Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

LyondellBasell Industries N.V. (NYSE:LYB)

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Analysis of Income Taxes

Advanced level


Accounting Policy on Income Taxes

The income tax for the period comprises current and deferred tax. Income tax is recognized in the Consolidated Statements of Income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In these cases, the applicable tax amount is recognized in other comprehensive income or directly in equity, respectively.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the net tax effects of net operating loss carryforwards. Valuation allowances are provided against deferred tax assets when it is more likely than not that some portion or all of the deferred tax asset will not be realized.

LyondellBasell recognizes uncertain income tax positions in the financial statements when LyondellBasell believes it is more likely than not, based on the technical merits, that the position or a portion thereof will be sustained upon examination. For a position that is more likely than not to be sustained, the benefit recognized is measured at the largest cumulative amount that is greater than 50 percent likely of being realized.

Source: 10-K (filing date: 2019-02-21).


Income Tax Expense (Benefit)

LyondellBasell Industries N.V., income tax expense (benefit), continuing operations

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended: Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
U.S. federal
Non-U.S.
State
Current
U.S. federal
Non-U.S.
State
Deferred
Provision for income taxes

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

Item Description The company
Current Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. LyondellBasell Industries N.V.’s current increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.
Deferred Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. LyondellBasell Industries N.V.’s deferred decreased from 2016 to 2017 but then increased from 2017 to 2018 not reaching 2016 level.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. LyondellBasell Industries N.V.’s provision for income taxes decreased from 2016 to 2017 but then slightly increased from 2017 to 2018.

Components of Deferred Tax Assets and Liabilities

LyondellBasell Industries N.V., components of deferred tax assets and liabilities

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Tax attributes
Employee benefit plans
Other assets
Deferred tax assets
Deferred tax asset valuation allowances
Net deferred tax assets
Accelerated tax depreciation
Investment in joint venture partnerships
Intangible assets
Inventory
Other liabilities
Deferred tax liabilities
Net deferred tax assets (liabilities)

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

Item Description The company
Deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. LyondellBasell Industries N.V.’s deferred tax assets decreased from 2016 to 2017 and from 2017 to 2018.
Net deferred tax assets Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. LyondellBasell Industries N.V.’s net deferred tax assets decreased from 2016 to 2017 and from 2017 to 2018.
Net deferred tax assets (liabilities) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. LyondellBasell Industries N.V.’s net deferred tax assets (liabilities) increased from 2016 to 2017 but then slightly decreased from 2017 to 2018 not reaching 2016 level.

Deferred Tax Assets and Liabilities, Classification

LyondellBasell Industries N.V., deferred tax assets and liabilities, classification

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Deferred tax assets, current
Deferred tax assets, long-term
Deferred tax liability, current
Deferred tax liability, long-term

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

Item Description The company
Deferred tax assets, long-term Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. LyondellBasell Industries N.V.’s deferred tax assets, long-term decreased from 2016 to 2017 and from 2017 to 2018.
Deferred tax liability, long-term Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. LyondellBasell Industries N.V.’s deferred tax liability, long-term decreased from 2016 to 2017 but then slightly increased from 2017 to 2018.

Adjustments to Financial Statements: Removal of Deferred Taxes

LyondellBasell Industries N.V., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Adjustment to Current Assets
Current assets (as reported)
Less: Current deferred tax assets, net
Current assets (adjusted)
Adjustment to Total Assets
Total assets (as reported)
Less: Current deferred tax assets, net
Less: Noncurrent deferred tax assets, net
Total assets (adjusted)
Adjustment to Current Liabilities
Current liabilities (as reported)
Less: Current deferred tax liabilities, net
Current liabilities (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Less: Current deferred tax liabilities, net
Less: Noncurrent deferred tax liabilities, net
Total liabilities (adjusted)
Adjustment to Total Company Share Of Stockholders’ Equity
Total Company share of stockholders’ equity (as reported)
Less: Net deferred tax assets (liabilities)
Total Company share of stockholders’ equity (adjusted)
Adjustment to Net Income Attributable To The Company Shareholders
Net income attributable to the Company shareholders (as reported)
Add: Deferred income tax expense (benefit)
Net income attributable to the Company shareholders (adjusted)

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).


LyondellBasell Industries N.V., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

LyondellBasell Industries N.V., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Current Ratio
Reported current ratio
Adjusted current ratio
Net Profit Margin
Reported net profit margin
Adjusted net profit margin
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Equity (ROE)
Reported ROE
Adjusted ROE
Return on Assets (ROA)
Reported ROA
Adjusted ROA

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

Financial ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. LyondellBasell Industries N.V.’s adjusted current ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. LyondellBasell Industries N.V.’s adjusted net profit margin ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. LyondellBasell Industries N.V.’s adjusted total asset turnover ratio improved from 2016 to 2017 and from 2017 to 2018.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
LyondellBasell Industries N.V.’s adjusted financial leverage ratio decreased from 2016 to 2017 and from 2017 to 2018.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. LyondellBasell Industries N.V.’s adjusted ROE deteriorated from 2016 to 2017 and from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. LyondellBasell Industries N.V.’s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

LyondellBasell Industries N.V., Financial Ratios: Reported vs. Adjusted


Adjusted Current Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Current assets
Current liabilities
Liquidity Ratio
Current ratio1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted current assets
Adjusted current liabilities
Liquidity Ratio
Adjusted current ratio2

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

2018 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= ÷ =

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= ÷ =

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. LyondellBasell Industries N.V.’s adjusted current ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018.

Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to the Company shareholders
Sales and other operating revenues
Profitability Ratio
Net profit margin1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to the Company shareholders
Sales and other operating revenues
Profitability Ratio
Adjusted net profit margin2

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

2018 Calculations

1 Net profit margin = 100 × Net income attributable to the Company shareholders ÷ Sales and other operating revenues
= 100 × ÷ =

2 Adjusted net profit margin = 100 × Adjusted net income attributable to the Company shareholders ÷ Sales and other operating revenues
= 100 × ÷ =

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. LyondellBasell Industries N.V.’s adjusted net profit margin ratio deteriorated from 2016 to 2017 but then slightly improved from 2017 to 2018.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Sales and other operating revenues
Total assets
Activity Ratio
Total asset turnover1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Sales and other operating revenues
Adjusted total assets
Activity Ratio
Adjusted total asset turnover2

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

2018 Calculations

1 Total asset turnover = Sales and other operating revenues ÷ Total assets
= ÷ =

2 Adjusted total asset turnover = Sales and other operating revenues ÷ Adjusted total assets
= ÷ =

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. LyondellBasell Industries N.V.’s adjusted total asset turnover ratio improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Total assets
Total Company share of stockholders’ equity
Solvency Ratio
Financial leverage1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets
Adjusted total Company share of stockholders’ equity
Solvency Ratio
Adjusted financial leverage2

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

2018 Calculations

1 Financial leverage = Total assets ÷ Total Company share of stockholders’ equity
= ÷ =

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Company share of stockholders’ equity
= ÷ =

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
LyondellBasell Industries N.V.’s adjusted financial leverage ratio decreased from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to the Company shareholders
Total Company share of stockholders’ equity
Profitability Ratio
ROE1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to the Company shareholders
Adjusted total Company share of stockholders’ equity
Profitability Ratio
Adjusted ROE2

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

2018 Calculations

1 ROE = 100 × Net income attributable to the Company shareholders ÷ Total Company share of stockholders’ equity
= 100 × ÷ =

2 Adjusted ROE = 100 × Adjusted net income attributable to the Company shareholders ÷ Adjusted total Company share of stockholders’ equity
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. LyondellBasell Industries N.V.’s adjusted ROE deteriorated from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to the Company shareholders
Total assets
Profitability Ratio
ROA1
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income attributable to the Company shareholders
Adjusted total assets
Profitability Ratio
Adjusted ROA2

Based on: 10-K (filing date: 2019-02-21), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-17), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-17).

2018 Calculations

1 ROA = 100 × Net income attributable to the Company shareholders ÷ Total assets
= 100 × ÷ =

2 Adjusted ROA = 100 × Adjusted net income attributable to the Company shareholders ÷ Adjusted total assets
= 100 × ÷ =

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. LyondellBasell Industries N.V.’s adjusted ROA deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.