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Operating Segments | 12 Months Ended
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Dec. 31, 2018
Notes to Consolidated Financial Statements [Abstract] |
Note 5 - Operating Segments | Note 5 - Operating Segments A. General 1. Information on operating segments: ICL is a global specialty minerals and chemicals company operating bromine, potash and phosphate mineral value chains in a unique, integrated business model. To align with ICL's strategy of enhancing market leadership across its three core-mineral value chains of bromine, potash and phosphate, as well as realizing the growth potential of Innovative Ag Solutions, commencing August 31, 2018, the Company operates via four segments: Industrial Products, Potash, Phosphate Solutions and Innovative Ag Solutions. The comparative data has been restated to reflect the change in the structure of the reportable segments, as stated above. Industrial Products – Industrial Products segment produces bromine out of a solution that is a by‑product of the potash production process in Sodom, Israel, as well as bromine‑based compounds. Industrial Products segment uses most of the bromine it produces for self‑production of bromine compounds at its production sites in Israel, the Netherlands and China. In addition, the segment produces several grades of potash, salt, magnesium chloride and magnesia products. The segment is also engaged in the production and marketing of phosphorous-based flame retardants and additional phosphorus‑based products. Potash – The P otash segment uses an evaporation process to extract potash from the Dead Sea and uses conventional mining to produce potash and salt from an underground mine in Spain. The segment markets its potash fertilizers globally and also carries on certain other operations not solely related to the potash activities. At the end of the second quarter of 2018, the Company ceased the production of potash in the ICL Boulby mine in the UK and shifted to sole production of Polysulphate™. The Polysulphate™ is produced in an underground mine at ICL Boulby in the UK, and is the basis for a significant part of the Company's FertilizerpluS product line. The segment also includes magnesium activities under which it produces, markets and sells pure magnesium and magnesium alloys, and also produces related by-products, including chlorine and sylvinite. In addition, the Potash segment sells salt that produced in its underground mines in Spain and UK. Note 5 - Operating Segments (cont’d) A. General (cont’d) 1. Information on operating segments: (cont'd) Phosphate Solutions – The Phosphate Solutions segment is based on a phosphate value chain which uses phosphate commodity products, such as phosphate rock and fertilizer-grade phosphoric acid (“green phosphoric acid”), to produce specialty products with higher added value. The segment also produces and markets phosphate-based fertilizers. Phosphate rock is mined and processed from open pit mines, three of which are located in the Negev Desert in Israel while the fourth is located in Yunnan province in China. Sulphuric acid, green phosphoric acid and phosphate fertilizers are produced in facilities in Israel, China and Europe. The Phosphate Solutions segment purifies some of its green phosphoric acid and manufactures thermal phosphoric acid to provide solutions based on specialty phosphate salts and acids for diversified industrial end markets, such as oral care, cleaning products, paints and coatings, water treatment, asphalt modification, construction and metal treatment. The specialty phosphate salts and acids are mainly produced in the Company’s facilities in US, Brazil, Germany and China. The segment is also a leader in developing and producing functional food ingredients and phosphate additives, which provide texture and stability solutions for the processed meat, poultry, seafood, dairy, beverage and baked goods markets. In addition, the segment supplies pure phosphoric acid to ICL’s specialty fertilizers business and produces milk and whey proteins for the food ingredients industry. Innovative Ag Solutions – The Innovative Ag Solutions segment was established on the foundations of ICL’s specialty fertilizers business. The segment aims to achieve global leadership by enhancing its global positions in its core markets of specialty agriculture, ornamental horticulture, turf and landscaping, targeting high-growth markets such as Latin America, 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, slow release fertilizers (SRF) 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 and the US, liquid fertilizers and soluble fertilizers in Israel and Spain, and controlled‑release fertilizers in the Netherlands and the United States. ICL's specialty fertilizers business markets its products worldwide, mainly in Europe, Asia, North America and Israel. The segment will also function as ICL’s innovative arm, which will seek to focus on R&D, as well as implementing digital innovation. Other Activities – business activities that are not reviewed regularly by the organization’s chief operating decision maker. Note 5 - Operating Segments (cont’d) A. General (cont’d) 2. Segment capital investments The capital investments made by the segments, for each of the reporting years, include mainly property, plant and equipment and intangible assets acquired in the ordinary course of business and as part of business combinations. 3. Inter–segment transfers and unallocated income (expenses) Segment revenues, expenses and results include inter-segment transfers, which are priced mainly based on transaction prices in the ordinary course of business – this being based on reports that are regularly reviewed by the chief operating decision maker. These transfers are eliminated as part of consolidation of the financial statements. The segment profit is measured based on the operating income, without certain expenses that are not allocated to the operating segments including general and administrative expenses, as it is included in reports that are regularly reviewed by the chief operating decision maker. Note 5 - Operating Segments (cont’d) B. Operating segment data
| Industrial Products | Potash | Phosphate Solutions | Innovative Ag Solutions | Other Activities | Reconciliation | Consolidated
| $ millions
For the year ended December 31, 2018 |  |  |  |  |  |  |
Sales to external parties | 1,281 | 1,481 | 2,001 | 719 | 74 | - | 5,556
Inter-segment sales | 15 | 142 | 98 | 22 | 5 | (282) | -
Total sales | 1,296 | 1,623 | 2,099 | 741 | 79 | (282) | 5,556
Segment profit | 350 | 393 | 208 | 57 | 9 | (7) | 1,010
General and administrative expenses |  |  |  |  |  |  | (257)
Other income not allocated to the segments |  |  |  |  |  |  | 766
Operating income |  |  |  |  |  |  | 1,519
Financing expenses, net |  |  |  |  |  |  | (158)
Share in earnings of equity-accounted investee |  |  |  |  |  |  | 3
Income before income taxes |  |  |  |  |  |  | 1,364
Capital expenditures | 50 | 356 | 180 | 15 | 1 | 3 | 605
Depreciation, amortization and impairment | 63 | 141 | 172 | 19 | 4 | 21 | 420
Note 5 - Operating Segments (cont'd) B. Operating segment data (cont'd)
| Industrial Products | Potash | Phosphate Solutions | Innovative Ag Solutions | Other Activities | Reconciliation | Consolidated
| $ millions
For the year ended December 31, 2017 |  |  |  |  |  |  |
Sales to external parties | 1,179 | 1,258 | 1,938 | 671 | 372 | - | 5,418
Inter-segment sales | 14 | 125 | 99 | 21 | 12 | (271) | -
Total sales | 1,193 | 1,383 | 2,037 | 692 | 384 | (271) | 5,418
Segment profit | 303 | 282 | 149 | 56 | 127 | (4) | 913
General and administrative expenses |  |  |  |  |  |  | (261)
Other expenses not allocated to the segments |  |  |  |  |  |  | (23)
Operating income |  |  |  |  |  |  | 629
Financing expenses, net |  |  |  |  |  |  | (124)
Income before income taxes |  |  |  |  |  |  | 505
Capital expenditures | 49 | 270 | 154 | 12 | 19 | 3 | 507
Depreciation, amortization and impairment | 61 | 128 | 172 | 19 | 8 | 30 | 418
Note 5 - Operating Segments (cont’d) B. Operating segment data (cont'd)
| Industrial Products | Potash | Phosphate Solutions | Innovative Ag Solutions | Other Activities | Reconciliation | Consolidated
| $ millions
For the year ended December 31, 2016 |  |  |  |  |  |  |
Sales to external parties | 1,111 | 1,213 | 2,082 | 632 | 325 | - | 5,363
Inter-segment sales | 9 | 125 | 104 | 29 | 15 | (282) | -
Total sales | 1,120 | 1,338 | 2,186 | 661 | 340 | (282) | 5,363
Segment profit | 286 | 282 | 224 | 55 | 93 | (37) | 903
General and administrative expenses |  |  |  |  |  |  | (321)
Other expenses not allocated to the segments |  |  |  |  |  |  | (585)
Operating loss |  |  |  |  |  |  | (3)
Financing expenses, net |  |  |  |  |  |  | (132)
Share in earnings of equity-accounted investees |  |  |  |  |  |  | 18
Loss before income taxes |  |  |  |  |  |  | (117)
Capital expenditures | 38 | 311 | 237 | 7 | 1 | 58 | 652
Depreciation, amortization and impairment | 52 | 127 | 203 | 17 | 3 | 4 | 406
Note 5 - Operating Segments (cont'd) C. Information based on geographical location The following table presents the distribution of ICL's sales by geographical location of the customer:
| 2018 | 2017 | 2016
| $ millions | % of sales | $ millions | % of sales | $ millions | % of sales
USA | 903 | 16 | 1,091 | 20 | 1,070 | 20
China | 848 | 15 | 724 | 13 | 669 | 12
Brazil | 656 | 12 | 594 | 11 | 521 | 10
United Kingdom | 382 | 7 | 328 | 6 | 306 | 6
Germany | 365 | 7 | 378 | 7 | 392 | 7
France | 267 | 5 | 265 | 5 | 226 | 4
Spain | 262 | 5 | 264 | 5 | 258 | 5
Israel | 223 | 4 | 171 | 3 | 237 | 4
India | 211 | 4 | 200 | 4 | 199 | 4
Australia | 126 | 2 | 85 | 2 | 187 | 3
All other | 1,313 | 23 | 1,318 | 24 | 1,298 | 25
Total | 5,556 | 100 | 5,418 | 100 | 5,363 | 100
Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table presents the distribution of the operating segments sales by geographical location of the customer:
| Industrial Products | Potash | Phosphate Solutions | Innovative Ag Solutions | Other Activities | Reconciliation | Consolidated
| $ millions
For the year ended December 31, 2018 |  |  |  |  |  |  |
Europe | 473 | 459 | 719 | 362 | 49 | (92) | 1,970
Asia | 399 | 519 | 481 | 105 | 2 | (18) | 1,488
North America | 347 | 107 | 405 | 103 | 24 | (8) | 978
South America | 21 | 408 | 264 | 21 | 1 | (3) | 712
Rest of the world | 56 | 130 | 230 | 150 | 3 | (161) | 408
Total | 1,296 | 1,623 | 2,099 | 741 | 79 | (282) | 5,556
| Industrial Products | Potash | Phosphate Solutions | Innovative Ag Solutions | Other Activities | Reconciliation | Consolidated
| $ millions
For the year ended December 31, 2017 |  |  |  |  |  |  |
Europe | 456 | 386 | 749 | 326 | 87 | (86) | 1,918
Asia | 351 | 433 | 476 | 100 | 3 | (21) | 1,342
North America | 327 | 116 | 369 | 94 | 282 | (13) | 1,175
South America | 19 | 347 | 277 | 22 | 5 | (4) | 666
Rest of the world | 40 | 101 | 166 | 150 | 7 | (147) | 317
Total | 1,193 | 1,383 | 2,037 | 692 | 384 | (271) | 5,418
Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table presents the distribution of the operating segments sales by geographical location of the customer: (cont'd)
| Industrial Products | Potash | Phosphate Solutions | Innovative Ag Solutions | Other Activities | Reconciliation | Consolidated
| $ millions
For the year ended December 31, 2016 |  |  |  |  |  |  |
Europe | 424 | 421 | 717 | 319 | 77 | (95) | 1,863
Asia | 301 | 396 | 511 | 74 | 6 | (13) | 1,275
North America | 330 | 93 | 380 | 110 | 250 | (22) | 1,141
South America | 25 | 267 | 274 | 19 | 1 | 2 | 588
Rest of the world | 40 | 161 | 304 | 139 | 6 | (154) | 496
Total | 1,120 | 1,338 | 2,186 | 661 | 340 | (282) | 5,363
Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table presents the distribution of ICL's sales by geographical location of the assets:
| For the year ended December 31
| 2018 | 2017 | 2016
| $ millions | $ millions | $ millions
Israel | 2,841 | 2,548 | 2,470
Europe | 2,198 | 2,119 | 2,124
North America | 831 | 1,045 | 1,045
Asia | 617 | 583 | 556
Others | 211 | 215 | 218
| 6,698 | 6,510 | 6,413
Intercompany sales | (1,142) | (1,092) | (1,050)
Total | 5,556 | 5,418 | 5,363
The following table presents operating income (loss) by geographical location of the assets from which it was produced:
| For the year ended December 31
| 2018 | 2017 | 2016
| $ millions | $ millions | $ millions
Europe* | 834 | (45) | (117)
Israel | 526 | 475 | 304
North America | 74 | 154 | 83
Asia | 52 | 8 | (41)
Others | 29 | 33 | (203)
Intercompany eliminations | 4 | 4 | (29)
Total | 1,519 | 629 | (3)
* Europe profit for the year ended December 31, 2018 includes gain from divestiture of businesses in the amount of $841 million. For further information see Note 10. Note 5 - Operating Segments (cont'd) C. Information based on geographical location (cont'd) The following table present the non-current assets by geographical location of the assets (*)
| For the year ended December 31
| 2018 | 2017
| $ millions | $ millions
Israel | 3,570 | 3,387
Europe | 1,228 | 1,227
Asia | 401 | 455
North America | 309 | 321
Other | 59 | 94
Total | 5,567 | 5,484
(*) Mainly consist of property, plant and equipment and intangible assets, non-current inventories and lease rights.

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