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Equity (Tables) | 12 Months Ended
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Dec. 31, 2021
Equity [abstract] |
Composition of equity |
| A. | Composition:
| As of December 31, 2021 | As of December 31, 2020
| Authorized | Issued and paid | Authorized | Issued and paid
Number of ordinary shares of Israeli Shekel 1 par value (in millions) | 1,485 | 1,312 | 1,485 | 1,305
Number of Special State shares of Israeli Shekel 1 par value | 1 | 1 | 1 | 1
(*) For information regarding the amount of treasury shares, see Note 19.G.(1).
Reconciliation of the number of shares outstanding | The reconciliation of the number of shares outstanding at the beginning and end of the year is as follows:
| Number of Outstanding Shares (in millions)
As of January 1, 2020 | 1,305
Issuance of shares | -
As of December 31, 2020 | 1,305
Issuance of shares | 7
As of December 31, 2021 | 1,312
Share-based payments to employees, non-marketable options |
| 1. | 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 amended 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.
June 30, 2016 | Officers and senior employees | 3,035 | 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 | June 30, 2023
September 5, 2016 | 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
March 6, 2018 | Officers and senior employees | 5,554 | March 6, 2025
Grant date | Employees entitled | Number of instruments (thousands) | Issuance’s details | Instrument terms | Vesting conditions | Expiration date
May 14, 2018 | CEO | 385 | An issuance of non-marketable and non-transferrable options, for no consideration, under the amended 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 | May 14, 2025
August 20, 2018 | Former chairman of BOD | 403 | August 20, 2025
April 15, 2019 | Officers and senior manager | 13,242 | 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 | 3,512
May 29, 2019 * | Chairman of BOD | 2,169
June 30, 2021 | Senior employees | 647
* 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 amended equity compensation plan, was estimated using the binomial model for pricing options. The grants in 2016 until 2019 and 2021 under the amended 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 2016 | Granted 2017 | Granted 2018 | Granted 2019 | Granted 2021
Share price (in $) | 8.2 | 3.9 | 4.5 | 4.4 | 5.4 | 6.8
CPI-linked exercise price (in $) | 8.4 | 4.3 | 4.3 | 4.3 | 5.3 | 7.1
Expected volatility: |  |  |  |  |  |
First tranche | 29.40% | 30.51% | 31.88% | 28.86% | 27.85% | 31.70%
Second tranche | 31.20% | 30.51% | 31.88% | 28.86% | 27.85% | 31.70%
Third tranche | 40.80% | 30.51% | 31.88% | 28.86% | - | -
Expected life of options (in years): |  |  |  |  |  |
First tranche | 4.3 | 7.0 | 7.0 | 7.0 | 4.4 | 4.4
Second tranche | 5.3 | 7.0 | 7.0 | 7.0 | 4.4 | 4.4
Third tranche | 6.3 | 7.0 | 7.0 | 7.0 | - | -
Risk-free interest rate: |  |  |  |  |  |
First tranche | (0.17)% | 0.01% | 0.37% | 0.03% | (0.67)% | 0.43%
Second tranche | 0.05% | 0.01% | 0.37% | 0.03% | (0.67)% | 0.43%
Third tranche | 0.24% | 0.01% | 0.37% | 0.03% | - | -
Fair value (in $ millions) | 8.4 | 4.0 | 11.3 | 8.8 | 7.5 | 0.6
Weighted average grant date fair value per option (in $) | 1.9 | 1.1 | 1.6 | 1.4 | 1.2 | 1.3
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)
Balance as of January 1, 2020 | 30
Movement in 2020: |
Expired during the year | (2)
Exercised during the year | (1)
Total options outstanding as of December 31, 2020 | 27
Movement in 2021: |
Granted during the year | 1
Exercised during the year | (16)
Total options outstanding as of December 31, 2021 | 12
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, 2021 | December 31, 2020 | December 31, 2019
Granted 2014 US Dollar | - | - | 7.15
Granted 2016 US Dollar | 4.61 | 4.56 | 4.36
Granted 2017 US Dollar | 4.19 | 4.17 | 4.01
Granted 2018 US Dollar | 4.11 | 4.12 | 3.99
Granted 2019 US Dollar | 5.77 | 5.66 | 5.42
Granted 2021 US Dollar | 7.39 | - | -
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 of the exercise price for these options are as follows (*):
| December 31, 2021 | December 31, 2020 | December 31, 2019
Number of options exercisable (in Millions) | 4 | 11 | 12
Weighted average exercise price in Israeli Shekel | 14.29 | 13.89 | 15.19
Weighted average exercise price in US Dollar | 4.59 | 4.32 | 4.40
(*) The share price as of December 31, 2021, is NIS 30.01 and $9.65.
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 is as follows:
| December 31, 2021 | December 31, 2020 | December 31, 2019
Range of exercise price in Israeli Shekel | 12.77-18.06 | 13.15-18.32 | 13.55-24.71
Range of exercise price in US Dollar | 4.11-5.81 | 4.09-5.70 | 3.92-7.15
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 is as follows:
| December 31, 2021 | December 31, 2020 | December 31, 2019
Average remaining contractual life | 2.83 | 3.58 | 3.85
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)
June 30, 2016 | Officers and senior employees | 990 | 3 equal tranches: (1) one third at the end of 12 months after the grant date (2) one third at the end of 24 months after the grant date (3) one third at the end of 36 months after the grant date | An issuance for no consideration, under the amended 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 approval date of the General Meeting where required). | 4.1
September 5, 2016 | Former chairman of BOD | 55
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
April 23, 2020 | ICL’s Directors (excluding directors who are officers or directors of Israel Corporation Ltd.) | 177 | 3 equal tranches: (1) one third on January 1, 2021 (2) one third on January 1, 2022 (3) one third on January 1,2023 | 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 annual General Meeting of shareholders). | 0.6
Dividends distributed to the Company's Shareholders |
The date of Board of Directors’ decision 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 4, 2019 | March 13, 2019 | 62 | 61 | 0.05
May 6, 2019 | June 19, 2019 | 76 | 75 | 0.06
July 30, 2019 | September 24, 2019 | 74 | 73 | 0.06
November 5, 2019 | December 18, 2019 | 65 | 64 | 0.05
Total 2019 |  | 277 | 273 | 0.22
February 11, 2020 | March 18, 2020 | 23 | 23 | 0.02
May 10, 2020 | June 17, 2020 | 30 | 30 | 0.02
July 27, 2020 | September 16, 2020 | 36 | 36 | 0.03
November 10, 2020 | December 16, 2020 | 29 | 29 | 0.02
Total 2020 |  | 118 | 118 | 0.09
February 10, 2021 | March 16, 2021 | 34 | 34 | 0.03
May 5, 2021 | June 16, 2021 | 67 | 67 | 0.05
July 27, 2021 | September 1, 2021 | 68 | 68 | 0.05
November 3, 2021 | December 15, 2021 | 107 | 107 | 0.08
Total 2021 |  | 276 | 276 | 0.21
February 8, 2022* | March 8, 2022 | 169 | 169 | 0.13
(*) The record date is February 23, 2022, and the payment date is March 8, 2022.

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