LyondellBasell Industries N.V., balance sheet: debt

US$ in millions

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Current maturities of long-term debt	5)	2)	2)	4)	4)
Short-term debt	885)	68)	594)	353)	346)
Long-term debt, excluding current maturities	8,497)	8,549)	8,385)	7,671)	6,757)
Total debt including capital leases (carrying amount)	9,387)	8,619)	8,981)	8,028)	7,107)

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Debt item	Description	The company
Total debt including capital leases (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	LyondellBasell Industries N.V. total debt decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

	Dec 31, 2018
Selected Financial Data (US$ in millions)
Commercial paper	809)
Financial payables to equity investees	—)
Precious metal financings	77)
Other short-term debt	6)
Long-term debt excluding capital leases	8,476)
Other long-term debt	10)
Total debt including capital leases (fair value)	9,378)
Financial Ratio
Debt, fair value to carrying amount ratio	1.00

Weighted-average interest rate on debt: 4.55%

Interest rate	Debt amount¹	Interest rate × Debt amount
5.00%	988)	49)
6.00%	975)	59)
5.75%	993)	57)
4.63%	973)	45)
1.88%	855)	16)
4.00%	742)	30)
3.50%	964)	34)
8.10%	300)	24)
5.25%	722)	38)
4.88%	980)	48)
3.10%	885)	27)
Total	9,377)	427)
4.55%

¹ US$ in millions

² Weighted-average interest rate = 100 × 427 ÷ 9,377 = 4.55%

LyondellBasell Industries N.V., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Interest expense	360)	491)	322)	310)	352)
Capitalized interest	45)	20)	33)	11)	25)
Interest costs incurred	405)	511)	355)	321)	377)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	LyondellBasell Industries N.V. interest expense increased from 2016 to 2017 but then slightly decreased from 2017 to 2018 not reaching 2016 level.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	LyondellBasell Industries N.V. capitalized interest decreased from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	LyondellBasell Industries N.V. interest costs incurred increased from 2016 to 2017 but then slightly decreased from 2017 to 2018 not reaching 2016 level.

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Selected Financial Data (US$ in millions)
Net income attributable to the Company shareholders	4,688)	4,879)	3,836)	4,476)	4,174)
Add: Net income attributable to noncontrolling interest	2)	(2)	1)	(2)	(6)
Less: Loss from discontinued operations, net of tax	(8)	(18)	(10)	(5)	(4)
Add: Income tax expense	613)	598)	1,386)	1,730)	1,540)
Add: Interest expense	360)	491)	322)	310)	352)
Earnings before interest and tax (EBIT)	5,671)	5,984)	5,555)	6,519)	6,064)

Interest costs incurred	405)	511)	355)	321)	377)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	15.75	12.19	17.25	21.03	17.23
Adjusted interest coverage ratio (with capitalized interest)²	14.00	11.71	15.65	20.31	16.08

2018 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 5,671 ÷ 360 = 15.75

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 5,671 ÷ 405 = 14.00

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	LyondellBasell Industries N.V. adjusted interest coverage ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

LyondellBasell Industries N.V. (NYSE:LYB)

Analysis of Debt