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Operating Segments | 12 Months Ended
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Dec. 31, 2023
Disclosure of operating segments [abstract] |
Note 5 - Operating Segments | Note 5 - Operating Segments
| A. | General
1. Information on operating segments ICL is a global specialty minerals 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 Growing Solutions. Industrial Products – The Industrial Products segment produces bromine derived from 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 its own 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 specialty mineral products. Industrial Products is also engaged in the production and marketing of phosphorous-based flame retardants and additional phosphorus‑based products. Potash – The Potash segment produces and sells primarily potash, salt, magnesium, as well as electricity. Potash is produced in Israel and Spain using an evaporation process to extract potash from the Dead Sea in Israel, and from conventional mining of an underground mine in Spain. The segment also produces and sells pure magnesium and magnesium alloys, as well as chlorine and sylvinite. In addition, the segment sells salt products produced at its potash site in Spain. The Company operates a power plant in Sodom which supplies electricity to ICL companies in Israel (as well as surplus electricity to external customers) and steam to all facilities at 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 also produced in the facilities in Israel and China. 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, energy storage solutions, 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 products, beverages and baked goods. In addition, the segment supplies pure phosphoric acid to ICL’s specialty fertilizers business and produces organic milk components and whey proteins for the food ingredients industry. 1. Information on operating segments (cont'd) Growing Solutions – The Growing Solutions segment aims to achieve global leadership in plant nutrition markets by enhancing its 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, substantial agronomic experience, global footprint, backward integration to potash, phosphate and polysulphate and chemistry know-how, while integrating and generating synergies from acquired businesses. ICL is continuously working to expand its broad portfolio of specialty plant nutrition, plant stimulation and plant health solutions, which consists of enhanced efficiency and controlled release fertilizers (CRF), organic fertilizers, water soluble fertilizers (WSF), liquid fertilizers and straights (MKP/MAP/PeKacid), soil and foliar micronutrients, secondary nutrients, biostimulants, soil conditioners, seed treatment products, and adjuvants. The Growing Solutions segment develops, manufactures, markets and sells its products globally, mainly in South America, Europe, Asia, North America and Israel. It produces water soluble specialty fertilizers in Belgium, Israel and Spain, organic, ornamental horticulture, turf and landscaping products in the UK and the Netherlands, liquid fertilizers in Israel, Spain and China, straights soluble fertilizers in China and Israel, controlled‑release fertilizers in the Netherlands, Brazil and the United States, as well as secondary nutrients, biostimulants, soil conditioners, seed treatment products, and adjuvants in Brazil. Other Activities – Other business activities 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 and Agmatix, innovative start-ups that are developing agricultural data processing and analysis capabilities for the future of agriculture. These activities are not presented as reportable segments as they do not meet the required quantitative thresholds. 2. Segment capital investments 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, which are based on transactions prices in the ordinary course of business. This is aligned with reports that are regularly reviewed by the Chief Operating Decision Maker. Inter-segment transfers are eliminated as part of the financial statements' consolidation process. The Segment profit is measured based on the operating income, without the allocation of certain expenses to the operating segments, as presented in the reports regularly reviewed by the Chief Operating Decision Maker. This is the basis for analyzing segment results, since management believes that it is the most relevant measure for the assessment of such results.
| B. | Operating segment data
| Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated
| $ millions
For the year ended December 31, 2023 |  |  |  |  |  |  |
Sales to external parties | 1,206 | 1,973 | 2,274 | 2,047 | 36 | - | 7,536
Inter-segment sales | 21 | 209 | 209 | 26 | 3 | (468) | -
Total sales | 1,227 | 2,182 | 2,483 | 2,073 | 39 | (468) | 7,536
Segment operating income (loss) | 220 | 668 | 329 | 51 | (13) | (37) | 1,218
Other expenses not allocated to the segments |  |  |  |  |  |  | (77)
Operating income |  |  |  |  |  |  | 1,141
Financing expenses, net |  |  |  |  |  |  | (168)
Share in earnings of equity-accounted investees |  |  |  |  |  |  | 1
Income before income taxes |  |  |  |  |  |  | 974
Depreciation and amortization | 57 | 175 | 221 | 68 | 3 | 12 | 536
Capital expenditures | 91 | 384 | 272 | 92 | 11 | 23 | 873
| Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated
| $ millions
For the year ended December 31, 2022 |  |  |  |  |  |  |
Sales to external parties | 1,737 | 3,031 | 2,851 | 2,376 | 20 | - | 10,015
Inter-segment sales | 29 | 282 | 255 | 46 | 3 | (615) | -
Total sales | 1,766 | 3,313 | 3,106 | 2,422 | 23 | (615) | 10,015
Segment operating income (loss) | 628 | 1,822 | 777 | 378 | (9) | (87) | 3,509
Other income not allocated to the segments |  |  |  |  |  |  | 7
Operating income |  |  |  |  |  |  | 3,516
Financing expenses, net |  |  |  |  |  |  | (113)
Share in earnings of equity-accounted investees |  |  |  |  |  |  | 1
Income before income taxes |  |  |  |  |  |  | 3,404
Depreciation and amortization | 61 | 166 | 189 | 70 | 3 | 9 | 498
Capital expenditures | 90 | 346 | 259 | 101 | 9 | 17 | 822
| Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated
| $ millions
For the year ended December 31, 2021 |  |  |  |  |  |  |
Sales to external parties | 1,601 | 1,598 | 2,087 | 1,644 | 25 | - | 6,955
Inter-segment sales | 16 | 178 | 167 | 26 | 3 | (390) | -
Total sales | 1,617 | 1,776 | 2,254 | 1,670 | 28 | (390) | 6,955
Segment operating income (loss) | 435 | 399 | 294 | 135 | (8) | (61) | 1,194
Other income not allocated to the segments |  |  |  |  |  |  | 16
Operating income |  |  |  |  |  |  | 1,210
Financing expenses, net |  |  |  |  |  |  | (122)
Share in earnings of equity-accounted investees |  |  |  |  |  |  | 4
Income before income taxes |  |  |  |  |  |  | 1,092
Depreciation and amortization | 65 | 148 | 207 | 62 | 2 | - | 484
Capital expenditures | 74 | 270 | 228 | 74 | 6 | 17 | 669
Capital expenditures as part of business combination | - | - | - | 377 | - | - | 377
| C. | Information based on geographical location
The following table presents the distribution of ICL's sales by geographical location of the customer:
| 2023 | 2022 | 2021
| $ millions | % of sales | $ millions | % of sales | $ millions | % of sales
Brazil | 1,530 | 20 | 2,200 | 22 | 1,178 | 17
USA | 1,262 | 17 | 1,457 | 15 | 1,091 | 16
China | 1,059 | 14 | 1,495 | 15 | 1,060 | 15
United Kingdom | 428 | 6 | 448 | 4 | 386 | 6
Spain | 348 | 5 | 365 | 4 | 280 | 4
Germany | 340 | 5 | 417 | 4 | 345 | 5
Israel | 274 | 4 | 344 | 3 | 291 | 4
France | 254 | 3 | 305 | 3 | 270 | 4
India | 196 | 3 | 505 | 5 | 213 | 3
Netherlands | 171 | 2 | 264 | 3 | 127 | 2
All other | 1,674 | 21 | 2,215 | 22 | 1,714 | 24
Total | 7,536 | 100 | 10,015 | 100 | 6,955 | 100
The following table presents the distribution of the operating segments sales by geographical location of the customer:
| Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated
| $ millions
For the year ended December 31, 2023 |  |  |  |  |  |  |
Europe | 432 | 624 | 719 | 746 | 20 | (209) | 2,332
Asia | 361 | 539 | 603 | 257 | 14 | (30) | 1,744
South America | 25 | 524 | 368 | 753 | - | (5) | 1,665
North America | 349 | 260 | 614 | 138 | 2 | (12) | 1,351
Rest of the world | 60 | 235 | 179 | 179 | 3 | (212) | 444
Total | 1,227 | 2,182 | 2,483 | 2,073 | 39 | (468) | 7,536
| Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated
| $ millions
For the year ended December 31, 2022 |  |  |  |  |  |  |
Europe | 574 | 698 | 881 | 880 | 18 | (242) | 2,809
Asia | 664 | 1,008 | 817 | 286 | - | (32) | 2,743
South America | 40 | 938 | 496 | 849 | - | (8) | 2,315
North America | 401 | 365 | 654 | 166 | 1 | (10) | 1,577
Rest of the world | 87 | 304 | 258 | 241 | 4 | (323) | 571
Total | 1,766 | 3,313 | 3,106 | 2,422 | 23 | (615) | 10,015
| Industrial Products | Potash | Phosphate Solutions | Growing Solutions | Other Activities | Reconciliations | Consolidated
| $ millions
For the year ended December 31, 2021 |  |  |  |  |  |  |
Europe | 530 | 430 | 611 | 727 | 23 | (162) | 2,159
Asia | 597 | 478 | 617 | 206 | 1 | (23) | 1,876
South America | 64 | 467 | 343 | 436 | - | (5) | 1,305
North America | 363 | 209 | 491 | 127 | 1 | (5) | 1,186
Rest of the world | 63 | 192 | 192 | 174 | 3 | (195) | 429
Total | 1,617 | 1,776 | 2,254 | 1,670 | 28 | (390) | 6,955
The following table presents the distribution of the Company’s sales by geographical location of the main facilities from which they were produced.
| For the year ended December 31
| 2023 | 2022 | 2021
| $ millions | $ millions | $ millions
Israel | 3,595 | 5,611 | 3,526
Europe | 2,610 | 3,361 | 2,437
South America | 1,482 | 1,994 | 1,095
North America | 999 | 1,038 | 897
Asia | 788 | 1,123 | 861
Other | 52 | 61 | 56
| 9,526 | 13,188 | 8,872
Intercompany sales | (1,990) | (3,173) | (1,917)
Total | 7,536 | 10,015 | 6,955
The following table presents operating income by geographical location of the assets from which it was produced:
| For the year ended December 31
| 2023 | 2022 | 2021
| $ millions | $ millions | $ millions
Israel | 857 | 2,668 | 863
Asia | 130 | 221 | 179
South America | 112 | 184 | 95
Europe | 74 | 445 | 7
North America | 45 | 131 | 71
Other | 4 | 5 | 4
Intercompany eliminations | (81) | (138) | (9)
Total | 1,141 | 3,516 | 1,210

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