Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ISRAEL CHEMICALS LTD. |
Entity Central Index Key | 0000941221 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,305,040,778 |
Entity Emerging Growth Company | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Entity Shell Company | false |
Entity Address Country | IL |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 95 | $ 121 |
Short-term investments and deposits | 96 | 92 |
Trade receivables | 778 | 990 |
Inventories | 1,312 | 1,290 |
Other receivables | 403 | 295 |
Total current assets | 2,684 | 2,788 |
Non-current assets | ||
Investments at fair value through other comprehensive income | 111 | 145 |
Deferred tax assets | 109 | 122 |
Property, plant and equipment | 5,331 | 4,663 |
Intangible assets | 652 | 671 |
Other non-current assets | 286 | 387 |
Total non-current assets | 6,489 | 5,988 |
Total assets | 9,173 | 8,776 |
Current liabilities | ||
Short-term credit | 420 | 610 |
Trade payables | 712 | 715 |
Provisions | 42 | 37 |
Other current liabilities | 587 | 647 |
Total current liabilities | 1,761 | 2,009 |
Non-current liabilities | ||
Long-term debt and debentures | 2,181 | 1,815 |
Deferred tax liabilities | 341 | 297 |
Long-term employee liabilities | 575 | 501 |
Provisions | 202 | 229 |
Other non-current liabilities | 52 | 10 |
Total non-current liabilities | 3,351 | 2,852 |
Total liabilities | 5,112 | 4,861 |
Equity | ||
Total shareholders' equity | 3,925 | 3,781 |
Non-controlling interests | 136 | 134 |
Total equity | 4,061 | 3,915 |
Total liabilities and equity | $ 9,173 | $ 8,776 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statements of Income [Abstract] | |||
Sales | $ 5,271 | $ 5,556 | $ 5,418 |
Cost of sales | 3,454 | 3,702 | 3,746 |
Gross profit | 1,817 | 1,854 | 1,672 |
Selling, transport and marketing expenses | 767 | 798 | 746 |
General and administrative expenses | 254 | 257 | 261 |
Research and development expenses | 50 | 55 | 55 |
Other expenses | 30 | 84 | 90 |
Other income | (40) | (859) | (109) |
Operating income (loss) | 756 | 1,519 | 629 |
Finance expenses | 220 | 214 | 229 |
Finance income | (91) | (56) | (105) |
Finance expenses, net | 129 | 158 | 124 |
Share of profit loss of associates and joint ventures accounted for using equity method | 1 | 3 | 0 |
Income (loss) before income taxes | 628 | 1,364 | 505 |
Provision for income taxes | 147 | 129 | 158 |
Net income (loss) | 481 | 1,235 | 347 |
Net loss attributable to the non-controlling interests | 6 | (5) | (17) |
Net income (loss) attributable to the shareholders of the Company | $ 475 | $ 1,240 | $ 364 |
Earnings (loss) per share attributable to the shareholders of the Company | |||
Basic earnings (losses) per share (in $) | $ 0.37 | $ 0.97 | $ 0.29 |
Diluted earnings (losses) per share (in $) | $ 0.37 | $ 0.97 | $ 0.29 |
Weighted-average number of ordinary shares outstanding | |||
Basic (in thousands) | 1,278,950 | 1,277,209 | 1,276,072 |
Diluted (in thousands) | 1,282,056 | 1,279,781 | 1,276,997 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statements of Comprehensive Income [Abstract] | ||||
Net income | $ 481 | $ 1,235 | $ 347 | |
Components of other comprehensive income that will be reclassified subsequently to net income (loss) | ||||
Currency translation differences | (20) | (95) | 152 | |
Net change in fair value of cash flow hedges transferred to the statement of income | (38) | 0 | 0 | |
Effective portion of the change in fair value of cash flow hedges | 42 | 0 | 0 | |
Tax relating to items that will be reclassified subsequently to net income | (1) | 0 | 5 | |
Total | (17) | (95) | 157 | |
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 | [1] | 10 | (58) | (57) |
Actuarial gains (losses) from defined benefit plans | (75) | 56 | (17) | |
Tax relating to items that will not be reclassified to net income | 10 | (3) | 3 | |
Total | (55) | (5) | (71) | |
Total comprehensive income (loss) | 409 | 1,135 | 433 | |
Comprehensive income (loss) attributable to the non-controlling interests | 4 | (9) | (13) | |
Comprehensive income attributable to the shareholders of the Company | $ 405 | $ 1,144 | $ 446 | |
[1] | As of January 1, 2018, ICL applies IFRS 9, Financial Instrument, according to which, gain and losses from investments at fair value through other comprehensive income are recognized in other comprehensive income and are never reclassified to profit or loss. |
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, 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 |
Share-based compensation | 12 | 12 | 0 | 5 | 0 | 7 | 0 | 0 | 0 |
Dividends | (275) | (273) | 0 | 0 | 0 | 0 | 0 | (273) | (2) |
Comprensive income (loss) | 409 | 405 | 0 | 0 | (18) | 13 | 0 | 410 | 4 |
Balance as at End of Period at Dec. 31, 2019 | $ 4,061 | $ 3,925 | $ 546 | $ 198 | $ (442) | $ 3 | $ (260) | $ 3,880 | $ 136 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash flows from operating activities | ||||
Net income (loss) | $ 481 | $ 1,235 | $ 347 | |
Adjustments for | ||||
Depreciation and amortization | 443 | 403 | 390 | |
(Reversal of) impairment losses on fixed assets | (10) | 17 | 28 | |
Exchange rate and interest expenses, net | [1] | 153 | 81 | 173 |
Share in earnings of equity-accounted investees | (1) | (3) | 0 | |
Gain from divestiture of businesses | 0 | (841) | (54) | |
Capital gain | (12) | 0 | 0 | |
Share-based compensation | 12 | 19 | 16 | |
Deferred tax expenses (income) | 67 | 76 | (46) | |
Adjustments for reconcile profit loss | 652 | (248) | 507 | |
Change in inventories | (72) | (115) | 57 | |
Change in trade receivables | 199 | (101) | 57 | |
Change in trade payables | (58) | (34) | 94 | |
Change in other receivables | [1] | 5 | (3) | (36) |
Change in other payables | [1] | (194) | (48) | (175) |
Change in employee benefits | (21) | (66) | (4) | |
Net change in operating assets and liabilities | (141) | (367) | (7) | |
Net cash provided by operating activities | 992 | 620 | 847 | |
Cash flows from investing activities | ||||
Investments in deposits, net | (2) | (3) | (65) | |
Purchases of property, plant and equipment and intangible assets | (576) | (572) | (457) | |
Proceeds from divestiture of businesses net of transaction expenses | 0 | 902 | 6 | |
Proceeds from sale of equity-accounted investee | 0 | 0 | 168 | |
Dividends from equity-accounted investees | 3 | 2 | 3 | |
Proceeds from sale of property, plant and equipment | 50 | 2 | 12 | |
Net cash provided by (used in) investing activities | (525) | 331 | (333) | |
Cash flows from financing activities | ||||
Dividends paid to the company's shareholders | (273) | (241) | (237) | |
Receipt of long-term debt | 657 | 1,746 | 966 | |
Repayment of long-term debt | (689) | (2,115) | (1,387) | |
Short-term credit from banks and others, net | (183) | (283) | 147 | |
Other | (2) | (1) | 0 | |
Net cash used in financing activities | (490) | (894) | (511) | |
Cash and cash equivalents as at the beginning of the year | 121 | 83 | 87 | |
Net change in cash and cash equivalents | (23) | 57 | 3 | |
Net effect of currency translation on cash and cash equivalents | (3) | (24) | (2) | |
Cash and cash equivalents included as part of assets held for sale | 0 | 5 | (5) | |
Cash and cash equivalents as at the end of the year | 95 | 121 | 83 | |
Statements of Cash Flows - Additional Information | ||||
Income taxes paid, net of refunds | 120 | 56 | 127 | |
Interest paid | $ 115 | $ 103 | $ 111 | |
[1] | Immaterial adjustment of comparable data. |
General
General | 12 Months Ended |
Dec. 31, 2019 | |
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 principle 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 20). 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 – As 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, 2019 | |
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 were 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 March 4, 2020. 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 depreciated historical cost basis except for the following assets and liabilities: Financial instruments, derivatives and other assets and liabilities measured at fair value through profit or loss, Financial instruments measured at fair value through other comprehensive income, 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. 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 for which the realization 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 involving considerable uncertainty. Management of the Company prepares the estimates based on past experience, various facts, external circumstances, and reasonable assumptions relating to 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. Note 2 - Basis of Preparation of the Financial Statements (cont'd) E. Use of estimates and judgment (cont'd) 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: Estimate Principal assumptions Possible effects Reference 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 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 19 regarding contingent liabilities. Recoverable amount of a cash generating unit, among other things, containing goodwill Expected cash-flow forecasts, discount rate, market risk and the forecasted growth rate. Change in impairment loss. See Note 12 regarding impairment testing. Uncertain tax positions The extent of the certainty that ICL’s tax positions will be accepted 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 Company’s experience. Recognition of additional income tax expenses. See Note 16 regarding taxes on income. 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 19 regarding contingent liabilities. Mineral reserves and resource deposits Quantities and qualities estimated 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. See Note 19 regarding contingent liabilities. Post-employment employee benefits Actuarial assumptions such as the discount rate, future salary increases and future pension changes. An increase or decrease in the post-employment defined benefit obligation. See Note 17 regarding employee benefits. Note 2 - Basis of Preparation of the Financial Statements (cont'd) F. Changes in accounting policies Initial application of IFRS 16, Leases (hereinafter – “IFRS 16” or the "Standard") As from January 1, 2019 ICL applies International Financial Reporting Standard 16, Leases, which replaced International Accounting Standard 17, Leases. The main effect of the standard’s application is reflected in annulment of the existing requirement from lessees to classify leases as operating (off-balance sheet) or finance leases and the presentation of a unified model for lessees to account for all leases similarly to the accounting treatment of finance leases in the previous standard. In accordance with IFRS 16, for agreements in which the Company is the lessee, the Company recognizes a right-of-use asset and a lease liability at the inception of the lease contract for all the leases in which the Company has a right to control identified assets for a specified period of time, other than exceptions specified in the Standard. The Company elected to apply the Standard using the retrospective approach, without a restatement of comparative data. Application of the Standard did not have a material effect on the Company's financial statements, though it may have an effect on the classification and measurement of future lease transactions. 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 regarding 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. Insofar as 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. On the other hand, 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 by using one of the following methods: the most likely outcome or the expected value. IFRIC 23 clarifies that when the entity examines whether or not it is probable that the tax authority will accept the entity’s position, it is assumed that the tax authority with the right to examine any amounts reported to it will examine those amounts and that it has full knowledge of all relevant information when doing so. Furthermore, according to IFRIC 23 an entity has to consider changes in circumstances and new information that may change its assessment. 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 applied using the cumulative effect approach. The application of IFRIC 23 did not have a material effect on the financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 an 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 financial statements of subsidiaries have been changed when necessary to align them with the accounting policies adopted by ICL. Non-controlling interests Non-controlling interests comprise of the subsidiary's equity that cannot be attributed, directly or indirectly, to the parent company. Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even if the result is a negative balance of non-controlling interests. Measurement 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. 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. Note 3 - Significant Accounting Policies (cont’d) A. Basis for Consolidation (cont’d) 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. 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, transactions, unrealized income and expenses and gains and losses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Investment in associated companies and joint ventures 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. 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. 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 from 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 is reclassified to profit or loss as a part of the gain or loss on disposal. 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 and for all other financial assets at the trade date in which ICL becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus direct transaction costs. Derecognition of financial assets: When the contractual rights of ICL to the cash flows from the asset expire, or when ICL transfers the rights to receive the contractual cash flows and substantially all the risks and rewards of ownership of the financial asset. When ICL retains substantially all the said risks and rewards, 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. 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. 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. Financial assets at fair value through profit or loss - 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). Investments in equity instruments at fair value through other comprehensive income - 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. Non-derivative financial liabilities Non-derivative financial liabilities include bank overdrafts, loans and borrowings from banks and others, marketable debt instruments, lease liabilities, and trade and other payables. 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 to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Derecognition of the financial liabilities occur when the obligation of ICL, as specified in the agreement, expires or when it is discharged or cancelled. Change in terms of debt instruments: A substantial modification of the terms of an existing financial liability or part of it and 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. 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. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) Non-derivative financial liabilities (cont'd) Substantially different terms - if the discounted present value of the cash flows according to the new terms 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). In a non-substantial modification of terms (or exchange) of debt instruments, the new cash flows are discounted using the original effective interest rate, and the difference between the present value of the new financial liability and the present value of the original financial liability is recognized in profit or loss. Offset of financial instruments: Financial assets and liabilities are offset, and the net amount is 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, including risks with respect to commodity prices, marine shipping prices, and interest. Derivatives are recognized according to fair value and the changes in value are recorded in the statement of income, except for derivatives used to hedge cash flows. The attributable transaction costs are recorded in the statement of income as incurred. Cash flow hedges Changes in the fair value of derivatives used to hedge cash flows, in accordance with 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 added 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. The cumulative gain or loss remains in other comprehensive income and is presented in the hedging reserve in equity until the forecasted transaction occurs or is no longer expected to occur and then is reclassified to the statements of income. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) 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 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 equity instrument 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 shares recognized as equity are repurchased by the Group, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. 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. D. Property, plant and equipment 1. Recognition and measurement Property, plant and equipment in the consolidated statements 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, remove and restore, where there is an obligation for such, and capitalized borrowing costs. Gains and losses on disposal of a property, plant or equipment item are determined by comparing the proceeds from disposal of the carrying amount of the asset and are recognized net in the income statement. 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. Note 3 - Significant Accounting Policies (cont’d) D. Property, plant and equipment (cont'd) 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. 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, roads and buildings 15-30 Installations and equipment (1) 8-25 Dikes and evaporating ponds (2) 20-40 Heavy mechanical equipment 5-15 Furniture, vehicles and equipment 3-10 (1) Mainly 25 years (2) 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. Over the years, the Company has succeeded to extend the useful lives of part of property, plant and equipment items, as a result of investments therein and other current, ongoing maintenance thereof. Note 3 - Significant Accounting Policies (cont’d) 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. 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 intangible assets Other intangible assets 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 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 and mining rights – over the balance of the rights granted to the companies Trademarks 15-20 Technology / patents 7-20 Customer relationships 15-25 Exploration and evaluation assets 8-10 Computer applications 3-10 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. 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. F. 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 them to their 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 realizable 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. Note 3 - Significant Accounting Policies (cont’d) G. 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. H. 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 the 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. Assets that cannot be tested individually are grouped together into the smallest group of assets that generate 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 an after-tax 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-generating unit. Such assets are allocated to cash-generating units on a reasonable and consistent basis and are examined for impairment as part of the examination of impairment of the cash-generating units to which they are allocated. Note 3 - Significant Accounting Policies (cont’d) Impairment (cont'd) Non-financial assets (cont'd) Impairment losses are recognized if the carrying amount of an asset or cash-generating unit 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 book value of the operating segment exceeds its recoverable value. Impairment losses 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. I. 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 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 deposit in a defined contribution plan is recorded as an expense in the statement of income in the periods in 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. Note 3 - Significant Accounting Policies (cont’d) I. Employee Benefits (cont'd) 2. Defined benefit plans Retirement benefit plans that are not defined contribution plans: ICL’s net obligation 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's 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. 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. 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 (expense) is 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 the net liability 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. Costs in respect of past services are recognized immedia |
Determination of Fair Values
Determination of Fair Values | 12 Months Ended |
Dec. 31, 2019 | |
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. 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 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. Note 4 - Determination of Fair Values (cont'd) C. Liabilities in respect of debentures The fair value of the liabilities and the debentures is determined for disclosure purposes only and 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. The fair value of marketable debentures is determined based on the stock market prices as at the date of the report. D. Share-based compensation The fair value of employee share options and share appreciation rights is measured using the Black and Scholes model, in accordance with the plan (see Note 20). 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). 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 under IFRS. This evaluation was performed mainly for the Subsidiaries’ financial statements of 2016 and onward, which serve as a basis for the mineral based financial reports prepared pursuant to the provisions of the Taxation of Natural Resources Law. There is no resulting change in ICL's consolidated financial statements. For further information, see Note 19. |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2019 | |
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. Our operations are organized under four segments: Industrial Products, Potash, Phosphate Solutions and Innovative Agriculture Solutions. 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 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 Industrial Products segment produces several grades of salt, magnesium chloride and some other products. Industrial Products is also engaged in the production and marketing of phosphorous - ‑ based products. Potash – The P otash segment produces and sells mainly potash, salt, Polysulphate®, magnesium and electricity. Potash is produced in Israel and Spain, using evaporation process to extract potash from the Dead Sea in Israel and conventional mining from an underground mine in Spain. In its Boulby mine in the UK, the Company produces Polysulphate®, which is composed of sulphur, potash, calcium and magnesium. The Company's FertilizerpluS product line is based mainly on Polysulphate®. The segment also includes magnesium activity under which it produces, markets and sells pure magnesium and magnesium alloys, and also produces chlorine and sylvinite. In addition , the segment sells salt produced in its potash and Polysulphate® underground mines in Spain and the UK, respectively. The Company has a power plant in Sodom, which supplies electricity to ICL companies in Israel (electricity surplus is sold to external customers) and steam to all facilities in the Sodom site . 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 situated 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 manufactures pure phosphoric acid by purifying green phosphoric acid. Pure phosphoric acid and green phosphoric acid are used to manufacture downstream products with high added value, such as phosphate salts and acids, for a wide range of food and industrial applications. Phosphate salts and acids are used in various industrial end markets, such as oral care, cleaning products, paints and coatings, water treatment, asphalt modification, construction, metal treatment and more. The segment's products for the food industry include functional food ingredients and phosphate additives, which provide texture and stability solutions for processed meat, meat alternatives, poultry, seafood, dairy, beverage and baked goods. 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. Note 5 - Operating Segments (cont’d) A. General (cont’d) 1. Information on operating segments: (cont'd) Innovative Ag Solutions – The Innovative Ag Solutions segment aims to achieve global leadership in specialty agriculture markets by enhancing its global positions in its core markets of specialty agriculture, ornamental horticulture, turf and landscaping, targeting high-growth markets such as Brazil, India and China, by leveraging its unique R&D capabilities, vast agronomic experience, global footprint, backward integration to potash and phosphate and chemistry know-how, as well as seeking M&A opportunities. ICL is working to expand its broad product portfolio of controlled release fertilizers (CRF), water soluble fertilizers (WSF), liquid fertilizers and straights (MKP/MAP/PeKacid). 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, 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, Brazil and Israel. Other Activities – business activities which include, among other things, ICL’s innovative arm, promoting innovation, developing new products and services as well as digital platforms and technological solutions for farmers and agronomists. These activities are not presented as reportable segments since they do not meet the required quantitative thresholds. 2. Segment capital investments The capital investments made by the segments, for each of the reporting periods, include mainly property, plant and equipment, as well as intangible assets acquired in the ordinary course of business and as part of business combinations. 3. Inter–segment transfers and unallocated income (expenses) Segment revenue, expenses and results include inter-segment transfers that are based on transaction prices in the ordinary course of business. This being aligned with the reports that are regularly reviewed by the Chief Operating Decision Maker. The inter-segment transfers are eliminated as part of financial statements consolidation. Note 5 - Operating Segments (cont’d) B. Operating segment data Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2019 Sales to external parties 1,307 1,330 1,901 699 34 - 5,271 Inter-segment sales 11 164 79 18 3 (275) - Total sales 1,318 1,494 1,980 717 37 (275) 5,271 Segment profit 338 289 100 21 19 (7) 760 Other expenses not allocated to the segments (4) Operating income 756 Financing expenses, net (129) Share in earnings of equity-accounted investees 1 Income before income taxes 628 Implementation of IFRS 16 8 95 113 9 105 9 339 Capital expenditures 66 383 213 21 4 6 693 Depreciation, amortization and impairment 67 149 177 21 22 (3) 433 Note 5 - Operating Segments (cont'd) B. Operating segment data (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations 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 300 315 113 29 9 (13) 753 Other income not allocated to the segments 766 Operating income 1,519 Financing expenses, net (158) Share in earnings of equity-accounted investees 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 Reconciliations 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 247 198 53 29 127 (2) 652 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) C. Information based on geographical location The following table presents the distribution of ICL's sales by geographical location of the customer: 2019 2018 2017 $ millions % of sales $ millions % of sales $ millions % of sales USA 840 16 903 16 1,091 20 China 802 15 848 15 724 13 Brazil 581 11 656 12 594 11 United Kingdom 347 7 382 7 328 6 Germany 334 6 365 7 378 7 France 257 5 267 5 265 5 Spain 249 5 262 5 264 5 Israel 241 5 223 4 171 3 India 178 3 211 4 200 4 Italy 116 2 125 2 121 2 All other 1,326 25 1,314 23 1,282 24 Total 5,271 100 5,556 100 5,418 100 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 Reconciliations Consolidated $ millions For the year ended December 31, 2019 Europe 469 422 712 336 31 (85) 1,885 Asia 399 470 447 118 1 (12) 1,423 North America 353 95 370 95 - (3) 910 South America 56 327 263 23 - (1) 668 Rest of the world 41 180 188 145 5 (174) 385 Total 1,318 1,494 1,980 717 37 (275) 5,271 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations 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 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 Reconciliations 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 ICL's sales by geographical location of the assets: For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Israel 2,815 2,841 2,548 Europe 2,079 2,198 2,119 North America 816 831 1,045 Asia 615 617 583 South America 441 163 167 Others 47 48 48 6,813 6,698 6,510 Intercompany sales (1,542) (1,142) (1,092) Total 5,271 5,556 5,418 The following table presents operating income by geographical location of the assets from which it was produced: For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Israel 578 526 475 North America 61 74 154 Asia 59 52 8 Europe* 32 834 (45) Others 22 29 33 Intercompany eliminations 4 4 4 Total 756 1,519 629 * Europe operating income for 2018 includes gain from divestiture of businesses in the amount of $841 million. See Note 8B. The following table present the non-current assets by geographical location of the assets (*) For the year ended December 31 2019 2018 $ millions $ millions Israel 3,905 3,570 Europe 1,380 1,228 Asia 434 401 North America 333 309 Other 76 59 Total 6,128 5,567 (*) Mainly consist of property, plant and equipment, intangible assets, non-current inventories and lease rights. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 6 - Inventories | Note 6 – Inventories As at December 31 2019 2018 $ millions $ millions Finished products 800 772 Work in progress 326 258 Raw materials 176 216 Spare parts 127 143 Total inventories 1,429 1,389 Of which: Non-current inventories. mainly raw materials (presented in non-current assets) 117 99 Current inventories 1,312 1,290 |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 7 - Other receivables | Note 7 - Other Receivables As at December 31 2019 2018 $ millions $ millions Government institutions 98 108 Current tax assets 87 79 Financial asset at amortized cost * 67 - Prepaid expenses 51 52 Investments at fair value through other comprehensive income 40 - Other 60 56 403 295 * See Note 8B. |
Investments In Subsidiaries
Investments In Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
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. 2019 2018 $ millions $ millions Current assets 151 192 Non-current assets 346 318 Current liabilities 150 225 Non-current liabilities 103 49 Equity 244 236 Note 8 - Investments in Subsidiaries (cont'd) Non-controlling interests in subsidiaries (cont'd) 2019 2018 2017 $ millions $ millions $ millions Sales 349 387 363 Operating Income (loss) 23 - (21) Depreciation and amortization 41 34 34 Operating income before depreciation and amortization 64 34 13 Net Income (loss) 11 (13) (38) Total Comprehensive income (loss) 8 3 (26) Business Divestiture In March 2018, the Company completed the sale transaction of the fire safety and oil additives business to SK Invictus Holding L.P. for a consideration of $1,010 million, $953 million in cash and $57 million in the form of a loan (financial asset). As a result, in the income statement for 2018, the Company recorded a capital gain of $841 million (net of transaction expenses), under "other income". As part of the Company's strategy to divest low synergy businesses, in June 2019, the Company entered into an agreement with a third party to sell part of its real estate in Germany (hereinafter - the Assets), which are associated with non-core activities, for a consideration of $13 million. The Company completed the sale transaction's at the end of 2019. As a result, in the second quarter of 2019, the Company partially reversed the assets' impairment loss incurred in 2015 and recognized an income in the amount of $10 million, under "other income" in the statement of Income ($7 million after tax). Business Acquisition As part of ICL's goal to further enhance its digital service and accelerate its global development roadmap, in February 2020, the Company acquired Growers Holdings, Inc., an innovator in the field of process and data-driven farming for a total consideration of $27 million. Growers has developed a platform that processes and analyzes data that is collected manually or through machine-generated farm data into focused plans that enhance decision-making capabilities for farmers, agronomists and other agro-professionals. |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 9 - Other non-current assets | Note 9 – Other non-current assets As at December 31 2019 2018 $ millions $ millions Non-current inventories 117 99 Surplus in employees' defined benefit plans 78 73 Financial Derivatives 57 15 Investments in equity-accounted investees 29 30 Lease rights - 102 Financial asset at amortized cost * - 59 Other 5 9 286 387 *See Note 8B. |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 10 - Property, Plant and Equipment | Note 10 - Property, Plant and Equipment Land, roads and buildings Installations and equipment Dikes and evaporating ponds Heavy mechanical equipment Furniture, vehicles and equipment Right of use asset Plants under construction and spare parts for installations (1) Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2019 861 6,482 1,975 153 251 - 515 10,237 IFRS 16 initial implementation - - - - - 300 - 300 Reclassification of finance lease (2) - - - - - 96 - 96 Additions 17 268 65 15 25 39 285 714 Disposals (69) (37) - (10) (5) (11) - (132) Translation differences (5) (6) (5) - (1) (1) (3) (21) Balance as at December 31, 2019 804 6,707 2,035 158 270 423 797 11,194 Accumulated depreciation Balance as at January 1, 2019 468 3,693 1,139 89 185 - - 5,574 Depreciation for the year 36 210 89 8 21 51 - 415 Disposals (45) (36) - (8) (4) (9) - (102) Reversal of impairment (10) - - - - - - (10) Translation differences (4) (6) (4) - - - - (14) Balance as at December 31, 2019 445 3,861 1,224 89 202 42 - 5,863 Depreciated balance as at December 31, 2019 359 2,846 811 69 68 381 797 5,331 (1) The additions are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. (2) Reclassification of finance leases (as defined in IAS 17) from non-current asset to property, plant and equipment. Note 10 - 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, 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 are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 11 - Intangible Assets | Note 11 - 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, 2019 331 210 88 75 178 39 87 33 1,041 Additions - - - - - 5 12 1 18 Translation differences (8) (1) (2) - (2) - - - (13) Balance as at December 31, 2019 323 209 86 75 176 44 99 34 1,046 Amortization and impairment losses Balance as at January 1, 2019 22 68 26 39 105 25 63 22 370 Amortization for the year - 2 3 5 10 1 5 2 28 Translation differences (1) - (1) (1) (1) - - - (4) Balance as at December 31, 2019 21 70 28 43 114 26 68 24 394 Amortized Balance as at December 31 ,2019 302 139 58 32 62 18 31 10 652 Note 11 - 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, 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 11 - 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 2019 2018 $ millions $ millions Intangible assets having a defined useful life 318 332 Intangible assets having an indefinite useful life 334 339 652 671 |
Impairment Testing
Impairment Testing | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 12 - Impairment Testing | Note 12 - 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 of 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 2019 2018 $ millions $ millions Goodwill Phosphate Solutions 123 127 Industrial Products 91 92 Innovative Ag. Solutions 70 71 Potash 18 19 302 309 Trademarks Industrial Products, United States 13 13 Phosphate Solutions, United States 12 12 Industrial Products, Europe 7 5 32 30 334 339 Note 12 - Impairment Testing (cont’d) Impairment testing for intangible assets with an indefinite useful life (cont’d) The Company conducted its annual impairment test of goodwill during the fourth quarter and did not identify any impairment. 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 generated from the continuing operations of the operating segments. The future cash flow of each operating segment was based on the segment approved five-year plan, which includes the segment estimations for revenues, operating income and other factors, such as working capital and capital expenditures. The segments' projections were based, among other things, on the assumed sales volume growth rates based on long-term expectations, internal selling prices and raw materials prices based on external data sources, when applicable and relevant. The key assumptions used to calculate the operating segments' recoverable amounts are the nominal after ‑ tax discount rate of 8% and the long ‑ term growth rate of 2%, reflecting the industries and markets the Company is engaged in. Following are the breakeven discount rates for each segment: Breakeven nominal after-tax discount rate Industrial Products 22.8% Potash 13.2% Innovative Ag. Solutions 11.4% Phosphate Solutions 10.6% |
Financial Derivative Instrument
Financial Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 13 - Derivative Instruments | Note 13 – Financial Derivative Instruments As at December 31, 2019 As at December 31, 2018 Assets Liabilities Assets Liabilities $ millions $ millions Included in current assets and liabilities: Foreign currency and interest derivative instruments 10 (5) 13 (16) Derivative instruments on energy and marine transport 1 (3) - (5) 11 (8) 13 (21) Included in non-current assets and liabilities: Foreign currency and interest derivative instruments 57 (6) 15 - |
Credit from Banks and Others
Credit from Banks and Others | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 14 - Credit from Banks and Others | Note 14 - Credit from Banks and Others Composition As at December 31 2019 2018 $ millions $ millions Short-term credit From financial institutions 358 544 Current maturities Long-term loans from financial institutions 13 32 Lease Liability 49 - Long-term loans from others - 34 62 66 Total Short-Term Credit 420 610 Long- term debt and debentures Loans from financial institutions 408 377 Long term lease liability 300 - Other loans 29 35 737 412 Less – current maturities From financial institutions 13 32 Lease liability 49 - From others - 34 62 66 675 346 Marketable debentures 1,231 1,195 Non-marketable debentures 275 274 1,506 1,469 Total Long- term debt and debentures 2,181 1,815 For additional information, see Note 22. Note 14 - Credit from Banks and Others (cont’d) B. Yearly movement in Credit from Banks and Others (*) As at December 31 2019 2018 $ millions $ millions Balance as at January 1 2,442 3,227 Changes from financing cash flows Receipt of long-term debt 657 1,746 Repayment of long-term debt (689) (2,115) Repayment of short-term credit, net (183) (283) Interest paid (115) (103) Total net financing cash flows (330) (755) Implementation of IFRS 16 353 - Effect of changes in foreign exchange rates 48 (63) Other changes 46 33 Balance as at December 31 2,559 2,442 (*) The balance includes Short-term credit, derivatives used for accounting hedging, loans and debentures and interest payables. 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 2019 2018 $ millions $ millions Second year 368 17 Third year 161 273 Fourth year 142 113 Fifth year 799 308 Sixth year and thereafter 711 1,104 2,181 1,815 For additional information, see Note 14F. Note 14 - Credit from Banks and Others (cont'd) 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, 2019 Total shareholder's equity Equity greater than $2,000 million $3,925 million Ratio of EBITDA to the net interest expenses Equal to or greater than 3.5 10.5 Ratio of the net financial debt to EBITDA Less than 3.5 1.8 Ratio of certain subsidiaries loans to the total assets of the consolidated company Less than 10% 4% Examination of compliance with the above ‑ mentioned financial covenants is based on the Company's consolidated financial statements. As at December 31, 2019, the Company complies with all of its financial covenants. 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 ICL (hereinafter – the Acquiring Company). The Company's policy is to utilize the securitization limit based on its cash flow needs, alternative financing sources and market conditions. The current 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 3.5 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, 2019, the amount of the securitization framework is $350 million. Note 14 - Credit from Banks and Others (cont'd) E. Sale of receivables under securitization transaction (cont’d) 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. 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, 2019, utilization of the securitization facility and trade receivables within this framework amounted to $ 261 million (December 31, 2018 - $332 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, 2019 2018 2017 $ millions $ millions $ millions Carrying amount of the transferred assets 261 332 331 Fair value of the associated liabilities 261 332 331 Net position * - - - * Less than $1 million. Note 14 - Credit from Banks and Others (cont'd) F. Information on material loans and debentures Instrument type Loan date Original principal (millions) Currency Carrying amount ($ millions) Interest rate Principal repayment date Additional information Loan-Israeli institutions November 2013 300 Israeli Shekel 69 4.74% 2015-2024 (annual installment) Partially repaid Debentures (private offering) – 3 series January 2014 84 145 46 U.S Dollar 84 145 46 4.55% 5.16% 5.31% January 2021 January 2024 January 2026 Debentures - Series D December 2014 800 U.S Dollar 183 4.50% December 2024 (1) Debentures - Series E April 2016 1,569 Israeli Shekel 452 2.45% 2021- 2024 (annual installment) Loan - others April 2019 200 Chinese Yuan 29 5.23% April 2021 Debentures - Series F May 2018 600 U.S Dollar 596 6.38% May 2038 (1) Loan - European Bank December 2018 70 U.S Dollar 70 Libor + 0.66% December 2021 Loan - European Bank May 2019 30 U.S Dollar 30 Libor + 0.80% May 2024 Note 14 - Credit from Banks and Others (cont'd) F. Information on material loans and debentures: (cont’d) Additional Information: In July 2019 the credit rating company Fitch Ratings revised the Company’s rating outlook from “stable” to “positive”, while reaffirming the Company’s international credit rating BBB-. Fitch reaffirmed the BBB- rating for the Company’s senior debentures, redeemable at an interest of 4.5% (Debentures Series D), outstanding principal amount of $183 million due in 2024, and the Company’s senior debentures, redeemable at an interest of 6.375% (Debentures Series F), outstanding original principal amount of $600 million due in 2038. In July 2019, the credit rating agency S&P ratified the Company’s international credit rating, BBB- with a stable rating outlook. On January 2, 2020 the company completed an ILS 380 million (about $110 million) placement of series G unsecured debentures (hereinafter - Series G) in Israel. The principal of Series G shall be payable in thirteen consecutive unequal annual payments, to be paid, on December 30 of each of the years 2022 through 2034. 64% of the principal will be paid on December 30, 2034. Series G carries an annual coupon of 2.4% paid in semiannual installments on June 30 and December 30 of each year, commencing June 30, 2020. The series G have been rated "ilAA" by Standard & Poor's Maalot rating agency. The interest rate on Series G will increase by 0.25% above the base interest rate for any rating level decrease starting at a rating of "ilA and reaching a maximum cumulative interest rate increase of 1% upon reaching a rating of "ilBBB". The interest rate on the series G debentures will also increase by 0.25%, beginning on the first business day following the publication of the Company’s financial reports indicating that the Company’s equity has fallen below $2,000 million (hereinafter, the Equity Threshold), until the earlier of (a) the full repayment of the unpaid balance of the series G debentures or (b) the date of publication of the Company’s financial reports indicating that the Company’s equity is at or above the Equity Threshold, provided that the total increase in the interest rate due to the provisions of this and the prior sentence shall not exceed 1.00% in the aggregate. Note 14 - Credit from Banks and Others (cont'd) G. Credit facilities: Issuer Group of international banks (1) European bank Date of the credit facility March 2015 December 2016 Date of credit facility termination March 2023, March 2024 May 2024 The amount of the credit facility USD 1,100 million USD 100 million Credit facility has been utilized USD 230 million USD 100 million 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% 70 million dollar-Libor + 0.66% 30 million dollar-Libor + 0.80% Loan currency type 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 and a negative pledge. Non-utilization fee 0.21% 0.00% In November 2019, the credit facility was reduced from $1,200 to $1,100 and in addition, part of the banks agreed to extend the maturity of $900 million credit facility from March 2023 to March 2024. As at December 31, 2019, the company has $870 million of unutilized long-term credit lines. H. Pledges and Restrictions Placed in Respect of Liabilities 1) The Group has undertaken various obligations in respect of loans and credit lines from 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 guarantees in respect of subsidiaries) up to an agreed amount of $550 million. The Group has also committed 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 banks' agreement. 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 the covenants in respect of these loans and credit lines, see item D above. 2) As at December 31, 2019, total guarantees the Company provided were $85 million. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 15 - Other Current Liabilities | Note 15 – Other Current Liabilities As at December 31 2019 2018 $ millions $ millions Employees 294 284 Current tax liabilities 78 112 Accrued expenses 64 85 Governmental (mainly in respect of royalties) (1) 50 61 Others 101 105 587 647 See Note 19. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 16 - Taxes on Income | Note 16 - Taxes on Income A. Taxation 1 Presented hereunder are the Israeli statutory tax rates relevant to the Company in the years 2017–2018 and after: 2017 – 24% 2018 and after 23% 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 after Amendment No. 60 to the Law published in April 2005. The benefit granted to the Company is mainly a preferred tax rate. 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, 2019, 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 $705 million of distributable amount and about $176 million of related taxes. Note 16 - 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 a reduced tax rate of 11.5% as of 2008 on parts of its income. The benefit deriving from the "Ireland" track ended in 2017, other than with respect to a single entity in Israel for which entitlement will end in 2021, assuming the entity will generate sufficient taxable income by then. The part of 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 In December 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 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, or any 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. The tax rates applicable to Preferred Enterprises in Israel as of FY 2016 and onwards are: Preferred Enterprises located in Development Area A – 7.5%. Preferred Enterprises located in the rest of the country – 16%. In November 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 was entitled were not cancelled in respect of investments up to December 31, 2012. Therefore, such plants are 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 a rate of 20%, unless a lower tax rate applies under a relevant treaty for prevention of double taxation. Note 16 - Taxes on Income (cont’d) A. Taxation 3. The Law for the Encouragement of Industry (Taxation), 1969 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. The Industrial Enterprises owned by some of the Company's Israeli subsidiaries have a common line of production or similar industrial branch activity 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 Corporate 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. 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. The taxable profit is based on the mineral operating income, as adjusted, after a deduction of 5% of the mineral’s year end working capital, and an amount that reflects a yield of 14% on the value of property, plant and equipment used for production and sale of the quarried material (hereinafter –Yield). On the tax base, as stated, a progressive tax will be imposed at a rate to be determined based on the Yield in that year. For a Yield between 14% and 20%, Natural Resources Tax will be imposed at the rate of 25%, while 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. Note 16 - Taxes on Income (cont'd) A. Taxation 4. The Law for Taxation of Profits from Natural Resources (cont’d) Imposition of Natural Resources Tax: (cont'd) 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 mining concession. Nonetheless, regarding Magnesium, it was provided that commencing from 2017, upon sale of carnalite by DSW to Magnesium and reacquisition of a Sylvinite 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 of bromine in sales made to related parties in and outside of Israel which use the bromine for bromine compounds manufacturing. This bromine price shall be determined according to the higher of the following: Actual price in the sale transaction. A price which will keep an operating profit with the bromine compounds manufacturer of 12% out of the revenue it generates from bromine compounds sales. Regarding the phosphate resource, the sale price of phosphate sold to related parties for purposes of downstream manufacturing activities in every tax year, shall be the higher of: Actual price in the sale transaction. A price which will keep an operating profit with the downstream products manufacturer of 12% out of the revenue it generates from downstream phosphate made of products sales. The production and operating costs attributable to a unit of phosphate. The Company took an alternative tax filing position, according to which, all the Dead Sea minerals should be taxed as a unified mineral under the above-mentioned mechanism as the natural resource that is used by the company is the Dead-Sea brine. Note 16 - Taxes on Income (cont'd) 4. The Law for Taxation of Profits from Natural Resources (cont’d) Corporate income 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 be entitled to tax benefits under the Law. The Natural Resource Tax will be deductible from the Company's taxable income and the Company will pay the Corporate Tax on the balance as is customary in Israel. 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% (2) Spain 25% China 25% United Kingdom 19% (3) In 2017, the U.S. government enacted comprehensive tax legislation which significantly revises the future ongoing U.S. federal corporate income tax by, among others, lowering U.S. corporate income tax rates and implementing a territorial tax system, commencing January 2018. The tax rate above is an estimated average and includes federal and states tax. Different rate may apply in each specific state. The tax rate in the Netherlands will be reduced to 21.7% commencing 2021. The tax rate in the UK will be reduced to 17% commencing April 1, 2020. There are current discussions in the UK to defer this tax reduction. Note 16 - Taxes on Income (cont'd) C. Carried forward tax losses As at December 31, 2019, the balances of the carryforward tax losses of subsidiaries for which deferred taxes were recorded, is about $181 million (December 31, 2018 – about $477 million). As at December 31, 2019, the balances of the carryforward tax losses to future years of subsidiaries for which deferred taxes were not recorded, is about $363 million (December 31, 2018 – about $322 million). As at December 31, 2019, the capital losses for tax purposes available for carryforward to future years for which deferred taxes were not recorded is about $165 million (December 31, 2018 – about $134 million). As at December 31, 2019, there were no capital losses for tax purposes available for carryforward to future years for which deferred taxes were recorded (December 31, 2018 – about $15 million). D. Tax 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 2013 - 2015. Israel - In December 2018, the Israeli Tax Authorities (hereinafter - the ITA) rejected the company's objection relating 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 $83 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 the majority of its appeal will be accepted. 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 disputed 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. In May 2019, the Supreme Court decided to cancel the said favorable resolution of the Court of Appeals and instructed that the case will return for further hearing in the Court of Appeals in another district. The Company believes it is more likely than not that its tax position will be accepted. Spain and Germany - The Company's subsidiaries in those countries were under tax audits for the years 2012-2015, which were concluded in 2019 with no material financial consequences. The full tax liability for those audits was either paid or accrued for in the company books. Note 16 - Taxes on Income (cont'd) E. Uncertain Tax Position The measurement of the estimated Tax provisions requires judgment related to certain tax positions, which may result in future demand for additional tax payments by the Tax authorities. A tax provision is recorded only when the Company estimates that the chances of its position to be accepted are lower than the chances it 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 advances on account of 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 new Law that was imposed, to the best of the Company's knowledge, only on one other company. The subsidiaries Dead Sea Works, Dead Sea Bromine and Dead Sea Magnesium (hereinafter - the Subsidiaries) financial statements, serve as a basis for the mineral based financial reports required to be filed for tax calculation under the Law. Such calculation involves interpretations and assumptions on a number of significant matters, which require management’s judgment . Based on the Company’s understanding of the law, its position is that the Subsidiaries' carrying amount of the property, plant and equipment, for the purpose of preparation of the mineral based financial reports for 2016 and onward, are presented on the basis of their replacement cost (as used assets), on the date the Law entered into effect. Replacement cost is an accounting method according to International Financial Reporting Standards (IFRS), which are the accepted accounting principles in Israel, applied by the Company and its Subsidiaries. The presentation of property, plant and equipment in the Subsidiaries' financial statements based on the said method is not reflected in the Company's consolidated financial statements. The Company received an opinion from an independent appraiser regarding the fair value of the property, plant and equipment of the Subsidiaries, which was based on the Replacement Cost methodology (as used assets) and estimated at about $6 billion as at December 31, 2015. The operating income, as reported in the latest "excess profit report" for taxation of profits from natural resources for 2018 (with required adjustments as defined in the law), attributed to Bromine operation and Potash operation in the Dead Sea, was about $26 million and about $265 million (reflecting an average realized potash prices of about $270 per-tonne), respectively. At such level of operating income, a value of the property, plant and equipment, of above $0.3 billion for the Bromine mineral and above $2.4 billion for the Potash mineral (approximately an aggregate of $2.7 billion), would result in no natural resources tax liability. Had the Company chosen to measure property, plant and equipment under the depreciated historical cost alternative accounting method (also allowed by IFRS), the amount according to which is about $2 billion as at December 31, 2018, the level of an average realized potash price of about $220 per ‑ tonne would result in no natural resources tax liability. According to CRU published data, at the end of February 2020, the spot prices of granular potash imported to Brazil were $240 per ‑ tonne (which would imply an average realized Potash price of about $220 per-tonne). Note 16 - Taxes on Income (cont'd) E. Uncertain Tax Position (cont'd) Given the mineral's price environment, its effect on the profitability of the Subsidiaries and after deduction of a 14% allowed deductible on the balance of property, plant and equipment, as stated in the law and based on the replacement cost , as at December 31, 2019, no natural resources tax liability was payable. The tax authority's positions could be materially different, even in very significant amounts, as a result of different interpretations regarding the implementation of the Law, including regarding matters other than the carrying amount for natural resources tax purposes of the property, plant and equipment. If the above ‑ mentioned tax position regarding the carrying amount of the property, plant and equipment is rejected by the Israeli tax authority, meaning measurement of the property, plant and equipment, for this purpose, should have been in accordance with depreciated historical cost, the result would be an increase in the company's tax liabilities in an aggregate amount of about $180 million for the years 2016-2019. The Company believes that it is more likely than not that its position will be accepted. In addition to the aforementioned Taxation Law applied on the Company's minerals in the Dead Sea, there is also an obligation to pay royalties to the Israeli government, which in 2019 amounted to $102 million. Note 16 - 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, 2018 (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) Additions in respect of business combinations Amounts recorded in the statement of income (14) 8 3 - (64) (67) Amounts recorded to a capital reserve - - 10 - - 10 Translation differences 1 - - - (1) - Balance as at December 31, 2019 (425) 34 87 20 52 (232) 2. The currencies in which the deferred taxes are denominated: As at December 31 2019 2018 $ millions $ millions Euro 44 22 British Pound 16 21 U.S Dollar (1) (7) Israeli Shekels (285) (204) Other (6) (7) (232) (175) Note 16 - Taxes on Income (cont'd) G. Taxes on income included in the income statements 1. Composition of income tax expenses (income ( For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Current taxes 91 53 208 Deferred taxes 61 76 (23) Taxes in respect of prior years (5) - (27) 147 129 158 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 2019 2018 2017 $ millions $ millions $ millions Income before income taxes, as reported in the statements of income 628 1,364 505 Statutory tax rate (in Israel) 23% 23% 24% Theoretical tax expense 144 314 121 Add (less) – the tax effect of: Tax benefits deriving from the Law for Encouragement of Capital Investments net of natural Resources Tax (8) (20) (4) Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries (15) (186) 23 Tax on dividend 2 - 18 Deductible temporary differences (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses 17 24 15 Taxes in respect of prior years (5) - (27) Impact of change in tax rates - - (13) Differences in measurement basis (mainly ILS/USD) 15 (11) 18 Other differences (3) 8 7 Taxes on income included in the income statements 147 129 158 Note 16 - Taxes on Income (cont'd) H. Taxes on income relating to items recorded in equity For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Tax recorded in other comprehensive income Actuarial gains from defined benefit plan 10 (3) 3 Change in investments at fair value through other comprehensive income (1) - 5 Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment 1 2 (5) Total 10 (1) 3 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 17 - Employee Benefits | Note 17 - Employee Benefits A. Composition Composition of employee benefits: As at December 31 2019 2018 $ millions $ millions Fair value of plan assets 583 518 Termination benefits (105) (111) Defined benefit obligation (1,004) (860) (526) (453) Composition of fair value of the plan assets: As at December 31 2019 2018 $ millions $ millions Equity instruments With quoted market price 237 200 Without quoted market price 10 - 247 200 Debt instruments With quoted market price 197 164 Without quoted market price 111 119 308 283 Deposits with insurance companies 28 35 583 518 Note 17 - 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: Under collective labor agreements, the Group companies in Israel make current deposits in third parties 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. 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. As to the balance of the liabilities that are not funded, as mentioned 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 17 - 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. 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 paid vacations. 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 obligation and in its components: Fair value of plan assets Defined benefit obligation Defined benefit obligation, net 2019 2018 2019 2018 2019 2018 $ millions $ millions $ millions $ millions $ millions $ millions Balance as at January 1 518 631 (860) (1,068) (342) (437) Income (costs) included in profit or loss: Current service costs - - (21) (24) (21) (24) Interest income (expenses) 15 14 (27) (26) (12) (12) Past service cost - - 5 7 5 7 Effect of movements in exchange rates, net 17 (17) (31) 37 (14) 20 Included in other comprehensive income: Actuarial gains (losses) deriving from changes in financial assumptions - - (121) 71 (121) 71 Other actuarial gains (losses) 46 (15) - - 46 (15) Change with respect to translation differences, net 9 (19) (4) 21 5 2 Other movements: Benefits paid (32) (38) 55 73 23 35 Conversion to defined contribution plans - (49) - 49 - - Employer contribution 10 11 - - 10 11 Balance as at December 31 583 518 (1,004) (860) (421) (342) The actual return (loss) on plan assets in 2019, is $61 million, compared with $(1) million in 2018 and $42 million in 2017. Note 17 - 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 2019 2018 2017 % % % Discount rate as at December 31 2.1 3.0 2.7 Future salary increases 3.2 3.3 3.2 Future pension increase 2.1 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 affect the defined benefit obligation as of the date of the financial statements in the following manner: December 2019 Decrease 10% Decrease 5% Increase 5% Increase 10% $ millions $ millions $ millions $ millions Significant actuarial assumptions Salary increase 16 8 (8) (16) Discount rate (24) (12) 12 24 Mortality table (22) (11) 11 22 H. The Effect of the plans on the Group's future cash flows The expenses recorded in respect of defined contribution plans in 2019 are $37 million (in 2018 and 2017, $35 million and $37 million, respectively). The Company’s estimation of the expected deposits in 2020 to funded defined benefit plans is about $9 million. As at December 31, 2019, the Company estimates that the life of the defined benefit plans, based on a weighted average, is about 14.3 years (2018 – about 13.8 years). I. Long-term incentive plan In April 2019, ICL's Board of Directors approved the amendment of the Company's internal long-term incentive framework (hereinafter – New LTI Plan) and accordingly, approved new triennial equity grants for the years 2019-2021, in the form of options exercisable to the Company's ordinary shares. For further information - see Note 20. In addition, a Cash LTI plan was approved, according to which, other senior managers will be awarded with a cash incentive of $32 million in 2022, subject to compliance with certain financial targets over the next three years. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 18 - Provisions | Note 18 – Provisions Composition and changes in the provision Site restoration and equipment dismantling Legal claims Other Total $ millions $ millions $ millions $ millions Balance as at January 1, 2019 205 18 43 266 Provisions recorded during the period (1) 11 1 3 15 Provisions reversed during the period (4) (8) (11) (23) Payments during the period (8) (1) (3) (12) Translation differences (2) - - (2) Balance as at December 31, 2019 202 10 32 244 For additional information, see Note 19. |
Commitments Concessions and Con
Commitments Concessions and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 19 - Commitments, Concessions and Contingent Liabilities | Note 19 - 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, 2036. As of December 31, 2019, the total amount of the commitments under the said purchase periods of the agreements is about $2.24 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, 2019, the subsidiaries have capital purchase commitments of about $301 million. This item takes into consideration part of the agreements described below. In 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 other things, the construction of a special dredger that is designed to execute the salt harvesting. The dredger is expected to commence its operation during the year 2020. For further information - see item C(2). In 2017, 2018 and 2019, DSW signed agreements with several execution and infrastructure companies, for a total amount of $180 million (out of the total project cost of about $220 million), for construction of a 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). In February 2019, the Company signed agreements for the sale of three office buildings, located in Be'er Sheva, Israel, for a total consideration of $27 million, which were leased back to the Company. In 2012, the Company started the construction of a new cogeneration power station (EPC) in Sodom, Israel, which was fully operational in August 2018. One of the main agreements is the construction agreement with the contracting company Abengoa. In light of the continued violations by Abengoa, in September 2017, the Company notified it of the cancellation of the agreement. In November 2018, following the financial disputes between the Company and Abengoa, the Company announced the initiation of an arbitration proceeding, in accordance with the provisions of the agreement. Further to discussions held to end the dispute between the Company and Abengoa, in December 2019, the parties signed a settlement agreement under which Abengoa pledged to pay EUR 37 million (approximately $40 million) in quarterly payments over a five-year period, in addition to the EUR 25 million (approximately $28 million) of guarantees previously exercised by the Company. The agreement includes mutual waiver of future claims and suits upon payments completion. As a result, in the fourth quarter of 2019, the Company recognized revenue of $9 million for the expected short-term payments. Note 19 - Commitments, Concessions and Contingent Liabilities (cont'd) A. Commitments (cont'd) (6) (cont'd) The settlement agreement will be brought to the arbitrator by the parties in order to validate it as an arbitration award. The agreement also states that in case Abengoa violates the agreement, the Company will be entitled to apply for enforcement of the arbitration award and, alternatively, to return to the original arbitration proceedings. In 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 (NG) 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 NG is expected to commence, at the earliest, in the first half of 2021, depending on completion of the development and commencement of production of NG from the reservoirs, and will be used for running ICL’s factories and power stations in Israel. In February 2020, Energean notified its customers, including ICL, of potential delays in supplying NG due to possible impacts on its production as a result of the Coronavirus outbreak in Asia. Energean's notice was issued under the "Force Majeure" section of the GSPA, stating that at this stage it is unable to assess the potential impact on project timeline. 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 $300 million. The insurance is renewed annually. Note 19 - 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 ending on March 31, 2030, accompanied by a priority right to receive the concession after its expiration, should the Government decide to offer a new concession. In accordance with section 24 (a) of the Supplement to the Concession Law, it is stated, among other things, that at the end of the concession period all the tangible assets at the concession area will be transferred to the government, in exchange of their amortized replacement value – the value of the assets as if they are purchased as new at the end of the concession period, less their technical depreciation based on their maintenance condition and the unique characteristics of the Dead Sea area. Pursuant to section 24 (b) of the Supplement to the Concession Law, it is stated that capital investments made 10 years before the concession ends (i.e. April 2020) to the end of the concession period require a prior consent of the Government, unless they can be fully deducted for tax purposes before the end of the concession period. However, the Government's consent to any fundamental investment that may be necessary for the proper operation of the plant, will not be unreasonably delayed or suspended. 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, in January 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. 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, or if the recommendations will be implemented in practice, as well as the relevant timing. In addition, there is no certainty as to how the Government will interpret the Concession Law and implement processes accordingly. 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 at the end of the concession period. As far as the Company is aware, this work has not yet been completed. The consolidated Financial Statements were prepared under management's belief that it is more likely than not, that DSW will continue to operate the relevant assets for their remaining useful lives, which extends beyond the term of the current concession period, by obtaining the renewed concession or by operating the assets for an alternative concession holder. The consolidated depreciation expenses in 2019, relating to the assets located within the concession area, amounted to about $100 million. Note 19 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) Dead Sea Works Ltd. (hereinafter – DSW) (Cont’d) The Company received an opinion from an independent appraiser regarding the fair value of the property, plant and equipment of the subsidiaries DSW, 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 financial reports prepared 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 (as used assets) and was estimated at about $6 billion, as at December 31, 2015. 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. Therefore, 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. 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 . 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 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. Royalties are also paid by Dead Sea Magnesium on the basis of carnallite used for production of magnesium. Following the State of Israel's claims on underpayment of royalties, in 2011, an arbitration proceeding commenced between the State of Israel and DSW, regarding the manner of calculation of the royalties under the concession. Note 19 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) (1)Dead Sea Works Ltd. (hereinafter – DSW) (Cont’d) The arbitration took place during the years 2011-2019 and included two main steps: determining the applicability, which will form the basis for calculating the royalties, and establish the principles of the financial calculations. Over the years, several rulings have been given by the arbitrators on the disputes between the parties, including: a ruling in which DSW should pay royalties on the sale of downstream products manufactured by companies controlled by ICL; a ruling on the principles of calculating the interest and linkage differences to be added to the principal amounts; and a final arbitration ruling in April 2019, which brought the arbitration proceedings to an end. The final agreements reached relate to both past periods (the years 2000 through 2017 inclusive), and the mechanism to simplify the calculations of royalties to the State relating to the period as of January 1, 2018 and onward. The total expense relating to the royalties' dispute, for the eighteen years between 2000 and 2017, recognized in the Company's financial statements is $222 million ($14 million in 2019) and $70 million in respect of interest and linkage differences. Rotem Amfert Israel (hereinafter – “Rotem”) Rotem has been mining phosphates in the Negev in Israel for more than sixty years. The mining is conducted in accordance with 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. 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, in light of a legislative amendment for the implementation of the Sheshinski Committee's recommendations, the royalties' rate was increased from 2% to 5% of the value of the quarried material. According to the amendment, the Supervisor has the option to collect 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. Note 19 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) Rotem Amfert Israel (hereinafter – “Rotem”) (cont'd) 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). The Company is working to promote the plan for mining phosphates in Barir field, which is located in the southern part of the South Zohar deposit 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 South Zohar deposit and to advance a detailed National Outline Plan for the Barir field mining site. In January 2018, according to the recommendation of the National Council, the government’s Housing Cabinet approved the National Outline Plan (hereinafter - NOP 14B), which designates the South Zohar deposit, that includes the Barir field mining site, as an area for phosphate mining. 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 Council, the Government of Israel, the Ministry of Health, the Ministry of Environmental Protection and Rotem (hereinafter – the Respondents), to revoke the approval of NOP 14B and to order the National Council to discuss the NOP directives while giving proper weight to the health risk. Note 19 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) (2)Rotem Amfert Israel (hereinafter – “Rotem”) (cont'd) In January 2019, the petition submitted by residents of the Bedouin diaspora in the "Arad Valley" was consolidated to the said petition . In February 2019, the Supreme Court decided on a conditional order instructing the Respondents to show cause as to why the Plan should not be returned to the National Council for discussion, considering no methodology was determined for examining health effects and no potential health impact document was presented to the National Council. Following several delays, it was determined that the State should submit its response by March 8, 2020. In addition to the procedures described above, securing the future of the phosphate mining operations at Rotem depends on obtaining several approvals and permits from the authorities in Israel, as follows: Emission permit under the Israeli Clean Air Act (hereinafter - the Law): In 2018, the Company conducted two risk assessments by external experts regarding the possibility to execute all the clean air tasks required by the emission permit as per their approved timeline. The risk assessments focused on the technical and safety considerations arising from implementation of a large number of parallel projects in an industrial site. The assessments indicated that there is no operational feasibility to implement the full requirements of the permit within the defined timeline, and accordingly the Company is unable to meet the timeline set in the current permit. In 2019, following discussions with the Israeli Ministry of Environmental Protection (hereinafter - MoE), the MoE informed the Company that during the course of discussions to renew Rotem's emission permit, which currently remains unchanged, they will consider the safety constraints, the complexity and multiplicity of projects, as well as the Company's diligence to comply with the present permit conditions and their schedules, while prioritizing projects with significant environmental impact. The Company provided the MoE with its updated projects' outline, schedule and completion status. The Company continuously updates the MoE on its compliance with the updated projects’ outline. Extension of the mining concessions: Rotem has two mining concessions, which are valid until the end of 2021. The Company is working with the relevant authorities to extend the concessions. Extension of a lease agreement: R otem has two lease agreements in effect until 2024 and 2041 and an additional lease agreement of the Oron plant, which the Company has been working to extend since 2017, by exercising the extension option provided in the agreement. Gypsum Ponds used for accumulation of phosphogypsum fluid - in November 2018, construction and use permits for pond 5 were received until December 31, 2020. The Company is working with the relevant authorities to obtain all the required permits, for the continued operation of the gypsum ponds beyond 2020, in accordance with the requirements set by law and/or instructions of the Planning and Building Committee. Note 19 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) (2) Rotem Amfert Israel (hereinafter – “Rotem”) (Cont’d) Finding economically feasible alternatives to the continued mining of phosphate rock in Israel – according to the Company's assessment of economic phosphate reserves in the existing mining areas, the estimated useful life of Rotem's phosphate rock reserves, which are essential for some of our production lines, is limited to only a few years. As described above, the Company is working to obtain permits and approvals which will provide an economic alternative for future mining of phosphate rock in Israel. The Company believes that it is more likely than not that the said approvals and permits will be granted within a timeframe which will not materially impact the Company's results. Nevertheless, there is no certainty as to the receipt of such approvals and permits and/or the date of their receipt. These approvals and permits depend on active government support, which has been latent recently due to multiple election processes. Failure to obtain these approvals and permits and/or a significant delay in receiving them can lead to a material impact on the Company's business, financial position and results of operations. As at December 31, 2019, Rotem employs more than 1,500 people, and the overall book value of its property, plant and equipment amounts to about $800 million. 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 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). This lease with the Crown Estates, includes provisions to explore and exploit all targeted and known Polysulphate mineral resources of interest to ICL Boulby. The said mineral leases cover a total area of about 720 square kilometers (onshore leases totaling around 90 square kilometers and the offshore leases from the Crown Estates covering around 630 square kilometers). As at the date of this report, all the lease periods, licenses, easements and rights of way (hereinafter – the Rights) are effective, some up to June 2020 whereas some will continue up to 2038. The Company is currently in a process of renewing some of the Rights which expire in June 2020 and are still needed for the mining operation or alternatively will seek to obtain ownership of these Rights. The Company believes that it is more likely than not, that it will obtain renewal or ownership of all the needed Rights. Note 19 - Commitments, Concessions and Contingent Liabilities (cont’d) B. Concessions (cont’d) United Kingdom (cont'd) 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 main component for the production of 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. (5)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 a phosphate reserves soil survey results and achieving the required understanding with the authorities. Natural Resources Royalties With respect to the mining rights, in accordance with China "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. 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. 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 19 - Commitments, Concessions and Contingent Liabilities (cont’d) C. Contingent Ecology In July 2019, an application for approval of a claim as a class action was submitted to the Jerusalem District Court by an Israeli environmental association (hereafter - the Applicant) against 30 defendants, including Fertilizers and Chemicals Ltd., a subsidiary of the Company. The application includes claims relating to air pollution in Haifa Bay (located in northern Israel) and to alleged illness therefrom to the population of the said area. In the framework of the petition, the Applicant requests for declarative relief and the establishment of a mechanism for compensation awards, without specifying their amount, or alternatively, for splitting remedies to allow each group member to sue for damages in a separate proceeding. The Company will submit its response within the framework of the legal proceeding. Considering the early stage of the proceeding, there is a difficulty in estimating its outcome. In March 2018, an application for certification of a claim as a class action was filed with the District Court in Be’er Sheva by two groups: the first class constituting the entire public in the State of Israel and the second-class constituting visitors of Bokek stream and the Dead Sea (hereinafter – the Applicants), against the subsidiaries, Rotem Amfert Israel and Periclase Dead Sea Ltd. (hereinafter – the Respondents). According to the claim, the Respondents have allegedly caused continuous, severe and extreme environmental hazards through pollution of the “Judea group – Zafit formation” groundwater aquifer (hereinafter – the Aquifer) and the Ein Bokek spring with industrial wastewater, and in doing so the Respondents have violated various provisions of property law and environmental protection law, including the provisions of the Law for Prevention of Environmental Hazards and the Water Law, as well as violations relating to the Torts Ordinance – breach of statutory duty, negligence and unjust profits. As a result, the Court was requested to order the Respondents to eliminate the proprietary violation in reference to the Aquifer and Bokek stream by restoration thereof and to pay the public compensation in an estimated amount of NIS 1.4 billion (about $405 million). In July 2019, the Respondents filed their response, together with three expert opinions, in which they denied all the Applicant's claims. On February 27, 2020, the District Court in Be'er Sheva accepted the Company's request to postpone the proceedings until a final decision is made with respect to the replacement of the Applicants' counsel. Considering the early stage of the proceedings and due to the preliminary issues, that arise from the request, there is a difficulty in estimating the chances the application will be accepted. In connection with the 2017 event of the partial collapse of a dyke in Pond 3, which is used for accumulation of phosphogypsum fluid that is created as part of the production processes in Rotem Amfert Israel plants in Israel, as at the reporting date, the event is still being investigated by the Ministry of Environmental Protection and the Nature and Natural Parks Authority. The Company is committed to environmental protection, and for years has worked closely with the Israeli environmental protection authorities to maintain the Negev’s nature in the area of its facilities. Several applications for certification of claims as class actions were filed against the Company (see item D below) contending, among other things, that the Company should bear the restoration costs in the long ‑ term. Note 19 - Commitments, Concessions and Contingent Liabilities (cont’d) C. Contingent (1)Ecology (cont'd) In July and August 2017, three applications for certification of claims as class actions were filed against the Company, as a result of a partial collapse of the dyke in the evaporation pond of Rotem Amfert Israel, which caused contamination of the Ashalim Stream and its surrounding area. The claimants contend that the Company breached various provisions of environmental laws, including, the provisions of the Law for Prevention of Environmental Hazards, the Water Law, provisions of the Torts Ordinance, a breach of statutory duty and negligence. In the framework of the first application, the Court was requested to instruct the Company to rectify the harm caused as a result of its omissions, in order to prevent recurrence of the damage caused as well as to grant a monetary remedy for non ‑ pecuniary damages. The monetary remedy was not defined, however, according to the claimants, the amount of the personal claim is NIS 1,000 ($289) for each resident of the State of Israel, which totals approximately 8.68 million persons. In the framework of the second application, the Court was requested to grant a monetary remedy in an amount of no less than NIS 250 million ($72 million), and concurrently to award personal compensation in the amount of NIS 2,000 ($578) for each resident of the State of Israel, this being in respect of non ‑ pecuniary damages. Furthermore, the Court was requested to instruct the Company to comply with the relevant laws and the rules provided thereunder. As part of the third application, the Court was requested to instruct the Company, among other things, to prepare plans for removal of the contamination, restoration of the Ashalim Stream and its surrounding area, for control and prevention of recurrence |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 20 - Equity | Note 20 – Equity A. Composition: As at December 31, 2019 As at December 31, 2018 Authorized Issued and paid Authorized Issued and paid Number of Ordinary shares of Israeli Shekel 1 par value (in millions) 1,485 * 1305 1,485 * 1305 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 20.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, 2018 1,303 Issuance of shares 2 As at December 31, 2018 1,305 Issuance of shares - As at December 31, 2019 1,305 B. Rights conferred by the shares The ordinary shares grant their holders voting rights in General Meetings of the Company, the right to participate in shareholders’ meetings, the right to receive dividends 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 monitor matters of vital interest to the State of Israel, grants special rights to make decisions, among other things, on the following matters: Sale or transfer of Company assets, which are “essential” 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, directly or indirectly, 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%. Note 20 – Equity B. Rights conferred by the shares (cont'd) Any percentage of holding of the Company’s shares, which grants 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. In January 2019, the work of this team was put on hold until further notice due to the dissolution of the Knesset and lack of permanent Government. As at the date of the report, the Company is unable to estimate the implications of this process over the Company, if any. Note 20 – 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. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case that 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 May 12, 2015 Officers and senior employees 6,729 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 Former Chairman of BOD 404 June 30, 2016 Officers and senior employees 3,035 June 30, 2023 September 5, 2016 Former CEO 625 Former chairman of BOD 186 February 14, 2017 Former CEO 114 February 14, 2024 June 20, 2017 Officers and senior employees 6,868 June 20, 2024 August 2, 2017 Former chairman of BOD 165 Note 20 – 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. 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 Former chairman of BOD 403 August 20, 2025 April 15, 2019 Officers and senior manager 13.2 2 equal tranches: (1) half at the end of 24 months after the grant date. (2) half at the end of 36 months after the grant date. 5 years after the grant date June 27, 2019 CEO 3.5 May 29, 2019 * Chairman of BOD 2.2 2 equal tranches: (1) half at the end of 24 months after the issuance date. (2) half at the end of 36 months after the issuance date. 5 years after the issuance date * The options were issued upon Mr. Doppelt's entry into office on July 1, 2019. Note 20 – 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 is 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, 2018 and 2019 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 Granted 2019 Share price (in $) 8.2 7.0 3.9 4.5 4.4 5.4 CPI-linked exercise price (in $) 8.4 7.2 4.3 4.3 4.3 5.3 Expected volatility: First tranche 29.40% 25.40% 30.51% 31.88% 28.86% 27.85% Second tranche 31.20% 25.40% 30.51% 31.88% 28.86% 27.85% Third tranche 40.80% 28.80% 30.51% 31.88% 28.86% 27.85% Expected life of options (in years): First tranche 4.3 3.0 7.0 7.0 7.0 4.4 Second tranche 5.3 3.0 7.0 7.0 7.0 4.4 Third tranche 6.3 4.0 7.0 7.0 7.0 4.4 Risk-free interest rate: First tranche (0.17%) (1.00%) 0.01% 0.37% 0.03% (0.67%) Second tranche 0.05% (1.00%) 0.01% 0.37% 0.03% (0.67%) Third tranche 0.24% (0.88%) 0.01% 0.37% 0.03% (0.67%) Fair value (in $ millions) 8.4 9.0 4.0 11.3 8.8 7.5 Weighted average grant date fair value per option (in $) 1.9 1.2 1.1 1.6 1.4 1.2 Note 20 – 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 2019, 2018, and 2017, the Company recorded expenses of $12 million, $19 million and $16 million, respectively. The movement in the options are as follows: Number of options (in millions) 2014 Plan Balance as at January 1, 2018 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 Movement in 2019: Granted during the year 19 Expired during the year (3) Forfeited during the year (3) Exercised during the year (1) Total options outstanding as at December 31, 2019 30 Note 20 – 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, 2019 December 31, 2018 December 31, 2017 Granted 2014 US Dollar 7.15 6.77 7.43 Granted 2015 US Dollar - 6.92 7.59 Granted 2016 US Dollar 4.36 4.21 4.68 Granted 2017 US Dollar 4.01 3.89 4.35 Granted 2018 US Dollar 3.99 3.89 - Granted 2019 US Dollar 5.42 - - 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, 2019 December 31, 2018 December 31, 2017 Number of options exercisable (In Millions) 12 11 12 Weighted average exercise price in Israeli Shekel 15.19 18.53 22.56 Weighted average exercise price in US Dollar 4.40 4.94 6.51 (*) The share price as of December 31, 2019, is NIS 16.25 and $4.7. The range of exercise prices for the options outstanding vested at the end of each period are as follows: December 31, 2019 December 31, 2018 December 31, 2017 Range of exercise price in Israeli Shekel 13.55-24.71 14.26-25.93 15.01-26.3 Range of exercise price in US Dollar 3.92-7.15 3.81-6.92 4.33-7.59 The average remaining contractual life for the outstanding vested options at the end of each period are as follows: December 31, 2019 December 31, 2018 December 31, 2017 Average remaining contractual life 3.85 3.90 2.60 Note 20 – 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. 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 approval date of the BOD and/or the date of the approval of the General Meeting where required). 8.4 December 11, 2014 Former CEO 86 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 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 9.7 June 29, 2015 Former CEO 90 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 0.5 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 4.8 September 5, 2016 Former chairman of BOD 55 Former CEO 185 (*) 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 20 – 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) January 3, 2017 ICL’s Directors (excluding ICL's Chairman of the BOD) 146 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. 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. 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 approval date of the BOD and/or the date of the approval of the General Meeting where required). 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 10 August 2, 2017 Former chairman of BOD 53 0.3 January 10, 2018 ICL’s Directors (excluding ICL's CEO & Chairman of the BOD) 137 0.6 March 6, 2018 Officers and senior employees 1,726 8 May 14, 2018 CEO 121 0.6 August 20, 2018 Former 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 20 – Equity (cont’d) C. Share-based payments to employees (cont'd) Restricted shares (cont’d) On March 4, 2020, the Company’s HR & Compensation Committee and Board of Directors, respectively, approved an equity grant for 2020 of restricted shares, to directors who serve from time to time (excluding the Chairman of the Board). in a value per grant of ILS310,000 (approximately $105,000). The grant is subject to the approval of our shareholders in the Annual General Meeting that is expected to take place on April 23, 2020. The restricted shares will vest in three equal tranches: one ‑ third at the end of 12 months after the grant date, one ‑ third at the end of 24 months after the grant date and one ‑ third at the end of 36 months after the grant date. The number of Restricted Shares that will be allocated to each applicable director will be determined according to the closing price of the Ordinary Shares on the TASE on the trading day immediately preceding the date of the Annual General Meeting. 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 $) 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 Total 2017 180 177 0.13 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 Total 2018 244 241 0.18 February 5, 2019 March 13, 2019 62 61 0.05 May 7, 2019 June 19, 2019 76 75 0.06 July 31, 2019 September 24, 2019 74 73 0.06 November 6, 2019 December 18, 2019 65 64 0.05 Total 2019 277 273 0.22 February 12, 2020 (after the reporting date)* March 18, 2020 23 22 0.02 (*) The record date is March 4, 2020 and the payment date is March 18, 2020. Note 20 – Equity (cont’d) 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 22.B). G. Treasury shares During 2008 and 2009 22.4 million shares were acquired by the Group under a purchase plan, for a total consideration of approximately $258 million. Total shares held by the Group are 24.5 million. 2) In determining the amount of retained earnings available for distribution as a dividend pursuant to the Israeli Companies Law, the amount of self ‑ acquisitions (that are presented separately in the “treasury shares” category in the equity section), must be deduct from the balance of the retained earnings. H. Retained earnings The retained earnings include actuarial gains (see Note 17.E) and dividends to the shareholders. |
Details of Income Statement Ite
Details of Income Statement Items | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 21 - Details of Income Statement Items | Note 21 - Details of Income Statement Items For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Sales 5,271 5,556 5,418 Cost of sales Materials consumed 1,702 1,643 1,504 Cost of labor 766 791 777 Depreciation and amortization 384 384 363 Energy and fuel 340 349 343 Other 262 535 759 3,454 3,702 3,746 Note 21 - Details of Income Statement Items (cont’d) For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Selling, transport and marketing expenses Land and Marine transportation 509 553 497 Cost of labor 133 125 122 Other 125 120 127 767 798 746 General and administrative expenses Cost of labor 153 172 170 Professional Services 42 44 49 Other 59 41 42 254 257 261 Research and development expenses, net Cost of labor 36 38 40 Other 14 17 15 50 55 55 For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Other income Capital gain 12 841 54 Reversal of Impairment of fixed assets 10 - - Reversal of provision for legal claims 7 - - Past service cost 5 7 - Retroactive electricity charges - - 6 Insurance compensation - - 30 Other 6 11 19 Other income recorded in the income statements 40 859 109 Other expenses Provision for legal claims 14 31 31 Impairment of fixed assets - 19 32 Provision for historical waste removal and site closure costs 7 18 - Provision for early retirement and dismissal of employees 5 7 20 Environment related provisions - 1 7 Other 4 8 - Other expenses recorded in the income statements 30 84 90 Note 21 - Details of Income Statement Items (cont’d) For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Financing income and expenses Financing income: Interest income from banks and others 8 3 1 Financing income recorded in relation to employee benefits - 7 - Net change in fair value of derivative financial instruments 83 - 104 Net gain from changes in exchange rates - 46 - 91 56 105 Financing expenses: Interest expenses to banks and others 128 117 120 Financing expenses in relation to employees' benefits plans 39 - 38 Banks and finance institutions commissions (mainly commission on early repayment of loans) - 18 16 Net change in fair value of derivative financial instruments - 101 - Net loss from changes in exchange rates 72 - 78 Financing expenses 239 236 252 Net of borrowing costs capitalized 19 22 23 220 214 229 Net financing expenses recorded in the income statements 129 158 124 |
Financial Instruments and Risk
Financial Instruments and Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 22 - Financial Instruments and Risk Management | Note 22 - 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, 2019 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 - - 95 - - Short-term investments and deposits - - 96 - - Trade receivables - - 778 - - Other receivables 11 40 105 - - Investments at fair value through other comprehensive income - 111 - - - Other non-current asset 57 - 6 - - Total financial assets 68 151 1,080 - - Short term credit - - - - (420) Trade payables - - - - (712) Other current liabilities - - - (8) (128) Long term debt and debentures - - - - (2,181) Other non- current liabilities - - - (6) (38) Total financial liabilities - - - (14) (3,479) Total financial instruments, net 68 151 1,080 (14) (3,479) Note 22 - Financial Instruments and Risk Management (cont'd) B. Groups and measurement bases of financial assets and financial liabilities (cont'd) 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) (131) Long-term debt and debentures - - - - (1,815) Other non-current liabilities - - - - (6) Total financial liabilities - - - (21) (3,277) Total financial instruments, net 28 145 1,299 (21) (3,277) 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. Note 22 - Financial Instruments and Risk Management (cont'd) C. Credit risk (cont'd) (1) General (cont'd) (a) Customer credit risks (cont'd) 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 $6 million through a wholly ‑ owned captive reinsurance Company. Most of the Group’s customers have been trading with the Group for many years and only rarely have credit losses been incurred by the Group. The financial statements include specific allowance for doubtful debts that appropriately reflect, in Management’s opinion, the credit loss in respect of accounts receivables which are considered doubtful. (b) Credit risks in respect of deposits The Group deposits its balance of liquid financial assets in bank deposits and in securities. All the deposits are with a diversified group of leading banks preferably with banks that provide loans to the Group. (2) Maximum Exposure to credit risk The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was: As at December 31 Carrying amount ($ millions) 2019 2018 Cash and cash equivalents 95 121 Short term investments and deposits 96 92 Trade receivables 778 990 Other receivables 116 43 Other non-current assets 63 81 1,148 1,327 Note 22 - Financial Instruments and Risk Management (cont'd) C. Credit risk (cont’d) (2) Maximum Exposure to credit risk (cont'd) The maximum exposure to credit risk for trade receivables, at the reporting date by geographic region was: As at December 31 Carrying amount ($ millions) 2019 2018 Europe 252 294 Asia 249 342 North America 114 150 South America 74 106 Israel 72 72 Other 17 26 778 990 (3) Aging of debts and impairment losses The aging of trade receivables at the reporting date was: As at December 31 2019 2018 Gross Impairment Gross Impairment $ millions $ millions $ millions $ millions Not past due 686 - 829 - Past due up to 3 months 65 - 114 - Past due 3 to 12 months 26 (1) 38 (1) Past due over 12 months 4 (2) 12 (2) 781 (3) 993 (3) The movement in the allowance for doubtful accounts during the year was as follows: 2019 2018 $ millions $ millions Balance as at January 1 3 11 Additional allowance 2 1 Write offs (1) (7) Reversals (1) (1) Changes due to translation differences - (1) Balance as at December 31 3 3 Note 22 - 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, 2019 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) 358 361 - - - Trade payables 712 712 - - - Other current liabilities 128 128 - - - Long-term debt, debentures and others 2,281 157 645 1,101 1,288 3,479 1,358 645 1,101 1,288 Financial liabilities – derivative instruments utilized for economic hedging Foreign currency and interest derivative instruments 11 5 - - 6 Derivative instruments on energy and marine transport 3 3 - - - 14 8 - - 6 Note 22 - Financial Instruments and Risk Management (cont'd) D. Liquidity risk (cont'd) 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 131 131 - - - Long-term debt and debentures 1,887 152 453 1,084 1,166 3,277 1,554 453 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 - - 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. As part of the global reform in interest rate benchmarks, there is uncertainty as to the timing and the methods of transition for replacing existing benchmark London interbank offered rates (LIBOR) with alternative rates. Notwithstanding this uncertainty, LIBOR continues to be used as a reference rate and in valuation of instruments with maturities that exceed the expected end date for LIBOR. As at December 31, 2019, the Company's LIBOR-based debt, net of derivatives, is $220 million. Note 22 - Financial Instruments and Risk Management (cont'd) E. Market risk (cont'd) 1. Interest risk (cont'd) (a) Interest Rate Profile Set forth below are details regarding the type of interest on the Group’s non-derivative interest ‑ bearing financial instruments: As at December 31 2019 2018 $ millions $ millions Fixed rate instruments Financial assets 164 151 Financial liabilities (1,947) (1,728) (1,783) (1,577) Variable rate instruments Financial assets 100 128 Financial liabilities (669) (714) (569) (586) (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, 2019 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 4 2 (2) (4) SWAP instruments (14) (7) 7 14 (10) (5) 5 10 Changes in Israeli Shekel interest SWAP instruments 16 8 (8) (16) Changes in Euro interest SWAP instruments (1) - - 1 Note 22- 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, 2019 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 (6) 150 2024 2.47%-2.599% Israeli Shekel SWAP contracts from fixed ILS interest to fixed USD interest 57 482 2024 2.45%-4.474% Euro SWAP contracts from variable USD interest to fixed EUR interest (3) 447 19/02/2020 1-month libor 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 Note 22- 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) 2019 2018 $ millions $ millions Non-derivative financial instruments U.S Dollar/Euro (95) (64) U.S Dollar/Israeli Shekel 98 92 U.S Dollar/British Pound (4) (3) U.S Dollar/Chinese Yuan (1) (12) 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 22 - 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, 2019. Any change in the exchange rates of the principal currencies shown below 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, 2019 Increase 10% Increase 5% Decrease 5% Decrease 10% $ millions $ millions $ millions $ millions Euro/ U.S Dollar Forward transactions 7 3 (3) (6) Options 4 2 (2) (4) SWAP 45 22 (22) (45) U.S Dollar/Israeli Shekel Forward transactions (28) (15) 16 34 Options (38) (8) 22 52 SWAP (52) (27) 30 63 British Pound/U.S Dollar Forward transactions (4) (2) 2 3 Options (1) - - 1 U.S Dollar/Japanese Yen Forward transactions 1 - - (1) Note 22 - 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, 2019 Carrying amount Stated amount Average $ millions $ millions exchange rate Forward contracts U.S Dollar/Israeli Shekel - 309 3.5 Euro/U.S Dollar (1) 61 1.1 U.S Dollar/British Pound - 33 1.3 U.S Dollar/Chinese Yuan Renminbi - 28 7.1 Other 4 56 0.9 Currency and interest SWAPs U.S Dollar/Israeli Shekel 57 482 3.7 Euro/U.S Dollar (3) 447 1.1 Put options U.S Dollar/Israeli Shekel 4 600 3.4 Euro/U.S Dollar - 45 1.1 U.S Dollar/Japanese Yen - 1 108.5 U.S Dollar/British Pound - 15 1.3 Call options U.S Dollar/Israeli Shekel - 440 3.4 Euro/U.S Dollar 1 45 1.1 Note 22 - 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, 2018 Carrying amount Stated amount Average $ millions $ millions 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 The maturity date of all of the derivatives used to economically hedge foreign currency risk is up to a year. Note 22 - 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, 2019 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Others Non-derivative instruments: Cash and cash equivalents 18 19 4 4 6 33 11 Short term investments and deposits 89 1 - - - 3 3 Trade receivables 381 177 37 50 22 48 63 Other receivables 84 16 - 3 - 40 2 Investments at fair value through other comprehensive income - - - - - 111 - Other non-current assets 3 1 - - 2 - - Total financial assets 575 214 41 57 30 235 79 Short-term credit 198 95 18 58 4 47 - Trade payables 172 178 22 247 9 79 5 Other current liabilities 19 44 4 47 - 12 2 Long term debt, debentures and others 1,452 72 29 596 7 60 4 Total financial liabilities 1,841 389 73 948 20 198 11 Total non-derivative financial instruments, net (1,266) (175) (32) (891) 10 37 68 Derivative instruments: Forward transactions - 61 33 309 - 28 56 Cylinder - 45 15 600 - - - SWAPS – U.S Dollar into Israeli Shekel - - - 482 - - - SWAPS – U.S Dollar into Euro - 447 - - - - - Total derivative instruments - 553 48 1,391 - 28 56 Net exposure (1,266) 378 16 500 10 65 124 Note 22 - 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, 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 38 28 4 53 - 4 4 Long term debt, debentures and others 1,322 5 - 480 13 1 - Total financial liabilities 1,711 387 46 832 30 261 10 Total non-derivative financial instruments, net (1,014) (128) 18 (757) 4 5 39 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 (1,014) 337 80 776 4 34 79 Note 22 - 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 $151 million (as at December 31, 2019). 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, 2019, the fair value of the marine shipping and energy derivatives was approximately $2 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, 2019 As at December 31, 2018 Carrying amount Fair value Carrying amount Fair value $ millions $ millions $ millions $ millions Loans bearing fixed interest (1) 74 82 238 244 Debentures bearing fixed interest Marketable (2) 1,237 1,395 1,201 1,217 Non-marketable (3) 281 293 281 279 1,592 1,770 1,720 1,740 The fair value of the shekel and euro 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, 2019, for the shekel and euro loans was 1.4% and 1.3%, respectively (December 31, 2018, for the shekel and euro loans 2.8% and 1.7%, respectively). Note 22 - 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, 2019 was 3.7% (December 31, 2018 – 5.3%). 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. Level 1 As at December 31, 2019 As at December 31, 2018 $ millions $ millions Investments at fair value through other comprehensive income (1) 151 - Level 2 As at December 31, 2019 As at December 31, 2018 $ millions $ millions Investments at fair value through other comprehensive income (1) - 145 Derivatives used for economic hedging, net (3) 7 Derivatives used for accounting hedging, net 57 - 54 152 An investment of 15% in the capital share of YYTH was subject to a three-year lock up period, as required by Chinese law, which expired in January 2019. Due to the said expiration, the investment is presented under level 1, as per its quoted price in the market. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 23 - Earnings per Share | Note 23 - Earnings per Share Basic earnings per share Calculation of the basic earnings per share for the year ended December 31, 2019, 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 2019 2018 2017 $ millions $ millions $ millions Earnings attributed to the shareholders of the Company 475 1,240 364 Weighted-average number of ordinary shares in thousands: For the year ended December 31 2019 2018 2017 Shares thousands Shares thousands Shares thousands Balance as at January 1 1,278,084 1,276,238 1,274,298 Shares issued during the year 98 73 1,054 Shares vested 768 898 720 Weighted average number of ordinary shares used in computation of the basic earnings per share 1,278,950 1,277,209 1,276,072 Diluted earnings per share Calculation of the diluted earnings per share for the year ended December 31, 2019, 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 2019 2018 2017 Shares thousands Shares thousands Shares thousands Weighted average number of ordinary shares used in the computation of the basic earnings per share 1,278,950 1,277,209 1,276,072 Effect of stock options and restricted shares 3,106 2,572 925 Weighted average number of ordinary shares used in the computation of the diluted earnings per share 1,282,056 1,279,781 1,276,997 At December 31, 2019, 17.5 million options (at December 31, 2018 and 2017 – 5 million options and 20 million options, respectively), were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti ‑ dilutive. Note 23 - Earnings per Share (cont'd) 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, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 24 - Related and Interested Parties | Note 24 - 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, 2019 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 the Liberian company, Court Investments Ltd. (“Court”). Court is wholly owned by a discretionary trust, in which Mr. Idan Ofer is the beneficiary. XT Investments is fully held by XT Holdings Ltd. (“ XT Holdings ”), a private 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 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 previously reported, Israel Corp. entered into certain forward sale agreement with respect to certain amount of Ordinary Shares. Based on the information provided by Israel Corp., as of December 31, 2019, settlement of such forward agreements was finalized, and Israel Corp. did not regain voting rights and dispositive power with respect to the Ordinary Shares that were subject to such forward agreements (" physical settlement "). 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. Note 24 - Related and Interested Parties Parent company and subsidiaries (cont'd) As of December 31, 2019, 166 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 $310 million. 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) (see Notes 17 and 20). Set forth below are details of the benefits for key management personnel in 2019 and 2018. The Company's key management personnel in 2019, consists of 22 individuals, of whom 9 are not employed by the company (directors). The number of key management personnel in 2019, includes 3 individuals whose tenure was terminated during 2019. The Company's key management personnel in 2018, consisted of 27 individuals, of whom 14 were not employed by the Company (directors). For the year ended December 31 2019 2018 $ millions $ millions Short-term benefits 13 11 Post-employment benefits 1 1 Share-based payments 8 4 Total * 22 16 * To interested parties employed by the Company 5 5 * To interested parties not employed by the Company 1 1 The Extraordinary General Meeting (" EGM ") of the Company’s shareholders held on May 29, 2019 approved the election of Yoav Doppelt as a director of the Company, as well as, compensation terms and a three year long term incentive grant for 2019-2021 as the new Executive Chairman of the Company's Board of Directors. The EGM further approved a special bonus to the previous Executive Chairman of the Company’s Board of Directors, Mr. Johanan Locker, in respect of 2018; On July 1, 2019, Mr. Yoav Doppelt entered into office as the Executive Chairman of the Company’s Board of Directors, replacing Mr. Johanan Locker. Note 24 - 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 that was held on June 27, 2019, approved a three-year long term incentive grant to the Company's CEO, Mr. Raviv Zoller, for 2019-2021, in the form of Options, in a total value of NIS 14.4 million (approximately $4 million), which constitute NIS 4.8 million (approximately $1.33 million) per vesting annum. . 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. 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. Note 24 - Related and Interested Parties (cont’d) C. Ordinary transactions that are not exceptional (cont'd) (3) The transaction is negligible also from a qualitative point of view. For the purpose of this criteria, it shall be examined whether there are special considerations justifying reporting of 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 will be examined. D. Transactions with related and interested parties For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Sales 4 5 8 Cost of sales 8 19 97 Selling, transport and marketing expenses 10 7 8 Financing expenses (income), net (1) 3 (9) General and administrative expenses 1 1 1 Management fees to the parent company 1 1 1 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. 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 March 3, 2020, the Audit & Accounting Committee examined the management services that were actually rendered in 2019 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. Note 24 - Related and Interested Parties (cont’d) D. Transactions with related and interested parties (cont'd) The deposits will be received by ICL without security. In the 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. The framework agreement is in effect until March 2020. 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 19. E. Balances with related and interested parties Composition : As at December 31 2019 2018 $ millions $ millions Other current assets 27 28 Other current liabilities 2 7 |
Group Entities
Group Entities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Note 25 - Group Entities | Note 25 – 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 2019 2018 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% 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 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 NA, Inc. United States of America 100.00% 100.00% BK Giulini GmbH Germany 100.00% 100.00% ICL Holding Germany GmbH Germany 100.00% 100.00% ICL Bitterfeld GmbH Germany 100.00% 100.00% Pulse-Tex GmbH (Ex- Rovita) Germany 100.00% 100.00% Prolactal GmbH Austria 100.00% 100.00% Cleveland Potash Ltd. United Kingdom 100.00% 100.00% Everris Ltd. United Kingdom 100.00% 100.00% ICL Brasil, Ltda. Brazil 100.00% 100.00% ICL Investment Co. Ltd. China 100.00% 100.00% Yunnan Phosphate Haikou Co. Ltd. China 50.00% 50.00% Sinobrom Compounds Co. Ltd. China 75.00% 75.00% ICL Asia Ltd. Hong Kong 100.00% 100.00% ICL Trading (HK) Ltd. Hong Kong 100.00% 100.00% |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 an 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 financial statements of subsidiaries have been changed when necessary to align them with the accounting policies adopted by ICL. Non-controlling interests Non-controlling interests comprise of the subsidiary's equity that cannot be attributed, directly or indirectly, to the parent company. Profit or loss and any part of other comprehensive income are allocated to the owners of the Company and the non-controlling interests, even if the result is a negative balance of non-controlling interests. Measurement 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. 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. Note 3 - Significant Accounting Policies (cont’d) A. Basis for Consolidation (cont’d) 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. 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, transactions, unrealized income and expenses and gains and losses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Investment in associated companies and joint ventures 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. |
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. 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 from 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 is reclassified to profit or loss as a part of the gain or loss on disposal. 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 and for all other financial assets at the trade date in which ICL becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus direct transaction costs. Derecognition of financial assets: When the contractual rights of ICL to the cash flows from the asset expire, or when ICL transfers the rights to receive the contractual cash flows and substantially all the risks and rewards of ownership of the financial asset. When ICL retains substantially all the said risks and rewards, 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. 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. 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. Financial assets at fair value through profit or loss - 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). Investments in equity instruments at fair value through other comprehensive income - 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. Non-derivative financial liabilities Non-derivative financial liabilities include bank overdrafts, loans and borrowings from banks and others, marketable debt instruments, lease liabilities, and trade and other payables. 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 to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Derecognition of the financial liabilities occur when the obligation of ICL, as specified in the agreement, expires or when it is discharged or cancelled. Change in terms of debt instruments: A substantial modification of the terms of an existing financial liability or part of it and 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. 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. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) Non-derivative financial liabilities (cont'd) Substantially different terms - if the discounted present value of the cash flows according to the new terms 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). In a non-substantial modification of terms (or exchange) of debt instruments, the new cash flows are discounted using the original effective interest rate, and the difference between the present value of the new financial liability and the present value of the original financial liability is recognized in profit or loss. Offset of financial instruments: Financial assets and liabilities are offset, and the net amount is 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, including risks with respect to commodity prices, marine shipping prices, and interest. Derivatives are recognized according to fair value and the changes in value are recorded in the statement of income, except for derivatives used to hedge cash flows. The attributable transaction costs are recorded in the statement of income as incurred. Cash flow hedges Changes in the fair value of derivatives used to hedge cash flows, in accordance with 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 added 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. The cumulative gain or loss remains in other comprehensive income and is presented in the hedging reserve in equity until the forecasted transaction occurs or is no longer expected to occur and then is reclassified to the statements of income. Note 3 - Significant Accounting Policies (cont’d) C. Financial Instruments (cont'd) 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 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 equity instrument 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 shares recognized as equity are repurchased by the Group, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. 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 in the consolidated statements 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, remove and restore, where there is an obligation for such, and capitalized borrowing costs. Gains and losses on disposal of a property, plant or equipment item are determined by comparing the proceeds from disposal of the carrying amount of the asset and are recognized net in the income statement. 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. Note 3 - Significant Accounting Policies (cont’d) D. Property, plant and equipment (cont'd) 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. 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, roads and buildings 15-30 Installations and equipment (1) 8-25 Dikes and evaporating ponds (2) 20-40 Heavy mechanical equipment 5-15 Furniture, vehicles and equipment 3-10 (1) Mainly 25 years (2) 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. Over the years, the Company has succeeded to extend 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 | Note 3 - Significant Accounting Policies (cont’d) 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. 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 intangible assets Other intangible assets 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 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 and mining rights – over the balance of the rights granted to the companies Trademarks 15-20 Technology / patents 7-20 Customer relationships 15-25 Exploration and evaluation assets 8-10 Computer applications 3-10 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. 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. |
Inventories | F. 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 them to their 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 realizable 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 | Note 3 - Significant Accounting Policies (cont’d) G. 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 | H. 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 the 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. Assets that cannot be tested individually are grouped together into the smallest group of assets that generate 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 an after-tax 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-generating unit. Such assets are allocated to cash-generating units on a reasonable and consistent basis and are examined for impairment as part of the examination of impairment of the cash-generating units to which they are allocated. Note 3 - Significant Accounting Policies (cont’d) Impairment (cont'd) Non-financial assets (cont'd) Impairment losses are recognized if the carrying amount of an asset or cash-generating unit 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 book value of the operating segment exceeds its recoverable value. Impairment losses 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. |
Employee benefits | I. 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 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 deposit in a defined contribution plan is recorded as an expense in the statement of income in the periods in 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. Note 3 - Significant Accounting Policies (cont’d) I. Employee Benefits (cont'd) 2. Defined benefit plans Retirement benefit plans that are not defined contribution plans: ICL’s net obligation 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's 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. 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. 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 (expense) is 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 the net liability 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. Costs in respect of past services are recognized immediately and without reference to whether the benefits have vested. Note 3 - Significant Accounting Policies (cont’d) I. Employee Benefits (cont'd) 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. 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 the plan to the employees, 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 and it is possible to reliably estimate the obligation. Classification of employee benefits 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 | Note 3 - Significant Accounting Policies (cont’d) J. 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 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, 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) J. 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 | K. Revenue Recognition Identifying a contract ICL accounts for a contract with a customer only when the following conditions are met: (a) The parties to the contract have approved the contract and they are committed to satisfying the obligations attributable to them; (b) ICL can identify the rights of each party in relation to the goods or services that will be transferred; (c) ICL can identify the payment terms for the goods or services that will be transferred; (d) 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 (e) 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. 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: (a) Goods or services (or a bundle of goods or services) that are distinct; or (b) A series of distinct goods or services that are substantially the same and have the same pattern of transfer to the customer. 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. Note 3 - Significant Accounting Policies (cont’d) K. Revenue Recognition (cont'd) 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. |
Government grants [Policy Text Block] | L. Government grants Government grants are recognized initially at fair value when there is reasonable assurance that they will be received, and the Group will comply with the conditions associated with the grant. Unconditional government grants are recognized when the Group is entitled to receive them. Grants that compensate the Group for expenses incurred are presented as a deduction from the corresponding expense. Grants that compensate the Group for the cost of an asset are presented as a deduction from the related assets and are recognized in profit or loss on a systematic basis over the useful life of the asset. |
Leases | M. Leases Policy applicable as from January 1, 2019 Determining whether an arrangement contains a lease On the inception date of the lease, ICL determines whether the arrangement is a lease or contains a lease, while examining if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In its assessment of whether an arrangement conveys the right to control the use of an identified asset, ICL assesses whether it has the following two rights throughout the lease term: (a)The right to obtain substantially all the economic benefits from use of the identified asset; and (b)The right to direct the identified asset’s use. For lease contracts that contain non-lease components, such as services or maintenance, that are related to a lease component, ICL elected to account for the contract as a single lease component without separating the components. Note 3 - Significant Accounting Policies (cont’d) M. Leases (cont'd) Policy applicable as from January 1, 2019 (cont'd) Leased assets and lease liabilities: Contracts that award ICL control over the use of a leased asset for a period of time in exchange for consideration, are accounted for as leases. Upon initial recognition ICL recognizes a liability at the present value of the balance of future lease payments (these payments do not include certain variable lease payments), and concurrently recognizes a right-of-use asset at the same amount of the lease liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. Subsequent to initial recognition, the right-of-use asset is accounted for using the cost model and depreciated over the shorter of the lease term or useful life of the asset. ICL has elected to apply the practical expedient by which short-term leases of up to one year and/or leases in which the underlying asset has a low value, are recognized in profit or loss on a straight-line basis, over the lease term, without recognizing an asset and/or liability in the statement of financial position. The lease term is the non-cancellable period of the lease plus periods covered by an extension or termination option if it is reasonably certain that the lessee will or will not exercise the option, respectively. Variable lease payments that depend on an index or a rate, are initially measured using the index or rate existing at the commencement of the lease and are included in the measurement of the lease liability. When the cash flows of future lease payments change as the result of a change in an index or a rate, the balance of the liability is adjusted against the right-of-use asset. Other variable lease payments that are not included in the measurement of the lease liability are recognized in profit or loss in the period in which the event or condition that triggers payment occurs. After lease commencement, a right-of-use asset is measured on a cost basis less accumulated depreciation and accumulated impairment losses and is adjusted for re-measurements of the lease liability. Depreciation is calculated on a straight-line basis over the useful life or contractual lease period, whichever earlier . Sale and leaseback: ICL applies the requirements of IFRS 15 to determine whether an asset transfer is accounted for as a sale. If an asset transfer satisfies the requirements of IFRS 15 to be accounted for as a sale, ICL measures the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount that relates to the right of use retained by ICL. Accordingly, ICL only recognizes the amount of gain or loss that relates to the rights transferred. If the asset transfer does not satisfy the requirements of IFRS 15 to be accounted for as a sale, ICL continues to recognize the transferred asset and recognizes a financial liability in accordance with IFRS 9, at an amount equal to the transferred proceeds. |
Financing income and expenses | Note 3 - Significant Accounting Policies (cont’d) N . Financing Income and Expenses Financing income includes income from interest on amounts invested, gains from derivative financial instruments recognized in the statement of income, foreign currency gains, gains on changes in the fair value of financial assets at fair value through profit or loss and financing income recorded in relation to employee benefits. Interest income is recognized as accrued, using the effective interest method. Financing expenses include interest on loans received, securitization transaction costs, 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. Gains and losses from exchange rate differences and derivative financial instruments are reported on a net basis. In the consolidated statements of cash flows, interest received and interest paid, are presented as part of cash flows from operating activities. |
Taxes on income | O . Taxes on Income Taxes on income include current and deferred taxes, that 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 and there is intent to settle current tax liabilities and assets on a net basis. 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 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 the 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 taxes in respect of intra-company transactions in the consolidated financial statements are recorded according to the tax rate applicable to the buying company. Note 3 - Significant Accounting Policies (cont’d) O . Taxes on Income (cont'd) Deferred tax assets and liabilities are offset if there is a legally enforceable right 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 on a net basis. 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. 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 expected additional taxes. |
Earnings per share | P . 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 | Q . 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. |
Non-current assets and disposal groups held for sale | R . 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. 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) R . 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 a 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 and subsequent gains or losses on remeasurement, are recognized as 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. |
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, 2019 | |
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, roads and buildings 15-30 Installations and equipment (1) 8-25 Dikes and evaporating ponds (2) 20-40 Heavy mechanical equipment 5-15 Furniture, vehicles and equipment 3-10 (1) Mainly 25 years (2) 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 and mining rights – over the balance of the rights granted to the companies Trademarks 15-20 Technology / patents 7-20 Customer relationships 15-25 Exploration and evaluation assets 8-10 Computer applications 3-10 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Operating segment data | B. Operating segment data Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations Consolidated $ millions For the year ended December 31, 2019 Sales to external parties 1,307 1,330 1,901 699 34 - 5,271 Inter-segment sales 11 164 79 18 3 (275) - Total sales 1,318 1,494 1,980 717 37 (275) 5,271 Segment profit 338 289 100 21 19 (7) 760 Other expenses not allocated to the segments (4) Operating income 756 Financing expenses, net (129) Share in earnings of equity-accounted investees 1 Income before income taxes 628 Implementation of IFRS 16 8 95 113 9 105 9 339 Capital expenditures 66 383 213 21 4 6 693 Depreciation, amortization and impairment 67 149 177 21 22 (3) 433 Note 5 - Operating Segments (cont'd) B. Operating segment data (cont'd) Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations 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 300 315 113 29 9 (13) 753 Other income not allocated to the segments 766 Operating income 1,519 Financing expenses, net (158) Share in earnings of equity-accounted investees 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 Reconciliations 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 247 198 53 29 127 (2) 652 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 |
Sales by geographical location of the customer | The following table presents the distribution of ICL's sales by geographical location of the customer: 2019 2018 2017 $ millions % of sales $ millions % of sales $ millions % of sales USA 840 16 903 16 1,091 20 China 802 15 848 15 724 13 Brazil 581 11 656 12 594 11 United Kingdom 347 7 382 7 328 6 Germany 334 6 365 7 378 7 France 257 5 267 5 265 5 Spain 249 5 262 5 264 5 Israel 241 5 223 4 171 3 India 178 3 211 4 200 4 Italy 116 2 125 2 121 2 All other 1,326 25 1,314 23 1,282 24 Total 5,271 100 5,556 100 5,418 100 |
Sales by geographical location of the customer by Operating Segments | 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 Reconciliations Consolidated $ millions For the year ended December 31, 2019 Europe 469 422 712 336 31 (85) 1,885 Asia 399 470 447 118 1 (12) 1,423 North America 353 95 370 95 - (3) 910 South America 56 327 263 23 - (1) 668 Rest of the world 41 180 188 145 5 (174) 385 Total 1,318 1,494 1,980 717 37 (275) 5,271 Industrial Products Potash Phosphate Solutions Innovative Ag Solutions Other Activities Reconciliations 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 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 Reconciliations 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 |
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 2019 2018 2017 $ millions $ millions $ millions Israel 2,815 2,841 2,548 Europe 2,079 2,198 2,119 North America 816 831 1,045 Asia 615 617 583 South America 441 163 167 Others 47 48 48 6,813 6,698 6,510 Intercompany sales (1,542) (1,142) (1,092) Total 5,271 5,556 5,418 |
Operating income (loss) by geographical location of the assets | The following table presents operating income by geographical location of the assets from which it was produced: For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Israel 578 526 475 North America 61 74 154 Asia 59 52 8 Europe* 32 834 (45) Others 22 29 33 Intercompany eliminations 4 4 4 Total 756 1,519 629 * Europe operating income for 2018 includes gain from divestiture of businesses in the amount of $841 million. See Note 8B. |
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 2019 2018 $ millions $ millions Israel 3,905 3,570 Europe 1,380 1,228 Asia 434 401 North America 333 309 Other 76 59 Total 6,128 5,567 (*) Mainly consist of property, plant and equipment, intangible assets, non-current inventories and lease rights. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Inventories | Note 6 – Inventories As at December 31 2019 2018 $ millions $ millions Finished products 800 772 Work in progress 326 258 Raw materials 176 216 Spare parts 127 143 Total inventories 1,429 1,389 Of which: Non-current inventories. mainly raw materials (presented in non-current assets) 117 99 Current inventories 1,312 1,290 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other receivables | Note 7 - Other Receivables As at December 31 2019 2018 $ millions $ millions Government institutions 98 108 Current tax assets 87 79 Financial asset at amortized cost * 67 - Prepaid expenses 51 52 Investments at fair value through other comprehensive income 40 - Other 60 56 403 295 * See Note 8B. |
Investments In Subsidiaries (Ta
Investments In Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Non-controlling interests in subsidiaries - Balance Sheet | 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. 2019 2018 $ millions $ millions Current assets 151 192 Non-current assets 346 318 Current liabilities 150 225 Non-current liabilities 103 49 Equity 244 236 |
Non-controlling interests in subsidiaries - Profit and Loss [Table Text Block] | 2019 2018 2017 $ millions $ millions $ millions Sales 349 387 363 Operating Income (loss) 23 - (21) Depreciation and amortization 41 34 34 Operating income before depreciation and amortization 64 34 13 Net Income (loss) 11 (13) (38) Total Comprehensive income (loss) 8 3 (26) |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other non-current assets | As at December 31 2019 2018 $ millions $ millions Non-current inventories 117 99 Surplus in employees' defined benefit plans 78 73 Financial Derivatives 57 15 Investments in equity-accounted investees 29 30 Lease rights - 102 Financial asset at amortized cost * - 59 Other 5 9 286 387 *See Note 8B. |
Property Plant and Equipment (T
Property Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 Right of use asset Plants under construction and spare parts for installations (1) Total $ millions $ millions $ millions $ millions $ millions $ millions $ millions $ millions Cost Balance as at January 1, 2019 861 6,482 1,975 153 251 - 515 10,237 IFRS 16 initial implementation - - - - - 300 - 300 Reclassification of finance lease (2) - - - - - 96 - 96 Additions 17 268 65 15 25 39 285 714 Disposals (69) (37) - (10) (5) (11) - (132) Translation differences (5) (6) (5) - (1) (1) (3) (21) Balance as at December 31, 2019 804 6,707 2,035 158 270 423 797 11,194 Accumulated depreciation Balance as at January 1, 2019 468 3,693 1,139 89 185 - - 5,574 Depreciation for the year 36 210 89 8 21 51 - 415 Disposals (45) (36) - (8) (4) (9) - (102) Reversal of impairment (10) - - - - - - (10) Translation differences (4) (6) (4) - - - - (14) Balance as at December 31, 2019 445 3,861 1,224 89 202 42 - 5,863 Depreciated balance as at December 31, 2019 359 2,846 811 69 68 381 797 5,331 (1) The additions are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. (2) Reclassification of finance leases (as defined in IAS 17) from non-current asset to property, plant and equipment. Note 10 - 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, 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 are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
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, 2019 331 210 88 75 178 39 87 33 1,041 Additions - - - - - 5 12 1 18 Translation differences (8) (1) (2) - (2) - - - (13) Balance as at December 31, 2019 323 209 86 75 176 44 99 34 1,046 Amortization and impairment losses Balance as at January 1, 2019 22 68 26 39 105 25 63 22 370 Amortization for the year - 2 3 5 10 1 5 2 28 Translation differences (1) - (1) (1) (1) - - - (4) Balance as at December 31, 2019 21 70 28 43 114 26 68 24 394 Amortized Balance as at December 31 ,2019 302 139 58 32 62 18 31 10 652 Note 11 - 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, 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 |
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 2019 2018 $ millions $ millions Intangible assets having a defined useful life 318 332 Intangible assets having an indefinite useful life 334 339 652 671 |
Impairment Testing (Tables)
Impairment Testing (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 2018 $ millions $ millions Goodwill Phosphate Solutions 123 127 Industrial Products 91 92 Innovative Ag. Solutions 70 71 Potash 18 19 302 309 Trademarks Industrial Products, United States 13 13 Phosphate Solutions, United States 12 12 Industrial Products, Europe 7 5 32 30 334 339 |
Breakeven nominal after-tax discount rate | Following are the breakeven discount rates for each segment: Breakeven nominal after-tax discount rate Industrial Products 22.8% Potash 13.2% Innovative Ag. Solutions 11.4% Phosphate Solutions 10.6% |
Financial Derivative Instrume_2
Financial Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Derivative instruments | As at December 31, 2019 As at December 31, 2018 Assets Liabilities Assets Liabilities $ millions $ millions Included in current assets and liabilities: Foreign currency and interest derivative instruments 10 (5) 13 (16) Derivative instruments on energy and marine transport 1 (3) - (5) 11 (8) 13 (21) Included in non-current assets and liabilities: Foreign currency and interest derivative instruments 57 (6) 15 - |
Credit from Banks and Others (T
Credit from Banks and Others (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Composition | As at December 31 2019 2018 $ millions $ millions Short-term credit From financial institutions 358 544 Current maturities Long-term loans from financial institutions 13 32 Lease Liability 49 - Long-term loans from others - 34 62 66 Total Short-Term Credit 420 610 Long- term debt and debentures Loans from financial institutions 408 377 Long term lease liability 300 - Other loans 29 35 737 412 Less – current maturities From financial institutions 13 32 Lease liability 49 - From others - 34 62 66 675 346 Marketable debentures 1,231 1,195 Non-marketable debentures 275 274 1,506 1,469 Total Long- term debt and debentures 2,181 1,815 For additional information, see Note 22. |
Yearly movement in Credit from Banks and Others | As at December 31 2019 2018 $ millions $ millions Balance as at January 1 2,442 3,227 Changes from financing cash flows Receipt of long-term debt 657 1,746 Repayment of long-term debt (689) (2,115) Repayment of short-term credit, net (183) (283) Interest paid (115) (103) Total net financing cash flows (330) (755) Implementation of IFRS 16 353 - Effect of changes in foreign exchange rates 48 (63) Other changes 46 33 Balance as at December 31 2,559 2,442 (*) The balance includes Short-term credit, derivatives used for accounting hedging, loans and debentures and interest payables. |
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 2019 2018 $ millions $ millions Second year 368 17 Third year 161 273 Fourth year 142 113 Fifth year 799 308 Sixth year and thereafter 711 1,104 2,181 1,815 For additional information, see Note 14F. |
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, 2019 Total shareholder's equity Equity greater than $2,000 million $3,925 million Ratio of EBITDA to the net interest expenses Equal to or greater than 3.5 10.5 Ratio of the net financial debt to EBITDA Less than 3.5 1.8 Ratio of certain subsidiaries loans to the total assets of the consolidated company Less than 10% 4% Examination of compliance with the above ‑ mentioned financial covenants is based on the Company's consolidated financial statements. As at December 31, 2019, the Company complies with all of its financial covenants. |
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, 2019 2018 2017 $ millions $ millions $ millions Carrying amount of the transferred assets 261 332 331 Fair value of the associated liabilities 261 332 331 Net position * - - - * Less than $1 million. |
Information on material loans and debentures | Instrument type Loan date Original principal (millions) Currency Carrying amount ($ millions) Interest rate Principal repayment date Additional information Loan-Israeli institutions November 2013 300 Israeli Shekel 69 4.74% 2015-2024 (annual installment) Partially repaid Debentures (private offering) – 3 series January 2014 84 145 46 U.S Dollar 84 145 46 4.55% 5.16% 5.31% January 2021 January 2024 January 2026 Debentures - Series D December 2014 800 U.S Dollar 183 4.50% December 2024 (1) Debentures - Series E April 2016 1,569 Israeli Shekel 452 2.45% 2021- 2024 (annual installment) Loan - others April 2019 200 Chinese Yuan 29 5.23% April 2021 Debentures - Series F May 2018 600 U.S Dollar 596 6.38% May 2038 (1) Loan - European Bank December 2018 70 U.S Dollar 70 Libor + 0.66% December 2021 Loan - European Bank May 2019 30 U.S Dollar 30 Libor + 0.80% May 2024 Note 14 - Credit from Banks and Others (cont'd) F. Information on material loans and debentures: (cont’d) Additional Information: In July 2019 the credit rating company Fitch Ratings revised the Company’s rating outlook from “stable” to “positive”, while reaffirming the Company’s international credit rating BBB-. Fitch reaffirmed the BBB- rating for the Company’s senior debentures, redeemable at an interest of 4.5% (Debentures Series D), outstanding principal amount of $183 million due in 2024, and the Company’s senior debentures, redeemable at an interest of 6.375% (Debentures Series F), outstanding original principal amount of $600 million due in 2038. In July 2019, the credit rating agency S&P ratified the Company’s international credit rating, BBB- with a stable rating outlook. On January 2, 2020 the company completed an ILS 380 million (about $110 million) placement of series G unsecured debentures (hereinafter - Series G) in Israel. The principal of Series G shall be payable in thirteen consecutive unequal annual payments, to be paid, on December 30 of each of the years 2022 through 2034. 64% of the principal will be paid on December 30, 2034. Series G carries an annual coupon of 2.4% paid in semiannual installments on June 30 and December 30 of each year, commencing June 30, 2020. The series G have been rated "ilAA" by Standard & Poor's Maalot rating agency. The interest rate on Series G will increase by 0.25% above the base interest rate for any rating level decrease starting at a rating of "ilA and reaching a maximum cumulative interest rate increase of 1% upon reaching a rating of "ilBBB". The interest rate on the series G debentures will also increase by 0.25%, beginning on the first business day following the publication of the Company’s financial reports indicating that the Company’s equity has fallen below $2,000 million (hereinafter, the Equity Threshold), until the earlier of (a) the full repayment of the unpaid balance of the series G debentures or (b) the date of publication of the Company’s financial reports indicating that the Company’s equity is at or above the Equity Threshold, provided that the total increase in the interest rate due to the provisions of this and the prior sentence shall not exceed 1.00% in the aggregate. |
Credit facilities | Issuer Group of international banks (1) European bank Date of the credit facility March 2015 December 2016 Date of credit facility termination March 2023, March 2024 May 2024 The amount of the credit facility USD 1,100 million USD 100 million Credit facility has been utilized USD 230 million USD 100 million 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% 70 million dollar-Libor + 0.66% 30 million dollar-Libor + 0.80% Loan currency type 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 and a negative pledge. Non-utilization fee 0.21% 0.00% In November 2019, the credit facility was reduced from $1,200 to $1,100 and in addition, part of the banks agreed to extend the maturity of $900 million credit facility from March 2023 to March 2024. As at December 31, 2019, the company has $870 million of unutilized long-term credit lines. |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Other current liabilities | As at December 31 2019 2018 $ millions $ millions Employees 294 284 Current tax liabilities 78 112 Accrued expenses 64 85 Governmental (mainly in respect of royalties) (1) 50 61 Others 101 105 587 647 See Note 19. |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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% (2) Spain 25% China 25% United Kingdom 19% (3) In 2017, the U.S. government enacted comprehensive tax legislation which significantly revises the future ongoing U.S. federal corporate income tax by, among others, lowering U.S. corporate income tax rates and implementing a territorial tax system, commencing January 2018. The tax rate above is an estimated average and includes federal and states tax. Different rate may apply in each specific state. The tax rate in the Netherlands will be reduced to 21.7% commencing 2021. The tax rate in the UK will be reduced to 17% commencing April 1, 2020. |
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, 2018 (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) Additions in respect of business combinations Amounts recorded in the statement of income (14) 8 3 - (64) (67) Amounts recorded to a capital reserve - - 10 - - 10 Translation differences 1 - - - (1) - Balance as at December 31, 2019 (425) 34 87 20 52 (232) |
Currencies of the deferred taxes | 2. The currencies in which the deferred taxes are denominated: As at December 31 2019 2018 $ millions $ millions Euro 44 22 British Pound 16 21 U.S Dollar (1) (7) Israeli Shekels (285) (204) Other (6) (7) (232) (175) |
Composition of the taxes on income | 1. Composition of income tax expenses (income ( For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Current taxes 91 53 208 Deferred taxes 61 76 (23) Taxes in respect of prior years (5) - (27) 147 129 158 |
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 2019 2018 2017 $ millions $ millions $ millions Income before income taxes, as reported in the statements of income 628 1,364 505 Statutory tax rate (in Israel) 23% 23% 24% Theoretical tax expense 144 314 121 Add (less) – the tax effect of: Tax benefits deriving from the Law for Encouragement of Capital Investments net of natural Resources Tax (8) (20) (4) Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries (15) (186) 23 Tax on dividend 2 - 18 Deductible temporary differences (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses 17 24 15 Taxes in respect of prior years (5) - (27) Impact of change in tax rates - - (13) Differences in measurement basis (mainly ILS/USD) 15 (11) 18 Other differences (3) 8 7 Taxes on income included in the income statements 147 129 158 |
Taxes on income relating to items recorded in equity | For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Tax recorded in other comprehensive income Actuarial gains from defined benefit plan 10 (3) 3 Change in investments at fair value through other comprehensive income (1) - 5 Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment 1 2 (5) Total 10 (1) 3 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Composition of employee benefits | Composition of employee benefits: As at December 31 2019 2018 $ millions $ millions Fair value of plan assets 583 518 Termination benefits (105) (111) Defined benefit obligation (1,004) (860) (526) (453) |
Composition of fair value of the plan assets | Composition of fair value of the plan assets: As at December 31 2019 2018 $ millions $ millions Equity instruments With quoted market price 237 200 Without quoted market price 10 - 247 200 Debt instruments With quoted market price 197 164 Without quoted market price 111 119 308 283 Deposits with insurance companies 28 35 583 518 |
Movement in net defined benefit assets (liabilities) | Fair value of plan assets Defined benefit obligation Defined benefit obligation, net 2019 2018 2019 2018 2019 2018 $ millions $ millions $ millions $ millions $ millions $ millions Balance as at January 1 518 631 (860) (1,068) (342) (437) Income (costs) included in profit or loss: Current service costs - - (21) (24) (21) (24) Interest income (expenses) 15 14 (27) (26) (12) (12) Past service cost - - 5 7 5 7 Effect of movements in exchange rates, net 17 (17) (31) 37 (14) 20 Included in other comprehensive income: Actuarial gains (losses) deriving from changes in financial assumptions - - (121) 71 (121) 71 Other actuarial gains (losses) 46 (15) - - 46 (15) Change with respect to translation differences, net 9 (19) (4) 21 5 2 Other movements: Benefits paid (32) (38) 55 73 23 35 Conversion to defined contribution plans - (49) - 49 - - Employer contribution 10 11 - - 10 11 Balance as at December 31 583 518 (1,004) (860) (421) (342) The actual return (loss) on plan assets in 2019, is $61 million, compared with $(1) million in 2018 and $42 million in 2017. |
Actuarial assumptions | Principal actuarial assumptions as of the reporting date (expressed as weighted averages): For the year ended December 31 2019 2018 2017 % % % Discount rate as at December 31 2.1 3.0 2.7 Future salary increases 3.2 3.3 3.2 Future pension increase 2.1 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 affect the defined benefit obligation as of the date of the financial statements in the following manner: December 2019 Decrease 10% Decrease 5% Increase 5% Increase 10% $ millions $ millions $ millions $ millions Significant actuarial assumptions Salary increase 16 8 (8) (16) Discount rate (24) (12) 12 24 Mortality table (22) (11) 11 22 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Provisions | Site restoration and equipment dismantling Legal claims Other Total $ millions $ millions $ millions $ millions Balance as at January 1, 2019 205 18 43 266 Provisions recorded during the period (1) 11 1 3 15 Provisions reversed during the period (4) (8) (11) (23) Payments during the period (8) (1) (3) (12) Translation differences (2) - - (2) Balance as at December 31, 2019 202 10 32 244 For additional information, see Note 19. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Composition of equity | A. Composition: As at December 31, 2019 As at December 31, 2018 Authorized Issued and paid Authorized Issued and paid Number of Ordinary shares of Israeli Shekel 1 par value (in millions) 1,485 * 1305 1,485 * 1305 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 20.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, 2018 1,303 Issuance of shares 2 As at December 31, 2018 1,305 Issuance of shares - As at December 31, 2019 1,305 |
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. Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. In case that 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 May 12, 2015 Officers and senior employees 6,729 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 Former Chairman of BOD 404 June 30, 2016 Officers and senior employees 3,035 June 30, 2023 September 5, 2016 Former CEO 625 Former chairman of BOD 186 February 14, 2017 Former CEO 114 February 14, 2024 June 20, 2017 Officers and senior employees 6,868 June 20, 2024 August 2, 2017 Former chairman of BOD 165 Note 20 – 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. 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 Former chairman of BOD 403 August 20, 2025 April 15, 2019 Officers and senior manager 13.2 2 equal tranches: (1) half at the end of 24 months after the grant date. (2) half at the end of 36 months after the grant date. 5 years after the grant date June 27, 2019 CEO 3.5 May 29, 2019 * Chairman of BOD 2.2 2 equal tranches: (1) half at the end of 24 months after the issuance date. (2) half at the end of 36 months after the issuance date. 5 years after the issuance date * The options were issued upon Mr. Doppelt's entry into office on July 1, 2019. |
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, 2018 and 2019 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 Granted 2019 Share price (in $) 8.2 7.0 3.9 4.5 4.4 5.4 CPI-linked exercise price (in $) 8.4 7.2 4.3 4.3 4.3 5.3 Expected volatility: First tranche 29.40% 25.40% 30.51% 31.88% 28.86% 27.85% Second tranche 31.20% 25.40% 30.51% 31.88% 28.86% 27.85% Third tranche 40.80% 28.80% 30.51% 31.88% 28.86% 27.85% Expected life of options (in years): First tranche 4.3 3.0 7.0 7.0 7.0 4.4 Second tranche 5.3 3.0 7.0 7.0 7.0 4.4 Third tranche 6.3 4.0 7.0 7.0 7.0 4.4 Risk-free interest rate: First tranche (0.17%) (1.00%) 0.01% 0.37% 0.03% (0.67%) Second tranche 0.05% (1.00%) 0.01% 0.37% 0.03% (0.67%) Third tranche 0.24% (0.88%) 0.01% 0.37% 0.03% (0.67%) Fair value (in $ millions) 8.4 9.0 4.0 11.3 8.8 7.5 Weighted average grant date fair value per option (in $) 1.9 1.2 1.1 1.6 1.4 1.2 |
Share-based payments to employees, non-marketable options, movement in the options | The movement in the options are as follows: Number of options (in millions) 2014 Plan Balance as at January 1, 2018 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 Movement in 2019: Granted during the year 19 Expired during the year (3) Forfeited during the year (3) Exercised during the year (1) Total options outstanding as at December 31, 2019 30 |
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, 2019 December 31, 2018 December 31, 2017 Granted 2014 US Dollar 7.15 6.77 7.43 Granted 2015 US Dollar - 6.92 7.59 Granted 2016 US Dollar 4.36 4.21 4.68 Granted 2017 US Dollar 4.01 3.89 4.35 Granted 2018 US Dollar 3.99 3.89 - Granted 2019 US Dollar 5.42 - - |
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, 2019 December 31, 2018 December 31, 2017 Number of options exercisable (In Millions) 12 11 12 Weighted average exercise price in Israeli Shekel 15.19 18.53 22.56 Weighted average exercise price in US Dollar 4.40 4.94 6.51 (*) The share price as of December 31, 2019, is NIS 16.25 and $4.7. |
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, 2019 December 31, 2018 December 31, 2017 Range of exercise price in Israeli Shekel 13.55-24.71 14.26-25.93 15.01-26.3 Range of exercise price in US Dollar 3.92-7.15 3.81-6.92 4.33-7.59 |
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, 2019 December 31, 2018 December 31, 2017 Average remaining contractual life 3.85 3.90 2.60 |
Share-based payments to employees, 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. 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 approval date of the BOD and/or the date of the approval of the General Meeting where required). 8.4 December 11, 2014 Former CEO 86 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 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 9.7 June 29, 2015 Former CEO 90 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 0.5 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 4.8 September 5, 2016 Former chairman of BOD 55 Former CEO 185 (*) 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 20 – 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) January 3, 2017 ICL’s Directors (excluding ICL's Chairman of the BOD) 146 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. 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. 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 approval date of the BOD and/or the date of the approval of the General Meeting where required). 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 10 August 2, 2017 Former chairman of BOD 53 0.3 January 10, 2018 ICL’s Directors (excluding ICL's CEO & Chairman of the BOD) 137 0.6 March 6, 2018 Officers and senior employees 1,726 8 May 14, 2018 CEO 121 0.6 August 20, 2018 Former 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 | 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 $) 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 Total 2017 180 177 0.13 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 Total 2018 244 241 0.18 February 5, 2019 March 13, 2019 62 61 0.05 May 7, 2019 June 19, 2019 76 75 0.06 July 31, 2019 September 24, 2019 74 73 0.06 November 6, 2019 December 18, 2019 65 64 0.05 Total 2019 277 273 0.22 February 12, 2020 (after the reporting date)* March 18, 2020 23 22 0.02 (*) The record date is March 4, 2020 and the payment date is March 18, 2020. |
Details of Income Statement I_2
Details of Income Statement Items (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Cost of sales | For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Sales 5,271 5,556 5,418 Cost of sales Materials consumed 1,702 1,643 1,504 Cost of labor 766 791 777 Depreciation and amortization 384 384 363 Energy and fuel 340 349 343 Other 262 535 759 3,454 3,702 3,746 |
Expenses | For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Selling, transport and marketing expenses Land and Marine transportation 509 553 497 Cost of labor 133 125 122 Other 125 120 127 767 798 746 General and administrative expenses Cost of labor 153 172 170 Professional Services 42 44 49 Other 59 41 42 254 257 261 Research and development expenses, net Cost of labor 36 38 40 Other 14 17 15 50 55 55 |
Other income and expenses | For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Other income Capital gain 12 841 54 Reversal of Impairment of fixed assets 10 - - Reversal of provision for legal claims 7 - - Past service cost 5 7 - Retroactive electricity charges - - 6 Insurance compensation - - 30 Other 6 11 19 Other income recorded in the income statements 40 859 109 Other expenses Provision for legal claims 14 31 31 Impairment of fixed assets - 19 32 Provision for historical waste removal and site closure costs 7 18 - Provision for early retirement and dismissal of employees 5 7 20 Environment related provisions - 1 7 Other 4 8 - Other expenses recorded in the income statements 30 84 90 |
Financing income and expenses | For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Financing income and expenses Financing income: Interest income from banks and others 8 3 1 Financing income recorded in relation to employee benefits - 7 - Net change in fair value of derivative financial instruments 83 - 104 Net gain from changes in exchange rates - 46 - 91 56 105 Financing expenses: Interest expenses to banks and others 128 117 120 Financing expenses in relation to employees' benefits plans 39 - 38 Banks and finance institutions commissions (mainly commission on early repayment of loans) - 18 16 Net change in fair value of derivative financial instruments - 101 - Net loss from changes in exchange rates 72 - 78 Financing expenses 239 236 252 Net of borrowing costs capitalized 19 22 23 220 214 229 Net financing expenses recorded in the income statements 129 158 124 |
Financial Instruments and Ris_2
Financial Instruments and Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 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 - - 95 - - Short-term investments and deposits - - 96 - - Trade receivables - - 778 - - Other receivables 11 40 105 - - Investments at fair value through other comprehensive income - 111 - - - Other non-current asset 57 - 6 - - Total financial assets 68 151 1,080 - - Short term credit - - - - (420) Trade payables - - - - (712) Other current liabilities - - - (8) (128) Long term debt and debentures - - - - (2,181) Other non- current liabilities - - - (6) (38) Total financial liabilities - - - (14) (3,479) Total financial instruments, net 68 151 1,080 (14) (3,479) Note 22 - Financial Instruments and Risk Management (cont'd) B. Groups and measurement bases of financial assets and financial liabilities (cont'd) 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) (131) Long-term debt and debentures - - - - (1,815) Other non-current liabilities - - - - (6) Total financial liabilities - - - (21) (3,277) Total financial instruments, net 28 145 1,299 (21) (3,277) |
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) 2019 2018 Cash and cash equivalents 95 121 Short term investments and deposits 96 92 Trade receivables 778 990 Other receivables 116 43 Other non-current assets 63 81 1,148 1,327 |
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) 2019 2018 Europe 252 294 Asia 249 342 North America 114 150 South America 74 106 Israel 72 72 Other 17 26 778 990 |
Aging of debts and impairment losses | (3) Aging of debts and impairment losses The aging of trade receivables at the reporting date was: As at December 31 2019 2018 Gross Impairment Gross Impairment $ millions $ millions $ millions $ millions Not past due 686 - 829 - Past due up to 3 months 65 - 114 - Past due 3 to 12 months 26 (1) 38 (1) Past due over 12 months 4 (2) 12 (2) 781 (3) 993 (3) |
Allowance of doubtful accounts | The movement in the allowance for doubtful accounts during the year was as follows: 2019 2018 $ millions $ millions Balance as at January 1 3 11 Additional allowance 2 1 Write offs (1) (7) Reversals (1) (1) Changes due to translation differences - (1) Balance as at December 31 3 3 |
Liquidity risk | The following are the contractual maturities of financial liabilities, including estimated interest payments: As at December 31, 2019 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) 358 361 - - - Trade payables 712 712 - - - Other current liabilities 128 128 - - - Long-term debt, debentures and others 2,281 157 645 1,101 1,288 3,479 1,358 645 1,101 1,288 Financial liabilities – derivative instruments utilized for economic hedging Foreign currency and interest derivative instruments 11 5 - - 6 Derivative instruments on energy and marine transport 3 3 - - - 14 8 - - 6 Note 22 - Financial Instruments and Risk Management (cont'd) D. Liquidity risk (cont'd) 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 131 131 - - - Long-term debt and debentures 1,887 152 453 1,084 1,166 3,277 1,554 453 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 - - |
Interest rate profile | (a) Interest Rate Profile Set forth below are details regarding the type of interest on the Group’s non-derivative interest ‑ bearing financial instruments: As at December 31 2019 2018 $ millions $ millions Fixed rate instruments Financial assets 164 151 Financial liabilities (1,947) (1,728) (1,783) (1,577) Variable rate instruments Financial assets 100 128 Financial liabilities (669) (714) (569) (586) |
Sensitivity analysis for variable rate instruments | (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, 2019 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 4 2 (2) (4) SWAP instruments (14) (7) 7 14 (10) (5) 5 10 Changes in Israeli Shekel interest SWAP instruments 16 8 (8) (16) Changes in Euro interest SWAP instruments (1) - - 1 |
Terms of derivative financial instruments used to hedge interest risk | 1. Interest risk (cont’d) (d) Terms of derivative financial instruments used to hedge interest risk As at December 31, 2019 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 (6) 150 2024 2.47%-2.599% Israeli Shekel SWAP contracts from fixed ILS interest to fixed USD interest 57 482 2024 2.45%-4.474% Euro SWAP contracts from variable USD interest to fixed EUR interest (3) 447 19/02/2020 1-month libor 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 |
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) 2019 2018 $ millions $ millions Non-derivative financial instruments U.S Dollar/Euro (95) (64) U.S Dollar/Israeli Shekel 98 92 U.S Dollar/British Pound (4) (3) U.S Dollar/Chinese Yuan (1) (12) 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, 2019. Any change in the exchange rates of the principal currencies shown below 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, 2019 Increase 10% Increase 5% Decrease 5% Decrease 10% $ millions $ millions $ millions $ millions Euro/ U.S Dollar Forward transactions 7 3 (3) (6) Options 4 2 (2) (4) SWAP 45 22 (22) (45) U.S Dollar/Israeli Shekel Forward transactions (28) (15) 16 34 Options (38) (8) 22 52 SWAP (52) (27) 30 63 British Pound/U.S Dollar Forward transactions (4) (2) 2 3 Options (1) - - 1 U.S Dollar/Japanese Yen Forward transactions 1 - - (1) |
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, 2019 Carrying amount Stated amount Average $ millions $ millions exchange rate Forward contracts U.S Dollar/Israeli Shekel - 309 3.5 Euro/U.S Dollar (1) 61 1.1 U.S Dollar/British Pound - 33 1.3 U.S Dollar/Chinese Yuan Renminbi - 28 7.1 Other 4 56 0.9 Currency and interest SWAPs U.S Dollar/Israeli Shekel 57 482 3.7 Euro/U.S Dollar (3) 447 1.1 Put options U.S Dollar/Israeli Shekel 4 600 3.4 Euro/U.S Dollar - 45 1.1 U.S Dollar/Japanese Yen - 1 108.5 U.S Dollar/British Pound - 15 1.3 Call options U.S Dollar/Israeli Shekel - 440 3.4 Euro/U.S Dollar 1 45 1.1 Note 22 - 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, 2018 Carrying amount Stated amount Average $ millions $ millions 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 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, 2019 US Dollar Euro British Pound Israeli Shekel Brazilian Real Chinese Yuan Renminbi Others Non-derivative instruments: Cash and cash equivalents 18 19 4 4 6 33 11 Short term investments and deposits 89 1 - - - 3 3 Trade receivables 381 177 37 50 22 48 63 Other receivables 84 16 - 3 - 40 2 Investments at fair value through other comprehensive income - - - - - 111 - Other non-current assets 3 1 - - 2 - - Total financial assets 575 214 41 57 30 235 79 Short-term credit 198 95 18 58 4 47 - Trade payables 172 178 22 247 9 79 5 Other current liabilities 19 44 4 47 - 12 2 Long term debt, debentures and others 1,452 72 29 596 7 60 4 Total financial liabilities 1,841 389 73 948 20 198 11 Total non-derivative financial instruments, net (1,266) (175) (32) (891) 10 37 68 Derivative instruments: Forward transactions - 61 33 309 - 28 56 Cylinder - 45 15 600 - - - SWAPS – U.S Dollar into Israeli Shekel - - - 482 - - - SWAPS – U.S Dollar into Euro - 447 - - - - - Total derivative instruments - 553 48 1,391 - 28 56 Net exposure (1,266) 378 16 500 10 65 124 Note 22 - 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, 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 38 28 4 53 - 4 4 Long term debt, debentures and others 1,322 5 - 480 13 1 - Total financial liabilities 1,711 387 46 832 30 261 10 Total non-derivative financial instruments, net (1,014) (128) 18 (757) 4 5 39 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 (1,014) 337 80 776 4 34 79 |
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, 2019 As at December 31, 2018 Carrying amount Fair value Carrying amount Fair value $ millions $ millions $ millions $ millions Loans bearing fixed interest (1) 74 82 238 244 Debentures bearing fixed interest Marketable (2) 1,237 1,395 1,201 1,217 Non-marketable (3) 281 293 281 279 1,592 1,770 1,720 1,740 The fair value of the shekel and euro 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, 2019, for the shekel and euro loans was 1.4% and 1.3%, respectively (December 31, 2018, for the shekel and euro loans 2.8% and 1.7%, respectively). Note 22 - 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, 2019 was 3.7% (December 31, 2018 – 5.3%). |
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. Level 1 As at December 31, 2019 As at December 31, 2018 $ millions $ millions Investments at fair value through other comprehensive income (1) 151 - Level 2 As at December 31, 2019 As at December 31, 2018 $ millions $ millions Investments at fair value through other comprehensive income (1) - 145 Derivatives used for economic hedging, net (3) 7 Derivatives used for accounting hedging, net 57 - 54 152 An investment of 15% in the capital share of YYTH was subject to a three-year lock up period, as required by Chinese law, which expired in January 2019. Due to the said expiration, the investment is presented under level 1, as per its quoted price in the market. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Basic Earnings Per Share | Calculation of the basic earnings per share for the year ended December 31, 2019, 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 2019 2018 2017 $ millions $ millions $ millions Earnings attributed to the shareholders of the Company 475 1,240 364 |
Weighted Average Number of Ordinary Shares | Weighted-average number of ordinary shares in thousands: For the year ended December 31 2019 2018 2017 Shares thousands Shares thousands Shares thousands Balance as at January 1 1,278,084 1,276,238 1,274,298 Shares issued during the year 98 73 1,054 Shares vested 768 898 720 Weighted average number of ordinary shares used in computation of the basic earnings per share 1,278,950 1,277,209 1,276,072 |
Weighted Average Number of Ordinary Shares Diluted | Weighted average number of ordinary shares (diluted) in thousands: For the year ended December 31 2019 2018 2017 Shares thousands Shares thousands Shares thousands Weighted average number of ordinary shares used in the computation of the basic earnings per share 1,278,950 1,277,209 1,276,072 Effect of stock options and restricted shares 3,106 2,572 925 Weighted average number of ordinary shares used in the computation of the diluted earnings per share 1,282,056 1,279,781 1,276,997 At December 31, 2019, 17.5 million options (at December 31, 2018 and 2017 – 5 million options and 20 million options, respectively), were excluded from the diluted weighted average number of ordinary shares calculation as their effect would have been anti ‑ dilutive. |
Related and Interested Parties
Related and Interested Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Benefits to key management personnel | For the year ended December 31 2019 2018 $ millions $ millions Short-term benefits 13 11 Post-employment benefits 1 1 Share-based payments 8 4 Total * 22 16 * To interested parties employed by the Company 5 5 * To interested parties not employed by the Company 1 1 |
Transactions with related and interested parties | For the year ended December 31 2019 2018 2017 $ millions $ millions $ millions Sales 4 5 8 Cost of sales 8 19 97 Selling, transport and marketing expenses 10 7 8 Financing expenses (income), net (1) 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 2019 2018 $ millions $ millions Other current assets 27 28 Other current liabilities 2 7 |
Group Entities (Tables)
Group Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Consolidated Financial Statements [Abstract] | |
Disclosure of composition of group | Note 25 – 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 2019 2018 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% 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 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 NA, Inc. United States of America 100.00% 100.00% BK Giulini GmbH Germany 100.00% 100.00% ICL Holding Germany GmbH Germany 100.00% 100.00% ICL Bitterfeld GmbH Germany 100.00% 100.00% Pulse-Tex GmbH (Ex- Rovita) Germany 100.00% 100.00% Prolactal GmbH Austria 100.00% 100.00% Cleveland Potash Ltd. United Kingdom 100.00% 100.00% Everris Ltd. United Kingdom 100.00% 100.00% ICL Brasil, Ltda. Brazil 100.00% 100.00% ICL Investment Co. Ltd. China 100.00% 100.00% Yunnan Phosphate Haikou Co. Ltd. China 50.00% 50.00% Sinobrom Compounds Co. Ltd. China 75.00% 75.00% ICL Asia Ltd. Hong Kong 100.00% 100.00% ICL Trading (HK) Ltd. Hong Kong 100.00% 100.00% |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule of Estimated Useful LIves of Property, Plant and Equipment) (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
Land roads and buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 30 years | |
Land roads and buildings [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 15 years | |
Installations and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 25 years | [1] |
Installations and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 8 years | [1] |
Dikes and evaporating ponds [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 40 years | [2] |
Dikes and evaporating ponds [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 20 years | [2] |
Heavy mechanical equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 15 years | |
Heavy mechanical equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 5 years | |
Furniture, vehicles and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 10 years | |
Furniture, vehicles and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life Depreciation in Years | 3 years | |
[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, 2019 | |
Trademarks [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 20 years |
Trademarks [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 15 years |
Technology / patents [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 20 years |
Technology / patents [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 7 years |
Customer relationships [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 25 years |
Customer relationships [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 15 years |
Exploration and evaluation assets [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 10 years |
Exploration and evaluation assets [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 8 years |
Computer application [Member] | Maximum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 10 years |
Computer application [Member] | Minimum [Member] | |
Intangible assets [Line Items] | |
Estimated Useful Life Amortization in Years | 3 years |
Operating Segments (Operating S
Operating Segments (Operating Segment Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sales [Abstract] | |||
Sales to external parties | $ 5,271 | $ 5,556 | $ 5,418 |
Inter-segment sales | 0 | 0 | 0 |
Total sales | 5,271 | 5,556 | 5,418 |
Operating income (loss) [Abstract] | |||
Segment profit | 760 | 753 | 652 |
Other expenses not allocated to segments | (4) | 766 | (23) |
Operating income (loss) | 756 | 1,519 | 629 |
Financing expenses, net | (129) | (158) | (124) |
Share in earnings of equity-accounted investees | 1 | 3 | 0 |
Income (loss) before income taxes | 628 | 1,364 | 505 |
Implementation of IFRS 16 | 339 | ||
Capital expenditures | 693 | 605 | 507 |
Depreciation, amortization and impairment | 433 | 420 | 418 |
Industrial Products [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 1,307 | 1,281 | 1,179 |
Inter-segment sales | 11 | 15 | 14 |
Total sales | 1,318 | 1,296 | 1,193 |
Operating income (loss) [Abstract] | |||
Segment profit | 338 | 300 | 247 |
Implementation of IFRS 16 | 8 | ||
Capital expenditures | 66 | 50 | 49 |
Depreciation, amortization and impairment | 67 | 63 | 61 |
Potash [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 1,330 | 1,481 | 1,258 |
Inter-segment sales | 164 | 142 | 125 |
Total sales | 1,494 | 1,623 | 1,383 |
Operating income (loss) [Abstract] | |||
Segment profit | 289 | 315 | 198 |
Implementation of IFRS 16 | 95 | ||
Capital expenditures | 383 | 356 | 270 |
Depreciation, amortization and impairment | 149 | 141 | 128 |
Phosphate Solutions [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 1,901 | 2,001 | 1,938 |
Inter-segment sales | 79 | 98 | 99 |
Total sales | 1,980 | 2,099 | 2,037 |
Operating income (loss) [Abstract] | |||
Segment profit | 100 | 113 | 53 |
Implementation of IFRS 16 | 113 | ||
Capital expenditures | 213 | 180 | 154 |
Depreciation, amortization and impairment | 177 | 172 | 172 |
Innovative Ag Solutions [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 699 | 719 | 671 |
Inter-segment sales | 18 | 22 | 21 |
Total sales | 717 | 741 | 692 |
Operating income (loss) [Abstract] | |||
Segment profit | 21 | 29 | 29 |
Implementation of IFRS 16 | 9 | ||
Capital expenditures | 21 | 15 | 12 |
Depreciation, amortization and impairment | 21 | 19 | 19 |
Other activities [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 34 | 74 | 372 |
Inter-segment sales | 3 | 5 | 12 |
Total sales | 37 | 79 | 384 |
Operating income (loss) [Abstract] | |||
Segment profit | 19 | 9 | 127 |
Implementation of IFRS 16 | 105 | ||
Capital expenditures | 4 | 1 | 19 |
Depreciation, amortization and impairment | 22 | 4 | 8 |
Reconciliations [Member] | |||
Sales [Abstract] | |||
Sales to external parties | 0 | 0 | 0 |
Inter-segment sales | (275) | (282) | (271) |
Total sales | (275) | (282) | (271) |
Operating income (loss) [Abstract] | |||
Segment profit | (7) | (13) | (2) |
Implementation of IFRS 16 | 9 | ||
Capital expenditures | 6 | 3 | 3 |
Depreciation, amortization and impairment | $ (3) | $ 21 | $ 30 |
Operating Segments (Sales by Ge
Operating Segments (Sales by Geographical Location of the Customer) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 5,271 | $ 5,556 | $ 5,418 |
% of sales | 100.00% | 100.00% | 100.00% |
USA [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 840 | $ 903 | $ 1,091 |
% of sales | 16.00% | 16.00% | 20.00% |
China [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 802 | $ 848 | $ 724 |
% of sales | 15.00% | 15.00% | 13.00% |
Brazil [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 581 | $ 656 | $ 594 |
% of sales | 11.00% | 12.00% | 11.00% |
United Kingdom [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 347 | $ 382 | $ 328 |
% of sales | 7.00% | 7.00% | 6.00% |
Germany [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 334 | $ 365 | $ 378 |
% of sales | 6.00% | 7.00% | 7.00% |
France [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 257 | $ 267 | $ 265 |
% of sales | 5.00% | 5.00% | 5.00% |
Spain [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 249 | $ 262 | $ 264 |
% of sales | 5.00% | 5.00% | 5.00% |
Israel [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 241 | $ 223 | $ 171 |
% of sales | 5.00% | 4.00% | 3.00% |
India [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 178 | $ 211 | $ 200 |
% of sales | 3.00% | 4.00% | 4.00% |
All others [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 1,326 | $ 1,314 | $ 1,282 |
% of sales | 25.00% | 23.00% | 24.00% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 5,271 | $ 5,556 | $ 5,418 |
Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,885 | 1,970 | 1,918 |
Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,423 | 1,488 | 1,342 |
North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 910 | 978 | 1,175 |
Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 385 | 408 | 317 |
South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 668 | 712 | 666 |
Industrial Products [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,318 | 1,296 | 1,193 |
Industrial Products [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 469 | 473 | 456 |
Industrial Products [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 399 | 399 | 351 |
Industrial Products [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 353 | 347 | 327 |
Industrial Products [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 41 | 56 | 40 |
Industrial Products [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 56 | 21 | 19 |
Potash [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,494 | 1,623 | 1,383 |
Potash [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 422 | 459 | 386 |
Potash [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 470 | 519 | 433 |
Potash [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 95 | 107 | 116 |
Potash [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 180 | 130 | 101 |
Potash [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 327 | 408 | 347 |
Phosphate Solutions [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,980 | 2,099 | 2,037 |
Phosphate Solutions [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 712 | 719 | 749 |
Phosphate Solutions [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 447 | 481 | 476 |
Phosphate Solutions [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 370 | 405 | 369 |
Phosphate Solutions [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 188 | 230 | 166 |
Phosphate Solutions [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 263 | 264 | 277 |
Innovative Ag Solutions [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 717 | 741 | 692 |
Innovative Ag Solutions [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 336 | 362 | 326 |
Innovative Ag Solutions [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 118 | 105 | 100 |
Innovative Ag Solutions [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 95 | 103 | 94 |
Innovative Ag Solutions [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 145 | 150 | 150 |
Innovative Ag Solutions [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 23 | 21 | 22 |
Other activities [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 37 | 79 | 384 |
Other activities [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 31 | 49 | 87 |
Other activities [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1 | 2 | 3 |
Other activities [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 0 | 24 | 282 |
Other activities [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 5 | 3 | 7 |
Other activities [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 0 | 1 | 5 |
Reconciliations [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (275) | (282) | (271) |
Reconciliations [Member] | Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (85) | (92) | (86) |
Reconciliations [Member] | Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (12) | (18) | (21) |
Reconciliations [Member] | North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (3) | (8) | (13) |
Reconciliations [Member] | Rest of the world [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (174) | (161) | (147) |
Reconciliations [Member] | South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ (1) | $ (3) | $ (4) |
Operating Segments (Sales by _3
Operating Segments (Sales by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [Line Items] | |||
Sales | $ 5,271 | $ 5,556 | $ 5,418 |
Israel [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,815 | 2,841 | 2,548 |
Europe [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,885 | 1,970 | 1,918 |
Europe [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 2,079 | 2,198 | 2,119 |
Asia [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 1,423 | 1,488 | 1,342 |
Asia [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 615 | 617 | 583 |
North America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 910 | 978 | 1,175 |
North America [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 816 | 831 | 1,045 |
Others [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 385 | 408 | 317 |
Others [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 47 | 48 | 48 |
Subtotal [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 6,813 | 6,698 | 6,510 |
Intercompany sales [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | (1,542) | (1,142) | (1,092) |
South America [Member] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | 668 | 712 | 666 |
South America [Member] | Assets [Domain] | |||
Disclosure of geographical areas [Line Items] | |||
Sales | $ 441 | $ 163 | $ 167 |
Operating Segments (Operating I
Operating Segments (Operating Income-Loss by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | $ 756 | $ 1,519 | $ 629 | |
Israel [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 578 | 526 | 475 | |
Europe [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | [1] | 32 | 834 | (45) |
Asia [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 59 | 52 | 8 | |
North America [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 61 | 74 | 154 | |
Others [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | 22 | 29 | 33 | |
Intercompany eliminations [Member] | ||||
Disclosure of geographical areas [Line Items] | ||||
Operating income (loss) | $ 4 | $ 4 | $ 4 | |
[1] | Europe operating income for 2018 includes gain from divestiture of businesses in the amount of $841 million. See Note 8B. |
Operating Segments (Non Current
Operating Segments (Non Current Assets by Geographical Location of the Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [Line Items] | ||
Non-current assets | $ 6,128 | $ 5,567 |
Israel [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 3,905 | 3,570 |
Europe [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 1,380 | 1,228 |
Asia [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 434 | 401 |
North America [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | 333 | 309 |
Others [Member] | ||
Disclosure of geographical areas [Line Items] | ||
Non-current assets | $ 76 | $ 59 |
Inventories (Information) (Deta
Inventories (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Notes to Consolidated Financial Statements [Abstract] | ||
Finished products | $ 800 | $ 772 |
Work in progress | 326 | 258 |
Raw materials | 176 | 216 |
Spare parts | 127 | 143 |
Total Inventories | 1,429 | 1,389 |
Less - non-current inventories. Mainly raw materials (presented in non-current assets) | 117 | 99 |
Current inventories | $ 1,312 | $ 1,290 |
Other Receivables (Information)
Other Receivables (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Government institutions | $ 98 | $ 108 | |
Current tax assets | 87 | 79 | |
Financial asset at amortized cost | [1] | 67 | 0 |
Prepaid expenses | 51 | 52 | |
Investments at fair value through other comprehensive income | 40 | 0 | |
Other | 60 | 56 | |
Total other receivables | $ 403 | $ 295 | |
[1] | See Note 8B. |
Investments in Subsidiaries (No
Investments in Subsidiaries (Non-Controlling Interests in Subsidiaries - Balance Sheet) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | $ 2,684 | $ 2,788 | ||
Non-current assets | 6,489 | 5,988 | ||
Current liabilities | 1,761 | 2,009 | ||
Non-current liabilities | 3,351 | 2,852 | ||
Equity | 4,061 | 3,915 | $ 2,930 | $ 2,659 |
Sales | 5,271 | 5,556 | 5,418 | |
Operating income (loss) | 756 | 1,519 | 629 | |
Depreciation and amortization | 433 | 420 | 418 | |
Net income (loss) | 481 | 1,235 | 347 | |
Total comprehensive income (loss) | 409 | 1,135 | 433 | |
Non-controlling interests [Member] | ||||
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | 151 | 192 | ||
Non-current assets | 346 | 318 | ||
Current liabilities | 150 | 225 | ||
Non-current liabilities | 103 | 49 | ||
Equity | 244 | 236 | ||
Sales | 349 | 387 | 363 | |
Operating income (loss) | 23 | 0 | (21) | |
Depreciation and amortization | 41 | 34 | 34 | |
Operating income before depreciation and amortization | 64 | 34 | 13 | |
Net income (loss) | 11 | (13) | (38) | |
Total comprehensive income (loss) | $ 8 | $ 3 | $ (26) |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | $ 2,684 | $ 2,788 | ||
Non-current assets | 6,489 | 5,988 | ||
Current liabilities | 1,761 | 2,009 | ||
Non-current liabilities | 3,351 | 2,852 | ||
Equity | 4,061 | 3,915 | $ 2,930 | $ 2,659 |
Sales | 5,271 | 5,556 | 5,418 | |
Operating income | 756 | 1,519 | 629 | |
Depreciation and amortization | 433 | 420 | 418 | |
Net income (loss) | 481 | 1,235 | 347 | |
Comprensive income (loss) | 409 | 1,135 | 433 | |
Non-controlling interests [Member] | ||||
Investments in subsidiaries and investee companies [Line Items] | ||||
Current assets | 151 | 192 | ||
Non-current assets | 346 | 318 | ||
Current liabilities | 150 | 225 | ||
Non-current liabilities | 103 | 49 | ||
Equity | 244 | 236 | ||
Sales | 349 | 387 | 363 | |
Operating income | 23 | 0 | (21) | |
Depreciation and amortization | 41 | 34 | 34 | |
Operating income before depreciation and amortization | 64 | 34 | 13 | |
Net income (loss) | 11 | (13) | (38) | |
Comprensive income (loss) | $ 8 | $ 3 | $ (26) |
Other Non-Current Assets (Infor
Other Non-Current Assets (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Non-current inventories | $ 117 | $ 99 | |
Surplus in employees' defined benefit plans | 78 | 73 | |
Financial derivatives | 57 | 15 | |
Investments in equity-accounted investees | 29 | 30 | |
Lease rights | 0 | 102 | |
Financial asset at amortized cost | [1] | 0 | 59 |
Other | 5 | 9 | |
Total other non-current assets | $ 286 | $ 387 | |
[1] | See Note 8B. |
Property Plant and Equipment (I
Property Plant and Equipment (Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | $ 4,663 | |||
IFRS 16 initial implementation | 339 | |||
Reversal of impairment | 10 | $ 0 | $ 0 | |
Balance at end of year | 5,331 | 4,663 | ||
Depreciated balance at end of year | 4,663 | 4,663 | ||
Gross [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 10,237 | 9,810 | ||
IFRS 16 initial implementation | 300 | |||
Reclassification of finance lease | [1] | 96 | ||
Additions | 714 | 589 | ||
Disposals | (132) | (30) | ||
Translation differences | (21) | (132) | ||
Balance at end of year | 11,194 | 10,237 | 9,810 | |
Depreciated balance at end of year | 11,194 | 10,237 | 9,810 | |
Accumulated depreciation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 5,574 | 5,289 | ||
Depreciation for the year | 415 | 373 | ||
Impairment | 11 | |||
Disposals | (102) | (27) | ||
Reversal of impairment | (10) | |||
Translation differences | (14) | (72) | ||
Balance at end of year | 5,863 | 5,574 | 5,289 | |
Depreciated balance at end of year | 5,863 | 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 | 359 | 393 | ||
Depreciated balance at end of year | 359 | 393 | ||
Land roads and buildings [Member] | Gross [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 861 | 844 | ||
IFRS 16 initial implementation | 0 | |||
Reclassification of finance lease | [1] | 0 | ||
Additions | 17 | 42 | ||
Disposals | (69) | (2) | ||
Translation differences | (5) | (23) | ||
Balance at end of year | 804 | 861 | 844 | |
Depreciated balance at end of year | 804 | 861 | 844 | |
Land roads and buildings [Member] | Accumulated depreciation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 468 | 451 | ||
Depreciation for the year | 36 | 24 | ||
Impairment | 5 | |||
Disposals | (45) | (1) | ||
Reversal of impairment | (10) | |||
Translation differences | (4) | (11) | ||
Balance at end of year | 445 | 468 | 451 | |
Depreciated balance at end of year | 445 | 451 | 451 | |
Installations and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 2,789 | |||
Balance at end of year | 2,846 | 2,789 | ||
Depreciated balance at end of year | 2,846 | 2,789 | ||
Installations and equipment [Member] | Gross [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 6,482 | 5,788 | ||
IFRS 16 initial implementation | 0 | |||
Reclassification of finance lease | [1] | 0 | ||
Additions | 268 | 789 | ||
Disposals | (37) | (19) | ||
Translation differences | (6) | (76) | ||
Balance at end of year | 6,707 | 6,482 | 5,788 | |
Depreciated balance at end of year | 6,707 | 6,482 | 5,788 | |
Installations and equipment [Member] | Accumulated depreciation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 3,693 | 3,520 | ||
Depreciation for the year | 210 | 234 | ||
Impairment | 5 | |||
Disposals | (36) | (16) | ||
Reversal of impairment | 0 | |||
Translation differences | (6) | (50) | ||
Balance at end of year | 3,861 | 3,693 | 3,520 | |
Depreciated balance at end of year | 3,861 | 3,520 | 3,520 | |
Dikes and evaporating ponds [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 836 | |||
Balance at end of year | 811 | 836 | ||
Depreciated balance at end of year | 811 | 836 | ||
Dikes and evaporating ponds [Member] | Gross [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 1,975 | 1,888 | ||
IFRS 16 initial implementation | 0 | |||
Reclassification of finance lease | [1] | 0 | ||
Additions | 65 | 100 | ||
Disposals | 0 | 0 | ||
Translation differences | (5) | (13) | ||
Balance at end of year | 2,035 | 1,975 | 1,888 | |
Depreciated balance at end of year | 2,035 | 1,975 | 1,888 | |
Dikes and evaporating ponds [Member] | Accumulated depreciation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 1,139 | 1,053 | ||
Depreciation for the year | 89 | 96 | ||
Impairment | 0 | |||
Disposals | 0 | 0 | ||
Reversal of impairment | 0 | |||
Translation differences | (4) | (10) | ||
Balance at end of year | 1,224 | 1,139 | 1,053 | |
Depreciated balance at end of year | 1,224 | 1,053 | 1,053 | |
Heavy mechanical equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 64 | |||
Balance at end of year | 69 | 64 | ||
Depreciated balance at end of year | 69 | 64 | ||
Heavy mechanical equipment [Member] | Gross [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 153 | 150 | ||
IFRS 16 initial implementation | 0 | |||
Reclassification of finance lease | [1] | 0 | ||
Additions | 15 | 5 | ||
Disposals | (10) | (2) | ||
Translation differences | 0 | 0 | ||
Balance at end of year | 158 | 153 | 150 | |
Depreciated balance at end of year | 158 | 153 | 150 | |
Heavy mechanical equipment [Member] | Accumulated depreciation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 89 | 84 | ||
Depreciation for the year | 8 | 7 | ||
Impairment | 0 | |||
Disposals | (8) | (2) | ||
Reversal of impairment | 0 | |||
Translation differences | 0 | 0 | ||
Balance at end of year | 89 | 89 | 84 | |
Depreciated balance at end of year | 89 | 84 | 84 | |
Furniture, vehicles and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 66 | |||
Balance at end of year | 68 | 66 | ||
Depreciated balance at end of year | 68 | 66 | ||
Furniture, vehicles and equipment [Member] | Gross [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 251 | 242 | ||
IFRS 16 initial implementation | 0 | |||
Reclassification of finance lease | [1] | 0 | ||
Additions | 25 | 20 | ||
Disposals | (5) | (7) | ||
Translation differences | (1) | (4) | ||
Balance at end of year | 270 | 251 | 242 | |
Depreciated balance at end of year | 270 | 251 | 242 | |
Furniture, vehicles and equipment [Member] | Accumulated depreciation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 185 | 181 | ||
Depreciation for the year | 21 | 12 | ||
Impairment | 1 | |||
Disposals | (4) | (8) | ||
Reversal of impairment | 0 | |||
Translation differences | 0 | (1) | ||
Balance at end of year | 202 | 185 | 181 | |
Depreciated balance at end of year | 202 | 181 | 181 | |
Right of use asset [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at end of year | 381 | |||
Depreciated balance at end of year | 381 | |||
Right of use asset [Member] | Gross [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 0 | |||
IFRS 16 initial implementation | 300 | |||
Reclassification of finance lease | [1] | 96 | ||
Additions | 39 | |||
Disposals | (11) | |||
Translation differences | (1) | |||
Balance at end of year | 423 | 0 | ||
Depreciated balance at end of year | 423 | 0 | ||
Right of use asset [Member] | Accumulated depreciation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | 0 | |||
Depreciation for the year | 51 | |||
Disposals | (9) | |||
Reversal of impairment | 0 | |||
Translation differences | 0 | |||
Balance at end of year | 42 | 0 | ||
Depreciated balance at end of year | 42 | 0 | ||
Plants under construction and spare parts for installations [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | [2] | 515 | ||
Balance at end of year | [2] | 797 | 515 | |
Depreciated balance at end of year | [2] | 797 | 515 | |
Plants under construction and spare parts for installations [Member] | Gross [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | [2] | 515 | 898 | |
IFRS 16 initial implementation | [2] | 0 | ||
Reclassification of finance lease | [1],[2] | 0 | ||
Additions | 285 | (367) | ||
Disposals | [2] | 0 | 0 | |
Translation differences | [2] | (3) | (16) | |
Balance at end of year | [2] | 797 | 515 | 898 |
Depreciated balance at end of year | [2] | 797 | 515 | 898 |
Plants under construction and spare parts for installations [Member] | Accumulated depreciation [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Balance at beginning of year | [2] | 0 | 0 | |
Depreciation for the year | [2] | 0 | 0 | |
Impairment | [2] | 0 | ||
Disposals | [2] | 0 | 0 | |
Reversal of impairment | [2] | 0 | ||
Translation differences | [2] | 0 | 0 | |
Balance at end of year | [2] | 0 | 0 | 0 |
Depreciated balance at end of year | [2] | $ 0 | $ 0 | $ 0 |
[1] | Reclassification of finance leases (as defined in IAS 17) from non-current asset to property, plant and equipment. | |||
[2] | The additions are presented net of items for which construction has been completed and accordingly were reclassified to other categories in the “property, plant and equipment” section. |
Intangible Assets (Composition)
Intangible Assets (Composition) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Intangible assets [Line Items] | ||
Balance at beginning of period | $ 671 | |
Balance at end of period | 652 | $ 671 |
Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 1,041 | 1,067 |
Additions | 18 | 16 |
Disposals | (2) | |
Translation differences | (13) | (40) |
Balance at end of period | 1,046 | 1,041 |
Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 370 | 345 |
Disposals | (1) | |
Amortization for the year | 28 | 30 |
Translation differences | (4) | (10) |
Impairment of intangible assets | 6 | |
Balance at end of period | 394 | 370 |
Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 309 | |
Balance at end of period | 302 | 309 |
Goodwill [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 331 | 348 |
Additions | 0 | 0 |
Disposals | 0 | |
Translation differences | (8) | (17) |
Balance at end of period | 323 | 331 |
Goodwill [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 22 | 22 |
Disposals | 0 | |
Amortization for the year | 0 | 0 |
Translation differences | (1) | 0 |
Impairment of intangible assets | 0 | |
Balance at end of period | 21 | 22 |
Concessions and mining rights [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 142 | |
Balance at end of period | 139 | 142 |
Concessions and mining rights [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 210 | 216 |
Additions | 0 | 0 |
Disposals | 0 | |
Translation differences | (1) | (6) |
Balance at end of period | 209 | 210 |
Concessions and mining rights [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 68 | 63 |
Disposals | 0 | |
Amortization for the year | 2 | 5 |
Translation differences | 0 | 0 |
Impairment of intangible assets | 0 | |
Balance at end of period | 70 | 68 |
Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 62 | |
Balance at end of period | 58 | 62 |
Trademarks [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 88 | 91 |
Additions | 0 | 0 |
Disposals | 0 | |
Translation differences | (2) | (3) |
Balance at end of period | 86 | 88 |
Trademarks [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 26 | 24 |
Disposals | 0 | |
Amortization for the year | 3 | 3 |
Translation differences | (1) | (1) |
Impairment of intangible assets | 0 | |
Balance at end of period | 28 | 26 |
Technology / patents [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 36 | |
Balance at end of period | 32 | 36 |
Technology / patents [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 75 | 80 |
Additions | 0 | 1 |
Disposals | 0 | |
Translation differences | 0 | (6) |
Balance at end of period | 75 | 75 |
Technology / patents [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 39 | 35 |
Disposals | 0 | |
Amortization for the year | 5 | 5 |
Translation differences | (1) | (4) |
Impairment of intangible assets | 3 | |
Balance at end of period | 43 | 39 |
Customer relationships [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 73 | |
Balance at end of period | 62 | 73 |
Customer relationships [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 178 | 183 |
Additions | 0 | 0 |
Disposals | 0 | |
Translation differences | (2) | (5) |
Balance at end of period | 176 | 178 |
Customer relationships [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 105 | 94 |
Disposals | 0 | |
Amortization for the year | 10 | 10 |
Translation differences | (1) | (2) |
Impairment of intangible assets | 3 | |
Balance at end of period | 114 | 105 |
Exploration and evaluation assets [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 14 | |
Balance at end of period | 18 | 14 |
Exploration and evaluation assets [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 39 | 39 |
Additions | 5 | 1 |
Disposals | 0 | |
Translation differences | 0 | (1) |
Balance at end of period | 44 | 39 |
Exploration and evaluation assets [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 25 | 25 |
Disposals | 0 | |
Amortization for the year | 1 | 1 |
Translation differences | 0 | (1) |
Impairment of intangible assets | 0 | |
Balance at end of period | 26 | 25 |
Computer application [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 24 | |
Balance at end of period | 31 | 24 |
Computer application [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 87 | 76 |
Additions | 12 | 13 |
Disposals | 0 | |
Translation differences | 0 | (2) |
Balance at end of period | 99 | 87 |
Computer application [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 63 | 61 |
Disposals | 0 | |
Amortization for the year | 5 | 4 |
Translation differences | 0 | (2) |
Impairment of intangible assets | 0 | |
Balance at end of period | 68 | 63 |
Other Intangible Assets [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 11 | |
Balance at end of period | 10 | 11 |
Other Intangible Assets [Member] | Gross [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 33 | 34 |
Additions | 1 | 1 |
Disposals | (2) | |
Translation differences | 0 | 0 |
Balance at end of period | 34 | 33 |
Other Intangible Assets [Member] | Accumulated impairment [Member] | ||
Intangible assets [Line Items] | ||
Balance at beginning of period | 22 | 21 |
Disposals | (1) | |
Amortization for the year | 2 | 2 |
Translation differences | 0 | 0 |
Impairment of intangible assets | 0 | |
Balance at end of period | $ 24 | $ 22 |
Intangible Assets (Total Book V
Intangible Assets (Total Book Value of Intangible Assets ) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Notes to Consolidated Financial Statements [Abstract] | ||
Intangible assets having a defined useful life | $ 318 | $ 332 |
Intangible assets having an indefinite useful life | 334 | 339 |
Total intangible assets | $ 652 | $ 671 |
Impairment Testing (Narratives)
Impairment Testing (Narratives) (Details) | Dec. 31, 2019 |
Notes to Consolidated Financial Statements [Abstract] | |
After-tax discount rate used in calculation of the recoverable amount of the operating segments (nominal) | 8.00% |
Long-term growth rate | 2.00% |
Impairment Testing (Carrying Am
Impairment Testing (Carrying Amounts of Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | $ 334 | $ 339 |
Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | 302 | 309 |
Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | 32 | 30 |
Industrial Products [Member] | Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | 91 | 92 |
Industrial Products [Member] | Europe [Member] | Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | 7 | 5 |
Industrial Products [Member] | USA [Member] | Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | 13 | 13 |
Potash [Member] | Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | 18 | 19 |
Phosphate Solutions [Member] | Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | 123 | 127 |
Phosphate Solutions [Member] | USA [Member] | Trademarks [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | 12 | 12 |
Innovative Ag Solutions [Member] | Goodwill [Member] | ||
Intangible assets [Line Items] | ||
Intangible assets having an indefinite useful life | $ 70 | $ 71 |
Impairment Testing (After Tax D
Impairment Testing (After Tax Discount Rate) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Industrial Products [Member] | |
Discount Rates After Tax [Line Items] | |
Breakeven nominal after-tax discount rate | 22.80% |
Potash [Member] | |
Discount Rates After Tax [Line Items] | |
Breakeven nominal after-tax discount rate | 13.20% |
Phosphate Solutions [Member] | |
Discount Rates After Tax [Line Items] | |
Breakeven nominal after-tax discount rate | 10.60% |
Innovative Ag Solutions [Member] | |
Discount Rates After Tax [Line Items] | |
Breakeven nominal after-tax discount rate | 11.40% |
Financial Derivative Instrume_3
Financial Derivative Instruments (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Derivative Instruments [Line Items] | ||
Current derivative financial assets | $ 11 | $ 13 |
Noncurrent derivative financial assets | 57 | 15 |
Current derivative financial liabilities | (8) | (21) |
Derivative instruments on energy and marine transport [Member] | ||
Financial Derivative Instruments [Line Items] | ||
Current derivative financial assets | 1 | 0 |
Current derivative financial liabilities | (3) | (5) |
Foreign currency and interest derivative instruments [Member] | ||
Financial Derivative Instruments [Line Items] | ||
Current derivative financial assets | 10 | 13 |
Noncurrent derivative financial assets | 57 | 15 |
Current derivative financial liabilities | (5) | (16) |
Noncurrent derivative financial liabilities | $ (6) | $ 0 |
Credit from Banks and Others (N
Credit from Banks and Others (Narratives) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Notes to Consolidated Financial Statements [Abstract] | ||
Net debt to EBITDA under securitization agreements | 3.5 | |
Securitization framework | $ 350 | |
Secured trade receivable in case of credit default percentage ownership | 30.00% | |
Utilization of the securitization facility | $ 261 | $ 332 |
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 | $ 85 |
Credit from Banks and Others (C
Credit from Banks and Others (Composition) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term credit [Abstract] | ||
Short-term credit from financial institutions | $ 358 | $ 544 |
Long-term loans from financial institutions | 13 | 32 |
Long-term loans from others | 0 | 34 |
Short term credit lease liability | 49 | 0 |
Total Short-Term Credit | 420 | 610 |
Long-term debt and debentures [Abstract] | ||
Loans from financial institutions | 408 | 377 |
Long term lease liability | 300 | 0 |
Other loans | 29 | 35 |
Less current maturities - from financial institutinos | 13 | 32 |
Less current maturities - lease liability | 49 | 0 |
Less current maturities - from other | 0 | 34 |
Marketable debentures | 1,231 | 1,195 |
Non-marketable debentures | 275 | 274 |
Total Long-term debt and debentures | $ 2,181 | $ 1,815 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Balance at the begining of the year | $ 2,442 | $ 3,227 | |
Receipt of long-term debt | 657 | 1,746 | $ 966 |
Repayment of long-term debt | (689) | (2,115) | (1,387) |
Repayment of short-term credit, net | (183) | (283) | 147 |
Interest paid | (115) | (103) | (111) |
Implementation of IFRS 16 | 353 | 0 | |
Effect of changes in foreign exchange rates | 48 | (63) | |
Other changes | 46 | 33 | |
Balance at the end of the year | $ 2,559 | $ 2,442 | $ 3,227 |
Credit from Banks and Others (M
Credit from Banks and Others (Maturity periods) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | $ 2,181 | $ 1,815 |
Second year [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | 368 | 17 |
Third year [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | 161 | 273 |
Fourth year [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | 142 | 113 |
Fifth year [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Credit and loans from banks and others, including debentures (net of current maturities) | 799 | 308 |
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) | $ 711 | $ 1,104 |
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, 2019USD ($) |
Notes to Consolidated Financial Statements [Abstract] | |
Financial Covenant: Total shareholder's equity greater than 2,000 million dollars | $ 3,925 |
Financial Covenant: Ratio of the EBITDA to the net interest expenses equal to or greater than 3.5 | 10.5 |
Financial Covenant: Ratio of the net financial debt to EBITDA less than 3.5 | 1.8 |
Financial Covenant: Ratio of certain subsidiaries loans to the total assets of the consolidated company less than 10% | 4.00% |
Credit from Banks and Others (S
Credit from Banks and Others (Sale of Receivables under Securitization Transaction) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | ||||
Carrying amount of the transferred assets | $ 261 | $ 332 | $ 331 | |
Fair value of the associated liabilities | 261 | 332 | 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, 2019 | |
Loan from European Bank [Member] | December 2018 [Member] | US Dollar [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original principal | 70 |
Carrying amount | 70 |
Interest rate | Libor + 0.66% |
Principal repayment date | December 2021 |
Loan from European Bank [Member] | May 2019 [Member] | US Dollar [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original principal | 30 |
Carrying amount | 30 |
Interest rate | Libor + 0.80% |
Principal repayment date | May 2024 |
Loan-Israeli institutions [Member] | November 2013 [Member] | Israeli Shekel [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original principal | 300 |
Carrying amount | 69 |
Interest rate | 4.74% |
Principal repayment date | 2015-2024 (annual installment) |
Additional information | Partially repaid |
Debentures Series D [Member] | December 2014 [Member] | US Dollar [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original principal | 800 |
Carrying amount | 183 |
Interest rate | 4.50% |
Principal repayment date | December 2024 |
Additional information | In July 2019 the credit rating company Fitch Ratings revised the Company’s rating outlook from “stable” to “positive”, while reaffirming the Company’s international credit rating BBB-. Fitch reaffirmed the BBB- rating for the Company’s senior debentures, redeemable at an interest of 4.5% (Debentures Series D), outstanding principal amount of $183 million due in 2024, and the Company’s senior debentures, redeemable at an interest of 6.375% (Debentures Series F), outstanding original principal amount of $600 million due in 2038. In July 2019, the credit rating agency S&P ratified the Company’s international credit rating, BBB- 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 |
Carrying amount | 452 |
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 |
Carrying amount | 84 145 46 |
Interest rate | 4.55% 5.16% 5.31% |
Principal repayment date | January 2021 January 2024 January 2026 |
Loan others [Member] | April 2019 [Member] | Chinese Yuan [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original principal | 200 |
Carrying amount | 29 |
Interest rate | 5.23% |
Principal repayment date | April 2021 |
Debentures Series F [Member] | May 2018 [Member] | US Dollar [Member] | |
Disclosure of material loans and debentures [Line Items] | |
Original principal | 600 |
Carrying amount | 596 |
Interest rate | 6.38% |
Principal repayment date | May 2038 |
Additional information | In July 2019 the credit rating company Fitch Ratings revised the Company’s rating outlook from “stable” to “positive”, while reaffirming the Company’s international credit rating BBB-. Fitch reaffirmed the BBB- rating for the Company’s senior debentures, redeemable at an interest of 4.5% (Debentures Series D), outstanding principal amount of $183 million due in 2024, and the Company’s senior debentures, redeemable at an interest of 6.375% (Debentures Series F), outstanding original principal amount of $600 million due in 2038. In July 2019, the credit rating agency S&P ratified the Company’s international credit rating, BBB- with a stable rating outlook. |
Credit from Banks and Others _2
Credit from Banks and Others (Credit Facilities) (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
European bank [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Date of the credit facility | December 2016 | |
Date of credit facility termination | May 2024 | |
The amount of the credit facility | USD 100 million | |
Credit facility has been utilized | USD 100 million | |
Interest rate | 70 million dollar-Libor + 0.66% 30 million dollar-Libor + 0.80% | |
Loan currency type | USD loans | |
Pledges and restrictions | Financial covenants - see Section D and a negative pledge. | |
Non-utilization fee | 0.00% | |
Group of international banks [Member] | ||
Disclosure of material loans and debentures [Line Items] | ||
Date of the credit facility | March 2015 | [1] |
Date of credit facility termination | March 2023, March 2024 | [1] |
The amount of the credit facility | USD 1,100 million | [1] |
Credit facility has been utilized | USD 230 million | [1] |
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% | [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 | 0.21% | [1] |
[1] | In November 2019, the credit facility was reduced from $1,200 to $1,100 and in addition, part of the banks agreed to extend the maturity of $900 million credit facility from March 2023 to March 2024. As at December 31, 2019, the company has $870 million of unutilized long-term credit lines. |
Other Current Liabilities (Info
Other Current Liabilities (Information) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Employees | $ 294 | $ 284 | |
Current tax liabilities | 78 | 112 | |
Accrued expenses | 64 | 85 | |
Governmental (mainly in respect of royalties) | [1] | 50 | 61 |
Others | 101 | 105 | |
Other current liabilities | $ 587 | $ 647 | |
[1] | See Note 19. |
Taxes on Income (Narratives) (D
Taxes on Income (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Income tax rate | 23.00% | 23.00% | 24.00% |
Temporary difference related to distribution of a dividend from exempt income in respect of which deferred taxes were not recognized | $ 705 | ||
The amount of deferred taxes which were not recognized | 176 | ||
Carryforward tax losses of subsidiaries for which deferred taxes were recorded | 181 | $ 477 | |
Carryforward tax losses for which deferred taxes were not recorded | 363 | 322 | |
Capital losses for which deferred taxes were not recorded | 165 | 134 | |
Capital losses for tax purposes available for carryforward to future years for which deferred taxes were recorded | 0 | $ 15 | |
Tax assessment from the Israeli Tax Authority (ITA) in respect of the 2012 2014 tax years | 83 | ||
Royalties paid by the company to the Israeli government | $ 102 | ||
Considerations related to Excess Profit | The operating income, as reported in the latest "excess profit report" for taxation of profits from natural resources for 2018 (with required adjustments as defined in the law), attributed to Bromine operation and Potash operation in the Dead Sea, was about $26 million and about $265 million (reflecting an average realized potash prices of about $270 per-tonne), respectively. At such level of operating income, a value of the property, plant and equipment, of above $0.3 billion for the Bromine mineral and above $2.4 billion for the Potash mineral (approximately an aggregate of $2.7 billion), would result in no natural resources tax liability. Had the Company chosen to measure property, plant and equipment under the depreciated historical cost alternative accounting method (also allowed by IFRS), the amount according to which is about $2 billion as at December 31, 2018, the level of an average realized potash price of about $220 per tonne would result in no natural resources tax liability. According to CRU published data, at the end of February 2020, the spot prices of granular potash imported to Brazil were $240 per tonne (which would imply an average realized Potash price of about $220 per-tonne). |
Taxes on Income (Tax rates of s
Taxes on Income (Tax rates of subsidiaries outside Israel) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred income taxes [Line Items] | |||
Tax rate | 23.00% | 23.00% | 24.00% |
USA [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 26.00% | ||
Additional information for tax rate | In 2017, the U.S. government enacted comprehensive tax legislation which significantly revises the future ongoing U.S. federal corporate income tax by, among others, lowering U.S. corporate income tax rates and implementing a territorial tax system, commencing January 2018. The tax rate above is an estimated average and includes federal and states tax. Different rate may apply in each specific state. | ||
China [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
Brazil [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 34.00% | ||
Germany [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 29.00% | ||
United Kingdom [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 19.00% | ||
Additional information for tax rate | The tax rate in the UK will be reduced to 17% commencing April 1, 2020. There are current discussions in the UK to defer this tax reduction. | ||
Spain [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
Netherlands [Member] | |||
Deferred income taxes [Line Items] | |||
Tax rate | 25.00% | ||
Additional information for tax rate | The tax rate in the Netherlands will be reduced to 21.7% commencing 2021. |
Taxes on Income (Deferred incom
Taxes on Income (Deferred income taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | $ (175) | $ (96) |
Amounts recorded in the statement of income | (67) | (76) |
Amounts recorded to a capital reserve | 10 | (1) |
Translation difference | 0 | (2) |
Balance as at the end of the year | (232) | (175) |
Depreciable property, plant and equipment and intangible assets [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | (412) | (291) |
Amounts recorded in the statement of income | (14) | (123) |
Amounts recorded to a capital reserve | 0 | 0 |
Translation difference | 1 | 2 |
Balance as at the end of the year | (425) | (412) |
Inventories [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 26 | 28 |
Amounts recorded in the statement of income | 8 | (2) |
Amounts recorded to a capital reserve | 0 | 0 |
Translation difference | 0 | 0 |
Balance as at the end of the year | 34 | 26 |
Provisions for employee benefits [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 74 | 84 |
Amounts recorded in the statement of income | 3 | (6) |
Amounts recorded to a capital reserve | 10 | (3) |
Translation difference | 0 | (1) |
Balance as at the end of the year | 87 | 74 |
Other [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 20 | 19 |
Amounts recorded in the statement of income | 0 | 0 |
Amounts recorded to a capital reserve | 0 | 2 |
Translation difference | 0 | (1) |
Balance as at the end of the year | 20 | 20 |
In respect of carry forward tax losses [Member] | ||
Deferred income taxes [Line Items] | ||
Balance as at the begining of the year | 117 | 64 |
Amounts recorded in the statement of income | (64) | 55 |
Amounts recorded to a capital reserve | 0 | 0 |
Translation difference | (1) | (2) |
Balance as at the end of the year | $ 52 | $ 117 |
Taxes on Income (Deferred Taxes
Taxes on Income (Deferred Taxes by Currency) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income taxes [Line Items] | |||
Deferred income taxes | $ (232) | $ (175) | $ (96) |
Euro [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | 44 | 22 | |
British Pound [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | 16 | 21 | |
US Dollar [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | (1) | (7) | |
Israeli Shekel [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | (285) | (204) | |
Other [Member] | |||
Deferred income taxes [Line Items] | |||
Deferred income taxes | $ (6) | $ (7) |
Taxes on Income (Composition) (
Taxes on Income (Composition) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Current taxes | $ 91 | $ 53 | $ 208 |
Deferred taxes | 61 | 76 | (23) |
Taxes in respect of prior years | (5) | 0 | (27) |
Income taxes | $ 147 | $ 129 | $ 158 |
Taxes on Income (Theoretical Ta
Taxes on Income (Theoretical Tax) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Income before income taxes, as reported in the statements of income | $ 628 | $ 1,364 | $ 505 |
Statutory tax rate (in Israel) | 23.00% | 23.00% | 24.00% |
Theoretical tax expense | $ 144 | $ 314 | $ 121 |
Add (less) the tax effect of [Abstract] | |||
Tax benefits deriving from the Law for Encouragement of Capital Investments net of natural Resources Tax | (8) | (20) | (4) |
Differences deriving from additional deduction and different tax rates applicable to foreign subsidiaries | (15) | (186) | 23 |
Tax on dividend | 2 | 0 | 18 |
Deductible temporary differences (including carryforward losses) for which deferred taxes assets were not recorded and non–deductible expenses | 17 | 24 | 15 |
Taxes in respect of prior years | (5) | 0 | (27) |
Impact of change in tax rates | 0 | 0 | (13) |
Differences in measurement basis (mainly ILS/USD) | 15 | (11) | 18 |
Other Differences | (3) | 8 | 7 |
Taxes on income included in the income statements | $ 147 | $ 129 | $ 158 |
Taxes on Income (Items Recorded
Taxes on Income (Items Recorded in Equity) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Actuarial gains from defined benefit plan | $ 10 | $ (3) | $ 3 |
Change in investments at fair value through other comprehensive income | (1) | 0 | 5 |
Taxes in respect of exchange rate differences on equity loan to a subsidiary included in translation adjustment | 1 | 2 | (5) |
Tax recorded in other comprehensive income | $ 10 | $ (1) | $ 3 |
Employee Benefits (Narratives)
Employee Benefits (Narratives) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Actual return (loss) on plan assets | $ 61 | $ (1) | $ 42 |
Expenses recorded in respect of defined contribution plans | 37 | $ 35 | $ 37 |
The Company's estimate of deposits expected in funded defined benefit plans for 2019 | $ 9 | ||
Life of defined benefit plans | 14 years 3 months 19 days | 13 years 9 months 18 days |
Employee Benefits (Composition
Employee Benefits (Composition of Employee Benefits) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Notes to Consolidated Financial Statements [Abstract] | ||
Fair value of plan assets | $ 583 | $ 518 |
Termination benefits | (105) | (111) |
Defined benefit obligation | (1,004) | (860) |
Total Employee benefits | $ (526) | $ (453) |
Employee Benefits (Compositio_2
Employee Benefits (Composition of Fair Value of the Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Levels of fair value hierarchy [Line Items] | ||
Equity instruments | $ 247 | $ 200 |
Debt instruments | 308 | 283 |
Deposits with insurance companies | 28 | 35 |
Fair value of plan assets | 583 | 518 |
With quoted market price [Member] | ||
Levels of fair value hierarchy [Line Items] | ||
Equity instruments | 237 | 200 |
Debt instruments | 197 | 164 |
Without quoted market price [Member] | ||
Levels of fair value hierarchy [Line Items] | ||
Equity instruments | 10 | 0 |
Debt instruments | $ 111 | $ 119 |
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, 2019 | Dec. 31, 2018 | |
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | $ 518 | |
Other movements [Abstract] | ||
Balance as at the end of the year | 583 | $ 518 |
Fair value of plan assets [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | 518 | 631 |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | 0 | 0 |
Interest income (expenses) | 15 | 14 |
Past service cost | 0 | 0 |
Effect of movements in exchange rates, net | 17 | (17) |
Included in other comprehensive income [Abstract] | ||
Actuarial gains (losses) deriving from changes in financial assumptions | 0 | 0 |
Other actuarial gains (losses) | 46 | (15) |
Change with respect to translation differences ,net | 9 | (19) |
Other movements [Abstract] | ||
Benefits paid | (32) | (38) |
Conversion to defined contribution plans | 0 | (49) |
Employer contribution | 10 | 11 |
Balance as at the end of the year | 583 | 518 |
Defined benefit obligation [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | (860) | (1,068) |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | (21) | (24) |
Interest income (expenses) | (27) | (26) |
Past service cost | 5 | 7 |
Effect of movements in exchange rates, net | (31) | 37 |
Included in other comprehensive income [Abstract] | ||
Actuarial gains (losses) deriving from changes in financial assumptions | (121) | 71 |
Other actuarial gains (losses) | 0 | 0 |
Change with respect to translation differences ,net | (4) | 21 |
Other movements [Abstract] | ||
Benefits paid | 55 | 73 |
Conversion to defined contribution plans | 0 | 49 |
Employer contribution | 0 | 0 |
Balance as at the end of the year | (1,004) | (860) |
Defined benefit obligation, net [Member] | ||
Movement in net defined benefit assets (liabilities) [Line Items] | ||
Balance as at the begining of the year | (342) | (437) |
Income (costs) included in profit or loss [Abstract] | ||
Current service costs | (21) | (24) |
Interest income (expenses) | (12) | (12) |
Past service cost | 5 | 7 |
Effect of movements in exchange rates, net | (14) | 20 |
Included in other comprehensive income [Abstract] | ||
Actuarial gains (losses) deriving from changes in financial assumptions | (121) | 71 |
Other actuarial gains (losses) | 46 | (15) |
Change with respect to translation differences ,net | 5 | 2 |
Other movements [Abstract] | ||
Benefits paid | 23 | 35 |
Conversion to defined contribution plans | 0 | 0 |
Employer contribution | 10 | 11 |
Balance as at the end of the year | $ (421) | $ (342) |
Employee Benefits (Actuarial As
Employee Benefits (Actuarial Assumptions) (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Discount rate as at the end of the year [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 2.10% | 3.00% | 2.70% |
Future salary increases [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 3.20% | 3.30% | 3.20% |
Future pension increase [Member] | |||
Actuarial assumptions [Line Items] | |||
Principal actuarial assumptions | 2.10% | 2.20% | 2.20% |
Employee Benefits (Sensitivity
Employee Benefits (Sensitivity Analysis) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | $ 1,004 | $ 860 |
Discount rate [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (24) | |
Discount rate [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (12) | |
Discount rate [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 12 | |
Discount rate [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 24 | |
Salary increase [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 16 | |
Salary increase [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 8 | |
Salary increase [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (8) | |
Salary increase [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (16) | |
Mortality table [Member] | Decrease 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (22) | |
Mortality table [Member] | Decrease 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | (11) | |
Mortality table [Member] | Increase 5% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | 11 | |
Mortality table [Member] | Increase 10% [Member] | ||
Actuarial assumptions [Line Items] | ||
Defined benefit obligation | $ 22 |
Provisions (Information) (Detai
Provisions (Information) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Provisions [Line Items] | ||
Balance at the beginning of the year | $ 266 | |
Provisions recorded during the period | 15 | [1] |
Provisions reversed during the period | (23) | |
Payments during the period | (12) | |
Translation differences | (2) | |
Balance at the end of the year | 244 | |
Site restoration and equipmen dismantling [Member] | ||
Provisions [Line Items] | ||
Balance at the beginning of the year | 205 | |
Provisions recorded during the period | 11 | [1] |
Provisions reversed during the period | (4) | |
Payments during the period | (8) | |
Translation differences | (2) | |
Balance at the end of the year | 202 | |
Legal claims [Member] | ||
Provisions [Line Items] | ||
Balance at the beginning of the year | 18 | |
Provisions recorded during the period | 1 | [1] |
Provisions reversed during the period | (8) | |
Payments during the period | (1) | |
Translation differences | 0 | |
Balance at the end of the year | 10 | |
Other [Member] | ||
Provisions [Line Items] | ||
Balance at the beginning of the year | 43 | |
Provisions recorded during the period | 3 | [1] |
Provisions reversed during the period | (11) | |
Payments during the period | (3) | |
Translation differences | 0 | |
Balance at the end of the year | $ 32 | |
[1] | For additional information, see Note 19. |
Commitments, Concessions and Co
Commitments, Concessions and Contingent Liabilities (Narratives) (Details) - 12 months ended Dec. 31, 2019 | USD ($) | ILS (₪) |
Notes to Consolidated Financial Statements [Abstract] | ||
Contractual commitments for acquisition of raw materials and energy | $ 2,240,000,000 | |
Contractual commitments for acquisition of Property, Plant and Equipment | 301,000,000 | |
Construction agreements of the first stage of the Salt Harvesting project | 280,000,000 | |
Construction agreement of new pumping station | 180,000,000 | |
Abengoa pledged to pay relating power station construction agreement violations | 40,000,000 | |
Abengoa exercised guarantees | 28,000,000 | |
Total amount of the new natural gas agreement with Energean | 1,900,000,000 | |
Indemnification payable for directors and officers limit | 300,000,000 | |
Consolidated depreciation expenses relating to assets in concession area | 100,000,000 | |
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% | |
Total recognized royalties expenses 2000-2017 | $ 222,000,000 | |
Total recognized royalties expenses 2019 | 14,000,000 | |
Total recognized interest and linkage expenses regarding royalties for 2000-2017 | $ 70,000,000 | |
Increased royalties rates due to Sheshinski recomandations from 2% | 5.00% | |
Rotem Amfert Israel property plant and equipment book value | $ 800,000,000 | |
Remedy relating aquifer and Bokek stream restoration - application for certification of a claim as class action | 405,000,000 | ₪ 1,400,000,000 |
Remedy relating dyke collapse - first class action for 8.68 million persons | 289 | 1,000 |
Remedy relating dyke collapse - second class action | 72,000,000 | 250,000,000 |
Remedy relating dyke collapse - third class action | 59,000,000 | 202,500,000 |
Remedy relating dyke collapse - Nature and Parks Authority | 115,000,000 | 397,000,000 |
A class action claim relating air pollution in Haifa Bay | $ 3,800,000,000 | 13,400,000,000 |
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 | |
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 | 4,000,000 | |
Claimed compensation in arbitration on termination of agreement | 152,000,000 | |
ICL's damages lawsuit against IBM | 300,000,000 | 1,100,000,000 |
IBM counterclaim | 53,000,000 | 186,000,000 |
Maximal damage for Hamonization for application for certification of a claim as class action | 123,000,000 | 426,000,000 |
Minimal damage for Hamonization for application for certification of a claim as class action | 8,000,000 | 26,000,000 |
Compensation in application for certification of a claim as class action regarding alleged monopolistic exploitation - difference test | 16,000,000 | 56,000,000 |
Compensation in application for certification of a claim as class action regarding alleged monopolistic exploitation - comparison test | 21,000,000 | ₪ 73,000,000 |
Water drawing charges | $ 9,000,000 | |
Percent of water drawing charges in concession area | 60.00% |
Equity (Narratives) (Details)
Equity (Narratives) (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Expenses from Equity Compensation Plans | $ 12 | $ 19 | $ 16 |
Total shares held by the company and it's subsidiaries | 24.5 |
Equity (Composition) (Details)
Equity (Composition) (Details) - shares shares in Millions | Dec. 31, 2019 | 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] | |||||
Number of shares authorized | 1,485 | 1,485 | |||
Number of shares issued and paid | 1,305 | [1] | 1,305 | [1] | 1,303 |
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 20.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, 2019 | Dec. 31, 2018 | |||
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 | 1,305 | [1] | 1,303 | |
Issuance of shares | 0 | 2 | ||
Balance as at End of Period | [1] | 1,305 | 1,305 | |
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 20.G.(1). |
Equity (Share-based Payments to
Equity (Share-based Payments to Employees, Non-marketable Options) (Details) | 12 Months Ended | |
Dec. 31, 2019shares | ||
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) | 3,993,000 | |
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 that 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) | 6,729,000 | |
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] | 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) | 3,035,000 | |
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] | 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) | 6,868,000 | |
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] | 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) | 5,554,000 | |
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 | 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) | 367,000 | |
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 that 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) | 530,000 | |
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) | 625,000 | |
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) | 114,000 | |
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] | Former chairman of BOD [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 404,000 | |
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 chairman of BOD [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 186,000 | |
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 chairman of BOD [Member] | August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 165,000 | |
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] | Former chairman of BOD [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 403,000 | |
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 | August 20, 2025 | |
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) | 385,000 | |
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 | May 14, 2025 | |
Non-marketable options [Member] | CEO [Member] | June 27, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 3,500 | |
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 | 2 equal tranches: (1) half at the end of 24 months after the grant date. (2) half at the end of 36 months after the grant date. | |
Expiration date | 5 years after the grant date | |
Non-marketable options [Member] | Officers and senior manager [Member] | April 15, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 13,200 | |
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 | 2 equal tranches: (1) half at the end of 24 months after the grant date. (2) half at the end of 36 months after the grant date. | |
Expiration date | 5 years after the grant date | |
Non-marketable options [Member] | Chairman of BOD [Member] | May 29, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 2,200 | [1] |
Issuance's details | An issuance of non-marketable and non-transferrable options, for no consideration, under the 2014 Equity Compensation Plan. | [1] |
Instrument terms | Upon exercise, each option may be converted into one ordinary share of NIS 1 par value of the Company. | [1] |
Vesting conditions | 2 equal tranches: (1) half at the end of 24 months after the issuance date. (2) half at the end of 36 months after the issuance date. | [1] |
Expiration date | 5 years after the issuance date | [1] |
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) | 922,000 | |
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 approval date 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 | [2] |
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) | 1,194,000 | |
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 approval date 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 | [2] |
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) | 990,000 | |
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 approval date 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 | [2] |
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) | 2,211,000 | |
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 approval date 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 | [2] |
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) | 1,726,000 | |
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 approval date 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 | [2] |
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) | 86,000 | |
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 approval date 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 | [2] |
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) | 90,000 | |
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 approval date 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 | [2] |
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) | 185,000 | |
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 approval date 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 | [2] |
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) | 38,000 | |
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 approval date 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 | [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) | 99,000 | |
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 approval date 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 tranches: (1) 50% will vest August 28, 2015 (2) 25% will vest February 26, 2017 (3) 25% will vest February 26, 2018 | [2] |
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) | 121,000 | |
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 approval date 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 23, 2016 (2) One third on December 23, 2017 (3) One third on December 23, 2018 | [2] |
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) | 137,000 | |
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 approval date 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 | [2] |
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) | 88,000 | |
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 approval date 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 | Acceleration at January 2019. | [2] |
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) | 146,000 | |
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 approval date 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. 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 | [2] |
Restricted shares [Member] | Former chairman of BOD [Member] | June 29, 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 68,000 | |
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 approval date 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 | [2] |
Restricted shares [Member] | Former chairman of BOD [Member] | September 5, 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 55,000 | |
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 approval date 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 | [2] |
Restricted shares [Member] | Former chairman of BOD [Member] | August 2, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 53,000 | |
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 approval date 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 | [2] |
Restricted shares [Member] | Former chairman of BOD [Member] | August 20, 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Number of instruments (thousands) | 47,000 | |
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 approval date 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 | [2] |
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) | 121,000 | |
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 approval date 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 | [2] |
[1] | The options were issued upon Mr. Doppelt's entry into office on July 1, 2019. | |
[2] | 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, 2019USD ($)yr$ / shares | Dec. 31, 2018USD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Fair value | $ | $ 583,000,000 | $ 518,000,000 |
Granted 2014 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | $ / shares | $ 8.2 | |
CPI-linked exercise price (in $) | $ | $ 8.4 | |
Fair value | $ | $ 8,400,000 | |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.9 | |
Granted 2015 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | $ / shares | $ 7 | |
CPI-linked exercise price (in $) | $ | $ 7.2 | |
Fair value | $ | $ 9,000,000 | |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.2 | |
Granted 2016 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | $ / shares | $ 3.9 | |
CPI-linked exercise price (in $) | $ | $ 4.3 | |
Fair value | $ | $ 4,000,000 | |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.1 | |
Granted 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | $ / shares | $ 4.5 | |
CPI-linked exercise price (in $) | $ | $ 4.3 | |
Fair value | $ | $ 11,300,000 | |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.6 | |
Granted 2018 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | $ / shares | $ 4.4 | |
CPI-linked exercise price (in $) | $ | $ 4.3 | |
Fair value | $ | $ 8,800,000 | |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.4 | |
Granted 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Share price (in $) | $ / shares | $ 5.4 | |
CPI-linked exercise price (in $) | $ | $ 5.3 | |
Fair value | $ | $ 7,500,000 | |
Weighted average grant date fair value per option (in $) | $ / shares | $ 1.2 | |
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) | 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) | 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) | 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) | 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) | 7 | |
Risk-free interest rate | 0.03% | |
First tranche [Member] | Granted 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 27.85% | |
Expected life of options (in years) | 4.4 | |
Risk-free interest rate | (0.67%) | |
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) | 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) | 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) | 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) | 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) | 7 | |
Risk-free interest rate | 0.03% | |
Second tranche [Member] | Granted 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 27.85% | |
Expected life of options (in years) | 4.4 | |
Risk-free interest rate | (0.67%) | |
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) | 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) | 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) | 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) | 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) | 7 | |
Risk-free interest rate | 0.03% | |
Third tranche [Member] | Granted 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Expected Volatility | 27.85% | |
Expected life of options (in years) | 4.4 | |
Risk-free interest rate | (0.67%) |
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, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Balance as at start of year | 18 | 20 |
Granted during the year | 19 | 6 |
Expired during the year | (3) | (6) |
Forfeited during the year | (3) | (1) |
Exercised during the year | (1) | (1) |
Balance as at end of year | 30 | 18 |
Equity (Share-based Payments _4
Equity (Share-based Payments to Employees, Non-marketable Options, Exercise Price) (Details) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Granted 2014 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | $ 7.15 | $ 6.77 | $ 7.43 |
Granted 2015 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | 0 | 6.92 | 7.59 |
Granted 2016 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | 4.36 | 4.21 | 4.68 |
Granted 2017 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | 4.01 | 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 | 3.99 | 3.89 | 0 |
Granted 2019 US Dollar [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Exercise price for options outstanding | $ 5.42 | $ 0 | $ 0 |
Equity (Share-based Payments _5
Equity (Share-based Payments to Employees, Non-marketable Options, Number of Options Vested) (Details) Pure in Millions | Dec. 31, 2019$ / shares | Dec. 31, 2019₪ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2018₪ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2017₪ / shares |
Notes to Consolidated Financial Statements [Abstract] | ||||||
Number of options exercisable (In Millions) | 12 | 12 | 11 | 11 | 12 | 12 |
Weighted average exercise price | (per share) | $ 4.4 | ₪ 15.19 | $ 4.94 | ₪ 18.53 | $ 6.51 | ₪ 22.56 |
Equity (Share-based Payments _6
Equity (Share-based Payments to Employees, Non-marketable Options, Range of Exercise Prices) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Range of exercise price in Israeli Shekel | 13.55-24.71 | 14.26-25.93 | 15.01-26.3 |
Range of exercise price in US Dollar | 3.92-7.15 | 3.81-6.92 | 4.33-7.59 |
Equity (Share-based Payments _7
Equity (Share-based Payments to Employees, Non-marketable Options, Average Remaining Contractual Life) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | |||
Average remaining contractual life | 3 years 10 months 6 days | 3 years 10 months 25 days | 2 years 7 months 6 days |
Equity (Share-based Payments _8
Equity (Share-based Payments to Employees, Restricted Shares) (Details) shares in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)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 that 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] | 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. | |
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. | |
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. | |
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. | |
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 that 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] | Former chairman of 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] | Former chairman of 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] | Former chairman of 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] | Former chairman of 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. | |
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. | |
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. | |
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 approval date 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. | |
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 approval date 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. | |
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 approval date 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. | |
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 approval date 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. | |
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 approval date 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 approval date 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 approval date 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 approval date 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 approval date 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. | |
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 approval date 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. | |
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 approval date 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. | |
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 approval date 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. | |
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 approval date 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. 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 approval date 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] | Former chairman of 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 approval date 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 chairman of 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 approval date 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 chairman of 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 approval date 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] | Former chairman of 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. | |
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 approval date 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] | 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. | |
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 approval date 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, 2019USD ($)$ / shares | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | Mar. 18, 2020 | |
February 14, 2017 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | Apr. 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 | Jun. 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 | Sep. 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 | Dec. 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 | Mar. 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 | Jun. 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 | Sep. 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 | Dec. 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 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | Mar. 13, 2019 | |
Gross amount of the dividend distributed (in millions of $) | $ 62 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 61 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.05 | |
May 7, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | Jun. 19, 2019 | |
Gross amount of the dividend distributed (in millions of $) | $ 76 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 75 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.06 | |
July 31, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | Sep. 24, 2019 | |
Gross amount of the dividend distributed (in millions of $) | $ 74 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 73 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.06 | |
November 6, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Actual date of distribution of the dividend | Dec. 18, 2019 | |
Gross amount of the dividend distributed (in millions of $) | $ 65 | |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 64 | |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.05 | |
February 12, 2020 (after the reporting date) [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [Line Items] | ||
Gross amount of the dividend distributed (in millions of $) | $ 23 | [1] |
Net amount of the distribution (net of the subsidiariy's share) (in millions of $) | $ 22 | [1] |
Amount of the dividend per share (in dollar) | $ / shares | $ 0.02 | [1] |
[1] | The record date is March 4, 2020 and the payment date is March 18, 2020. |
Details of Income Statement I_3
Details of Income Statement Items (Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Sales | $ 5,271 | $ 5,556 | $ 5,418 |
Cost of sales [Abstract] | |||
Materials consumed | 1,702 | 1,643 | 1,504 |
Cost of labor | 766 | 791 | 777 |
Depreciation and amortization | 384 | 384 | 363 |
Energy and fuel | 340 | 349 | 343 |
Other | 262 | 535 | 759 |
Cost of sales | $ 3,454 | $ 3,702 | $ 3,746 |
Details of Income Statement I_4
Details of Income Statement Items (Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selling, transport and marketing expenses [Abstract] | |||
Land and marine transportation | $ 509 | $ 553 | $ 497 |
Cost of labor | 133 | 125 | 122 |
Other | 125 | 120 | 127 |
Selling, transport and marketing expenses | 767 | 798 | 746 |
General and administrative expenses [Abstract] | |||
Cost of labor | 153 | 172 | 170 |
Professional Services | 42 | 44 | 49 |
Other | 59 | 41 | 42 |
General and administrative expenses | 254 | 257 | 261 |
Research and development expenses [Abstract] | |||
Cost of labor | 36 | 38 | 40 |
Other | 14 | 17 | 15 |
Research and development expenses, net | $ 50 | $ 55 | $ 55 |
Details of Income Statement I_5
Details of Income Statement Items (Other Income and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other income and expenses [Abstract] | |||
Capital gain | $ 12 | $ 841 | $ 54 |
Reversal of Impairment of fixed assets | 10 | 0 | 0 |
Reversal of provision for legal claims | 7 | 0 | 0 |
Past service cost | 5 | 7 | 0 |
Retroactive electricity charges | 0 | 0 | 6 |
Insurance compensation | 0 | 0 | 30 |
Other | 6 | 11 | 19 |
Other income recorded in the income statements | 40 | 859 | 109 |
Provision For Legal Claims | 14 | 31 | 31 |
Impairment of fixed assets | 0 | 19 | 32 |
Provision for historical waste removal and site closure costs | 7 | 18 | 0 |
Provision for early retirement and dismissal of employees | 5 | 7 | 20 |
Environment related provisions | 0 | 1 | 7 |
Other | 4 | 8 | 0 |
Other expenses recorded in the income statements | $ 30 | $ 84 | $ 90 |
Details of Income Statement I_6
Details of Income Statement Items (Financing Income and Expenses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing income [Abstract] | |||
Interest income from banks and others | $ 8 | $ 3 | $ 1 |
Financing income recorded in relation to employee benefits | 0 | 7 | 0 |
Net change in fair value of derivative financial instruments | 83 | 0 | 104 |
Net gain from changes in exchange rates | 0 | 46 | 0 |
Finance income | 91 | 56 | 105 |
Financing expenses [Abstract] | |||
Interest expenses to banks and others | 128 | 117 | 120 |
Financing expenses in relation to employee's benefits plans | 39 | 0 | 38 |
Banks and finance institutions commissions (mainly commission on early repayment of loans) | 0 | 18 | 16 |
Net change in fair value of derivative financial instruments | 0 | 101 | 0 |
Net loss from changes in exchange rates | 72 | 0 | 78 |
Financing expenses | 239 | 236 | 252 |
Net of borrowing costs capitalized | 19 | 22 | 23 |
Finance expenses | 220 | 214 | 229 |
Net financing expenses recorded in the income statements | $ 129 | $ 158 | $ 124 |
Financial Instruments and Ris_3
Financial Instruments and Risk Management (Narratives) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Notes to Consolidated Financial Statements [Abstract] | |
Issued and outstanding share capital investment rate | 15.00% |
Issued and outstanding share capital investment | $ 151 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | $ 95 | $ 121 | $ 83 | $ 87 |
Short-term investments and deposits | 96 | 92 | ||
Trade receivables | 778 | 990 | ||
Other receivables | 403 | 295 | ||
Financial assets available for sale | 111 | 145 | ||
Other non-current assets | 286 | 387 | ||
Short-term credit | (420) | (610) | ||
Trade payables | (712) | (715) | ||
Other current liabilities | (587) | (647) | ||
Long-term debt and debentures | (2,181) | (1,815) | ||
Other non-current liabilities | (52) | (10) | ||
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 | 11 | 13 | ||
Financial assets available for sale | 0 | 0 | ||
Other non-current assets | 57 | 15 | ||
Total financial assets | 68 | 28 | ||
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 | 68 | 28 | ||
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 | 40 | 0 | ||
Financial assets available for sale | 111 | 145 | ||
Other non-current assets | 0 | 0 | ||
Total financial assets | 151 | 145 | ||
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 | 151 | 145 | ||
Measured at amortized cost [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Cash and cash equivalents | 95 | 121 | ||
Short-term investments and deposits | 96 | 92 | ||
Trade receivables | 778 | 990 | ||
Other receivables | 105 | 30 | ||
Financial assets available for sale | 0 | 0 | ||
Other non-current assets | 6 | 66 | ||
Total financial assets | 1,080 | 1,299 | ||
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 | 1,080 | 1,299 | ||
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 | ||
Financial assets available for sale | 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 | (8) | (21) | ||
Long-term debt and debentures | 0 | 0 | ||
Other non-current liabilities | (6) | 0 | ||
Total financial liabilities | (14) | (21) | ||
Total financial instruments, net | (14) | (21) | ||
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 | ||
Financial assets available for sale | 0 | 0 | ||
Other non-current assets | 0 | 0 | ||
Total financial assets | 0 | 0 | ||
Short-term credit | (420) | (610) | ||
Trade payables | (712) | (715) | ||
Other current liabilities | (128) | (131) | ||
Long-term debt and debentures | (2,181) | (1,815) | ||
Other non-current liabilities | (38) | (6) | ||
Total financial liabilities | (3,479) | (3,277) | ||
Total financial instruments, net | $ (3,479) | $ (3,277) |
Financial Instruments and Ris_5
Financial Instruments and Risk Management (Credit Risk - Maximum Exposure to Credit Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | $ 1,148 | $ 1,327 |
Cash and cash equivalents [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 95 | 121 |
Short term investments and deposits [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 96 | 92 |
Trade receivables [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 778 | 990 |
Other receivables [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | 116 | 43 |
Other non-current assets [Member] | ||
Maximum Exposure to credit risk Financial assets [Line Items] | ||
Carrying amount | $ 63 | $ 81 |
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, 2019 | Dec. 31, 2018 |
Disclosure of financial instruments [Line Items] | ||
Carrying amount | $ 778 | $ 990 |
Israel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 72 | 72 |
Europe [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 252 | 294 |
Asia [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 249 | 342 |
North America [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 114 | 150 |
Others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | 17 | 26 |
South America [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Carrying amount | $ 74 | $ 106 |
Financial Instruments and Ris_7
Financial Instruments and Risk Management (Credit Risk - Aging of Trade Receivables) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Gross [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | $ 781 | $ 993 |
Gross [Member] | Not past due [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 686 | 829 |
Gross [Member] | Past due up to 3 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 65 | 114 |
Gross [Member] | Past due 3 to 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 26 | 38 |
Gross [Member] | Past due over 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | 4 | 12 |
Accumulated impairment [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | (3) | (3) |
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) | (1) |
Accumulated impairment [Member] | Past due over 12 months [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Trade receivables | $ (2) | $ (2) |
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, 2019 | Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | ||
Balance at start of period | $ 3 | $ 11 |
Additional allowance | 2 | 1 |
Write offs | (1) | (7) |
Reversals | (1) | (1) |
Change due to translation differences | 0 | (1) |
Balance at end of period | $ 3 | $ 3 |
Financial Instruments and Ris_9
Financial Instruments and Risk Management (Liquidity Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term credit (not including current maturities) | $ 420 | $ 610 |
Trade payables | 712 | 715 |
Other current liabilities | 587 | 647 |
Long-term debt, debentures and others | 2,181 | 1,815 |
Not past due [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term credit (not including current maturities) | 358 | 544 |
Trade payables | 712 | 715 |
Other current liabilities | 128 | 131 |
Long-term debt, debentures and others | 2,281 | 1,887 |
Non-derivatives financial liabilities | 3,479 | 3,277 |
Not past due [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 14 | 21 |
Not past due [Member] | Foreign currency and interest derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 16 | |
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 | 11 | |
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 | 3 | 5 |
12 months or less [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term credit (not including current maturities) | 361 | 556 |
Trade payables | 712 | 715 |
Other current liabilities | 128 | 131 |
Long-term debt, debentures and others | 157 | 152 |
Non-derivatives financial liabilities | 1,358 | 1,554 |
12 months or less [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 8 | 20 |
12 months or less [Member] | Foreign currency and interest derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 16 | |
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 | 5 | |
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 | 3 | 4 |
Second year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt, debentures and others | 368 | 17 |
Second year [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term credit (not including current maturities) | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt, debentures and others | 645 | 453 |
Non-derivatives financial liabilities | 645 | 453 |
Second year [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | 1 |
Second year [Member] | Foreign currency and interest derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | |
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 | |
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 | 0 | 1 |
3-5 years [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term credit (not including current maturities) | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt, debentures and others | 1,101 | 1,084 |
Non-derivatives financial liabilities | 1,101 | 1,084 |
3-5 years [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 0 | 0 |
3-5 years [Member] | Foreign currency and interest 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 | |
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 | 0 |
Third year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt, debentures and others | 161 | 273 |
Fourth year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt, debentures and others | 142 | 113 |
Fifth year [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt, debentures and others | 799 | 308 |
Sixth year and thereafter [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Long-term debt, debentures and others | 711 | 1,104 |
Sixth year and thereafter [Member] | Non-derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Short term credit (not including current maturities) | 0 | 0 |
Trade payables | 0 | 0 |
Other current liabilities | 0 | 0 |
Long-term debt, debentures and others | 1,288 | 1,166 |
Non-derivatives financial liabilities | 1,288 | 1,166 |
Sixth year and thereafter [Member] | Derivative instruments [Member] | ||
Disclosure of risk management strategy related to hedge accounting [Line Items] | ||
Derivatives financial liabilities | 6 | 0 |
Sixth year and thereafter [Member] | Foreign currency and interest 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 | 6 | |
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 | $ 0 |
Financial Instruments and Ri_10
Financial Instruments and Risk Management (Market Risk - Interest Rate Profile) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fixed rate instruments [Member] | ||
Disclosure of financial instruments by type of interest rate [Line Items] | ||
Financial assets | $ 164 | $ 151 |
Financial liabilities | (1,947) | (1,728) |
Total financial instruments, net | (1,783) | (1,577) |
Variable rate instruments [Member] | ||
Disclosure of financial instruments by type of interest rate [Line Items] | ||
Financial assets | 100 | 128 |
Financial liabilities | (669) | (714) |
Total financial instruments, net | $ (569) | $ (586) |
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, 2019USD ($) | |
Decrease 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | $ (10) |
Decrease 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (5) |
Increase 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 5 |
Increase 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 10 |
Non-derivative instruments [Member] | Decrease 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 4 |
Non-derivative instruments [Member] | Decrease 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 2 |
Non-derivative instruments [Member] | Increase 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (2) |
Non-derivative instruments [Member] | Increase 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (4) |
Swap contract [Member] | Decrease 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (14) |
Swap contract [Member] | Decrease 1% [Member] | Changes in Israeli Shekel interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 16 |
Swap contract [Member] | Decrease 1% [Member] | Changes in Euro interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (1) |
Swap contract [Member] | Decrease 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (7) |
Swap contract [Member] | Decrease 0.5% [Member] | Changes in Israeli Shekel interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 8 |
Swap contract [Member] | Decrease 0.5% [Member] | Changes in Euro interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 0 |
Swap contract [Member] | Increase 0.5% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 7 |
Swap contract [Member] | Increase 0.5% [Member] | Changes in Israeli Shekel interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (8) |
Swap contract [Member] | Increase 0.5% [Member] | Changes in Euro interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 0 |
Swap contract [Member] | Increase 1% [Member] | Changes in US Dollar interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | 14 |
Swap contract [Member] | Increase 1% [Member] | Changes in Israeli Shekel interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | (16) |
Swap contract [Member] | Increase 1% [Member] | Changes in Euro interest [Member] | |
Disclosure of financial instruments [Line Items] | |
Impact on profit (loss) | $ 1 |
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, 2019 | Dec. 31, 2018 | |
SWAP contracts from variable interest to fixed interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount (fair value) | $ (6) | $ 0 |
Stated amount | $ 150 | $ 250 |
Maturity date (in years) | 2024 | 2019-2024 |
Interest rate range | 2.47%-2.599% | 1.7%-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) | $ (3) | $ (1) |
Stated amount | $ 447 | $ 334 |
Maturity date (in years) | 19/02/2020 | 15/2/2019 |
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) | $ 57 | $ 15 |
Stated amount | $ 482 | $ 486 |
Maturity date (in years) | 2024 | 30/3/2024 |
Interest rate range | 2.45%-4.474% | 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, 2019 | Dec. 31, 2018 | |
Euro/U.S Dollar [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ (95) | $ (64) |
U.S Dollar/British Pound [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (4) | (3) |
U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 98 | 92 |
U.S Dollar/Chinese Yuan Renminbi [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | (12) |
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, 2019 | Dec. 31, 2018 | |
Euro/U.S Dollar [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ (95) | $ (64) |
U.S Dollar/British Pound [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (4) | (3) |
U.S Dollar/Israeli Shekel [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 98 | 92 |
U.S Dollar/Chinese Yuan Renminbi [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | (12) |
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) | 4 | |
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) | 0 | |
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) | 52 | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 22 | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (8) | |
Option contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (38) | |
Swap contract [Member] | Euro/U.S Dollar [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (45) | |
Swap contract [Member] | Euro/U.S Dollar [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (22) | |
Swap contract [Member] | Euro/U.S Dollar [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 22 | |
Swap contract [Member] | Euro/U.S Dollar [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 45 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 63 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 30 | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (27) | |
Swap contract [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (52) | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (6) | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (3) | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 3 | |
Forward contracts [Member] | Euro/U.S Dollar [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 7 | |
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) | 34 | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 16 | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (15) | |
Forward contracts [Member] | U.S Dollar/Israeli Shekel [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (28) | |
Forward contracts [Member] | U.S Dollar/Japanese Yen [Member] | Decrease 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | (1) | |
Forward contracts [Member] | U.S Dollar/Japanese Yen [Member] | Decrease 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 0 | |
Forward contracts [Member] | U.S Dollar/Japanese Yen [Member] | Increase 5% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | 0 | |
Forward contracts [Member] | U.S Dollar/Japanese Yen [Member] | Increase 10% [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Impact on profit (loss) | $ 1 |
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, 2019USD ($) | Dec. 31, 2018USD ($) | |
Put options [Member] | U.S Dollar/ILS [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 4 | $ 1 |
Stated amount | $ 600 | $ 695 |
Average exchange rate | 3.4 | 3.6 |
Put options [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ 0 |
Stated amount | $ 45 | $ 3 |
Average exchange rate | 1.1 | 114.3 |
Put options [Member] | U.S Dollar/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | |
Stated amount | $ 15 | |
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 | $ 1 | $ 11 |
Average exchange rate | 108.5 | 1.3 |
Call options [Member] | U.S Dollar/ILS [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | $ (15) |
Stated amount | $ 440 | $ 695 |
Average exchange rate | 3.4 | 3.6 |
Call options [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 1 | $ 0 |
Stated amount | $ 45 | $ 3 |
Average exchange rate | 1.1 | 114.3 |
Call options [Member] | U.S Dollar/Japanese Yen [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 0 | |
Stated amount | $ 11 | |
Average exchange rate | 1.3 | |
Swap contract [Member] | U.S Dollar/ILS [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 57 | $ 15 |
Stated amount | $ 482 | $ 486 |
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 | $ (3) | |
Stated amount | $ 447 | |
Average exchange rate | 1.1 | |
SWAP contracts from variable interest to fixed interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ (6) | $ 0 |
Stated amount | 150 | 250 |
SWAP contracts from variable USD interest to fixed EUR interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | (3) | (1) |
Stated amount | 447 | 334 |
SWAP contracts from fixed ILS interest to fixed USD interest [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | 57 | 15 |
Stated amount | 482 | 486 |
Forward contracts [Member] | U.S Dollar/ILS [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | 0 | 2 |
Stated amount | $ 309 | $ 352 |
Average exchange rate | 3.5 | 3.7 |
Forward contracts [Member] | Euro/U.S Dollar [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ (1) | $ 2 |
Stated amount | $ 61 | $ 86 |
Average exchange rate | 1.1 | 1.2 |
Forward contracts [Member] | Euro/British Pound [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 1 | |
Stated amount | $ 19 | |
Average exchange rate | 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 | $ 33 | $ 32 |
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 | $ 0 |
Stated amount | $ 28 | $ 29 |
Average exchange rate | 7.1 | 6.5 |
Forward contracts [Member] | Other [Member] | ||
Disclosure of detailed information about hedges [Line Items] | ||
Carrying amount | $ 4 | $ 0 |
Stated amount | $ 56 | $ 37 |
Average exchange rate | 0.9 | 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, 2019 | Dec. 31, 2018 | |
U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | $ (1,266) | $ (1,014) |
U.S Dollar risk[Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 575 | 697 |
U.S Dollar risk[Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 18 | 41 |
U.S Dollar risk[Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 89 | 74 |
U.S Dollar risk[Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 381 | 516 |
U.S Dollar risk[Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 84 | 6 |
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 | 3 | 60 |
U.S Dollar risk[Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,841 | 1,711 |
U.S Dollar risk[Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 198 | 201 |
U.S Dollar risk[Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 172 | 150 |
U.S Dollar risk[Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 19 | 38 |
U.S Dollar risk[Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,452 | 1,322 |
Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 378 | 337 |
Euro risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 214 | 259 |
Euro risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 19 | 21 |
Euro risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1 | 3 |
Euro risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 177 | 222 |
Euro risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 16 | 12 |
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 | 389 | 387 |
Euro risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 95 | 166 |
Euro risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 178 | 188 |
Euro risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 44 | 28 |
Euro risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 72 | 5 |
British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 16 | 80 |
British Pound risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 41 | 64 |
British Pound risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 4 |
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 | 37 | 60 |
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 | 73 | 46 |
British Pound risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 18 | 19 |
British Pound risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 22 | 23 |
British Pound risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 4 |
British Pound risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 29 | 0 |
Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 500 | 776 |
Israeli Shekel risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 57 | 75 |
Israeli Shekel risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 2 |
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 | 50 | 60 |
Israeli Shekel risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 3 | 12 |
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 | 0 | 1 |
Israeli Shekel risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 948 | 832 |
Israeli Shekel risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 58 | 34 |
Israeli Shekel risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 247 | 265 |
Israeli Shekel risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 47 | 53 |
Israeli Shekel risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 596 | 480 |
Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 65 | 34 |
Chinese Yuan Renminbi risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 235 | 266 |
Chinese Yuan Renminbi risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 33 | 37 |
Chinese Yuan Renminbi risk [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 3 | 12 |
Chinese Yuan Renminbi risk [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 48 | 72 |
Chinese Yuan Renminbi risk [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 40 | 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 | 111 | 145 |
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 | 198 | 261 |
Chinese Yuan Renminbi risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 47 | 184 |
Chinese Yuan Renminbi risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 79 | 72 |
Chinese Yuan Renminbi risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 12 | 4 |
Chinese Yuan Renminbi risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 60 | 1 |
Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 10 | 4 |
Brazilian Real risk [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 30 | 34 |
Brazilian Real risk [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 6 | 5 |
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 | 22 | 25 |
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 | 2 | 4 |
Brazilian Real risk [Member] | Total financial liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 20 | 30 |
Brazilian Real risk [Member] | Short-term credit [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 6 |
Brazilian Real risk [Member] | Trade payables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 9 | 11 |
Brazilian Real risk [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
Brazilian Real risk [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 7 | 13 |
Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 124 | 79 |
Other [Member] | Total financial assets [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 79 | 49 |
Other [Member] | Cash and cash equivalents [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 11 | 11 |
Other [Member] | Short term investments and deposits [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 3 | 3 |
Other [Member] | Trade receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 63 | 35 |
Other [Member] | Other receivables [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | 0 |
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 | 11 | 10 |
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 | 5 | 6 |
Other [Member] | Other current liabilities [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 2 | 4 |
Other [Member] | Long term debt, debentures and others [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 4 | 0 |
Non-derivative instruments [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (1,266) | (1,014) |
Non-derivative instruments [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (175) | (128) |
Non-derivative instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (32) | 18 |
Non-derivative instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | (891) | (757) |
Non-derivative instruments [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 37 | 5 |
Non-derivative instruments [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 10 | 4 |
Non-derivative instruments [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 68 | 39 |
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 | 553 | 465 |
Derivative instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 48 | 62 |
Derivative instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 1,391 | 1,533 |
Derivative instruments [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 28 | 29 |
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 | 56 | 40 |
SWAP USD into ILS [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into ILS [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into ILS [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into ILS [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 482 | 486 |
SWAP USD into ILS [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into ILS [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into ILS [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into Euro [Member] | U.S Dollar risk[Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into Euro [Member] | Euro risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 447 | 334 |
SWAP USD into Euro [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into Euro [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into Euro [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into Euro [Member] | Brazilian Real risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 0 |
SWAP USD into Euro [Member] | Other [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 0 | 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 | 45 |
Cylinder instruments [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 15 | 11 |
Cylinder instruments [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 600 | 695 |
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 | 0 | 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 | 61 | 86 |
Forward contracts [Member] | British Pound risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 33 | 51 |
Forward contracts [Member] | Israeli Shekel risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 309 | 352 |
Forward contracts [Member] | Chinese Yuan Renminbi risk [Member] | ||
Disclosure of financial instruments [Line Items] | ||
Exposure on monetary balances | 28 | 29 |
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 | $ 56 | $ 37 |
Financial Instruments and Ri_17
Financial Instruments and Risk Management (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Carrying amount [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Loans bearing fixed interest | [1] | $ 74 | $ 238 |
Debentures bearing fixed interest | 1,592 | 1,720 | |
Carrying amount [Member] | Marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Debentures bearing fixed interest | [2] | 1,237 | 1,201 |
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] | 82 | 244 |
Debentures bearing fixed interest | 1,770 | 1,740 | |
Fair value [Member] | Marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Debentures bearing fixed interest | [2] | 1,395 | 1,217 |
Fair value [Member] | Non marketable [Member] | |||
Disclosure of financial instruments [Line Items] | |||
Debentures bearing fixed interest | [3] | $ 293 | $ 279 |
[1] | The fair value of the shekel and euro 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, 2019, for the shekel and euro loans was 1.4% and 1.3%, respectively (December 31, 2018, for the shekel and euro loans 2.8% and 1.7%, 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, 2019 was 3.7% (December 31, 2018 – 5.3%). |
Financial Instruments and Ri_18
Financial Instruments and Risk Management (Hierarchy of Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Disclosure of financial instruments [Line Items] | ||||
Financial assets available for sale | $ 111 | $ 145 | ||
Level 1 [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Financial assets available for sale | 151 | [1] | 0 | |
Derivatives used for economic hedging, net | 0 | 0 | ||
Derivatives used for accounting hedging, net | 0 | 0 | ||
Total | 151 | 0 | ||
Level 2 [Member] | ||||
Disclosure of financial instruments [Line Items] | ||||
Financial assets available for sale | 0 | 145 | [1] | |
Derivatives used for economic hedging, net | (3) | 7 | ||
Derivatives used for accounting hedging, net | 57 | 0 | ||
Total | $ 54 | $ 152 | ||
[1] | An investment of 15% in the capital share of YYTH was subject to a three-year lock up period, as required by Chinese law, which expired in January 2019. Due to the said expiration, the investment is presented under level 1, as per its quoted price in the market |
Earnings per Share (Narratives)
Earnings per Share (Narratives) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 17.5 million options (at December 31, 2018 and 2017 – 5 million options and 20 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Earnings attributed to the shareholders of the Company | $ 475 | $ 1,240 | $ 364 |
Earnings per Share (Weighted-av
Earnings per Share (Weighted-average Number of Ordinary Shares) (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Balance as at January 1 | 1,278,084 | 1,276,238 | 1,274,298 |
Shares issued during the year | 98 | 73 | 1,054 |
Shares vested | 768 | 898 | 720 |
Weighted average number of ordinary shares used in computation of the basic earnings per share | 1,278,950 | 1,277,209 | 1,276,072 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Weighted average number of ordinary shares used in computation of the basic earnings per share | 1,278,950 | 1,277,209 | 1,276,072 |
Effect of stock options and restricted shares | 3,106 | 2,572 | 925 |
Weighted average number of ordinary shares used in computation of the diluted earnings per share | 1,282,056 | 1,279,781 | 1,276,997 |
Related and Interested Partie_2
Related and Interested Parties (Narratives) (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
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, 2019 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 the Liberian company, Court Investments Ltd. (“Court”). Court is wholly owned by a discretionary trust, in which Mr. Idan Ofer is the beneficiary. XT Investments is fully held by XT Holdings Ltd. (“XT Holdings”), a private 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 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 previously reported, Israel Corp. entered into certain forward sale agreement with respect to certain amount of Ordinary Shares. Based on the information provided by Israel Corp., as of December 31, 2019, settlement of such forward agreements was finalized, and Israel Corp. did not regain voting rights and dispositive power with respect to the Ordinary Shares that were subject to such forward agreements ("physical settlement"). 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, 2019, 166 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 $310 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, 2019 | Dec. 31, 2018 | |
Notes to Consolidated Financial Statements [Abstract] | ||
Short-term benefits | $ 13 | $ 11 |
Post-employment benefits | 1 | 1 |
Share-based payments | 8 | 4 |
Total | 22 | 16 |
To interested parties employed by the Company | 5 | 5 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Notes to Consolidated Financial Statements [Abstract] | |||
Sales | $ 4 | $ 5 | $ 8 |
Cost of sales | 8 | 19 | 97 |
Selling, transport and marketing expenses | 10 | 7 | 8 |
Financing expenses (income), net | (1) | 3 | (9) |
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, 2019 | Dec. 31, 2018 |
Notes to Consolidated Financial Statements [Abstract] | ||
Other current assets | $ 27 | $ 28 |
Other current liabilities | $ 2 | $ 7 |
Group Entities (Information) (D
Group Entities (Information) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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% |
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 Europe B.V. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL 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 NA, Inc. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Everris NA, 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% |
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 Bitterfeld GmbH [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL 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% |
Pulse-Tex GmbH (Ex- Rovita) [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Pulse-Tex GmbH (Ex- Rovita) | |
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% |
Everris Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | Everris 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 Investment Co. Ltd. [Member] | ||
Disclosure of subsidiaries [Line Items] | ||
Name of company | ICL 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. | |
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% |