolving credit facility agreements will be reduced by a total aggregate amount of $655 million, to an amount of $1.2 billio n. I n June 2018, the maturity date of the credit facility was extended to 2025. In November 2018, the credit facility was reduced from $136 million to $100 million. As at the date of the report, the Company utilized $70 million of that credit facility. Note 15 - Credit from Banks and Others (cont'd) H. Pledges and Restrictions Placed in Respect of Liabilities 1) The Group has undertaken various obligations in respect of loans and credit received from non ‑ Israeli banks, including a negative pledge whereby the Group, committed, among other things, in favor of the lenders, to limit guarantees and indemnities to third parties (other than the guarantees in respect to subsidiaries) up to an agreed amount for $550 million. The Group has also undertaken to grant loans only to subsidiaries and to associated companies in which it holds at least 25% of the voting rights – not more than stipulated by the agreement with the banks. ICL has further committed not to grant any credit, other than in the ordinary course of business, and not to register any charges, including rights of lien, except those defined in the agreement as “liens permitted to be registered” on its existing and future assets and income. For further information regarding to the covenants in respect of these loans, see item D above. 2) In the third quarter of 2018, YPH JV entered into loan agreements in the total amount of RMB 500 million ($74 million) with the Bank of China. Since the partner (YTH) provided the bank with a full guarantee against the said loan, the Company pledged a portion of its shares in YPH JV (22%), which represents its part of the debt to YTH (RMB 250 million). The pledge agreement does not include restrictions on, among others, management of YPH JV's operations. The realization of the pledge will take place only if the guarantee is forfeited. For further information relating to loan for Bank of China, see item F above. 3) As at December 31, 2018 the total guarantees the Company provided were about $79 million. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 16 - Other Current Liabilities | Note 16 – Other Current Liabilities As at December 31 2018 2017 $ millions $ millions Employees 284 269 Accrued expenses 85 83 Governmental (mainly in respect of royalties) (1) 61 67 Current tax liabilities 112 88 Others 105 88 647 595 See Note 20. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 17 - Taxes on Income | Note 17 - Taxes on Income A. Taxation 1 Presented hereunder are the tax rates relevant to the Company in the years 2016–2018 and after: 2016 – 25% 2017 – 24% 2018 and after 23% On December 22, 2016 the Israeli Knesset plenary passed the Economic Efficiency Law (Legislative Amendments for Achieving the Budget Targets for 2017 and 2018), 2016, which provides, among other things, for a reduction of the Companies Tax rate from 25% to 23% in two steps – the first step to the rate of 24% commencing from 2017 and the second step to the rate of 23% commencing from 2018 and thereafter, along with reduction of the tax rate applicable to “Preferred Enterprises” (see A.2.b below) regarding factories in the peripheral suburban areas, from 9% to 7.5%, as part of amendment of the Law for Encouragement of Capital Investments. The current taxes for the periods reported are calculated in accordance with the tax rates shown above. 2. Tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (hereinafter – the Encouragement Law) a) Beneficiary Enterprises The production facilities of some of the Company’s subsidiaries in Israel (hereinafter – the Subsidiaries) have received “Beneficiary Enterprise” status under the Encouragement law, as worded after Amendment No. 60 to the Law published in April 2005. The benefit granted to the company is mainly reduced tax rates. The Company chose 2005 as the election year of a "tax exemption" track. The benefits deriving from this track ended in 2014. Within those years the Company benefited from reduced tax rates as well as in some cases full tax exemption. A company having a “Beneficiary Enterprise” that distributes a dividend out of exempt income, will be subject to companies tax in the year in which the dividend was distributed on the amount distributed (including the amount of the companies tax applicable due to the distribution) at the tax rate applicable under the Encouragement Law in the year in which the income was produced, had it not been exempt from tax. As at December 31, 2018, the temporary difference related to distribution of a dividend from exempt income, in respect of which deferred taxes were not recognized, is in the amount of about $650 million of distributable amount and about $162 million of derived taxes. Note 17 - Taxes on Income (cont’d) A. Taxation 2. Tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (cont’d) a) Beneficiary Enterprises (cont'd) Under the “Ireland” track, the company paid reduced tax rate of 11.5% as of 2008 on parts of its income. The benefit deriving from the "Ireland" track ended in 2017. The part of the taxable income entitled to benefits at reduced tax rates is calculated based on the ratio of the turnover of the “Beneficiary Enterprise” to the Company’s total turnover. The turnover attributed to the “Beneficiary Enterprise” is generally calculated according to the increase in the turnover compared to a “base” turnover, which is the average turnover in the three years prior to the year of election of the “Beneficiary Enterprise”. b) Preferred Enterprises On December 29, 2010, the Israeli Knesset approved the Economic Policy Law for 2011 ‑ 2012, whereby the Encouragement law, was amended (hereinafter – the Amendment). The Amendment is effective from January 1, 2011 and its provisions will apply to preferred income derived or accrued by a Preferred Enterprise, as defined in the Amendment, in 2011 and thereafter. The Amendment does not apply to an Industrial Enterprise that is a mine, other facility for production of minerals or a facility for exploration of fuel. Therefore, ICL plants that are defined as mining plants and mineral producers will not be able to take advantage of the tax rates included as part of the Amendment. In addition, on August 5, 2013, the Law for Change in the Order of National Priorities, 2013, was passed by the Knesset, which provides that the tax rate applicable to a Preferred Enterprise in Development Area A will be 9% whereas the tax applicable to companies in the rest of Israel will be 16%. Pursuant to the amendment to the Encouragement law that was approved as part of the Economic Efficiency Law (Legislative Amendments for Achieving the Budget Targets for 2017 and 2018), 2016, the tax rate applicable to enterprises in the suburban areas was reduced from 9% to 7.5%. The Company has Preferred Enterprises at the tax rate of 7.5%. Note 17 - Taxes on Income (cont’d) A. Taxation 2. Tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (cont’d) b) Preferred Enterprises (cont’d) On November 30, 2015, the Economic Efficiency Law was passed by the Knesset, which expanded the exception to all of the Enterprise’s activities up to the time of the first marketable product (for additional details – see Section 4 below). Nonetheless, tax benefits to which a Beneficiary Plant is entitled will not be cancelled in respect of investments up to December 31, 2012. Therefore, those plants will be able to utilize the tax benefits in respect of qualifying investments made up to December 31, 2012, in accordance with the provisions of the old law. It is further provided in the Amendment that tax will not apply to a dividend distributed out of preferred income to a shareholder that is an Israeli ‑ resident company. A dividend distributed out of preferred income to a shareholder that is an individual or a foreign resident is subject to tax at the rate of 20%, unless a lower tax rate applies under a relevant treaty for prevention of double taxation. 3. The Law for the Encouragement of Industry (Taxation), 1969 a) Some of the Company’s Israeli subsidiaries are “Industrial Enterprise”, as defined in the above ‑ mentioned law. In respect of buildings, machinery and equipment owned and used by any "Industrial Enterprise", the Company is entitled to claim accelerated depreciation as provided by the Income Tax Regulations – Adjustments for Inflation (Depreciation Rates), 1986 which allow accelerated depreciation to any "Industrial Enterprise" as of the tax year in which each asset is first placed in service. b) The Industrial Enterprises owned by some of the Company's Israeli subsidiaries have a common line of production and, therefore, they file, together with the Company, a consolidated tax return in accordance with Section 23 of the Law for the Encouragement of Industry. Accordingly, each of the said companies is entitled to offset its tax losses against the taxable income of the other companies. 4. The Law for Taxation of Profits from Natural Resources The Law for Taxation of Profits from Natural Resources (hereinafter – the Law), is effective since January 1, 2016. The government take on natural resources in Israel includes three elements: Royalties, Natural Resources Tax and Companies Income Tax. The highlights of the Law are set forth below: Royalties: In accordance with the Mines Ordinance, the rate of the royalties, in connection with resources produced from the quarries, will be 5%. For production of phosphates, the royalty rate is 5% of the value of the quantity produced. Pursuant to the salt harvesting agreement signed with the Government in July 2012, the parties agreed, inter ‑ alia, to an increase in the rate of the royalties from 5% to 10% of the sales, for quantities of chloride potash DSW sells in excess of 1.5 million tonnes annually. Note 17 - Taxes on Income (cont'd) A. Taxation 4. The Law for Taxation of Profits from Natural Resources (cont’d) In addition, the salt harvesting agreement states that if legislation is enacted that changes the specific fiscal policy in connection with profits or royalties deriving from the mining of quarries from the Dead Sea, the Company's consent to the increase of the royalties' rate on the surplus quantities referred to above will not apply, after the enactment of the legislation, to the period in which such additional tax is collected as stated in the said legislation. In January 2016, the Law entered into effect and accordingly the rate of the royalties' provision was updated to 5%. For additional information - see Note 20C. Imposition of Natural Resources Tax: The Natural Resources Tax is applied for all minerals from 2016 and for Potash from 2017. The tax base, which will be calculated for every mineral separately, is the mineral’s operating income in accordance with the accounting statement of income, to which certain adjustments will be made, less financing expenses at the rate of 5% of the mineral’s average working capital, and less an amount that reflects a yield of 14% on the property, plant and equipment used for production and sale of the quarried material (hereinafter – the Yield on the Property, Plant and Equipment). On the tax base, as stated, a progressive tax will be imposed at a rate to be determined based on the Yield on the Property, Plant and Equipment in that year. For the Yield on the Property, Plant and Equipment between 14% and 20%, Natural Resources Tax will be imposed at the rate of 25%, while the yield in excess of 20% will be subject to Natural Resources Tax at the rate of 42%. In years in which the Natural Resources Tax base is negative, the negative amount will be carried forward from year to year and will constitute a tax shield in the succeeding tax year. The above computations, including the right to use prior years’ losses, are made separately, without taking into account setoffs, for each natural resource production and sale activity. Limitations on the Natural Resources Tax – the Natural Resources Tax will only apply to profits deriving from the actual production and sale of each of the following resources: potash, bromine, magnesium and phosphates, and not to the profits deriving from the downstream industrial activities. Calculation of the Natural Resources Tax will be made separately for every mineral. Nonetheless, regarding Magnesium, it was provided that commencing from 2017, upon sale of carnalite by DSW to Magnesium and reacquisition of a Sylv i nite by ‑ product by DSW, Magnesium will charge DSW $100 per tonne of potash which is produced from the Sylvinite (linked to the CPI). A mechanism was provided for determination of the market price with respect to transactions in natural resources executed between related parties in Israel, as well as a mechanism for calculation of the manner for allocation of the expenses between the production and sale of the natural resource, on the one hand, and the downstream activities, on the other hand. Regarding the bromine resource, the Natural Resources Tax will apply in the same manner in which it applies to the other natural resources, except with respect to the manner of determining the transfer price in sales made to related parties in and outside of Israel. Note 17 - Taxes on Income (cont'd) A. Taxation 4. The Law for Taxation of Profits from Natural Resources (cont’d) For purposes of calculating the total revenues from bromine sold to related parties for purposes of downstream manufacturing activities in every tax year, a calculation method will be employed (Netback) whereby the price will be determined based on the higher of the following: 1) The price for a unit of bromine (tonne) provided in the transaction; 2) The normative price of a unit of bromine. The normative price of a unit of bromine is the total sales of the downstream products produced less the operating expenses attributable to the downstream activities, without the acquisition cost of the bromine, and less an amount equal to 12% of the total revenues of the downstream products produced as part of the downstream activities, where the result is divided by the number of bromine units used to produce the downstream products sold. Regarding the phosphate resource, for purposes of calculating the total revenues from phosphate sold to related parties for purposes of downstream manufacturing activities in every tax year, a calculation method will be employed (Netback) whereby the price will be determined based on the higher of the following: 1) The price for a unit of phosphate (tonne) provided in the transaction; 2) The normative price of a unit of phosphate. The “normative price” of a unit of phosphate is the total sales of the downstream products produced less the operating expenses attributable to the downstream activities, without the acquisition cost of the phosphate rock, and less an amount equal to 12% of the total revenues of the downstream products produced as part of the downstream activities, where the result is divided by the number of phosphate units used to produce the downstream products sold. 3) The production and operating costs attributable to a unit of phosphate. The Company took a tax filing position, according to which, all the Dead Sea minerals should be taxed as a unified mineral under the above-mentioned mechanism. Companies Tax: The Law for Encouragement of Capital Investments was revised such that the definition of a “Plant for Production of Quarries” will include all the plant’s activities up to production of the first marketable natural resource, of potash, bromine, magnesium and phosphates. Accordingly, activities involved with production of the resource will not be entitled to tax benefits under the Law, whereas activities relating to downstream products, such as bromine compounds, acids and fertilizers, will not constitute a base for calculating the Excess Profits Tax and will not be exempted from inclusion in the Law. The Natural Resource Tax will be deductible from the Company's taxable income and the Company will pay the Companies Tax on the balance as is customary in Israel. Note 17 - Taxes on Income (cont'd) B. Taxation of non-Israeli subsidiaries Subsidiaries incorporated outside of Israel are assessed for tax under the tax laws in their countries of residence. The principal tax rates applicable to the major subsidiaries outside Israel are as follows: Country Tax rate Note Brazil 34% Germany 29% United States 26% (1) Netherlands 25% (3) Spain 25% China 25% United Kingdom 19% (2) The tax rate above includes federal and states tax. In December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (hereinafter - the Tax Act). The Tax Act significantly revises the future ongoing U.S. federal corporate income tax by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. The lower corporate income tax rates are effective as of January 1, 2018. The Company examined the effects of the Tax Act's implementation and found that the main impact is the re ‑ measurement of the deferred tax assets and liabilities to incorporate the lower Federal corporate tax rate of 21% and as a result, in the financial statements of 2017, the Company reduced the balances of the assets and liabilities for deferred taxes, in the net amount of $13 million . The Tax Act is comprehensive and complex and may lead to future interpretations regarding the manner of its implementation, which may impact the Company’s estimations and conclusions. The Company believes the tax expenses and liabilities in its financial statements are in accordance with the Tax Act and represent its best estimate . The tax rate in the UK was reduced to 19% effective from April 1, 2017 and 17% commencing from April 1, 2020. The tax rates in the Netherlands will be reduced, in stages, by the total of 4% by 2021, as follows: 1% in 2019, 1.5% in 2020 and 1.5% in 2021. In 2021, The tax rate will be 21%. Note 17 - Taxes on Income (cont'd) C. Carried forward tax losses As at December 31, 2018, the balances of the carryforward tax losses of subsidiaries for which deferred taxes were recorded, is about $477 million (December 31, 2017 – about $308 million). As at December 31, 2018, the balances of the carryforward tax losses to future years of subsidiaries for which deferred taxes were not recorded, is about $322 million (December 31, 2017 – about $322 million). As at December 31, 2018, the capital losses for tax purposes available for carryforward to future years for which deferred taxes were not recorded is about $134 million (December 31, 2017 – about $159 million). As at December 31, 2018, the capital losses for tax purposes available for carryforward to future years for which deferred taxes were recorded is to about $15 million (December 31, 2017 – about $16 million). D. Tax 1) The Company and the main operational companies in Israel (DSW, Rotem, Bromine, DSM, BCL and F&C), along with most of the other companies in Israel, have received final tax assessments up to and including 2011. The main subsidiaries outside of Israel have final tax assessments up to and including 2011 and 2012. 2) Israel - In December 2018, the Israeli Tax Authorities (hereinafter - the ITA) rejected the company's objection relating to an assessment issued to the Company and to certain Israeli subsidiaries, and demanded an additional tax payment, for the years 2012 ‑ 2014, in the amount of $73 million. The Company disputes the assessment and filed an appeal to the Jerusalem District Court. In the Company’s estimation, it is more likely than not that its claims will be accepted. In addition, regarding tax assessment for the years 2010-2015 for Tetrabrom (one of the downstream production companies in Israel), in October 2018, the company reached an agreement with the ITA, which resulted in immaterial amounts. 3) The company's subsidiary in Belgium recognized a notion deduction on its capital based on its interpretation of the Belgian tax law, which was validated by the Court of Appeals in Belgium. The tax authorities dispute the eligibility of the deduction by appealing to the Supreme Court against the Court of Appeals' resolution and issuing tax assessments in a total amount of $27 million for the years commencing 2010. The Company believes, it is more likely than not that its tax position will also be accepted by the Supreme Court. 4) Currently, the Company is also under tax audits in Spain and Germany for the years 2012 ‑ 2015. As at the date of the report, there are no additional tax payment requests from the tax authorities, excluding immaterial amounts in Germany. The Company believes that the provisions in its books are sufficient. Note 17 - Taxes on Income (cont'd) E. Uncertain Tax Position The measurement of the estimated Tax provisions as at December 31, 2018, requires judgment relating to certain tax positions, which may result in future demand for additional tax payments by the Tax authorities. A provision will be recorded only when the Company estimates that the chances of its positions to be accepted are lower than the chances they will be rejected. It is possible that the tax authorities will demand additional tax payments that are not known to the Company at this stage. The Law for Taxation of Profits from Natural Resources in Israel (hereinafter – the Law) is a new law that entered into effect with respect to the bromine, phosphate and magnesium minerals in 2016, and with regard to the potash mineral, in 2017. As at the date of the report, no regulations have yet been issued under the Law (except regarding to advanced tax payments regulations published in July 2018), no circulars have been published and no court decisions have been rendered as to the implementation of this Law. The manner of application of the Law, including preparation of the financial statements for each mineral, involves interpretations and assumptions on a number of significant matters, which require management’s judgment. Based on the law's interpretation, the Company’s position is that the carrying amount of the property, plant and equipment for the purpose of preparation of the Subsidiaries’ financial statements for 2016 and onward, which serve as a basis for the reports filed pursuant to the provisions of the Law, can be presented on the basis of fair value revaluation, on the date the Law enters into effect. Presenting property, plant and equipment based on fair value revaluation is in accordance with one of the permitted methods in International Financial Reporting Standards (IFRS), which apply to the Company and its Subsidiaries and are accepted accounting principles in Israel. There is no resulting change in the Company's consolidated financial statements. The tax authority's position could be materially different, even in very significant amounts, as a result of different interpretation regarding the implementation of the Law, including regarding matters other than the measurement of the property, plant and equipment. If the above-mentioned tax position is rejected by the Israel tax authority, meaning measurement of the property, plant and equipment, for this purpose, should have been in accordance with historical values, the result would be an increase in the company's tax liabilities in an aggregate amount of about $100 million for the years 2016-2018. The Company estimates that it is more likely than not that its position will be accepted. As at the date of the report, the Company believes that the tax provision in its financial statements represents the best estimate of the tax payment expected to be incurred with reference to the Law. Given the mineral's price environment, its effect on the profitability of the subsidiaries and after deduction of a 14% return on the balance of property, plant and equipment, as stated in the law, as at December 31, 2018, no natural resources tax liability was payable. The total royalties paid by the company to the Israeli government in 2018 amounted to $133 million (see Note 20). Note 17 - Taxes on Income (cont'd) F. Deferred income taxes 1. The composition of the deferred taxes and the changes therein, are as follows: In respect of financial position In respect of carry forward tax losses Total Depreciable property, plant and equipment and intangible assets Inventories Provisions for employee benefits Other $ millions Balance as at January 1, 2017 (374) 45 75 2 99 (153) Changes in 2017: Amounts recorded in the statement of income 74 (17) 1 11 (36) 33 Change in tax rate 13 - - - - 13 Amounts recorded to a capital reserve - - 3 5 - 8 Translation differences (6) - 5 - 1 - Transfer to the group assets held for sale 2 - - 1 - 3 Balance as at December 31, 2017 (291) 28 84 19 64 (96) Changes in 2018: Amounts recorded in the statement of income (123) (2) (6) - 55 (76) Amounts recorded to a capital reserve - - (3) 2 - (1) Translation differences 2 - (1) (1) (2) (2) Balance as at December 31, 2018 (412) 26 74 20 117 (175) Note 17 - Taxes on Income (cont'd) F. Deferred income taxes (cont'd) 2. The currencies in which the deferred taxes are denominated: As at December 31 2018 2017 $ millions $ millions Euro 22 33 British Pound 21 22 U.S Dollar (7) 10 Israeli Shekels (204) (166) Other (7) 5 (175) (96) G. Taxes on income included in the income statements 1. Composition of income tax expenses (income ( For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Current taxes 53 208 68 Deferred taxes 76 (23) (45) Taxes in respect of prior years - (27) 32 129 158 55 Note 17 - Taxes on Income (cont'd) G. Taxes on income included in the income statements (cont'd) 2. Theoretical tax Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular tax rates in Israel (see A(2) above) and the tax expense presented in the statements of income: For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Income (loss) before income taxes, as reported in the statements of income 1,364 505 (117) Statutory tax rate (in Israel) 23% 24% 25% Theoretical tax expense (income) 314 121 (29) Add (less) – the tax effect of: Tax benefits deriving from the Law for Encouragement of Capital Investments net of natural Resources Tax (20) (4) (3) Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries (1) (186) 23 (38) Income taxes from intercompany dividend distribution - 18 - Deductible temporary differences for which deferred taxes assets were not recorded and non–deductible expenses 24 15 135 Taxes in respect of prior years - (27) 32 Impact of change in tax rates - (13) (32) Differences in measurement basis (mainly ILS vs USD) (11) 18 1 Other differences 8 7 (11) Taxes on income included in the income statements 129 158 55 Mainly related to the exempt income resulting from the sale of the fire safety and oil additives business in March 2018. For additional information see Note 10. H. Taxes on income relating to items recorded in equity For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Tax recorded in other comprehensive income Actuarial gains from defined benefit plan (3) 3 8 Change in investments at fair value through other comprehensive income - 5 (5) Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment 2 (5) (1) Total (1) 3 2 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 18 - Employee Benefits | Note 18 - Employee Benefits A. Composition Composition of employee benefits: As at December 31 2018 2017 $ millions $ millions Fair value of plan assets 518 631 Termination benefits (111) (142) Defined benefit obligation (860) (1,068) (453) (579) Composition of fair value of the plan assets: As at December 31 2018 2017 $ millions $ millions Equity instruments With quoted market price 200 197 Debt instruments With quoted market price 164 179 Without quoted market price 119 145 283 324 Deposits with insurance companies 35 110 518 631 Note 18 - Employee Benefits (cont'd) B. Severance pay 1. Israeli companies Pursuant to Israeli labor laws and the labor contracts in force, the Company and its Israeli subsidiaries are required to pay severance pay to dismissed employees and employees leaving their employment in certain other circumstances. Severance pay is computed based on length of service and generally according to the latest monthly salary and one month’s salary for each year worked. The liabilities relating to employee severance pay rights are covered as follows: a) Under collective labor agreements, the Group companies in Israel make current deposits in outside pension plans for some of the employees. These plans generally provide full severance pay coverage. The severance pay liabilities covered by these plans are not reflected in the financial statements, since all the risks relating to the payment of the severance pay, as described above, have been transferred to the pension funds. b) The Group companies in Israel make current deposits in insurance policies in respect of employees holding management positions. These policies provide coverage for the severance pay liability in respect of the said personnel. Under employment agreements, subject to certain limitations, these insurance policies are the property of the employees. The amounts funded in respect of these policies are not reflected in the statements of financial position since they are not under the control and management of the Group. c) As to the balance of the liabilities that are not funded, as mention above, a provision is recorded in the financial statements based on an actuarial calculation. 2. Certain subsidiaries outside Israel In countries wherein subsidiaries operate that have no law requiring payment of severance pay, the Group companies have not recorded a provision in the financial statements for possible eventual future severance payments to employees, except in cases where part of the activities of the enterprise is discontinued and, as a result, the employees are dismissed. C. Pension Some of the Group’s employees in and outside of Israel (some of whom have already left the Group) have defined benefit pension plans for their retirement, which are controlled by the Company. Generally, according to the terms of the plans, as stated, the employees are entitled to receive pension payments based on, among other things, their number of years of service (in certain cases up to 70% of their last base salary) or computed, in certain cases, based on a fixed salary. Some employees of a subsidiary in Israel are entitled to early retirement if they meet certain conditions, including age and seniority at the time of retirement. Note 18 - Employee Benefits (cont'd) C. Pension In addition, some Group companies have entered into plans with funds – and with a pension fund for some of the employees – under which such companies make current deposits with that fund which releases them from their liability for making a pension payment under the labor agreements to all of their employees upon reaching a retirement age. The amounts funded are not reflected in the statements of financial position since they are not under the control and management of the Group companies. In May 2018, a collective labor agreement was signed between Dead Sea Works Ltd. (hereinafter - DSW) a) Arrangement of wage increases to the employees to whom the Agreement applies; b) completion of execution of the DSW efficiency plan by September 30, 2021, in accordance with the provisions specified in the Agreement; c) during the efficiency period, mentioned above, no collective dismissals shall be implemented; d) the declared labor disputes are cancelled and throughout the Agreement period appropriate labor relations shall be maintained and no actions shall be taken which may cause a work disruption; e) payment of a signing bonus upon signing of the Agreement. Considering the aforesaid, in the financial statements for 2018, the Company recognized an expense in the amount of $5 million due to the signing bonus, under "salary expenses" in the statement of income . In January 2018, considering the Company's decision to discontinue the production of potash at ICL Boulby and to commence full production of Polysulphate in the second half of 2018, a personnel reduction's plan was approved. As a result, the Company recorded, in its financial statements of 2018, an increase of about $7 million under "provision for employee benefits" . Note 18 - Employee Benefits (cont'd) D. Post-employment retirement benefits Some of the retirees of the Group companies receive, aside from the pension payments from a pension fund, benefits that are primarily holiday gifts and weekends. The companies’ liability for these costs accrues during the employment period. The Group companies include in their financial statements the projected costs in the post-employment period according to an actuarial calculation. E. Movement in net defined benefit assets (liabilities) and in their components: Fair value of plan assets Defined benefit obligation Defined benefit obligation, net 2018 2017 2018 2017 2018 2017 $ millions $ millions $ millions $ millions $ millions $ millions Balance as at January 1 631 552 (1,068) (934) (437) (382) Income (costs) included in profit or loss: Current service costs - - (24) (24) (24) (24) Interest income (costs) 14 17 (26) (29) (12) (12) Past service cost - - 7 - 7 - Effect of movements in exchange rates, net (17) 23 37 (39) 20 (16) Included in other comprehensive income: Actuarial gains (losses) deriving from changes in financial assumptions - - 71 (42) 71 (42) Other actuarial gains (losses) (15) 25 - - (15) 25 Change in respect to translation differences, net (19) 36 21 (65) 2 (29) Other movements: Benefits paid (38) (36) 73 64 35 28 Conversion to defined contribution plans (49) - 49 - - - Transferred to assets held for sale - - - 1 - 1 Employer contribution 11 14 - - 11 14 Balance as at December 31 518 631 (860) (1,068) (342) (437) The actual return (loss) on plan assets in 2018 is $(-1) million compare with $42 million in 2017 and $47 million in 2016. Note 18 - Employee Benefits (cont’d) F. Actuarial assumptions Principal actuarial assumptions as of the reporting date (expressed as weighted averages): For the year ended December 31 2018 2017 2016 % % % Discount rate as at December 31 3.0 2.7 2.9 Future salary increases 3.3 3.2 2.6 Future pension increase 2.2 2.2 2.2 The assumptions regarding the future mortality rate are based on published statistics and accepted mortality tables. G. Sensitivity analysis Assuming all other assumptions remain constant, the following reasonable possible changes effect the defined benefit obligation as of the date of the financial statements in the following manner: December 2018 Decrease 10% Decrease 5% Increase 5% Increase 10% $ millions $ millions $ millions $ millions Significant actuarial assumptions Salary increase 18 9 (9) (18) Discount rate (32) (16) 16 32 Mortality table (17) (9) 9 17 H. Effect of the plans on the Group's future cash flows The expenses recorded in respect of defined contribution plans in 2018 are $35 million (in 2017 and 2016 $37 million and $38 million, respectively). The Company’s estimate of the deposits expected to be made in 2019 in funded defined benefit plans is about $10 million. In the Company’s estimation, as at December 31, 2018, the life of the defined benefit plans, based on a weighted average, is about 13.8 years (2017 – about 16.3 years). |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 19 - Provisions | Note 19 – Provisions Composition and changes in the provision Restoration's site and equipment's dismantling Legal claims Other Total $ millions $ millions $ millions $ millions Balance as at January 1, 2018 194 28 49 271 Provisions recorded during the period (1) 25 2 - 27 Provisions reversed during the period (3) - (6) (9) Payments during the period (6) (11) - (17) Translation differences (5) (1) - (6) Balance as at December 31, 2018 205 18 43 266 For additional information, see Note 20. |
Commitments Concessions and Con
Commitments Concessions and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 20 - Commitments, Concessions and Contingent Liabilities | Note 20 - Commitments, Concessions and Contingent Liabilities A. Commitments Several of the Group’s subsidiaries have entered into agreements with suppliers for the purchase of raw materials and energy in the ordinary course of business, for various periods ending on December 31, 2023. As of December 31, 2018, the total amount of the commitments under the said purchase periods of the agreements is about $2.67 billion. This item takes into consideration part of the agreements described below. Several of the Group’s subsidiaries have entered into agreements with suppliers for the acquisition of property, plant and equipment. As at December 31, 2018, the subsidiaries have capital purchase commitments of about $368 million. This item takes into consideration part of the agreements described below. In October 2017, Dead Sea Works (hereinafter - DSW) signed an agreement, the cost of which for ICL is $280 million, for the execution of the first stage of the Salt Harvesting Project, with a contracting company Holland Shallow Seas Dredging Ltd., which includes, among others, the construction of a special dredger that is designed to execute the salt harvesting. The dredger is expected to enter into service towards the end of 2019. For further information - see item C(2). In 2017 and 2018, DSW signed agreements with several execution and infrastructure companies, in a total amount of $160 million (out of the total project cost of about $250 million), for construction of the new pumping station (hereinafter - the P-9 Pumping Station). The P-9 Pumping Station is expected to commence its operation during the year 2020. For further information – see item C(2). Subsequent to the date of the report, in February 2019, the Company signed agreements for the sale of two office buildings, located in Be'er Sheva, Israel, for a total consideration of NIS 78 million ($21 million). The carrying amount of the two buildings is $7.3 million. Concurrent with the sale agreements, the Company signed lease agreements for the said buildings, for a period of 10 years with an option to terminate after four years. In accordance with IFRS16, since the above ‑ mentioned transactions meet the definition of sale and leaseback, part of the expected profit will be deferred by being deducted from the right ‑ to ‑ use asset. In 2012, the Company started the construction of a new cogeneration power station (EPC) in Sodom, Israel (hereinafter – the Station). The Station has a production capacity of about 330 tonnes of steam per hour and about 230 MW, which supply electricity and steam requirements for the production plants at the Sodom site and for third party customers. In August 2018, the process of certification approval was completed, and the Power Station started operating in full. The Company intends to operate the Station concurrently with the existing power station, which will continue operating on a partial basis in a "hot back ‑ up" format, for production of electricity and steam. The total power produced at both stations can reach up to 245 MW. Note 20 - Commitments, Concessions and Contingent Liabilities (cont'd) A. Commitments (cont'd) (6) (cont'd) Regarding to the construction agreement of the Station, in light of the continued violations by the executing contractor (the Spanish Company - Abengoa), in September 2017, the Company notified of the cancellation of the agreement. Due to financial disputes between the Company and Abengoa, in November 2018, the Company announced the initiation of an arbitration proceeding, in accordance with the provisions of the agreement. In the Company's estimate, the damages caused by Abengoa amounted to about euro 77 million (about $ 84 million). On January 30, 2019, Abengoa submitted its response, denying ICL's claims, and claiming a payment of euro 15 million ($17 million) for the contract's termination, which was, allegedly, done unlawfully and for convenience. As at the date of the report, considering the early stages of the proceedings, there is a difficulty in estimating the chances of the outcome. In February 2018, the Company entered into two supply agreements with Tamar and “Leviathan” reservoir (hereinafter – the Agreements), to secure its gas supply needs until the end of 2025 or until the entry of the “Karish” and “Tanin” reservoirs into service, whichever occurs first. The gas price in the Agreements is in accordance with the gas price formulas stipulated under the government’s gas outline. The Company anticipates that the scope of the annual gas consumption will be about 0.75 BCM. The Company is entitled to terminate the Agreements in order to start the new agreement with Energean Israel Ltd. (hereinafter – “Energean”), which was signed in December 2017. According to the new agreement, Energean will supply up to 13 BCM of natural gas over a period of 15 years, amounting to about $1.9 billion. Energean holds licenses for development of the Karish and Tanin gas reservoirs, which are located in Israel’s territorial waters. Supply of the natural gas is expected to commence, at the earliest, in the first half of 2021, depending on completion of the development and commencement of production of natural gas from the reservoirs, and will be used for running ICL’s factories and power stations in Israel. In November 2018, following the completion of Energean's Financial Closing, all precedent conditions for the closing of the agreement have been met. The Articles of Association of the Company and its Israeli subsidiaries include provisions that permit exemption, indemnification and insurance of the liability of officers, all in accordance with the provisions of the Israeli Companies Law. The Company, with the approval of the Audit Committee, the Board of Directors and the General Meeting of the shareholders, granted its officers an exemption and letters of indemnification, and also has an insurance policy covering directors and officers. The insurance and the indemnity do not apply to those cases specified in Section 263 of the Israeli Companies Law. The exemption relates to damage caused and/or will be caused, by those officers as a result of a breach of the duty of care to the Company. The amount of the indemnification payable by the Company under the letter of indemnification, in addition to amounts received from an insurance company, if any, for all of the officers on a cumulative basis, for one or more of the events detailed therein, is limited to $350 million. The insurance is renewed annually. Note 20 - Commitments, Concessions and Contingent Liabilities (cont'd) B. Concessions Dead Sea Works Ltd. (hereinafter – DSW) Pursuant to the Israeli Dead Sea Concession Law, 1961 (hereinafter – the Concession Law), as amended in 1986, and the concession deed attached as an addendum to the Concession Law, DSW was granted a concession to utilize the resources of the Dead Sea and to lease the land required for its plants in Sodom for a period that is expected to end on March 31, 2030, accompanied by a priority right to receive the concession after its expiration, should the Government wish to offer a new concession to a third party. In 2015, the Minister of Finance appointed a team to determine the “governmental activities to be conducted towards the end of the concession period”. The public’s comments in this matter were submitted to the team. Based on the interim report and its recommendations published in May 2018, and following a public hearing, on January 21, 2019, the Israeli Ministry of Finance released the final report of the inter-ministry team headed by Mr. Yoel Naveh, former Chief Economist, which includes a series of guidelines and recommendations regarding the actions that the government should take towards the end of the concession period. As at the date of the report, since the report includes guiding principles and a recommendation to establish sub-teams to implement such principles, the Company is unable to assess, at this stage, the concrete implications, manner in which the recommendations would be implemented in practice and on which schedules. In addition, there is no certainty as to how the Government would interpret the Concession Law and the manner in which this process and methodology would ultimately be implemented. The Financial Statements were prepared under the assumption that DSW will continue to operate the relevant assets for at least their remaining useful lives. In addition, the Financial Statements were prepared under the assumption that it is more likely than not that ICL will not sell DSW. In addition, in 2015, the Minister of Finance appointed a team headed by the (former) Accountant General to evaluate the manner in which, according to the current concession, the replacement value of DSW’s tangible assets would be calculated assuming that these assets would be returned to the government at the end of the concession period. The determination date of the actual calculation is only in 2030. As far as the Company is aware, this work has not yet been completed. In December 2018, the Company received an opinion from an independent appraiser regarding the fair value of the property, plant and equipment of the subsidiaries Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium in Israel (hereinafter – the Subsidiaries). The Opinion was prepared mainly for the Subsidiaries’ financial statements for 2016 and onward, which serve as a basis for the reports filed pursuant to the provisions of the Taxation of Natural Resources Law. The Property, Plant and Equipment value provided in the opinion is based on the Replacement Cost methodology and is estimated at about $6 billion, as at December 31, 2015, and at December 31, 2016. Note 20 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) (1) Dead Sea Works Ltd. (hereinafter – DSW) (Cont’d) Though the assets assessed for tax purposes and the assets that may be valuated under the Concession Law are highly correlated, there is no complete identity between them. The Company believes that the applied Replacement Cost Methodology used in the opinion for estimating the fair value coincides with the methodology mentioned in the Concession Law for future valuation of the Property, Plant and Equipment upon termination of the concession period. Nevertheless, there could be other interpretations to the manner of implementation of the Concession Law’s provisions with respect to the valuation methodology, hence, the estimated value with respect to the Concession Law could materially differ from the value provided in the said opinion, even with respect to the same assets and dates. It is expected that the value of the Property, Plant and Equipment, at the end of the concession period, will change as time passes and as a result of purchase and disposal of assets included in the future valuation. In consideration of the concession, DSW pays royalties to the Government of Israel, calculated at the rate of 5% of the value of the products at the factory gate, less certain expenses. According to the Salt Harvesting Agreement signed in July 2012 (hereinafter – the SLA), in case the annual quantity of chloride potash sold is in excess of 1.5 million tonnes, the royalties rate would be 10%. In addition, the SLA states that if legislation is enacted that changes the specific fiscal policy in connection with profits or royalties deriving from the mining of quarries from the Dead Sea, the Company’s consent to the increase of the royalties' rate on the surplus quantities referred to above will not apply, after the enactment of the legislation, to the period in which such additional tax is collected as stated in the said legislation. In January 2016, the Law for Taxation of Profits from Natural Resources, including implementation of the Sheshinski Committee’s recommendations, which address royalties and taxation of excess profits from Dead Sea minerals (hereinafter – the Law), entered into effect. Accordingly, the rate of the royalties' provision was updated to 5%. The Company's position, pursuant to the SLA and its arguments in the royalties' arbitration, is that increasing royalties at a rate exceeding 5% requires the Company's consent, which expired with the enactment of the Law. The State holds a different position regarding the royalties' rate in 2016. Nevertheless, in the Company's estimation, in the event this matter would be challenged in arbitration, it is more likely than not that its claims regarding the royalties' rate increase, following the enactment of the Law in 2016, will be accepted. DSW granted a sub ‑ concession to Dead Sea Bromine Ltd. (hereinafter –the Bromine Company) to produce bromine and its compounds from the Dead Sea, the expiration date of which is concurrent with the DSW's concession. The royalties in respect of the products manufactured by the Bromine Company are received by DSW from the Bromine Company, and DSW then pays them over to the State. Note 20 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) (1) Dead Sea Works Ltd. (hereinafter – DSW) (Cont’d) There is an arrangement relating to payment of royalties by Dead Sea Magnesium (hereinafter – DSM) for the production of metal magnesium by virtue of a specific arrangement with the State provided in the Government’s decision dated September 5, 1993. Pursuant to this arrangement, royalties are paid by DSM on the basis of carnallite used for production of magnesium. The arrangement with DSM provides that during 2006 the State may demand a reconsideration in connection with the amount of the royalties and the method of their calculation for 2007 and thereafter. The State’s demand for reconsideration, as stated, was initially received at the end of 2010, and the matter is presently in an arbitration proceeding, as described below. In 2007, a letter was received from the former Accountant General of the Israeli Ministry of Finance, claiming an underpayment of royalties amounting to hundreds of millions of shekels. Pursuant to the concession, disputes between the parties, including royalties, are to be decided by an arbitration panel of three arbitrators, comprising of two arbitrators appointed by each party, who in turn jointly appoint a third arbitrator. In 2011, the arbitration proceeding commenced between the State of Israel and DSW, regarding the manner of calculation of the royalties under the concession and the royalties to be paid for magnesium metals and the payments or refunds deriving from these matters, if any. In the statement of claim filed by the State of Israel in the arbitration proceedings, the State of Israel claimed for $265 million in respect of underpayment of royalties for the years 2000 through 2009, with the addition of interest and linkage differences, and a change in the method of calculating the royalty payments from the sale of metal magnesium. In 2014, a partial arbitration decision was received regarding the royalties’ issue, whereby, DSW is also required to pay the State royalties on the sale of downstream products manufactured by companies that are controlled by ICL that have production plants located both in and outside of the Dead Sea area, including outside of Israel. The royalties are to be paid according to the value of the downstream products, which will be set according to the formula described in Section 15(a)(2) of the Concession Deed, based on the selling price of the downstream products to unrelated third parties less the deductions set forth in subsections (I), (II) and (III) of that Section. Regarding metal magnesium, it was decided that the State of Israel and DSW are to conclude their discussions on the subject of the amount of the royalties to be paid by DSW on metal magnesium, and if no agreement is reached the matter is to be returned to arbitration. Note 20 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) (1) Dead Sea Works Ltd. (hereinafter – DSW) (Cont’d) In 2016, as part of the second stage of the arbitration, which addressed the financial calculation principles, the arbitrators issued their decisions regarding the various issues relating to the financial calculations. In addition, the arbitrators issued their resolution on the principles of calculating the interest and linkage differences to be added to the principal amounts paid to the State of Israel, according to which, the calculation of the principal amounts of the royalties paid for the period should be on an NIS basis and accordingly, NIS interest and linkage differences apply as stipulated in the Israeli Interest and Linkage Law. In 2017, the State submitted a calculation, in the amount of about $120 million (before interest and linkage differences) relating to the years 2000 through 2014 reflecting, according to its contention, an additional amount of underpaid royalties. In October 2018, the arbitrators reached a decision resolving part of the remaining unresolved disputes, and on December 12, 2018, in accordance with the arbitrators' instructions, discussions were held between the State and the Company which resulted in a settlement agreement on a series of additional disputes that were left open at that time. On December 31, 2018, the settlement agreement was approved by the arbitrators. On January 14, 2019, the arbitrators' decision regarding the remaining unresolved disputes was rendered adopting the Company's position. Following the arbitrators' decision in October 2018 and the settlement agreement abovementioned, the Company recorded an expense in its 2018 financial statement of $43 million (including interest and linkage), which was paid to the State. On January 10, 2019, the State sent a letter disputing the said payment and argued that there is a gap of about $30 million, between the amount paid and the State's view of the calculations. The disputed calculation is subject to the arbitrators' approval. In the Company's estimation, it is more likely than not that its approach to the calculations will be accepted. The C ompany is conducting discussions with the State in order to resolve all the remaining disputes. Considering the early stage of the discussions there is a difficulty in estimating whether they will mature into an agreement between the parties. The total expense relating to the royalties' dispute, for the eighteen years between 2000 and 2017, recognized in the Company's financial statements commencing 2014, including payment of part of the State's legal expenses, is $208 million ($33 million in 2018) and $70 million in respect of interest and linkage differences ($10 million in 2018). In 2018, 2017 and 2016, DSW paid current royalties to the Government of Israel in the amounts of $66 million, $60 million, and $53 million, respectively. In addition, in 2018, the Company paid an amount of $62 million, in respect of royalties relating to prior periods. Note 20 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) Rotem Amfert Ltd. (hereinafter – “Rotem”) Rotem has been mining phosphates in the Negev in Israel for more than sixty years. The mining is conducted in accordance with the phosphate mining concessions, which are granted from time to time by the Minister of National Infrastructures, Energy and Water under the Mines Ordinance, by the Supervisor of Mines in his Office (hereinafter – the Supervisor), as well as the mining authorizations issued by the Israel Lands Authority (hereinafter – the Authority). The concessions relate to quarries (phosphate rock) whereas the authorizations cover use of land as active mining areas. Mining Concessions Rotem has the following mining concessions: Rotem Field (including the Hatrurim Field) – valid up to the end of 2021. Zafir Field (Oron ‑ Zin) – valid up to the end of 2021. As at the date of this report, the company is working to extend the said concessions with the relevant authorities. Mining Royalties As part of the terms of the concessions in respect of mining of the phosphate, Rotem is required to pay the State of Israel royalties based on a calculation as stipulated in the Israeli Mines Ordinance. In January 2016, a legislative amendment entered into effect covering implementation of the recommendations of the Sheshinski Committee that changed the formula for the calculation of the royalties, by increasing the rates from 2% to 5% of the value of the quarried material and left the Supervisor the possibility of collecting royalties at a higher rate if he decided to grant a mining right in a competitive process wherein one of the selection indices is the royalty rate. In 2018, 2017 and 2016, Rotem paid royalties to the State of Israel in the amounts of $5 million, $4 million, and $5 million, respectively. Planning and Building The mining and quarrying activities require a zoning approval of the site based on a plan in accordance with the Israeli Planning and Building Law, 1965. These plans are updated, as needed, from time to time. As at the date of this report, there are various requests at different stages of deliberations pending before the planning authorities. In November 2016, the District Board for the Southern District approved a detailed site plan for mining phosphate in the Zin ‑ Oron area. This plan, which covers an area of about 350 square kilometers, will permit the continued mining of phosphate located in the Zin valley and in the Oron valley for a period of 25 years or up to exhaustion of the raw material – whichever occurs first, with the possibility for extension (under the authority of the District Planning Board). Note 20 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) (2) Rotem Amfert Ltd. (hereinafter – “Rotem”) (Cont’d) The Company is working to promote the plan for mining phosphates in Barir field (which is located in the southern part of South Zohar field) in the Negev Desert. In 2015, the National Planning and Building Council (hereinafter – the National Council) approved the Policy Document regarding Mining and Quarrying of Industrial Minerals, which included a recommendation to permit phosphate mining in the Barir field . In February 2017, the Committee for Principle Planning Matters, decided to continue advancement of the mining in the South Zohar field. Concurrently, and based on a decision of the National Council, instructions were prepared by the competent authorities with respect to the performance of an environmental survey of the Barir field for purposes of its further advancement. In April 2017, the National Council recommended to the government to approve National Outline Plan (hereinafter – NOP 14B), which includes South Zohar field, and determined that Barir field will be advanced as part of a detailed National Outline Plan, which was approved by the government’s Housing Cabinet in January 2018. In January 2018, the Minister of Health filed an appeal of the said approval, requiring compliance with the Ministry of Health’s recommendation to conduct a survey regarding the health impact in each site included in NOP 14B. As part of a discussion regarding the appeal, which was held in the Housing Cabinet, it was decided, with the consent of the Ministries of Health, Finance and Energy, to remove the appeal and to approve the NOP 14B. In addition, it was decided to establish a team with representatives of the ministries In April 2018, the NOP 14B was formally published. In July 2018, a petition was submitted to the Israeli Supreme Court of Justice by the municipality of Arad against the National Planning and Building Council, the Ministry of Health, the Ministry of Environmental Protection and Rotem , to revoke the approval of NOP 14B. In January 2019, residents of the Bedouin diaspora in the "Arad Valley" submitted a petition to the High Court of Justice (hereinafter – the Court) against the National Council, the Government of Israel and Rotem, in which the Court was requested to cancel the provisions of NOP 14B and the decision of the National Council from December 5, 2017, regarding to the advancement of a detailed plan for phosphate mining in the South Zohar field. In addition, the Court was requested to issue an interim injunction preventing the implementation of the NOP 14B instructions and the National Council's said decision until a final resolution. On January 22, 2019, the Supreme Court consolidated the hearing of the petition together with the other petition filed against NOP 14B and decided that at this stage there is no basis for granting the interim injunction. On February 5, 2019, the Company filed its response . Note 20 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) Spain A subsidiary in Spain (hereinafter – ICL Iberia) was granted mining rights based on legislation of Spain’s Government from 1973 and the regulations accompanying this legislation. Further to the legislation, as stated, the Government of the Catalonia region published special mining regulations whereby ICL Iberia received individual licenses for each of the 126 different sites that are relevant to the current and possible future mining activities. Some of the licenses are valid up to 2037 and the rest are effective up to 2067. The concession for the "Reserva Catalana", an additional site wherein mining has not yet been commenced, expired in 2012. The Company is acting in cooperation with the Spanish Government to obtain a renewal of the concession. According to the Spanish authorities, the concession period is valid until a final decision is made regarding the renewal. United Kingdom A.The mining rights of a subsidiary in the United Kingdom (hereinafter – ICL Boulby), are based on approximately 114 mining leases and licenses for extracting various minerals, in addition to numerous easements and rights of way from private owners of land under which ICL Boulby operates, and mining rights under the North Sea granted by the British Crown (Crown Estates), which includes provisions to explore and exploit the resources of the Polysulphate mineral. The said mining rights cover a total area of about 374 square kilometers. As at the date of this report, all the lease periods, licenses, easements and rights of way are effective until 2038. In 2018 and 2017, the mining royalties amounted to $1.3 million and $2 million, respectively. B. A UK subsidiary from ICL Innovative Ag Solutions segment (hereinafter – Everris UK), has peat mines in the UK (Creca, Nutberry and Douglas Water). Peat is used as a raw material for production of detached beds for soil improvement and use as soil substitutes in growing media. The Nutberry and Douglas Water mining sites are owned by Everris UK, while the Creca mine is held under a long ‑ term lease. The mining permits are granted by the local authorities and are renewed after examination of the local authorities. The mining permits were granted up to the end of 2024. China YPH JV holds two phosphate mining licenses that were issued in July 2015, by the Division of Land and Resources of the Yunnan district in China. With reference to the Haikou Mine (hereinafter – Haikou), the mining license is valid up to January 2043, whereas regarding the Baitacun Mine (hereinafter – Baitacun), the mining license expired in November 2018. The mining activities at Haikou are carried out in accordance with the above ‑ mentioned license. Regarding Baitacun, the Company is examining the option to renew the concession, subject to the phosphate reserves soil survey results and achieving the required understanding with the authorities. Note 20 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) China (cont'd) Natural Resources Royalties With respect to the mining rights, in accordance with the "Natural Resources Tax Law", YPH JV will pay royalties of 8% on the selling price based on the market price of the rock prior to its processing. In 2018 and 2017, YPH JV paid royalties in the amount of $3 million and $2 million, respectively. Grant of Mining Rights to Lindu In 2016, YPC issued a statement whereby in 2010 YPC entered into agreements with the local authority of Jinning County, Yunnan Province and Jinning Lindu Mining Development and Construction Co. Ltd. (hereinafter - Lindu Company), according to which Lindu Company is permitted to mine up to two million tonnes of phosphate rock from a certain area measuring 0.414 square kilometers within the area of the Haikou mine (hereinafter – the Daqing Area) and to sell such phosphate rock to any third party in its own discretion. Prior to the establishment of YPH JV, YPC proposed to the local authority of Jinning County and Lindu Company to swap the rights granted to Lindu Company in the Daqing Area with another area that is not a part of the Haikou mine, where Lindu Company would mine. In March 2016, in a meeting held between YPC, ICL and other relevant parties, YPC stated that it could not exchange its other mines to replace the Daqing Area since Lindu Company’s benefit is connected to the Daqing Area. Under the above ‑ mentioned statement, YPC has undertaken that YPH JV’s mining right in the Haikou mine will not be adversely affected by the above-mentioned arrangements. It was decided that YPH should conduct further communications with YPC and Lindu Company, for the purpose of protecting its legal rights and to urge the parties to reach a fair, just, and reasonable solution to this issue, as soon as possible. Note 20 - Commitments, Concessions and Contingent Liabilities (cont’d) C. Contingent (1) Ecology In 2015, a request was filed for certification of a claim as a class action, in the District Court in Tel ‑ Aviv–Jaffa, against eleven defendants, including a subsidiary, Fertilizers and Chemical Ltd., in respect of claims relating to air pollution in Haifa Bay and for the harm allegedly caused from it to the residents of the Haifa Bay area. The amount of the claim is about NIS 13.4 billion (about $3.5 billion). In the Company’s estimation, based on the factual material provided to it and the relevant court decision, it is more likely than not that the plaintiffs’ contentions will be rejected. In connection with the 2017 event of the partial collapse of the dyke in Pond 3, which is used for accumulation of phosphogypsum water that is created as part of the production processes in Rotem plants in Israel, the Company is taking action to rectify environmental impacts caused to the Ashalim Stream and its surrounding area, to the extent required. The Company’s actions are being carried out in full coordination and close cooperation with the Israeli environmental authorities. The Company is committed to the matter of environmental protection, and for years has worked closely with the Israeli environmental protection authorities to maintain the Negev’s natural reserves in the area of its facilities. As at the date of this report, the event is being investigated by the Ministry of Environmental Protection and the Nature and Natural Parks Authority. In 2017, the Company recognized restoration costs, in immaterial amounts, that were incurred in the short term. Several applications for certification of claims as class actions were filed against the Company (see item C below) contending, among others, that the Company should bear the restoration costs in the long ‑ term. In light of the complexity of the process and the uncertainty regarding the final restoration plans to be determined by the relevant authorities, the Company is unable at this stage to estimate the expected costs of the restoration work, as stated. The Company is in contact with its insurance carriers to activate the insurance policies in respect of the matters described above. Relating to the active gypsum Pond 5 in Rotem Amfert plants in Israel, and the process of obtaining a permit for its operation, in January 2018, an appeal was filed by Adam Teva V’Din - I sraeli Association for Environmental Protection (hereinafter - ATD) to the District Planning and Building Appeals Committee of the Southern District (hereinafter – the Appeals Committee) against the Local Council and Rotem, in connection with the decision of the Local Committee from December 2017, to dismiss ATD’s objection to approval of the leniency and issuance of a building permit for Pond 5. In light of the Appeals Committee's dismissal of ATD's said claims, in May 2018 ATD filed an administrative petition against the Appeal Committee requesting the Court to order that: (1) the Appeals Committee's ruling is void, as well as any permit issued by virtue thereof; (2) the “relief” in implementation of the outline |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 21 - Equity | Note 21 – Equity A. Composition: As at December 31, 2018 As at December 31, 2017 Authorized Issued and paid Authorized Issued and paid Number of Ordinary shares of Israeli Shekel 1 par value (in millions) 1,485 * 1,305 1,485 * 1,303 Number of Special State share of Israeli Shekel 1 par value 1 1 1 1 (*) For information regarding the amount of treasury shares, see Note 21.G.(1). The reconciliation of the number of shares outstanding at the beginning and at the end of the year is as follows: Number of Outstanding Shares (in millions) As at January 1, 2017 1,301 Issuance of shares 2 As at December 31, 2017 1,303 Issuance of shares 2 As at December 31, 2018 1,305 As at December 31, 2018, the number of shares reserved for issuance under the Company’s option plans was 18 million. Note 21 – Equity (cont’d) B. Rights conferred by the shares The ordinary shares confer upon their holders voting rights (including appointment of directors by a simple majority at General Meetings of the shareholders), the right to participate in shareholders’ meetings, the right to receive profits and the right to a share in excess assets upon liquidation of ICL. The Special State of Israel Share, held by the State of Israel in order to safeguard matters of vital interest of the State of Israel, confers upon it special rights to make decisions, among other things, on the following matters: Sale or transfer of Company assets, which are “vital” to the State of Israel not in the ordinary course of business. Voluntary liquidation, change or reorganization of the organizational structure of ICL or merger (excluding mergers of entities controlled by ICL that would not impair the rights or power of the Government, as holder of the Special State Share). Any acquisition or holding of 14% or more of the issued share capital of ICL. The acquisition or holding of 25% or more of the issued share capital of ICL (including augmentation of an existing holding up to 25%), even if there was previously an understanding regarding a holding of less than 25%. Any percentage of holding of the Company’s shares, which confers upon its holder the right, ability or actual possibility to appoint, directly or indirectly, such number of the Company’s directors equal to half or more of the Company’s directors actually appointed. During the second half of 2018, an inter-ministerial team was set up, headed by the Ministry of Finance, whose purpose is, among other things, to regulate the authority and supervision in respect of the Special State of Israel Share, as well as reduce the regulatory burden. As at the date of the report, the Company is unable to estimate the implications of this process over the Company. Note 21 – Equity (cont'd) C. Share-based payments to employees Non-marketable options Grant date Employees entitled Number of instruments (thousands) Issuance's details Instrument terms Vesting conditions Expiration date August 6, 2014 Officers and senior employees 3,993 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case of on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 Two years from the vesting date. December 11, 2014 Former CEO 367 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. May 12, 2015 Officers and senior employees 6,729 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date The first and second tranches is at the end of 36 months after the grant date for the third tranche is at the end of 48 months after the grant date. June 29, 2015 Former CEO 530 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. Former Chairman of BOD 404 June 30, 2016 Officers and senior employees 3,035 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. June 30, 2023 September 5, 2016 Former CEO 625 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. Chairman of BOD 186 February 14, 2017 Former CEO 114 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. February 14, 2024 June 20, 2017 Officers and senior employees 6,868 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan to 498 ICL officers and senior employees in Israel and overseas. June 20, 2024 August 2, 2017 Chairman of BOD 165 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) Non-marketable options (cont'd) Grant date Employees entitled Number of instruments (thousands) Issuance's details Instrument terms Vesting conditions Expiration date March 6, 2018 Officers and senior employees 5,554 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan (as amended) to 508 ICL officers and senior employees in Israel and overseas, ICL CEO and Chairman of the BOD. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date March 6, 2025 May 14, 2018 CEO 385 May 14, 2025 August 20, 2018 Chairman of BOD 403 August 20, 2025 Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) 1. Non-marketable options (cont'd) Additional Information The options issued to the employees in Israel are covered by the provisions of Section 102 of the Israeli Income Tax Ordinance. The issuance will be performed through a trustee under the Capital Gains Track. The exercise price is linked to the CPI that is known as of the date of payment, which is the exercise date. In a case of distribution of a dividend by the Company, the exercise price is reduced on the “ex dividend” date, by the amount of the dividend per share (gross), based on the amount thereof in NIS on the effective date. The fair value of the options granted in 2014, as part of 2014 equity compensation plan, was estimated using the binomial model for pricing options. The grants in 2015, 2016, 2017 and 2018 under the 2014 Equity Compensation Plan were estimated using the Black & Scholes model for pricing options. The parameters used in applying the models are as follows: 2014 Plan Granted 2014 Granted 2015 Granted 2016 Granted 2017 Granted 2018 Share price (in $) 8.2 7.0 3.9 4.5 4.4 CPI-linked exercise price (in $) 8.4 7.2 4.3 4.3 4.3 Expected volatility: First tranche 29.40% 25.40% 30.51% 31.88% 28.86% Second tranche 31.20% 25.40% 30.51% 31.88% 28.86% Third tranche 40.80% 28.80% 30.51% 31.88% 28.86% Expected life of options (in years): First tranche 4.3 3.0 7.0 7.0 7.0 Second tranche 5.3 3.0 7.0 7.0 7.0 Third tranche 6.3 4.0 7.0 7.0 7.0 Risk-free interest rate: First tranche (0.17%) (1.00%) 0.01% 0.37% 0.03% Second tranche 0.05% (1.00%) 0.01% 0.37% 0.03% Third tranche 0.24% (0.88%) 0.01% 0.37% 0.03% Fair value (in $ millions) 8.4 9.0 4.0 11.3 8.8 Weighted average grant date fair value per option (in $) 1.9 1.2 1.1 1.6 1.4 Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) Non-marketable options (cont'd) The expected volatility was determined on the basis of the historical volatility in the Company’s share prices in the Tel-Aviv Stock Exchange. The expected life of the options was determined on the basis of Management’s estimate of the period the employees will hold the options, taking into consideration their position with the Company and the Company’s past experience regarding the turnover of employees. The risk ‑ free interest rate was determined on the basis of the yield to maturity of shekel ‑ denominated Israeli Government debentures, with a remaining life equal or similar to the anticipated life of the option. The cost of the benefit embedded in the options and shares from the Equity Compensation Plan 2014 is recognized in the statement of income over the vesting period of each portion. Accordingly, in 2018, 2017, and 2016, the Company recorded expenses of $19 million, $16 million and $15 million, respectively. The movement in the options during 2018 and 2017 are as follows: Number of options (in millions) 2014 Plan Balance as at January 1, 2017 14 Movement in 2017: Granted during the year 7 Forfeited during the year (1) Total options outstanding as at December 31, 2017 20 Movement in 2018: Granted during the year 6 Expired during the year (6) Forfeited during the year (1) Exercised during the year (1) Total options outstanding as at December 31, 2018 18 Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) 1. Non-marketable options (cont'd) The exercise prices for options outstanding at the beginning and end of each period are as follows: December 31, 2018 December 31, 2017 December 31, 2016 Granted 2014 US Dollar 6.77 7.43 6.81 Granted 2015 US Dollar 6.92 7.59 6.95 Granted 2016 US Dollar 4.21 4.68 4.35 Granted 2017 US Dollar 3.89 4.35 - Granted 2018 US Dollar 3.89 - - The number of outstanding vested options at the end of each period and the weighted average exercise price for these options are as follows (*): December 31, 2018 December 31, 2017 December 31, 2016 Number of options exercisable (In Millions) 11 12 10 Weighted average exercise price in Israeli Shekel 18.53 22.56 30.49 Weighted average exercise price in US Dollar 4.94 6.51 7.93 (*) The share price as of December 31, 2018 is NIS 21.20 and $5.66. The range of exercise prices for the options outstanding vested at the end of each period are as follows: December 31, 2018 December 31, 2017 December 31, 2016 Range of exercise price in Israeli Shekel 14.26-25.93 15.01-26.3 16.59-40.78 Range of exercise price in US Dollar 3.81-6.92 4.33-7.59 4.31-10.61 The average remaining contractual life for the outstanding vested options at the end of each period are as follows: December 31, 2018 December 31, 2017 December 31, 2016 Average remaining contractual life 3.90 2.60 2.40 Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) Restricted shares Grant date Employees entitled Number of instruments (thousands) Vesting conditions (*) Instrument terms Additional Information Fair value at the grant date (Million) August 6, 2014 Officers and senior employees 922 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). 8.4 December 11, 2014 Former CEO 86 An issuance for no consideration, under the 2014 Equity Compensation Plan. February 26, 2015 ICL’s Directors (excluding ICL's CEO) 99 3 tranches: (1) 50% will vest August 28, 2015 (2) 25% will vest February 26, 2017 (3) 25% will vest February 26, 2018 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 11 ICL Directors. 0.7 May 12, 2015 Officers and senior employees 1,194 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date An issuance for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. 9.7 June 29, 2015 Former CEO 90 An issuance for no consideration, under the 2014 Equity Compensation Plan. Former Chairman of the BOD 68 December 23, 2015 ICL’s Directors (excluding ICL's CEO & Chairman of the BOD) 121 3 equal tranches: (1) One third on December 23, 2016 (2) One third on December 23, 2017 (3) One third on December 23, 2018 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. 0.5 (*) The vesting date is subject to the employee entitled continuing to be employed by the Company and the directors continuing to serve in their positions on the vesting date, unless they ceased to hold office due to certain circumstances set forth in sections 231-232a and 233(2) of the Israeli Companies Law. Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) Restricted shares (cont’d) Grant date Employees entitled Number of instruments (thousands) Vesting conditions (*) Instrument terms Additional Information Fair value at the grant date (Million) June 30, 2016 Officers and senior employees 990 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date An issuance for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). 4.8 September 5, 2016 Chairman of the BOD 55 An issuance for no consideration, under the 2014 Equity Compensation Plan. Former CEO 185 January 3, 2017 ICL’s Directors (excluding ICL's Chairman of the BOD) 146 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. The value includes a reduction of 5% from the value of the equity compensation, pursuant to the decision of the directors in March 2016, to reduce their annual compensation for 2016 and 2017. 0.6 February 14, 2017 Former CEO 38 An issuance for no consideration, under the 2014 Equity Compensation Plan. 0.2 June 20, 2017 Officers and Senior employees 2,211 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 494 ICL officers and senior employees in Israel and overseas. 10 August 2, 2017 Chairman of BOD 53 An issuance for no consideration, under the 2014 Equity Compensation Plan. 0.3 January 10, 2018 ICL’s Directors (excluding ICL's CEO & Chairman of the BOD) 137 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 7 ICL Directors. 0.6 (*) The vesting date is subject to the employee entitled continuing to be employed by the Company and the directors continuing to serve in their positions on the vesting date, unless they ceased to hold office due to certain circumstances set forth in sections 231-232a and 233(2) of the Israeli Companies Law. Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) Restricted shares (cont’d) Grant date Employees entitled Number of instruments (thousands) Vesting conditions (*) Instrument terms Additional Information Fair value at the grant date (Million) March 6, 2018 Officers and senior employees 1,726 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). 8 May 14, 2018 CEO 121 0.6 August 20, 2018 Chairman of BOD 47 0.2 ICL’s Directors (excluding ICL's CEO & Chairman of the BOD) 88 Acceleration at January 2019. 0.4 (*) The vesting date is subject to the employee entitled continuing to be employed by the Company and the directors continuing to serve in their positions on the vesting date, unless they ceased to hold office due to certain circumstances set forth in sections 231-232a and 233(2) of the Israeli Companies Law. Note 21 – Equity (cont’d) D. Dividends distributed to the Company's Shareholders Board of Directors decision date to distribute the dividend Actual date of distribution of the dividend Gross amount of the dividend distributed (in millions of $) Net amount of the distribution (net of the subsidiary’s share) (in millions of $) Amount of the dividend per share (in $) March 15, 2016 April 18, 2016 67 67 0.05 May 17, 2016 June 22, 2016 35 35 0.03 August 9, 2016 September 27, 2016 60 60 0.05 November 22, 2016 January 4, 2017 60 60 0.05 February 14, 2017 April 4, 2017 57 57 0.04 May 9, 2017 June 20, 2017 34 32 0.03 August 2, 2017 September 13, 2017 32 32 0.02 November 7, 2017 December 20, 2017 57 56 0.04 February 13, 2018 March 14, 2018 70 69 0.05 May 10, 2018 June 20, 2018 52 51 0.04 July 31, 2018 September 4, 2018 56 56 0.04 October 31, 2018 December 19, 2018 66 65 0.05 February 5, 2019 (after the reporting date)* March 13, 2019 62 61 0.05 (*) The record date is February 28, 2019 and the payment date is March 13, 2019. E. Cumulative translation adjustment The translation reserve includes all translation differences arising from translation of financial statements of foreign operations. F. Capital reserves The capital reserves include expenses for share ‑ based compensation to employees against a corresponding increase in equity (see section C. above) and change in investment at fair value through other comprehensive income (investment in 15% of the share capital of YYTH, see Note 23.B). Note 21 – Equity (cont’d) G. Treasury shares During 2008 and 2009 22.4 million shares were acquired by the Company under a purchase plan, for a total consideration of approximately $258 million. Total shares held by the company and it's subsidiaries are 24.5 million. 2) In determining the amount of retained earnings available for distribution as a dividend pursuant to the Israeli Companies Law, a deduction must be made from the balance of the retained earnings the amount of self ‑ acquisitions (that are presented separately in the “treasury shares” category in the equity section). H. Retained earnings The retained earnings include actuarial gains (see Note 18.E) and dividends to the shareholders. |
Details of Income Statement Ite
Details of Income Statement Items | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 22 - Details of Income Statement Items | Note 22 - Details of Income Statement Items For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Sales 5,556 5,418 5,363 Cost of sales Materials 1,643 1,504 1,546 Cost of labor 791 777 753 Depreciation and amortization 384 363 317 Energy 349 343 315 Other 535 759 772 3,702 3,746 3,703 Note 22 - Details of Income Statement Items (cont’d) For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Selling, transport and marketing expenses Transport 553 497 475 Cost of labor 125 122 119 Other 120 127 128 798 746 722 General and administrative expenses Cost of labor 172 170 188 Professional Services 44 49 77 Other 41 42 56 257 261 321 Research and development expenses, net Cost of labor 38 40 48 Other 17 15 25 55 55 73 For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Other income Capital gain 841 54 - Past service cost 7 - 14 Retroactive electricity charges - 6 16 Insurance compensation - 30 30 Other 11 19 11 Other income recorded in the income statements 859 109 71 Other expenses Provision for legal claims 31 31 21 Impairment of assets 19 32 489 Provision for historical waste removal and site closure costs 18 - 51 Provision for early retirement and dismissal of employees 7 20 39 Environment related provisions 1 7 - Other 8 - 18 Other expenses recorded in the income statements 84 90 618 Note 22 - Details of Income Statement Items (cont’d) For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Financing income and expenses Financing income: Financing income recorded in relation to employee benefits 7 - - Net change in fair value of derivative financial instruments - 104 24 Net gain from changes in exchange rates and interest income 49 1 1 56 105 25 Financing expenses: Interest expenses to banks and others 117 120 151 Financing expenses in relation to employee benefits - 38 17 Banks and finance institutions commissions (mainly commission on early repayment of loans) 18 16 4 Net change in fair value of derivative financial instruments 101 - - Net loss from changes in exchange rates - 78 7 Financing expenses 236 252 179 Net of borrowing costs capitalized 22 23 22 214 229 157 Net financing expenses recorded in the income statements 158 124 132 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 23 - Financial Instruments and Risk Management | Note 23 - Financial Instruments and Risk Management A. General The Group has extensive international operations wherein it is exposed to credit, liquidity and market risks (including currency, interest and other price risks). In order to reduce the exposure to these risks, the Group holds financial derivative instruments, (including forward transactions, SWAP transactions, and options) to reduce the exposure to foreign currency risks, commodity price risks, energy and marine transport and interest risks. Furthermore, the Group holds derivative financial instruments to hedge the exposure and changes in the cash flows. The transactions in derivatives are executed with large Israeli and non-Israeli financial institutions, and therefore Group management believes the credit risk in respect thereof is low. This Note presents information about the Group’s exposure to each of the above risks, and the Group’s objectives, policies and processes for measuring and managing risk. We regularly monitor the extent of our exposure and the rate of the hedging transactions for the various risks described below. We execute hedging transactions according to our hedging policy with reference to the actual developments and expectations in the various markets. B. Groups and measurement bases of financial assets and financial liabilities As at December 31, 2018 Financial assets Financial liabilities Measured at fair value through the statement of income Measured at fair value through the statement of comprehensive income Measured at amortized cost Measured at fair value through the statement of income Measured at amortized cost $ millions $ millions $ millions $ millions $ millions Cash and cash equivalents - - 121 - - Short-term investments and deposits - - 92 - - Trade receivables - - 990 - - Other receivables 13 - 30 - - Investments at fair value through other comprehensive income - 145 - - - Other non-current assets 15 - 66 - - Total financial assets 28 145 1,299 - - Short term credit - - - - (610) Trade payables - - - - (715) Other current liabilities - - - (21) (330) Long-term debt and debentures - - - - (1,815) Other non-current liabilities - - - - (6) Total financial liabilities - - - (21) (3,476) Total financial instruments, net 28 145 1,299 (21) (3,476) Note 23 - Financial Instruments and Risk Management (cont'd) B. Groups and measurement bases of financial assets and financial liabilities (cont'd) As at December 31, 2017 Financial assets Financial liabilities Measured at fair value through the statement of income Measured at fair value through the statement of comprehensive income Measured at amortized cost Measured at fair value through the statement of income Measured at amortized cost $ millions $ millions $ millions $ millions $ millions Cash and cash equivalents - - 83 - - Short-term investments and deposits - - 90 - - Trade receivables - - 932 - - Other receivables 5 - 81 - - Investments at fair value through other comprehensive income - 212 - - - Other non-current assets 64 - 9 - - Total financial assets 69 212 1,195 - - Short term credit - - - - (822) Trade payables - - - - (790) Other current liabilities - - - (3) (311) Long-term debt and debentures - - - - (2,388) Other non-current liabilities - - - (3) (1) Total financial liabilities - - - (6) (4,312) Total financial instruments, net 69 212 1,195 (6) (4,312) Note 23 - Financial Instruments and Risk Management (cont'd) C. Credit risk (1) General (a) Customer credit risks Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and it arises mainly from the Group’s receivables from customers and from other receivables as well as from investments in securities. The Company sells to a wide range and large number of customers, including customers with material credit balances. On the other hand, the Company does not have a concentration of sales to individual customers. The Company has a regular policy of insuring the credit risk of its customers by means of purchasing credit insurance with insurance companies, other than sales to government agencies and sales in small amounts. Most of all other sales are executed only after receiving approval of coverage in the necessary amount from an insurance company or other collaterals of a similar level. The use of an insurance company as aforementioned ensures that the credit risk is managed professionally and objectively by an expert external party and transfers most of the credit risk to third parties. Nevertheless, the common deductible in credit insurances is 10% (even higher in a small number of cases) thus the Group is still exposed to part of the risk, out of the total insured amount. In addition, the Group has an additional deductible cumulative annual amount of approximately $6 million through a wholly ‑ owned captive reinsurance Company. Most of the Group’s customers have been trading with the Group for many years and only rarely have credit losses been incurred by the Group. The financial statements include specific allowance for doubtful debts that appropriately reflect, in Management’s opinion, the credit loss in respect of accounts receivables which are considered doubtful. (b) Credit risks in respect of deposits The Group deposits its balance of liquid financial assets in bank deposits and in securities. All the deposits are with a diversified group of leading banks preferably with banks that provide loans to the Group. Note 23 - Financial Instruments and Risk Management (cont'd) C. Credit risk (cont’d) (2) Maximum Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: As at December 31 Carrying amount ($ millions) 2018 2017 Cash and cash equivalents 121 83 Short term investments and deposits 92 90 Trade receivables 990 932 Other receivables 43 86 Investments at fair value through other comprehensive income 145 212 Other non-current assets 81 73 1,472 1,476 The maximum exposure to credit risk for trade receivables, at the reporting date by geographic region was: As at December 31 Carrying amount ($ millions) 2018 2017 Western Europe 294 332 Asia 342 293 North America 150 131 South America 106 70 Israel 72 70 Other 26 36 990 932 Note 23 - Financial Instruments and Risk Management (cont'd) C. Credit risk (cont'd) (3) Aging of debts and impairment losses The aging of trade receivables at the reporting date was: As at December 31 2018 2017 Gross Impairment Gross Impairment $ millions $ millions $ millions $ millions Not past due 829 - 785 - Past due up to 3 months 114 - 125 - Past due 3 to 12 months 38 (1) 23 (6) Past due over 12 months 12 (2) 10 (5) 993 (3) 943 (11) The movement in the allowance of doubtful accounts during the year was as follows: 2018 2017 $ millions $ millions Balance as at January 1 11 6 Additional allowance 1 5 Write offs (7) (1) Reversals (1) - Changes due to translation differences (1) 1 Balance as at December 31 3 11 Note 23 - Financial Instruments and Risk Management (cont'd) D. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to timely meet its liabilities, under both normal and stressed conditions, without incurring unwanted losses. The Company manages the liquidity risk by holding cash balances, short-term deposits and secured bank credit facilities. The following are the contractual maturities of financial liabilities, including estimated interest payments: As at December 31, 2018 Carrying amount 12 months or less 1-2 years 3-5 years More than 5 years $ millions Non-derivative financial liabilities Short term credit (not including current maturities) 544 556 - - - Trade payables 715 715 - - - Other current liabilities 330 330 - - - Long-term debt and debentures 1,881 152 453 1,084 1,166 3,470 1,753 453 1,084 1,166 Financial liabilities – derivative instruments utilized for economic hedging Foreign currency and interest derivative instruments 16 16 - - - Derivative instruments on energy and marine transport 5 4 1 - - 21 20 1 - - Note 23 - Financial Instruments and Risk Management (cont'd) D. Liquidity risk (cont'd) As at December 31, 2017 Carrying amount 12 months or less 1-2 years 3-5 years More than 5 years $ millions Non-derivative financial liabilities Short term credit (not including current maturities) 810 822 - - - Trade payables 790 790 - - - Other current liabilities 310 310 - - - Long-term debt and debentures 2,400 102 345 1,085 1,358 4,310 2,024 345 1,085 1,358 Financial liabilities – derivative instruments utilized for economic hedging Foreign currency and interest derivative instruments 6 3 - - 3 E. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the fair value or future cash flows of a financial instrument. 1. Interest risk The Group has loans bearing variable interests and therefore its financial results and cash flows are exposed to fluctuations in the market interest rates. ICL uses financial instruments, including derivatives, in order to hedge this exposure. The Group uses interest rate swap contracts mainly in order to reduce the exposure to cash flow risk in respect of changes in interest rates. Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 1. Interest risk (cont'd) (a) Interest Rate Profile Set forth below is detail regarding the type of interest on the Group’s non-derivative interest ‑ bearing financial instruments: As at December 31 2018 2017 $ millions $ millions Fixed rate instruments: Financial assets 151 88 Financial liabilities (1,728) (1,800) (1,577) (1,712) Variable rate instruments Financial assets 128 97 Financial liabilities (714) (1,428) (586) (1,331) (b) Sensitivity analysis for fixed rate instruments Most of the Group’s instruments bearing fixed interest are not measured at fair value through the statement of income. Therefore, changes in the interest rate as at the date of the report will not be expected to have any impact on the profit or loss in respect of changes in the value of assets and liabilities bearing fixed interest. (c) Sensitivity analysis for variable rate instruments The below analysis assumes that all other variables (except for the interest rate), in particular foreign currency rates, remain constant. As at December 31, 2018 Impact on profit (loss) Decrease of 1% in interest Decrease of 0.5% in interest Increase of 0.5% in interest Increase of 1% in interest $ millions $ millions $ millions $ millions Changes in U.S Dollar interest Non-derivative instruments (1) (1) 1 1 SWAP instruments (18) (9) 9 18 (19) (10) 10 19 Changes in Israeli Shekel interest SWAP instruments 19 10 (10) (19) Note 23- Financial Instruments and Risk Management (cont'd) E. Market risk (cont’d) 1. Interest risk (cont’d) (d) Terms of derivative financial instruments used to hedge interest risk As at December 31, 2018 Carrying amount (fair value) Stated amount Maturity date Interest rate range $ millions $ millions Years % U.S Dollar SWAP contracts from variable interest to fixed interest - 250 2019-2024 1.7%-2.6% Israeli Shekel Swap contracts from fixed ILS interest to fixed USD interest 15 486 30/3/2024 2.45%-4.74% Euro Swap contracts from variable USD interest to fixed EUR interest (1) 334 15/2/2019 1-month Libor As at December 31, 2017 Carrying amount (fair value) Stated amount Maturity date Interest rate range $ millions $ millions Years % U.S Dollar SWAP contracts from variable interest to fixed interest (3) 350 2018-2024 1.36% - 2.6% Israeli Shekel SWAP contracts from fixed ILS interest to fixed USD interest 64 489 1/3/2024 2.45% - 4.74% Euro SWAP contracts from variable USD interest to fixed EUR interest (1) 51 15/8/2018 1-month Libor Note 23- Financial Instruments and Risk Management (cont'd) E. Market risk (cont’d) 2. Currency risk The Group is exposed to currency risk with respect to sales, purchases, assets and liabilities that are denominated in a currency other than the functional currency of the Group. The main exposure is the NIS, Euro, British Sterling, Chinese Yuan and Turkey Lira. The Group enters into foreign currency derivatives – forward exchange transactions and currency options – all in order to protect the Group from the risk that the eventual cash flows, resulting from existing assets and liabilities, and sales and purchases of goods within the framework of firm or anticipated commitments (based on a budget of up to one year), denominated in foreign currency, will be affected by changes in the exchange rates. (a) Sensitivity analysis A 10% increase at the rate of the US$ against the following currencies would have increased (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. As at December 31 Impact on profit (loss) 2018 2017 $ millions $ millions Non-derivative financial instruments U.S Dollar/Euro (64) (9) U.S Dollar/Israeli Shekel 92 92 U.S Dollar/British Pound (3) 3 U.S Dollar/Chinese Yuan (12) (4) U.S Dollar/Turkey Lira (1) (1) A 10% decrease of the US$ against the above currencies at December 31 would have the same effect but in the opposite direction. Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 2. Currency risk (cont'd) (a) Sensitivity analysis (cont'd) Presented hereunder is a sensitivity analysis of the Group’s foreign currency derivative instruments as at December 31, 2018. Any change in the exchange rates of the principal currencies shown below as at December 31 would have increased (decreased) profit and loss and equity by the amounts shown below. This analysis assumes that all other variables remain constant. As at December 31, 2018 Increase 10% Increase 5% Decrease 5% Decrease 10% $ millions $ millions $ millions $ millions Euro/ U.S Dollar Forward transactions 9 4 (4) (8) Options 5 2 (2) (4) SWAP 34 17 (17) (34) U.S Dollar/Israeli Shekel Forward transactions (32) (17) 19 39 Options (75) (41) 19 43 SWAP (48) (25) 28 58 British Pound/U.S Dollar Forward transactions (4) (2) 2 3 Options (1) (1) - 1 U.S Dollar/Chinese Yuan Renminbi Forward transactions (3) (1) 2 3 British Pound/Euro Forward transactions (4) (2) 2 4 Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 2. Currency risk (cont'd) (b) Terms of derivative financial instruments used to reduce foreign currency risk As at December 31, 2018 Carrying amount Stated amount Average $ millions $ millions exchange rate Forward contracts U.S Dollar/Israeli Shekel 2 352 3.7 Euro/U.S Dollar 2 86 1.2 Euro/British Pound 1 19 0.9 U.S Dollar/British Pound - 32 1.3 U.S Dollar/Chinese Yuan Renminbi - 29 6.5 Other - 37 - Currency and interest SWAPs U.S Dollar/Israeli Shekel 15 486 3.7 Euro/U.S Dollar (1) 334 1.1 Put options U.S Dollar/Israeli Shekel 1 695 3.6 Euro/U.S Dollar 2 45 1.2 U.S Dollar/Japanese Yen - 3 114.3 U.S Dollar/British Pound - 11 1.3 Call options U.S Dollar/Israeli Shekel (15) 695 3.6 Euro/U.S Dollar - 45 1.2 U.S Dollar/Japanese Yen - 3 114.3 U.S Dollar/British Pound - 11 1.3 Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 2. Currency risk (cont'd) (b) Terms of derivative financial instruments used to reduce foreign currency risk (cont’d) As at December 31, 2017 Carrying amount Stated amount Average $ millions $ millions Forward contracts U.S Dollar/Israeli Shekel 2 430 3.5 Euro/U.S Dollar (3) 320 1.2 Euro/British Pound - 20 0.9 U.S Dollar/British Pound - 24 1.3 U.S Dollar/Chinese Yuan Renminbi (1) 33 6.7 Other - 33 - Currency and interest SWAPs U.S Dollar/Israeli Shekel 64 489 3.7 Put options U.S Dollar/Israeli Shekel 5 525 3.4 Euro/U.S Dollar - 63 1.2 U.S Dollar/Japanese Yen - 3 115.5 Call options U.S Dollar/Israeli Shekel (1) 525 3.4 Euro/U.S Dollar (2) 63 1.2 U.S Dollar/Japanese Yen - 3 115.5 The maturity date of all of the derivatives used to economically hedge foreign currency risk is up to a year. Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 2. Currency risk (cont'd) (c) Linkage terms of monetary balances – in millions of Dollars As at December 31, 2018 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Others Non-derivative instruments: Cash and cash equivalents 41 21 4 2 5 37 11 Short term investments and deposits 74 3 - - - 12 3 Trade receivables 516 222 60 60 25 72 35 Other receivables 6 12 - 12 - - - Investments at fair value through other comprehensive income - - - - - 145 - Other non-current assets 60 1 - 1 4 - - Total financial assets 697 259 64 75 34 266 49 Short-term credit 201 166 19 34 6 184 - Trade payables 150 188 23 265 11 72 6 Other current liabilities 55 46 7 192 2 19 9 Long term debt, debentures and others 1,322 5 - 480 13 1 - Total financial liabilities 1,728 405 49 971 32 276 15 Total non-derivative financial instruments, net (1,031) (146) 15 (896) 2 (10) 34 Derivative instruments: Forward transactions - 86 51 352 - 29 37 Cylinder - 45 11 695 - - 3 SWAPS – U.S Dollar into Israeli Shekel - - - 486 - - - SWAPS – U.S Dollar into Euro - 334 - - - - - Total derivative instruments - 465 62 1,533 - 29 40 Net exposure (1,031) 319 77 637 2 19 74 Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 2. Currency risk (cont'd) (c) Linkage terms of monetary balances – in millions of Dollars (cont'd) As at December 31, 2017 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Others Non-derivative instruments: Cash and cash equivalents 19 18 7 1 7 22 9 Short term investments and deposits 82 1 - - - 5 2 Trade receivables 419 246 48 59 31 92 37 Other receivables 40 1 - 39 - - 1 Investments at fair value through other comprehensive income - - - - - 212 - Other non-current assets 5 1 - - 3 - - Total financial assets 565 267 55 99 41 331 49 Short-term credit 427 158 20 36 8 173 - Trade payables 187 182 23 289 15 85 9 Other current liabilities 95 77 15 96 2 21 5 Long term debt, debentures and others 1,721 29 - 522 22 98 - Total financial liabilities 2,430 446 58 943 47 377 14 Total non-derivative financial instruments, net (1,865) (179) (3) (844) (6) (46) 35 Derivative instruments: Forward transactions - 320 44 430 - 33 33 Cylinder - 63 - 525 - - 3 Total derivative instruments - 383 44 955 - 33 36 Net exposure (1,865) 204 41 111 (6) (13) 71 Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont’d) 3. Other price risk A. Investment in shares The Company has an investment of 15% of the issued and outstanding share capital on a fully diluted basis of YYTH, in the amount of approximately $145 million (as at December 31, 2018). The investment is measured at fair value, and fair value updates, are recognized directly in the consolidated statement of comprehensive income. B. Hedging of marine shipping and energy transactions The Company is exposed to risk in respect of marine shipping and energy costs. The Company uses marine shipping and energy derivatives to hedge the risk that its cash flows will be affected by changes in marine shipping and energy prices. As at December 31, 2018, the fair value of the marine shipping and energy derivatives was approximately $(5) million. F. Fair value of financial instruments The carrying amounts in the books of certain financial assets and financial liabilities, including cash and cash equivalents, investments, short-term deposits and loans, receivables and other debit balances, long-term investments and receivables, short-term credit, payables and other credit balances, long-term loans bearing variable interest and other liabilities, and derivative financial instruments, correspond to or approximate their fair value. The following table details the book value and the fair value of financial instrument groups presented in the financial statements not in accordance with their fair value: As at December 31, 2018 As at December 31, 2017 Carrying amount Fair value Carrying amount Fair value $ millions $ millions $ millions $ millions Loans bearing fixed interest (1) 238 244 271 279 Debentures bearing fixed interest Marketable (2) 1,201 1,217 1,247 1,291 Non-marketable (3) 281 279 281 288 1,720 1,740 1,799 1,858 (1) The fair value of the shekel, euro, and yuan loans issued bearing fixed interest is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the market interest rates on the measurement date for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as at December 31, 2018 for the shekel, euro and yuan loans was 2.8%, 1.7%, and 5.0%, respectively (December 31, 2017 for the shekel, euro and yuan loans - 2.4%, 1.7%, and 6.1%, respectively). Note 23 - Financial Instruments and Risk Management (cont'd) F. Fair value of financial instruments (cont'd) (2) The fair value of the marketable debentures is based on the quoted stock exchange price and is classified as Level 1 in the fair value hierarchy. (3) The fair value of the non ‑ marketable debentures is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the Libor rate customary in the market for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as at December 31, 2018 was 5.3% (December 31, 2017 – 4.57%). G. Hierarchy of fair value The following table presents an analysis of the financial instruments measured by fair value, using the valuation method. (See Note 4). The following levels were defined: Level 1: Quoted (unadjusted) prices in an active market for identical instruments Level 2: Observed data (directly or indirectly) not included in Level 1 above. As at December 31, 2018 Level 2 $ millions Investments at fair value through other comprehensive income (1) 145 Derivatives used for economic hedging, net 7 152 As at December 31, 2017 Level 2 $ millions Investments at fair value through other comprehensive income (1) 212 Derivatives used for economic hedging, net 63 275 (1) Investment in the share capital of YYTH was subject to a three-year lock ‑ up period as required by Chinese law, which was expired in January 2019. Measurement of the fair value of the discount rate in respect of the lock ‑ up period was calculated by use of the Finnerty 2012. The impact deriving from a possible and reasonable change in these data items, which are not observed, is not material. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 24 - Earnings per Share | Note 24 - Earnings per Share Basic earnings per share Calculation of the basic earnings per share for the year ended December 31, 2018, is based on the earnings allocated to the holders of the ordinary shares divided by the weighted-average number of ordinary shares outstanding, calculated as follows: For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Earnings (losses) attributed to the shareholders of the Company 1,240 364 (122) Weighted-average number of ordinary shares in thousands: For the year ended December 31 2018 2017 2016 Shares thousands Shares thousands Shares thousands Balance as at January 1 1,276,238 1,274,298 1,272,516 Shares issued during the year 73 1,054 - Shares vested 898 720 779 Weighted average number of ordinary shares used in computation of the basic earnings per share 1,277,209 1,276,072 1,273,295 Note 24 - Earnings per Share (cont’d) Diluted earnings per share Calculation of the diluted earnings per share for the year ended December 31, 2018 , is based on the earnings allocated to the holders of the ordinary shares divided by the weighted-average number of ordinary shares outstanding after adjustment for the number of potential diluted ordinary shares, calculated as follows: Weighted average number of ordinary shares (diluted) in thousands: For the year ended December 31 2018 2017 2016 Shares thousands Shares thousands Shares thousands Weighted average number of ordinary shares used in the computation of the basic earnings per share 1,277,209 1,276,072 1,273,295 Effect of stock options and restricted shares 2,572 925 - Weighted average number of ordinary shares used in the computation of the diluted earnings per share 1,279,781 1,276,997 1,273,295 At December 31, 2018, 5 million options (at December 31, 2017 and 2016 – 20 million options and 14 million options, respectively), were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti ‑ dilutive. The average market value of the Company’s shares, for purposes of calculating the dilutive effect of the stock options, is based on the quoted market prices for the period in which the options were outstanding. |
Related and Interested Parties
Related and Interested Parties | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 25 - Related and Interested Parties | Note 25 - Related and Interested Parties Related parties within its meaning in IAS 24 (2009), “Related Parties Disclosure”; Interested parties within their meaning in Paragraph 1 of the definition of an “interested party” in Section 1 of the Israeli Securities Law, 1968. Parent company and subsidiaries Israel Corp. is a public company listed for trading on the Tel Aviv Stock Exchange (TASE). Based on the information provided by Israel Corp., Millenium Investments Elad Ltd. (“Millenium”) and Mr. Idan Ofer are considered as joint controlling shareholders of Israel Corp., for purposes of the Israeli Securities Law (each of Millenium and Mr. Idan Ofer hold shares in Israel Corp. directly, and Mr. Idan Ofer serves as a director of Millenium and has an indirect interest in it as the beneficiary of the discretionary trust that has indirect control of Millenium, as stated below). Millenium holds approximately 46.94% of the share capital in Israel Corp., which holds as at December 31, 2018 approximately 45.86% of the voting rights and issued share capital of the Company. Note 25 - Related and Interested Parties (cont’d) A. Parent company and subsidiaries (cont’d) Millenium is held by Mashat Investments Ltd. (“Mashat”) and by XT Investments Ltd. (“XT Investments”), with 80% and 20% holding rates in the issued share capital, respectively. (It is noted that Mashat granted XT Investments a power of attorney for a fixed period (which is extendable) to vote according to XT's discretion at General Meetings of Millenium in respect of shares constituting 5% of the voting rights in Millenium). Mashat is wholly owned by Ansonia Holdings Singapore B.V. (“Ansonia”) which is incorporated in the Netherlands. Ansonia is a wholly owned subsidiary of Jelany Corporation N.V. (registered in Curaçao), which is a wholly owned subsidiary of a Liberian company, Court Investments Ltd. (“Court”). Court is wholly owned by a foreign discretionary trust, in which Mr. Idan Ofer is the beneficiary. XT Investments is fully held by XT Holdings Ltd. (“XT Holdings”), a company whose ordinary shares are held in equal shares by Orona Investments Ltd. (which is indirectly controlled by Mr. Ehud Angel) and by Lynav Holdings Ltd., a company that is controlled by a foreign discretionary trust in which Mr. Idan Ofer is the beneficiary. Mr. Ehud Angel holds, among other things, a special share that grants him, inter alia, under certain limitations and for certain issues, an additional vote on the Board of Directors of XT Holdings. In addition, Kirby Enterprises Inc., which is indirectly held by the same trust that holds Mashat, in which, as stated, Mr. Idan Ofer is the beneficiary, holds approximately 0.74% of the share capital of Israel Corp. Furthermore, Mr. Idan Ofer holds directly approximately 3.85% of the share capital of Israel Corp. As of December 31, 2018, the number of ICL's shares held by Israel Corp. does not include 9,909,848 ordinary shares, which are subject to certain forward sale agreements, as set forth on ICL's registration statement on Form F-1 (hereinafter - the Forward Agreements), filed with the Securities and Exchange Commission on September 23, 2014 (the "Financial Transaction"). Israel Corp. does not have voting rights or dispositive power with respect to the shares subject to the Financial Transaction, which have been made available to the financial entities (hereinafter - the Forward Counterparties) with whom it engaged in the Transaction. As of December 31, 2018, the settlement period of the Financial Transaction has commenced, which is expected to be executed, subject to its terms, in components at several settlement dates that will occur over a period of approximately nine months. In accordance with the terms of the Financial Transaction, Israel Corp. will not regain voting rights and dispositive power with respect to the said shares (“physical settlement”), in whole or in part, unless it informs the Forward Counterparties otherwise at the relevant settlement dates specified in the Forward Agreements. Even though Israel Corp. holds less than 50% of the Company’s ordinary shares, it still has decisive influence at the General Meetings of the Company’s shareholders and, effectively, it has the power to appoint directors and to exert significant influence with respect to the composition of the Company’s Board of Directors. As of December 31, 2018, 141 million ordinary shares have been pledged by Israel Corporation to secure certain liabilities, almost entirely comprised of margin loans with an aggregate outstanding principal amount of $260 million. Note 25 - Related and Interested Parties (cont’d) B. Benefits to key management personnel (including directors) The senior managers, in addition to their salaries, are entitled to non-cash benefits (such as vehicle, mobile etc.). The Group contributes to a post-employment defined benefit plan on their behalf. In accordance with the terms of the plan, the retirement age of senior managers is 67. Senior managers and directors also participate in the Company's incentive and equity remuneration plans (options for Company shares and restricted shares (see Note 21). Set forth below are details of the benefits for key management personnel in 2018 and 2017. The Company's key management personnel in 2018, consists of 27 individuals, of whom 14 are not employed by the company (directors). The number of key management personnel in 2018, includes 7 individuals whose tenure was terminated during 2018. The Company's key management personnel in 2017, consisted of 21 individuals, of whom 10 were not employed by the Company (directors). For the year ended December 31 2018 2017 $ millions $ millions Short-term benefits 11 8 Post-employment benefits 1 1 Share-based payments 4 4 Total * 16 13 * To interested parties employed by the Company 5 4 * To interested parties not employed by the Company 1 1 The General Meeting of the Company’s shareholders held on April 24, 2018 approved the service and employment conditions of the Company’s incoming CEO, Mr. Raviv Zoller, including equity compensation; a special bonus to the Executive Chairman of the Company’s Board of Directors, Mr. Johanan Locker, in respect of 2017; and renewal of the management services agreement with the Company’s controlling shareholder, Israel Corporation Ltd. On May 14, 2018, Mr. Raviv Zoller entered into office as CEO of the Company, replacing the Company's Acting CEO, Mr. Asher Grinbaum. Pursuant to the approval of the General Meeting of the Company’s shareholders, as aforementioned upon entering into office as CEO, Mr. Zoller was granted with an annual equity compensation for 2018 at a total value of ILS 4 million, consisting of 120,919 restricted shares and 384,615 options exercisable into Company shares. Note 25 - Related and Interested Parties (cont’d) B. Benefits to key management personnel (including directors) (cont'd) The Annual General Meeting of the Company's shareholders was held on August 20, 2018, approved an equity compensation for the year 2019 to each of the Company’s directors, as may serve from time to time, excluding the Chairman of the Company’s Board of Directors, Mr. Johanan Locker, and the directors who are officeholders in our controlling shareholder, Israel Corporation Ltd., Messrs. Aviad Kaufman, Avisar Paz and Sagi Kabla, to be issued on January 1, 2019, in the form of restricted Ordinary Shares, with a value per grant of NIS 310,000 (approximately $85,635), an equity compensation for 2018 to our Chairman of the Company’s Board, Mr. Johanan Locker and annual bonus for 2017 in an amount of NIS 1,198,000 (approximately $330,939) and a special bonus in an amount of NIS 1,800,000 (approximately $497,238), to our retired Acting CEO of the Company, Mr. Asher Grinbaum, pursuant to the AGM's resolution out of the special bonus. C. Ordinary transactions that are not exceptional The Company’s Board of Directors, with the agreement of the Audit Committee, decided that a transaction with related and interested parties will be considered a “negligible transaction” for public reporting purposes if all the following conditions have been met: (1) It is not an “extraordinary transaction” within the meaning thereof in the Companies Law. (2) The effect of each of the parameters listed hereunder is less than one percent (hereinafter – the Negligibility Threshold). For every transaction or arrangement that is tested for the Negligibility Threshold, the parameters will be examined, to the extent they are relevant, on the basis of the Company's condensed or audited consolidated financial statements, as applicable, prior to the transaction, as detailed below: Acquisition of assets Assets ratio – the amount of the assets in the transaction divided by total assets. Sale of assets Assets ratio – the amount of the assets in the transaction divided by total assets. Profit ratio – the profit or loss attributed to the transaction divided by the total annual comprehensive income or loss during the period. Financial liabilities Liabilities ratio – the amount of the liabilities in the transaction divided by the total liabilities. Financing expenses ratio – the expected financing expenses in the specific transaction divided by the total financing expenses in the statement of income. Note 25 - Related and Interested Parties (cont’d) C. Ordinary transactions that are not exceptional (cont'd) Acquisition and sale of products, services and manufacturing inputs Revenue ratio – estimated revenue from the transaction divided by the annual revenue, or Manufacturing expenses ratio – the amount of the expenses in the transaction divided by the annual cost of sales. (3) The transaction is negligible also from a qualitative point of view. For the purpose of this criterion, it shall be examined whether there are special considerations justifying a special report on the transaction, even if it does not meet the quantitative criteria described above. (4) In examining the negligibility of a transaction expected to occur in the future, among other things, the probability of the transaction occurring is to be examined. D. Transactions with related and interested parties For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Sales 5 8 35 Cost of sales 19 97 113 Selling, transport and marketing expenses 7 8 7 Financing expenses (income), net 3 (9) - General and administrative expenses 1 1 1 Management fees to the parent company 1 1 1 A subsidiary in the Phosphate Solutions segment is engaged in a long-term agreement with Nutrien, for acquisition of food ‑ quality phosphoric acid. The agreement is in effect until the end of 2018. In October 2017, the Company signed a new agreement with Nutrien for acquisition of phosphoric acid commencing January 2019 up to 2025. Nutrien was an interested party up to January 2018. In 2013, the Company's Board of Directors authorized certain subsidiaries in Israel to purchase electricity from OPC Rotem (a company related to the Company’s controlling shareholder). On January 17, 2018, our Audit and Accounting Committee and our Board of Directors approved, and on April 24, 2018, our General Meeting of shareholders approved, the renewed management agreement effective retroactively as of January 1, 2018, for an additional term of three years, expiring on December 31, 2020. According to the renewed management agreement, the annual management fee paid to Israel Corp for each calendar year, shall not exceed $1 million plus VAT. Such amount includes the overall value of the cash and equity compensation for the service of our directors whom are office holders of Israel Corp., and any and all prior or other compensation arrangements relating to such directors were cancelled. In addition, the renewed agreement was Note 25 - Related and Interested Parties (cont’d) D. Transactions with related and interested parties(cont’d) amended so as to no longer include an increase of management fees to a threshold of $3.5 million plus VAT in case an executive chairman of the Board is appointed on behalf of Israel Corporation. All other provisions of the management agreement remained unchanged. According to the decision of the General Meeting of our shareholders, the Audit & Accounting Committee will annually examine the reasonableness of the Management Fees paid in the previous year against the Management Services actually provided by Israel Corp to the Company in the same year. On February 4 and 25, 2019, the Audit & Accounting Committee examined the management services that were actually rendered in 2018 against the management fees paid in that year and concluded that the fees were reasonable In March 2017, ICL's Audit and Accounting Committee and its Board of Directors approved a framework agreement with the controlling shareholder, Israel Corporation Ltd. (hereinafter – Israel Corp.), for three years, according to which Israel Corp. can deposit, occasionally, an amount of up to $150 million in short ‑ term U.S. dollar or shekel deposits in ICL subject to ICL’s approval. In August 2017, the terms of the framework agreement were expanded to up to $250 million. The terms and conditions of the deposits, including the interest rate, will be determined on the date of the deposits. The deposits will be received by ICL without security. In fourth quarter of 2017, the Company received short-term loans, in a total amount of $175 million, for a period of 6 months, bearing interest at an annual rate of 1.72%–1.99%, which were repaid in the first quarter of 2018. In December 2017, the Company, Oil Refineries Ltd. (a public company controlled by Israel Corporation Ltd.) and OPC Energy Ltd. (a public company that is controlled indirectly by one of the Company’s controlling shareholders) signed individual agreements with Energean Israel Limited for supply of natural gas. The company share will be up to 13 BCM of natural gas over a period of 15 years, in the total amount of about $1.9 billion. For further information see Note 20. E. Balances with related and interested parties Composition : As at December 31 2018 2017 $ millions $ millions Other current assets 28 38 Other current liabilities 7 191 |
Group Entities
Group Entities | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 26 - Group Entities | Note 26 – Group Main Entities Ownership interest in its subsidiary and investee companies for the year ended December 31 Name of company Principal location of the company’s activity 2018 2017 ICL Israel Ltd. Israel 100.00% 100.00% Dead Sea Works Ltd. Israel 100.00% 100.00% Dead Sea Bromine Company Ltd. Israel 100.00% 100.00% Rotem Amfert Negev Ltd. Israel 100.00% 100.00% Mifalei Tovala Ltd. Israel 100.00% 100.00% Dead Sea Magnesium Ltd. Israel 100.00% 100.00% Ashli Chemicals (Holland) B.V. Israel 100.00% 100.00% Bromine Compounds Ltd. Israel 100.00% 100.00% Tetrabrom Technologies Ltd.* Israel 0.00% 100.00% Fertilizers and Chemicals Ltd. Israel 100.00% 100.00% Iberpotash S.A. Spain 100.00% 100.00% Fuentes Fertilizantes S.L. Spain 100.00% 100.00% ICL Europe Coöperatief U.A. The Netherlands 100.00% 100.00% ICL-IP Europe B.V. The Netherlands 100.00% 100.00% ICL IP Terneuzen B.V. The Netherlands 100.00% 100.00% ICL Fertilizers Europe C.V. The Netherlands 100.00% 100.00% ICL Finance B.V. The Netherlands 100.00% 100.00% Everris International B.V. The Netherlands 100.00% 100.00% ICL Puriphos B.V. The Netherlands 100.00% 100.00% ICL-IP America Inc. United States of America 100.00% 100.00% ICL Specialty Products Inc. United States of America 100.00% 100.00% Everris N.A. Inc. United States of America 100.00% 100.00% Phosphorus Derivatives Inc.** United States of America 0.00% 100.00% BK Giulini GmbH Germany 100.00% 100.00% ICL Holding Germany GmbH Germany 100.00% 100.00% ICL I.P. Bitterfeld GmbH Germany 100.00% 100.00% Rovita GmbH Germany 100.00% 100.00% Prolactal GmbH Austria 100.00% 100.00% Cleveland Potash Ltd. United Kingdom 100.00% 100.00% ICL Brasil, Ltda. Brazil 100.00% 100.00% ICL (Shanghai) Investment Co. Ltd. China 100.00% 100.00% Yunnan Phosphate Haikou Co. Ltd. China 50.00% 50.00% Sinobrom Compounds Co. Ltd., China China 75.00% 75.00% ICL Asia Ltd. Hong Kong 100.00% 100.00% ICL Trading (HK) Ltd. Hong Kong 100.00% 100.00% Allana Potash Afar PLC*** Ethiopia 100.00% 100.00% *The company was merged into "Bromine Compounds Ltd.". **Company sold. ***Company in liquidation proceedings. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Basis for consolidation | A. Basis for Consolidation Business combinations ICL implements the acquisition method to all business combinations. The acquisition date is the date on which the acquirer obtains control over the acquiree. Control exists when ICL is exposed or has rights to variable returns from its involvement with the acquiree and it could affect those returns through its power over the acquiree. Substantive rights held by ICL and others are considered when assessing control. ICL recognizes goodwill on acquisition according to the fair value of the consideration transferred including any amounts recognized in respect of non-controlling interest in the acquiree as well as the fair value at the acquisition date of any pre-existing equity right of ICL in the acquiree, less the net amount of the identifiable assets acquired, and the liabilities assumed. Costs associated with the acquisition that were incurred by ICL in a business combination such as finder’s fees, advisory, legal, valuation and other professional or consulting fees, other than those associated with an issue of debt or equity instruments connected to the business combination, are expensed in the period the services are received. 2. Subsidiaries Subsidiaries are entities controlled by ICL. The financial statements of the subsidiaries are included in the consolidated financial statements from the date control commenced until the date control ceases to exist. The accounting policies of subsidiaries have been changed when necessary to align them with the accounting policies adopted by ICL. Structured entities ICL operates with structured entities for purposes of securitization of financial assets. ICL has no direct or indirect holdings in the shares of the structured entities. A structured entity is included in the financial statements where it is controlled by the Company. Non-controlling interests Non-controlling interests comprise of the subsidiary's equity that cannot be attributed, directly or indirectly, to the parent company and they include additional components such as: the equity component of convertible debentures of subsidiaries, share-based payments that will be settled with equity instruments of subsidiaries and share options of subsidiaries. Measurement of non-controlling interests on the date of the business combination – Non ‑ controlling interests that are instruments that give rise to a present ownership interest and entitle the holder to a share of net assets in the event of liquidation (for example: ordinary shares), are measured at the date of the business combination at either fair value, or at their proportionate interest in the identifiable assets and liabilities of the acquiree, on a transaction-by-transaction basis. Note 3 - Significant Accounting Policies (cont’d) A. Basis for Consolidation (cont’d) Non-controlling interests (cont’d) Allocation of profit or loss and other comprehensive income to the shareholders - Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests. Total profit or loss and other comprehensive income is allocated to the owners of the Company and the non-controlling interests even if the result is a negative balance of non-controlling interests Transactions with non-controlling interests, while retaining control - Transactions with non-controlling interests while retaining control are accounted for as equity transactions. Any difference between the consideration paid or received and the change in non ‑ controlling interests is included in the share of the owners of the Company directly in a separate category in equity. The amount of the adjustment to non-controlling interests - For an increase in the holding rate, according to the proportionate share acquired from the balance of non-controlling interests in the consolidated financial statements prior to the transaction. For a decrease in the holding rate, according to the proportionate share realized by the owners of the subsidiary in the net assets of the subsidiary, including goodwill. Furthermore, when the holding rate of the subsidiary changes, while retaining control, the Company re-attributes the accumulated amounts that were recognized in other comprehensive income to the owners of the Company and the non-controlling interests. Loss of control Upon the loss of control, ICL derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. If ICL retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. The difference between the sum of the proceeds and fair value of the retained interest, and the derecognized balances is recognized in profit or loss under other income or other expenses. Subsequently the retained interest is accounted for as an equity-accounted investee or as a financial asset in accordance with the provisions of IFRS 9, depending on the level of influence retained by ICL in the relevant company. The amounts recognized in capital reserves through other comprehensive income with respect to the same subsidiary are reclassified to profit or loss or to retained earnings. Transactions eliminated in consolidation Intra-group balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with associates and joint ventures are eliminated against the investment to the extent of ICL’s interest in these investments. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. Note 3 - Significant Accounting Policies (cont’d) A. Basis for Consolidation (cont’d) Investment in associates and joint ventures Associates are those entities in which ICL has significant influence, but not control or joint control, over the financial and operating policies. There is a rebuttable presumption that significant influence exists when a company holds between 20% and 50% of another entity. In assessing significant influence, potential voting rights that are currently exercisable or convertible into shares of the investee are considered. Joint ventures are joint arrangements in which ICL has rights to the net assets of the arrangement. Associates and joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The cost of the investment includes transaction costs. |
Foreign currency | B. Foreign Currency Transactions in foreign currency Transactions in foreign currency are translated to the functional currency of the Company and each of its subsidiaries based on the exchange rate in effect on the dates of the transactions. Monetary assets and liabilities denominated in foreign currency on the report date are translated into the functional currency of the Company and each of its subsidiaries based on the exchange rate in effect on that date. Exchange rate differences in respect of monetary items are the difference between the net book value in the functional currency at the beginning of the year adjusted for effective interest and payments during the year, plus the payments during the year and the net book value in foreign currency translated based on the rate of exchange at the end of the year. Exchange rate differences deriving from translation into the functional currency are recognized in the consolidated statement of income. Non ‑ monetary items denominated in foreign currency and measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at exchange rates at the dates of the transactions. Foreign currency differences are recognized in other comprehensive income and are presented in equity in the foreign currency translation reserve (hereinafter –Translation Reserve). When the foreign operation is a non-wholly-owned subsidiary of the Company, then the relevant proportionate share of the foreign operation translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the Translation Reserve related to that foreign operation is reclassified to profit or loss as a part of the gain or loss on disposal. Furthermore, when ICL’s interest in a subsidiary that includes a foreign operation changes, while retaining control in the subsidiary, a proportionate part of the cumulative amount of the translation difference that was recognized in other comprehensive income is reattributed to non-controlling interests. Note 3 - Significant Accounting Policies (cont’d) B. Foreign Currency (cont'd) Foreign operations (cont'd) Generally, foreign currency differences from a monetary item receivable from or payable to a foreign operation, including foreign operations that are subsidiaries, are recognized in profit or loss in the consolidated financial statements. Foreign exchange gains and losses arising from a monetary item receivable from or payable to a foreign operation, the settlement of which is neither planned nor likely in the foreseeable future, are considered to form part of a net investment in a foreign operation and are recognized in other comprehensive income and are presented within equity in the Translation Reserve. |
Financial instruments | C. Financial Instruments 1. Non-derivative financial assets (IFRS9) Initial recognition of financial assets: ICL initially recognizes trade receivables and debt instruments issued on the date that they are originated. All other financial assets are recognized initially on the trade date at which ICL becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset. A trade receivable without a significant financing component is initially measured at the transaction price. Receivables originating from contract assets are initially measured at the carrying amount of the contract assets on the date classification was changed from contract asset to receivables. Derecognition of financial assets: Financial assets are derecognized when the contractual rights of ICL to the cash flows from the asset expire, or ICL transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. When ICL retains substantially all the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category Financial assets are classified at initial recognition to one of the following measurement categories: (1) amortized cost; (2) fair value through other comprehensive income – investments in debt instruments; (3) fair value through other comprehensive income – investments in equity instruments; or (4) fair value through profit or loss. Financial assets are not reclassified in subsequent periods unless, and only if, ICL changes its business model for the management of financial debt assets, in which case the affected financial debt assets are reclassified at the beginning of the period following the change in the business model. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) 1. Non-derivative financial assets (IFRS9) (cont'd) A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: (1) It is held within a business model whose objective is to hold assets so as to collect contractual cash flows; and (2) the contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. In certain cases, on initial recognition of an equity investment that is not held for trading, ICL irrevocably elects to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an investment-by-investment basis. ICL has balances of trade and other receivables and deposits that are held within a business model whose objective is collecting contractual cash flows, which represent solely payments of principal and interest (for the time value and the credit risk). Accordingly, these financial assets are measured at amortized cost. Subsequent measurement and gains and losses - Financial assets at fair value through profit or loss These assets are subsequently measured at fair value. Net gains and losses, including any interest income or dividend income, are recognized in profit or loss (other than certain derivatives designated as hedging instruments). Subsequent measurement and gains and losses - Investments in equity instruments at fair value through other comprehensive income These assets are subsequently measured at fair value. Dividends are recognized as income in profit or loss, unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in other comprehensive income and are never reclassified to profit or loss. Subsequent measurement and gains and losses - Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) Non-derivative financial liabilities Non-derivative financial liabilities include bank overdrafts, loans and borrowings from banks and others, marketable debt instruments, finance lease liabilities, and trade and other payables. Initial recognition of financial liabilities: ICL initially recognizes debt securities issued on the date that they originated. All other financial liabilities are recognized initially on the trade date at which ICL becomes a party to the contractual provisions of the instrument. Subsequent Measurement of Financial Liabilities: Financial liabilities (other than financial liabilities at fair value through profit or loss) are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Derecognition of financial liabilities: Financial liabilities are derecognized when the obligation of ICL, as specified in the agreement, expires or when it is discharged or cancelled. Change in terms of debt instruments: An exchange of debt instruments having substantially different terms, between an existing borrower and lender is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability at fair value. Furthermore, a substantial modification of the terms of the existing financial liability or part of it, is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. In such cases the entire difference between the amortized cost of the original financial liability and the fair value of the new financial liability is recognized in profit or loss as financing income or expense. The terms are substantially different if the discounted present value of the cash flows according to the new terms, including any commissions paid, less any commissions received and discounted using the original effective interest rate, is different by at least ten percent from the discounted present value of the remaining cash flows of the original financial liability. In addition to the aforesaid quantitative criterion, ICL examines, inter alia, whether there have also been changes in various economic parameters inherent in the exchanged debt instruments (e.g. linkage). Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) Non-derivative financial liabilities (cont'd) Upon the swap of debt instruments with equity instruments, equity instruments issued at the extinguishment and de-recognition of all or part of a liability, are a part of “consideration paid” for purposes of calculating the gain or loss from de-recognition of the financial liability. The equity instruments are initially recognized at their fair value, unless fair value cannot be reliably measured – in which case the issued instruments are measured at the fair value of the derecognized liability. Any difference between the amortized cost of the financial liability and the initial measurement amount of the equity instruments is recognized in profit or loss under financing income or expenses. Offset of financial instruments: Financial assets and liabilities are offset, and the net amount presented in the statement of financial position when, and only when, ICL currently has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative financial instruments ICL holds derivative financial instruments in order to reduce exposure to foreign currency risks, risks with respect to commodity prices, marine shipping prices, and interest risks. Derivatives are recognized according to fair value and the attributable transaction costs are recorded in the statement of income as incurred. Changes in the fair value of the derivatives are recorded in the statement of income, except for derivatives used to hedge cash flows, as detailed below. Cash flow hedges Changes in the fair value of derivatives used to hedge cash flows, in respect of the effective portion of the hedge, are recorded through other comprehensive income directly in a hedging reserve. With respect to the non ‑ effective part, changes in the fair value are recognized in the statement of income. The amount accumulated in the capital reserve is reclassified and included in the statement of income in the same period as the hedged cash flows affected profit or loss under the same line item in the statement of income as the hedged item. Where the hedged item is a non-financial asset, the amount recorded in the capital reserve is transferred to the book value of the asset, upon recognition thereof. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then hedge accounting is discontinued prospectively. The cumulative gain or loss in the other comprehensive income and presented in the hedging reserve in equity remains there until the forecasted transaction occurs or is no longer expected to occur and then, will be reclassified to the profit or loss. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont’d) Derivative financial instruments (cont'd) Economic hedge that does not meet the conditions of an accounting hedge Changes in the fair value of derivatives that do not meet the conditions of an accounting hedge in accordance with IFRS, after the date of the initial recognition thereof, are recorded in the statement of income as financing income or expenses. CPI-linked assets and liabilities not measured at fair value The value of index-linked financial assets and liabilities, which are not measured at fair value, is re-measured every period in accordance with the actual increase/ decrease in the CPI. Share capital Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. Incremental costs directly attributable to an expected issuance of an instrument that will be classified as an equity instrument are recognized as an asset in the statement of financial position. The costs are deducted from the equity upon the initial recognition of the equity instruments or are amortized as financing expenses in the statement of income when the issuance is no longer expected to take place. Treasury shares When share capital recognized as equity is repurchased by ICL, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings. |
Property plant and Equipment | D. Property, plant and equipment 1. Recognition and measurement Property, plant and equipment are presented at cost less accumulated depreciation and provision for impairment. The cost includes expenses that can be directly attributed to the acquisition of the asset after deducting the related amounts of government grants. The cost of assets that were self-constructed includes the cost of the materials and direct labor, as well as any additional costs that are directly attributable to bringing the asset to the required position and condition so that it will be able to function as management intended, as well as an estimate of the costs to dismantle and remove the items and to restore its location, where there is an obligation to dismantle and remove or to restore the site and capitalized borrowing costs. The cost of purchased software, which constitutes an inseparable part of operating the related equipment, is recognized as part of the cost of the equipment. Spare parts for facilities are valued at cost determined based on the moving average method, after recording a write ‑ down in respect of obsolescence. The portion designated for current consumption is presented in the “inventories” category in the current assets section. Where significant parts of an item of property, plant and equipment (including costs of major periodic inspections) have different life expectancies, they are treated as separate items (significant components) of the property, plant and equipment. Changes in a commitment to dismantle and remove items and to restore their location, except for changes stemming from the passage of time, are added to or deducted from the cost of the asset in the period in which they occur. The amount deducted from the cost of the asset does not exceed its book value and any balance is recognized immediately in profit or loss. Gains and losses on disposal of a property, plant or equipment item are determined by comparing the proceeds from disposal with the carrying amount of the asset and are recognized net in the income statement in other income or other expenses, as applicable. The cost of replacing part of an item of property, plant and equipment and other subsequent costs are recognized as part of the book value of the item if it is expected that the future economic benefit inherent therein will flow to ICL and that its cost can be reliably measured. The book value of the part that was replaced is derecognized. Routine maintenance costs are charged to the statement of income as incurred. Subsequent Costs (after initial recognition) The cost of replacing part of a fixed asset item and other subsequent expenses are capitalized if it is probable that the future economic benefits associated with them will flow to ICL and their cost can be measured reliably. The carrying amount of the replaced part of a fixed asset item is derecognized. The costs of day-to-day servicing are expensed as incurred. Note 3 - Significant Accounting Policies (cont’d) D. Property, plant and equipment (cont’d) Depreciation Depreciation is a systematic allocation of the depreciable amount of an asset over its estimated useful life. The depreciable amount is the cost of the asset, or other amount substituted for cost, less its residual value. Depreciation of an item of property, plant and equipment begins when the asset is available for its intended use, that is, when it has reached the place and condition required in order that it can be used in the manner contemplated for it by Management. Depreciation is recorded in the statement of income according to the straight-line method over the estimated useful life of each significant component of the property, plant and equipment items, since this most closely reflects the expected pattern of consumption of the future economic benefits embodied in the asset. Owned land is not depreciated. The estimated useful life for the current period and comparative periods is as follows: In Years Land development, roads and structures 15-30 Facilities, machinery and equipment (1) 8-25 Dams and ponds (2) 20-40 Heavy mechanical equipment, train cars and tanks 5-15 Office furniture and equipment, motor vehicles, computer equipment and other 3-10 Mainly 25 years Mainly 40 years The Company reviews, at least at the end of every reporting year, the estimates regarding the depreciation method, useful lives and the residual value, and adjusts them if appropriate. Once every five years, the Company actively examines the useful lives of the main property, plant and equipment items and, if required, updates them. Over the years, the Company has succeeded in maintaining the useful lives of part of property, plant and equipment items – as a result of investments therein and other current, ongoing maintenance thereof. |
Intangible assets | E. Intangible Assets Goodwill Goodwill recorded consequent to the acquisition of subsidiaries is presented at cost less accumulated impairment charges, under intangible assets. Costs of exploration and evaluation of resources Costs incurred in respect of exploration of resources and the evaluation thereof are recognized at cost less a provision for impairment, under intangible assets. The cost includes, inter ‑ alia, costs of performing research studies, drilling costs and activities in connection with assessing the technical feasibility with respect to the commercial viability of extracting the resources. Note 3 - Significant Accounting Policies (cont’d) E. Intangible Assets (cont'd) Research and development Expenditures for research activities are expensed as incurred. Development expenditures are recognized as intangible asset only if development costs can be measured reliably, the product or process is technically, and commercially feasible, future economic benefits are probable, and ICL has the intention and sufficient resources to complete development and to use or sell the asset. Other development expenditures costs are expensed as incurred. Subsequent to initial recognition, development expenditures are measured at cost less accumulated amortization and any accumulated impairment losses. Other intangible assets Other intangible assets purchased by ICL, with a defined useful life, are measured according to cost less accumulated amortization and accumulated losses from impairment. Intangible assets with indefinite useful lives are measured according to cost less accumulated losses from impairment. Subsequent costs Subsequent costs are recognized as an intangible asset only when they increase the future economic benefit inherent in the asset for which they were incurred. All other costs, including costs relating to goodwill or trademarks developed independently, are charged to the statement of income as incurred. Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset less its residual value. Amortization is recorded in the statement of income according to the straight-line method from the date the assets are available for use, over the estimated useful economic life of the intangible assets, except for customer relationships and geological surveys, which are amortized according to the rate of consumption of the economic benefits expected from the asset based on cash flow forecasts. Goodwill and intangible assets having an indefinite lifespan are not amortized on a systematic basis but, rather, are examined at least once a year for impairment in value. Internally generated intangible assets are not systematically amortized as long as they are not available for use, i.e. they are not yet on site or in working condition for their intended use. Accordingly, these intangible assets, such as development costs, are tested for impairment at least once a year, until such date as they are available for use. Note 3 - Significant Accounting Policies (cont’d) E. Intangible Assets (cont'd) Amortization (cont'd) The estimated useful life for the current period and comparative periods is as follows: In Years Concessions – over the balance of the concession granted to the companies Software costs 3-10 Trademarks 15-20 Customer relationships 15-25 Agreements with suppliers and non-competition agreement 10-15 Patents 7-20 Deferred expenses in respect of geological surveys are amortized over their useful life based on a geological estimate of the amount of the material that will be produced from the mining site. The estimates regarding the amortization method and useful life are reviewed, at a minimum, at the end of every reporting year and are adjusted where necessary. ICL assesses the useful life of the customer relationships on an ongoing basis, based on an analysis of all the relevant factors and evidence, considering the experience the Company has with respect to recurring orders and churn rates and considering the future economic benefits expected to flow to the Company from these customer relationships. ICL periodically examines the estimated useful life of an intangible asset that is not amortized, at least once a year, in order to determine if events and circumstances continue to support the determination that the intangible asset has an indefinite life. |
Leased assets | F. Leased Assets Leases, where ICL assumes substantially all the risks and rewards of ownership of the asset, are classified as financing leases. Upon initial recognition, the leased assets are measured, and a liability is recognized at an amount equal to the lower of its fair value or the present value of the future minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. Other leases are classified as operating leases where the leased assets are not recognized in ICL’s statement of financial position. Payments under an operating lease are recorded in the statement of income on the straight-line method, over the period of the lease. |
Inventories | G. Inventories Inventories are measured at the lower of cost or net realizable value. The cost of the inventories includes the costs of purchasing the inventories and bringing it to its present location and condition. In the case of work in process and finished goods, the cost includes the proportionate part of the manufacturing overhead based on normal capacity. Net realization value is the estimated selling price in the ordinary course of business, after deduction of the estimated cost of completion and the estimated costs required to execute the sale. The cost of the inventories of raw and auxiliary materials, maintenance materials, finished goods and goods in process, is determined mainly according to the “moving average” method. If the benefit from stripping costs (costs of removing waste produced as part of a mine's mining activities during its production stage) is attributable to inventories, the Company accounts for these stripping costs as inventories. In a case where the benefit is improved access to the quarry, the Company recognizes the costs as a non ‑ current addition to the asset, provided the criteria presented in IFRIC 20 are met. Inventories which are expected to be sold in a period of more than 12 months from the reporting date are presented as non-current inventories, as part of non-current assets. |
Capitalization of borrowing costs | H. Capitalization of Borrowing Costs A qualifying asset is an asset that requires a significant period of time to prepare for its intended use or sale. Specific and non-specific borrowing costs are capitalized to qualifying assets during the period required for their completion and establishment until the time when they are ready for their intended use. Other borrowing costs are charged to "financing expenses" in the statement of income as incurred. |
Impairment | I. Impairment Non-derivative Financial assets Provision for expected credit losses in respect of a financial asset at amortized cost, including trade receivables, will be measured at an amount equal to the full lifetime of expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses. With respect to other debt instruments, provision for expected credit losses will be measured at an amount equal to 12-month expected credit losses, unless their credit risk has increased significantly since initial recognition. Provision for such losses in respect of a financial asset at amortized cost, will be presented net of the gross book value of the asset. Non-financial assets In every reporting period, an examination is made with respect to whether there are signs indicating impairment in value of ICL’s non-financial assets, other than inventories and deferred tax assets. If such signs exist, the estimated recoverable amount of the asset is calculated. ICL conducts an annual examination, on the same date, of the recoverable amount of goodwill and intangible assets with indefinite useful lives or those that are not available for use – or more frequently if there are indications of impairment. Note 3 - Significant Accounting Policies (cont’d) Impairment (cont'd) Non-financial assets (cont'd) Assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”). Goodwill is not monitored for internal reporting purposes and, accordingly, it is allocated to the Company’s operating segments and not to the cash- generating units, the level of which is lower than the operating segment. The recoverable amount of an asset or a cash- generating unit is the higher of its value in use or the net selling price (fair value less cost of disposal). When determining the value in use ICL discounts the anticipated future cash flows according to a discount rate that reflects the evaluations of the market's participants regarding the time value of money and the specific risks relating to the asset or to the cash- generating unit, in respect of which the future cash flows expected to derive from the asset or the cash- generating unit were not adjusted. Assets of the Company's headquarters and administrative facilities do not produce separate cash flows and they serve more than one cash-producing unit. Such assets are allocated to cash ‑ producing units on a reasonable and consistent basis and are examined for impairment as part of the examination of impairment of the cash ‑ producing units to which they are allocated. Impairment losses are recognized if the carrying amount of an asset or cash-producing unit in the books exceeds its estimated recoverable amount and are recognized in the statement of income. For operating segments that include goodwill, an impairment loss is recognized when the value of the operating segment in the books exceeds its recoverable value. Impairment losses recognized in respect of an operating segment are allocated first to reduce the carrying amount of its goodwill and then to reduce the carrying amounts of the other assets of that segment on a proportionate basis. An impairment loss is allocated between the owners of the Company and the non-controlling interests on the same basis that the profit or loss is allocated. A loss from impairment in value of goodwill recognized in previous periods is not reversible prospectively. A loss from impairment of other assets recognized in previous periods is examined in future periods to assess whether there are signs indicating that these losses have decreased or no longer exist. A loss from impairment of value is reversed if there is a change in the estimates used to determine the recoverable value, only if the book value of the asset, after reversal of the loss from impairment of value, does not exceed the book value, after deduction of depreciation or amortization, that would have been determined if the loss from impairment of value had not been recognized. Note 3 - Significant Accounting Policies (cont’d) Impairment (cont'd) Investments in associates and joint ventures An investment in an associate or joint venture is tested for impairment when objective evidence indicates there has been impairment. ICL estimates the recoverable amount of the investment, which is the greater of its value in use and its net selling price. In assessing value in use of an investment in an associate or joint venture, ICL either estimates its share of the present value of estimated future cash flows that are expected to be generated by the associate or joint venture, including their cash flows from operations and their consideration from the final disposal of the investment, or estimates the present value of the estimated future cash flows that are expected to be derived from dividends that will be received and from the final disposal. An impairment loss is recognized when the carrying amount of the investment, after applying the equity method, exceeds its recoverable amount, and it is recognized in the statements of income. An impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount of the investment after the impairment loss was recognized. |
Employee benefits | J. Employee Benefits ICL has several post-employment benefit plans. The plans are funded partly by deposits with insurance companies, financial institutions or funds managed by a trustee. The plans are classified as defined contribution plans and as defined benefit plans. 1. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which ICL pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. ICL’s obligation to make deposits in a defined contribution plan is recorded as an expense in the statement of income in the periods during which the employees provided the services. Contributions to a defined contribution plan, that are due more than 12 months after the end of the period in which the employees render the service are discounted to their present value. 2. Defined benefit plans Defined benefit plans are retirement benefit plans that are not defined contribution plans. ICL’s net obligation, regarding defined benefit plans for post-employment benefits, is calculated for each plan separately by estimating the future amount of the benefit to which an employee will be entitled as compensation for services in the current and past periods. The benefit is presented at present value after deducting the fair value of the plan assets. The discount rate for ICL companies operating in countries having a “deep” market wherein there is a high level of trading in corporate bonds is in accordance with the yield on the corporate bonds, including Israel. The discount rate for ICL companies operating in countries not having a market wherein there is a high level of trading in corporate bonds, as stated above, is in accordance with the yield on government bonds – the currency and redemption date of which are similar to the terms binding ICL. The calculations are performed by a qualified actuary using the projected unit credit method. Note 3 - Significant Accounting Policies (cont’d) J. Employee Benefits (cont’d) 2. Defined benefit plans (cont’d) When a net asset is created for ICL, the asset is recognized up to the net present value of the available economic benefits in the form of a refund from the plan or by a reduction in future deposits to the plan. An economic benefit in the form of a refund from the plan or a reduction in future deposits will be considered available when it can be realized in the lifetime of the plan or after settlement of the obligation. Costs in respect of past services are recognized immediately and without reference to whether the benefits have vested. The movement in the net liability in respect of a defined benefit plan that is recognized in every accounting period in the statement of income is comprised of the following: Current service costs – the increase in the present value of the liability deriving from employees’ service in the current period. The net financing income (expenses) are calculated by multiplying the net defined benefit liability (asset) by the discount rate used for measuring the defined benefit liability, as determined at the beginning of the annual reporting period. Exchange rate differences; Past service costs and plan reduction – the change in the present value of the liability in the current period as a result of a change in post-employment benefits attributed to prior periods. The difference, as at the date of the report, between the net liability at the beginning of the year plus the movement in profit and loss as detailed above, and the actuarial liability less the fair value of the fund assets at the end of the year, reflects the balance of the actuarial income or expenses recognized in other comprehensive income and is recorded in retained earnings. The current interest costs and return on plan assets are recognized as expenses and interest income in the respective financing category. 3. Other long-term employee benefits Some of the Company’s employees are entitled to other long-term benefits that do not relate to a post-retirement benefit plan. Actuarial gains and losses are recorded directly to the statement of income in the period in which they arise. In cases where the amount of the benefit is the same for every employee, without considering the years of service, the cost of the benefit is recognized when entitlement to the benefit is determined. The amount of these benefits is discounted to its present value in accordance with an actuarial evaluation. Note 3 - Significant Accounting Policies (cont’d) J. Employee Benefits (cont’d) 4. Early retirement pay Early retirement pay is recognized as an expense and as a liability when ICL has clearly undertaken to pay it, without any reasonable chance of cancellation, in respect of termination of employees before they reach the customary age of retirement according to a formal, detailed plan. The benefits provided to employees upon voluntary retirement are charged when ICL proposes a plan to the employees encouraging voluntary retirement, it is expected that the proposal will be accepted, and it is possible to reliably estimate the number of employees that will accept the proposal. If benefits are payable more than 12 months after the reporting period, then they are discounted to their present value. The discount rate is the yield at the reporting date on high-quality, index-linked corporate debentures, the denominated currency of which is the payment currency and that have maturity dates approximating the terms of ICL’s obligations. 5. Short ‑ term benefits Obligations for short-term employee benefits are measured on a non-discounted basis, and the expense is recorded at the time the service is provided or upon the actual absence of the employee when the benefit is not accumulated (such as maternity leave). A provision for short-term employee benefits in respect of cash bonuses or profit-sharing plans is recognized for the amount expected to be paid, when ICL has a current legal or implied obligation to pay for the services provided by the employee in the past and it is possible to reliably estimate the obligation. Classification of employee benefits as a short ‑ term employee benefit or a long ‑ term employee benefit (for measurement purposes) is determined based on ICL's expectation with respect to full utilization of the benefits and not based on the date on which the employee is entitled to utilize the benefit. 6. Share-based compensation The fair value on the grant date of share-based compensation awards granted to employees is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognized as an expense in respect of share-based compensation awards that are conditional upon meeting vesting conditions that are service conditions and non-market performance conditions, is adjusted to reflect the number of awards that are expected to vest. |
Provisions | K. Provisions A provision is recognized when ICL has a present legal or implied obligation as the result of an event that occurred in the past, that can be reliably estimated and when it is expected that an outflow of economic benefits will be required in order to settle the obligation. The provisions are made by means of discounting of the future cash flows at a pre-tax interest rate reflecting the current market estimates of the time value of money and the risks specific to the liability, and without considering the Company’s credit risk. The book value of the provision is adjusted in every period in order to reflect the amount of time that has elapsed and is recognized as financing expenses. In rare cases where it is not possible to estimate the outcome of a potential liability, no provision is recorded in the financial statements. ICL recognizes a reimbursement asset if, and only if, it is virtually certain that the reimbursement will be received if the Company settles the obligation. The amount recognized in respect of the reimbursement does not exceed the amount of the provision. Warranty A provision for warranty is recognized when the products or services, in respect of which the warranty is provided, are sold. The provision is based on historical data and on a weighting of all possible outcomes according to their probability of occurrence. Provision for environmental costs ICL recognizes a provision for an existing obligation for prevention of environmental pollution and anticipated provisions for costs relating to environmental restoration stemming from current or past activities. Costs for preventing environmental pollution that increase the life expectancy or efficiency of a facility or decrease or prevent the environmental pollution are recorded as a provision, are capitalized to the cost of the property, plant and equipment and are depreciated according to the usual depreciation rates used by ICL. Restructuring A provision for restructuring is recognized when ICL has approved a detailed and formal restructuring plan, and the restructuring either has commenced or has been announced publicly. The provision includes direct expenditures caused by the restructuring and necessary for the restructuring, and which are not associated with the continuing activities of ICL. Site restoration In accordance with ICL’s environmental policy and applicable legal requirements, a provision for site restoration in respect of contaminated land, and the related expense, is recognized when the land is contaminated. Note 3 - Significant Accounting Policies (cont’d) K. Provisions (cont'd) Legal claims A provision for legal claims is recognized when ICL has a present legal or constructive obligation as a result of an event that occurred in the past, if it is more likely than not that an outflow of economic resources will be required to settle the obligation and it can be reliably estimated. Where the time value is significant, the provision is measured based on its present value. |
Revenue recognition | L. Revenue Recognition Identifying a contract ICL accounts for a contract with a customer only when the following conditions are met: The parties to the contract have approved the contract (in writing, orally or according to other customary business practices) and they are committed to satisfying the obligations attributable to them; ICL can identify the rights of each party in relation to the goods or services that will be transferred; ICL can identify the payment terms for the goods or services that will be transferred; The contract has a commercial substance (i.e. the risk, timing and amount of the entity’s future cash flows are expected to change as a result of the contract); and It is probable that the consideration, to which ICL is entitled to in exchange for the goods or services transferred to the customer, will be collected. For the purpose of paragraph (e) above, ICL examines, inter alia, the percentage of the advance payments received and the spread of the contractual payments, past experience with the customer and the status and existence of sufficient collateral. If a contract with a customer does not meet all of the above criteria, consideration received from the customer is recognized as a liability until the criteria are met or when one of the following events occurs: ICL has no remaining obligations to transfer goods or services to the customer and any consideration promised by the customer has been received and cannot be returned; or the contract has been terminated and the consideration received from the customer cannot be refunded. Combination of contracts ICL combines two or more contracts entered into on the same date or on proximate dates with the same customer (or related parties of the customer) and accounts for them as one contract when one or more of the following conditions are met: Negotiations were held on the contracts as one package with a single commercial purpose; The amount of the consideration in one contract depends on the price or performance of a different contract; or The goods or services promised in the contracts (or certain goods or services promised in each one of the contracts) are a single performance obligation. Note 3 - Significant Accounting Policies (cont’d) L. Revenue Recognition (cont'd) Identifying performance obligations On the contract’s inception date, ICL assesses the goods or services promised in the contract with the customer and identifies as a performance obligation any promise to transfer to the customer one of the following: Goods or services (or a bundle of goods or services) that are distinct; or A series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. ICL identifies goods or services promised to the customer as being distinct when the customer can benefit from the goods or services on their own or in conjunction with other readily available resources and ICL’s promise to transfer the goods or services to the customer is separately identifiable from other promises in the contract. In order to examine whether a promise to transfer goods or services is separately identifiable, ICL examines whether it is providing a significant service of integrating the goods or services with other goods or services promised in the contract into one integrated outcome that is the purpose of the contract. An option that grants the customer the right to purchase additional goods or services constitutes a separate performance obligation in the contract only if the option grants to the customer a material right it would not have received without the original contract. Determining the transaction price The transaction price is the amount of the consideration to which ICL expects to be entitled in exchange for the goods or services promised to the customer, other than amounts collected for third parties. ICL considers the effects of all the following elements when determining the transaction price: variable consideration, the existence of a significant financing component, non-cash consideration, and consideration payable to the customer. As ICL does not engage in agreements with payment terms exceeding one year, it applies the practical expedient included in the standard to not separate a significant financing component where the difference between the time of receiving payment and the time of transferring the goods or services to the customer is one year or less. |
Financing income and expenses | M. Financing Income and Expenses Financing income includes income from interest on amounts invested, gains from derivative financial instruments recognized in the statement of income, and gains on the disposal of available-for-sale financial assets. Interest income is recognized as accrued, using the effective interest method. Financing expenses include interest on loans received, changes in the time value of provisions, securitization transaction costs, losses from impairment or disposal of available for sale financial assets, losses from derivative financial instruments, changes due to the passage of time in liabilities in respect of defined benefit plans for employees less interest income deriving from plan assets of a defined benefit plan for employees and losses from exchange rate differences. Borrowing costs, which are not capitalized, are recorded in the income statement using the effective interest method. Note 3 - Significant Accounting Policies (cont’d) M. Financing Income and Expenses (cont'd) Gains and losses from exchange rate differences and from derivative financial instruments are reported on a net basis, as financing income or financing expenses, based on the fluctuation in the exchange rates and based on their position (net gain or loss). In the consolidated statements of cash flows, interest received and interest paid, are presented as part of cash flows from operating activities. Dividends paid are presented as part of cash flows from financing activities. |
Taxes on income | N. Taxes on Income Taxes on income include current and deferred taxes. Current tax and deferred tax are recognized in profit or loss unless they relate to a business combination or are recognized directly in equity or in other comprehensive income when they relate to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable (or receivable) on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date. Current taxes also include taxes in respect of prior years and any tax arising from dividends. Current tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and there is intent to settle current tax liabilities and assets on a net basis or the tax assets and liabilities will be realized simultaneously. A provision for uncertain tax positions, including additional tax and interest expenses, is recognized when it is more likely than not that ICL will have to use its economic resources to pay the obligation. Recognition of deferred taxes relates to temporary differences between the book values of the assets and liabilities for purposes of financial reporting and their value for tax purposes. The Company does not recognize deferred taxes for the following temporary differences: initial recognition of goodwill, initial recognition of assets and liabilities for transactions that do not constitute a business combination and do not impact the accounting income and the income for tax purposes, as well as differences deriving from investments in subsidiaries, investee companies and associated companies that are presented according to equity method, if it is not expected that they will reverse in the foreseeable future and if ICL controls the date the provision will reverse, whether via sale or distribution of a dividend. The deferred taxes are measured according to the tax rates expected to apply to the temporary differences at the time they are realized, based on the law that was finally legislated or effectively legislated as at the date of the report. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset deferred tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle deferred tax liabilities and assets on a net basis or their deferred tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized in the books when it is expected that in the future there will be taxable income against which the temporary differences can be utilized. Deferred tax assets are examined at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Note 3 - Significant Accounting Policies (cont’d) N. Taxes on Income (cont'd) Deferred taxes that were not recognized are re ‑ evaluated at every reporting date and are recognized if the expectation has changed such that it is expected that in the future there will be taxable income against which it will be possible to utilize them. ICL could become liable for additional taxes in the case of distribution of intercompany dividends between ICL's companies. These additional taxes are not included in the financial statements as ICL's companies decided not to cause distribution of a dividend that involves additional taxes to the paying company in the foreseeable future. In cases where an investee company is expected to distribute a dividend involving additional tax, the Company records a reserve for taxes in respect of the said additional tax it is expected to incur due to distribution of the dividend. Additional income taxes that arise from the distribution of dividends by the Company are recognized when the liability to pay the related dividend is recognized. Deferred taxes in respect of intra-company transactions in the consolidated financial statements are recorded according to the tax rate applicable to the buying company. |
Earnings per share | O. Earnings per share ICL presents basic and diluted earnings per share data for its ordinary share capital. The basic earnings per share are calculated by dividing the income or loss attributable to the holders of the Company’s ordinary shares by the weighted-average number of ordinary shares outstanding during the year, after adjustment in respect of treasury shares. The diluted earnings per share are determined by adjusting the income or loss attributable to the holders of the Company’s ordinary shares and the weighted-average number of ordinary shares outstanding after adjustment in respect of treasury shares and for the effect of restricted shares and options for shares granted to employees. |
Transactions with controlling shareholder | P. Transactions with controlling shareholder Assets and liabilities included in a transaction with a controlling shareholder are measured at fair value on the date of the transaction. As the transaction is on the equity level, the Company includes the difference between the fair value and the consideration from the transaction in its equity. |
Non-current assets and disposal groups held for sale | Q. Non-current assets and disposal groups held for sale Non-current assets (or disposal groups composed of assets and liabilities) are classified as held for sale if it is highly probable that they will be recovered primarily through a sale transaction and not through continuing use. This applies also to when the Company is obligated to a sale plan that involves losing control over a subsidiary, whether the Company will retain any non-controlling interests in the subsidiary after the sale. Immediately before classification as held for sale, the assets (or components of the disposal group) are remeasured in accordance with ICL’s accounting policies. Thereafter, the assets (or components of the disposal group) are measured at the lower of their carrying amount and fair value less costs to sell. Note 3 - Significant Accounting Policies (cont’d) Q. Non-current assets and disposal groups held for sale (cont'd) Any impairment loss on a disposal group is initially allocated to goodwill, and then to remaining assets on pro rata basis, except that no loss is allocated to assets that are not in the scope of the measurement requirements of IFRS 5 such as: inventories, financial assets, deferred tax assets and employee benefit assets, which continue to be measured in accordance with ICL’s accounting policies. Impairment losses recognized on initial classification as held for sale, and subsequent gains or losses on remeasurement, are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss. In subsequent periods, depreciable assets classified as held for sale are not depreciated on a periodic basis. |
New standards and interpretations not yet adopted | R. New Standards and Interpretations not yet adopted IFRS 16, Leases (hereinafter – “IFRS 16” or the "standard") IFRS 16 The standard replaces IAS 17, Leases and its related interpretations. The standard's instructions annul the existing requirement from lessees to classify leases as operating or finance leases. The new standard presents a unified model for the accounting treatment of all leases according to which the lessee has to recognize a right-of-use asset and a lease liability in its financial statements. Manner of implementation and expected implementation The standard will be implemented for annual periods starting on January 1, 2019. The Company plans to apply the transitional provision of recognizing a lease liability at the initial application date according to the present value of the future lease payments discounted at a group borrowing rate at that date, and concurrently recognizing a right-of-use asset at the same amount of the liability, adjusted for any repaid or accrued lease payments that were recognized as an asset or liability before the date of initial application. Therefore, application of the standard is not expected to influence the balance of retained earnings and equity at the date of initial application. Main Expedients the Company elected: Not applying the requirement to recognize a right-of-use asset and a lease liability in respect of short-term leases of up to one year. Furthermore, not applying the requirement to recognize a right-of-use asset and a lease liability for leases that end within 12 months from the date of initial application. Not separating non-lease components from lease components and instead accounting for all the lease components and related non-lease components as a single lease component. Relying on a previous assessment of whether an arrangement contains a lease in accordance with current guidance, IAS 17, Leases, and IFRIC 4, Determining whether an Arrangement contains a Lease, with respect to agreements that exist at the date of initial application. Not applying the requirement to recognize a right-of-use asset and a lease liability in respect of leases where the underlying asset has a low value. Note 3 - Significant Accounting Policies (cont’d) R. New Standards and Interpretations not yet adopted (cont'd) IFRS 16, Leases (hereinafter – “IFRS 16” or the "standard") (cont'd) For leases in which the Company is the lessee and which were classified before the date of initial application as operating leases, except for when the Company has elected to apply the standard’s expedients as aforesaid, the Company will recognize a right-of-use asset and a lease liability at initial application for all the leases that award it control over the use of identified assets for a specified period of time. Based on the assessment as at December 31, 2018, the changes in the initial application are expected to result in an increase of $280 million in the balance of right-of-use assets and in the balance of the lease liabilities. Accordingly, depreciation and amortization expenses will be recognized in respect of the right of use asset, and the need for recognizing impairment of the right-of-use asset will be examined in accordance with IAS 36. Furthermore, financing expenses will be recognized in respect of the lease liabilities. Therefore, as from the date of initial application, the lease payments relating to assets leased under an operating lease, will be recognized as a right-of-use asset and depreciated in subsequent periods as a part of depreciation and amortization expenses and as interest expenses. ICL's discount rates used for measuring the lease liability are in the range of 3.4% to 6.4%. The Company does not anticipate any material implications on its ability to satisfy the required financial covenants, as described in Note 15. IFRIC 23, Uncertainty Over Income Tax Treatments (hereinafter – “IFRIC 23”) IFRIC 23 clarifies how to apply the recognition and measurement requirements of IAS 12 for uncertainties in income taxes. According to IFRIC 23, when determining the taxable profit (loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments, the entity should assess whether it is probable that the tax authority will accept its tax position. If it is probable that the tax authority will accept the entity’s tax position, the entity will recognize the tax effects on the financial statements according to that tax position. If it is not probable that the tax authority will accept the entity’s tax position, the entity is required to reflect the uncertainty in its accounts. IFRIC 23 also emphasizes the need to provide disclosures of the judgments and assumptions made by the entity regarding uncertain tax positions. IFRIC 23 is effective for annual reporting periods beginning on or after January 1, 2019. The interpretation includes two alternatives for applying the transitional provisions, so that companies can choose between retrospective application or prospective application as from the first reporting period in which it initially applied the interpretation. The Company has examined the implications of applying IFRIC 23, and in its opinion the effect on the financial statements will be immaterial. |
Indexes and exchange rates | S. Indexes and exchange rates Balances in or linked to foreign currency are included in the financial statements at the representative exchange rate on the date of the report. Balances linked to the Consumer Price Index (hereinafter – “the CPI”) are included based on the index relating to each linked asset or liability. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | The estimated useful life for the current period and comparative periods is as follows: In Years Land development, roads and structures 15-30 Facilities, machinery and equipment (1) 8-25 Dams and ponds (2) 20-40 Heavy mechanical equipment, train cars and tanks 5-15 Office furniture and equipment, motor vehicles, computer equipment and other 3-10 Mainly 25 years Mainly 40 years |
Schedule of Estimated Useful Lives of Intangible Assets | The estimated useful life for the current period and comparative periods is as follows: In Years Concessions – over the balance of the concession granted to the companies Software costs 3-10 Trademarks 15-20 Customer relationships 15-25 Agreements with suppliers and non-competition agreement 10-15 Patents 7-20 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Operating segment data | B. Operating segment data Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2018 Sales to external parties 1,281 1,481 2,001 719 74 - 5,556 Inter-segment sales 15 142 98 22 5 (282) - Total sales 1,296 1,623 2,099 741 79 (282) 5,556 Segment profit 350 393 208 57 9 (7) 1,010 General and administrative expenses (257) Other income not allocated to the segments 766 Operating income 1,519 Financing expenses, net (158) Share in earnings of equity-accounted investee 3 Income before income taxes 1,364 Capital expenditures 50 356 180 15 1 3 605 Depreciation, amortization and impairment 63 141 172 19 4 21 420 Note 5 - Operating Segments (cont'd) B. Operating segment data (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2017 Sales to external parties 1,179 1,258 1,938 671 372 - 5,418 Inter-segment sales 14 125 99 21 12 (271) - Total sales 1,193 1,383 2,037 692 384 (271) 5,418 Segment profit 303 282 149 56 127 (4) 913 General and administrative expenses (261) Other expenses not allocated to the segments (23) Operating income 629 Financing expenses, net (124) Income before income taxes 505 Capital expenditures 49 270 154 12 19 3 507 Depreciation, amortization and impairment 61 128 172 19 8 30 418 Note 5 - Operating Segments (cont’d) B. Operating segment data (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2016 Sales to external parties 1,111 1,213 2,082 632 325 - 5,363 Inter-segment sales 9 125 104 29 15 (282) - Total sales 1,120 1,338 2,186 661 340 (282) 5,363 Segment profit 286 282 224 55 93 (37) 903 General and administrative expenses (321) Other expenses not allocated to the segments (585) Operating loss (3) Financing expenses, net (132) Share in earnings of equity-accounted investees 18 Loss before income taxes (117) Capital expenditures 38 311 237 7 1 58 652 Depreciation, amortization and impairment 52 127 203 17 3 4 406 |
Sales by geographical location of the customer | C. Information based on geographical location The following table presents the distribution of ICL's sales by geographical location of the customer: 2018 2017 2016 $ millions % of sales $ millions % of sales $ millions % of sales USA 903 16 1,091 20 1,070 20 China 848 15 724 13 669 12 Brazil 656 12 594 11 521 10 United Kingdom 382 7 328 6 306 6 Germany 365 7 378 7 392 7 France 267 5 265 5 226 4 Spain 262 5 264 5 258 5 Israel 223 4 171 3 237 4 India 211 4 200 4 199 4 Australia 126 2 85 2 187 3 All other 1,313 23 1,318 24 1,298 25 Total 5,556 100 5,418 100 5,363 100 |
Sales by geographical location of the customer by Operating Segments | C. Information based on geographical location (cont'd) The following table presents the distribution of the operating segments sales by geographical location of the customer: Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2018 Europe 473 459 719 362 49 (92) 1,970 Asia 399 519 481 105 2 (18) 1,488 North America 347 107 405 103 24 (8) 978 South America 21 408 264 21 1 (3) 712 Rest of the world 56 130 230 150 3 (161) 408 Total 1,296 1,623 2,099 741 79 (282) 5,556 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2017 Europe 456 386 749 326 87 (86) 1,918 Asia 351 433 476 100 3 (21) 1,342 North America 327 116 369 94 282 (13) 1,175 South America 19 347 277 22 5 (4) 666 Rest of the world 40 101 166 150 7 (147) 317 Total 1,193 1,383 2,037 692 384 (271) 5,418 Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table presents the distribution of the operating segments sales by geographical location of the customer: (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliation Consolidated $ millions For the year ended December 31, 2016 Europe 424 421 717 319 77 (95) 1,863 Asia 301 396 511 74 6 (13) 1,275 North America 330 93 380 110 250 (22) 1,141 South America 25 267 274 19 1 2 588 Rest of the world 40 161 304 139 6 (154) 496 Total 1,120 1,338 2,186 661 340 (282) 5,363 |
Sales by geographical location of the assets | The following table presents the distribution of ICL's sales by geographical location of the assets: For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Israel 2,841 2,548 2,470 Europe 2,198 2,119 2,124 North America 831 1,045 1,045 Asia 617 583 556 Others 211 215 218 6,698 6,510 6,413 Intercompany sales (1,142) (1,092) (1,050) Total 5,556 5,418 5,363 |
Operating income (loss) by geographical location of the assets | The following table presents operating income (loss) by geographical location of the assets from which it was produced: For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Europe* 834 (45) (117) Israel 526 475 304 North America 74 154 83 Asia 52 8 (41) Others 29 33 (203) Intercompany eliminations 4 4 (29) Total 1,519 629 (3) * Europe profit for the year ended December 31, 2018 includes gain from divestiture of businesses in the amount of $841 million. For further information see Note 10 . |
Non-current assets by geographical location of the assets | The following table present the non-current assets by geographical location of the assets (*) For the year ended December 31 2018 2017 $ millions $ millions Israel 3,570 3,387 Europe 1,228 1,227 Asia 401 455 North America 309 321 Other 59 94 Total 5,567 5,484 (*) Mainly consist of property, plant and equipment and intangible assets, non-current inventories and lease rights. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Inventories | As at December 31 2018 2017 $ millions $ millions Finished products 772 709 Work in progress 258 269 Raw materials 216 212 Spare parts 143 142 Total inventories 1,389 1,332 Less – non-current inventories. mainly raw materials (presented in non-current assets) 99 106 Current inventories 1,290 1,226 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other receivables | As at December 31 2018 2017 $ millions $ millions Government institutions 108 78 Current tax assets 79 16 Prepaid expenses 52 43 Insurance receivables 1 26 Other 55 62 295 225 |
Investments In Subsidiaries (Ta
Investments In Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Non-controlling interests in subsidiaries - Balance Sheet | 2018 2017 $ millions $ millions Current assets 192 197 Non-current assets 318 367 Current liabilities 225 241 Non-current liabilities 49 215 Equity 236 108 |
Non-controlling interests in subsidiaries - Profit and Loss [Table Text Block] | 2018 2017 2016 $ millions $ millions $ millions Sales 387 363 377 Operating loss - (21) (78) Depreciation and amortization 34 34 34 Operating income (loss) before depreciation and amortization 34 13 (44) Net loss (13) (38) (104) Comprehensive income (loss) 3 (26) (126) |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other non-current assets | As at December 31 2018 2017 $ millions $ millions Lease rights 102 106 Non-current inventories 99 106 Surplus in defined benefit plan 73 89 Long-term loan 59 - Derivatives 15 64 Other 9 8 357 373 |
Business Divestiture (Tables)
Business Divestiture (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Effect Of Businesses Divestitures | 2018 $ millions Cash and cash equivalents 1 Trade and other receivables 34 Inventories 59 Property, plant and equipment 26 Intangible assets 64 Trade payables and other current liabilities (28) Deferred tax liabilities (3) Net assets and liabilities 153 Consideration received in cash (*) 938 Income tax paid (35) Cash disposed of (1) Net cash inflow 902 * The consideration received in cash is net of $16 million transaction expenses. |
Property Plant and Equipment (T
Property Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Property, Plant and Equipment | Land, roads and buildings Installations and equipment Dikes and evaporating ponds Heavy mechanical equipment Furniture, vehicles and equipment Plants under construction and spare parts for installations (1) Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2018 844 5,788 1,888 150 242 898 9,810 Additions 42 789 100 5 20 (367) 589 Disposals (2) (19) - (2) (7) - (30) Translation differences (23) (76) (13) - (4) (16) (132) Balance as at December 31, 2018 861 6,482 1,975 153 251 515 10,237 Accumulated depreciation Balance as at January 1, 2018 451 3,520 1,053 84 181 - 5,289 Depreciation for the year 24 234 96 7 12 - 373 Impairment 5 5 - - 1 - 11 Disposals (1) (16) - (2) (8) - (27) Translation differences (11) (50) (10) - (1) - (72) Balance as at December 31, 2018 468 3,693 1,139 89 185 - 5,574 Depreciated balance as at December 31, 2018 393 2,789 836 64 66 515 4,663 (1) The additions for the year are presented net of items the construction of which were completed and accordingly were recorded in other categories in the “property, plant and equipment” section. Note 11 - Property, Plant and Equipment (cont’d) Land, roads and buildings Installations and equipment Dikes and evaporating ponds Heavy mechanical equipment Furniture, vehicles and equipment Plants under construction and spare parts for installations (1) Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2017 763 5,408 1,715 149 244 879 9,158 Additions 42 302 140 7 13 (14) 490 Disposals (6) (28) - (12) (17) - (63) Translation differences 49 136 33 7 9 35 269 Reclassification to assets held for sale (4) (30) - (1) (7) (2) (44) Balance as at December 31, 2017 844 5,788 1,888 150 242 898 9,810 Accumulated depreciation Balance as at January 1, 2017 409 3,232 944 83 181 - 4,849 Depreciation for the year 23 227 84 7 14 - 355 Impairment - 13 - - - - 13 Disposals (4) (23) - (12) (17) - (56) Translation differences 24 85 25 7 6 - 147 Reclassification to assets held for sale (1) (14) - (1) (3) - (19) Balance as at December 31, 2017 451 3,520 1,053 84 181 - 5,289 Depreciated balance as at December 31, 2017 393 2,268 835 66 61 898 4,521 (1) The additions for the year are presented net of items the construction of which were completed and accordingly were recorded in other categories in the “property, plant and equipment” section. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Intangible assets - Composition | Composition Goodwill Concessions and mining rights Trademarks Technology / patents Customer relationships Exploration and evaluation assets Computer application Others Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2018 348 216 91 80 183 39 76 34 1,067 Additions - - - 1 - 1 13 1 16 Disposals - - - - - - - (2) (2) Translation differences (17) (6) (3) (6) (5) (1) (2) - (40) Balance as at December 31, 2018 331 210 88 75 178 39 87 33 1,041 Amortization and impairment losses Balance as at January 1, 2018 22 63 24 35 94 25 61 21 345 Amortization for the year - 5 3 5 10 1 4 2 30 Impairment - - - 3 3 - - - 6 Disposals - - - - - - - (1) (1) Translation differences - - (1) (4) (2) (1) (2) - (10) Balance as at December 31, 2018 22 68 26 39 105 25 63 22 370 Amortized Balance as at December 31 ,2018 309 142 62 36 73 14 24 11 671 Note 12 - Intangible Assets (cont'd) Composition (cont’d) Goodwill Concessions and mining rights Trademarks Technology / patents Customer relationships Exploration and evaluation assets Computer application Others Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2017 398 205 86 80 214 35 65 76 1,159 Additions - - - 3 - 1 10 3 17 Discontinuance of consolidation (55) - - - - - - - (55) Translation differences 16 11 7 7 16 3 2 1 63 Reclassification to assets held for sale (11) - (2) (10) (47) - (1) (46) (117) Balance as at December 31, 2017 348 216 91 80 183 39 76 34 1,067 Amortization and impairment losses Balance as at January 1, 2017 21 57 19 34 88 9 57 50 335 Amortization for the year - 6 3 5 12 1 3 5 35 Impairment - - 1 - - 14 - - 15 Translation differences 1 - 1 3 5 1 2 1 14 Reclassification to assets held for sale - - - (7) (11) - (1) (35) (54) - Balance as at December 31, 2017 22 63 24 35 94 25 61 21 345 Amortized Balance as at December 31 ,2017 326 153 67 45 89 14 15 13 722 |
Total book value of intangible assets having defined and indefinite useful lives | B. Total book value of intangible assets having defined useful lives and those having indefinite useful lives are as follows: As at December 31 2018 2017 $ millions $ millions Intangible assets having a defined useful life 332 365 Intangible assets having an indefinite useful life 339 357 671 722 |
Impairment Testing (Tables)
Impairment Testing (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Intangible assets with an indefinite useful life | The carrying amounts of intangible assets with an indefinite useful life are as follows: As at December 31 2018 2017 $ millions $ millions Goodwill Phosphate Solutions 127 140 Industrial Products 92 93 Innovative Ag. Solutions 71 73 Potash 19 20 309 326 Trademarks Industrial Products, United States 13 13 Phosphate Solutions, United States 12 12 Industrial Products, Europe 5 6 30 31 339 357 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Derivative instruments | As at December 31, 2018 As at December 31, 2017 Assets Liabilities Assets Liabilities $ millions $ millions Included in current assets and liabilities: Foreign currency and interest derivative instruments 13 (16) 1 (3) Derivative instruments on energy and marine transport - (5) 4 - 13 (21) 5 (3) Included in non-current assets and liabilities: Foreign currency and interest derivative instruments 15 - 64 (3) |
Credit from Banks and Others (T
Credit from Banks and Others (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Composition | Composition As at December 31 2018 2017 $ millions $ millions Short-term credit From financial institutions 544 635 From the parent company - 175 544 810 Current maturities Long-term loans from financial institutions 32 12 Long-term loans from others 34 - Total Short-Term Credit 610 822 Long- term debt and debentures Loans from financial institutions 377 786 Other loans 35 98 412 884 Less – current maturities 66 12 346 872 Marketable debentures 1,195 1,241 Non-marketable debentures 274 275 Total Long- term debt and debentures 1,815 2,388 For additional information, see Note 23. |
Yearly movement in Credit from Banks and Others | B. Yearly movement in Credit from Banks and Others* As at December 31 2018 2017 $ millions $ millions Balance as at January 1 3,227 3,399 Changes from financing cash flows Receipt of long-term debt 1,746 966 Repayment of long-term debt (2,115) (1,387) Repayment of short-term credit, net of receipt (283) 147 Interest paid (103) (111) Total net financing cash flows (755) (385) Effect of changes in foreign exchange rates (63) 101 Other changes 33 112 Balance as at December 31 2,442 3,227 (*) Short term credit, loans and debentures, including interest payables. |
Maturity periods | C. Maturity periods Following are the future maturity periods of the credit and the loans from banks and others, including debentures (net of current maturities): As at December 31 2018 2017 $ millions $ millions Second year 17 261 Third year 273 18 Fourth year 113 213 Fifth year 308 644 Sixth year and thereafter 1,104 1,252 1,815 2,388 For additional information, see Note 15F below. |
Restrictions on the Group relating to the receipt of credit | Set forth below is information regarding the financial covenants applicable to the Company as part of the loan agreements and the compliance therewith: Financial Covenants (1) Financial Ratio Required under the Agreement Financial Ratio December 31, 2018 Total shareholder's equity Equity greater than 2,000 3,781 million dollars million dollars The Ratio of the EBITDA to the net interest expenses Equal to or greater than 3.5 11.17 Ratio of the net financial debt to EBITDA (2) Less than 4.0 1.62 Ratio of certain subsidiaries loans to the total assets of the consolidated company Less than 10% 1.87% (1) Examination of compliance with the above ‑ mentioned financial covenants is made as required based on the Company's consolidated financial statements. As at December 31, 2018, the Company complies with its financial covenants. (2) According to the Company’s covenants, the required ratio of the net financial debt to EBITDA as of January 1, 2019 will be reduced to 3.5. |
Sale of receivables under securitization transaction | The value of the transferred assets (which is approximately their fair value), fair value of the associated liabilities and net position are as follows: Year ended December 31, 2018 2017 2016 $ millions $ millions $ millions Carrying amount of the transferred assets 332 331 331 Fair value of the associated liabilities 332 331 331 Net position * - - - * Less than $1 million. |
Information on material loans and debentures | F. Information on material loans and debentures Instrument type Loan date Original principal (millions) Currency Carrying amount ($ millions) Interest rate Principal repayment date Additional information Loan-Israeli institutions November 2013 300 Israeli Shekel 67 4.74% (1) 2015-2024 (annual installment) Partially prepaid Debentures (private offering) – 3 series January 2014 84 145 46 U.S Dollar 84 144 46 4.55% 5.16% 5.31% January 2021 January 2024 January 2026 Loan-international institutions July 2014 27 Euro 25 2.33% 2019-2024 Partially prepaid Debentures - Series D December 2014 800 U.S Dollar 182 4.50% December 2024 (2) Loan - European Bank December 2014 161 Brazilian Real 19 CDI+1.35% 2015-2021 (Semiannual installment) Debentures - Series E April 2016 1,569 Israeli Shekel 416 2.45% 2021- 2024 (annual installment) Loan - others April - October, 2016 600 Chinese Yuan Renminbi 29 5.23% 2019 (3) Loan - Asian Banks June - October, 2018 600 Chinese Yuan Renminbi 87 4.79% - 5.44% 2019 Loan - Asian Bank April 2018 400 Chinese Yuan Renminbi 58 CNH Hibor + 0.50% 2019 Debentures - Series F May 2018 600 U.S Dollar 596 6.38% May 2038 (4) Loan - European Bank December 2018 70 U.S Dollar 70 Libor + 0.66% December 2021 Note 15 - Credit from Banks and Others (cont'd) F. Information on material loans and debentures: (cont’d) Additional Information: From April 2018, in accordance with the loan agreement, there has been a decrease in the interest rate, from 4.94% to 4.74%. Debentures Series D Private issuance of debentures pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended, to institutional investors in the U.S., Europe, and Israel. The notes are registered for trade in the TACT Institutional; by the Tel-Aviv Stock Exchange Ltd. The notes have been rated BBB (stable). In March 2017, the rating company “Fitch Rating Ltd.” lowered the Company’s credit rating, together with the rating of the debentures, from BBB to BBB- with a stable rating outlook. In November 2017, the rating company “Standard & Poor’s” reaffirmed the Company’s credit rating, together with the rating of the debentures, at BBB-, with a stable rating outlook. On May 29, 2018, the Company completed a cash tender offer for its Series D debentures. Following the tender offer, the Company repurchased an amount of $616 million out of the original principal amount of $800 million. On May 10, 2018 and on June 21, 2018, respectively, the credit rating agency S&P ratified the Company’s international credit rating, BBB- with a stable rating outlook, and credit rating agency Maalot ratified the Company’s credit rating, ‘ilAA’ with a stable rating outlook . Loans from others In July 2018, ICL and YTH agreed to convert their owner’s loans in the YPH joint venture (each company holds 50%) in the amount of $146 million into equity by issuing shares. As a result, the consolidated debt was reduced by $73 million against “non ‑ controlling interest” equity balance. Debentures-Series F On May 31, 2018, the Company completed a private offering of senior unsecured notes to institutional investors pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933 . According to the terms of the Series F Debentures, the Company is required to comply with certain covenants, including restrictions on sale and lease-back transactions, limitations on liens, and standard restrictions on merger and/or transfer of assets. The Company is also required to offer to repurchase the Series F Debentures upon the occurrence of a "change of control" event, as defined in the indenture for the Series F Debentures. In addition, the terms of the Series F Debentures include customary events of default, including a cross ‑ acceleration to other material indebtedness. The Company is entitled to optionally repay the outstanding Series F Debentures at any time prior to the final repayment date, under certain terms, subject to payment of an agreed early repayment premium. The Series F Debentures have been rated BBB- by S&P Global Inc. and Fitch Rating Inc. with a stable rating outlook . |
Credit facilities | G. Credit facilities: Issuer European bank (1) Group of twelve international banks (2) European bank (3) Date of the credit facility March 2014 March 2015 December 2016 Date of credit facility termination March 2019 March 2023 May 2025 The amount of the credit facility USD 35 million Euro 100 million USD 1,200 million USD 100 million Credit facility has been utilized Euro 40 million USD 200 million USD 70 million Interest rate Up to 33% use of the credit: Libor/Euribor + 0.90%. From 33% to 66% use of the credit: Libor/Euribor + 1.15% 66% or more use of the credit: Libor/Euribor + 1.40% Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% Libor + 0.45% + spread Loan currency type USD and Euro loans USD and Euro loans USD loans Pledges and restrictions Financial covenants - see Section D, a cross-default mechanism and a negative pledge. Financial covenants - see Section D, a cross-default mechanism and a negative pledge. Financial covenants - see Section D and a negative pledge. Non-utilization fee 0.32% 0.21% 0.30% After the date of the report, the Company elected not to realize the option of revolving credit facility extension, and to repay the utilized credit facility on the date of its termination. In October 2018, the Company entered into an agreement according to which, its commitment under certain revolving credit facility agreements will be reduced by a total aggregate amount of $655 million, to an amount of $1.2 billio n. I n June 2018, the maturity date of the credit facility was extended to 2025. In November 2018, the credit facility was reduced from $136 million to $100 million. As at the date of the report, the Company utilized $70 million of that credit facility. |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other current liabilities | As at December 31 2018 2017 $ millions $ millions Employees 284 269 Accrued expenses 85 83 Governmental (mainly in respect of royalties) (1) 61 67 Current tax liabilities 112 88 Others 105 88 647 595 See Note 20. |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Tax rates of subsidiaries incorporated outside of Israel | Subsidiaries incorporated outside of Israel are assessed for tax under the tax laws in their countries of residence. The principal tax rates applicable to the major subsidiaries outside Israel are as follows: Country Tax rate Note Brazil 34% Germany 29% United States 26% (1) Netherlands 25% (3) Spain 25% China 25% United Kingdom 19% (2) The tax rate above includes federal and states tax. In December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (hereinafter - the Tax Act). The Tax Act significantly revises the future ongoing U.S. federal corporate income tax by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. The lower corporate income tax rates are effective as of January 1, 2018. The Company examined the effects of the Tax Act's implementation and found that the main impact is the re ‑ measurement of the deferred tax assets and liabilities to incorporate the lower Federal corporate tax rate of 21% and as a result, in the financial statements of 2017, the Company reduced the balances of the assets and liabilities for deferred taxes, in the net amount of $13 million . The Tax Act is comprehensive and complex and may lead to future interpretations regarding the manner of its implementation, which may impact the Company’s estimations and conclusions. The Company believes the tax expenses and liabilities in its financial statements are in accordance with the Tax Act and represent its best estimate . The tax rate in the UK was reduced to 19% effective from April 1, 2017 and 17% commencing from April 1, 2020. The tax rates in the Netherlands will be reduced, in stages, by the total of 4% by 2021, as follows: 1% in 2019, 1.5% in 2020 and 1.5% in 2021. In 2021, The tax rate will be 21%. |
Composition of the deferred income taxes | 1. The composition of the deferred taxes and the changes therein, are as follows: In respect of financial position In respect of carry forward tax losses Total Depreciable property, plant and equipment and intangible assets Inventories Provisions for employee benefits Other $ millions Balance as at January 1, 2017 (374) 45 75 2 99 (153) Changes in 2017: Amounts recorded in the statement of income 74 (17) 1 11 (36) 33 Change in tax rate 13 - - - - 13 Amounts recorded to a capital reserve - - 3 5 - 8 Translation differences (6) - 5 - 1 - Transfer to the group assets held for sale 2 - - 1 - 3 Balance as at December 31, 2017 (291) 28 84 19 64 (96) Changes in 2018: Amounts recorded in the statement of income (123) (2) (6) - 55 (76) Amounts recorded to a capital reserve - - (3) 2 - (1) Translation differences 2 - (1) (1) (2) (2) Balance as at December 31, 2018 (412) 26 74 20 117 (175) |
Currencies of the deferred taxes | 2. The currencies in which the deferred taxes are denominated: As at December 31 2018 2017 $ millions $ millions Euro 22 33 British Pound 21 22 U.S Dollar (7) 10 Israeli Shekels (204) (166) Other (7) 5 (175) (96) |
Composition of the taxes on income | 1. Composition of income tax expenses (income ( For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Current taxes 53 208 68 Deferred taxes 76 (23) (45) Taxes in respect of prior years - (27) 32 129 158 55 |
Theoretical tax | Following is a reconciliation of the theoretical tax expense, assuming all income is taxed at the regular tax rates in Israel (see A(2) above) and the tax expense presented in the statements of income: For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Income (loss) before income taxes, as reported in the statements of income 1,364 505 (117) Statutory tax rate (in Israel) 23% 24% 25% Theoretical tax expense (income) 314 121 (29) Add (less) – the tax effect of: Tax benefits deriving from the Law for Encouragement of Capital Investments net of natural Resources Tax (20) (4) (3) Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries (1) (186) 23 (38) Income taxes from intercompany dividend distribution - 18 - Deductible temporary differences for which deferred taxes assets were not recorded and non–deductible expenses 24 15 135 Taxes in respect of prior years - (27) 32 Impact of change in tax rates - (13) (32) Differences in measurement basis (mainly ILS vs USD) (11) 18 1 Other differences 8 7 (11) Taxes on income included in the income statements 129 158 55 Mainly related to the exempt income resulting from the sale of the fire safety and oil additives business in March 2018. For additional information see Note 10. |
Taxes on income relating to items recorded in equity | H. Taxes on income relating to items recorded in equity For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Tax recorded in other comprehensive income Actuarial gains from defined benefit plan (3) 3 8 Change in investments at fair value through other comprehensive income - 5 (5) Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment 2 (5) (1) Total (1) 3 2 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Composition of employee benefits | Composition of employee benefits: As at December 31 2018 2017 $ millions $ millions Fair value of plan assets 518 631 Termination benefits (111) (142) Defined benefit obligation (860) (1,068) (453) (579) |
Composition of fair value of the plan assets | Composition of fair value of the plan assets: As at December 31 2018 2017 $ millions $ millions Equity instruments With quoted market price 200 197 Debt instruments With quoted market price 164 179 Without quoted market price 119 145 283 324 Deposits with insurance companies 35 110 518 631 |
Movement in net defined benefit assets (liabilities) | E. Movement in net defined benefit assets (liabilities) and in their components: Fair value of plan assets Defined benefit obligation Defined benefit obligation, net 2018 2017 2018 2017 2018 2017 $ millions $ millions $ millions $ millions $ millions $ millions Balance as at January 1 631 552 (1,068) (934) (437) (382) Income (costs) included in profit or loss: Current service costs - - (24) (24) (24) (24) Interest income (costs) 14 17 (26) (29) (12) (12) Past service cost - - 7 - 7 - Effect of movements in exchange rates, net (17) 23 37 (39) 20 (16) Included in other comprehensive income: Actuarial gains (losses) deriving from changes in financial assumptions - - 71 (42) 71 (42) Other actuarial gains (losses) (15) 25 - - (15) 25 Change in respect to translation differences, net (19) 36 21 (65) 2 (29) Other movements: Benefits paid (38) (36) 73 64 35 28 Conversion to defined contribution plans (49) - 49 - - - Transferred to assets held for sale - - - 1 - 1 Employer contribution 11 14 - - 11 14 Balance as at December 31 518 631 (860) (1,068) (342) (437) The actual return (loss) on plan assets in 2018 is $(-1) million compare with $42 million in 2017 and $47 million in 2016. |
Actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages): For the year ended December 31 2018 2017 2016 % % % Discount rate as at December 31 3.0 2.7 2.9 Future salary increases 3.3 3.2 2.6 Future pension increase 2.2 2.2 2.2 The assumptions regarding the future mortality rate are based on published statistics and accepted mortality tables. |
Sensitivity analysis | Assuming all other assumptions remain constant, the following reasonable possible changes effect the defined benefit obligation as of the date of the financial statements in the following manner: December 2018 Decrease 10% Decrease 5% Increase 5% Increase 10% $ millions $ millions $ millions $ millions Significant actuarial assumptions Salary increase 18 9 (9) (18) Discount rate (32) (16) 16 32 Mortality table (17) (9) 9 17 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Provisions | Composition and changes in the provision Restoration's site and equipment's dismantling Legal claims Other Total $ millions $ millions $ millions $ millions Balance as at January 1, 2018 194 28 49 271 Provisions recorded during the period (1) 25 2 - 27 Provisions reversed during the period (3) - (6) (9) Payments during the period (6) (11) - (17) Translation differences (5) (1) - (6) Balance as at December 31, 2018 205 18 43 266 For additional information, see Note 20. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Composition of equity | A. Composition: As at December 31, 2018 As at December 31, 2017 Authorized Issued and paid Authorized Issued and paid Number of Ordinary shares of Israeli Shekel 1 par value (in millions) 1,485 * 1,305 1,485 * 1,303 Number of Special State share of Israeli Shekel 1 par value 1 1 1 1 (*) For information regarding the amount of treasury shares, see Note 21.G.(1). |
Reconciliation of the number of shares outstanding | The reconciliation of the number of shares outstanding at the beginning and at the end of the year is as follows: Number of Outstanding Shares (in millions) As at January 1, 2017 1,301 Issuance of shares 2 As at December 31, 2017 1,303 Issuance of shares 2 As at December 31, 2018 1,305 As at December 31, 2018, the number of shares reserved for issuance under the Company’s option plans was 18 million. |
Share-based payments to employees, non-marketable options | Non-marketable options Grant date Employees entitled Number of instruments (thousands) Issuance's details Instrument terms Vesting conditions Expiration date August 6, 2014 Officers and senior employees 3,993 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case of on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 Two years from the vesting date. December 11, 2014 Former CEO 367 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. May 12, 2015 Officers and senior employees 6,729 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date The first and second tranches is at the end of 36 months after the grant date for the third tranche is at the end of 48 months after the grant date. June 29, 2015 Former CEO 530 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. Former Chairman of BOD 404 June 30, 2016 Officers and senior employees 3,035 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. June 30, 2023 September 5, 2016 Former CEO 625 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. Chairman of BOD 186 February 14, 2017 Former CEO 114 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. February 14, 2024 June 20, 2017 Officers and senior employees 6,868 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan to 498 ICL officers and senior employees in Israel and overseas. June 20, 2024 August 2, 2017 Chairman of BOD 165 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) Non-marketable options (cont'd) Grant date Employees entitled Number of instruments (thousands) Issuance's details Instrument terms Vesting conditions Expiration date March 6, 2018 Officers and senior employees 5,554 An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan (as amended) to 508 ICL officers and senior employees in Israel and overseas, ICL CEO and Chairman of the BOD. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date March 6, 2025 May 14, 2018 CEO 385 May 14, 2025 August 20, 2018 Chairman of BOD 403 August 20, 2025 |
Share-based payments to employees, non-marketable options, grants parameters | The fair value of the options granted in 2014, as part of 2014 equity compensation plan, was estimated using the binomial model for pricing options. The grants in 2015, 2016, 2017 and 2018 under the 2014 Equity Compensation Plan were estimated using the Black & Scholes model for pricing options. The parameters used in applying the models are as follows: 2014 Plan Granted 2014 Granted 2015 Granted 2016 Granted 2017 Granted 2018 Share price (in $) 8.2 7.0 3.9 4.5 4.4 CPI-linked exercise price (in $) 8.4 7.2 4.3 4.3 4.3 Expected volatility: First tranche 29.40% 25.40% 30.51% 31.88% 28.86% Second tranche 31.20% 25.40% 30.51% 31.88% 28.86% Third tranche 40.80% 28.80% 30.51% 31.88% 28.86% Expected life of options (in years): First tranche 4.3 3.0 7.0 7.0 7.0 Second tranche 5.3 3.0 7.0 7.0 7.0 Third tranche 6.3 4.0 7.0 7.0 7.0 Risk-free interest rate: First tranche (0.17%) (1.00%) 0.01% 0.37% 0.03% Second tranche 0.05% (1.00%) 0.01% 0.37% 0.03% Third tranche 0.24% (0.88%) 0.01% 0.37% 0.03% Fair value (in $ millions) 8.4 9.0 4.0 11.3 8.8 Weighted average grant date fair value per option (in $) 1.9 1.2 1.1 1.6 1.4 |
Share-based payments to employees, non-marketable options, movement in the options | The movement in the options during 2018 and 2017 are as follows: Number of options (in millions) 2014 Plan Balance as at January 1, 2017 14 Movement in 2017: Granted during the year 7 Forfeited during the year (1) Total options outstanding as at December 31, 2017 20 Movement in 2018: Granted during the year 6 Expired during the year (6) Forfeited during the year (1) Exercised during the year (1) Total options outstanding as at December 31, 2018 18 |
Share-based payments to employees, non-marketable options, exercise price | The exercise prices for options outstanding at the beginning and end of each period are as follows: December 31, 2018 December 31, 2017 December 31, 2016 Granted 2014 US Dollar 6.77 7.43 6.81 Granted 2015 US Dollar 6.92 7.59 6.95 Granted 2016 US Dollar 4.21 4.68 4.35 Granted 2017 US Dollar 3.89 4.35 - Granted 2018 US Dollar 3.89 - - |
Share-based payments to employees, non-marketable options, number of options vested | The number of outstanding vested options at the end of each period and the weighted average exercise price for these options are as follows (*): December 31, 2018 December 31, 2017 December 31, 2016 Number of options exercisable (In Millions) 11 12 10 Weighted average exercise price in Israeli Shekel 18.53 22.56 30.49 Weighted average exercise price in US Dollar 4.94 6.51 7.93 (*) The share price as of December 31, 2018 is NIS 21.20 and $5.66. |
Share-based payments to employees, non-marketable options, range of exercise prices | The range of exercise prices for the options outstanding vested at the end of each period are as follows: December 31, 2018 December 31, 2017 December 31, 2016 Range of exercise price in Israeli Shekel 14.26-25.93 15.01-26.3 16.59-40.78 Range of exercise price in US Dollar 3.81-6.92 4.33-7.59 4.31-10.61 |
Share-based payments to employees, non-marketable options, average remaining contractual life | The average remaining contractual life for the outstanding vested options at the end of each period are as follows: December 31, 2018 December 31, 2017 December 31, 2016 Average remaining contractual life 3.90 2.60 2.40 |
Share-based payments to employees, restricted shares | Restricted shares Grant date Employees entitled Number of instruments (thousands) Vesting conditions (*) Instrument terms Additional Information Fair value at the grant date (Million) August 6, 2014 Officers and senior employees 922 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). 8.4 December 11, 2014 Former CEO 86 An issuance for no consideration, under the 2014 Equity Compensation Plan. February 26, 2015 ICL’s Directors (excluding ICL's CEO) 99 3 tranches: (1) 50% will vest August 28, 2015 (2) 25% will vest February 26, 2017 (3) 25% will vest February 26, 2018 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 11 ICL Directors. 0.7 May 12, 2015 Officers and senior employees 1,194 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date An issuance for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. 9.7 June 29, 2015 Former CEO 90 An issuance for no consideration, under the 2014 Equity Compensation Plan. Former Chairman of the BOD 68 December 23, 2015 ICL’s Directors (excluding ICL's CEO & Chairman of the BOD) 121 3 equal tranches: (1) One third on December 23, 2016 (2) One third on December 23, 2017 (3) One third on December 23, 2018 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. 0.5 (*) The vesting date is subject to the employee entitled continuing to be employed by the Company and the directors continuing to serve in their positions on the vesting date, unless they ceased to hold office due to certain circumstances set forth in sections 231-232a and 233(2) of the Israeli Companies Law. Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) Restricted shares (cont’d) Grant date Employees entitled Number of instruments (thousands) Vesting conditions (*) Instrument terms Additional Information Fair value at the grant date (Million) June 30, 2016 Officers and senior employees 990 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date An issuance for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). 4.8 September 5, 2016 Chairman of the BOD 55 An issuance for no consideration, under the 2014 Equity Compensation Plan. Former CEO 185 January 3, 2017 ICL’s Directors (excluding ICL's Chairman of the BOD) 146 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. The value includes a reduction of 5% from the value of the equity compensation, pursuant to the decision of the directors in March 2016, to reduce their annual compensation for 2016 and 2017. 0.6 February 14, 2017 Former CEO 38 An issuance for no consideration, under the 2014 Equity Compensation Plan. 0.2 June 20, 2017 Officers and Senior employees 2,211 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 494 ICL officers and senior employees in Israel and overseas. 10 August 2, 2017 Chairman of BOD 53 An issuance for no consideration, under the 2014 Equity Compensation Plan. 0.3 January 10, 2018 ICL’s Directors (excluding ICL's CEO & Chairman of the BOD) 137 An issuance for no consideration, under the 2014 Equity Compensation Plan, to 7 ICL Directors. 0.6 (*) The vesting date is subject to the employee entitled continuing to be employed by the Company and the directors continuing to serve in their positions on the vesting date, unless they ceased to hold office due to certain circumstances set forth in sections 231-232a and 233(2) of the Israeli Companies Law. Note 21 – Equity (cont'd) C. Share-based payments to employees (cont'd) Restricted shares (cont’d) Grant date Employees entitled Number of instruments (thousands) Vesting conditions (*) Instrument terms Additional Information Fair value at the grant date (Million) March 6, 2018 Officers and senior employees 1,726 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). 8 May 14, 2018 CEO 121 0.6 August 20, 2018 Chairman of BOD 47 0.2 ICL’s Directors (excluding ICL's CEO & Chairman of the BOD) 88 Acceleration at January 2019. 0.4 (*) The vesting date is subject to the employee entitled continuing to be employed by the Company and the directors continuing to serve in their positions on the vesting date, unless they ceased to hold office due to certain circumstances set forth in sections 231-232a and 233(2) of the Israeli Companies Law. |
Dividends distributed to the Company's Shareholders | D. Dividends distributed to the Company's Shareholders Board of Directors decision date to distribute the dividend Actual date of distribution of the dividend Gross amount of the dividend distributed (in millions of $) Net amount of the distribution (net of the subsidiary’s share) (in millions of $) Amount of the dividend per share (in $) March 15, 2016 April 18, 2016 67 67 0.05 May 17, 2016 June 22, 2016 35 35 0.03 August 9, 2016 September 27, 2016 60 60 0.05 November 22, 2016 January 4, 2017 60 60 0.05 February 14, 2017 April 4, 2017 57 57 0.04 May 9, 2017 June 20, 2017 34 32 0.03 August 2, 2017 September 13, 2017 32 32 0.02 November 7, 2017 December 20, 2017 57 56 0.04 February 13, 2018 March 14, 2018 70 69 0.05 May 10, 2018 June 20, 2018 52 51 0.04 July 31, 2018 September 4, 2018 56 56 0.04 October 31, 2018 December 19, 2018 66 65 0.05 February 5, 2019 (after the reporting date)* March 13, 2019 62 61 0.05 (*) The record date is February 28, 2019 and the payment date is March 13, 2019. |
Details of Income Statement I_2
Details of Income Statement Items (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Cost of sales | For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Sales 5,556 5,418 5,363 Cost of sales Materials 1,643 1,504 1,546 Cost of labor 791 777 753 Depreciation and amortization 384 363 317 Energy 349 343 315 Other 535 759 772 3,702 3,746 3,703 |
Expenses | For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Selling, transport and marketing expenses Transport 553 497 475 Cost of labor 125 122 119 Other 120 127 128 798 746 722 General and administrative expenses Cost of labor 172 170 188 Professional Services 44 49 77 Other 41 42 56 257 261 321 Research and development expenses, net Cost of labor 38 40 48 Other 17 15 25 55 55 73 |
Other income and expenses | For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Other income Capital gain 841 54 - Past service cost 7 - 14 Retroactive electricity charges - 6 16 Insurance compensation - 30 30 Other 11 19 11 Other income recorded in the income statements 859 109 71 Other expenses Provision for legal claims 31 31 21 Impairment of assets 19 32 489 Provision for historical waste removal and site closure costs 18 - 51 Provision for early retirement and dismissal of employees 7 20 39 Environment related provisions 1 7 - Other 8 - 18 Other expenses recorded in the income statements 84 90 618 |
Financing income and expenses | For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Financing income and expenses Financing income: Financing income recorded in relation to employee benefits 7 - - Net change in fair value of derivative financial instruments - 104 24 Net gain from changes in exchange rates and interest income 49 1 1 56 105 25 Financing expenses: Interest expenses to banks and others 117 120 151 Financing expenses in relation to employee benefits - 38 17 Banks and finance institutions commissions (mainly commission on early repayment of loans) 18 16 4 Net change in fair value of derivative financial instruments 101 - - Net loss from changes in exchange rates - 78 7 Financing expenses 236 252 179 Net of borrowing costs capitalized 22 23 22 214 229 157 Net financing expenses recorded in the income statements 158 124 132 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Groups and measurement bases of financial assets and financial liabilities | B. Groups and measurement bases of financial assets and financial liabilities As at December 31, 2018 Financial assets Financial liabilities Measured at fair value through the statement of income Measured at fair value through the statement of comprehensive income Measured at amortized cost Measured at fair value through the statement of income Measured at amortized cost $ millions $ millions $ millions $ millions $ millions Cash and cash equivalents - - 121 - - Short-term investments and deposits - - 92 - - Trade receivables - - 990 - - Other receivables 13 - 30 - - Investments at fair value through other comprehensive income - 145 - - - Other non-current assets 15 - 66 - - Total financial assets 28 145 1,299 - - Short term credit - - - - (610) Trade payables - - - - (715) Other current liabilities - - - (21) (330) Long-term debt and debentures - - - - (1,815) Other non-current liabilities - - - - (6) Total financial liabilities - - - (21) (3,476) Total financial instruments, net 28 145 1,299 (21) (3,476) Note 23 - Financial Instruments and Risk Management (cont'd) B. Groups and measurement bases of financial assets and financial liabilities (cont'd) As at December 31, 2017 Financial assets Financial liabilities Measured at fair value through the statement of income Measured at fair value through the statement of comprehensive income Measured at amortized cost Measured at fair value through the statement of income Measured at amortized cost $ millions $ millions $ millions $ millions $ millions Cash and cash equivalents - - 83 - - Short-term investments and deposits - - 90 - - Trade receivables - - 932 - - Other receivables 5 - 81 - - Investments at fair value through other comprehensive income - 212 - - - Other non-current assets 64 - 9 - - Total financial assets 69 212 1,195 - - Short term credit - - - - (822) Trade payables - - - - (790) Other current liabilities - - - (3) (311) Long-term debt and debentures - - - - (2,388) Other non-current liabilities - - - (3) (1) Total financial liabilities - - - (6) (4,312) Total financial instruments, net 69 212 1,195 (6) (4,312) |
Maximum credit exposure | The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: As at December 31 Carrying amount ($ millions) 2018 2017 Cash and cash equivalents 121 83 Short term investments and deposits 92 90 Trade receivables 990 932 Other receivables 43 86 Investments at fair value through other comprehensive income 145 212 Other non-current assets 81 73 1,472 1,476 |
Maximum credit exposure by geographical region | The maximum exposure to credit risk for trade receivables, at the reporting date by geographic region was: As at December 31 Carrying amount ($ millions) 2018 2017 Western Europe 294 332 Asia 342 293 North America 150 131 South America 106 70 Israel 72 70 Other 26 36 990 932 |
Aging of debts and impairment losses | The aging of trade receivables at the reporting date was: As at December 31 2018 2017 Gross Impairment Gross Impairment $ millions $ millions $ millions $ millions Not past due 829 - 785 - Past due up to 3 months 114 - 125 - Past due 3 to 12 months 38 (1) 23 (6) Past due over 12 months 12 (2) 10 (5) 993 (3) 943 (11) |
Allowance of doubtful accounts | The movement in the allowance of doubtful accounts during the year was as follows: 2018 2017 $ millions $ millions Balance as at January 1 11 6 Additional allowance 1 5 Write offs (7) (1) Reversals (1) - Changes due to translation differences (1) 1 Balance as at December 31 3 11 |
Liquidity risk | The following are the contractual maturities of financial liabilities, including estimated interest payments: As at December 31, 2018 Carrying amount 12 months or less 1-2 years 3-5 years More than 5 years $ millions Non-derivative financial liabilities Short term credit (not including current maturities) 544 556 - - - Trade payables 715 715 - - - Other current liabilities 330 330 - - - Long-term debt and debentures 1,881 152 453 1,084 1,166 3,470 1,753 453 1,084 1,166 Financial liabilities – derivative instruments utilized for economic hedging Foreign currency and interest derivative instruments 16 16 - - - Derivative instruments on energy and marine transport 5 4 1 - - 21 20 1 - - Note 23 - Financial Instruments and Risk Management (cont'd) D. Liquidity risk (cont'd) As at December 31, 2017 Carrying amount 12 months or less 1-2 years 3-5 years More than 5 years $ millions Non-derivative financial liabilities Short term credit (not including current maturities) 810 822 - - - Trade payables 790 790 - - - Other current liabilities 310 310 - - - Long-term debt and debentures 2,400 102 345 1,085 1,358 4,310 2,024 345 1,085 1,358 Financial liabilities – derivative instruments utilized for economic hedging Foreign currency and interest derivative instruments 6 3 - - 3 |
Interest rate profile | Set forth below is detail regarding the type of interest on the Group’s non-derivative interest ‑ bearing financial instruments: As at December 31 2018 2017 $ millions $ millions Fixed rate instruments: Financial assets 151 88 Financial liabilities (1,728) (1,800) (1,577) (1,712) Variable rate instruments Financial assets 128 97 Financial liabilities (714) (1,428) (586) (1,331) |
Sensitivity analysis for variable rate instruments | The below analysis assumes that all other variables (except for the interest rate), in particular foreign currency rates, remain constant. As at December 31, 2018 Impact on profit (loss) Decrease of 1% in interest Decrease of 0.5% in interest Increase of 0.5% in interest Increase of 1% in interest $ millions $ millions $ millions $ millions Changes in U.S Dollar interest Non-derivative instruments (1) (1) 1 1 SWAP instruments (18) (9) 9 18 (19) (10) 10 19 Changes in Israeli Shekel interest SWAP instruments 19 10 (10) (19) |
Terms of derivative financial instruments used to hedge interest risk | (d) Terms of derivative financial instruments used to hedge interest risk As at December 31, 2018 Carrying amount (fair value) Stated amount Maturity date Interest rate range $ millions $ millions Years % U.S Dollar SWAP contracts from variable interest to fixed interest - 250 2019-2024 1.7%-2.6% Israeli Shekel Swap contracts from fixed ILS interest to fixed USD interest 15 486 30/3/2024 2.45%-4.74% Euro Swap contracts from variable USD interest to fixed EUR interest (1) 334 15/2/2019 1-month Libor As at December 31, 2017 Carrying amount (fair value) Stated amount Maturity date Interest rate range $ millions $ millions Years % U.S Dollar SWAP contracts from variable interest to fixed interest (3) 350 2018-2024 1.36% - 2.6% Israeli Shekel SWAP contracts from fixed ILS interest to fixed USD interest 64 489 1/3/2024 2.45% - 4.74% Euro SWAP contracts from variable USD interest to fixed EUR interest (1) 51 15/8/2018 1-month Libor |
Sensitivity analysis non-derivative financial instruments | A 10% increase at the rate of the US$ against the following currencies would have increased (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. As at December 31 Impact on profit (loss) 2018 2017 $ millions $ millions Non-derivative financial instruments U.S Dollar/Euro (64) (9) U.S Dollar/Israeli Shekel 92 92 U.S Dollar/British Pound (3) 3 U.S Dollar/Chinese Yuan (12) (4) U.S Dollar/Turkey Lira (1) (1) A 10% decrease of the US$ against the above currencies at December 31 would have the same effect but in the opposite direction. |
Market risk sensitivity analysis | Presented hereunder is a sensitivity analysis of the Group’s foreign currency derivative instruments as at December 31, 2018. Any change in the exchange rates of the principal currencies shown below as at December 31 would have increased (decreased) profit and loss and equity by the amounts shown below. This analysis assumes that all other variables remain constant. As at December 31, 2018 Increase 10% Increase 5% Decrease 5% Decrease 10% $ millions $ millions $ millions $ millions Euro/ U.S Dollar Forward transactions 9 4 (4) (8) Options 5 2 (2) (4) SWAP 34 17 (17) (34) U.S Dollar/Israeli Shekel Forward transactions (32) (17) 19 39 Options (75) (41) 19 43 SWAP (48) (25) 28 58 British Pound/U.S Dollar Forward transactions (4) (2) 2 3 Options (1) (1) - 1 U.S Dollar/Chinese Yuan Renminbi Forward transactions (3) (1) 2 3 British Pound/Euro Forward transactions (4) (2) 2 4 |
Terms of derivative financial instruments used to economically hedge foreign currency risk | (b) Terms of derivative financial instruments used to reduce foreign currency risk As at December 31, 2018 Carrying amount Stated amount Average $ millions $ millions exchange rate Forward contracts U.S Dollar/Israeli Shekel 2 352 3.7 Euro/U.S Dollar 2 86 1.2 Euro/British Pound 1 19 0.9 U.S Dollar/British Pound - 32 1.3 U.S Dollar/Chinese Yuan Renminbi - 29 6.5 Other - 37 - Currency and interest SWAPs U.S Dollar/Israeli Shekel 15 486 3.7 Euro/U.S Dollar (1) 334 1.1 Put options U.S Dollar/Israeli Shekel 1 695 3.6 Euro/U.S Dollar 2 45 1.2 U.S Dollar/Japanese Yen - 3 114.3 U.S Dollar/British Pound - 11 1.3 Call options U.S Dollar/Israeli Shekel (15) 695 3.6 Euro/U.S Dollar - 45 1.2 U.S Dollar/Japanese Yen - 3 114.3 U.S Dollar/British Pound - 11 1.3 Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 2. Currency risk (cont'd) (b) Terms of derivative financial instruments used to reduce foreign currency risk (cont’d) As at December 31, 2017 Carrying amount Stated amount Average $ millions $ millions Forward contracts U.S Dollar/Israeli Shekel 2 430 3.5 Euro/U.S Dollar (3) 320 1.2 Euro/British Pound - 20 0.9 U.S Dollar/British Pound - 24 1.3 U.S Dollar/Chinese Yuan Renminbi (1) 33 6.7 Other - 33 - Currency and interest SWAPs U.S Dollar/Israeli Shekel 64 489 3.7 Put options U.S Dollar/Israeli Shekel 5 525 3.4 Euro/U.S Dollar - 63 1.2 U.S Dollar/Japanese Yen - 3 115.5 Call options U.S Dollar/Israeli Shekel (1) 525 3.4 Euro/U.S Dollar (2) 63 1.2 U.S Dollar/Japanese Yen - 3 115.5 The maturity date of all of the derivatives used to economically hedge foreign currency risk is up to a year. |
Linkage terms of monetary balances | (c) Linkage terms of monetary balances – in millions of Dollars As at December 31, 2018 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Others Non-derivative instruments: Cash and cash equivalents 41 21 4 2 5 37 11 Short term investments and deposits 74 3 - - - 12 3 Trade receivables 516 222 60 60 25 72 35 Other receivables 6 12 - 12 - - - Investments at fair value through other comprehensive income - - - - - 145 - Other non-current assets 60 1 - 1 4 - - Total financial assets 697 259 64 75 34 266 49 Short-term credit 201 166 19 34 6 184 - Trade payables 150 188 23 265 11 72 6 Other current liabilities 55 46 7 192 2 19 9 Long term debt, debentures and others 1,322 5 - 480 13 1 - Total financial liabilities 1,728 405 49 971 32 276 15 Total non-derivative financial instruments, net (1,031) (146) 15 (896) 2 (10) 34 Derivative instruments: Forward transactions - 86 51 352 - 29 37 Cylinder - 45 11 695 - - 3 SWAPS – U.S Dollar into Israeli Shekel - - - 486 - - - SWAPS – U.S Dollar into Euro - 334 - - - - - Total derivative instruments - 465 62 1,533 - 29 40 Net exposure (1,031) 319 77 637 2 19 74 Note 23 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 2. Currency risk (cont'd) (c) Linkage terms of monetary balances – in millions of Dollars (cont'd) As at December 31, 2017 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Others Non-derivative instruments: Cash and cash equivalents 19 18 7 1 7 22 9 Short term investments and deposits 82 1 - - - 5 2 Trade receivables 419 246 48 59 31 92 37 Other receivables 40 1 - 39 - - 1 Investments at fair value through other comprehensive income - - - - - 212 - Other non-current assets 5 1 - - 3 - - Total financial assets 565 267 55 99 41 331 49 Short-term credit 427 158 20 36 8 173 - Trade payables 187 182 23 289 15 85 9 Other current liabilities 95 77 15 96 2 21 5 Long term debt, debentures and others 1,721 29 - 522 22 98 - Total financial liabilities 2,430 446 58 943 47 377 14 Total non-derivative financial instruments, net (1,865) (179) (3) (844) (6) (46) 35 Derivative instruments: Forward transactions - 320 44 430 - 33 33 Cylinder - 63 - 525 - - 3 Total derivative instruments - 383 44 955 - 33 36 Net exposure (1,865) 204 41 111 (6) (13) 71 |
Fair value of financial instruments | The following table details the book value and the fair value of financial instrument groups presented in the financial statements not in accordance with their fair value: As at December 31, 2018 As at December 31, 2017 Carrying amount Fair value Carrying amount Fair value $ millions $ millions $ millions $ millions Loans bearing fixed interest (1) 238 244 271 279 Debentures bearing fixed interest Marketable (2) 1,201 1,217 1,247 1,291 Non-marketable (3) 281 279 281 288 1,720 1,740 1,799 1,858 (1) The fair value of the shekel, euro, and yuan loans issued bearing fixed interest is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the market interest rates on the measurement date for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as at December 31, 2018 for the shekel, euro and yuan loans was 2.8%, 1.7%, and 5.0%, respectively (December 31, 2017 for the shekel, euro and yuan loans - 2.4%, 1.7%, and 6.1%, respectively). Note 23 - Financial Instruments and Risk Management (cont'd) F. Fair value of financial instruments (cont'd) (2) The fair value of the marketable debentures is based on the quoted stock exchange price and is classified as Level 1 in the fair value hierarchy. (3) The fair value of the non ‑ marketable debentures is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the Libor rate customary in the market for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as at December 31, 2018 was 5.3% (December 31, 2017 – 4.57%). |
Hierarchy of fair value | The following table presents an analysis of the financial instruments measured by fair value, using the valuation method. (See Note 4). The following levels were defined: Level 1: Quoted (unadjusted) prices in an active market for identical instruments Level 2: Observed data (directly or indirectly) not included in Level 1 above. As at December 31, 2018 Level 2 $ millions Investments at fair value through other comprehensive income (1) 145 Derivatives used for economic hedging, net 7 152 As at December 31, 2017 Level 2 $ millions Investments at fair value through other comprehensive income (1) 212 Derivatives used for economic hedging, net 63 275 (1) Investment in the share capital of YYTH was subject to a three-year lock ‑ up period as required by Chinese law, which was expired in January 2019. Measurement of the fair value of the discount rate in respect of the lock ‑ up period was calculated by use of the Finnerty 2012. The impact deriving from a possible and reasonable change in these data items, which are not observed, is not material. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Basic Earnings Per Share | Calculation of the basic earnings per share for the year ended December 31, 2018, is based on the earnings allocated to the holders of the ordinary shares divided by the weighted-average number of ordinary shares outstanding, calculated as follows: For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Earnings (losses) attributed to the shareholders of the Company 1,240 364 (122) |
Weighted Average Number of Ordinary Shares | Weighted-average number of ordinary shares in thousands: For the year ended December 31 2018 2017 2016 Shares thousands Shares thousands Shares thousands Balance as at January 1 1,276,238 1,274,298 1,272,516 Shares issued during the year 73 1,054 - Shares vested 898 720 779 Weighted average number of ordinary shares used in computation of the basic earnings per share 1,277,209 1,276,072 1,273,295 |
Weighted Average Number of Ordinary Shares Diluted | Weighted average number of ordinary shares (diluted) in thousands: For the year ended December 31 2018 2017 2016 Shares thousands Shares thousands Shares thousands Weighted average number of ordinary shares used in the computation of the basic earnings per share 1,277,209 1,276,072 1,273,295 Effect of stock options and restricted shares 2,572 925 - Weighted average number of ordinary shares used in the computation of the diluted earnings per share 1,279,781 1,276,997 1,273,295 |
Related and Interested Parties
Related and Interested Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Benefits to key management personnel | The Company's key management personnel in 2018, consists of 27 individuals, of whom 14 are not employed by the company (directors). The number of key management personnel in 2018, includes 7 individuals whose tenure was terminated during 2018. The Company's key management personnel in 2017, consisted of 21 individuals, of whom 10 were not employed by the Company (directors). For the year ended December 31 2018 2017 $ millions $ millions Short-term benefits 11 8 Post-employment benefits 1 1 Share-based payments 4 4 Total * 16 13 * To interested parties employed by the Company 5 4 * To interested parties not employed by the Company 1 1 |
Transactions with related and interested parties | D. Transactions with related and interested parties For the year ended December 31 2018 2017 2016 $ millions $ millions $ millions Sales 5 8 35 Cost of sales 19 97 113 Selling, transport and marketing expenses 7 8 7 Financing expenses (income), net 3 (9) - General and administrative expenses 1 1 1 Management fees to the parent company 1 1 1 |
Balances with interested parties | Composition : As at December 31 2018 2017 $ millions $ millions Other current assets 28 38 Other current liabilities 7 191 |
Group Entities (Tables)
Group Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Disclosure of composition of group | Ownership interest in its subsidiary and investee companies for the year ended December 31 Name of company Principal location of the company’s activity 2018 2017 ICL Israel Ltd. Israel 100.00% 100.00% Dead Sea Works Ltd. Israel 100.00% 100.00% Dead Sea Bromine Company Ltd. Israel 100.00% 100.00% Rotem Amfert Negev Ltd. Israel 100.00% 100.00% Mifalei Tovala Ltd. Israel 100.00% 100.00% Dead Sea Magnesium Ltd. Israel 100.00% 100.00% Ashli Chemicals (Holland) B.V. Israel 100.00% 100.00% Bromine Compounds Ltd. Israel 100.00% 100.00% Tetrabrom Technologies Ltd.* Israel 0.00% 100.00% Fertilizers and Chemicals Ltd. Israel 100.00% 100.00% Iberpotash S.A. Spain 100.00% 100.00% Fuentes Fertilizantes S.L. Spain 100.00% 100.00% ICL Europe Coöperatief U.A. The Netherlands 100.00% 100.00% ICL-IP Europe B.V. The Netherlands 100.00% 100.00% ICL IP Terneuzen B.V. The Netherlands 100.00% 100.00% ICL Fertilizers Europe C.V. The Netherlands 100.00% 100.00% ICL Finance B.V. The Netherlands 100.00% 100.00% Everris International B.V. The Netherlands 100.00% 100.00% ICL Puriphos B.V. The Netherlands 100.00% 100.00% ICL-IP America Inc. United States of America 100.00% 100.00% ICL Specialty Products Inc. United States of America 100.00% 100.00% Everris N.A. Inc. United States of America 100.00% 100.00% Phosphorus Derivatives Inc.** United States of America 0.00% 100.00% BK Giulini GmbH Germany 100.00% 100.00% ICL Holding Germany GmbH Germany 100.00% 100.00% ICL I.P. Bitterfeld GmbH Germany 100.00% 100.00% Rovita GmbH Germany 100.00% 100.00% Prolactal GmbH Austria 100.00% 100.00% Cleveland Potash Ltd. United Kingdom 100.00% 100.00% ICL Brasil, Ltda. Brazil 100.00% 100.00% ICL (Shanghai) Investment Co. Ltd. China 100.00% 100.00% Yunnan Phosphate Haikou Co. Ltd. China 50.00% 50.00% Sinobrom Compounds Co. Ltd., China China 75.00% 75.00% ICL Asia Ltd. Hong Kong 100.00% 100.00% ICL Trading (HK) Ltd. Hong Kong 100.00% 100.00% Allana Potash Afar PLC*** Ethiopia 100.00% 100.00% *The company was merged into "Bromine Compounds Ltd.". **Company sold. ***Company in liquidation proceedings. |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule of Estimated Useful LIves of Property, Plant and Equipment) (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
Land development, roads and structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 15-30 | |
Facilities, machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 8-25 | [1] |
Dams and ponds [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 20-40 | [2] |
Heavy mechanical equipment, train cars and tanks [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 5-15 | |
Office furniture and equipment, motor vehicles, computer equipment and other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 3-10 | |
[1] | Mainly 25 years. | |
[2] | Mainly 40 years. |
Significant Accounting Polici_5
Significant Accounting Policies (Schedule of Estimated Useful LIves of Intangible Assets) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Concessions over the balance of the concession granted to the companies [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Depreciation in Years | |
Trademarks [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Depreciation in Years | 15-20 |
Patents [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Depreciation in Years | 7-20 |
Customer relationships [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Depreciation in Years | 15-25 |
Software costs [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Depreciation in Years | 3-10 |
Agreements with suppliers and non-competition agreement [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Depreciation in Years | 10-15 |
Operating Segments (Operating S
Operating Segments (Operating Segment Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Sales [Abstract] | |||
Sales to external parties | $ 5,556 | $ 5,418 | $ 5,363 |
Inter-segment sales | 0 | 0 | 0 |
Total sales | 5,556 | 5,418 | 5,363 |
Operating income (loss) [Abstract] | |||
Segment profit | 1,010 | 913 | 903 |
General and administrative expenses | (257) | (261) | (321) |
Other expenses not allocated to segments | 766 | (23) | (585) |
Operating income (loss) | 1,519 | 629 | (3) |
Financing expenses, net | (158) | (124) | (132) |
Share in earnings of equity-accounted investees | 3 | 0 | 18 |
Income (loss) before income taxes | 1,364 | 505 | (117) |
Capital expenditures | 605 | 507 | 652 |
Depreciation amortization and impairment | 420 | 418 | 406 |
Industrial Products [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 1,281 | 1,179 | 1,111 |
Inter-segment sales | 15 | 14 | 9 |
Total sales | 1,296 | 1,193 | 1,120 |
Operating income (loss) [Abstract] | |||
Segment profit | 350 | 303 | 286 |
Capital expenditures | 50 | 49 | 38 |
Depreciation amortization and impairment | 63 | 61 | 52 |
Potash [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 1,481 | 1,258 | 1,213 |
Inter-segment sales | 142 | 125 | 125 |
Total sales | 1,623 | 1,383 | 1,338 |
Operating income (loss) [Abstract] | |||
Segment profit | 393 | 282 | 282 |
Capital expenditures | 356 | 270 | 311 |
Depreciation amortization and impairment | 141 | 128 | 127 |
Phosphate Solutions [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 2,001 | 1,938 | 2,082 |
Inter-segment sales | 98 | 99 | 104 |
Total sales | 2,099 | 2,037 | 2,186 |
Operating income (loss) [Abstract] | |||
Segment profit | 208 | 149 | 224 |
Capital expenditures | 180 | 154 | 237 |
Depreciation amortization and impairment | 172 | 172 | 203 |
Innovative Ag Solutions [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 719 | 671 | 632 |
Inter-segment sales | 22 | 21 | 29 |
Total sales | 741 | 692 | 661 |
Operating income (loss) [Abstract] | |||
Segment profit | 57 | 56 | 55 |
Capital expenditures | 15 | 12 | 7 |
Depreciation amortization and impairment | 19 | 19 | 17 |
Other activities [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 74 | 372 | 325 |
Inter-segment sales | 5 | 12 | 15 |
Total sales | 79 | 384 | 340 |
Operating income (loss) [Abstract] | |||
Segment profit | 9 | 127 | 93 |
Capital expenditures | 1 | 19 | 1 |
Depreciation amortization and impairment | 4 | 8 | 3 |
Reconciliation [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 0 | 0 | 0 |
Inter-segment sales | (282) | (271) | (282) |
Total sales | (282) | (271) | (282) |
Operating income (loss) [Abstract] | |||
Segment profit | (7) | (4) | (37) |
Capital expenditures | 3 | 3 | 58 |
Depreciation amortization and impairment | $ 21 | $ 30 | $ 4 |
Operating Segments (Sales by Ge
Operating Segments (Sales by Geographical Location of the Customer) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 5,556 | $ 5,418 | $ 5,363 |
% of sales | 100.00% | 100.00% | 100.00% |
USA [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 903 | $ 1,091 | $ 1,070 |
% of sales | 16.00% | 20.00% | 20.00% |
China [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 848 | $ 724 | $ 669 |
% of sales | 15.00% | 13.00% | 12.00% |
Brazil [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 656 | $ 594 | $ 521 |
% of sales | 12.00% | 11.00% | 10.00% |
Germany [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 365 | $ 378 | $ 392 |
% of sales | 7.00% | 7.00% | 7.00% |
United Kingdom [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 382 | $ 328 | $ 306 |
% of sales | 7.00% | 6.00% | 6.00% |
Spain [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 262 | $ 264 | $ 258 |
% of sales | 5.00% | 5.00% | 5.00% |
Israel [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 223 | $ 171 | $ 237 |
% of sales | 4.00% | 3.00% | 4.00% |
France [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 267 | $ 265 | $ 226 |
% of sales | 5.00% | 5.00% | 4.00% |
India [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 211 | $ 200 | $ 199 |
% of sales | 4.00% | 4.00% | 4.00% |
Australia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 126 | $ 85 | $ 187 |
% of sales | 2.00% | 2.00% | 3.00% |
All others [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 1,313 | $ 1,318 | $ 1,298 |
% of sales | 23.00% | 24.00% | 25.00% |
Operating Segments (Sales by _2
Operating Segments (Sales by geographical location of the customer by Operating Segments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 5,556 | $ 5,418 | $ 5,363 |
Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,970 | 1,918 | 1,863 |
Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,488 | 1,342 | 1,275 |
North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 978 | 1,175 | 1,141 |
Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 408 | 317 | 496 |
South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 712 | 666 | 588 |
Industrial Products [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,296 | 1,193 | 1,120 |
Industrial Products [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 473 | 456 | 424 |
Industrial Products [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 399 | 351 | 301 |
Industrial Products [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 347 | 327 | 330 |
Industrial Products [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 56 | 40 | 40 |
Industrial Products [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 21 | 19 | 25 |
Potash [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,623 | 1,383 | 1,338 |
Potash [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 459 | 386 | 421 |
Potash [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 519 | 433 | 396 |
Potash [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 107 | 116 | 93 |
Potash [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 130 | 101 | 161 |
Potash [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 408 | 347 | 267 |
Phosphate Solutions [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,099 | 2,037 | 2,186 |
Phosphate Solutions [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 719 | 749 | 717 |
Phosphate Solutions [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 481 | 476 | 511 |
Phosphate Solutions [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 405 | 369 | 380 |
Phosphate Solutions [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 230 | 166 | 304 |
Phosphate Solutions [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 264 | 277 | 274 |
Innovative Ag Solutions [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 741 | 692 | 661 |
Innovative Ag Solutions [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 362 | 326 | 319 |
Innovative Ag Solutions [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 105 | 100 | 74 |
Innovative Ag Solutions [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 103 | 94 | 110 |
Innovative Ag Solutions [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 150 | 150 | 139 |
Innovative Ag Solutions [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 21 | 22 | 19 |
Other activities [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 79 | 384 | 340 |
Other activities [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 49 | 87 | 77 |
Other activities [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2 | 3 | 6 |
Other activities [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 24 | 282 | 250 |
Other activities [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 3 | 7 | 6 |
Other activities [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1 | 5 | 1 |
Reconciliation [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (282) | (271) | (282) |
Reconciliation [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (92) | (86) | (95) |
Reconciliation [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (18) | (21) | (13) |
Reconciliation [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (8) | (13) | (22) |
Reconciliation [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (161) | (147) | (154) |
Reconciliation [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ (3) | $ (4) | $ 2 |
Operating Segments (Sales by _3
Operating Segments (Sales by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 5,556 | $ 5,418 | $ 5,363 |
Israel [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,841 | 2,548 | 2,470 |
Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,970 | 1,918 | 1,863 |
Europe [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,198 | 2,119 | 2,124 |
Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,488 | 1,342 | 1,275 |
Asia [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 617 | 583 | 556 |
North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 978 | 1,175 | 1,141 |
North America [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 831 | 1,045 | 1,045 |
Others [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 408 | 317 | 496 |
Others [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 211 | 215 | 218 |
Subtotal [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 6,698 | 6,510 | 6,413 |
Intercompany sales [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (1,142) | (1,092) | (1,050) |
South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 712 | $ 666 | $ 588 |
Operating Segments (Operating I
Operating Segments (Operating Income-Loss by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | $ 1,519 | $ 629 | $ (3) | |
Israel [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 526 | 475 | 304 | |
Europe [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 834 | [1] | (45) | (117) |
Asia [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 52 | 8 | (41) | |
North America [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 74 | 154 | 83 | |
Others [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 29 | 33 | (203) | |
Intercompany eliminations [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | $ 4 | $ 4 | $ (29) | |
[1] | Europe profit for the year ended December 31, 2018 includes gain from divestiture of businesses in the amount of $841 million. For further information see Note 10. |
Operating Segments (Non Current
Operating Segments (Non Current Assets by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of geographical areas [Line Items] | ||
Non-current assets | $ 5,567 | $ 5,484 |
Israel [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 3,570 | 3,387 |
Europe [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 1,228 | 1,227 |
Asia [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 401 | 455 |
North America [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 309 | 321 |
Others [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | $ 59 | $ 94 |
Inventories (Information) (Deta
Inventories (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Notes to Consolidated Financial Statements [Abstract] | ||
Finished products | $ 772 | $ 709 |
Work in progress | 258 | 269 |
Raw materials | 216 | 212 |
Spare parts | 143 | 142 |
Total Inventories | 1,389 | 1,332 |
Less - non-current inventories. Mainly raw materials (presented in non-current assets) | 99 | 106 |
Current inventories | $ 1,290 | $ 1,226 |
Other Receivables (Information)
Other Receivables (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Notes to Consolidated Financial Statements [Abstract] | ||
Government institutions | $ 108 | $ 78 |
Prepaid expenses | 52 | 43 |
Insurance receivables | 1 | 26 |
Current tax assets | 79 | 16 |
Other | 55 | 62 |
Total other receivables | $ 295 | $ 225 |
Investments in Subsidiaries (No
Investments in Subsidiaries (Non-Controlling Interests in Subsidiaries - Balance Sheet) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | $ 2,788 | $ 2,725 | ||
Non-current assets | 5,988 | 5,989 | ||
Current liabilities | 2,009 | 2,328 | ||
Non-current liabilities | 2,852 | 3,456 | ||
Equity | 3,915 | 2,930 | $ 2,659 | $ 3,188 |
Sales | 5,556 | 5,418 | 5,363 | |
Operating income | 1,519 | 629 | (3) | |
Depreciation and amortization | 420 | 418 | 406 | |
Net income (loss) | 1,235 | 347 | (172) | |
Comprensive income (loss) | 1,135 | 433 | (291) | |
Non-controlling interests [Member] | ||||
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | 192 | 197 | ||
Non-current assets | 318 | 367 | ||
Current liabilities | 225 | 241 | ||
Non-current liabilities | 49 | 215 | ||
Equity | 236 | 108 | ||
Sales | 387 | 363 | 377 | |
Operating income | 0 | (21) | (78) | |
Depreciation and amortization | 34 | 34 | 34 | |
Operating income (loss) before depreciation and amortization | 34 | 13 | (44) | |
Net income (loss) | (13) | (38) | (104) | |
Comprensive income (loss) | $ 3 | $ (26) | $ (126) |
Investments in Subsidiaries and
Investments in Subsidiaries and Investee Companies (Non-Controlling Interests in Subsidiaries - Profit and Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | $ 2,788 | $ 2,725 | ||
Non-current assets | 5,988 | 5,989 | ||
Current liabilities | 2,009 | 2,328 | ||
Non-current liabilities | 2,852 | 3,456 | ||
Equity | 3,915 | 2,930 | $ 2,659 | $ 3,188 |
Sales | 5,556 | 5,418 | 5,363 | |
Operating income (loss) | 1,519 | 629 | (3) | |
Depreciation and amortization | 420 | 418 | 406 | |
Net income (loss) | 1,235 | 347 | (172) | |
Comprensive income (loss) | 1,135 | 433 | (291) | |
Non-controlling interests [Member] | ||||
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | 192 | 197 | ||
Non-current assets | 318 | 367 | ||
Current liabilities | 225 | 241 | ||
Non-current liabilities | 49 | 215 | ||
Equity | 236 | 108 | ||
Sales | 387 | 363 | 377 | |
Operating income (loss) | 0 | (21) | (78) | |
Depreciation and amortization | 34 | 34 | 34 | |
Operating income (loss) before depreciation and amortization | 34 | 13 | (44) | |
Net income (loss) | (13) | (38) | (104) | |
Comprensive income (loss) | $ 3 | $ (26) | $ (126) |
Other Non-Current Assets (Infor
Other Non-Current Assets (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Notes to Consolidated Financial Statements [Abstract] | ||
Lease rights | $ 102 | $ 106 |
Non-current inventories | 99 | 106 |
Surplus in defined benefit plan | 73 | 89 |
Long-term loan | 59 | 0 |
Derivatives | 15 | 64 |
Other | 9 | 8 |
Total other non-current assets | $ 357 | $ 373 |
Business Divestiture (Narrative
Business Divestiture (Narratives) (Details) $ in Millions | Dec. 31, 2018USD ($) |
Notes to Consolidated Financial Statements [Abstract] | |
Total consideration of fire safety divestiture | $ 1,010 |
Cash consideration of fire safety divestiture | 953 |
Long-term loan issued to the company by a subsidiary of the Buyer | 57 |
Capital gain as a result of the sale | 841 |
Loss of Rovita's sale | 16 |
Loss of Rovita's sale after tax | $ 12 |
Business Divestiture (Effect Of
Business Divestiture (Effect Of Businesses Divestitures) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Effect Of Businesses Divestitures [Line Items] | |||||
Net assets and liabilities | $ 153 | ||||
Net cash inflow | 902 | [1] | $ 6 | $ 17 | |
Consideration received in cash [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net cash inflow | [2] | 938 | |||
Income tax paid [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net cash inflow | (35) | ||||
Cash disposed of [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net cash inflow | (1) | ||||
Cash and cash equivalents [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net assets and liabilities | 1 | ||||
Trade and other receivables [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net assets and liabilities | 34 | ||||
Inventories [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net assets and liabilities | 59 | ||||
Property, Plant and Equipment | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net assets and liabilities | 26 | ||||
Intangible Assets [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net assets and liabilities | 64 | ||||
Trade payables and other current liabilities [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net assets and liabilities | (28) | ||||
Deferred tax liabilities [Member] | |||||
Effect Of Businesses Divestitures [Line Items] | |||||
Net assets and liabilities | $ (3) | ||||
[1] | See Note 10. | ||||
[2] | The consideration received in cash is net of $16 million transaction expenses. |
Property Plant and Equipment (I
Property Plant and Equipment (Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | $ 4,521 | ||
Balance at end of year | 4,663 | $ 4,521 | |
Depreciated balance at end of year | 4,663 | 4,521 | |
Gross [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 9,810 | 9,158 | |
Additions | 589 | 490 | |
Disposals | (30) | (63) | |
Translation differences | (132) | 269 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (44) | ||
Balance at end of year | 10,237 | 9,810 | |
Depreciated balance at end of year | 9,810 | 9,810 | |
Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 5,289 | 4,849 | |
Depreciation for the year | 373 | 355 | |
Disposals | (27) | (56) | |
Impairment | 11 | 13 | |
Translation differences | (72) | 147 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (19) | ||
Balance at end of year | 5,574 | 5,289 | |
Depreciated balance at end of year | 5,289 | 5,289 | |
Land roads and buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 393 | ||
Balance at end of year | 393 | 393 | |
Depreciated balance at end of year | 393 | 393 | |
Land roads and buildings [Member] | Gross [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 844 | 763 | |
Additions | 42 | 42 | |
Disposals | (2) | (6) | |
Translation differences | (23) | 49 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (4) | ||
Balance at end of year | 861 | 844 | |
Depreciated balance at end of year | 844 | 844 | |
Land roads and buildings [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 451 | 409 | |
Depreciation for the year | 24 | 23 | |
Disposals | (1) | (4) | |
Impairment | 5 | 0 | |
Translation differences | (11) | 24 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (1) | ||
Balance at end of year | 468 | 451 | |
Depreciated balance at end of year | 451 | 451 | |
Installations and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 2,268 | ||
Balance at end of year | 2,789 | 2,268 | |
Depreciated balance at end of year | 2,789 | 2,268 | |
Installations and equipment [Member] | Gross [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 5,788 | 5,408 | |
Additions | 789 | 302 | |
Disposals | (19) | (28) | |
Translation differences | (76) | 136 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (30) | ||
Balance at end of year | 6,482 | 5,788 | |
Depreciated balance at end of year | 5,788 | 5,788 | |
Installations and equipment [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 3,520 | 3,232 | |
Depreciation for the year | 234 | 227 | |
Disposals | (16) | (23) | |
Impairment | 5 | 13 | |
Translation differences | (50) | 85 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (14) | ||
Balance at end of year | 3,693 | 3,520 | |
Depreciated balance at end of year | 3,520 | 3,520 | |
Dikes and evaporating ponds [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 835 | ||
Balance at end of year | 836 | 835 | |
Depreciated balance at end of year | 836 | 835 | |
Dikes and evaporating ponds [Member] | Gross [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 1,888 | 1,715 | |
Additions | 100 | 140 | |
Disposals | 0 | 0 | |
Translation differences | (13) | 33 | |
Reclassification to assets held for sale, Property, Plant and Equipment | 0 | ||
Balance at end of year | 1,975 | 1,888 | |
Depreciated balance at end of year | 1,888 | 1,888 | |
Dikes and evaporating ponds [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 1,053 | 944 | |
Depreciation for the year | 96 | 84 | |
Disposals | 0 | 0 | |
Impairment | 0 | 0 | |
Translation differences | (10) | 25 | |
Reclassification to assets held for sale, Property, Plant and Equipment | 0 | ||
Balance at end of year | 1,139 | 1,053 | |
Depreciated balance at end of year | 1,053 | 1,053 | |
Heavy mechanical equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 66 | ||
Balance at end of year | 64 | 66 | |
Depreciated balance at end of year | 64 | 66 | |
Heavy mechanical equipment [Member] | Gross [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 150 | 149 | |
Additions | 5 | 7 | |
Disposals | (2) | (12) | |
Translation differences | 0 | 7 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (1) | ||
Balance at end of year | 153 | 150 | |
Depreciated balance at end of year | 150 | 150 | |
Heavy mechanical equipment [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 84 | 83 | |
Depreciation for the year | 7 | 7 | |
Disposals | (2) | (12) | |
Impairment | 0 | 0 | |
Translation differences | 0 | 7 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (1) | ||
Balance at end of year | 89 | 84 | |
Depreciated balance at end of year | 84 | 84 | |
Furniture, vehicles and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 61 | ||
Balance at end of year | 66 | 61 | |
Depreciated balance at end of year | 66 | 61 | |
Furniture, vehicles and equipment [Member] | Gross [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 242 | 244 | |
Additions | 20 | 13 | |
Disposals | (7) | (17) | |
Translation differences | (4) | 9 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (7) | ||
Balance at end of year | 251 | 242 | |
Depreciated balance at end of year | 242 | 242 | |
Furniture, vehicles and equipment [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | 181 | 181 | |
Depreciation for the year | 12 | 14 | |
Disposals | (8) | (17) | |
Impairment | 1 | 0 | |
Translation differences | (1) | 6 | |
Reclassification to assets held for sale, Property, Plant and Equipment | (3) | ||
Balance at end of year | 185 | 181 | |
Depreciated balance at end of year | 181 | 181 | |
Plants under construction and spare parts for installations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | [1] | 898 | |
Balance at end of year | [1] | 515 | 898 |
Depreciated balance at end of year | [1] | 515 | 898 |
Plants under construction and spare parts for installations [Member] | Gross [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | [1] | 898 | 879 |
Additions | [1] | (367) | (14) |
Disposals | [1] | 0 | 0 |
Translation differences | [1] | (16) | 35 |
Reclassification to assets held for sale, Property, Plant and Equipment | [1] | (2) | |
Balance at end of year | [1] | 515 | 898 |
Depreciated balance at end of year | [1] | 898 | 898 |
Plants under construction and spare parts for installations [Member] | Accumulated depreciation [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Balance at beginning of year | [1] | 0 | 0 |
Depreciation for the year | [1] | 0 | 0 |
Disposals | [1] | 0 | 0 |
Impairment | [1] | 0 | 0 |
Translation differences | [1] | 0 | 0 |
Reclassification to assets held for sale, Property, Plant and Equipment | [1] | 0 | |
Balance at end of year | [1] | 0 | 0 |
Depreciated balance at end of year | [1] | $ 0 | $ 0 |
[1] | The additions for the year are presented net of items the construction of which were completed and accordingly were recorded in other categories in the “property, plant and equipment” section. |
Intangible Assets (Composition)
Intangible Assets (Composition) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Intangible assets [Line Items] | ||
Balance at beginning of period | $ 722 | |
Balance at end of period | 671 | $ 722 |
Amortized balance at end of period | 671 | 722 |
Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 1,067 | 1,159 |
Additions | 16 | 17 |
Disposals | (2) | |
Discontinuance of consolidation | (55) | |
Translation differences | (40) | 63 |
Reclassification to assets held for sale | 0 | (117) |
Balance at end of period | 1,041 | 1,067 |
Amortized balance at end of period | 1,067 | 1,067 |
Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 345 | 335 |
Disposals | (1) | |
Amortization for the year | 30 | 35 |
Translation differences | (10) | 14 |
Impairment | 6 | 15 |
Reclassification to assets held for sale | (54) | |
Balance at end of period | 370 | 345 |
Amortized balance at end of period | 345 | 345 |
Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 326 | |
Balance at end of period | 309 | 326 |
Amortized balance at end of period | 309 | 326 |
Goodwill [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 348 | 398 |
Additions | 0 | 0 |
Disposals | 0 | |
Discontinuance of consolidation | (55) | |
Translation differences | (17) | 16 |
Reclassification to assets held for sale | 0 | (11) |
Balance at end of period | 331 | 348 |
Amortized balance at end of period | 348 | 348 |
Goodwill [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 22 | 21 |
Disposals | 0 | |
Amortization for the year | 0 | 0 |
Translation differences | 0 | 1 |
Impairment | 0 | 0 |
Reclassification to assets held for sale | 0 | |
Balance at end of period | 22 | 22 |
Amortized balance at end of period | 22 | 22 |
Concessions and mining rights [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 153 | |
Balance at end of period | 142 | 153 |
Amortized balance at end of period | 142 | 153 |
Concessions and mining rights [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 216 | 205 |
Additions | 0 | 0 |
Disposals | 0 | |
Discontinuance of consolidation | 0 | |
Translation differences | (6) | 11 |
Reclassification to assets held for sale | 0 | 0 |
Balance at end of period | 210 | 216 |
Amortized balance at end of period | 216 | 216 |
Concessions and mining rights [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 63 | 57 |
Disposals | 0 | |
Amortization for the year | 5 | 6 |
Translation differences | 0 | 0 |
Impairment | 0 | 0 |
Reclassification to assets held for sale | 0 | |
Balance at end of period | 68 | 63 |
Amortized balance at end of period | 63 | 63 |
Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 67 | |
Balance at end of period | 62 | 67 |
Amortized balance at end of period | 62 | 67 |
Trademarks [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 91 | 86 |
Additions | 0 | 0 |
Disposals | 0 | |
Discontinuance of consolidation | 0 | |
Translation differences | (3) | 7 |
Reclassification to assets held for sale | 0 | (2) |
Balance at end of period | 88 | 91 |
Amortized balance at end of period | 91 | 91 |
Trademarks [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 24 | 19 |
Disposals | 0 | |
Amortization for the year | 3 | 3 |
Translation differences | (1) | 1 |
Impairment | 0 | 1 |
Reclassification to assets held for sale | 0 | |
Balance at end of period | 26 | 24 |
Amortized balance at end of period | 24 | 24 |
Technology / patents [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 45 | |
Balance at end of period | 36 | 45 |
Amortized balance at end of period | 36 | 45 |
Technology / patents [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 80 | 80 |
Additions | 1 | 3 |
Disposals | 0 | |
Discontinuance of consolidation | 0 | |
Translation differences | (6) | 7 |
Reclassification to assets held for sale | 0 | (10) |
Balance at end of period | 75 | 80 |
Amortized balance at end of period | 80 | 80 |
Technology / patents [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 35 | 34 |
Disposals | 0 | |
Amortization for the year | 5 | 5 |
Translation differences | (4) | 3 |
Impairment | 3 | 0 |
Reclassification to assets held for sale | (7) | |
Balance at end of period | 39 | 35 |
Amortized balance at end of period | 35 | 35 |
Customer relationships [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 89 | |
Balance at end of period | 73 | 89 |
Amortized balance at end of period | 73 | 89 |
Customer relationships [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 183 | 214 |
Additions | 0 | 0 |
Disposals | 0 | |
Discontinuance of consolidation | 0 | |
Translation differences | (5) | 16 |
Reclassification to assets held for sale | 0 | (47) |
Balance at end of period | 178 | 183 |
Amortized balance at end of period | 183 | 183 |
Customer relationships [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 94 | 88 |
Disposals | 0 | |
Amortization for the year | 10 | 12 |
Translation differences | (2) | 5 |
Impairment | 3 | 0 |
Reclassification to assets held for sale | (11) | |
Balance at end of period | 105 | 94 |
Amortized balance at end of period | 94 | 94 |
Exploration and evaluation assets [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 14 | |
Balance at end of period | 14 | 14 |
Amortized balance at end of period | 14 | 14 |
Exploration and evaluation assets [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 39 | 35 |
Additions | 1 | 1 |
Disposals | 0 | |
Discontinuance of consolidation | 0 | |
Translation differences | (1) | 3 |
Reclassification to assets held for sale | 0 | 0 |
Balance at end of period | 39 | 39 |
Amortized balance at end of period | 39 | 39 |
Exploration and evaluation assets [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 25 | 9 |
Disposals | 0 | |
Amortization for the year | 1 | 1 |
Translation differences | (1) | 1 |
Impairment | 0 | 14 |
Reclassification to assets held for sale | 0 | |
Balance at end of period | 25 | 25 |
Amortized balance at end of period | 25 | 25 |
Computer application [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 15 | |
Balance at end of period | 24 | 15 |
Amortized balance at end of period | 24 | 15 |
Computer application [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 76 | 65 |
Additions | 13 | 10 |
Disposals | 0 | |
Discontinuance of consolidation | 0 | |
Translation differences | (2) | 2 |
Reclassification to assets held for sale | 0 | (1) |
Balance at end of period | 87 | 76 |
Amortized balance at end of period | 76 | 76 |
Computer application [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 61 | 57 |
Disposals | 0 | |
Amortization for the year | 4 | 3 |
Translation differences | (2) | 2 |
Impairment | 0 | 0 |
Reclassification to assets held for sale | (1) | |
Balance at end of period | 63 | 61 |
Amortized balance at end of period | 61 | 61 |
Other Intangible Assets [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 13 | |
Balance at end of period | 11 | 13 |
Amortized balance at end of period | 11 | 13 |
Other Intangible Assets [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 34 | 76 |
Additions | 1 | 3 |
Disposals | (2) | |
Discontinuance of consolidation | 0 | |
Translation differences | 0 | 1 |
Reclassification to assets held for sale | 0 | (46) |
Balance at end of period | 33 | 34 |
Amortized balance at end of period | 34 | 34 |
Other Intangible Assets [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 21 | 50 |
Disposals | (1) | |
Amortization for the year | 2 | 5 |
Translation differences | 0 | 1 |
Impairment | 0 | 0 |
Reclassification to assets held for sale | (35) | |
Balance at end of period | 22 | 21 |
Amortized balance at end of period | $ 21 | $ 21 |
Intangible Assets (Total Book V
Intangible Assets (Total Book Value of Intangible Assets ) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Notes to Consolidated Financial Statements [Abstract] | ||
Intangible assets having a definite useful life | $ 332 | $ 365 |
Intangible assets having an indefined useful life | 339 | 357 |
Total intangible assets | $ 671 | $ 722 |
Impairment Testing (Narratives)
Impairment Testing (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
After-tax discount rate used in calculation of the recoverable amount of the operating segments (nominal) | 9.50% |
Long-term growth rate | 0% - 2% |
Impairment Testing (Carrying Am
Impairment Testing (Carrying Amounts of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | $ 339 | $ 357 |
Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | 309 | 326 |
Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | 30 | 31 |
Industrial Products, United States [Member] | Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | 13 | 13 |
Phosphate Solutions, United States [Member] | Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | 12 | 12 |
Industrial Products, Europe [Member] | Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | 5 | 6 |
Industrial Products [Member] | Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | 92 | 93 |
Potash [Member] | Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | 19 | 20 |
Phosphate Solutions [Member] | Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | 127 | 140 |
Innovative Ag Solutions [Member] | Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefined useful life | $ 71 | $ 73 |
Derivative Instruments (Informa
Derivative Instruments (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative Instruments [Line Items] | ||
Current derivative financial assets | $ 13 | $ 5 |
Noncurrent derivative financial assets | 15 | 64 |
Current derivative financial liabilities | (21) | (3) |
Derivative instruments on energy and marine transport [Member] | ||
Derivative Instruments [Line Items] | ||
Current derivative financial assets | 0 | 4 |
Current derivative financial liabilities | (5) | 0 |
Foreign currency and interest derivative instruments [Member] | ||
Derivative Instruments [Line Items] | ||
Current derivative financial assets | 13 | 1 |
Noncurrent derivative financial assets | 15 | 64 |
Current derivative financial liabilities | (16) | (3) |
Noncurrent derivative financial liabilities | $ 0 | $ (3) |
Credit from Banks and Others (N
Credit from Banks and Others (Narratives) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Notes to Consolidated Financial Statements [Abstract] | ||
Net debt to EBITDA under securitization agreements | 4.75 | |
Securitization framework | $ 350 | |
Secured trade receivable in case of credit default percentage ownership | 30.00% | |
Utilization of the securitization facility | $ 332 | $ 331 |
Limit guarantees and indemnities to third parties up to an agreed amount | $ 550 | |
Grant loans only to subsidiaries and to associated companies in which it holds at least | 25.00% | |
Total guarantees the Company provided including to an associated Company | $ 79 |
Credit from Banks and Others (C
Credit from Banks and Others (Composition) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term credit [Abstract] | ||
Short-term credit from financial institutions | $ 544 | $ 635 |
Short-term credit from the parent company | 0 | 175 |
Long-term loans from others | 34 | 0 |
Long-term loans from financial institutions | 32 | 12 |
Total Short-Term Credit | 610 | 822 |
Long-term debt and debentures [Abstract] | ||
Loans from financial institutions | 377 | 786 |
Other loans | 35 | 98 |
Less - current maturities | 66 | 12 |
Marketable debentures | 1,195 | 1,241 |
Non-marketable debentures | 274 | 275 |
Total Long-term debt and debentures | $ 1,815 | $ 2,388 |
Credit from Banks and Others (Y
Credit from Banks and Others (Yearly movement in Credit from Banks and Others) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Balance at the begining of the year | $ 3,227 | $ 3,399 | |
Receipt of long-term debt | 1,746 | 966 | $ 1,278 |
Repayment of long-term debt | (2,115) | (1,387) | (1,365) |
Repayment of short-term credit, net of receipt | (283) | 147 | 14 |
Interest paid | (103) | (111) | (112) |
Effect of changes in foreign exchange rates | (63) | 101 | |
Other changes | 33 | 112 | |
Balance at the end of the year | $ 2,442 | $ 3,227 | $ 3,399 |
Credit from Banks and Others (M
Credit from Banks and Others (Maturity periods) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | $ 1,815 | $ 2,388 |
Second year [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | 17 | 261 |
Third year [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | 273 | 18 |
Fourth year [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | 113 | 213 |
Fifth year [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | 308 | 644 |
Sixth year and thereafter [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | $ 1,104 | $ 1,252 |
Credit from Banks and Others (R
Credit from Banks and Others (Restrictions on the Group Relating to the Receipt of Credit) (Details) $ in Millions | Dec. 31, 2018USD ($) | |
Notes to Consolidated Financial Statements [Abstract] | ||
Financial Covenant: Equity greater than 2,000 million dollars | $ 3,781 | |
Financial Covenant: Ratio of the EBITDA to the net interest expenses equal to or greater than 3.5 | 11.17 | |
Financial Covenant: Ratio of the net financial debt to EBITDA less than 4.0 | 1.62 | [1] |
Financial Covenant: Ratio of certain subsidiaries loans to the total assets of the consolidated company less than 10% | 1.87% | |
[1] | According to the Company’s covenants, the required ratio of the net financial debt to EBITDA as of January 1, 2019 will be reduced to 3.5. |
Credit from Banks and Others (S
Credit from Banks and Others (Sale of Receivables under Securitization Transaction) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | ||||
Carrying amount of the transferred assets | $ 332 | $ 331 | $ 331 | |
Fair value of the associated liabilities | 332 | 331 | 331 | |
Net Position | [1] | $ 0 | $ 0 | $ 0 |
[1] | Less than $1 million. |
Credit from Banks and Others (I
Credit from Banks and Others (Information on Material Loans and Debentures) (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
Loan from European Bank [Member] | December 2014 [Member] | Brazilian Real [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 161 | |
Debt, carrying amount | 19 | |
Interest rate | CDI+1.35% | |
Principal repayment date | 2015-2021 (Semiannual installment) | |
Loan from European Bank [Member] | December 2018 [Member] | US Dollar [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 70 | |
Debt, carrying amount | 70 | |
Interest rate | Libor + 0.66% | |
Principal repayment date | December 2,021 | |
Loan-Israeli institutions [Member] | November 2013 [Member] | Israeli Shekel [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 300 | |
Debt, carrying amount | 67 | |
Interest rate | 4.74% (1) | [1] |
Principal repayment date | 2015-2024 (annual installment) | |
Additional information | Partially prepaid | |
Debentures Series D [Member] | December 2014 [Member] | US Dollar [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 800 | |
Debt, carrying amount | 182 | |
Interest rate | 4.50% | |
Principal repayment date | December 2,024 | |
Additional information | Debentures Series D Private issuance of debentures pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended, to institutional investors in the U.S., Europe, and Israel. The notes are registered for trade in the TACT Institutional; by the Tel-Aviv Stock Exchange Ltd. The notes have been rated BBB (stable). In March 2017, the rating company “Fitch Rating Ltd.” lowered the Company’s credit rating, together with the rating of the debentures, from (BBB)- to (BBB-)- with a stable rating outlook. In November 2017, the rating company “Standard & Poor’s” reaffirmed the Company’s credit rating, together with the rating of the debentures, at BBB-, with a stable rating outlook. On May 29, 2018, the Company completed a cash tender offer for any and all of its Series D debentures. Following the tender offer, the Company repurchased an amount of $616 million out of the original principal amount of $800 million. On May 10, 2018 and on June 21, 2018, respectively, the credit rating agency S&P ratified the Company’s international credit rating, BBB- with a stable rating outlook, and credit rating agency Maalot ratified the Company’s credit rating, ‘ilAA’ with a stable rating outlook. | |
Debentures Series E [Member] | April 2016 [Member] | Israeli Shekel [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 1,569 | |
Debt, carrying amount | 416 | |
Interest rate | 2.45% | |
Principal repayment date | 2021- 2024 (annual installment) | |
Debentures (private offering) - 3 series [Member] | January 2014 [Member] | US Dollar [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 84 145 46 | |
Debt, carrying amount | 84 144 46 | |
Interest rate | 4.55% 5.16% 5.31% | |
Principal repayment date | January 2021 January 2024 January 2026 | |
Loan-international institutions [Member] | July 2014 [Member] | Euro [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 27 | |
Debt, carrying amount | 25 | |
Interest rate | 2.33% | |
Principal repayment date | 2019-2024 | |
Additional information | Partially prepaid | |
Loan others [Member] | April to October 2016 [Member] | Chinese Yuan Renminbi [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 600 | |
Debt, carrying amount | 29 | |
Interest rate | 5.23% | |
Principal repayment date | 2,019 | |
Additional information | Loans from others In July 2018, ICL and YTH agreed to convert their owner’s loans in the YPH joint venture (each company holds 50%) in the amount of $146 million into equity by issuing shares. As a result, the “non controlling interest” equity balance was increased by $73 million. | |
Loan - Asian bank [Member] | April 2018 [Member] | Chinese Yuan Renminbi [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 400 | |
Debt, carrying amount | 58 | |
Interest rate | CNH Hibor + 0.50% | |
Principal repayment date | 2,019 | |
Loan - Asian bank [Member] | June to October 2018 [Member] | Chinese Yuan Renminbi [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 600 | |
Debt, carrying amount | 87 | |
Interest rate | 4.79% - 5.44% | |
Principal repayment date | 2,019 | |
Debentures Series F [Member] | May 2018 [Member] | US Dollar [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Original principal | 600 | |
Debt, carrying amount | 596 | |
Interest rate | 6.38% | |
Principal repayment date | May 2,038 | |
Additional information | Debentures-Series F On May 31, 2018, the Company completed a private offering of senior unsecured notes to institutional investors pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933. According to the terms of the Series F Debentures, the Company is required to comply with certain covenants, including restrictions on sale and lease-back transactions, limitations on liens, and standard restrictions on merger and/or transfer of assets. The Company is also required to offer to repurchase the Series F Debentures upon the occurrence of a "change of control" event, as defined in the indenture for the Series F Debentures. In addition, the terms of the Series F Debentures include customary events of default, including a cross acceleration to other material indebtedness. The Company is entitled to optionally repay the outstanding Series F Debentures at any time prior to the final repayment date, under certain terms, subject to payment of an agreed early repayment premium. The Series F Debentures have been rated BBB- by S&P Global Inc. and Fitch Rating Inc. with a stable rating outlook. | |
[1] | From April 2018, in accordance with the loan agreement, there has been a decrease in the interest rate, from 4.94% to 4.74%. |
Credit from Banks and Others _2
Credit from Banks and Others (Credit Facilities) (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
European bank 1 [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Date of the credit facility | March 2,014 | [1] |
Date of credit facility termination | March 2,019 | [1] |
The amount of the credit facility | USD 35 million Euro 100 million | [1] |
Credit facility has been utilized | Euro 40 million | [1] |
Interest rate | Up to 33% use of the credit: Libor/Euribor + 0.90%. From 33% to 66% use of the credit: Libor/Euribor + 1.15% 66% or more use of the credit: Libor/Euribor + 1.40% | [1] |
Loan currency type | USD and Euro loans | [1] |
Pledges and restrictions | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | [1] |
Non-utilization fee | 0.32% | [1] |
European bank 2 [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Date of the credit facility | December 2,016 | [2] |
Date of credit facility termination | May 2,025 | [2] |
The amount of the credit facility | USD 100 million | [2] |
Credit facility has been utilized | USD 70 million | [2] |
Interest rate | Libor + 0.45% + spread | [2] |
Loan currency type | USD loans | [2] |
Pledges and restrictions | Financial covenants - see Section D and a negative pledge. | [2] |
Non-utilization fee | 0.30% | [2] |
Group of twelve international banks [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Date of the credit facility | March 2,015 | [3] |
Date of credit facility termination | March 2,023 | [3] |
The amount of the credit facility | USD 1,200 million | [3] |
Credit facility has been utilized | USD 200 million | [3] |
Interest rate | Up to 33% use of the credit: Libor/Euribor + 0.70%. From 33% to 66% use of the credit: Libor/Euribor + 0.80% 66% or more use of the credit: Libor/Euribor + 0.95% | [3] |
Loan currency type | USD and Euro loans | [3] |
Pledges and restrictions | Financial covenants - see Section D, a cross-default mechanism and a negative pledge. | [3] |
Non-utilization fee | 0.21% | [3] |
[1] | After the date of the report, the Company elected not to realize the option of revolving credit facility extension, and to repay the utilized credit facility on the date of its termination. | |
[2] | In June 2018, the maturity date of the credit facility was extended to 2025. In November 2018, the credit facility was reduced from $136 million to $100 million. As at the date of the report, the Company utilized $70 million of that credit facility. | |
[3] | In October 2018, the Company entered into an agreement according to which, its commitment under certain revolving credit facility agreements will be reduced by a total aggregate amount of $655 million, to an amount of $1.2 billion. |
Other Current Liabilities (Info
Other Current Liabilities (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Employees | $ 284 | $ 269 | |
Governmental (mainly in respect of royalties) | [1] | 61 | 67 |
Accrued expenses | 85 | 83 | |
Current tax liabilities | 112 | 88 | |
Others | 105 | 88 | |
Other current liabilities | $ 647 | $ 595 | |
[1] | See Note 20. |
Taxes on Income (Narratives) (D
Taxes on Income (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Income tax rate | 23.00% | 24.00% | 25.00% |
Temporary difference related to distribution of a dividend from exempt income in respect of which deferred taxes were not recognized | $ 650 | ||
The amount of deferred taxes which were not recognized | 162 | ||
Carryforward tax losses of subsidiaries for which deferred taxes were recorded | 477 | $ 308 | |
Carryforward tax losses for which deferred taxes were not recorded | 322 | 322 | |
Capital losses for which deferred taxes were not recorded | 134 | 159 | |
Capital losses for tax purposes available for carryforward to future years for which deferred taxes were recorded | 15 | $ 16 | |
Tax assessment from the Israeli Tax Authority (ITA) in respect of the 2012 2014 tax years | 73 | ||
Royalties paid by the company to the Israeli government | $ 133 |
Taxes on Income (Tax rates of s
Taxes on Income (Tax rates of subsidiaries outside Israel) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Deferred income taxes [Line Items] | |||
Tax rate | 23.00% | 24.00% | 25.00% |
USA [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 26.00% | ||
Additional information for tax rate | The tax rate above includes federal and states tax. In December 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (hereinafter - the Tax Act). The Tax Act significantly revises the future ongoing U.S. federal corporate income tax by, among other things, lowering U.S. corporate income tax rates and implementing a territorial tax system. The lower corporate income tax rates are effective as of January 1, 2018. The Company examined the effects of the Tax Act's implementation and found that the main impact is the re-measurement of the deferred tax assets and liabilities to incorporate the lower Federal corporate tax rate of 21% and as a result, in the financial statements of 2017, the Company reduced the balances of the assets and liabilities for deferred taxes, in the net amount of $13 million. The Tax Act is comprehensive and complex and may lead to future interpretations regarding the manner of its implementation, which may impact the Company’s estimations and conclusions. The Company believes the tax expenses and liabilities in its financial statements are in accordance with the Tax Act and represent its best estimate. | ||
China [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
Brazil [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 34.00% | ||
Germany [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 29.00% | ||
United Kingdom [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 19.00% | ||
Additional information for tax rate | The tax rate in the UK was reduced to 19% effective from April 1, 2017 and 17% commencing from April 1, 2020. | ||
Spain [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
Netherlands [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
Additional information for tax rate | The tax rates in the Netherlands will be reduced, in stages, by the total of 4% by 2021, as follows: 1% in 2019, 1.5% in 2020 and 1.5% in 2021. In 2021, The tax rate will be 21%. |
Taxes on Income (Deferred incom
Taxes on Income (Deferred income taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | $ (96) | $ (153) |
Amounts recorded to a capital reserve | (1) | 8 |
Translation difference | (2) | 0 |
Amounts recorded in the statement of income | (76) | 33 |
Transfer to the group assets held for sale | 3 | |
Change in tax rate | 13 | |
Balance as at the end of the year | (175) | (96) |
Depreciable property, plant and equipment and intangible assets [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | (291) | (374) |
Amounts recorded to a capital reserve | 0 | 0 |
Translation difference | 2 | (6) |
Amounts recorded in the statement of income | (123) | 74 |
Transfer to the group assets held for sale | 2 | |
Change in tax rate | 13 | |
Balance as at the end of the year | (412) | (291) |
Inventories [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 28 | 45 |
Amounts recorded to a capital reserve | 0 | 0 |
Translation difference | 0 | 0 |
Amounts recorded in the statement of income | (2) | (17) |
Transfer to the group assets held for sale | 0 | |
Change in tax rate | 0 | |
Balance as at the end of the year | 26 | 28 |
Provisions for employee benefits [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 84 | 75 |
Amounts recorded to a capital reserve | (3) | 3 |
Translation difference | (1) | 5 |
Amounts recorded in the statement of income | (6) | 1 |
Transfer to the group assets held for sale | 0 | |
Change in tax rate | 0 | |
Balance as at the end of the year | 74 | 84 |
Other [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 19 | 2 |
Amounts recorded to a capital reserve | 2 | 5 |
Translation difference | (1) | 0 |
Amounts recorded in the statement of income | 0 | 11 |
Transfer to the group assets held for sale | 1 | |
Change in tax rate | 0 | |
Balance as at the end of the year | 20 | 19 |
In respect of carry forward tax losses [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 64 | 99 |
Amounts recorded to a capital reserve | 0 | 0 |
Translation difference | (2) | 1 |
Amounts recorded in the statement of income | 55 | (36) |
Transfer to the group assets held for sale | 0 | |
Change in tax rate | 0 | |
Balance as at the end of the year | $ 117 | $ 64 |
Taxes on Income (Deferred Taxes
Taxes on Income (Deferred Taxes by Currency) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income taxes [Line Items] | |||
Deferred income taxes | $ (175) | $ (96) | $ (153) |
Euro [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | 22 | 33 | |
British Pound [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | 21 | 22 | |
US Dollar [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | (7) | 10 | |
Israeli Shekel [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | (204) | (166) | |
Other [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | $ (7) | $ 5 |
Taxes on Income (Composition) (
Taxes on Income (Composition) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Current taxes | $ 53 | $ 208 | $ 68 |
Deferred taxes | 76 | (23) | (45) |
Taxes in respect of prior years | 0 | (27) | 32 |
Income taxes | $ 129 | $ 158 | $ 55 |
Taxes on Income (Theoretical Ta
Taxes on Income (Theoretical Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Notes to Consolidated Financial Statements [Abstract] | ||||
Income (loss) before income taxes, as reported in the statements of income | $ 1,364 | $ 505 | $ (117) | |
Income tax rate | 23.00% | 24.00% | 25.00% | |
Theoretical tax expense (income) | $ 314 | $ 121 | $ (29) | |
Add (less) the tax effect of [Abstract] | ||||
Tax benefits deriving from the Law for Encouragement of Capital Investments net of natural Resources Tax | (20) | (4) | (3) | |
Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries | [1] | (186) | 23 | (38) |
Income taxes from intercompany dividend distribution | 0 | 18 | 0 | |
Deductible temporary differences for which deferred taxes assets were not recorded and non-deductible expenses | 24 | 15 | 135 | |
Taxes in respect of prior years | 0 | (27) | 32 | |
Impact of change in tax rates | 0 | (13) | (32) | |
Differences in measurement basis (mainly ILS vs USD) | (11) | 18 | 1 | |
Other Differences | 8 | 7 | (11) | |
Taxes on income included in the income statements | $ 129 | $ 158 | $ 55 | |
[1] | Mainly related to the exempt income resulting from the sale of the fire safety and oil additives business in March 2018. For additional information see Note 10. |
Taxes on Income (Items Recorded
Taxes on Income (Items Recorded in Equity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Actuarial gains from defined benefit plan | $ (3) | $ 3 | $ 8 |
Change in investments at fair value through other comprehensive income | 0 | 5 | (5) |
Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment | 2 | (5) | (1) |
Tax recorded in other comprehensive income | $ (1) | $ 3 | $ 2 |
Employee Benefits (Narratives)
Employee Benefits (Narratives) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($)yr | Dec. 31, 2017USD ($)yr | Dec. 31, 2016USD ($) | |
Notes to Consolidated Financial Statements [Abstract] | |||
Increase under provision for employee benefits relating to potash and Polysulphate | $ 7 | ||
Actual return (loss) on plan assets | (1) | $ 42 | $ 47 |
Expenses recorded in respect of defined contribution plans | 35 | $ 37 | $ 38 |
The Company's estimate of deposits expected in funded defined benefit plans for 2019 | $ 10 | ||
Life of defined benefit plans | yr | 13.8 | 16.3 |
Employee Benefits (Composition
Employee Benefits (Composition of Employee Benefits) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Notes to Consolidated Financial Statements [Abstract] | ||
Fair value of plan assets | $ 518 | $ 631 |
Termination benefits | (111) | (142) |
Defined benefit obligation | (860) | (1,068) |
Total Employee benefits | $ (453) | $ (579) |
Employee Benefits (Compositio_2
Employee Benefits (Composition of Fair Value of the Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Levels of fair value hierarchy [Line Items] | ||
Debt instruments | $ 283 | $ 324 |
Deposits with insurance companies | 35 | 110 |
Fair value of plan assets | 518 | 631 |
With quoted market price [Member] | ||
Levels of fair value hierarchy [Line Items] | ||
Equity instruments | 200 | 197 |
Debt instruments | 164 | 179 |
Without quoted market price [Member] | ||
Levels of fair value hierarchy [Line Items] | ||
Debt instruments | $ 119 | $ 145 |
Employee Benefits (Movement in
Employee Benefits (Movement in Net Defined Benefit Assets Liabilities and in their Components) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | $ 631 | |
Other movements [Abstract] | ||
Balance as at the end of the year | 518 | $ 631 |
Fair value of plan assets [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | 631 | 552 |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | 0 | 0 |
Interest income (costs) | 14 | 17 |
Past service cost | 0 | 0 |
Effect of movements in exchange rates, net | (17) | 23 |
Included in other comprehensive income [Abstract] | ||
Actuarial gains (losses) deriving from changes in financial assumptions | 0 | 0 |
Other actuarial gains (losses) | (15) | 25 |
Change in respect to translation differences ,net | (19) | 36 |
Other movements [Abstract] | ||
Benefits paid | (38) | (36) |
Conversion to defined contribution plans | (49) | 0 |
Transerred to assets held for sale | 0 | 0 |
Employer contribution | 11 | 14 |
Balance as at the end of the year | 518 | 631 |
Defined benefit obligation [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | (1,068) | (934) |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | (24) | (24) |
Interest income (costs) | (26) | (29) |
Past service cost | 7 | 0 |
Effect of movements in exchange rates, net | 37 | (39) |
Included in other comprehensive income [Abstract] | ||
Actuarial gains (losses) deriving from changes in financial assumptions | 71 | (42) |
Other actuarial gains (losses) | 0 | 0 |
Change in respect to translation differences ,net | 21 | (65) |
Other movements [Abstract] | ||
Benefits paid | 73 | 64 |
Conversion to defined contribution plans | 49 | 0 |
Transerred to assets held for sale | 0 | 1 |
Employer contribution | 0 | 0 |
Balance as at the end of the year | (860) | (1,068) |
Defined benefit obligation, net [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | (437) | (382) |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | (24) | (24) |
Interest income (costs) | (12) | (12) |
Past service cost | 7 | 0 |
Effect of movements in exchange rates, net | 20 | (16) |
Included in other comprehensive income [Abstract] | ||
Actuarial gains (losses) deriving from changes in financial assumptions | 71 | (42) |
Other actuarial gains (losses) | (15) | 25 |
Change in respect to translation differences ,net | 2 | (29) |
Other movements [Abstract] | ||
Benefits paid | 35 | 28 |
Conversion to defined contribution plans | 0 | 0 |
Transerred to assets held for sale | 0 | 1 |
Employer contribution | 11 | 14 |
Balance as at the end of the year | $ (342) | $ (437) |
Employee Benefits (Actuarial As
Employee Benefits (Actuarial Assumptions) (Details) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Discount rate as at the end of the year [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 3.00% | 2.70% | 2.90% |
Future salary increases [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 3.30% | 3.20% | 2.60% |
Future pension increase [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 2.20% | 2.20% | 2.20% |
Employee Benefits (Sensitivity
Employee Benefits (Sensitivity Analysis) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | $ 860 | $ 1,068 |
Discount rate [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (32) | |
Discount rate [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (16) | |
Discount rate [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 16 | |
Discount rate [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 32 | |
Salary increase [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 18 | |
Salary increase [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 9 | |
Salary increase [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (9) | |
Salary increase [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (18) | |
Mortality table [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (17) | |
Mortality table [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (9) | |
Mortality table [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 9 | |
Mortality table [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | $ 17 |
Provisions (Information) (Detai
Provisions (Information) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($) | ||
Provisions [Line Items] | ||
Balance at the beginning of the year | $ 271 | |
Provisions recorded during the period | 27 | [1] |
Provisions reversed during the period | (9) | |
Payments during the period | (17) | |
Translation differences | (6) | |
Balance at the end of the year | 266 | |
Restoration's site and equipment's dismantling [Member] | ||
Provisions [Line Items] | ||
Balance at the beginning of the year | 194 | |
Provisions recorded during the period | 25 | [1] |
Provisions reversed during the period | (3) | |
Payments during the period | (6) | |
Translation differences | (5) | |
Balance at the end of the year | 205 | |
Legal claims [Member] | ||
Provisions [Line Items] | ||
Balance at the beginning of the year | 28 | |
Provisions recorded during the period | 2 | [1] |
Provisions reversed during the period | 0 | |
Payments during the period | (11) | |
Translation differences | (1) | |
Balance at the end of the year | 18 | |
Other [Member] | ||
Provisions [Line Items] | ||
Balance at the beginning of the year | 49 | |
Provisions recorded during the period | 0 | [1] |
Provisions reversed during the period | (6) | |
Payments during the period | 0 | |
Translation differences | 0 | |
Balance at the end of the year | $ 43 | |
[1] | For additional information, see Note 20. |
Commitments, Concessions and Co
Commitments, Concessions and Contingent Liabilities (Narratives) (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018ILS (₪) | |
Notes to Consolidated Financial Statements [Abstract] | ||||
Contractual commitments for acquisition of raw materials and energy | $ 2,670,000,000 | |||
Contractual commitments for acquisition of Property, Plant and Equipment | 368,000,000 | |||
Construction agreements of the first stage of the Salt Harvesting project | 280,000,000 | |||
Construction agreement of new pumping station | 160,000,000 | |||
Company signed agreements for sale of two office buildings - total consideration of | 21,000,000 | ₪ 78,000,000 | ||
The carrying amount of the two buildings | 7,300,000 | |||
Indemnification payable for directors and officers limit | 350,000,000 | |||
Damages due to the power station construction agreement violations | 84,000,000 | |||
Power station exceuting contructor payment claim | 17,000,000 | |||
Total amount of the new natural gas agreement with Energean | 1,900,000,000 | |||
Property plant and equipment value for tax purposes of Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium | $ 6,000,000,000 | |||
DSW rate of royalties payment | 5.00% | |||
Base amount required by the State relating to royalties arbitration | $ 265,000,000 | |||
Additional claim from the State for 2000-2014 relating royalties arbitration | 120,000,000 | |||
Royalties provisions increas | 43,000,000 | |||
Gap between the royalties paid and states view of calculations | 30,000,000 | |||
Total recognized royalties expenses 2014-2018 | 208,000,000 | |||
Total recognized royalties expenses 2018 | 33,000,000 | |||
Total recognized interest and linkage expenses regarding royalties for 2014-2018 | 70,000,000 | |||
Total recognized interest and linkage expenses regarding royalties for 2018 | 10,000,000 | |||
Current royalties paid by DSW | 66,000,000 | $ 60,000,000 | $ 53,000,000 | |
Royalties paid relating prior periods | $ 62,000,000 | |||
Increased royalties rates due to Sheshinski recomandations from 2% | 5.00% | |||
Royalties payment by Rotem | $ 5,000,000 | 4,000,000 | $ 5,000,000 | |
ICL Boulby mining royalties | 1,300,000 | 2,000,000 | ||
YPH JV natural resources tax payment in the context of paying 8% royalties on selling price | 3,000,000 | $ 2,000,000 | ||
A class action claim relating air pollution in Haifa Bay | 3,500,000,000 | |||
Remedy relating dyke collapse - first class action for 8.68 million persons | 267 | 1,000 | ||
Remedy relating dyke collapse - second class action | 67,000,000 | 250,000,000 | ||
Remedy relating dyke collapse - third class action | 54,000,000 | 202,500,000 | ||
Remedy relating dyke collapse - Nature and Parks Authority | 106,000,000 | 397,000,000 | ||
Remedy relating aquifer and Bokek stream restoration - application for certification of a claim as class action | 410,000,000 | 1,400,000,000 | ||
Remedy relating bromine leak - application for certification of a claim as class action | $ 400,000 | 1,500,000 | ||
The company's part in financing of the coastline defenses | 39.50% | |||
The company's part in financing of the Salt Harvesting project | 80.00% | |||
The government's part in financing of the Salt Harvesting project | 20.00% | |||
Maximum government's share in financing of the Salt Harvesting project | ₪ | 1,400,000,000 | |||
Sallent site closure and restoration provision update | $ 18,000,000 | |||
Damage claims by owners relating to contamination in Suria and Sallent | 22,000,000 | |||
Provision relating owners' claims due to contamination in Suria and Sallent | 12,000,000 | |||
Maximal damage for Hamonization for application for certification of a claim as class action | 113,000,000 | 426,000,000 | ||
Minimal damage for Hamonization for application for certification of a claim as class action | 7,000,000 | 26,000,000 | ||
Compensation in application for certification of a claim as class action regarding alleged monopolistic exploitation - difference test | 15,000,000 | 56,000,000 | ||
Compensation in application for certification of a claim as class action regarding alleged monopolistic exploitation - comparison test | 20,000,000 | 73,000,000 | ||
ICL's damages lawsuit against IBM | $ 300,000,000 | ₪ 1,100,000,000 |
Equity (Narratives) (Details)
Equity (Narratives) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Number of shares reserved for issuance under the Company's option plans | 18 | ||
Expenses from Equity Compensation Plans | $ 19 | $ 16 | $ 15 |
Total shares held by the company and it's subsidiaries | 24.5 |
Equity (Composition) (Details)
Equity (Composition) (Details) - shares shares in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Number of Ordinary shares of Israeli Shekel 1 par value (in millions) [Member] | |||||
Disclosure of classes of share capital [Line Items] | |||||
Number of shares authorized | 1,485 | 1,485 | |||
Number of shares issued and paid | 1,305 | [1] | 1,303 | [1] | 1,301 |
Number of Special State share of Israeli Shekel 1 par value [Member] | |||||
Disclosure of classes of share capital [Line Items] | |||||
Number of shares authorized | 1 | 1 | |||
Number of shares issued and paid | 1 | 1 | |||
[1] | For information regarding the amount of treasury shares, see note 21.G.(1). |
Equity (Reconciliation of the N
Equity (Reconciliation of the Number of Shares Outstanding) (Details) - shares shares in Millions | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Number of Ordinary shares of Israeli Shekel 1 par value (in millions) [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Balance as at Start of Period | 1,303 | [1] | 1,301 | |
Issuance of shares | 2 | 2 | ||
Balance as at End of Period | [1] | 1,305 | 1,303 | |
Number of Special State share of Israeli Shekel 1 par value [Member] | ||||
Disclosure of classes of share capital [Line Items] | ||||
Balance as at Start of Period | 1 | |||
Balance as at End of Period | 1 | 1 | ||
[1] | For information regarding the amount of treasury shares, see note 21.G.(1). |
Equity (Share-based Payments to
Equity (Share-based Payments to Employees, Non-marketable Options) (Details) shares in Thousands | 12 Months Ended | |
Dec. 31, 2018shares | ||
Non-marketable options [Member] | Officers and senior employees [Member] | August 6, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 3,993 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case of on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. | |
Vesting conditions | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | |
Expiration date | Two years from the vesting date. | |
Non-marketable options [Member] | Officers and senior employees [Member] | May 12, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 6,729 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | The first and second tranches is at the end of 36 months after the grant date for the third tranche is at the end of 48 months after the grant date. | |
Non-marketable options [Member] | Officers and senior employees [Member] | June 30, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 3,035 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 30, 2023 | |
Non-marketable options [Member] | Officers and senior employees [Member] | June 20, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 6,868 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan to 498 ICL officers and senior employees in Israel and overseas. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 20, 2024 | |
Non-marketable options [Member] | Officers and senior employees [Member] | March 6, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 5,554 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan (as amended) to 508 ICL officers and senior employees in Israel and overseas, ICL CEO and Chairman of the BOD. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | March 6, 2025 | |
Non-marketable options [Member] | Former CEO [Member] | December 11, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 367 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case of on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. | |
Vesting conditions | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | |
Expiration date | Two years from the vesting date. | |
Non-marketable options [Member] | Former CEO [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 530 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | The first and second tranches is at the end of 36 months after the grant date for the third tranche is at the end of 48 months after the grant date. | |
Non-marketable options [Member] | Former CEO [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 625 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 30, 2023 | |
Non-marketable options [Member] | Former CEO [Member] | February 14, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 114 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | February 14, 2024 | |
Non-marketable options [Member] | Chairman of the BOD [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 186 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 30, 2023 | |
Non-marketable options [Member] | Chairman of the BOD [Member] | August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 165 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | June 20, 2024 | |
Non-marketable options [Member] | Chairman of the BOD [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 403 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan (as amended) to 508 ICL officers and senior employees in Israel and overseas, ICL CEO and Chairman of the BOD. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | August 20, 2025 | |
Non-marketable options [Member] | Former chairman of the BOD [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 404 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | The first and second tranches is at the end of 36 months after the grant date for the third tranche is at the end of 48 months after the grant date. | |
Non-marketable options [Member] | CEO [Member] | May 14, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 385 | |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan (as amended) to 508 ICL officers and senior employees in Israel and overseas, ICL CEO and Chairman of the BOD. | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Expiration date | May 14, 2025 | |
Restricted shares [Member] | Officers and senior employees [Member] | August 6, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 922 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. | |
Vesting conditions | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | [1] |
Restricted shares [Member] | Officers and senior employees [Member] | May 12, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 1,194 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Officers and senior employees [Member] | June 30, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 990 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Officers and senior employees [Member] | June 20, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 2,211 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 494 ICL officers and senior employees in Israel and overseas. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Officers and senior employees [Member] | March 6, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 1,726 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Former CEO [Member] | December 11, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 86 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Vesting conditions | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | [1] |
Restricted shares [Member] | Former CEO [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 90 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Former CEO [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 185 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Former CEO [Member] | February 14, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 38 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | ICLs Directors (excluding ICLs CEO) [Member] | February 26, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 99 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 11 ICL Directors. | |
Vesting conditions | 3 tranches: (1) 50% will vest August 28, 2015 (2) 25% will vest February 26, 2017 (3) 25% will vest February 26, 2018 | [1] |
Restricted shares [Member] | ICLs Directors (excluding ICLs CEO and Chairman of the BOD) [Member] | December 23, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 121 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. | |
Vesting conditions | 3 equal tranches: (1) One third on December 23, 2016 (2) One third on December 23, 2017 (3) One third on December 23, 2018 | [1] |
Restricted shares [Member] | ICLs Directors (excluding ICLs CEO and Chairman of the BOD) [Member] | January 10, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 137 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 7 ICL Directors. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | ICLs Directors (excluding ICLs CEO and Chairman of the BOD) [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 88 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). | |
Vesting conditions | Acceleration at January 2019. | [1] |
Restricted shares [Member] | ICLs Directors (excluding ICLs Chairman of the BOD) [Member] | January 3, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 146 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. The value includes a reduction of 5% from the value of the equity compensation, pursuant to the decision of the directors in March 2016, to reduce their annual compensation for 2016 and 2017. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Chairman of the BOD [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 55 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Chairman of the BOD [Member] | August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 53 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Chairman of the BOD [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 47 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | Former chairman of the BOD [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 68 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Restricted shares [Member] | CEO [Member] | May 14, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 121 | |
Issuance's details | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
[1] | The vesting date is subject to the employee entitled continuing to be employed by the Company and the directors continuing to serve in their positions on the vesting date, unless they ceased to hold office due to certain circumstances set forth in sections 231-232a and 233(2) of the Israeli Companies Law. |
Equity (Share-based Payments _2
Equity (Share-based Payments to Employees, Non-marketable Options, Grants Parameters) (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)yr | Dec. 31, 2017USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Fair value | $ 518,000,000 | $ 631,000,000 |
Granted 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | 8.2 | |
CPI-linked exercise price (in $) | 8.4 | |
Fair value | 8,400,000 | |
Weighted average grant date fair value per option (in $) | 1.9 | |
Granted 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | 7 | |
CPI-linked exercise price (in $) | 7.2 | |
Fair value | 9,000,000 | |
Weighted average grant date fair value per option (in $) | 1.2 | |
Granted 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | 3.9 | |
CPI-linked exercise price (in $) | 4.3 | |
Fair value | 4,000,000 | |
Weighted average grant date fair value per option (in $) | 1.1 | |
Granted 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | 4.5 | |
CPI-linked exercise price (in $) | 4.3 | |
Fair value | 11,300,000 | |
Weighted average grant date fair value per option (in $) | 1.6 | |
Granted 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | 4.4 | |
CPI-linked exercise price (in $) | 4.3 | |
Fair value | 8,800,000 | |
Weighted average grant date fair value per option (in $) | $ 1.4 | |
First tranche [Member] | Granted 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 29.40% | |
Expected life of options (in years) | yr | 4.3 | |
Risk-free interest rate | (0.17%) | |
First tranche [Member] | Granted 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 25.40% | |
Expected life of options (in years) | yr | 3 | |
Risk-free interest rate | (1.00%) | |
First tranche [Member] | Granted 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 30.51% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.01% | |
First tranche [Member] | Granted 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 31.88% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.37% | |
First tranche [Member] | Granted 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 28.86% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.03% | |
Second tranche [Member] | Granted 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 31.20% | |
Expected life of options (in years) | yr | 5.3 | |
Risk-free interest rate | 0.05% | |
Second tranche [Member] | Granted 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 25.40% | |
Expected life of options (in years) | yr | 3 | |
Risk-free interest rate | (1.00%) | |
Second tranche [Member] | Granted 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 30.51% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.01% | |
Second tranche [Member] | Granted 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 31.88% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.37% | |
Second tranche [Member] | Granted 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 28.86% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.03% | |
Third tranche [Member] | Granted 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 40.80% | |
Expected life of options (in years) | yr | 6.3 | |
Risk-free interest rate | 0.24% | |
Third tranche [Member] | Granted 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 28.80% | |
Expected life of options (in years) | yr | 4 | |
Risk-free interest rate | (0.88%) | |
Third tranche [Member] | Granted 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 30.51% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.01% | |
Third tranche [Member] | Granted 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 31.88% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.37% | |
Third tranche [Member] | Granted 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 28.86% | |
Expected life of options (in years) | yr | 7 | |
Risk-free interest rate | 0.03% |
Equity (Share-based Payments _3
Equity (Share-based Payments to Employees, Non-marketable Options, Movement) (Details) - Non-marketable options [Member] Pure in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Balance as at Start of Period | 20 | 14 |
Granted during the year | 6 | 7 |
Expired during the period | (6) | |
Forfeited during the year | (1) | (1) |
Exercised during the year | (1) | |
Balance as at End of Period | 18 | 20 |
Equity (Share-based Payments _4
Equity (Share-based Payments to Employees, Non-marketable Options, Exercise Price) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Granted 2014 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | $ 6.77 | $ 7.43 | $ 6.81 |
Granted 2015 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | 6.92 | 7.59 | 6.95 |
Granted 2016 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | 4.21 | 4.68 | $ 4.35 |
Granted 2017 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | 3.89 | $ 4.35 | |
Granted 2018 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | $ 3.89 |
Equity (Share-based Payments _5
Equity (Share-based Payments to Employees, Non-marketable Options, Number of Options Vested) (Details) Pure in Millions | Dec. 31, 2018USD ($) | Dec. 31, 2018ILS (₪) | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2016ILS (₪) |
Notes to Consolidated Financial Statements [Abstract] | ||||||
Number of options exercisable (In Millions) | 11 | 11 | 12 | 12 | 10 | 10 |
Weighted average exercise price | $ 4.94 | ₪ 18.53 | $ 6.51 | ₪ 22.56 | $ 7.93 | ₪ 30.49 |
Equity (Share-based Payments _6
Equity (Share-based Payments to Employees, Non-marketable Options, Range of Exercise Prices) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Range of exercise price in Israeli Shekel | 14.26-25.93 | 15.01-26.3 | 16.59-40.78 |
Range of exercise price in US Dollar | 3.81-6.92 | 4.33-7.59 | 4.31-10.61 |
Equity (Share-based Payments _7
Equity (Share-based Payments to Employees, Non-marketable Options, Average Remaining Contractual Life) (Details) - yr | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Average remaining contractual life | 3.9 | 2.6 | 2.4 |
Equity (Share-based Payments _8
Equity (Share-based Payments to Employees, Restricted Shares) (Details) shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)shares | ||
Non-marketable options [Member] | Officers and senior employees [Member] | August 6, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 3,993 | |
Vesting conditions | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case of on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. | |
Non-marketable options [Member] | Officers and senior employees [Member] | May 12, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 6,729 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. | |
Non-marketable options [Member] | Officers and senior employees [Member] | June 30, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 3,035 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. | |
Non-marketable options [Member] | Officers and senior employees [Member] | June 20, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 6,868 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan to 498 ICL officers and senior employees in Israel and overseas. | |
Non-marketable options [Member] | Officers and senior employees [Member] | March 6, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 5,554 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan (as amended) to 508 ICL officers and senior employees in Israel and overseas, ICL CEO and Chairman of the BOD. | |
Non-marketable options [Member] | Former CEO [Member] | December 11, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 367 | |
Vesting conditions | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case of on the exercise date the closing price of an ordinary share is higher than twice the exercise price (the “Share Value Cap”), the number of the exercised shares will be reduced so that the product of the exercised shares actually issued to an offeree multiplied by the share closing price will equal to the product of the number of exercised options multiplied by the Share Value Cap. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Non-marketable options [Member] | Former CEO [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 530 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Non-marketable options [Member] | Former CEO [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 625 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Non-marketable options [Member] | Former CEO [Member] | February 14, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 114 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Non-marketable options [Member] | Chairman of the BOD [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 186 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Non-marketable options [Member] | Chairman of the BOD [Member] | August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 165 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Non-marketable options [Member] | Chairman of the BOD [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 403 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan (as amended) to 508 ICL officers and senior employees in Israel and overseas, ICL CEO and Chairman of the BOD. | |
Non-marketable options [Member] | Former chairman of the BOD [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 404 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | |
Non-marketable options [Member] | CEO [Member] | May 14, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 385 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | |
Additional information | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan (as amended) to 508 ICL officers and senior employees in Israel and overseas, ICL CEO and Chairman of the BOD. | |
Restricted shares [Member] | Officers and senior employees [Member] | August 6, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 922 | |
Vesting conditions | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 450 ICL officers and senior employees in Israel and overseas. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 8.4 | |
Restricted shares [Member] | Officers and senior employees [Member] | May 12, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 1,194 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 550 ICL officers and senior employees in Israel and overseas. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 9.7 | |
Restricted shares [Member] | Officers and senior employees [Member] | June 30, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 990 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 90 ICL officers and senior employees in Israel and overseas. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 4.8 | |
Restricted shares [Member] | Officers and senior employees [Member] | June 20, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 2,211 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 494 ICL officers and senior employees in Israel and overseas. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 10 | |
Restricted shares [Member] | Officers and senior employees [Member] | March 6, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 1,726 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 8 | |
Restricted shares [Member] | Former CEO [Member] | December 11, 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 86 | |
Vesting conditions | 3 equal tranches: (1) One third on December 1, 2016 (2) One third on December 1, 2017 (3) One third on December 1, 2018 | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 8.4 | |
Restricted shares [Member] | Former CEO [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 90 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 9.7 | |
Restricted shares [Member] | Former CEO [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 185 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 4.8 | |
Restricted shares [Member] | Former CEO [Member] | February 14, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 38 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.2 | |
Restricted shares [Member] | ICLs Directors (excluding ICLs CEO) [Member] | February 26, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 99 | |
Vesting conditions | 3 tranches: (1) 50% will vest August 28, 2015 (2) 25% will vest February 26, 2017 (3) 25% will vest February 26, 2018 | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 11 ICL Directors. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.7 | |
Restricted shares [Member] | ICLs Directors (excluding ICLs CEO and Chairman of the BOD) [Member] | December 23, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 121 | |
Vesting conditions | 3 equal tranches: (1) One third on December 23, 2016 (2) One third on December 23, 2017 (3) One third on December 23, 2018 | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.5 | |
Restricted shares [Member] | ICLs Directors (excluding ICLs CEO and Chairman of the BOD) [Member] | January 10, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 137 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 7 ICL Directors. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.6 | |
Restricted shares [Member] | ICLs Directors (excluding ICLs CEO and Chairman of the BOD) [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 88 | |
Vesting conditions | Acceleration at January 2019. | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.4 | |
Restricted shares [Member] | ICLs Directors (excluding ICLs Chairman of the BOD) [Member] | January 3, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 146 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan, to 8 ICL Directors. The value includes a reduction of 5% from the value of the equity compensation, pursuant to the decision of the directors in March 2016, to reduce their annual compensation for 2016 and 2017. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.6 | |
Restricted shares [Member] | Chairman of the BOD [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 55 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 4.8 | |
Restricted shares [Member] | Chairman of the BOD [Member] | August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 53 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.3 | |
Restricted shares [Member] | Chairman of the BOD [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 47 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.2 | |
Restricted shares [Member] | Former chairman of the BOD [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 68 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan. | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 9.7 | |
Restricted shares [Member] | CEO [Member] | May 14, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 121 | |
Vesting conditions | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | [1] |
Instrument terms | An issuance for no consideration, under the 2014 Equity Compensation Plan (as amended). | |
Additional information | The value of the restricted shares was determined according to the closing price on the TASE on the most recent trading day preceding the grant date (the date approval of the BOD and/or the date of the approval of the General Meeting where required). | |
Fair value at the grant date (Million) | $ | $ 0.6 | |
[1] | The vesting date is subject to the employee entitled continuing to be employed by the Company and the directors continuing to serve in their positions on the vesting date, unless they ceased to hold office due to certain circumstances set forth in sections 231-232a and 233(2) of the Israeli Companies Law. |
Equity (Dividends Distributed t
Equity (Dividends Distributed to the Company's Shareholders) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)$ / shares | ||
March 15, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | April 18, 2016 | |
Gross amount of the dividend distributed (in millions of $) | $ 67 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 67 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.05 | |
May 17, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | June 22, 2016 | |
Gross amount of the dividend distributed (in millions of $) | $ 35 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 35 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.03 | |
August 9, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | September 27, 2016 | |
Gross amount of the dividend distributed (in millions of $) | $ 60 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 60 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.05 | |
November 22, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | January 4, 2017 | |
Gross amount of the dividend distributed (in millions of $) | $ 60 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 60 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.05 | |
February 14, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | April 4, 2017 | |
Gross amount of the dividend distributed (in millions of $) | $ 57 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 57 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.04 | |
May 9, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | June 20, 2017 | |
Gross amount of the dividend distributed (in millions of $) | $ 34 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 32 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.03 | |
August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | September 13, 2017 | |
Gross amount of the dividend distributed (in millions of $) | $ 32 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 32 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.02 | |
November 7, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | December 20, 2017 | |
Gross amount of the dividend distributed (in millions of $) | $ 57 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 56 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.04 | |
February 13, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | March 14, 2018 | |
Gross amount of the dividend distributed (in millions of $) | $ 70 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 69 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.05 | |
May 10, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | June 20, 2018 | |
Gross amount of the dividend distributed (in millions of $) | $ 52 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 51 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.04 | |
July 31, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | September 4, 2018 | |
Gross amount of the dividend distributed (in millions of $) | $ 56 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 56 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.04 | |
October 31, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | December 19, 2018 | |
Gross amount of the dividend distributed (in millions of $) | $ 66 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 65 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.05 | |
February 5, 2019 (after the reporting date) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | March 13, 2019 | [1] |
Gross amount of the dividend distributed (in millions of $) | $ 62 | [1] |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 61 | [1] |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.05 | [1] |
[1] | The record date is February 28, 2019 and the payment date is March 13, 2019. |
Details of Income Statement I_3
Details of Income Statement Items (Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Sales | $ 5,556 | $ 5,418 | $ 5,363 |
Cost of sales [Abstract] | |||
Materials | 1,643 | 1,504 | 1,546 |
Cost of labor | 791 | 777 | 753 |
Depreciation and amortization | 384 | 363 | 317 |
Energy | 349 | 343 | 315 |
Other | 535 | 759 | 772 |
Cost of sales | $ 3,702 | $ 3,746 | $ 3,703 |
Details of Income Statement I_4
Details of Income Statement Items (Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selling, transport and marketing expenses [Abstract] | |||
Transport | $ 553 | $ 497 | $ 475 |
Cost of labor | 125 | 122 | 119 |
Other | 120 | 127 | 128 |
Selling, transport and marketing expenses | 798 | 746 | 722 |
General and administrative expenses [Abstract] | |||
Cost of labor | 172 | 170 | 188 |
Professional Services | 44 | 49 | 77 |
Other costs | 41 | 42 | 56 |
General and administrative expenses | 257 | 261 | 321 |
Research and development expenses [Abstract] | |||
Cost of labor | 38 | 40 | 48 |
Other costs | 17 | 15 | 25 |
Research and development expenses, net | $ 55 | $ 55 | $ 73 |
Details of Income Statement I_5
Details of Income Statement Items (Other Income and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other income and expenses [Abstract] | |||
Capital gain | $ 841 | $ 54 | $ 0 |
Past service cost | 7 | 0 | 14 |
Energy Transmission Charges | 0 | 6 | 16 |
Insurance compensation | 0 | 30 | 30 |
Other | 11 | 19 | 11 |
Other income recorded in the income statements | 859 | 109 | 71 |
Provision for legal claims | 31 | 31 | 21 |
Impairment of assets | 19 | 32 | 489 |
Provision for historical waste removal and closure costs | 18 | 0 | 51 |
Provision for early retirement and dismissal of employees | 7 | 20 | 39 |
Environment related provision | 1 | 7 | 0 |
Other | 8 | 0 | 18 |
Other expenses recorded in the income statements | $ 84 | $ 90 | $ 618 |
Details of Income Statement I_6
Details of Income Statement Items (Financing Income and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing income [Abstract] | |||
Financing income recorded in relation to employee benefits | $ 7 | $ 0 | $ 0 |
Net change in fair value of derivative financial instruments | 0 | 104 | 24 |
Net gain from changes in exchange rates and interest income | 49 | 1 | 1 |
Finance income | 56 | 105 | 25 |
Financing expenses [Abstract] | |||
Interest expenses to banks and others | 117 | 120 | 151 |
Financing expenses in relation to employee benefits | 0 | 38 | 17 |
Banks and finance institutions commissions (mainly commission on early repayment of loans) | 18 | 16 | 4 |
Net change expenses in fair value of derivative financial instruments | 101 | 0 | 0 |
Net loss from changes in exchange rates | 0 | 78 | 7 |
Financing expenses | 236 | 252 | 179 |
Net of borrowing costs capitalized | 22 | 23 | 22 |
Finance expenses | 214 | 229 | 157 |
Net financing expenses recorded in the income statements | $ 158 | $ 124 | $ 132 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narratives) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Notes to Consolidated Financial Statements [Abstract] | |
Issued and outstanding share capital investment rate | 15.00% |
Issued and outstanding share capital investment | $ 145 |
Financial Instruments and Ris_4
Financial Instruments and Risk Management (Groups and Measurement Bases of Financial Assets and Financial Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | $ 121 | $ 83 | $ 87 | $ 161 |
Short-term investments and deposits | 92 | 90 | ||
Trade receivables | 990 | 932 | ||
Other receivables | 295 | 225 | ||
Investments at fair value through other comprehensive income | 145 | 212 | ||
Other non-current assets | 357 | 373 | ||
Short-term credit | (610) | (822) | ||
Trade payables | (715) | (790) | ||
Other current liabilities | (647) | (595) | ||
Long-term debt and debentures | (1,815) | (2,388) | ||
Other non-current liabilities | (10) | (7) | ||
Financial assets measured at fair value through the statement of income [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments and deposits | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other receivables | 13 | 5 | ||
Investments at fair value through other comprehensive income | 0 | 0 | ||
Other non-current assets | 15 | 64 | ||
Total financial assets | 28 | 69 | ||
Short-term credit | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Long-term debt and debentures | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total financial liabilities | 0 | 0 | ||
Total financial instruments, net | 28 | 69 | ||
Measured at fair value through the statement of comprehensive income [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments and deposits | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Investments at fair value through other comprehensive income | 145 | 212 | ||
Other non-current assets | 0 | 0 | ||
Total financial assets | 145 | 212 | ||
Short-term credit | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Long-term debt and debentures | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total financial liabilities | 0 | 0 | ||
Total financial instruments, net | 145 | 212 | ||
Measured at amortized cost [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 121 | 83 | ||
Short-term investments and deposits | 92 | 90 | ||
Trade receivables | 990 | 932 | ||
Other receivables | 30 | 81 | ||
Investments at fair value through other comprehensive income | 0 | 0 | ||
Other non-current assets | 66 | 9 | ||
Total financial assets | 1,299 | 1,195 | ||
Short-term credit | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other current liabilities | 0 | 0 | ||
Long-term debt and debentures | 0 | 0 | ||
Other non-current liabilities | 0 | 0 | ||
Total financial liabilities | 0 | 0 | ||
Total financial instruments, net | 1,299 | 1,195 | ||
Financial liabilities measured at fair value through the statement of income [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments and deposits | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Investments at fair value through other comprehensive income | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Short-term credit | 0 | 0 | ||
Trade payables | 0 | 0 | ||
Other current liabilities | (21) | (3) | ||
Long-term debt and debentures | 0 | 0 | ||
Other non-current liabilities | 0 | (3) | ||
Total financial liabilities | (21) | (6) | ||
Total financial instruments, net | (21) | (6) | ||
Measured at amortized cost [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Short-term investments and deposits | 0 | 0 | ||
Trade receivables | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Investments at fair value through other comprehensive income | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Short-term credit | (610) | (822) | ||
Trade payables | (715) | (790) | ||
Other current liabilities | (330) | (311) | ||
Long-term debt and debentures | (1,815) | (2,388) | ||
Other non-current liabilities | (6) | (1) | ||
Total financial liabilities | (3,476) | (4,312) | ||
Total financial instruments, net | $ (3,476) | $ (4,312) |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Credit Risk - Maximum Exposure to Credit Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | $ 1,472 | $ 1,476 |
Cash and cash equivalents [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 121 | 83 |
Short term investments and deposits [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 92 | 90 |
Trade receivables [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 990 | 932 |
Other receivables [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 43 | 86 |
Investments at fair value through other comprehensive income [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 145 | 212 |
Other non-current assets [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | $ 81 | $ 73 |
Financial Instruments and Ris_6
Financial Instruments and Risk Management (Credit Risk - Maximum Exposure to Credit Risk for Trade Receivables by Geographic Region) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial instruments [Line Items] | ||
Carrying amount | $ 990 | $ 932 |
Israel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 72 | 70 |
Asia [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 342 | 293 |
North America [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 150 | 131 |
Others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 26 | 36 |
Western Europe [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 294 | 332 |
South America [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | $ 106 | $ 70 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Credit Risk - Aging of Trade Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Gross [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | $ 993 | $ 943 |
Gross [Member] | Not past due [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 829 | 785 |
Gross [Member] | Past due up to 3 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 114 | 125 |
Gross [Member] | Past due 3 to 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 38 | 23 |
Gross [Member] | Past due over 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 12 | 10 |
Accumulated impairment [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | (3) | (11) |
Accumulated impairment [Member] | Not past due [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 0 | 0 |
Accumulated impairment [Member] | Past due up to 3 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 0 | 0 |
Accumulated impairment [Member] | Past due 3 to 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | (1) | (6) |
Accumulated impairment [Member] | Past due over 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | $ (2) | $ (5) |
Financial Instruments and Ris_8
Financial Instruments and Risk Management (Credit Risk - Movement in the Allowance of Doubtful Accounts during the Year) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | ||
Balance at start of period | $ 11 | $ 6 |
Additional allowance | 1 | 5 |
Write offs | (7) | (1) |
Reversals | (1) | 0 |
Change due to translation differences | (1) | 1 |
Balance at end of period | $ 3 | $ 11 |
Financial Instruments and Ris_9
Financial Instruments and Risk Management (Liquidity Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short-term credit | $ 610 | $ 822 |
Trade payables | 715 | 790 |
Other current liabilities | 647 | 595 |
Long-term debt and debentures | 1,815 | 2,388 |
Not past due [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short-term credit | 544 | 810 |
Trade payables | 715 | 790 |
Other current liabilities | 330 | 310 |
Long-term debt and debentures | 1,881 | 2,400 |
Non-derivatives financial liabilities | 3,470 | 4,310 |
Not past due [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 21 | |
Not past due [Member] | Foreign currency and interest derivative instruments [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 16 | 6 |
Not past due [Member] | Derivative instruments on energy and marine transport [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 5 | |
12 months or less [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short-term credit | 556 | 822 |
Trade payables | 715 | 790 |
Other current liabilities | 330 | 310 |
Long-term debt and debentures | 152 | 102 |
Non-derivatives financial liabilities | 1,753 | 2,024 |
12 months or less [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 20 | |
12 months or less [Member] | Foreign currency and interest derivative instruments [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 16 | 3 |
12 months or less [Member] | Derivative instruments on energy and marine transport [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 4 | |
Second year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt and debentures | 17 | 261 |
Second year [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short-term credit | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt and debentures | 453 | 345 |
Non-derivatives financial liabilities | 453 | 345 |
Second year [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 1 | |
Second year [Member] | Foreign currency and interest derivative instruments [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | 0 |
Second year [Member] | Derivative instruments on energy and marine transport [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 1 | |
3-5 years [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short-term credit | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt and debentures | 1,084 | 1,085 |
Non-derivatives financial liabilities | 1,084 | 1,085 |
3-5 years [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
3-5 years [Member] | Foreign currency and interest derivative instruments [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | 0 |
3-5 years [Member] | Derivative instruments on energy and marine transport [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Third year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt and debentures | 273 | 18 |
Fourth year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt and debentures | 113 | 213 |
Fifth year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt and debentures | 308 | 644 |
Sixth year and thereafter [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt and debentures | 1,104 | 1,252 |
Sixth year and thereafter [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short-term credit | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt and debentures | 1,166 | 1,358 |
Non-derivatives financial liabilities | 1,166 | 1,358 |
Sixth year and thereafter [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
Sixth year and thereafter [Member] | Foreign currency and interest derivative instruments [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | $ 3 |
Sixth year and thereafter [Member] | Derivative instruments on energy and marine transport [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | $ 0 |
Financial Instruments and Ri_10
Financial Instruments and Risk Management (Market Risk - Interest Rate Profile) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Fixed rate instruments [Member] | ||
Disclosure of financial instruments by type of interest rate [Line Items] | ||
Financial assets | $ 151 | $ 88 |
Financial liabilities | (1,728) | (1,800) |
Total financial instruments, net | (1,577) | (1,712) |
Variable rate instruments [Member] | ||
Disclosure of financial instruments by type of interest rate [Line Items] | ||
Financial assets | 128 | 97 |
Financial liabilities | (714) | (1,428) |
Total financial instruments, net | $ (586) | $ (1,331) |
Financial Instruments and Ri_11
Financial Instruments and Risk Management (Market Risk - Sensitivity Analysis for Variable Rate Instruments) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Decrease 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | $ (19) |
Decrease 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (10) |
Increase 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 10 |
Increase 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 19 |
Non-derivative instruments [Member] | Decrease 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (1) |
Non-derivative instruments [Member] | Decrease 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (1) |
Non-derivative instruments [Member] | Increase 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 1 |
Non-derivative instruments [Member] | Increase 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 1 |
Swap contract [Member] | Decrease 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (18) |
Swap contract [Member] | Decrease 1% [Member] | Changes in Israeli Shekel interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 19 |
Swap contract [Member] | Decrease 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (9) |
Swap contract [Member] | Decrease 0.5% [Member] | Changes in Israeli Shekel interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 10 |
Swap contract [Member] | Increase 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 9 |
Swap contract [Member] | Increase 0.5% [Member] | Changes in Israeli Shekel interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (10) |
Swap contract [Member] | Increase 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 18 |
Swap contract [Member] | Increase 1% [Member] | Changes in Israeli Shekel interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | $ (19) |
Financial Instruments and Ri_12
Financial Instruments and Risk Management (Market Risk - Terms of Derivative Financial Instruments Used to Hedge Interest Risk) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
SWAP contracts from variable interest to fixed interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount (fair value) | $ 0 | $ (3) |
Stated amount | $ 250 | $ 350 |
Maturity date (in years) | 2019-2024 | 2018-2024 |
Interest rate range | 1.7%-2.6% | 1.36% - 2.6% |
SWAP contracts from variable USD interest to fixed EUR interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount (fair value) | $ (1) | $ (1) |
Stated amount | $ 334 | $ 51 |
Maturity date (in years) | 15/2/2019 | 15/8/2018 |
Interest rate range | 1-month Libor | 1-month Libor |
SWAP contracts from fixed ILS interest to fixed USD interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount (fair value) | $ 15 | $ 64 |
Stated amount | $ 486 | $ 489 |
Maturity date (in years) | 30/3/2024 | 1/3/2024 |
Interest rate range | 2.45%-4.74% | 2.45% - 4.74% |
Financial Instruments and Ri_13
Financial Instruments and Risk Management (Market risk - Sensitivity Analysis Non-derivative Financial Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Euro/U.S Dollar [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ (64) | $ (9) |
U.S Dollar/British Pound [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (3) | 3 |
U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 92 | 92 |
U.S Dollar/Chinese Yuan Renminbi [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (12) | (4) |
U.S Dollar/Turkey Lira [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ (1) | $ (1) |
Financial Instruments and Ri_14
Financial Instruments and Risk Management (Market risk - Sensitivity Analysis) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Euro/U.S Dollar [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ (64) | $ (9) |
U.S Dollar/British Pound [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (3) | 3 |
U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 92 | 92 |
U.S Dollar/Chinese Yuan Renminbi [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (12) | (4) |
U.S Dollar/Turkey Lira [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | $ (1) |
Option contract [Member] | Euro/U.S Dollar [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (4) | |
Option contract [Member] | Euro/U.S Dollar [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (2) | |
Option contract [Member] | Euro/U.S Dollar [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 2 | |
Option contract [Member] | Euro/U.S Dollar [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 5 | |
Option contract [Member] | U.S Dollar/British Pound [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 1 | |
Option contract [Member] | U.S Dollar/British Pound [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 0 | |
Option contract [Member] | U.S Dollar/British Pound [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | |
Option contract [Member] | U.S Dollar/British Pound [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 43 | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 19 | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (41) | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (75) | |
Swap contract [Member] | Euro/U.S Dollar [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (34) | |
Swap contract [Member] | Euro/U.S Dollar [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (17) | |
Swap contract [Member] | Euro/U.S Dollar [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 17 | |
Swap contract [Member] | Euro/U.S Dollar [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 34 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 58 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 28 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (25) | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (48) | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (8) | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (4) | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 4 | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 9 | |
Forward contracts [Member] | Euro/British Pound [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 4 | |
Forward contracts [Member] | Euro/British Pound [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 2 | |
Forward contracts [Member] | Euro/British Pound [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (2) | |
Forward contracts [Member] | Euro/British Pound [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (4) | |
Forward contracts [Member] | U.S Dollar/British Pound [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 3 | |
Forward contracts [Member] | U.S Dollar/British Pound [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 2 | |
Forward contracts [Member] | U.S Dollar/British Pound [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (2) | |
Forward contracts [Member] | U.S Dollar/British Pound [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (4) | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 39 | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 19 | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (17) | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (32) | |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 3 | |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 2 | |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ (3) |
Financial Instruments and Ri_15
Financial Instruments and Risk Management (Market risk - Terms of Derivative Financial Instruments Used to Economically Hedge Foreign Currency Risk) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Put options [Member] | U.S Dollar/ILS [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 1 | $ 5 |
Stated amount | $ 695 | $ 525 |
Average exchange rate | 3.6 | 3.4 |
Put options [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 2 | $ 0 |
Stated amount | $ 45 | $ 63 |
Average exchange rate | 1.2 | 1.2 |
Put options [Member] | U.S Dollar/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | |
Stated amount | $ 11 | |
Average exchange rate | 1.3 | |
Put options [Member] | U.S Dollar/Japanese Yen [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 3 | $ 3 |
Average exchange rate | 114.3 | 115.5 |
Call options [Member] | U.S Dollar/ILS [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ (15) | $ (1) |
Stated amount | $ 695 | $ 525 |
Average exchange rate | 3.6 | 3.4 |
Call options [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ (2) |
Stated amount | $ 45 | $ 63 |
Average exchange rate | 1.2 | 1.2 |
Call options [Member] | U.S Dollar/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | |
Stated amount | $ 11 | |
Average exchange rate | 1.3 | |
Call options [Member] | U.S Dollar/Japanese Yen [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 3 | $ 3 |
Average exchange rate | 114.3 | 115.5 |
Swap contract [Member] | U.S Dollar/ILS [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 15 | $ 64 |
Stated amount | $ 486 | $ 489 |
Average exchange rate | 3.7 | 3.7 |
Swap contract [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ (1) | |
Stated amount | $ 334 | |
Average exchange rate | 1.1 | |
SWAP contracts from variable interest to fixed interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ (3) |
Stated amount | 250 | 350 |
SWAP contracts from variable USD interest to fixed EUR interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | (1) | (1) |
Stated amount | 334 | 51 |
SWAP contracts from fixed ILS interest to fixed USD interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | 15 | 64 |
Stated amount | 486 | 489 |
Forward contracts [Member] | U.S Dollar/ILS [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | 2 | 2 |
Stated amount | $ 352 | $ 430 |
Average exchange rate | 3.7 | 3.5 |
Forward contracts [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 2 | $ (3) |
Stated amount | $ 86 | $ 320 |
Average exchange rate | 1.2 | 1.2 |
Forward contracts [Member] | Euro/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 1 | $ 0 |
Stated amount | $ 19 | $ 20 |
Average exchange rate | 0.9 | 0.9 |
Forward contracts [Member] | U.S Dollar/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 32 | $ 24 |
Average exchange rate | 1.3 | 1.3 |
Forward contracts [Member] | U.S Dollar/Chinese Yuan Renminbi [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ (1) |
Stated amount | $ 29 | $ 33 |
Average exchange rate | 6.5 | 6.7 |
Forward contracts [Member] | Other [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 37 | $ 33 |
Average exchange rate | 0 | 0 |
Financial Instruments and Ri_16
Financial Instruments and Risk Management (Market risk - Linkage Terms of Monetary Balances) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | $ (1,031) | $ (1,865) |
U.S Dollar risk[Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 697 | 565 |
U.S Dollar risk[Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 41 | 19 |
U.S Dollar risk[Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 74 | 82 |
U.S Dollar risk[Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 516 | 419 |
U.S Dollar risk[Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 6 | 40 |
U.S Dollar risk[Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
U.S Dollar risk[Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 60 | 5 |
U.S Dollar risk[Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,728 | 2,430 |
U.S Dollar risk[Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 201 | 427 |
U.S Dollar risk[Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 150 | 187 |
U.S Dollar risk[Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 55 | 95 |
U.S Dollar risk[Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,322 | 1,721 |
Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 319 | 204 |
Euro risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 259 | 267 |
Euro risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 21 | 18 |
Euro risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 3 | 1 |
Euro risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 222 | 246 |
Euro risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 12 | 1 |
Euro risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Euro risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1 | 1 |
Euro risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 405 | 446 |
Euro risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 166 | 158 |
Euro risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 188 | 182 |
Euro risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 46 | 77 |
Euro risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 5 | 29 |
British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 77 | 41 |
British Pound risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 64 | 55 |
British Pound risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 7 |
British Pound risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
British Pound risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 60 | 48 |
British Pound risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
British Pound risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
British Pound risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
British Pound risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 49 | 58 |
British Pound risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 19 | 20 |
British Pound risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 23 | 23 |
British Pound risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 7 | 15 |
British Pound risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 637 | 111 |
Israeli Shekel risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 75 | 99 |
Israeli Shekel risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | 1 |
Israeli Shekel risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Israeli Shekel risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 60 | 59 |
Israeli Shekel risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 12 | 39 |
Israeli Shekel risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Israeli Shekel risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1 | 0 |
Israeli Shekel risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 971 | 943 |
Israeli Shekel risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 34 | 36 |
Israeli Shekel risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 265 | 289 |
Israeli Shekel risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 192 | 96 |
Israeli Shekel risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 480 | 522 |
Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 19 | (13) |
Chinese Yuan Renminbi risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 266 | 331 |
Chinese Yuan Renminbi risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 37 | 22 |
Chinese Yuan Renminbi risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 12 | 5 |
Chinese Yuan Renminbi risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 72 | 92 |
Chinese Yuan Renminbi risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Chinese Yuan Renminbi risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 145 | 212 |
Chinese Yuan Renminbi risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Chinese Yuan Renminbi risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 276 | 377 |
Chinese Yuan Renminbi risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 184 | 173 |
Chinese Yuan Renminbi risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 72 | 85 |
Chinese Yuan Renminbi risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 19 | 21 |
Chinese Yuan Renminbi risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1 | 98 |
Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | (6) |
Brazilian Real risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 34 | 41 |
Brazilian Real risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 5 | 7 |
Brazilian Real risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Brazilian Real risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 25 | 31 |
Brazilian Real risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Brazilian Real risk [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Brazilian Real risk [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 3 |
Brazilian Real risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 32 | 47 |
Brazilian Real risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 6 | 8 |
Brazilian Real risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 11 | 15 |
Brazilian Real risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | 2 |
Brazilian Real risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 13 | 22 |
Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 74 | 71 |
Other [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 49 | 49 |
Other [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 11 | 9 |
Other [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 3 | 2 |
Other [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 35 | 37 |
Other [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 1 |
Other [Member] | Investments at fair value through other comprehensive income [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Other [Member] | Other non-current assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Other [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 15 | 14 |
Other [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Other [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 6 | 9 |
Other [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 9 | 5 |
Other [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Non-derivative instruments [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (1,031) | (1,865) |
Non-derivative instruments [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (146) | (179) |
Non-derivative instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 15 | (3) |
Non-derivative instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (896) | (844) |
Non-derivative instruments [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (10) | (46) |
Non-derivative instruments [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | (6) |
Non-derivative instruments [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 34 | 35 |
Derivative instruments [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Derivative instruments [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 465 | 383 |
Derivative instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 62 | 44 |
Derivative instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,533 | 955 |
Derivative instruments [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 29 | 33 |
Derivative instruments [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Derivative instruments [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 40 | 36 |
SWAP USD into ILS [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 486 | |
SWAP USD into ILS [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into ILS [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 334 | |
SWAP USD into Euro [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
SWAP USD into Euro [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | |
Cylinder instruments [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Cylinder instruments [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 45 | 63 |
Cylinder instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 11 | 0 |
Cylinder instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 695 | 525 |
Cylinder instruments [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Cylinder instruments [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Cylinder instruments [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 3 | 3 |
Forward contracts [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Forward contracts [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 86 | 320 |
Forward contracts [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 51 | 44 |
Forward contracts [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 352 | 430 |
Forward contracts [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 29 | 33 |
Forward contracts [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Forward contracts [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | $ 37 | $ 33 |
Financial Instruments and Ri_17
Financial Instruments and Risk Management (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Carrying amount [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Loans bearing fixed interest | [1] | $ 238 | $ 271 |
Debentures bearing fixed interest | 1,720 | 1,799 | |
Carrying amount [Member] | Marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Debentures bearing fixed interest | [2] | 1,201 | 1,247 |
Carrying amount [Member] | Non marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Debentures bearing fixed interest | [3] | 281 | 281 |
Fair value [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Loans bearing fixed interest | [1] | 244 | 279 |
Debentures bearing fixed interest | 1,740 | 1,858 | |
Fair value [Member] | Marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Debentures bearing fixed interest | [2] | 1,217 | 1,291 |
Fair value [Member] | Non marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Debentures bearing fixed interest | [3] | $ 279 | $ 288 |
[1] | The fair value of the shekel, euro, dollar and yuan loans issued bearing fixed interest is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the market interest rates on the measurement date for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as at December 31, 2018 for the shekel, euro and yuan loans was 2.8%, 1.7%, and 5.0%, respectively (December 31, 2017 for the shekel, euro and yuan loans - 2.4%, 1.7%, and 6.1%, respectively). | ||
[2] | The fair value of the marketable debentures is based on the quoted stock exchange price and is classified as Level 1 in the fair value hierarchy. | ||
[3] | The fair value of the non marketable debentures is based on calculation of the present value of the cash flows in respect of the principal and the interest and is discounted at the Libor rate customary in the market for similar loans having similar characteristics and is classified as Level 2 in the fair value hierarchy. The average discount interest as at December 31, 2018 was 5.3% (December 31, 2017 – 4.57%). |
Financial Instruments and Ri_18
Financial Instruments and Risk Management (Hierarchy of Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial instruments [Line Items] | |||
Investments at fair value through other comprehensive income | $ 145 | $ 212 | |
Level 2 [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Investments at fair value through other comprehensive income | [1] | 145 | 212 |
Derivatives used for economic hedging, net | 7 | 63 | |
Total | $ 152 | $ 275 | |
[1] | Investment in the share capital of YYTH was subject to a three-year lock up period as required by Chinese law, which was expired in January 2019. Measurement of the fair value of the discount rate in respect of the lock up period was calculated by use of the Finnerty 2012. |
Earnings per Share (Narratives)
Earnings per Share (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |
Description of instruments with potential future dilutive effect not included in calculation of diluted earnings per share | At December 31, 2018, 5 million options (at December 31, 2017 and 2016 – 20 million options and 14 million options, respectively), were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti dilutive. |
Earnings per Share (Basic earni
Earnings per Share (Basic earnings per share) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Earnings (losses) attributed to the shareholders of the Company | $ 1,240 | $ 364 | $ (122) |
Earnings per Share (Weighted-av
Earnings per Share (Weighted-average Number of Ordinary Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Balance as at January 1 | 1,276,238 | 1,274,298 | 1,272,516 |
Shares issued during the year | 73 | 1,054 | 0 |
Shares vested | 898 | 720 | 779 |
Weighted average number of ordinary shares used in computation of the basic earnings per share | 1,277,209 | 1,276,072 | 1,273,295 |
Earnings per Share (Weighted-_2
Earnings per Share (Weighted-average Number of Ordinary Shares Diluted) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Weighted average number of ordinary shares used in computation of the basic earnings per share | 1,277,209 | 1,276,072 | 1,273,295 |
Effect of stock options and restricted shares | 2,572 | 925 | 0 |
Weighted average number of ordinary shares used in computation of the diluted earnings per share | 1,279,781 | 1,276,997 | 1,273,295 |
Related and Interested Partie_2
Related and Interested Parties (Narratives) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Notes to Consolidated Financial Statements [Abstract] | |
Name of parent entity | Israel Corporation LTD. |
Explanation of relationships between parent and subsidiaries | Israel Corp. is a public company listed for trading on the Tel Aviv Stock Exchange (TASE). Based on the information provided by Israel Corp., Millenium Investments Elad Ltd. (“Millenium”) and Mr. Idan Ofer are considered as joint controlling shareholders of Israel Corp., for purposes of the Israeli Securities Law (each of Millenium and Mr. Idan Ofer hold shares in Israel Corp. directly, and Mr. Idan Ofer serves as a director of Millenium and has an indirect interest in it as the beneficiary of the discretionary trust that has indirect control of Millenium, as stated below). Millenium holds approximately 46.94% of the share capital in Israel Corp., which holds as at December 31, 2018 approximately 45.86% of the voting rights and issued share capital of the Company. Millenium is held by Mashat Investments Ltd. (“Mashat”) and by XT Investments Ltd. (“XT Investments”), with 80% and 20% holding rates in the issued share capital, respectively. (It is noted that Mashat granted XT Investments a power of attorney for a fixed period (which is extendable) to vote according to XT's discretion at General Meetings of Millenium in respect of shares constituting 5% of the voting rights in Millenium). Mashat is wholly owned by Ansonia Holdings Singapore B.V. (“Ansonia”) which is incorporated in the Netherlands. Ansonia is a wholly owned subsidiary of Jelany Corporation N.V. (registered in Curaçao), which is a wholly owned subsidiary of a Liberian company, Court Investments Ltd. (“Court”). Court is wholly owned by a foreign discretionary trust, in which Mr. Idan Ofer is the beneficiary. XT Investments is fully held by XT Holdings Ltd. (“XT Holdings”), a company whose ordinary shares are held in equal shares by Orona Investments Ltd. (which is indirectly controlled by Mr. Ehud Angel) and by Lynav Holdings Ltd., a company that is controlled by a foreign discretionary trust in which Mr. Idan Ofer is the beneficiary. Mr. Ehud Angel holds, among other things, a special share that grants him, inter alia, under certain limitations and for certain issues, an additional vote on the Board of Directors of XT Holdings. In addition, Kirby Enterprises Inc., which is indirectly held by the same trust that holds Mashat, in which, as stated, Mr. Idan Ofer is the beneficiary, holds approximately 0.74% of the share capital of Israel Corp. Furthermore, Mr. Idan Ofer holds directly approximately 3.85% of the share capital of Israel Corp. As of December 31, 2018, the number of ICL's shares held by Israel Corp. does not include 9,909,848 ordinary shares, which are subject to certain forward sale agreements, as set forth on ICL's registration statement on Form F-1 (hereinafter - the Forward Agreements), filed with the Securities and Exchange Commission on September 23, 2014 (the "Financial Transaction"). Israel Corp. does not have voting rights or dispositive power with respect to the shares subject to the Financial Transaction, which have been made available to the financial entities (hereinafter - the Forward Counterparties) with whom it engaged in the Transaction. As at December 31, 2018, the settlement period of the Financial Transaction has commenced, which is expected to be executed, subject to its terms, in components at several settlement dates that will occur over a period of approximately nine months. In accordance with the terms of the Financial Transaction, Israel Corp. will not regain voting rights and dispositive power with respect to the said shares (“physical settlement”), in whole or in part, unless it informs the Forward Counterparties otherwise at the relevant settlement dates specified in the Forward Agreements. Even though Israel Corp. holds less than 50% of the Company’s ordinary shares, it still has decisive influence at the General Meetings of the Company’s shareholders and, effectively, it has the power to appoint directors and to exert significant influence with respect to the composition of the Company’s Board of Directors |
Margin loans | As of December 31, 2018, 141 million ordinary shares have been pledged by Israel Corporation to secure certain liabilities, almost entirely comprised of margin loans with an aggregate outstanding principal amount of $260 million. |
Framework agreement of Israel Corporate LTD | In March 2017, ICL's Audit and Accounting Committee and its Board of Directors approved a framework agreement with the controlling shareholder, Israel Corporation Ltd. (hereinafter – Israel Corp.), for three years, according to which Israel Corp. can deposit, occasionally, an amount of up to $150 million in short term U.S. dollar or shekel deposits in ICL subject to ICL’s approval. In August 2017, the terms of the framework agreement were expanded to up to $250 million. The terms and conditions of the deposits, including the interest rate, will be determined on the date of the deposits. The deposits will be received by ICL without security. |
The company share In the end of the year, agreements for supply of natural gas | $ 1.9 |
Related and Interested Partie_3
Related and Interested Parties (Benefits to Key Management Personnel including Directors) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | ||
Short-term benefits | $ 11 | $ 8 |
Post-employment benefits | 1 | 1 |
Share-based payments | 4 | 4 |
Total | 16 | 13 |
To interested parties employed by the Company | 5 | 4 |
To interested parties not employed by the Company | $ 1 | $ 1 |
Related and Interested Partie_4
Related and Interested Parties (Transactions with Related and Interested Parties) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Sales | $ 5 | $ 8 | $ 35 |
Cost of sales | 19 | 97 | 113 |
Selling, transport and marketing expenses | 7 | 8 | 7 |
Financing expenses (income), net | 3 | (9) | 0 |
General and administrative expenses | 1 | 1 | 1 |
Management fees to the parent company | $ 1 | $ 1 | $ 1 |
Related and Interested Partie_5
Related and Interested Parties (Balances with Interested Parties) (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Notes to Consolidated Financial Statements [Abstract] | ||
Other current assets | $ 28 | $ 38 |
Other current liabilities | $ 7 | $ 191 |
Group Entities (Information) (D
Group Entities (Information) (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
ICL Israel Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Israel Ltd. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Dead Sea Works Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Dead Sea Works Ltd. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Dead Sea Bromine Company Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Dead Sea Bromine Company Ltd. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Rotem Amfert Negev Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Rotem Amfert Negev Ltd. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Mifalei Tovala Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Mifalei Tovala Ltd. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Dead Sea Magnesium Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Dead Sea Magnesium Ltd. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Ashli Chemicals (Holland) B.V. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Ashli Chemicals (Holland) B.V. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Bromine Compounds Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Bromine Compounds Ltd. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Tetrabrom Technologies Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | [1] | Tetrabrom Technologies Ltd.* | |
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 0.00% | 100.00% | |
Fertilizers and Chemicals Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Fertilizers and Chemicals Ltd. | ||
Principal location of the company's activity | Israel | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Iberpotash S.A. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Iberpotash S.A. | ||
Principal location of the company's activity | Spain | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Fuentes Fertilizantes S.L. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Fuentes Fertilizantes S.L. | ||
Principal location of the company's activity | Spain | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL Europe Cooperatief U.A. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Europe Coöperatief U.A. | ||
Principal location of the company's activity | The Netherlands | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL-IP Europe B.V. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL-IP Europe B.V. | ||
Principal location of the company's activity | The Netherlands | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL IP Terneuzen B.V. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL IP Terneuzen B.V. | ||
Principal location of the company's activity | The Netherlands | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL Fertilizers Europe C.V. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Fertilizers Europe C.V. | ||
Principal location of the company's activity | The Netherlands | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL Finance B.V. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Finance B.V. | ||
Principal location of the company's activity | The Netherlands | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Everris International B.V. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Everris International B.V. | ||
Principal location of the company's activity | The Netherlands | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL Puriphos B.V. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Puriphos B.V. | ||
Principal location of the company's activity | The Netherlands | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL-IP America Inc. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL-IP America Inc. | ||
Principal location of the company's activity | United States of America | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL Specialty Products Inc. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Specialty Products Inc. | ||
Principal location of the company's activity | United States of America | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Everris N.A. Inc. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Everris N.A. Inc. | ||
Principal location of the company's activity | United States of America | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Phosphorus Derivatives Inc. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | [2] | Phosphorus Derivatives Inc.** | |
Principal location of the company's activity | United States of America | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 0.00% | 100.00% | |
BK Giulini GmbH [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | BK Giulini GmbH | ||
Principal location of the company's activity | Germany | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL Holding Germany GmbH [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Holding Germany GmbH | ||
Principal location of the company's activity | Germany | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL-IP Bitterfeld GmbH [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL I.P. Bitterfeld GmbH | ||
Principal location of the company's activity | Germany | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Rovita GmbH [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Rovita GmbH | ||
Principal location of the company's activity | Germany | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Prolactal GmbH [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Prolactal GmbH | ||
Principal location of the company's activity | Austria | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Cleveland Potash Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Cleveland Potash Ltd. | ||
Principal location of the company's activity | United Kingdom | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL Brasil, Ltda. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Brasil, Ltda. | ||
Principal location of the company's activity | Brazil | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL (Shanghai) Investment Co. Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL (Shanghai) Investment Co. Ltd. | ||
Principal location of the company's activity | China | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Yunan Phosphate Haikou Co. Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Yunnan Phosphate Haikou Co. Ltd. | ||
Principal location of the company's activity | China | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 50.00% | 50.00% | |
Sinobrom Compounds Co. Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | Sinobrom Compounds Co. Ltd., China | ||
Principal location of the company's activity | China | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 75.00% | 75.00% | |
ICL Asia Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Asia Ltd. | ||
Principal location of the company's activity | Hong Kong | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
ICL Trading (HK) Ltd. [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | ICL Trading (HK) Ltd. | ||
Principal location of the company's activity | Hong Kong | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
Alana Potash Afar PLC [Member] | |||
Disclosure of subsidiaries [Line Items] | |||
Name of company | [3] | Allana Potash Afar PLC*** | |
Principal location of the company's activity | Ethiopia | ||
Ownership interest in it's subsidiary and investee companies for the year ended December 31 | 100.00% | 100.00% | |
[1] | The Company was merged into "Bromine Compounds Ltd." | ||
[2] | Company sold. | ||
[3] | Company in liquidation proceedings. |