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Operating Segments | 12 Months Ended
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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 flame retardants and additional phosphorus‑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.

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