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Operating Segments | 12 Months Ended
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Dec. 31, 2020
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 – The 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 potash, salt, magnesium chloride and magnesia 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 an evaporation process to extract potash from the Dead Sea in Israel and conventional mining from an underground mine in Spain. In its ICL 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 produces chlorine and sylvinite. In addition, the segment sells salt that is produced in its potash and Polysulphate® underground mines in Spain and the UK. 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 (regarding to the discontinuation of the production and sale of the phosphate rock activity in Rotem Israel, see Note 12). Sulphuric acid, green phosphoric acid and phosphate fertilizers are produced in facilities in Israel, China and Europe. The Phosphate Solutions segment manufactures purified 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 purified 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 fertilizer markets by enhancing its global positions in its core markets of specialty agriculture, ornamental horticulture, turf and landscaping and by targeting high-growth markets such as Brazil, India and China. The Company also leverages its unique R&D capabilities, vast agronomic experience, global footprint, backward integration to potash and phosphate, and chemistry know-how, as well as seeks M&A opportunities. ICL is working to expand its broad product portfolio of controlled release fertilizers (CRF), water soluble fertilizers (WSF), liquid fertilizers and straight fertilizers (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. This category includes Growers, an innovative company in the field of agricultural data processing and analysis that was acquired in 2020, as part of the Company's strategy to accelerate and expand its digital offerings. For further information, see Note 8. The activities included under "Other activities" do not meet the quantitative thresholds required for presentation as reportable segments. 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. The Segment profit is measured based on the operating profit, without the allocation of certain expenses to the operating segments, as presented in the reports regularly reviewed by the Chief Operating Decision Maker. This measure serves for measuring the segment results, since management believes that it is the most relevant measure for the assessment of the segment results. 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, 2020 |  |  |  |  |  |  |
Sales to external parties | 1,242 | 1,183 | 1,871 | 715 | 32 | - | 5,043
Inter-segment sales | 13 | 163 | 77 | 16 | 3 | (272) | -
Total sales | 1,255 | 1,346 | 1,948 | 731 | 35 | (272) | 5,043
Segment profit (loss) | 303 | 120 | 66 | 40 | (5) | (15) | 509
Other expenses not allocated to the segments |  |  |  |  |  |  | (307)
Operating income |  |  |  |  |  |  | 202
Financing expenses, net |  |  |  |  |  |  | (158)
Share in earnings of equity-accounted investees |  |  |  |  |  |  | 5
Income before income taxes |  |  |  |  |  |  | 49
Depreciation, amortization and impairment | 77 | 166 | 210 | 25 | 3 | 98 | 579
Capital expenditures as part of business combination | - | - | - | - | 26 | - | 26
Capital expenditures | 84 | 296 | 275 | 20 | 6 | 15 | 696
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, 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
Depreciation, amortization and impairment | 67 | 149 | 177 | 21 | 22 | (3) | 433
Implementation of IFRS 16 | 8 | 95 | 113 | 9 | 105 | 9 | 339
Capital expenditures | 66 | 383 | 213 | 21 | 4 | 6 | 693
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
Depreciation, amortization and impairment | 63 | 141 | 172 | 19 | 4 | 21 | 420
Capital expenditures | 50 | 356 | 180 | 15 | 1 | 3 | 605
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:
| 2020 | 2019 | 2018
| $ millions | % of sales | $ millions | % of sales | $ millions | % of sales
China | 806 | 16 | 802 | 15 | 848 | 15
USA | 793 | 16 | 840 | 16 | 903 | 16
Brazil | 447 | 9 | 581 | 11 | 656 | 12
United Kingdom | 336 | 7 | 347 | 7 | 382 | 7
Germany | 327 | 6 | 334 | 6 | 365 | 7
Israel | 260 | 5 | 241 | 5 | 223 | 4
Spain | 243 | 5 | 249 | 5 | 262 | 5
France | 238 | 5 | 257 | 5 | 267 | 5
India | 194 | 4 | 178 | 3 | 211 | 4
Italy | 114 | 2 | 116 | 2 | 125 | 2
All other | 1,285 | 25 | 1,326 | 25 | 1,314 | 23
Total | 5,043 | 100 | 5,271 | 100 | 5,556 | 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, 2020 |  |  |  |  |  |  |
Europe | 458 | 411 | 665 | 334 | 30 | (76) | 1,822
Asia | 405 | 433 | 480 | 127 | 1 | (14) | 1,432
North America | 299 | 86 | 372 | 105 | 2 | (5) | 859
South America | 40 | 230 | 227 | 21 | - | (1) | 517
Rest of the world | 53 | 186 | 204 | 144 | 2 | (176) | 413
Total | 1,255 | 1,346 | 1,948 | 731 | 35 | (272) | 5,043
| 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
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, 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 ICL's sales by geographical location of the main facilities from which it was produced.
| For the year ended December 31
| 2020 | 2019 | 2018
| $ millions | $ millions | $ millions
Israel | 2,636 | 2,815 | 2,841
Europe | 2,014 | 2,079 | 2,198
North America | 757 | 816 | 831
Asia | 643 | 615 | 617
South America | 424 | 441 | 163
Others | 48 | 47 | 48
| 6,522 | 6,813 | 6,698
Intercompany sales | (1,479) | (1,542) | (1,142)
Total | 5,043 | 5,271 | 5,556
The following table presents operating income by geographical location of the assets from which it was produced:
| For the year ended December 31
| 2020 | 2019 | 2018
| $ millions | $ millions | $ millions
Israel* | 105 | 578 | 526
North America | 47 | 61 | 74
Asia | 64 | 59 | 52
Europe** | (50) | 32 | 834
Others | 39 | 22 | 29
Intercompany eliminations | (3) | 4 | 4
Total | 202 | 756 | 1,519
* Israel operating income for 2020 includes a loss of $274 million resulting from impairments and the initiation of efficiency initiatives and measures. For further information, see Note 1B. ** Europe operating income for 2018 includes a gain of $841 million related to the divestiture of businesses. 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 (*)
| As at December 31
| 2020 | 2019
| $ millions | $ millions
Israel | 3,952 | 3,905
Europe | 1,575 | 1,380
Asia | 490 | 434
North America | 319 | 333
Other | 63 | 76
Total | 6,399 | 6,128
(*) Mainly consist of property, plant and equipment, intangible assets and non-current inventories.

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