State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☑ | Accelerated filer | ¨ | |||||||||||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | |||||||||||||||||||||
Emerging growth company |
PAGE | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
DuPont de Nemours, Inc. |
PART I - FINANCIAL INFORMATION |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
In millions, except per share amounts (Unaudited) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net sales | $ | $ | $ | $ | ||||||||||
Cost of sales | ||||||||||||||
Research and development expenses | ||||||||||||||
Selling, general and administrative expenses | ||||||||||||||
Amortization of intangibles | ||||||||||||||
Restructuring and asset related charges - net | ||||||||||||||
Goodwill impairment charges | ||||||||||||||
Integration and separation costs | ||||||||||||||
Equity in earnings of nonconsolidated affiliates | ||||||||||||||
Sundry income (expense) - net | ||||||||||||||
Interest expense | ||||||||||||||
Income (loss) from continuing operations before income taxes | ( | ( | ||||||||||||
Provision for income taxes on continuing operations | ||||||||||||||
(Loss) income from continuing operations, net of tax | ( | ( | ( | |||||||||||
Income from discontinued operations, net of tax | ||||||||||||||
Net (loss) income | ( | ( | ||||||||||||
Net income attributable to noncontrolling interests | ||||||||||||||
Net (loss) income available for DuPont common stockholders | $ | ( | $ | $ | ( | $ | ||||||||
Per common share data: | ||||||||||||||
(Loss) earnings per common share from continuing operations - basic | $ | ( | $ | $ | ( | $ | ( | |||||||
Earnings per common share from discontinued operations - basic | ||||||||||||||
(Loss) earnings per common share - basic | $ | ( | $ | $ | ( | $ | ||||||||
(Loss) earnings per common share from continuing operations - diluted | $ | ( | $ | $ | ( | $ | ( | |||||||
Earnings per common share from discontinued operations - diluted | ||||||||||||||
(Loss) earnings per common share - diluted | $ | ( | $ | $ | ( | $ | ||||||||
Weighted-average common shares outstanding - basic | ||||||||||||||
Weighted-average common shares outstanding - diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
In millions (Unaudited) | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net (loss) income | $ | ( | $ | $ | ( | $ | ||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||
Unrealized gains on investments | ||||||||||||||
Cumulative translation adjustments | ( | ( | ||||||||||||
Pension and other post-employment benefit plans | ( | |||||||||||||
Derivative instruments | ( | |||||||||||||
Total other comprehensive income (loss) | ( | ( | ||||||||||||
Comprehensive income (loss) | ( | ( | ( | |||||||||||
Comprehensive income attributable to noncontrolling interests, net of tax | ||||||||||||||
Comprehensive income (loss) attributable to DuPont | $ | $ | ( | $ | ( | $ | ( |
In millions, except share amounts (Unaudited) | September 30, 2020 | December 31, 2019 | ||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Accounts and notes receivable - net | ||||||||
Inventories | ||||||||
Other current assets | ||||||||
Assets held for sale | ||||||||
Total current assets | ||||||||
Investments | ||||||||
Investments in nonconsolidated affiliates | ||||||||
Other investments | ||||||||
Noncurrent receivables | ||||||||
Total investments | ||||||||
Property, plant and equipment - net of accumulated depreciation (September 30, 2020 - $ | ||||||||
Other Assets | ||||||||
Goodwill | ||||||||
Other intangible assets | ||||||||
Restricted cash | ||||||||
Deferred income tax assets | ||||||||
Deferred charges and other assets | ||||||||
Total other assets | ||||||||
Total Assets | $ | $ | ||||||
Liabilities and Equity | ||||||||
Current Liabilities | ||||||||
Short-term borrowings and finance lease obligations | $ | $ | ||||||
Accounts payable | ||||||||
Income taxes payable | ||||||||
Accrued and other current liabilities | ||||||||
Liabilities related to assets held for sale | ||||||||
Total current liabilities | ||||||||
Long-Term Debt | ||||||||
Other Noncurrent Liabilities | ||||||||
Deferred income tax liabilities | ||||||||
Pension and other post-employment benefits - noncurrent | ||||||||
Other noncurrent obligations | ||||||||
Total other noncurrent liabilities | ||||||||
Total Liabilities | ||||||||
Commitments and contingent liabilities | ||||||||
Stockholders' Equity | ||||||||
Common stock (authorized | ||||||||
Additional paid-in capital | ||||||||
(Accumulated deficit) Retained earnings | ( | ( | ||||||
Accumulated other comprehensive loss | ( | ( | ||||||
Total DuPont stockholders' equity | ||||||||
Noncontrolling interests | ||||||||
Total equity | ||||||||
Total Liabilities and Equity | $ | $ |
Nine Months Ended September 30, | ||||||||
In millions (Unaudited) | 2020 | 2019 | ||||||
Operating Activities | ||||||||
Net (loss) income | $ | ( | $ | |||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | ||||||||
Credit for deferred income tax and other tax related items | ( | ( | ||||||
Earnings of nonconsolidated affiliates (in excess of) less than dividends received | ( | |||||||
Net periodic pension benefit cost (credit) | ( | |||||||
Pension contributions | ( | ( | ||||||
Net gain on sales of assets, businesses and investments | ( | ( | ||||||
Restructuring and asset related charges - net | ||||||||
Goodwill impairment charges | ||||||||
Amortization of merger-related inventory step-up | ||||||||
Other net loss | ||||||||
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||||||||
Accounts and notes receivable | ( | |||||||
Inventories | ||||||||
Accounts payable | ( | |||||||
Other assets and liabilities, net | ( | |||||||
Cash provided by operating activities | ||||||||
Investing Activities | ||||||||
Capital expenditures | ( | ( | ||||||
Investment in gas field developments | ( | |||||||
Proceeds from sales of property, businesses, and ownership interests in nonconsolidated affiliates, net of cash divested | ||||||||
Acquisitions of property and businesses, net of cash acquired | ( | ( | ||||||
Purchases of investments | ( | ( | ||||||
Proceeds from sales and maturities of investments | ||||||||
Other investing activities, net | ||||||||
Cash provided by (used for) investing activities | ( | |||||||
Financing Activities | ||||||||
Changes in short-term notes payable | ( | |||||||
Proceeds from issuance of long-term debt | ||||||||
Payments on long-term debt | ( | ( | ||||||
Purchases of common stock | ( | ( | ||||||
Proceeds from issuance of Company stock | ||||||||
Employee taxes paid for share-based payment arrangements | ( | ( | ||||||
Distributions to noncontrolling interests | ( | ( | ||||||
Dividends paid to stockholders | ( | ( | ||||||
Cash held by Dow and Corteva at the respective DWDP Distributions | ( | |||||||
Debt extinguishment costs | ( | |||||||
Other financing activities, net | ( | ( | ||||||
Cash provided by (used for) financing activities | ( | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | |||||||
Increase (Decrease) in cash, cash equivalents and restricted cash | ( | |||||||
Cash, cash equivalents and restricted cash from continuing operations, beginning of period | ||||||||
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||
Cash, cash equivalents and restricted cash from continuing operations, end of period | ||||||||
Cash, cash equivalents and restricted cash from discontinued operations, end of period | ||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ |
In millions (Unaudited) | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comp Loss | Unearned ESOP | Treasury Stock | Non-controlling Interests | Total Equity | ||||||||||||||||||
Balance at December 31, 2018 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | $ | |||||||||||||||
Adoption of accounting standards | — | — | ( | — | — | — | — | ( | ||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||
Other comprehensive (loss) income | — | — | — | ( | — | — | ( | |||||||||||||||||||
Dividends ($ | — | ( | ( | — | — | — | — | ( | ||||||||||||||||||
Common stock issued/sold | — | — | — | — | — | — | ||||||||||||||||||||
Stock-based compensation and allocation of ESOP shares | — | ( | — | — | — | |||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | — | ( | ( | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | ( | — | ( | ||||||||||||||||||
Retirement of treasury stock | — | — | ( | — | — | — | — | |||||||||||||||||||
Spin-off of Dow and Corteva | — | ( | ( | — | ( | ( | ||||||||||||||||||||
Other | ( | ( | ( | — | — | — | — | ( | ||||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | $ | ( | $ | — | $ | — | $ | $ | ||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | $ | — | $ | — | $ | $ | ||||||||||||||
Adoption of accounting standards | — | — | ( | — | — | — | — | ( | ||||||||||||||||||
Net (loss) income | — | — | ( | — | — | — | ( | |||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ( | ||||||||||||||||||||
Dividends ($ | — | ( | — | — | — | — | — | ( | ||||||||||||||||||
Common stock issued/sold | — | — | — | — | — | — | ||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | ||||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | — | ( | ( | ||||||||||||||||||
Purchases of treasury stock | — | — | — | — | — | ( | — | ( | ||||||||||||||||||
Retirement of treasury stock | — | — | ( | — | — | — | — | |||||||||||||||||||
Other | — | ( | — | — | — | — | ( | |||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | — | $ | — | $ | $ |
In millions (Unaudited) | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comp Loss | Treasury Stock | Non-controlling Interests | Total Equity | ||||||||||||||||
Balance at June 30, 2019 | $ | $ | $ | ( | $ | ( | $ | — | $ | $ | |||||||||||||
Net income | — | — | — | — | |||||||||||||||||||
Other comprehensive loss | — | — | — | ( | — | ( | ( | ||||||||||||||||
Common stock issued/sold | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation and allocation of ESOP shares | — | ( | — | — | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | ( | ( | ||||||||||||||||
Purchases of treasury stock | — | — | — | — | ( | — | ( | ||||||||||||||||
Retirement of treasury stock | — | — | ( | — | — | — | |||||||||||||||||
Other | — | ( | ( | — | — | — | ( | ||||||||||||||||
Balance at September 30, 2019 | $ | $ | $ | ( | $ | ( | $ | — | $ | $ | |||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | — | $ | $ | |||||||||||||
Net (loss) income | — | — | ( | — | — | ( | |||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||
Common stock issued/sold | — | — | — | — | — | — | — | ||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | ( | ( | ||||||||||||||||
Other | — | ( | — | — | |||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | ( | $ | ( | $ | — | $ | $ |
Note | Page | |||||||
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Nine Months Ended September 30, 2019 | |||||
In millions | |||||
Net sales | $ | ||||
Cost of sales | |||||
Research and development expenses | |||||
Selling, general and administrative expenses | |||||
Amortization of intangibles | |||||
Restructuring and asset related charges - net | |||||
Integration and separation costs | |||||
Equity in earnings of nonconsolidated affiliates | ( | ||||
Sundry income (expense) - net 1 | |||||
Interest expense | |||||
Income from discontinued operations before income taxes | |||||
Provision for income taxes on discontinued operations 1 | |||||
Income from discontinued operations, net of tax | |||||
Income from discontinued operations attributable to noncontrolling interests, net of tax | |||||
Income from discontinued operations attributable to DuPont stockholders, net of tax | $ |
Nine Months Ended September 30, 2019 | |||||
In millions | |||||
Depreciation and amortization | $ | ||||
Capital expenditures | $ | ||||
Nine Months Ended September 30, 2019 | |||||
In millions | |||||
Net sales | $ | ||||
Cost of sales | |||||
Research and development expenses | |||||
Selling, general and administrative expenses | |||||
Amortization of intangibles | |||||
Restructuring and asset related charges - net | |||||
Integration and separation costs | |||||
Equity in earnings of nonconsolidated affiliates | ( | ||||
Sundry income (expense) - net 1 | |||||
Interest expense | |||||
Income from discontinued operations before income taxes | |||||
Provision for income taxes on discontinued operations 1 | |||||
Income from discontinued operations, net of tax | |||||
Income from discontinued operations attributable to noncontrolling interests, net of tax | |||||
Income from discontinued operations attributable to DuPont stockholders, net of tax | $ |
Nine Months Ended September 30, 2019 | |||||
In millions | |||||
Depreciation and amortization | $ | ||||
Capital expenditures | $ | ||||
In millions | September 30, 2020 | ||||
Assets | |||||
Accounts and notes receivable - net | $ | ||||
Inventories | |||||
Other current assets | |||||
Investments in nonconsolidated affiliates | |||||
Property, plant and equipment - net | |||||
Goodwill | |||||
Other intangible assets | |||||
Deferred charges and other assets | |||||
Assets held for sale | $ | ||||
Liabilities | |||||
Accounts payable | $ | ||||
Income taxes payable | |||||
Accrued and other current liabilities | |||||
Deferred income tax liabilities | |||||
Pension and other post-employment benefits - noncurrent | |||||
Other noncurrent obligations | |||||
Liabilities related to assets held for sale | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Integration and separation costs | $ | $ | $ | $ |
Net Trade Revenue by Segment and Business or Major Product Line | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Image Solutions | $ | $ | $ | $ | ||||||||||
Interconnect Solutions | ||||||||||||||
Semiconductor Technologies | ||||||||||||||
Electronics & Imaging | $ | $ | $ | $ | ||||||||||
Food & Beverage | $ | $ | $ | $ | ||||||||||
Health & Biosciences | ||||||||||||||
Pharma Solutions | ||||||||||||||
Nutrition & Biosciences | $ | $ | $ | $ | ||||||||||
Healthcare & Specialty | $ | $ | $ | $ | ||||||||||
Industrial & Consumer | ||||||||||||||
Mobility Solutions | ||||||||||||||
Transportation & Industrial | $ | $ | $ | $ | ||||||||||
Safety Solutions | $ | $ | $ | $ | ||||||||||
Shelter Solutions | ||||||||||||||
Water Solutions | ||||||||||||||
Safety & Construction | $ | $ | $ | $ | ||||||||||
Biomaterials | $ | $ | $ | $ | ||||||||||
Clean Technologies | ||||||||||||||
DuPont Teijin Films | ||||||||||||||
Photovoltaic & Advanced Materials 1 | ||||||||||||||
Sustainable Solutions 2 | ||||||||||||||
Non-Core | $ | $ | $ | $ | ||||||||||
Total | $ | $ | $ | $ |
Net Trade Revenue by Geographic Region | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
U.S. & Canada | $ | $ | $ | $ | ||||||||||
EMEA 1 | ||||||||||||||
Asia Pacific | ||||||||||||||
Latin America | ||||||||||||||
Total | $ | $ | $ | $ |
Contract Balances | September 30, 2020 | December 31, 2019 | ||||||
In millions | ||||||||
Accounts and notes receivable - trade 1 | $ | $ | ||||||
Contract assets - current 2 | $ | $ | ||||||
Deferred revenue - current 3 | $ | $ | ||||||
Deferred revenue - noncurrent 4 | $ | $ |
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||
In millions | ||||||||
Severance and related benefit costs | $ | $ | ||||||
Asset related charges | ||||||||
Total restructuring and asset related charges - net | $ | $ |
2020 Restructuring Program Charges by Segment | Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | ||||||
In millions | ||||||||
Electronics & Imaging | $ | $ | ||||||
Nutrition & Biosciences | ||||||||
Transportation & Industrial | — | |||||||
Safety & Construction | ||||||||
Non-Core | ||||||||
Corporate | ||||||||
Total | $ | $ |
2020 Restructuring Program | Severance and Related Benefit Costs | Asset Related Charges | Total | ||||||||
In millions | |||||||||||
Year-to-date restructuring charges | $ | $ | $ | ||||||||
Charges against the reserve | — | ( | ( | ||||||||
Cash payments | ( | — | ( | ||||||||
Reserve balance at September 30, 2020 | $ | $ | — | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
In millions | 2019 | 2020 | 2019 | ||||||||
Severance and related benefit costs | $ | $ | $ | ||||||||
Asset related charges | — | ||||||||||
Total restructuring and asset related charges - net | $ | $ | $ |
2019 Restructuring Program Charges (Credits) by Segment | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
In millions | 2019 | 2020 | 2019 | ||||||||
Electronics & Imaging | $ | $ | ( | $ | |||||||
Nutrition & Biosciences | ( | ||||||||||
Transportation & Industrial | ( | ||||||||||
Safety & Construction | ( | ||||||||||
Non-Core | — | ||||||||||
Corporate | |||||||||||
Total | $ | $ | $ |
2019 Restructuring Program | Severance and Related Benefit Costs | ||||
In millions | |||||
Reserve balance at December 31, 2019 | $ | ||||
Year-to-date restructuring charges | |||||
Non-cash compensation | ( | ||||
Cash payments | ( | ||||
Reserve balance at September 30, 2020 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
In millions | 2019 | 2020 | 2019 | ||||||||
Severance and related benefit costs (credits) | $ | — | $ | ( | $ | ||||||
Contract termination and other charges | — | ||||||||||
Asset related charges | — | ||||||||||
Total restructuring and asset related charges - net 1 | $ | $ | $ |
DowDuPont Cost Synergy Program Charges (Credits) by Segment | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||
In millions | 2019 | 2020 | 2019 | ||||||||
Electronics & Imaging | $ | — | $ | — | $ | — | |||||
Nutrition & Biosciences | — | ||||||||||
Transportation & Industrial | — | — | |||||||||
Safety & Construction | |||||||||||
Non-Core | ( | — | ( | ||||||||
Corporate | ( | ||||||||||
Total | $ | $ | $ |
DowDuPont Cost Synergy Program | Severance and Related Benefit Costs | Contract Termination Charges | Total | ||||||||
In millions | |||||||||||
Reserve balance at December 31, 2019 | $ | $ | $ | ||||||||
Year-to-date restructuring (credits) charges | ( | ||||||||||
Charges against the reserve | — | ( | ( | ||||||||
Cash payments | ( | ( | ( | ||||||||
Reserve balance at September 30, 2020 | $ | $ | $ |
Sundry Income (Expense) - Net | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Non-operating pension and other post-employment benefit (OPEB) credits | $ | $ | $ | $ | ||||||||||
Interest income | ||||||||||||||
Net gain on divestiture and sales of other assets and investments 1,2,3 | ||||||||||||||
Foreign exchange losses, net | ( | ( | ( | ( | ||||||||||
Miscellaneous income (expenses) - net 4 | ||||||||||||||
Sundry income (expense) - net | $ | $ | $ | $ |
Net Income for Earnings Per Share Calculations - Basic & Diluted | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
(Loss) income from continuing operations, net of tax | $ | ( | $ | $ | ( | $ | ( | |||||||
Net income from continuing operations attributable to noncontrolling interests | ||||||||||||||
Net income from continuing operations attributable to participating securities 1 | ||||||||||||||
(Loss) income from continuing operations attributable to common stockholders | $ | ( | $ | $ | ( | $ | ( | |||||||
Income from discontinued operations, net of tax | ||||||||||||||
Net income from discontinued operations attributable to noncontrolling interests | ||||||||||||||
Income from discontinued operations attributable to common stockholders | ||||||||||||||
Net (loss) income attributable to common stockholders | $ | ( | $ | $ | ( | $ |
Earnings Per Share Calculations - Basic | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
Dollars per share | 2020 | 2019 | 2020 | 2019 | ||||||||||
(Loss) earnings from continuing operations attributable to common stockholders | $ | ( | $ | $ | ( | $ | ( | |||||||
Income from discontinued operations, net of tax | ||||||||||||||
Net (loss) earnings attributable to common stockholders | $ | ( | $ | $ | ( | $ |
Earnings Per Share Calculations - Diluted | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
Dollars per share | 2020 | 2019 | 2020 | 2019 | ||||||||||
(Loss) earnings from continuing operations attributable to common stockholders | $ | ( | $ | $ | ( | $ | ( | |||||||
Income from discontinued operations, net of tax | ||||||||||||||
Net (loss) earnings attributable to common stockholders | $ | ( | $ | $ | ( | $ |
Share Count Information | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
Shares in millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Weighted-average common shares - basic | ||||||||||||||
Plus dilutive effect of equity compensation plans | ||||||||||||||
Weighted-average common shares - diluted | ||||||||||||||
Stock options and restricted stock units excluded from EPS calculations 2 |
Inventories | September 30, 2020 | December 31, 2019 | ||||||
In millions | ||||||||
Finished goods | $ | $ | ||||||
Work in process | ||||||||
Raw materials | ||||||||
Supplies | ||||||||
Total inventories | $ | $ |
Investments in Nonconsolidated Affiliates | September 30, 2020 | December 31, 2019 | ||||||
In millions | ||||||||
Investments in nonconsolidated affiliates | $ | $ | ||||||
Accrued and other current liabilities | ( | ( | ||||||
Other noncurrent obligations | — | ( | ||||||
Net investment in nonconsolidated affiliates | $ | $ |
Investment in the HSC Group | Investment | |||||||
In millions | Balance Sheet Classification | Dec 31, 2019 | ||||||
Hemlock Semiconductor L.L.C. | Other noncurrent obligations | $ | ( | |||||
DC HSC Holdings LLC | Investments in nonconsolidated affiliates | $ |
Elect. & Imaging | Nutrition & Biosciences | Transp. & Industrial | Safety & Const. | Non-Core | Total | |||||||||||||||
In millions | ||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | $ | ||||||||||||||
Acquisitions | ||||||||||||||||||||
Divestitures 1 | ( | ( | ( | |||||||||||||||||
Impairments | ( | ( | ( | |||||||||||||||||
Currency Translation Adjustment | ||||||||||||||||||||
Measurement Period Adjustments | ||||||||||||||||||||
Balance at September 30, 2020 | $ | $ | $ | $ | $ | $ |
September 30, 2020 | December 31, 2019 | |||||||||||||||||||
In millions | Gross Carrying Amount | Accum Amort | Net | Gross Carrying Amount | Accum Amort | Net | ||||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||
Developed technology | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Trademarks/tradenames | ( | ( | ||||||||||||||||||
Customer-related | ( | ( | ||||||||||||||||||
Other | ( | ( | ||||||||||||||||||
Total other intangible assets with finite lives | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||
Trademarks/tradenames | — | — | ||||||||||||||||||
Total other intangible assets | — | — | ||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ |
Net Intangibles by Segment | September 30, 2020 | December 31, 2019 | ||||||
In millions | ||||||||
Electronics & Imaging | $ | $ | ||||||
Nutrition & Biosciences | ||||||||
Transportation & Industrial | ||||||||
Safety & Construction | ||||||||
Non-Core | ||||||||
Total | $ | $ |
Guarantees at September 30, 2020 | Final Expiration Year | Maximum Future Payments | ||||||
In millions | ||||||||
Obligations for customers 1: | ||||||||
Bank borrowings | 2021 | $ | ||||||
Obligations for non-consolidated affiliates 2: | ||||||||
Bank borrowings | 2020 | |||||||
Total guarantees | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Operating lease costs | $ | $ | $ | $ |
In millions | September 30, 2020 | December 31, 2019 | ||||||
Operating Leases | ||||||||
Operating lease right-of-use assets 1 | $ | $ | ||||||
Current operating lease liabilities 2 | ||||||||
Noncurrent operating lease liabilities 3 | ||||||||
Total operating lease liabilities | $ | $ |
Accumulated Other Comprehensive Loss | Unrealized Gains (Losses) on Investments | Cumulative Translation Adj | Pension and OPEB | Derivative Instruments | Total | ||||||||||||
In millions | |||||||||||||||||
2019 | |||||||||||||||||
Balance at January 1, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | ( | ( | ( | ||||||||||||||
Net other comprehensive income (loss) | $ | $ | ( | $ | $ | ( | $ | ( | |||||||||
Spin-offs of Dow and Corteva | $ | ( | $ | $ | $ | $ | |||||||||||
Balance at September 30, 2019 | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||
2020 | |||||||||||||||||
Balance at January 1, 2020 | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||
Other comprehensive income (loss) before reclassifications | ( | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | |||||||||||||||||
Net other comprehensive income | $ | $ | $ | $ | $ | ||||||||||||
Balance at September 30, 2020 | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Tax Benefit (Expense) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Unrealized gains (losses) on investments | $ | $ | $ | $ | ( | |||||||||
Cumulative translation adjustments | ( | |||||||||||||
Pension and other post-employment benefit plans | ( | ( | ||||||||||||
Derivative instruments | ||||||||||||||
Tax expense from income taxes related to other comprehensive income items | $ | $ | ( | $ | $ | ( |
Reclassifications Out of Accumulated Other Comprehensive Loss | Three Months Ended September 30, | Nine Months Ended September 30, | Income Classification | ||||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | |||||||||||||
Unrealized gains on investments | $ | $ | $ | $ | ( | See (1) below | |||||||||||
Tax expense (benefit) | See (2) below | ||||||||||||||||
After tax | $ | $ | $ | $ | ( | ||||||||||||
Cumulative translation adjustments | $ | $ | $ | $ | ( | See (3) below | |||||||||||
Pension and other post-employment benefit plans | $ | $ | $ | $ | See (4) below | ||||||||||||
Tax expense (benefit) | ( | ( | See (2) below | ||||||||||||||
After tax | $ | $ | ( | $ | $ | ||||||||||||
Derivative Instruments | $ | $ | $ | $ | ( | See (5) below | |||||||||||
Tax expense | See (2) below | ||||||||||||||||
After tax | $ | $ | $ | $ | ( | ||||||||||||
Total reclassifications for the period, after tax | $ | $ | ( | $ | $ |
Noncontrolling Interests | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||||||||
Net income attributable to noncontrolling interests | ||||||||||||||
Distributions to noncontrolling interests | ( | ( | ( | ( | ||||||||||
Cumulative translation adjustments | ( | ( | ||||||||||||
Spin-off of Dow and Corteva | ( | |||||||||||||
Other | ( | |||||||||||||
Balance at end of period | $ | $ | $ | $ |
Net Periodic Benefit (Credit) Cost for All Plans | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Defined Benefit Pension Plans: | ||||||||||||||
Service cost 1 | $ | $ | $ | $ | ||||||||||
Interest cost 2 | ||||||||||||||
Expected return on plan assets 3 | ( | ( | ( | ( | ||||||||||
Amortization of prior service credit 4 | ( | ( | ( | ( | ||||||||||
Amortization of net loss (gain) 5 | ( | |||||||||||||
Curtailment/settlement 6 | ( | |||||||||||||
Net periodic benefit cost (credit) - total | $ | $ | ( | $ | $ | ( | ||||||||
Less: Net periodic benefit credit - discontinued operations | ( | |||||||||||||
Net periodic benefit cost (credit) - continuing operations | $ | $ | ( | $ | $ | ( | ||||||||
Other Post-Employment Benefits: | ||||||||||||||
Service cost 1 | $ | $ | $ | $ | ||||||||||
Interest cost 2 | ||||||||||||||
Amortization of net gain 5 | ( | |||||||||||||
Net periodic benefit cost - total | $ | $ | $ | $ | ||||||||||
Less: Net periodic benefit cost - discontinued operations | ||||||||||||||
Net periodic benefit cost - continuing operations | $ | $ | $ | $ |
Fair Value of Financial Instruments | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||||||
In millions | Cost | Gain | Loss | Fair Value | Cost | Gain | Loss | Fair Value | ||||||||||||||||||
Cash equivalents | $ | $ | — | $ | — | $ | $ | $ | — | $ | — | $ | ||||||||||||||
Restricted cash equivalents 1 | $ | $ | — | $ | — | $ | $ | $ | — | $ | — | $ | ||||||||||||||
Total cash and restricted cash equivalents | $ | $ | — | $ | — | $ | $ | $ | — | $ | — | $ | ||||||||||||||
Long-term debt including debt due within one year | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | — | $ | ( | $ | ( | |||||||||||
Derivatives relating to: | ||||||||||||||||||||||||||
Foreign currency 2 | — | ( | ( | — | ( | ( | ||||||||||||||||||||
Total derivatives | $ | — | $ | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( |
Notional Amounts | September 30, 2020 | December 31, 2019 | ||||||
In millions | ||||||||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency contracts 1 | $ | ( | $ | |||||
Commodity contracts | $ | $ |
September 30, 2020 | ||||||||||||||
In millions | Balance Sheet Classification | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the Consolidated Balance Sheet | ||||||||||
Asset derivatives: | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | $ | $ | ( | $ | |||||||||
Total asset derivatives | $ | $ | ( | $ | ||||||||||
Liability derivatives: | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | ( | $ | |||||||||
Total liability derivatives | $ | $ | ( | $ |
December 31, 2019 | ||||||||||||||
In millions | Balance Sheet Classification | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the Consolidated Balance Sheet | ||||||||||
Asset derivatives: | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | $ | $ | ( | $ | |||||||||
Total asset derivatives | $ | $ | ( | $ | ||||||||||
Liability derivatives: | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | $ | ( | $ | |||||||||
Total liability derivatives | $ | $ | ( | $ |
Basis of Fair Value Measurements on a Recurring Basis at September 30, 2020 | Significant Other Observable Inputs (Level 2) | ||||
In millions | |||||
Assets at fair value: | |||||
Cash equivalents and restricted cash equivalents 1 | $ | ||||
Derivatives relating to: 2 | |||||
Foreign currency contracts | |||||
Total assets at fair value | $ | ||||
Liabilities at fair value: | |||||
Long-term debt including debt due within one year 3 | $ | ||||
Derivatives relating to: 2 | |||||
Foreign currency contracts | |||||
Total liabilities at fair value | $ |
Basis of Fair Value Measurements on a Recurring Basis at December 31, 2019 | Significant Other Observable Inputs (Level 2) | ||||
In millions | |||||
Assets at fair value: | |||||
Cash equivalents and restricted cash equivalents 1 | $ | ||||
Derivatives relating to: 2 | |||||
Foreign currency contracts | |||||
Total assets at fair value | $ | ||||
Liabilities at fair value: | |||||
Long-term debt including debt due within one year 3 | $ | ||||
Derivatives relating to: 2 | |||||
Foreign currency contracts | |||||
Total liabilities at fair value | $ |
Segment Information | Elect. & Imaging | Nutrition & Biosciences | Transp. & Industrial | Safety & Const. | Non-Core | Corp. | Total | ||||||||||||||||
In millions | |||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Operating EBITDA 1 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||
Equity in earnings of nonconsolidated affiliates | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Three months ended September 30, 2019 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Operating EBITDA 1 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||
Equity in earnings of nonconsolidated affiliates 2 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Operating EBITDA 1 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||
Equity in earnings of nonconsolidated affiliates | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Nine months ended September 30, 2019 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||
Pro forma operating EBITDA 1 | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||
Equity in earnings of nonconsolidated affiliates 2 | $ | $ | $ | $ | $ | $ | $ |
Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended September 30, 2020 and 2019 | Three Months Ended September 30, | |||||||
In millions | 2020 | 2019 | ||||||
Loss (income) from continuing operations, net of tax | $ | ( | $ | |||||
+ Provision for income taxes on continuing operations | ||||||||
Income from continuing operations before income taxes | $ | $ | ||||||
+ Depreciation and amortization | ||||||||
- Interest income 1 | ||||||||
+ Interest expense 2 | ||||||||
- Non-operating pension/OPEB benefit 1 | ||||||||
- Foreign exchange losses, net 1 | ( | ( | ||||||
- Significant items 3 | ( | ( | ||||||
Operating EBITDA | $ | $ |
Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Nine Months Ended September 30, 2020 and 2019 | Nine Months Ended September 30, | |||||||
In millions | 2020 | 2019 | ||||||
Loss from continuing operations, net of tax | $ | ( | $ | ( | ||||
+ Provision for income taxes on continuing operations | ||||||||
Loss from continuing operations before income taxes | $ | ( | $ | ( | ||||
+ Pro forma adjustments 1 | — | |||||||
+ Depreciation and amortization | ||||||||
- Interest income 2 | ||||||||
+ Interest expense 3 | ||||||||
- Non-operating pension/OPEB benefit 2 | ||||||||
- Foreign exchange losses, net 2 | ( | ( | ||||||
+ Costs historically allocated to the materials science and agriculture businesses 4 | ||||||||
- Significant items 5 | ( | ( | ||||||
Operating EBITDA 1 | $ | $ |
Significant Items by Segment for the Three Months Ended September 30, 2020 | Elect. & Imaging | Nutrition & Biosciences | Transp. & Industrial | Safety & Construction | Non-Core | Corporate | Total | ||||||||||||||||
In millions | |||||||||||||||||||||||
Integration and separation costs 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | ( | $ | ( | |||||||||
Restructuring and asset related credits (charges) - net 2 | ( | ( | ( | ( | ( | ( | |||||||||||||||||
Goodwill impairment charges 3 | — | — | — | — | ( | — | ( | ||||||||||||||||
Asset impairment charges 3, 4 | — | — | — | — | ( | — | ( | ||||||||||||||||
Gain on divestitures 5 | — | — | — | — | — | ||||||||||||||||||
N&B financing activity - net 6 | — | — | — | — | — | ( | ( | ||||||||||||||||
Total | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Significant Items by Segment for the Three Months Ended September 30, 2019 | Elect. & Imaging | Nutrition & Biosciences | Transp. & Industrial | Safety & Construction | Non-Core | Corporate | Total | ||||||||||||||||
In millions | |||||||||||||||||||||||
Integration and separation costs 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | ( | $ | ( | |||||||||
Restructuring and asset related charges - net 2 | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Significant Items by Segment for the Nine Months Ended September 30, 2020 | Elect. & Imaging | Nutrition & Biosciences | Transp. & Industrial | Safety & Construction | Non-Core | Corporate | Total | ||||||||||||||||
In millions | |||||||||||||||||||||||
Integration and separation costs 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | ( | $ | ( | |||||||||
Restructuring and asset related charges - net 2 | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||
Goodwill impairment charges 3 | — | — | ( | — | ( | — | ( | ||||||||||||||||
Asset impairment charges 3, 4 | — | — | ( | — | ( | — | ( | ||||||||||||||||
Gain on divestitures 5 | — | — | — | — | |||||||||||||||||||
N&B financing activity - net 6 | — | — | — | — | — | ( | ( | ||||||||||||||||
Total | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Significant Items by Segment for the Nine Months Ended September 30, 2019 (Pro Forma) | Elect. & Imaging | Nutrition & Biosciences | Transp. & Industrial | Safety & Construction | Non-Core | Corporate | Total | ||||||||||||||||
In millions | |||||||||||||||||||||||
Integration and separation costs 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | ( | $ | ( | |||||||||
Restructuring and asset related charges - net 2 | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||
Goodwill impairment charges 3 | — | ( | — | — | ( | — | ( | ||||||||||||||||
Asset impairment charges 4 | — | ( | — | — | — | — | ( | ||||||||||||||||
Income tax relates item 5 | — | — | — | ( | — | — | ( | ||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
In millions, except per share amounts | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net sales | $5,096 | $5,426 | $15,145 | $16,308 | ||||||||||
Cost of sales | $3,392 | $3,531 | $10,001 | $10,648 | ||||||||||
Percent of net sales | 66.6% | 65.1% | 66.0% | 65.3% | ||||||||||
Research and development expenses | $199 | $225 | $644 | $724 | ||||||||||
Percent of net sales | 3.9% | 4.1% | 4.3% | 4.4% | ||||||||||
Selling, general and administrative expenses | $524 | $645 | $1,698 | $2,013 | ||||||||||
Percent of net sales | 10.3% | 11.9% | 11.2% | 12.3% | ||||||||||
Effective tax rate - continuing operations | 460.0% | 17.3% | (3.3)% | (21.4)% | ||||||||||
Net (loss) earnings available for DuPont common stockholders | $(79) | $372 | $(3,173) | $322 | ||||||||||
(Loss) earnings per common share – basic | $(0.11) | $0.50 | $(4.31) | $0.43 | ||||||||||
(Loss) earnings per common share – diluted | $(0.11) | $0.50 | $(4.31) | $0.43 |
Summary of Sales Results | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
In millions | 2020 | 2019 | 2020 | 2019 | ||||||||||
Net sales | $ | 5,096 | $ | 5,426 | $ | 15,145 | $ | 16,308 | ||||||
Sales Variances by Segment and Geographic Region | ||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2020 | Nine Months Ended September 30, 2020 | |||||||||||||||||||||||||||||||
Percentage change from prior year | Local Price & Product Mix | Currency | Volume | Portfolio & Other | Total | Local Price & Product Mix | Currency | Volume | Portfolio & Other | Total | ||||||||||||||||||||||
Electronics & Imaging | (1) | % | — | % | 9 | % | (1) | % | 7 | % | (1) | % | — | % | 8 | % | — | % | 7 | % | ||||||||||||
Nutrition & Biosciences | — | — | (4) | — | (4) | 1 | (1) | (1) | — | (1) | ||||||||||||||||||||||
Transportation & Industrial | (5) | — | (9) | — | (14) | (5) | — | (15) | — | (20) | ||||||||||||||||||||||
Safety & Construction | 1 | — | (10) | 3 | (6) | 2 | (1) | (8) | 2 | (5) | ||||||||||||||||||||||
Non-Core | 5 | — | (18) | (10) | (23) | 3 | (1) | (17) | (9) | (24) | ||||||||||||||||||||||
Total | — | % | — | % | (6) | % | — | % | (6) | % | — | % | (1) | % | (6) | % | — | % | (7) | % | ||||||||||||
U.S. & Canada | (1) | % | — | % | (9) | % | (1) | % | (11) | % | (1) | % | — | % | (9) | % | — | % | (10) | % | ||||||||||||
EMEA 1 | (1) | 2 | (14) | — | (13) | — | (1) | (12) | — | (13) | ||||||||||||||||||||||
Asia Pacific | (1) | — | 4 | — | 3 | (1) | (1) | 2 | — | — | ||||||||||||||||||||||
Latin America | 5 | (6) | (8) | (1) | (10) | 3 | (5) | (11) | (1) | (14) | ||||||||||||||||||||||
Total | — | % | — | % | (6) | % | — | % | (6) | % | — | % | (1) | % | (6) | % | — | % | (7) | % |
Unaudited Pro Forma Combined Statements of Operations | Nine Months Ended September 30, | ||||||||||
2019 | |||||||||||
In millions, except per share amounts | DuPont 1 | Pro Forma Adjustments2 | Pro Forma | ||||||||
Net sales | $ | 16,308 | $ | — | $ | 16,308 | |||||
Cost of sales | 10,648 | 22 | 10,670 | ||||||||
Research and development expenses | 724 | — | 724 | ||||||||
Selling, general and administrative expenses | 2,013 | — | 2,013 | ||||||||
Amortization of intangibles | 755 | — | 755 | ||||||||
Restructuring and asset related charges - net | 290 | — | 290 | ||||||||
Goodwill impairment charges | 1,175 | — | 1,175 | ||||||||
Integration and separation costs | 1,149 | (173) | 976 | ||||||||
Equity in earnings of nonconsolidated affiliates | 132 | — | 132 | ||||||||
Sundry income (expense) - net | 144 | — | 144 | ||||||||
Interest expense | 493 | 29 | 522 | ||||||||
Loss from continuing operations before income taxes | (663) | 122 | (541) | ||||||||
Provision for income taxes on continuing operations | 142 | 30 | 172 | ||||||||
Loss from continuing operations, net of tax | (805) | 92 | (713) | ||||||||
Net income attributable to noncontrolling interests of continuing operations | 18 | — | 18 | ||||||||
Net loss from continuing operations attributable to DuPont | $ | (823) | $ | 92 | $ | (731) | |||||
Per common share data: | |||||||||||
Loss per common share from continuing operations - basic | $ | (1.10) | $ | (0.98) | |||||||
Loss per common share from continuing operations - diluted | $ | (1.10) | $ | (0.98) | |||||||
Weighted-average common shares outstanding - basic | 748.2 | 748.2 | |||||||||
Weighted-average common shares outstanding - diluted | 748.2 | 748.2 | |||||||||
Electronics & Imaging | Three Months Ended | Nine Months Ended | ||||||||||||
In millions | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||
Net sales | $ | 1,004 | $ | 934 | $ | 2,793 | $ | 2,617 | ||||||
Operating EBITDA 1 | $ | 357 | $ | 320 | $ | 887 | $ | 854 | ||||||
Equity earnings | $ | 8 | $ | 10 | $ | 27 | $ | 18 |
Electronics & Imaging | Three Months Ended | Nine Months Ended | ||||||
Percentage change from prior year | September 30, 2020 | September 30, 2020 | ||||||
Change in Net Sales from Prior Period due to: | ||||||||
Local price & product mix | (1) | % | (1) | % | ||||
Currency | — | — | ||||||
Volume | 9 | 8 | ||||||
Portfolio & other | (1) | — | ||||||
Total | 7 | % | 7 | % | ||||
Nutrition & Biosciences | Three Months Ended | Nine Months Ended | ||||||||||||
In millions | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||
Net sales | $ | 1,467 | $ | 1,525 | $ | 4,557 | $ | 4,618 | ||||||
Operating EBITDA 1 | $ | 379 | $ | 354 | $ | 1,182 | $ | 1,089 | ||||||
Equity earnings | $ | 1 | $ | — | $ | 2 | $ | — |
Nutrition & Biosciences | Three Months Ended | Nine Months Ended | ||||||
Percentage change from prior year | September 30, 2020 | September 30, 2020 | ||||||
Change in Net Sales from Prior Period due to: | ||||||||
Local price & product mix | — | % | 1 | % | ||||
Currency | — | (1) | ||||||
Volume | (4) | (1) | ||||||
Portfolio & other | — | — | ||||||
Total | (4) | % | (1) | % |
Transportation & Industrial | Three Months Ended | Nine Months Ended | ||||||||||||
In millions | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||
Net sales | $ | 1,045 | $ | 1,209 | $ | 3,021 | $ | 3,795 | ||||||
Operating EBITDA 1 | $ | 242 | $ | 306 | $ | 599 | $ | 1,036 | ||||||
Equity earnings | $ | 1 | $ | 1 | $ | 3 | $ | 3 |
Transportation & Industrial | Three Months Ended | Nine Months Ended | ||||||
Percentage change from prior year | September 30, 2020 | September 30, 2020 | ||||||
Change in Net Sales from Prior Period due to: | ||||||||
Local price & product mix | (5) | % | (5) | % | ||||
Currency | — | — | ||||||
Volume | (9) | (15) | ||||||
Portfolio & other | — | — | ||||||
Total | (14) | % | (20) | % |
Safety & Construction | Three Months Ended | Nine Months Ended | ||||||||||||
In millions | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||
Net sales | $ | 1,249 | $ | 1,327 | $ | 3,769 | $ | 3,951 | ||||||
Operating EBITDA 1 | $ | 324 | $ | 352 | $ | 1,041 | $ | 1,108 | ||||||
Equity earnings | $ | 7 | $ | 7 | $ | 19 | $ | 22 |
Safety & Construction | Three Months Ended | Nine Months Ended | ||||||
Percentage change from prior year | September 30, 2020 | September 30, 2020 | ||||||
Change in Net Sales from Prior Period due to: | ||||||||
Local price & product mix | 1 | % | 2 | % | ||||
Currency | — | (1) | ||||||
Volume | (10) | (8) | ||||||
Portfolio & other | 3 | 2 | ||||||
Total | (6) | % | (5) | % |
Non-Core | Three Months Ended | Nine Months Ended | ||||||||||||
In millions | September 30, 2020 | September 30, 2019 | September 30, 2020 | September 30, 2019 | ||||||||||
Net sales | $ | 331 | $ | 431 | $ | 1,005 | $ | 1,327 | ||||||
Operating EBITDA 1 | $ | 14 | $ | 94 | $ | 149 | $ | 296 | ||||||
Equity earnings 2 | $ | 13 | $ | 26 | $ | 121 | $ | 92 |
Non-Core | Three Months Ended | Nine Months Ended | ||||||
Percentage change from prior year | September 30, 2020 | September 30, 2020 | ||||||
Change in Net Sales from Prior Period due to: | ||||||||
Local price & product mix | 5 | % | 3 | % | ||||
Currency | — | (1) | ||||||
Volume | (18) | (17) | ||||||
Portfolio & other | (10) | (9) | ||||||
Total | (23) | % | (24) | % |
In millions | September 30, 2020 | December 31, 2019 | ||||||
Cash and cash equivalents 1 | $ | 4,008 | $ | 1,540 | ||||
Total debt | $ | 24,196 | $ | 17,447 |
Credit Ratings | Long-Term Rating | Short-Term Rating | Outlook | ||||||||
Standard & Poor’s | BBB+ | A-2 | Negative Watch | ||||||||
Moody’s Investors Service | Baa1 | P-2 | Stable | ||||||||
Fitch Ratings | BBB+ | F-2 | Stable |
Cash Flow Summary | Nine Months Ended September 30, | |||||||
In millions | 2020 | 2019 | ||||||
Cash provided by (used for): | ||||||||
Operating activities | $ | 2,794 | $ | 831 | ||||
Investing activities | $ | 35 | $ | (1,807) | ||||
Financing activities | $ | 5,830 | $ | (10,897) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | $ | 4 | $ | (2) | ||||
Net Working Capital | Sept 30, 2020 | Dec 31, 2019 | ||||||
In millions (except ratio) | ||||||||
Current assets | $ | 12,606 | $ | 9,999 | ||||
Current liabilities | 6,984 | 8,346 | ||||||
Net working capital | $ | 5,622 | $ | 1,653 | ||||
Current ratio | 1.80:1 | 1.20:1 |
Payments Due In | |||||||||||||||||
In millions | Total at September 30, 2020 | Remainder of 2020 | 2021-2022 | 2023-2024 | 2025 and beyond | ||||||||||||
Long-term debt obligations 1 | $ | 23,959 | $ | 2,001 | $ | 3,307 | $ | 4,801 | $ | 13,850 | |||||||
Expected cash requirements for interest 1 | 9,546 | 311 | 1,463 | 1,209 | 6,563 | ||||||||||||
Total contractual obligations | $ | 33,505 | $ | 2,312 | $ | 4,770 | $ | 6,010 | $ | 20,413 |
DuPont de Nemours Inc. PART II - OTHER INFORMATION |
EXHIBIT NO. | DESCRIPTION | ||||||||||
31.1* | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||||
31.2* | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | ||||||||||
32.1* | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||||
32.2* | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||||||||||
101.INS | XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | ||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
DuPont de Nemours, Inc. Signatures |
By: | /s/ MICHAEL G. GOSS | |||||||||||||
Name: | Michael G. Goss | |||||||||||||
Title: | Vice President and Controller | |||||||||||||
City: | Wilmington | |||||||||||||
State: | Delaware |
DuPont de Nemours, Inc. | EXHIBIT 31.1 | |||||||||||||
/s/ Edward D. Breen | ||
Edward D. Breen | ||
Chief Executive Officer |
DuPont de Nemours, Inc. | EXHIBIT 31.2 | |||||||||||||
/s/ Lori Koch | ||
Lori Koch | ||
Chief Financial Officer |
DuPont de Nemours, Inc. | EXHIBIT 32.1 | |||||||||||||
/s/ Edward D. Breen | ||
Edward D. Breen | ||
Chief Executive Officer | ||
October 30, 2020 |
DuPont de Nemours, Inc. | EXHIBIT 32.2 | |||||||||||||
/s/ Lori Koch | ||
Lori Koch | ||
Chief Financial Officer | ||
October 30, 2020 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Net (loss) income | $ (72) | $ 377 | $ (3,153) | $ 412 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gains on investments | 0 | 0 | 0 | 67 |
Cumulative translation adjustments | 606 | (694) | 547 | (829) |
Pension and other post-employment benefit plans | 4 | (4) | 9 | 187 |
Derivative instruments | 0 | 0 | 0 | (58) |
Total other comprehensive income (loss) | 610 | (699) | 556 | (621) |
Comprehensive income (loss) | 538 | (321) | (2,597) | (221) |
Comprehensive income attributable to noncontrolling interests, net of tax | 11 | 4 | 19 | 102 |
Comprehensive income (loss) attributable to DuPont | 527 | (325) | (2,616) | (323) |
Total | ||||
Other comprehensive income (loss), net of tax | ||||
Total other comprehensive income (loss) | $ 606 | $ (698) | $ 557 | $ (633) |
Consolidated Balance Sheets - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Current Assets | ||
Cash and cash equivalents | $ 4,008 | $ 1,540 |
Accounts and notes receivable - net | 3,623 | 3,802 |
Inventories | 3,902 | 4,319 |
Other current assets | 238 | 338 |
Assets held for sale | 835 | 0 |
Total current assets | 12,606 | 9,999 |
Investments | ||
Investments in nonconsolidated affiliates | 951 | 1,204 |
Other investments | 24 | 24 |
Noncurrent receivables | 147 | 32 |
Total investments | 1,122 | 1,260 |
Property, plant and equipment - net of accumulated depreciation (September 30, 2020 - $5,757; December 31, 2019 - $4,969) | 9,686 | 10,143 |
Other Assets | ||
Goodwill | 29,690 | 33,151 |
Other intangible assets | 11,528 | 13,593 |
Restricted cash | 6,206 | 0 |
Deferred income tax assets | 237 | 189 |
Deferred charges and other assets | 1,066 | 1,014 |
Total other assets | 48,727 | 47,947 |
Total Assets | 72,141 | 69,349 |
Current Liabilities | ||
Short-term borrowings and finance lease obligations | 2,394 | 3,830 |
Accounts payable | 2,685 | 2,934 |
Income taxes payable | 414 | 240 |
Accrued and other current liabilities | 1,364 | 1,342 |
Liabilities related to assets held for sale | 127 | 0 |
Total current liabilities | 6,984 | 8,346 |
Long-Term Debt | 21,802 | 13,617 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 3,011 | 3,467 |
Pension and other post-employment benefits - noncurrent | 1,193 | 1,172 |
Other noncurrent obligations | 1,033 | 1,191 |
Total other noncurrent liabilities | 5,237 | 5,830 |
Total Liabilities | 34,023 | 27,793 |
Stockholders' Equity | ||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2020: 733,845,391 shares; 2019: 738,564,728 shares) | 7 | 7 |
Additional paid-in capital | 50,219 | 50,796 |
(Accumulated deficit) Retained earnings | (11,808) | (8,400) |
Accumulated other comprehensive loss | (859) | (1,416) |
Total DuPont stockholders' equity | 37,559 | 40,987 |
Noncontrolling interests | 559 | 569 |
Total equity | 38,118 | 41,556 |
Total Liabilities and Equity | $ 72,141 | $ 69,349 |
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Accumulated depreciation | $ 5,757 | $ 4,969 |
Common stock authorized | 1,666,666,667 | 1,666,666,667 |
Common stock par value | $ 0.01 | $ 0.01 |
Common stock issued | 733,845,391 | 738,564,728 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
||||
Operating Activities | |||||
Net (loss) income | $ (3,153) | $ 412 | |||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||
Depreciation and amortization | 2,326 | ||||
Goodwill impairment charges | 3,214 | [1] | 1,175 | ||
Financing Activities | |||||
Cash, cash equivalents and restricted cash at beginning of period | 1,577 | 14,022 | |||
Cash, cash equivalents and restricted cash at end of period | 10,240 | 2,147 | |||
Continuing Operations [Member] | |||||
Financing Activities | |||||
Cash, cash equivalents and restricted cash at beginning of period | 1,577 | 8,591 | |||
Cash, cash equivalents and restricted cash at end of period | 10,240 | 2,147 | |||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | |||||
Financing Activities | |||||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 5,431 | |||
Cash, cash equivalents and restricted cash at end of period | 0 | 0 | |||
Total Company [Domain] | |||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||
Depreciation and amortization | 2,326 | 2,662 | |||
Credit for deferred income tax and other tax related items | (481) | (658) | |||
Earnings of nonconsolidated affiliates (in excess of) less than dividends received | (120) | 700 | |||
Net periodic pension benefit cost (credit) | 30 | (58) | |||
Pension contributions | (77) | (485) | |||
Net gain on sales of assets, businesses and investments | (612) | (119) | |||
Restructuring and asset related charges - net | 807 | 564 | |||
Goodwill impairment charges | 3,214 | 1,175 | |||
Amortization of merger-related inventory step-up | 0 | 253 | |||
Other net loss | 127 | 326 | |||
Accounts and notes receivable | 133 | (2,418) | |||
Inventories | 312 | 339 | |||
Accounts payable | 43 | (805) | |||
Other assets and liabilities, net | 245 | (1,057) | |||
Cash provided by operating activities | 2,794 | 831 | |||
Investing Activities | |||||
Capital expenditures | (922) | (2,091) | |||
Investment in gas field developments | 0 | (25) | |||
Proceeds from sales of property, businesses, and ownership interests in nonconsolidated affiliates, net of cash divested | 1,008 | 259 | |||
Acquisitions of property and businesses, net of cash acquired | (73) | (9) | |||
Purchases of investments | (1) | (195) | |||
Proceeds from sales and maturities of investments | 1 | 233 | |||
Other investing activities, net | 22 | 21 | |||
Cash provided by (used for) investing activities | 35 | (1,807) | |||
Financing Activities | |||||
Changes in short-term notes payable | (1,439) | 2,876 | |||
Proceeds from issuance of long-term debt | 8,275 | 4,005 | |||
Payments on long-term debt | (29) | (6,899) | |||
Purchases of common stock | (232) | (2,040) | |||
Proceeds from issuance of Company stock | 34 | 76 | |||
Employee taxes paid for share-based payment arrangements | (14) | (83) | |||
Distributions to noncontrolling interests | (48) | (18) | |||
Dividends paid to stockholders | (662) | (1,389) | |||
Cash held by Dow and Corteva at the respective DWDP Distributions | 0 | (7,315) | |||
Debt extinguishment costs | 0 | (104) | |||
Other financing activities, net | (55) | (6) | |||
Cash provided by (used for) financing activities | 5,830 | (10,897) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 4 | (2) | |||
Increase (Decrease) in cash, cash equivalents and restricted cash | $ 8,663 | $ (11,875) | |||
|
Consolidated Statements of Equity - USD ($) $ in Millions |
Total |
Common Stock |
Add'l Paid in Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comp Loss |
Unearned ESOP |
Treasury Stock |
Non-controlling Interests |
---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2018 | $ 95,900 | $ 8 | $ 81,976 | $ 30,257 | $ (12,394) | $ (134) | $ (5,421) | $ 1,608 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect Of New Accounting Principle | (111) | (111) | ||||||
Net (loss) income | 412 | 322 | 90 | |||||
Other comprehensive (loss) income | (621) | (633) | 12 | |||||
Dividends | (1,389) | (224) | (1,165) | |||||
Common stock issued/sold | 76 | 76 | ||||||
Stock-based compensation and allocation of ESOP shares | 201 | 173 | (1) | 29 | ||||
Distributions to non-controlling interests | (18) | (18) | ||||||
Purchases of treasury stock | (2,040) | (2,040) | ||||||
Retirement of treasury stock | (7,461) | 7,461 | ||||||
Spin-off of Dow and Corteva | (50,487) | (30,843) | (30,123) | 11,498 | $ 105 | (1,124) | ||
Other | (11) | (1) | (3) | (7) | ||||
Ending balance at Sep. 30, 2019 | 41,912 | 7 | 51,155 | (8,289) | (1,529) | 568 | ||
Beginning balance at Jun. 30, 2019 | 42,576 | 7 | 51,129 | (8,299) | (831) | 570 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 377 | 372 | 5 | |||||
Other comprehensive (loss) income | (699) | (698) | (1) | |||||
Common stock issued/sold | 9 | 9 | ||||||
Stock-based compensation and allocation of ESOP shares | 19 | 20 | (1) | |||||
Distributions to non-controlling interests | (6) | (6) | ||||||
Purchases of treasury stock | (359) | (359) | ||||||
Retirement of treasury stock | (359) | 359 | ||||||
Other | (5) | (3) | (2) | |||||
Ending balance at Sep. 30, 2019 | 41,912 | 7 | 51,155 | (8,289) | (1,529) | 568 | ||
Beginning balance at Dec. 31, 2019 | 41,556 | 7 | 50,796 | (8,400) | (1,416) | 569 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect Of New Accounting Principle | (3) | (3) | ||||||
Net (loss) income | (3,153) | (3,173) | 20 | |||||
Other comprehensive (loss) income | 556 | 557 | (1) | |||||
Dividends | (662) | (662) | ||||||
Common stock issued/sold | 34 | 34 | ||||||
Stock-based compensation and allocation of ESOP shares | 81 | 81 | ||||||
Distributions to non-controlling interests | (48) | (48) | ||||||
Purchases of treasury stock | (232) | (232) | ||||||
Retirement of treasury stock | (232) | $ 232 | ||||||
Other | (11) | (30) | 19 | |||||
Ending balance at Sep. 30, 2020 | 38,118 | 7 | 50,219 | (11,808) | (859) | 559 | ||
Beginning balance at Jun. 30, 2020 | 37,577 | 7 | 50,191 | (11,728) | (1,465) | 572 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (72) | (79) | 7 | |||||
Other comprehensive (loss) income | 610 | 606 | 4 | |||||
Stock-based compensation and allocation of ESOP shares | 24 | 24 | ||||||
Distributions to non-controlling interests | (38) | (38) | ||||||
Other | 17 | 4 | (1) | 14 | ||||
Ending balance at Sep. 30, 2020 | $ 38,118 | $ 7 | $ 50,219 | $ (11,808) | $ (859) | $ 559 |
Consolidated Statements of Equity (Parentheticals) - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Common Stock, Dividends, Per Share, Declared | $ 0.90 | $ 1.86 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. Impact of the Novel Coronavirus (“COVID-19”) Pandemic The COVID-19 pandemic has resulted in significant economic disruption and continues to adversely impact the broader global economy. The extent of the impact on the Company's operational and financial performance will depend on future developments, including, but not limited to, the duration and spread of the outbreak and its impact on the Company's customers and suppliers. As of the date of issuance of these interim Consolidated Financial Statements, the full extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain. Basis of Presentation Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 ("DWDP Merger Agreement"), The Dow Chemical Company ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, Historical Dow and Historical EID became subsidiaries of DowDuPont (the "DWDP Merger"). Prior to the DWDP Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the DWDP Merger Agreement. Historical Dow was determined to be the accounting acquirer in the DWDP Merger. Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical EID" includes Historical EID and its consolidated subsidiaries, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow. Distributions Effective as of 5:00 p.m. on April 1, 2019, the Company completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock (the “Dow Common Stock”), to holders of the Company’s common stock (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). Effective as of 12:01 a.m. on June 1, 2019, the Company completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock (the “Corteva Common Stock”), to holders of the Company’s common stock as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “DWDP Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD." The results of operations of DuPont for the 2019 interim periods presented reflect the historical financial results of Dow and Corteva as discontinued operations, as applicable. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable period. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of Dow or Corteva. On December 15, 2019, the Company entered into definitive agreements to separate and combine the Nutrition & Biosciences business segment (the "N&B Business") with International Flavors & Fragrances Inc. ("IFF") in a tax-efficient Reverse Morris Trust transaction, (the "Intended N&B Transaction"). The transaction is expected to close in the first quarter of 2021, subject to approval by IFF shareholders and other customary closing conditions, including regulatory approvals and receipt by DuPont of an opinion of tax counsel. The financial results of the N&B Business are included in continuing operations for the periods presented.
|
RECENT ACCOUNTING GUIDANCE (Notes) |
9 Months Ended |
---|---|
Sep. 30, 2020 | |
Recent Accounting Guidance [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and associated ASUs related to Topic 326. The new guidance introduces the current expected credit loss (“CECL”) model, which requires organizations to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted the new standard in the first quarter of 2020, which required a modified retrospective transition approach, applying the new standard's cumulative-effect adjustment at the date of initial adoption. This cumulative-effect has been reflected as of January 1, 2020 and prior periods have not been restated. The impact of initial adoption was not material to the Company’s interim Condensed Consolidated Balance Sheet, interim Consolidated Statements of Operations, and interim Consolidated Statement of Cash Flows.
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DIVESTITURES (Notes) |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES Separation Agreements In connection with the Dow Distribution and the Corteva Distribution, the Company entered into certain agreements that, among other things, effected the separations, provides for the allocation of assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among DuPont, Dow, and Corteva (together, the “Parties” and each a “Party”), and provides a framework for DuPont’s relationship with Dow and Corteva following the DWDP Distributions. Effective April 1, 2019, the Parties entered into the following agreements referred herein as: the DWDP Separation and Distribution Agreement; the DWDP Tax Matters Agreement; the DWDP Employee Matters Agreement; and the Intellectual Property Cross-License Agreement (the “DuPont-Dow IP Cross-License Agreement”). In addition to the agreements above, DuPont has entered into certain various supply agreements with Dow. These agreements provide for different pricing than the historical intercompany and intracompany practices prior to the DWDP Distributions. Effective June 1, 2019, in connection with the Corteva Distribution, DuPont and Corteva entered into the following agreements: the Intellectual Property Cross-License Agreement (the “DuPont-Corteva IP Cross-License Agreement”); the Letter Agreement; and the Amended and Restated DWDP Tax Matters Agreement. In connection with the DWDP Distributions, Dow and Corteva indemnify the Company against, and DuPont indemnifies Dow and Corteva against certain litigation, environmental, income taxes, and other liabilities that arose prior to the DWDP Distributions, as applicable. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. Refer to Note 13 for additional information regarding treatment of litigation and environmental related matters under the DWDP Separation and Distribution Agreement and the Letter Agreement. Materials Science Division On April 1, 2019, DowDuPont completed the separation of its Materials Science businesses, including the businesses and operations that comprised the Company's former Performance Materials & Coating, Industrial Intermediates & Infrastructure and the Packaging & Specialty Plastics segments, (the "Materials Science Division") through the consummation of the Dow Distribution. On April 1, 2019, prior to the Dow Distribution, the Company contributed $2,024 million in cash to Dow. The results of operations of the Materials Science Division are presented as discontinued operations as summarized below:
1.The three and nine months ended September 30, 2019 includes $82 million of expense in "Sundry income (expense) - net" and a benefit of $85 million in "Provision for income taxes on discontinued operations" related to certain unrecognized tax benefits for positions taken on items from prior years. The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division:
Agriculture Division On June 1, 2019, the Company completed the separation of its Agriculture business, including the businesses and operations that comprised the Company's former Agriculture segment (the "Agriculture Division"), through the consummation of the Corteva Distribution. In 2019, prior to the distribution of Corteva, the Company contributed $7,139 million in cash to Corteva, a portion of which was used to retire indebtedness of Historical EID. The results of operations of the Agriculture Division are presented as discontinued operations as summarized below:
1.The three and nine months ended September 30, 2019 includes $6 million of expense in "Sundry income (expense) - net" and a benefit of $8 million in "Provision for income taxes on discontinued operations" related to certain unrecognized tax benefits for positions taken on items from prior years. The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division:
Assets Held for Sale In October 2020, the Company entered into a definitive agreement to sell its biomaterials business unit, which includes the Company's equity method investment in DuPont Tate & Lyle Bio Products, for $240 million. The sale is subject to customary closing conditions and is expected to close in the first half of 2021. The Company determined that the assets and liabilities associated with the biomaterials business unit, which are reported in Non-Core, met the held for sale criteria as of September 30, 2020. In addition, certain other assets and liabilities within Non-Core are expected to be disposed of within one year and met the held for sale criteria during the third quarter of 2020. The following table summarizes the carrying value of the major assets and liabilities of the biomaterials business unit, as well as these certain other assets and liabilities within Non-Core classified as held for sale as of September 30, 2020 (collectively, the “Non-Core Held for Sale Disposal Groups”):
In connection with the held for sale classification, the Non-Core Held for Sale Disposal Groups were measured at fair value less estimated cost to sell. As a result, the Company recorded a $25 million pre-tax goodwill impairment charge during the third quarter of 2020 which is reflected in “Goodwill impairment charges” in the Company’s interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. Sale of TCS/HSC Disposal Group In the third quarter of 2020, the Company completed the sale of its trichlorosilane business (“TCS Business”) along with its equity ownership interest in DC HSC Holdings LLC and Hemlock Semiconductor L.L.C. (the "HSC Group,” and together with the TCS Business, the “TCS/HSC Disposal Group” and the sale of the TCS/HSC Disposal Group, the “TCS/HSC Disposal”) to the HSC Group, both of which were part of the Non-Core segment. In connection with the TCS/HSC Disposal, the Company received $550 million in cash at closing, subject to certain claw-back provisions, and will receive an additional $175 million in equal installments over the course of the next three years associated with the settlement of an existing supply agreement dispute with the HSC Group. The TCS/HSC Disposal resulted in a net pre-tax benefit of $393 million ($232 million net of tax), including the settlement of the supply agreement dispute and after allocation of goodwill to the TCS Business. The net pre-tax benefit is recorded in “Sundry income (expense) – net” in the Company’s interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. Sale of Compound Semiconductor Solutions In the first quarter of 2020, the Company completed the sale of its Compound Semiconductor Solutions business unit, a part of the Electronics & Imaging segment, to SK Siltron. The proceeds received in the first quarter of 2020 related to the sale of the business were approximately $420 million. The sale resulted in a pre-tax gain of $197 million ($102 million net of tax) recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations for the nine months ended September 30, 2020. Sale of DuPont Sustainable Solutions In the third quarter of 2019, the Company completed the sale of its Sustainable Solutions business unit, a part of the Non-Core segment, to Gyrus Capital. The sale resulted in a pre-tax gain of $28 million ($22 million net of tax). The gain was recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations for the three and nine months ended September 30, 2019. Other Discontinued Operations Activity For the nine months ended September 30, 2019, the Company recorded "Income from discontinued operations, net of tax" of $86 million related to the adjustment of certain unrecognized tax benefits for positions taken on items from prior years from previously divested businesses and $80 million related to changes in accruals for certain prior year tax positions related to the divested crop protection business and research and development assets of Historical EID. Integration and Separation Costs Integration and separation costs for continuing operations through September 30, 2020, primarily have consisted of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of activities related to the intended separation of the Nutrition & Biosciences business beginning in the fourth quarter of 2019, the DWDP Merger, post-DWDP Merger integration, and the DWDP Distributions. These costs are recorded within "Integration and separation costs" within the interim Consolidated Statements of Operations.
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Revenue from Contract with Customer [Text Block] | REVENUE Revenue Recognition Products Substantially all of DuPont's revenue is derived from product sales. Product sales consist of sales of DuPont's products to manufacturers and distributors. DuPont considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by segment and business or major product line and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. During the second quarter of 2020, Electronics & Imaging realigned a component within the Semiconductor Technologies product line to the Image Solutions product line. The reporting changes have been retrospectively reflected for all periods presented.
1. The TCS Business within Photovoltaic & Advanced Materials was divested in the third quarter of 2020. 2. The Sustainable Solutions business was divested in the third quarter of 2019.
1.Europe, Middle East and Africa. Contract Balances From time to time, the Company enters into arrangements in which it receives payments from customers based upon contractual billing schedules. The Company records accounts receivable when the right to consideration becomes unconditional. Contract assets include amounts related to the Company’s contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities primarily reflect deferred revenue from advance payment for product that the Company has received from customers. The Company classifies deferred revenue as current or noncurrent based on the timing of when the Company expects to recognize revenue. Revenue recognized in the first nine months of 2020 from amounts included in contract liabilities at the beginning of the period was approximately $25 million (approximately $28 million in the first nine months of 2019). The amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant. The Company did not recognize any asset impairment charges related to contract assets during the period.
1.Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. 2.Included in "Other current assets" in the interim Condensed Consolidated Balance Sheets. 3.Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 4.Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets.
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Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and asset related charges, which include asset impairments, were $384 million and $807 million for the three and nine months ended September 30, 2020 ($82 million and $290 million for the three and nine months ended September 30, 2019). These charges were recorded in "Restructuring and asset related charges - net" in the interim Consolidated Statements of Operations. The total liability related to restructuring programs was $127 million at September 30, 2020 ($162 million at December 31, 2019). Restructuring activity consists of the following: 2020 Restructuring Program In the first quarter of 2020, the Company approved restructuring actions designed to capture near-term cost reductions and to further simplify certain organizational structures in anticipation of the expected closure of the Intended N&B Transaction (the "2020 Restructuring Program"). The following tables summarize the charges related to the 2020 Restructuring Program for the three and nine months ended September 30, 2020:
The following table summarizes the activities related to the 2020 Restructuring Program:
At September 30, 2020, total liabilities related to the 2020 Restructuring Program were $70 million, recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The Company expects actions related to this program to be substantially complete by the end of 2020. 2019 Restructuring Program During the second quarter of 2019 and in connection with the ongoing integration activities, DuPont approved restructuring actions to simplify and optimize certain organizational structures following the completion of the DWDP Distributions (the "2019 Restructuring Program"). The Company has recorded pre-tax restructuring charges of $140 million inception-to-date, consisting of severance and related benefit costs of $106 million and asset related charges of $34 million. There were no charges incurred related to the 2019 Restructuring Program for the three months ended September 30, 2020. The following table summarizes the charges incurred for the three months ended September 30, 2019 and the nine months ended September 30, 2020 and September 30, 2019:
The following table summarizes the activities related to the 2019 Restructuring Program:
At September 30, 2020, total liabilities related to the 2019 Restructuring Program were $27 million, recognized in "Accrued and other current liabilities" ($86 million at December 31, 2019) in the interim Condensed Consolidated Balance Sheets. The 2019 Restructuring Program was considered substantially complete at June 30, 2020. DowDuPont Cost Synergy Program In September and November 2017, the Company approved post-merger restructuring actions under the DowDuPont Cost Synergy Program, which was designed to integrate and optimize the organization following the DWDP Merger and in preparation for the DWDP Distributions. The portions of the charges, costs and expenses attributable to integration and optimization within the Agriculture and Materials Science Divisions are reflected in discontinued operations. The Company has recorded pre-tax restructuring charges attributable to the continuing operations of DuPont of $489 million inception-to-date, consisting of severance and related benefit costs of $213 million, asset related charges of $209 million and contract termination and other charges of $67 million. There were no charges incurred related to the DowDuPont Cost Synergy Program for the three months ended September 30, 2020. The following table summarizes the charges incurred for the three months ended September 30, 2019 and the nine months ended September 30, 2020 and September 30, 2019:
1. The charge for the three and nine months ended September 30, 2019 includes $13 million and $105 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $3 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations.
The following table summarizes the activities related to the DowDuPont Cost Synergy Program:
At September 30, 2020, total liabilities related to the DowDuPont Cost Synergy Program were $30 million, recognized in "Accrued and other current liabilities" ($76 million at December 31, 2019) in the interim Condensed Consolidated Balance Sheets. The DowDuPont Cost Synergy Program was considered substantially complete at June 30, 2020. Asset Impairments In the third quarter of 2020, the TCS/HSC Disposal within the Non-Core segment, as well as further softening conditions in the aerospace markets, gave rise to fair value indicators and, thus, served as triggering events requiring the Company to perform a recoverability assessment related to asset groups within its Photovoltaic and Advanced Materials (“PVAM”) business unit. The Company first performed a long-lived asset impairment test and determined that, based on undiscounted cash flows, the carrying amount of certain long-lived assets was not recoverable. Accordingly, the Company estimated the fair value of these assets using both an income approach and a market approach utilizing Level 3 unobservable inputs. As a result, the Company recognized a pre-tax impairment charge of $318 million ($242 million net of tax) recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020 with the charge impacting definite-lived intangible assets and property, plant, and equipment. See Note 11 for further discussion of goodwill impairment charges recorded during the third quarter of 2020 resulting from the above triggering events. Additionally, the Company recorded a pre-tax asset impairment charge of $52 million ($39 million net of tax) in the third quarter of 2020 related to indefinite-lived intangible assets within the Non-Core segment which were deemed no longer recoverable as a result of the Non-Core Held for Sale Disposal Groups classification (refer to Note 3 for additional information). The charge was recorded within “Restructuring and asset related charges – net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. In the second quarter of 2020, the Company recorded a pre-tax impairment charge of $21 million ($16 million net of tax) related to indefinite-lived intangible assets within the Transportation & Industrial segment. This charge was recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the nine months ended September 30, 2020. See Note 11 for further discussion. In the first quarter of 2020, expectations of proceeds related to certain potential divestitures within the Non-Core segment gave rise to fair value indicators and, thus, triggering events requiring the Company to perform a recoverability assessment related to its biomaterials business unit. The Company performed a long-lived asset impairment test and determined that, based on undiscounted cash flows, the carrying amount of certain long-lived assets was not recoverable. Accordingly, the Company estimated the fair value of these assets using a market approach utilizing Level 3 unobservable inputs. As a result, the Company recognized a pre-tax impairment charge of $270 million ($206 million net of tax) recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the nine months ended September 30, 2020 with the charge impacting definite-lived intangible assets and property, plant, and equipment. Equity Method Investment Impairment Related Charges In preparation for the Corteva Distribution, Historical EID completed the separation of the assets and liabilities related to its specialty products businesses into separate legal entities (the “SP Legal Entities”) and on May 1, 2019, Historical EID distributed the SP Legal Entities to DowDuPont (the “Internal SP Distribution”). The Internal SP Distribution served as a triggering event requiring the Company to perform an impairment analysis related to equity method investments held by the Company as of May 1, 2019. The Company applied the net asset value method under the cost approach to determine the fair value of the equity method investments in the Nutrition & Biosciences segment. Based on updated projections, the Company determined the fair value of the equity method investment was below the carrying value and had no expectation the fair value would recover in the short-term due to the current economic environment. As a result, management concluded the impairment was other-than-temporary and recorded a pre-tax impairment charge of $63 million ($47 million net of tax) in “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations related to the Nutrition & Biosciences segment for the nine months ended September 30, 2019.
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Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For periods between the DWDP Merger and the DWDP Distributions, DuPont's consolidated federal income tax group and consolidated tax return included the Dow and Corteva entities. Generally, the consolidated tax liability of the DuPont U.S. tax group for each year was apportioned among the members of the consolidated group in accordance with the terms of the Amended and Restated DWDP Tax Matters Agreement. DuPont, Corteva and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with the Amended and Restated DWDP Tax Matters Agreement. The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate on continuing operations for the third quarter of 2020 was 460.0 percent, compared with an effective tax rate of 17.3 percent for the third quarter of 2019. The effective tax rate for the third quarter of 2020 was principally the result of a non-tax-deductible goodwill impairment charge and a non-tax-deductible goodwill allocation in connection with the TCS/HSC Disposal impacting the Non-Core segment. The effective tax rate for the third quarter of 2019 was favorably impacted by, among other items, tax benefits related to the adjustment of certain unrecognized benefits for positions taken on items from a prior year. For the first nine months of 2020, the effective tax rate on continuing operations was (3.3) percent, compared with (21.4) percent for the first nine months of 2019. The effective tax rate for the first nine months of 2020 was principally the result of a non-tax-deductible goodwill impairment charge impacting the Non-Core segment in the first and third quarter and a non-tax-deductible goodwill impairment charge impacting the Transportation and Industrial segment in the second quarter, coupled with an allocation of non-tax-deductible goodwill related to the TCS/HSC Disposal. The tax rate in the first nine months of 2019 was principally the result of the non-tax-deductible goodwill impairment charges impacting the Nutrition & Biosciences and Non-Core segments. See Note 11 for more information regarding the goodwill impairment charges. Each year the Company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's results of operations.
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EARNINGS PER SHARE CALCULATIONS |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for the three and nine months ended September 30, 2020 and 2019:
1.Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. 2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
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INVENTORIES |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure | INVENTORIES
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NONCONSOLIDATED AFFILIATES (Notes) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NONCONSOLIDATED AFFILIATES The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the interim Condensed Consolidated Balance Sheets, are shown in the following table:
At September 30, 2020, the Company had an ownership interest in 18 nonconsolidated affiliates. HSC Group In the third quarter of 2020, the Company sold its equity interest in the HSC group. See Note 3 for further discussion. The following table reflects the carrying value of the HSC Group investments at December 31, 2019:
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amounts of goodwill during the nine months ended September 30, 2020 were as follows:
1. Includes $267 million of goodwill related to the Non-Core segment reclassified as held for sale in connection with the Non-Core Held for Sale Disposal Groups. Refer to Note 3 for further information. The Company tests goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter as of October 1, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. As a result of the related acquisition method of accounting in connection with the DWDP Merger, Historical EID’s assets and liabilities were measured at fair value resulting in increases to the Company’s goodwill and other intangible assets. The fair value valuation increased the risk that declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the Company’s reporting units and assets, and therefore could result in an impairment. In the third quarter of 2020, the TCS/HSC Disposal within the Non-Core segment, as well as further softening conditions in aerospace markets, served as triggering events requiring the Company to perform recoverability assessments related to asset groups within its PVAM business unit. These assessments resulted in the Company recording asset impairment charges related to certain long-lived assets whose carrying values were deemed not recoverable (refer to Note 5 for additional information). The Company then performed a series of impairment analyses related to goodwill associated with the PVAM business unit. The goodwill impairment analyses included an assessment of the preceding PVAM reporting unit as well as assessments of re-defined reporting units within the PVAM business unit resulting from the TCS/HSC Disposal along with recent progress in the sales processes for other Non-Core business units, including reallocation of goodwill on a relative fair value basis. As a result of these analyses, the Company determined that the fair value of certain reporting units was below carrying value resulting in impairment charges of goodwill. In connection with the foregoing and as a result of the Non-Core Held For Sale Disposal Groups classification (see Note 3 for additional information), the Company recorded aggregate, pre-tax, non-cash impairment charges of $183 million in the third quarter of 2020 impacting the Non-Core segment and reflected in "Goodwill impairment charges" in the Consolidated Statements of Operations. As a result of the above impairment charges and previous impairment charges recorded impacting Non-Core as discussed below, the carrying value of the reporting units within Non-Core are indicative of fair value. As a result, future changes in fair value could impact the carrying value of these business units which have been and continue to be at risk for impairment charges in future periods. The Company’s analyses above use a combination of the discounted cash flow models (a form of the income approach) utilizing Level 3 unobservable inputs and the market approach. The Company’s significant assumptions in these analyses include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The Company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company’s estimates. If the Company’s ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future periods. As referenced, the Company also uses a form of the market approach (utilizes Level 3 unobservable inputs), which is derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. As such, the Company believes the current assumptions and estimates utilized are both reasonable and appropriate. In the second quarter of 2020, continued near-term demand weakness in global automotive production resulting from the COVID-19 pandemic, along with revised views of recovery based on third party market information, served as a triggering event requiring the Company to perform an impairment analysis of the goodwill associated with its Transportation & Industrial reporting unit as of June 30, 2020. The carrying value of the Transportation & Industrial reporting unit is comprised substantially of Historical EID’s assets and liabilities which were measured at fair value in connection with the DWDP Merger, and thus inherently considered at risk for impairment. The Company performed quantitative testing on its Transportation & Industrial reporting unit as of June 30, 2020, using a combination of the discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs and the Guideline Public Company Method (a form of the market approach). Based on the analysis performed, during the second quarter of 2020, the Company concluded that the carrying amount of the reporting unit exceeded its fair value resulting in a pre-tax, non-cash goodwill impairment charge of $2,498 million, reflected in "Goodwill impairment charges" in the Consolidated Statements of Operations for the nine months ended September 30, 2020. In the first quarter of 2020, expectations of proceeds related to certain potential divestitures within the Non-Core segment gave rise to fair value indicators and, thus, served as triggering events requiring the Company to perform impairment analyses related to goodwill as of March 31, 2020. As part of the analysis, the Company determined that the fair value of its PVAM reporting unit was below its carrying value resulting in an impairment charge to goodwill. Valuations of the PVAM reporting unit under a combination of the market approach and income approach reflected softening conditions in photovoltaics markets as compared to prior estimates. In connection with this analysis, the Company recorded a pre-tax, non-cash goodwill impairment charge of $533 million in the first quarter of 2020 impacting the Non-Core segment. This charge is reflected in "Goodwill impairment charges" in the Consolidated Statements of Operations for the nine months ended September 30, 2020. In the second quarter of 2019, the Company recorded pre-tax, non-cash goodwill impairment charges of $1,175 million impacting the Nutrition & Biosciences and Non-Core segments which are reflected in "Goodwill impairment charges" in the interim Consolidated Statements of Operations for the nine months ended September 30, 2019. COVID-19 continues to adversely impact the broader global economy and has caused significant volatility in financial markets. If there is a of lack of recovery, the time period to recovery is longer than expected or further global softening is experienced in certain markets, such as automotive, aerospace, commercial construction, oil & gas and select industrial end-markets, or a sustained decline in the value of the Company's common stock, the Company may be required to perform additional impairment assessments for its goodwill, other intangibles, and long-lived assets, the results of which could result in material impairment charges. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
In the third quarter of 2020, the Company recorded a pre-tax asset impairment charge of $52 million ($39 million net of tax) related to indefinite-lived intangible assets within the Non-Core segment which were deemed no longer recoverable as a result of the Non-Core Held For Sale Disposal Groups classification (see Note 3 for additional information). The charge was recorded within “Restructuring and asset related charges – net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. In the first quarter and third quarter of 2020, the Company recorded non-cash impairment charges related to definite-lived intangible assets impacting the Non-Core segment reflected within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the nine months ended September 30, 2020. See Note 5 for further discussion. In the second quarter of 2020, the Company performed quantitative testing on indefinite-lived intangible assets attributable to the Transportation & Industrial segment, for which the Company determined that the fair value of certain tradenames had declined related to the factors described above. The Company performed an analysis of the fair value using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result of the testing, the Company recorded a pre-tax, non-cash indefinite-lived intangible asset impairment charge of $21 million ($16 million net of tax), which is reflected in "Restructuring and asset related charges - net," in the Consolidated Statements of Operations for the nine months ended September 30, 2020. The remaining net book value of the tradenames attributable to the Transportation & Industrial segment at September 30, 2020 was approximately $289 million, which represents fair value. The following table provides the net carrying value of other intangible assets by segment:
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SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES |
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Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Nutrition & Biosciences Financing In connection with the Intended N&B Transaction, N&B Inc. entered into a Bridge Commitment Letter (the “Bridge Letter”) in an aggregate principal amount of $7.5 billion (the “Bridge Loans”) to secure committed financing for the "Special Cash Payment" and related financing fees. The aggregate commitment under the Bridge Letter is reduced by, among other things, (1) the amount of net cash proceeds received by N&B Inc. from any issuance of senior unsecured notes pursuant to a Rule 144A offering or other private placement and (2) certain qualifying term loan commitments under senior unsecured term loan facilities. In January 2020, N&B Inc. entered into a senior unsecured term loan agreement in the amount of $1.25 billion split evenly between three- and five-year facilities (the “N&B Term Loan Facilities”). As a result of entry into the term loan agreement, the commitments under the Bridge Commitment Letter were reduced to $6.25 billion. On September 16, 2020 (the "Offering Date"), N&B Inc. completed an offering in the aggregate principal amount of $6.25 billion of senior unsecured notes in six series, comprised of the following (collectively, the “N&B Notes Offering” and together with the N&B Term Loan Facilities, the “Permanent Financing”): $300 million aggregate principal amount of 0.697% Senior Notes due 2022; $1.0 billion aggregate principal amount of 1.230% Senior Notes due 2025; $1.2 billion aggregate principal amount of 1.832% Senior Notes due 2027; $1.5 billion aggregate principal amount of 2.300% Senior Notes due 2030; $750 million aggregate principal amount of 3.268% Senior Notes due 2040; and $1.5 billion aggregate principal amount of 3.468% Senior Notes due 2050. As a result of the N&B Notes Offering, the commitments under the Bridge Commitment Letter were further reduced to zero and were terminated on and as of the Offering Date. The net proceeds of approximately $6.2 billion from the N&B Notes Offering were deposited into an escrow account. The release of the net proceeds from the N&B Notes Offering and the availability of funding under the term loan agreement are subject to customary closing conditions including among others, the satisfaction of substantially all the conditions to the consummation of the intended transaction with IFF. The proceeds from the Permanent Financing will be used to make the Special Cash Payment and to pay the related financing fees and expenses. The obligations and liabilities associated with the Permanent Financing will be separated from the Company upon consummation of the Intended N&B Transaction. However, if the closing of the Intended Merger has not occurred on or prior to September 15, 2021, or, if prior to such date, the Merger Agreement is validly terminated, (each a “Special Mandatory Redemption Event”), N&B Inc. must redeem all of the Notes on or before the 15th business day following the Special Mandatory Redemption Event (such date of redemption, the “Special Mandatory Redemption Date”) at a redemption price equal to 101% of the aggregate principal amount of the applicable series of Notes, plus accrued and unpaid interest to, but not including, the Special Mandatory Redemption Date. Pursuant to the Merger Agreement, the fees and expenses associated with the financing will be borne (A) entirely by N&B Inc. if the transaction closes; and (B) equally by DuPont and IFF if the Merger Agreement terminates. However, if the Merger Agreement is terminated by IFF, in accordance with its terms, for breach by DuPont, such fees and expenses will be borne entirely by DuPont; and if terminated by DuPont in accordance with its terms for breach by IFF, such fees and expenses will be borne entirely by IFF. May Debt Offering On May 1, 2020, the Company completed an underwritten public offering of senior unsecured notes (the “Notes”) in the aggregate principal amount of $2 billion of 2.169 percent fixed rate Notes due May 1, 2023 (the “May Debt Offering”). The proceeds from the May Debt Offering are expected to be used by the Company to repay or redeem the Company’s $0.5 billion in floating rate notes due November 2020 and $1.5 billion of 3.77 percent fixed-rate notes due November 2020 (collectively, the “2020 Notes”). Upon consummation of the Intended N&B Transaction, the Company will be required to mail a notice of redemption to holders of the Notes, with a copy to the Trustee, setting forth the date of redemption of all of the Notes on the date (“Special Mandatory Redemption Date”) that is the later of (i) three (3) Business Days after the consummation of the Intended N&B Transaction and (ii) May 1, 2021. On the Special Mandatory Redemption Date, the Company will be required to redeem all of the Notes at a redemption price equal to 100% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, up to but excluding the Special Mandatory Redemption Date. The Indenture also contains certain limitations on the Company’s ability to incur liens and enter into sale lease-back transactions, as well as customary events of default. Revolving Credit Facility In June 2019, the Company entered into a $750 million, 364-day revolving credit facility (the "Old 364-Day Revolving Credit Facility"). On and effective as of April 16, 2020, the Company entered into a new $1.0 billion 364-day revolving credit facility (the “$1B Revolving Credit Facility"). As of the effectiveness of the $1B Revolving Credit Facility, the Old 364-Day Revolving Credit Facility was terminated.
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COMMITMENTS AND CONTINGENT LIABILITIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation and Environmental Matters As of September 30, 2020, the Company had recorded liabilities of $23 million associated with litigation matters and $79 million associated with environmental matters. These recorded liabilities include the Company’s indemnification obligations to each of Dow and Corteva. Under the DWDP Separation and Distribution Agreement, liabilities, including cost and expenses, associated with litigation and environmental matters that primarily related to the materials science business, the agriculture business or the specialty products business were generally allocated to or retained by Dow, Corteva or the Company, respectively, through retention, assumption or indemnification. Related to the foregoing, at September 30, 2020, DuPont has recorded (i) a liability of $37 million (although it is reasonably possible that the ultimate cost could range up to $108 million above the amount accrued) for retained or assumed environmental liabilities, (ii) a liability of $2 million for retained or assumed litigation liabilities, and (iii) an indemnification liability related to legal and environmental matters of $58 million. Liabilities associated with discontinued and/or divested operations and businesses of Historical Dow generally were allocated to or retained by Dow. The allocation of liabilities associated with the discontinued and/or divested operations and businesses of Historical EID is discussed below. Discontinued and/or Divested Operations and Businesses ("DDOB") Liabilities of Historical EID Under the DWDP Separation and Distribution Agreement and the Letter Agreement between Corteva and DuPont, DDOB liabilities of Historical EID primarily related to Historical EID’s agriculture business were allocated to or retained by Corteva and those primarily related to Historical EID’s specialty products business were allocated to or retained by the Company. Historical EID DDOB liabilities not primarily related to Historical EID’s agriculture business or specialty products business (“Stray Liabilities”), are allocated as follows: •Generally, indemnifiable losses as defined in the DWDP Separation and Distribution Agreement, (“Indemnifiable Losses”) for Stray Liabilities, to the extent they do not arise out of actions related to or resulting from the development, testing, manufacture or sale of PFAS, defined below, (“Non-PFAS Stray Liabilities”) that are known as of April 1, 2019 are borne by Corteva up to a specified amount set forth in the schedules to the DWDP Separation and Distribution Agreement and/or Letter Agreement. Non-PFAS Stray Liabilities in excess of such specified amounts and any Non-PFAS Stray Liabilities not listed in the schedules to the DWDP Separation and Distribution Agreement or Letter Agreement are borne by Corteva and/or DuPont up to separate, aggregate thresholds of $200 million each to the extent Corteva or DuPont, as applicable, incurs an Indemnifiable Loss. Once Corteva’s or DuPont’s $200 million threshold is met, the other would generally bear all Non-PFAS Stray Liabilities until meeting its $200 million threshold. After the respective $200 million thresholds are met, DuPont will bear 71 percent of such losses and Corteva will bear 29 percent of such losses. •Generally, Corteva and the Company will each bear 50 percent of the first $300 million (up to $150 million each) for Indemnifiable Losses arising out of actions to the extent related to or resulting from the development, testing, manufacture or sale of per- or polyfluoroalkyl substances, which include collectively perfluorooctanoic acids and its salts (“PFOA”), perfluorooctanesulfonic acid (“PFOS”) and perfluorinated chemicals and compounds (“PFCs”) (all such substances, “PFAS” and such Stray Liabilities referred to as “PFAS Stray Liabilities”). Indemnifiable Losses to the extent related to PFAS Stray Liabilities in excess of $300 million generally will be borne 71 percent by the Company and 29 percent by Corteva, unless either Corteva or DuPont has met its $200 million threshold. In that event, the other company would bear all PFAS Stray Liabilities until that company meets its $200 million threshold, at which point DuPont will bear 71 percent of such losses and Corteva will bear 29 percent of such losses. •Indemnifiable Losses incurred by the companies in relation to PFAS Stray Liabilities up to $300 million (e.g., up to $150 million each) will be applied to each company’s respective $200 million threshold. Indemnifiable Losses, as defined in the DWDP Separation and Distribution Agreement, include, among other things, attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense of Stray Liabilities. DuPont expects to continue to incur directly and as Indemnifiable Losses, costs and expenses related to litigation defense, such as attorneys’ fees and expenses and court costs, in connection with the Stray Liabilities described below. In accordance with its accounting policy for litigation matters, the Company will expense such litigation defense costs as incurred which could be significant to the Company’s financial condition and/or cash flows in the period. Even when the Company believes the probability of loss or of an adverse unappealable final judgment is remote, the Company may consider settlement of these matters, and may enter into settlement agreements, if it believes settlement is in the best interest of the Company, including avoidance of future distraction and litigation defense cost, and its shareholders. Stray Liabilities Non-PFAS Stray Liabilities While DuPont believes it is probable that it will incur a liability related to Non-PFAS Stray Liabilities, such liability is not reasonably estimable at September 30, 2020. Therefore, at September 30, 2020, DuPont has not recorded an accrual related to Non-PFAS Liabilities. PFAS Stray Liabilities Chemours Suit On July 1, 2015, Historical EID completed the separation of Historical EID’s Performance Chemicals segment through the spin-off of all the issued and outstanding stock of The Chemours Company (“Chemours”) to holders of Historical EID common stock. In connection with the spin, Historical EID and Chemours entered into a Separation Agreement (as amended, the "Chemours Separation Agreement"). Pursuant to the Chemours Separation Agreement, Chemours is obligated to indemnify Historical EID, including its current or former affiliates, against certain litigation, environmental and other liabilities that arose prior to the Chemours Separation. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In 2017, Historical EID and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future PFOA liabilities for a five-year period that began on July 6, 2017. The amended agreement provides that during that five-year period, Chemours will annually pay the first $25 million of future PFOA liabilities and, if that amount is exceeded, Historical EID will pay any excess amount up to the next $25 million, with Chemours annually bearing any excess liabilities above that amount. If Historical EID were required to pay PFOA liabilities pursuant to the amended agreement, fifty percent of such obligation would be borne by the Company in accordance with the Letter Agreement. In connection with the foregoing, the Company has not recorded or paid a PFOA liability. At the end of the five-year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Chemours Separation Agreement will continue unchanged. On May 13, 2019, Chemours filed suit in the Delaware Court of Chancery against Historical EID, Corteva and the Company in an attempt to limit its responsibility for the litigation and environmental liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement. Chemours is asking the court to rewrite the Chemours Separation Agreement by either limiting Chemours’ liabilities or, alternatively, ordering the return to Chemours of all or a portion of a $3.91 billion dividend that Chemours paid to Historical EID, Chemours’ then-sole-shareholder, just prior to the spin of Chemours. DuPont and Corteva, acting jointly, filed a motion to dismiss the lawsuit for lack of subject matter jurisdiction and initiated an arbitration of the dispute as required under the Chemours Separation Agreement. In December 2019, following argument, the Delaware Court of Chancery stayed arbitration pending resolution of the motion to dismiss. On March 30, 2020, the Court of Chancery granted the motion to dismiss and rejected Chemours’ arguments in their entirety. Chemours filed a notice of appeal on April 17, 2020 with the Delaware Supreme Court. The Delaware Supreme Court will hear oral argument on the appeal en banc on December 2, 2020. Meanwhile, the confidential arbitration process is proceeding. Indemnifiable Losses related to the Chemours suit are PFAS Stray Liabilities subject to the sharing arrangement between DuPont and Corteva, described above. The Company believes the probability of a final unappealable judgment of liability with respect to the Chemours suit to be remote; the defendants continue to vigorously defend full indemnity rights as set forth in the Chemours Separation Agreement. PFAS Matters Historical EID is a party to legal proceedings relating to the use of PFOA and PFCs by its former Performance Chemicals segment. Indemnifiable Losses related to PFAS liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement generally are PFAS Stray Liabilities subject to the sharing arrangement between DuPont and Corteva, described above. Generally, Chemours, with reservations, including as to alleged fraudulent conveyance and voidable transactions, is defending and indemnifying Historical EID in the PFAS Matters discussed below. Although Chemours has refused the tender of the Company’s defense in the actions in which the Company has been named, DuPont believes it is remote that it will ultimately incur a liability in connection with these PFAS Matters. Ohio MDL Personal Injury Cases DuPont, which was formed after the spin-off of Chemours, is not named in the personal injury and other PFAS actions discussed below. In 2004, Historical EID settled a West Virginia state court class action, Leach v. DuPont, which alleged that PFOA from Historical EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. Historical EID has residual liabilities under the Leach settlement related to providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. Members of the Leach class have standing to pursue personal injury claims for just six health conditions that an expert panel appointed under the Leach settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. In 2017, Chemours and Historical EID each paid $335 million to settle the multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”), thereby resolving claims of about 3,550 plaintiffs alleging injury from exposure to PFOA in drinking water. The 2017 settlement did not resolve claims of Leach class members who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. About 80 claims alleging personal injury, including kidney and testicular cancer claims, have been filed since the 2017 settlement. These claims are currently pending in the Ohio MDL. The first two cases, one captioned “Abbott v E. I. du Pont de Nemours and Company” and the other “Swartz v. E. I. du Pont de Nemours and Company”, involving a testicular cancer and a kidney cancer claim, respectively, proceeded to trial in January 2020. In the Abbott case, the jury returned a verdict in March 2020 against Historical EID, awarding $50 million in compensatory damages to the plaintiff and his wife, who claimed that exposure to PFOA in drinking water caused him to develop testicular cancer. Historical EID will appeal the verdict. The plaintiffs also sought but were not awarded punitive damages. In the Swartz matter, the jury could not reach a verdict. Therefore, the court declared a mistrial and the matter will be retried at a later date. The trials in the cases originally scheduled for June 2020 have been further postponed from October 2020 to late November due to the COVID-19 pandemic. Natural Resource Damage Claims and Other Claims for Environmental Damages In addition to the actions described above, there several cases alleging damages to natural resources, the environment, water, and/or property as well as various other allegations. DuPont and Corteva are named or have been added as defendants in most of the actions discussed below. Such actions include additional claims based on allegations that the transfer by Historical EID of certain PFAS liabilities to Chemours prior to separating Chemours resulted in a fraudulent conveyance or voidable transaction. Natural Resource Damage Matters Since May 2017, a number of state attorneys general have filed lawsuits against DuPont, Corteva, Historical EID, Chemours, and others, claiming environmental contamination by certain PFAS compounds. Such actions are currently pending in Michigan, New Jersey, New Hampshire, New York, North Carolina, Ohio and Vermont. Generally, the states raise common law tort claims and seek economic impact damages for alleged harm to natural resources, punitive damages, present and future costs to cleanup contamination from certain PFAS compounds, and to abate the alleged nuisance. The North Carolina action includes fraudulent transfer claims related to the Chemours separation, the DowDuPont separations, and questions potential loss of assets caused by future divestitures. Other PFAS Environmental Matters Several lawsuits have been filed by residents, local water districts, and private water companies against Historical EID and Chemours in New York. Additionally, a water district in West Virginia, filed suit in state court against Historical EID, Chemours, Corteva, DuPont, and others alleging contamination as a result of PFOA and PFOS and seeking compensatory, consequential and punitive damages, and attorneys’ fees. The complaint includes a fraudulent transfer allegation associated with the Chemours separation. In September 2020, a complaint was filed in the Central District of California on behalf of Golden State Water Company against DuPont, Corteva, Historical EID, Chemours, and others, alleging contamination of water systems from PFOS and PFOA. The complaint includes fraudulent transfer claims related to the Chemours separation, the DowDuPont separations, and questions potential loss of assets caused by future divestitures. North Carolina PFAS Actions There are several actions pending in federal court against Historical EID and Chemours, relating to discharges of PFCs, including GenX, into the Cape Fear River. GenX is a polymerization processing aid and a replacement for PFOA introduced by Historical EID which Chemours continues to manufacture at its Fayetteville Works facility in Bladen County, North Carolina. One of these actions is a consolidated putative class action that asserts claims for damages and other relief on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. In addition, an action is pending in North Carolina state court on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. In the third quarter 2020, 3 lawsuits were filed in North Carolina state court against Chemours, Historical EID, Corteva and DuPont. The lawsuits seek damages for alleged personal injuries to more than 100 individuals due to alleged exposure to PFOA and GenX originating from the Fayetteville Works plant. These lawsuits also include fraudulent transfer allegations related to the Chemours separation. Aqueous Film Forming Foam Beginning in April 2019, several dozen lawsuits involving water contamination arising from the use of PFAS-containing aqueous firefighting foams (“AFFF”) were filed against Historical EID, Chemours, 3M and other AFFF manufacturers and in different parts of the country. Most were consolidated in multi-district litigation docket in federal district court in South Carolina (the “SC MDL”). Many of those cases also name DuPont as a defendant. Those actions largely seek remediation of the alleged PFAS contamination in and around military bases and airports as well as medical monitoring of affected residents. In September 2020, a complaint was filed in Missouri state court on behalf of a deceased firefighter against 3M, DuPont, Corteva, Historical EID, Chemours and others. The suit seeks damages for injuries and wrongful death of the plaintiff allegedly from his exposure to PFAS contained in firefighting foam. This case has not been removed to the SC MDL. As of the end of September 2020, approximately 750 personal injury cases have been filed directly in the SC MDL and assert claims on behalf of individual firefighters and others who allege that exposure to PFAS in firefighting foam caused them to develop cancer, including kidney and testicular cancer. DuPont has been named as a defendant in most of these personal injury AFFF cases. DuPont is seeking the dismissal of DowDuPont and DuPont from these actions. Historical EID and the Company have never made or sold aqueous film forming foam, PFOS or PFOS containing products. Additionally, a case filed by a former firefighter is pending in the Southern District of Ohio seeking certification of a nationwide class of individuals who have detectable levels of PFAS in their blood serum. The suit was filed against 3M and several other defendants in addition to Chemours and Historical EID. The complaint specifically seeks, among other things, the creation of a “PFAS Science Panel” to study the effects of PFAS, but expressly states that the class does not seek compensatory damages for personal injuries. In February 2020, the court denied the defendants' motion to transfer this case to the SC MDL. Other Litigation Matters In addition to the specific matters described above, the Company is party to other claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, and other actions. Certain of these actions may purport to be class actions and seek damages in very large amounts. It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At September 30, 2020, the Company had accrued obligations of $79 million for probable environmental remediation and restoration costs, inclusive of $37 million retained and assumed following the DWDP Distributions and $42 million of indemnified liabilities. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to $172 million above the amount accrued at September 30, 2020. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. At December 31, 2019, the Company had accrued obligations of $77 million for probable environmental remediation and restoration costs. Pursuant to the DWDP Separation and Distribution Agreement, the Company is required to indemnify certain clean-up responsibilities and associated remediation costs. The accrued environmental obligations of $79 million as of September 30, 2020 includes amount for which the Company indemnifies Dow and Corteva. At September 30, 2020, the Company has indemnified Dow and Corteva $8 million and $34 million, respectively. Indemnifications In connection with the ongoing divestitures and transactions, the Company has indemnified and has been indemnified by respective parties against certain liabilities that may arise in connection with these transactions and business activities prior to the completion of the respective transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. At September 30, 2020, indemnified assets were $88 million within "Accounts and notes receivable, net" and $117 million within "Deferred charges and other assets" and indemnified liabilities were $60 million within "Accrued and other current liabilities" and $94 million within "Other noncurrent obligations." Guarantees Obligations for Equity Affiliates & Others The Company has directly guaranteed various debt obligations under agreements with third parties related to equity affiliates and customers. At September 30, 2020 and December 31, 2019, the Company had directly guaranteed $177 million and $187 million, respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the Company could be required to make under the guarantees. The Company would be required to perform on these guarantees in the event of default by the guaranteed party. The Company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. In certain cases, the Company has recourse to assets held as collateral, as well as personal guarantees from customers. Assuming liquidation, these assets are estimated to cover less than 1 percent of the $17 million of guaranteed obligations of customers. The following table provides a summary of the final expiration year and maximum future payments for each type of guarantee:
1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. At September 30, 2020 all maximum future payments had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations.
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LEASES (Notes) |
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Leases of Lessee Disclosure [Text Block] | OPERATING LEASES The components of lease cost for operating leases were as follows:
Operating cash flows from operating leases were $136 million and $150 million for the nine months ended September 30, 2020 and 2019, respectively. Operating lease right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. New operating lease assets and liabilities entered into during the nine months ended September 30, 2020 and 2019 were $168 million and $111 million, respectively. Supplemental balance sheet information related to leases was as follows:
1.Included in "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheet. 2.Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheet. 3.Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheet.
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STOCKHOLDERS' EQUITY |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS | STOCKHOLDERS' EQUITY Share Repurchase Program On June 1, 2019, the Company's Board of Directors approved a $2 billion share buyback program, which expires on June 1, 2021. During the third quarter of 2020, the Company did not repurchase any shares. As of September 30, 2020, the Company had repurchased and retired 16.9 million shares under this program since inception at a total cost of $982 million. Accumulated Other Comprehensive Loss The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the nine months ended September 30, 2020 and 2019:
The tax effects on the net activity related to each component of other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019 were as follows:
A summary of the reclassifications out of AOCL for the three and nine months ended September 30, 2020 and 2019 is provided as follows:
1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes on continuing operations." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other post-employment benefit plans. See Note 17 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense."
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NONCONTROLLING INTERESTS |
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NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Ownership interests in the Company's subsidiaries held by parties other than the Company are presented separately from the Company's equity in the interim Condensed Consolidated Balance Sheets as "Noncontrolling interests." The amounts of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the interim Consolidated Statements of Operations. The following table summarizes the activity for equity attributable to noncontrolling interests for the three and nine months ended September 30, 2020 and 2019:
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STOCK-BASED COMPENSATION |
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Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | STOCK-BASED COMPENSATION A summary of the Historical Dow and Historical DuPont stock-based compensation plans can be found in Note 21 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Historical Dow and Historical EID did not merge their equity incentive plans as a result of the DWDP Merger. The Historical Dow and Historical EID stock-based compensation plans were assumed by the Company and remained in place with the ability to grant and issue DowDuPont common stock until the DWDP Distributions. Immediately following the Corteva Distribution, DuPont adopted the DuPont Omnibus Incentive Plan ("DuPont OIP") which provides for equity-based and cash incentive awards to certain employees, directors, independent contractors and consultants in the form of stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Upon adoption of the DuPont OIP, the Historical Dow and Historical EID plans were maintained and rolled into the DuPont OIP as separate subplans. The equity awards under these subplans have the same terms and conditions that were applicable to the awards under the Historical Dow and Historical EID plans immediately prior to the DWDP Distributions. Under the DuPont OIP, a maximum of 10 million shares of common stock are available for award as of September 30, 2020. During the second quarter of 2020, the stockholders of DuPont approved the DuPont 2020 Equity and Incentive Plan (the "2020 Plan"). The 2020 Plan limits the number of shares that may be subject to awards payable in shares of DuPont common stock to 19 million. The 2020 Plan authorizes the Company to grant options, share appreciation rights, restricted shares, RSUs, share bonuses, other share-based awards, cash awards, each as defined in the 2020 Plan, or any combination of the foregoing. The approval of the 2020 Plan had no effect on the Company’s ability to make future grants under the DuPont OIP in accordance with its terms, and awards that are outstanding under the DuPont OIP remain outstanding in accordance with their terms. There has been no activity under the 2020 Plan to date. DuPont recognized share-based compensation expense in continuing operations of $25 million and $30 million for the three months ended September 30, 2020 and 2019, respectively, and $94 million and $85 million during the nine months ended September 30, 2020 and 2019, respectively. The income tax benefits related to stock-based compensation arrangements were $5 million and $6 million for the three months ended September 30, 2020 and 2019, respectively, and $19 million and $18 million for the nine months ended September 30, 2020 and 2019, respectively. In the first quarter of 2020, the Company granted 1.0 million RSUs, 0.8 million stock options and 0.3 million PSUs. The weighted-average fair values per share associated with the grants were $53.49 per RSU, $8.84 per stock option and $50.23 per PSU. The stock options had a weighted-average exercise price per share of $53.50. There was minimal activity in the second and third quarter of 2020.
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FINANCIAL INSTRUMENTS |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at September 30, 2020 and December 31, 2019:
1.Includes $26 million of restricted cash classified as "Other current assets" and $6.2 billion classified as "Restricted cash" in the interim Condensed Consolidated Balance Sheets. Refer to Note 6 for further information. 2.Presented net of cash collateral where master netting arrangements allow. Derivative Instruments Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, the Company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The Company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the Company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. As of the third quarter of 2020, the Company has not designated any derivatives or non-derivatives as hedging instruments. The Company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. The notional amounts of the Company's derivative instruments were as follows:
1.Presented net of contracts bought and sold. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The Company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The Company may use foreign currency exchange contracts to offset a portion of the Company's exposure to certain foreign currency-denominated revenues so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated revenues. Commodity Contracts The Company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as soybeans, soybean oil and soybean meal. Fair Value of Derivative Instruments Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Condensed Consolidated Balance Sheets. The presentation of the Company's derivative assets and liabilities is as follows:
1.Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Effect of Derivative Instruments Foreign currency derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency-denominated assets and liabilities. The amount charged on a pre-tax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) - net” in the interim Consolidated Statements of Operations, was a loss of $3 million for the three months ended September 30, 2020 and 2019, and a gain of $1 million for the nine months ended September 30, 2020 ($63 million loss for the nine months ended September 30, 2019). The income statement effects of other derivatives were immaterial. Reclassification from AOCL The Company does not expect to reclassify gains or losses related to foreign currency contracts from AOCL to income within the next 12 months and there are currently no such amounts included within AOCL.
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FAIR VALUE MEASUREMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis:
1.Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" and "Restricted cash" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms.
1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Fair Value Measurements on a Nonrecurring Basis During the third quarter of 2020, the Company recorded impairment charges related to goodwill, indefinite-lived intangible assets, and long-lived assets within the Non-Core segment. These impairment analyses were performed using Level 3 inputs within the fair value hierarchy. See Notes 3, 5, and 11 for further discussion. During the second quarter of 2020, the Company recorded impairment charges related to goodwill and indefinite-lived intangible assets within the Transportation & Industrial segment. See Notes 5 and 11 for further discussion of these fair value measurements. During the first quarter of 2020, the Company recorded impairment charges related to goodwill and long-lived assets within the Non-Core segment. See Notes 5 and 11 for further discussion of these fair value measurements. During the second quarter of 2019, the Company recorded goodwill impairment charges related to the Nutrition & Biosciences and Non-Core segments. The Company also recorded an other-than-temporary impairment, classified as Level 3 measurements, on an equity method investment. See Notes 5 and 11 for further discussion of these fair value measurements.
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SEGMENTS AND GEOGRAPHIC REGIONS |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENTS AND GEOGRAPHIC REGIONS | SEGMENTS AND GEOGRAPHIC REGIONS In the first quarter of 2020, in preparation for the Intended N&B Transaction, DuPont changed its management and reporting structure to realign costs associated with its polysaccharides pre-commercial activities from the Non-Core segment to the N&B segment. The reporting changes have been retrospectively reflected in the segment results for all periods presented. Prior to April 1, 2019, the Company's measure of profit / loss for segment reporting purposes is pro forma Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assessed performance and allocates resources. The Company defines pro forma Operating EBITDA as pro forma earnings (i.e. pro forma "Income (loss) from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / other post-employment benefits (“OPEB”) / charges, and foreign exchange gains/losses, excluding the impact of costs historically allocated to the materials science and agriculture businesses that did not meet the criteria to be recorded as discontinued operations and adjusted for significant items. Effective April 1, 2019, the Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, adjusted for significant items. Reconciliations of these measures are provided on the following pages. Pro forma adjustments were determined in accordance with Article 11 of Regulation S-X. Pro forma financial information is based on the Consolidated Financial Statements of DuPont, adjusted to give effect to the impact of certain items directly attributable to the DWDP Distributions, and the Term Loan Facilities, the 2018 Senior Notes and the Funding CP Issuance (together, the "Financings"), including the use of proceeds from such Financings (collectively the "Transactions"). The historical consolidated financial information has been adjusted to give effect to pro forma events that are (1) directly attributable to the Transactions, (2) factually supportable and (3) with respect to the statements of operations, expected to have a continuing impact on the results. Events that are not expected to have a continuing impact on the combined results are excluded from the pro forma adjustments. Those pro forma adjustments include the impact of various supply agreements entered into in connection with the Dow Distribution ("supply agreements") and are adjustments to "Cost of sales." Pro forma Operating EBITDA for the nine months ended September 30, 2019 has been adjusted to reflect the supply agreements if they had been effective January 1, 2018 as they are included in the measure of profit/loss reviewed by the CODM in order to show meaningful comparability among periods while assessing performance and making resource allocation decisions. There were no pro forma adjustments for the three or nine months ended September 30, 2020 and the three months ended September 30, 2019.
1.A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA and pro forma Operating EBITDA, as applicable, is provided below. 2.Represents equity in earnings (losses) of nonconsolidated affiliates included in pro forma Operating EBITDA, the Company's measure of profit/loss for segment reporting purposes, which excludes significant items. Accordingly, the Non-Core segment presented above excludes restructuring charges of $1 million and $3 million for the three and nine months ended September 30, 2019, respectively, which is presented in "Equity in earnings of nonconsolidated affiliates" in the Company's interim Consolidated Statements of Operations.
1. Included in "Sundry income (expense) - net." 2. The three months ended September 30, 2020 excludes N&B financing activity. Refer to details of significant items below. 3. The significant items for the three months ended September 30, 2020 and 2019 are presented on an as reported basis.
1. For the nine months ended September 30, 2019, operating EBITDA is on a pro forma basis. The pro forma adjustment reflects the net pro forma impact of items directly attributable to the Transactions, as applicable. 2. Included in "Sundry income (expense) - net." 3. The nine months ended September 30, 2020 excludes N&B financing activity. Refer to details of significant items below. 4. Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. 5. The significant items for the nine months ended September 30, 2020 are presented on an as reported basis. The significant items for the nine months ended September 30, 2019 are presented on a pro forma basis. The significant items for the three months ended September 30, 2020 and 2019 and the nine months ended September 30, 2020 are presented on an as reported basis. The significant items for the nine months ended September 30, 2019 are presented on a pro forma basis. The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA and pro forma Operating EBITDA above:
1. Integration and separation costs related to the post-DWDP Merger integration and the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Refer to Note 11 for additional information. 4. Refer to Note 5 for additional information. 5. Refer to Note 3 for additional information. 6. Represents interest expense, net related to the N&B Notes as well as the financing fee amortization related to the intended separation of the N&B Business.
1.Integration and separation costs related to post-DWDP Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information.
1. Integration and separation costs related to the post-DWDP Merger integration and the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Refer to Note 11 for additional information. 4. Refer to Note 5 for additional information. 5. Refer to Note 3 for additional information. 6. Represents interest expense, net related to the N&B Notes as well as the financing fee amortization related to the intended separation of the N&B Business.
1.Integration and separation costs related to the DWDP Merger, post-DWDP Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Refer to Note 11 for additional information. 4. Refer to Note 5 for additional information. 5. Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Interim Financial Statements The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained.
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Basis of Presentation and Significant Accounting Policies [Text Block] | Impact of the Novel Coronavirus (“COVID-19”) Pandemic The COVID-19 pandemic has resulted in significant economic disruption and continues to adversely impact the broader global economy. The extent of the impact on the Company's operational and financial performance will depend on future developments, including, but not limited to, the duration and spread of the outbreak and its impact on the Company's customers and suppliers. As of the date of issuance of these interim Consolidated Financial Statements, the full extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain. Basis of Presentation Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 ("DWDP Merger Agreement"), The Dow Chemical Company ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, Historical Dow and Historical EID became subsidiaries of DowDuPont (the "DWDP Merger"). Prior to the DWDP Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the DWDP Merger Agreement. Historical Dow was determined to be the accounting acquirer in the DWDP Merger. Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical EID" includes Historical EID and its consolidated subsidiaries, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow.
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Discontinued Operations, Policy [Policy Text Block] | Effective as of 5:00 p.m. on April 1, 2019, the Company completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock (the “Dow Common Stock”), to holders of the Company’s common stock (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). Effective as of 12:01 a.m. on June 1, 2019, the Company completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock (the “Corteva Common Stock”), to holders of the Company’s common stock as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “DWDP Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD." The results of operations of DuPont for the 2019 interim periods presented reflect the historical financial results of Dow and Corteva as discontinued operations, as applicable. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable period. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of Dow or Corteva. On December 15, 2019, the Company entered into definitive agreements to separate and combine the Nutrition & Biosciences business segment (the "N&B Business") with International Flavors & Fragrances Inc. ("IFF") in a tax-efficient Reverse Morris Trust transaction, (the "Intended N&B Transaction"). The transaction is expected to close in the first quarter of 2021, subject to approval by IFF shareholders and other customary closing conditions, including regulatory approvals and receipt by DuPont of an opinion of tax counsel. The financial results of the N&B Business are included in continuing operations for the periods presented.
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RECENT ACCOUNTING GUIDANCE (Policies) |
9 Months Ended |
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Sep. 30, 2020 | |
Recent Accounting Guidance [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and associated ASUs related to Topic 326. The new guidance introduces the current expected credit loss (“CECL”) model, which requires organizations to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted the new standard in the first quarter of 2020, which required a modified retrospective transition approach, applying the new standard's cumulative-effect adjustment at the date of initial adoption. This cumulative-effect has been reflected as of January 1, 2020 and prior periods have not been restated. The impact of initial adoption was not material to the Company’s interim Condensed Consolidated Balance Sheet, interim Consolidated Statements of Operations, and interim Consolidated Statement of Cash Flows.
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DIVESTITURES (Tables) |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Integration and Separation Costs [Table Text Block] |
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Materials Science Division [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The results of operations of the Materials Science Division are presented as discontinued operations as summarized below:
1.The three and nine months ended September 30, 2019 includes $82 million of expense in "Sundry income (expense) - net" and a benefit of $85 million in "Provision for income taxes on discontinued operations" related to certain unrecognized tax benefits for positions taken on items from prior years. The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division:
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The results of operations of the Agriculture Division are presented as discontinued operations as summarized below:
1.The three and nine months ended September 30, 2019 includes $6 million of expense in "Sundry income (expense) - net" and a benefit of $8 million in "Provision for income taxes on discontinued operations" related to certain unrecognized tax benefits for positions taken on items from prior years. The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division:
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the carrying value of the major assets and liabilities of the biomaterials business unit, as well as these certain other assets and liabilities within Non-Core classified as held for sale as of September 30, 2020 (collectively, the “Non-Core Held for Sale Disposal Groups”):
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REVENUE (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] |
1. The TCS Business within Photovoltaic & Advanced Materials was divested in the third quarter of 2020. 2. The Sustainable Solutions business was divested in the third quarter of 2019.
1.Europe, Middle East and Africa.
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] |
1.Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. 2.Included in "Other current assets" in the interim Condensed Consolidated Balance Sheets. 3.Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 4.Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets.
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RESTRUCTURING AND ASSET RELATED CHARGES - NET (Tables) |
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Restructuring Charges |
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the 2020 Restructuring Program:
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Restructuring Charges | The following table summarizes the charges incurred for the three months ended September 30, 2019 and the nine months ended September 30, 2020 and September 30, 2019:
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the 2019 Restructuring Program:
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Restructuring Charges |
1. The charge for the three and nine months ended September 30, 2019 includes $13 million and $105 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $3 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations.
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Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the DowDuPont Cost Synergy Program:
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SUPPLEMENTARY INFORMATION (Tables) |
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Schedule of sundry income (expense), net |
1.The three and nine months ended September 30, 2020 includes a net benefit of $393 million related to the TCS/HSC Disposal, including the settlement of a supply agreement dispute, within the Non-Core segment. Refer to Note 3 for further information. 2. The nine months ended September 30, 2020 includes income of $197 million related to the gain on sale of the Compound Semiconductor Solutions business unit within the Electronics & Imaging segment. 3. The three and nine months ended September 30, 2020 includes income of $30 million related to a prior year sale of assets within the Electronics & Imaging segment. The three and nine months ended September 30, 2019 includes income of $34 million and $85 million, respectively, related to a sale of assets within the Electronics & Imaging segment, as well as a gain of $28 million related to the sale of the Sustainable Solutions business unit within the Non-Core segment. 4. Miscellaneous income (expenses) - net for the nine months ended September 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year settlement. The nine months ended September 30, 2019 also includes $26 million related to licensing income within the Safety & Construction segment.
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EARNINGS PER SHARE CALCULATIONS (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the three and nine months ended September 30, 2020 and 2019:
1.Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. 2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
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INVENTORIES Inventories (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
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NONCONSOLIDATED AFFILIATES (Tables) |
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonconsolidated Affiliates - Investments [Table Text Block] | The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the interim Condensed Consolidated Balance Sheets, are shown in the following table:
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Equity Method Investments [Table Text Block] | The following table reflects the carrying value of the HSC Group investments at December 31, 2019:
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill | The changes in the carrying amounts of goodwill during the nine months ended September 30, 2020 were as follows:
1. Includes $267 million of goodwill related to the Non-Core segment reclassified as held for sale in connection with the Non-Core Held for Sale Disposal Groups. Refer to Note 3 for further information.
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Schedule of other finite intangible assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
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Schedule of other indefinite intangible assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
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Intangible Assets Disclosure | The following table provides the net carrying value of other intangible assets by segment:
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COMMITMENTS AND CONTINGENT LIABILITIES (Tables) |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations | The following table provides a summary of the final expiration year and maximum future payments for each type of guarantee:
1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. At September 30, 2020 all maximum future payments had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations.
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LEASES Schedule of Leases (Tables) |
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Sep. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost [Table Text Block] | The components of lease cost for operating leases were as follows:
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Schedule of Lease Assets and Liabilities [Table Text Block] | Supplemental balance sheet information related to leases was as follows:
1.Included in "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheet. 2.Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheet. 3.Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheet.
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STOCKHOLDERS' EQUITY (Tables) |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Other Comprehensive Income (Loss) | The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the nine months ended September 30, 2020 and 2019:
The tax effects on the net activity related to each component of other comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019 were as follows:
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Schedule of Reclassifications Out of Accumulated Other Comprehensive Income |
1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes on continuing operations." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other post-employment benefit plans. See Note 17 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense."
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NONCONTROLLING INTERESTS (Tables) |
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Sep. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Noncontrolling Interest | The following table summarizes the activity for equity attributable to noncontrolling interests for the three and nine months ended September 30, 2020 and 2019:
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FINANCIAL INSTRUMENTS (Tables) |
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Investments, All Other Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the fair value of financial instruments | The following table summarizes the fair value of financial instruments at September 30, 2020 and December 31, 2019:
1.Includes $26 million of restricted cash classified as "Other current assets" and $6.2 billion classified as "Restricted cash" in the interim Condensed Consolidated Balance Sheets. Refer to Note 6 for further information. 2.Presented net of cash collateral where master netting arrangements allow.
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Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] |
1.Presented net of contracts bought and sold.
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Schedule of fair value of derivative instruments using Level 2 inputs |
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FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the fair value of assets and liabilities measured on a recurring basis | The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis:
1.Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" and "Restricted cash" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms.
1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms.
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SEGMENTS AND GEOGRAPHIC REGIONS (Tables) |
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Segment Reporting Information [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Segment Information |
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Reconciliation of Income from Continuing Operations, net of tax to Operating EBITDA |
1. Included in "Sundry income (expense) - net." 2. The three months ended September 30, 2020 excludes N&B financing activity. Refer to details of significant items below. 3. The significant items for the three months ended September 30, 2020 and 2019 are presented on an as reported basis.
1. For the nine months ended September 30, 2019, operating EBITDA is on a pro forma basis. The pro forma adjustment reflects the net pro forma impact of items directly attributable to the Transactions, as applicable. 2. Included in "Sundry income (expense) - net." 3. The nine months ended September 30, 2020 excludes N&B financing activity. Refer to details of significant items below. 4. Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. 5. The significant items for the nine months ended September 30, 2020 are presented on an as reported basis. The significant items for the nine months ended September 30, 2019 are presented on a pro forma basis.
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Schedule of Certain Items by Segment | The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA and pro forma Operating EBITDA above:
1. Integration and separation costs related to the post-DWDP Merger integration and the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Refer to Note 11 for additional information. 4. Refer to Note 5 for additional information. 5. Refer to Note 3 for additional information. 6. Represents interest expense, net related to the N&B Notes as well as the financing fee amortization related to the intended separation of the N&B Business.
1.Integration and separation costs related to post-DWDP Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information.
1. Integration and separation costs related to the post-DWDP Merger integration and the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Refer to Note 11 for additional information. 4. Refer to Note 5 for additional information. 5. Refer to Note 3 for additional information. 6. Represents interest expense, net related to the N&B Notes as well as the financing fee amortization related to the intended separation of the N&B Business.
1.Integration and separation costs related to the DWDP Merger, post-DWDP Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Refer to Note 11 for additional information. 4. Refer to Note 5 for additional information. 5. Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement.
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DIVESTITURES Material Sciences Components of Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income from discontinued operations, net of tax | $ 0 | $ 5 | $ 0 | $ 1,217 | ||
Income (Loss) from Discontinued Operations, Attributable to Noncontrolling Interests, Net of Tax | $ 0 | 0 | $ 0 | 72 | ||
Materials Science Division [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net Sales, Discontinued Operation | 10,867 | |||||
Cost of Sales, Discontinued Operations | 8,917 | |||||
Research and Development Expense, Discontinued Operations | 163 | |||||
Selling, General and Administrative Expense, Discontinued Operations | 329 | |||||
Amortization of Intangibles, Discontinued Operations | 116 | |||||
Restructuring and Asset Related Charges - Net, Discontinued Operations | 157 | |||||
Integration and Separation Costs, Discontinued Operations | 44 | |||||
Equity in Earnings on Nonconsolidated Affiliates, Discontinued Operations | (13) | |||||
Sundry Income (expense), Discontinued Operations | [1] | 17 | ||||
Interest Expense, Discontinued Operations | 240 | |||||
Income (Loss) from Discontinued Operation, before Income Tax | 905 | |||||
Provision for Income Taxes on Discontinued Operations | [1] | 176 | ||||
Income from discontinued operations, net of tax | 729 | |||||
Income (Loss) from Discontinued Operations, Attributable to Noncontrolling Interests, Net of Tax | 37 | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 692 | |||||
Materials Science Division [Member] | Sundry income (expense) - net | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income Tax Credits and Adjustments | 82 | 82 | ||||
Materials Science Division [Member] | Provision for income taxes on discontinued operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income Tax Credits and Adjustments | $ 85 | $ 85 | ||||
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DIVESTITURES Materials Science Components of Cash Flows & Other (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Apr. 01, 2019 |
Sep. 30, 2019 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Contributions to Dow | $ 2,024 | |
Materials Science Division [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 744 | |
Capital Expenditure, Discontinued Operations | $ 597 |
DIVESTITURES Agriculture Division Components of Income (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income from discontinued operations, net of tax | $ 0 | $ 5 | $ 0 | $ 1,217 | ||
Income (Loss) from Discontinued Operations, Attributable to Noncontrolling Interests, Net of Tax | $ 0 | 0 | $ 0 | 72 | ||
Agriculture Division [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net Sales, Discontinued Operation | 7,144 | |||||
Cost of Sales, Discontinued Operations | 4,218 | |||||
Research and Development Expense, Discontinued Operations | 470 | |||||
Selling, General and Administrative Expense, Discontinued Operations | 1,294 | |||||
Amortization of Intangibles, Discontinued Operations | 176 | |||||
Restructuring and Asset Related Charges - Net, Discontinued Operations | 117 | |||||
Integration and Separation Costs, Discontinued Operations | 430 | |||||
Equity in Earnings on Nonconsolidated Affiliates, Discontinued Operations | (4) | |||||
Sundry Income (expense), Discontinued Operations | [1] | 52 | ||||
Interest Expense, Discontinued Operations | 91 | |||||
Income (Loss) from Discontinued Operation, before Income Tax | 396 | |||||
Provision for Income Taxes on Discontinued Operations | [1] | 74 | ||||
Income from discontinued operations, net of tax | 322 | |||||
Income (Loss) from Discontinued Operations, Attributable to Noncontrolling Interests, Net of Tax | 35 | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 287 | |||||
Agriculture Division [Member] | Sundry income (expense) - net | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income Tax Credits and Adjustments | 6 | 6 | ||||
Agriculture Division [Member] | Provision for income taxes on discontinued operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income Tax Credits and Adjustments | $ 8 | $ 8 | ||||
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DIVESTITURES Agriculture Division Components of Cash Flows & Other (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Jun. 01, 2019 |
Sep. 30, 2019 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Contribution to Corteva | $ 7,139 | |
Agriculture Division [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 385 | |
Capital Expenditure, Discontinued Operations | $ 383 |
DIVESTITURES Non-Core HFS Balance Sheet (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets held for sale | $ 835 | $ 0 |
Liabilities related to assets held for sale | 127 | $ 0 |
Non-Core Held for Sale Disposal Groups | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Accounts and Notes Receivable, Net | 61 | |
Inventories | 96 | |
Other Assets | 40 | |
Investments in nonconsolidated affiliates | 166 | |
Property, Plant and Equipment - net | 32 | |
Goodwill | 267 | |
Other intangible assets | 169 | |
Deferred charges and other assets | 4 | |
Assets held for sale | 835 | |
Accounts Payable | 29 | |
Income Taxes Payable | 1 | |
Accrued and other current liabilities | 48 | |
Deferred Income Tax Liabilities | 30 | |
Pensions and other post-employment benefits | 1 | |
Other noncurrent obligations | 18 | |
Liabilities related to assets held for sale | $ 127 |
DIVESTITURES Non-Core HFS (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Oct. 08, 2020 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Goodwill impairment charges | $ 183 | [1] | $ 0 | $ 3,214 | [2] | $ 1,175 | |||||
Non-Core Held for Sale Disposal Groups | Non Core Segment [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Goodwill impairment charges | $ 25 | $ 25 | |||||||||
Non-Core Held for Sale Disposal Groups | Subsequent Event [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 240 | ||||||||||
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DIVESTITURES Other Divestitures (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Integration and separation costs | $ 127 | $ 191 | $ 469 | $ 1,149 | ||||||
Gain (Loss) on Disposition of Business | 393 | [1] | 590 | [2] | ||||||
Income from discontinued operations, net of tax | 0 | 5 | 0 | 1,217 | ||||||
Electronics & Imaging | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from Divestiture of Businesses | 420 | |||||||||
Gain (Loss) on Disposition of Business | 197 | |||||||||
Gain (Loss) on Disposition of Business, Net of Tax | 102 | |||||||||
Non Core Segment [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (Loss) on Disposition of Business | 28 | 28 | ||||||||
Gain (Loss) on Disposition of Business, Net of Tax | $ 22 | 22 | ||||||||
Non-core | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from Divestiture of Businesses | 550 | |||||||||
Gain (Loss) on Disposition of Business | 393 | 393 | ||||||||
Gain (Loss) on Disposition of Business, Net of Tax | $ 232 | 232 | ||||||||
Proceeds from supply agreement settlement | $ 175 | |||||||||
Historical EID | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from discontinued operations, net of tax | 86 | |||||||||
Historical EID Crop Protection and R&D [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income from discontinued operations, net of tax | $ 80 | |||||||||
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REVENUE (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|||||||||||||||
Net sales | $ 5,096 | $ 5,426 | $ 15,145 | $ 16,308 | |||||||||||||||
Revenue recognized which was deferred at the beginning of the period | 25 | 28 | |||||||||||||||||
Accounts and notes receivable - Trade | [1] | 2,938 | 2,938 | $ 3,007 | |||||||||||||||
Contract assets - current | [2] | 0 | 0 | 35 | |||||||||||||||
Deferred revenue - current | [3] | 18 | 18 | 20 | |||||||||||||||
Deferred revenue - noncurrent | [4] | 25 | 25 | $ 24 | |||||||||||||||
Image Solutions | |||||||||||||||||||
Net sales | 172 | 167 | 491 | 507 | |||||||||||||||
Interconnect Solutions | |||||||||||||||||||
Net sales | 370 | 339 | 910 | 859 | |||||||||||||||
Semiconductor Technologies | |||||||||||||||||||
Net sales | 462 | 428 | 1,392 | 1,251 | |||||||||||||||
Food & Beverage | |||||||||||||||||||
Net sales | 686 | 736 | 2,163 | 2,237 | |||||||||||||||
Health & Biosciences | |||||||||||||||||||
Net sales | 570 | 582 | 1,754 | 1,756 | |||||||||||||||
Pharma Solutions | |||||||||||||||||||
Net sales | 211 | 207 | 640 | 625 | |||||||||||||||
Healthcare & Specialty | |||||||||||||||||||
Net sales | 352 | 376 | 1,002 | 1,148 | |||||||||||||||
Industrial & Consumer | |||||||||||||||||||
Net sales | 233 | 274 | 680 | 875 | |||||||||||||||
Mobility Solutions | |||||||||||||||||||
Net sales | 460 | 559 | 1,339 | 1,772 | |||||||||||||||
Safety Solutions | |||||||||||||||||||
Net sales | 534 | 630 | 1,746 | 1,952 | |||||||||||||||
Shelter Solutions | |||||||||||||||||||
Net sales | 387 | 411 | 1,051 | 1,166 | |||||||||||||||
Water Solutions | |||||||||||||||||||
Net sales | 328 | 286 | 972 | 833 | |||||||||||||||
Biomaterials | |||||||||||||||||||
Net sales | 37 | 54 | 98 | 166 | |||||||||||||||
Clean Technologies | |||||||||||||||||||
Net sales | 48 | 78 | 175 | 219 | |||||||||||||||
DuPont Teijin Films | |||||||||||||||||||
Net sales | 47 | 48 | 124 | 127 | |||||||||||||||
Photovoltaic & Advanced Materials | |||||||||||||||||||
Net sales | 199 | 223 | 608 | 707 | |||||||||||||||
Sustainable Solutions | |||||||||||||||||||
Net sales | 0 | [5] | 28 | 0 | [5] | 108 | |||||||||||||
Electronics & Imaging | |||||||||||||||||||
Net sales | 1,004 | 934 | 2,793 | 2,617 | |||||||||||||||
Nutrition & Biosciences | |||||||||||||||||||
Net sales | 1,467 | 1,525 | 4,557 | 4,618 | |||||||||||||||
Transportation & Industrial | |||||||||||||||||||
Net sales | 1,045 | 1,209 | 3,021 | 3,795 | |||||||||||||||
Safety & Construction | |||||||||||||||||||
Net sales | 1,249 | 1,327 | 3,769 | 3,951 | |||||||||||||||
Non-core | |||||||||||||||||||
Net sales | 331 | 431 | 1,005 | 1,327 | |||||||||||||||
U.S. & Canada | |||||||||||||||||||
Net sales | 1,620 | 1,822 | 4,875 | 5,424 | |||||||||||||||
EMEA | |||||||||||||||||||
Net sales | [6] | 1,069 | 1,227 | 3,405 | 3,898 | ||||||||||||||
Asia Pacific | |||||||||||||||||||
Net sales | 2,120 | 2,057 | 6,045 | 6,036 | |||||||||||||||
Latin America | |||||||||||||||||||
Net sales | $ 287 | $ 320 | $ 820 | $ 950 | |||||||||||||||
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RESTRUCTURING AND ASSET RELATED CHARGES - NET (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Restructuring and asset related charges | $ 384 | $ 82 | $ 807 | $ 290 | |||||||||||
Restructuring Reserve | 127 | 127 | $ 162 | ||||||||||||
Asset Impairment Charges | 370 | [1],[2] | 661 | [3],[4] | |||||||||||
Transportation & Industrial | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset Impairment Charges | 21 | ||||||||||||||
Asset impairment charges, net of tax | 16 | ||||||||||||||
Non-core | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset Impairment Charges | 370 | 640 | |||||||||||||
Equity Method Investments [Member] | Nutrition & Biosciences | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset Impairment Charges | 63 | ||||||||||||||
Asset impairment charges, net of tax | $ 47 | ||||||||||||||
Indefinite-lived Intangible Assets [Member] | Non-core | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset Impairment Charges | 52 | 52 | |||||||||||||
Asset impairment charges, net of tax | 39 | 39 | |||||||||||||
Finite-Lived Intangible Assets and Property, Plant, and Equipment [Member] | Non-core | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset Impairment Charges | 318 | 318 | |||||||||||||
Asset impairment charges, net of tax | $ 242 | 242 | |||||||||||||
Finite-Lived Intangible Assets and Property, Plant, and Equipment [Member] | Non-core | Biomaterials | |||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||
Asset Impairment Charges | 270 | ||||||||||||||
Asset impairment charges, net of tax | $ 206 | ||||||||||||||
|
RESTRUCTURING AND ASSET RELATED CHARGES - NET 2020 Restructuring Program (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 127 | $ 127 | $ 162 |
2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 14 | 140 | |
Charges against reserve | (28) | ||
Cash Payments for Restructuring | (42) | ||
Restructuring Reserve | 70 | 70 | |
Employee Severance [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10 | 112 | |
Cash Payments for Restructuring | (42) | ||
Restructuring Reserve | 70 | 70 | |
Asset Related Charges And Other [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 4 | 28 | |
Charges against reserve | (28) | ||
Electronics & Imaging | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1 | 5 | |
Nutrition & Biosciences | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 5 | 12 | |
Transportation & Industrial | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 21 | ||
Safety & Construction | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2 | 24 | |
Non-core | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1 | 1 | |
Corporate | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 5 | 77 | |
Accrued and other current liabilities | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 70 | $ 70 |
RESTRUCTURING AND ASSET RELATED CHARGES - NET 2019 Restructuring Program (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 18 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 127 | $ 127 | $ 127 | $ 162 | ||
2019 Restructuring Program [Domain] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 0 | $ 69 | 2 | $ 122 | 140 | |
2019 Restructuring Program [Domain] | Accrued and other current liabilities | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 27 | 27 | 27 | 86 | ||
2019 Restructuring Program [Domain] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 48 | 2 | 98 | 106 | ||
Non-cash compensation | (6) | |||||
Cash Payments for Restructuring | (55) | |||||
Restructuring Reserve | $ 27 | 27 | 27 | $ 86 | ||
2019 Restructuring Program [Domain] | Asset Related Charges And Other [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 21 | 24 | $ 34 | |||
2019 Restructuring Program [Domain] | Electronics & Imaging | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 35 | (3) | 42 | |||
2019 Restructuring Program [Domain] | Nutrition & Biosciences | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 4 | (3) | 18 | |||
2019 Restructuring Program [Domain] | Transportation & Industrial | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 6 | (7) | 18 | |||
2019 Restructuring Program [Domain] | Safety & Construction | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 3 | (14) | 20 | |||
2019 Restructuring Program [Domain] | Corporate | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 18 | $ 29 | 21 | |||
2019 Restructuring Program [Domain] | Non-core | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 3 | $ 3 |
RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 37 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Dec. 31, 2019 |
|||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and asset related charges | $ 384 | $ 82 | $ 807 | $ 290 | ||||||
Restructuring Reserve | 127 | 127 | $ 127 | $ 162 | ||||||
Non-core | Income (Loss) From Equity Method Investments [Domain] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Charges | 1 | 3 | ||||||||
DowDuPont Cost Synergy Program [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and asset related charges | 489 | |||||||||
Restructuring Reserve | 30 | 30 | 30 | 76 | ||||||
Restructuring Charges | 0 | 14 | [1] | 4 | 108 | [1] | ||||
Charges against reserve | (1) | |||||||||
Cash Payments for Restructuring | (49) | |||||||||
DowDuPont Cost Synergy Program [Member] | Restructuring Settlement And Impairment Provisions [Domain] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Charges | 13 | 105 | ||||||||
DowDuPont Cost Synergy Program [Member] | Income (Loss) From Equity Method Investments [Domain] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Charges | 1 | 3 | ||||||||
DowDuPont Cost Synergy Program [Member] | Accrued and other current liabilities | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Reserve | 76 | |||||||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and asset related charges | 213 | |||||||||
Restructuring Reserve | 25 | 25 | 25 | 74 | ||||||
Restructuring Charges | (2) | 49 | ||||||||
Cash Payments for Restructuring | (47) | |||||||||
DowDuPont Cost Synergy Program [Member] | Contract Termination [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and asset related charges | 67 | |||||||||
Restructuring Reserve | $ 5 | 5 | 5 | $ 2 | ||||||
Restructuring Charges | 6 | 16 | ||||||||
Charges against reserve | (1) | |||||||||
Cash Payments for Restructuring | (2) | |||||||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges And Other [Member] | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring and asset related charges | $ 209 | |||||||||
Restructuring Charges | 14 | 43 | ||||||||
DowDuPont Cost Synergy Program [Member] | Nutrition & Biosciences | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Charges | 3 | 38 | ||||||||
DowDuPont Cost Synergy Program [Member] | Transportation & Industrial | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Charges | 1 | |||||||||
DowDuPont Cost Synergy Program [Member] | Safety & Construction | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Charges | 2 | 5 | 7 | |||||||
DowDuPont Cost Synergy Program [Member] | Non-core | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Charges | (1) | (1) | ||||||||
DowDuPont Cost Synergy Program [Member] | Corporate | ||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||
Restructuring Charges | $ 10 | $ (2) | $ 64 | |||||||
|
SUPPLEMENTARY INFORMATION - Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||||||||||||||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||||||||||||||||||||
Non-operating pension and other post employment benefit (OPEB) credits | $ 5 | [1] | $ 21 | $ 24 | [2] | $ 60 | ||||||||||||||||||
Interest income | 3 | [1] | 1 | 7 | [2] | 50 | ||||||||||||||||||
Net (loss) gain on divestiture and sales of other assets and investments | [4] | 419 | [3] | 64 | 612 | [3] | 127 | [5] | ||||||||||||||||
Foreign exchange gains (losses), net | (10) | [1] | (23) | (41) | [2] | (101) | ||||||||||||||||||
Miscellaneous Income (Expense), Net | 13 | 16 | [6] | 25 | 8 | |||||||||||||||||||
Sundry income (expense) - net | 430 | 79 | 627 | 144 | ||||||||||||||||||||
Income Tax Related Items | 48 | |||||||||||||||||||||||
Gain (Loss) on Disposition of Business | 393 | [7] | 590 | [8] | ||||||||||||||||||||
Electronics & Imaging | ||||||||||||||||||||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||||||||||||||||||||
Net (loss) gain on divestiture and sales of other assets and investments | 30 | $ 34 | 30 | 85 | ||||||||||||||||||||
Gain (Loss) on Disposition of Business | 197 | |||||||||||||||||||||||
Non-core | ||||||||||||||||||||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||||||||||||||||||||
Net (loss) gain on divestiture and sales of other assets and investments | 393 | 28 | ||||||||||||||||||||||
Gain (Loss) on Disposition of Business | $ 393 | $ 393 | ||||||||||||||||||||||
Safety & Construction | ||||||||||||||||||||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||||||||||||||||||||
Proceeds from License Fees Received | $ 26 | |||||||||||||||||||||||
|
SUPPLEMENTARY INFORMATION - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 16, 2020 |
Jan. 17, 2020 |
Dec. 31, 2019 |
|
Supplementary Information | ||||
Restricted cash and cash equivalents | $ 26 | $ 37 | ||
Accrued and other current liabilities | 1,364 | 1,342 | ||
Employee-related Liabilities | $ 431 | 479 | ||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||
Restricted cash | $ 6,206 | 0 | ||
Special Cash Payment | 7,300 | |||
N&B Bridge Loan [Member] | ||||
Supplementary Information | ||||
N&B Notes Offering | $ 6,250 | $ 0 | $ 6,250 | $ 7,500 |
INCOME TAXES Effective Income Tax Rate (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent | 460.00% | 17.30% | (3.30%) | (21.40%) |
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Basic (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||
Earnings Per Share [Abstract] | ||||||
(Loss) income from continuing operations, net of tax | $ (72) | $ 372 | $ (3,153) | $ (805) | ||
Net income from continuing operations attributable to noncontrolling interests | 7 | 5 | 20 | 18 | ||
Net income from continuing operations attributable to participating securities | [1] | 0 | 0 | 0 | (1) | |
(Loss) income from continuing operations attributable to common stockholders | (79) | 367 | (3,173) | (824) | ||
Income from discontinued operations, net of tax | 0 | 5 | 0 | 1,217 | ||
Net income from discontinued operations attributable to noncontrolling interests | 0 | 0 | 0 | (72) | ||
Income from discontinued operations attributable to common stockholders | 0 | 5 | 0 | 1,145 | ||
Net (loss) income attributable to common stockholders | $ (79) | $ 372 | $ (3,173) | $ 321 | ||
|
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Basic (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
(Loss) earnings from continuing operations attributable to common stockholders | $ (0.11) | $ 0.49 | $ (4.31) | $ (1.10) |
Income from discontinued operations, net of tax | 0 | 0.01 | 0 | 1.53 |
Net (loss) earnings attributable to common stockholders | $ (0.11) | $ 0.50 | $ (4.31) | $ 0.43 |
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Diluted (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
(Loss) earnings from continuing operations attributable to common stockholders | $ (0.11) | $ 0.49 | $ (4.31) | $ (1.10) |
Income from discontinued operations, net of tax | 0 | 0.01 | 0 | 1.53 |
Net (loss) earnings attributable to common stockholders | $ (0.11) | $ 0.50 | $ (4.31) | $ 0.43 |
EARNINGS PER SHARE CALCULATIONS - Summary of Count Information (Details) - $ / shares shares in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Oct. 28, 2020 |
Dec. 31, 2019 |
|||
Earnings Per Share [Abstract] | ||||||||
Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Weighted-average common shares - basic | 734.4 | 745.5 | 735.8 | 748.2 | ||||
Plus dilutive effect of equity compensation plans | 0.0 | 2.2 | 0.0 | 0.0 | ||||
Weighted-average common shares - diluted | 734.4 | 747.7 | 735.8 | 748.2 | ||||
Stock options and restricted stock units excluded from EPS calculations | [1] | 5.5 | 3.8 | 6.3 | 2.8 | |||
|
INVENTORIES (Summary of Inventory) (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 2,407 | $ 2,621 |
Work in process | 803 | 855 |
Raw materials | 465 | 599 |
Supplies | 227 | 244 |
Total inventories | $ 3,902 | $ 4,319 |
NONCONSOLIDATED AFFILIATES - (Details) $ in Millions |
Sep. 30, 2020
USD ($)
entity
|
Dec. 31, 2019
USD ($)
|
---|---|---|
Investments in and Advances to Affiliates [Line Items] | ||
Investments in nonconsolidated affiliates | $ 951 | $ 1,204 |
Accrued and other current liabilities | (74) | (85) |
Other noncurrent obligations | (358) | |
Net of investment in nonconsolidated affiliates | $ 877 | 761 |
Equity Method Investment Ownership Interest Number Of Affiliates | entity | 18 | |
Schedule of Equity Method Investments [Line Items] | ||
Other noncurrent obligations | (358) | |
Investments in nonconsolidated affiliates | $ 951 | 1,204 |
Hemlock Semiconductor L.L.C. [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Other noncurrent obligations | (358) | |
Schedule of Equity Method Investments [Line Items] | ||
Other noncurrent obligations | (358) | |
DC HSC Holdings LLC [Member] | ||
Investments in and Advances to Affiliates [Line Items] | ||
Investments in nonconsolidated affiliates | 87 | |
Schedule of Equity Method Investments [Line Items] | ||
Investments in nonconsolidated affiliates | $ 87 |
NONCONSOLIDATED AFFILIATES - Sales to and Purchases from Nonconsolidated Affiliates (Details) - Equity Method Investee [Member] |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Concentration Risk, Percentage | 2.00% | 3.00% | 2.00% | 3.00% |
Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member] | ||||
Investments in and Advances to Affiliates [Line Items] | ||||
Concentration Risk, Percentage | 2.00% | 2.00% | 2.00% | 2.00% |
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|||||||||||
Goodwill [Line Items] | |||||||||||||||
Goodwill impairment charges | $ 183 | [1] | $ 0 | $ 3,214 | [2] | $ 1,175 | |||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||||||
Asset Impairment Charges | 370 | [1],[3] | 661 | [2],[4] | |||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,599 | 1,599 | $ 1,671 | ||||||||||||
Transportation & Industrial | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Goodwill impairment charges | 2,498 | ||||||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||||||
Asset Impairment Charges | 21 | ||||||||||||||
Asset impairment charges, net of tax | 16 | ||||||||||||||
Non-core | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Goodwill impairment charges | 183 | 716 | |||||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||||||
Asset Impairment Charges | 370 | 640 | |||||||||||||
Non-core | Photovoltaic and Advanced Materials (“PVAM”) [Member] | |||||||||||||||
Goodwill [Line Items] | |||||||||||||||
Goodwill impairment charges | 533 | ||||||||||||||
Non-core | Indefinite-lived Intangible Assets [Member] | |||||||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||||||
Asset Impairment Charges | 52 | 52 | |||||||||||||
Asset impairment charges, net of tax | 39 | 39 | |||||||||||||
Trademarks and Trade Names [Member] | |||||||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,599 | 1,599 | $ 1,671 | ||||||||||||
Trademarks and Trade Names [Member] | Transportation & Industrial | |||||||||||||||
Indefinite-lived Intangible Assets [Line Items] | |||||||||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 289 | $ 289 | |||||||||||||
|
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||||||
Goodwill [Roll Forward] | ||||||||||||
Net goodwill, beginning of period | $ 33,151 | |||||||||||
Goodwill, Acquisitions | 53 | |||||||||||
Goodwill, Written off Related to Sale of Business Unit | (713) | |||||||||||
Goodwill impairment charges | $ (183) | [1] | $ 0 | (3,214) | [2] | $ (1,175) | ||||||
Currency Translation Adjustment | 398 | |||||||||||
Goodwill, Measurement Period Adjustments | 15 | |||||||||||
Net goodwill, end of period | 29,690 | 29,690 | ||||||||||
Non-Core Held for Sale Disposal Groups | ||||||||||||
Goodwill [Roll Forward] | ||||||||||||
Non-Core Held for Sales Disposal Group, Goodwill | 267 | 267 | ||||||||||
Electronics & Imaging | ||||||||||||
Goodwill [Roll Forward] | ||||||||||||
Net goodwill, beginning of period | 7,092 | |||||||||||
Goodwill, Acquisitions | 0 | |||||||||||
Goodwill, Written off Related to Sale of Business Unit | (199) | |||||||||||
Goodwill impairment charges | 0 | |||||||||||
Currency Translation Adjustment | 41 | |||||||||||
Goodwill, Measurement Period Adjustments | 0 | |||||||||||
Net goodwill, end of period | 6,934 | 6,934 | ||||||||||
Nutrition & Biosciences | ||||||||||||
Goodwill [Roll Forward] | ||||||||||||
Net goodwill, beginning of period | 11,012 | |||||||||||
Goodwill, Acquisitions | 0 | |||||||||||
Goodwill, Written off Related to Sale of Business Unit | 0 | |||||||||||
Goodwill impairment charges | 0 | |||||||||||
Currency Translation Adjustment | 206 | |||||||||||
Goodwill, Measurement Period Adjustments | 0 | |||||||||||
Net goodwill, end of period | 11,218 | 11,218 | ||||||||||
Transportation & Industrial | ||||||||||||
Goodwill [Roll Forward] | ||||||||||||
Net goodwill, beginning of period | 6,931 | |||||||||||
Goodwill, Acquisitions | 0 | |||||||||||
Goodwill, Written off Related to Sale of Business Unit | 0 | |||||||||||
Goodwill impairment charges | (2,498) | |||||||||||
Currency Translation Adjustment | 67 | |||||||||||
Goodwill, Measurement Period Adjustments | 0 | |||||||||||
Net goodwill, end of period | 4,500 | 4,500 | ||||||||||
Safety & Construction | ||||||||||||
Goodwill [Roll Forward] | ||||||||||||
Net goodwill, beginning of period | 6,711 | |||||||||||
Goodwill, Acquisitions | 53 | |||||||||||
Goodwill, Written off Related to Sale of Business Unit | 0 | |||||||||||
Goodwill impairment charges | 0 | |||||||||||
Currency Translation Adjustment | 84 | |||||||||||
Goodwill, Measurement Period Adjustments | 15 | |||||||||||
Net goodwill, end of period | 6,863 | 6,863 | ||||||||||
Non-core | ||||||||||||
Goodwill [Roll Forward] | ||||||||||||
Net goodwill, beginning of period | 1,405 | |||||||||||
Goodwill, Acquisitions | 0 | |||||||||||
Goodwill, Written off Related to Sale of Business Unit | [3] | (514) | ||||||||||
Goodwill impairment charges | (183) | (716) | ||||||||||
Currency Translation Adjustment | 0 | |||||||||||
Goodwill, Measurement Period Adjustments | 0 | |||||||||||
Net goodwill, end of period | $ 175 | $ 175 | ||||||||||
|
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | $ 15,741 | $ 16,065 |
Finite other intangible assets, accumulated amortization | (5,812) | (4,143) |
Finite other intangible assets, net | 9,929 | 11,922 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,599 | 1,671 |
Intangible Assets, Gross (Excluding Goodwill) | 17,340 | 17,736 |
Other intangible assets, net | 11,528 | 13,593 |
Trademarks / tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,599 | 1,671 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 4,229 | 4,343 |
Finite other intangible assets, accumulated amortization | (1,705) | (1,361) |
Finite other intangible assets, net | 2,524 | 2,982 |
Trademarks / tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 2,395 | 2,433 |
Finite other intangible assets, accumulated amortization | (1,378) | (455) |
Finite other intangible assets, net | 1,017 | 1,978 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 8,942 | 8,986 |
Finite other intangible assets, accumulated amortization | (2,644) | (2,229) |
Finite other intangible assets, net | 6,298 | 6,757 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 175 | 303 |
Finite other intangible assets, accumulated amortization | (85) | (98) |
Finite other intangible assets, net | $ 90 | $ 205 |
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangibles by Segment (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 11,528 | $ 13,593 |
Electronics & Imaging | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 1,686 | 1,833 |
Nutrition & Biosciences | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,360 | 4,377 |
Transportation & Industrial | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,429 | 3,590 |
Safety & Construction | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 2,956 | 3,082 |
Non-core | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 97 | $ 711 |
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Narrative (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2020 |
May 01, 2020 |
Sep. 30, 2019 |
|
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||
Senior unsecured notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Senior floating rate note due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes, Current | $ 500 | ||
Senior Fixed Rate Notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.77% | ||
Senior Notes, Current | $ 1,500 | ||
Old 364-day Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | ||
1B Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | ||
Senior Notes [Member] | Senior unsecured notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.169% |
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Nutrition & Biosciences Financing (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 16, 2020 |
Jan. 17, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||||
Restricted cash | $ 6,206 | $ 0 | ||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||
N&B Bridge Loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,250 | $ 0 | $ 6,250 | $ 7,500 |
N&B senior unsecured term loan facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250 | |||
N&B Senior Unsecured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||
N&B Senior Unsecured Notes [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 6,250 | |||
N&B Senior Unsecured Notes due 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 0.697% | |||
N&B Senior Unsecured Notes due 2022 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 300 | |||
N&B Senior Unsecured Notes due 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.23% | |||
N&B Senior Unsecured Notes due 2025 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,000 | |||
N&B Senior Unsecured Notes due 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.832% | |||
N&B Senior Unsecured Notes due 2027 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,200 | |||
N&B Senior Unsecured Notes due 2030 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | |||
N&B Senior Unsecured Notes due 2030 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,500 | |||
N&B Senior Unsecured Notes due 2040 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.268% | |||
N&B Senior Unsecured Notes due 2040 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 750 | |||
N&B Senior Unsecured Notes due 2050 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.468% | |||
N&B Senior Unsecured Notes due 2050 [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 1,500 |
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Loss Contingencies [Line Items] | ||
Estimated Litigation Liability | $ 23 | |
Accrual for Environmental Loss Contingencies | 79 | $ 77 |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 172 | |
Non-PFAS Stray Liabilities Threshold | 200 | |
Indemnifiable Losses Threshold related to PFAS Stray Liabilities - Total | 300 | |
Indemnifiable Losses Threshold related to PFAS Stray Liabilities - Per Party | 150 | |
Retained and Assumed at Divestiture [Domain] | ||
Loss Contingencies [Line Items] | ||
Estimated Litigation Liability | 2 | |
Accrual for Environmental Loss Contingencies | 37 | |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 108 | |
Indemnification Agreement [Member] | Litigation and Environmental [Domain] | ||
Loss Contingencies [Line Items] | ||
Indemnification Liabilities | $ 58 | |
DuPont and Corteva | ||
Loss Contingencies [Line Items] | ||
Percentage Split of PFAS Liabilities under the Separation Agreement | 50.00% | |
DuPont | ||
Loss Contingencies [Line Items] | ||
Non-PFAS Stray Liabilities percent split after Threshold | 71.00% | |
DuPont | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 42 | |
DuPont | Corteva | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 34 | |
DuPont | Dow | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 8 | |
Corteva | ||
Loss Contingencies [Line Items] | ||
Non-PFAS Stray Liabilities percent split after Threshold | 29.00% |
COMMITMENTS AND CONTINGENT LIABILITIES - PFOA & Natural Resources (Details) $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Mar. 31, 2017
USD ($)
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2004
USD ($)
|
|
Firefighter Foam Cases [Domain] | Historical EID And Chemours | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits | 750 | ||
Chemours Suit [Member] | DuPont and Corteva | |||
Loss Contingencies [Line Items] | |||
Claim related to pending litigation | $ 3,910 | ||
PFOA Multi-District Litigation (MDL) | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits | 80 | ||
Abbott Case [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 50 | ||
PFOA Multi-District Litigation (MDL) | Chemours | |||
Loss Contingencies [Line Items] | |||
Additional annual PFOA liabilities paid by Chemours | 25 | ||
PFOA Multi-District Litigation (MDL) | Historical EID | |||
Loss Contingencies [Line Items] | |||
Additional annual PFOA liabilities paid by Historical EID | $ 25 | ||
PFOA Matters | PFOA Multi-District Litigation (MDL) | Historical EID | |||
Loss Contingencies [Line Items] | |||
Number of Plaintiffs | 3,550 | ||
PFOA Matters | PFOA Multi-District Litigation (MDL) | Historical EID And Chemours | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 335 | ||
PFOA Matters | Leach v. DuPont [Member] | Historical EID | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements | $ 235 | ||
NORTH CAROLINA | PFOA Matters | Historical EID And Chemours | |||
Loss Contingencies [Line Items] | |||
Number of Plaintiffs | 100 |
COMMITMENTS AND CONTINGENT LIABILITIES - Environmental Matters (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 79 | $ 77 |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 172 | |
Retained and Assumed at Divestiture [Domain] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 37 | |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 108 | |
Indemnification Agreement [Member] | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 42 | |
Indemnification Agreement [Member] | Dow | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 8 | |
Indemnification Agreement [Member] | Corteva | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 34 |
COMMITMENTS AND CONTINGENT LIABILITIES - Summary of Guarantees (Details) - USD ($) $ in Millions |
9 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2019 |
|||||
Guarantor Obligations [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 177 | $ 187 | ||||
Customer and Supplier Guarantee Bank Borrowings [Member] | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | [1] | $ 17 | ||||
Guarantor Obligations, Liquidation Proceeds, Percentage | 1.00% | |||||
Equity Affiliates Guarantee Bank Borrowings [Member] | ||||||
Guarantor Obligations [Line Items] | ||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | [2] | $ 160 | ||||
|
COMMITMENTS AND CONTINGENT LIABILITIES (Details) Indemnifications $ in Millions |
Sep. 30, 2020
USD ($)
|
---|---|
Accounts And Notes Receivable, Other | |
Loss Contingencies [Line Items] | |
Indemnification Asset | $ 88 |
Deferred Charges And Other Assets [Member] | |
Loss Contingencies [Line Items] | |
Indemnification Asset | 117 |
Accrued and other current liabilities | |
Loss Contingencies [Line Items] | |
Indemnification Liabilities | 60 |
Other noncurrent obligations | |
Loss Contingencies [Line Items] | |
Indemnification Liabilities | $ 94 |
LEASES (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Dec. 31, 2019 |
|||||||
Leases [Abstract] | |||||||||||
Operating Lease, Cost | $ 49 | $ 51 | $ 135 | $ 141 | |||||||
Operating Lease, Payments | 136 | 150 | |||||||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 168 | $ 111 | |||||||||
Operating Lease, Right-of-Use Asset | [1] | 621 | 621 | $ 556 | |||||||
Operating Lease, Liability, Current | [2] | 159 | 159 | 138 | |||||||
Operating Lease, Liability, Noncurrent | [3] | 465 | 465 | 416 | |||||||
Operating Lease, Liability | $ 624 | $ 624 | $ 554 | ||||||||
|
STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Jan. 01, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (859) | $ (1,416) | |||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | $ 38,118 | $ 41,912 | $ 38,118 | $ 41,912 | 38,118 | $ 37,577 | 41,556 | $ 42,576 | $ 95,900 | ||
Other comprehensive income (loss) before reclassifications | 539 | (739) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 18 | 106 | |||||||||
Net other comprehensive income (loss) | 557 | (633) | |||||||||
Total other comprehensive income (loss) | 610 | (699) | 556 | (621) | |||||||
Spin-off of Dow and Corteva | (50,487) | ||||||||||
Ending balance | 38,118 | 41,912 | 38,118 | 41,912 | |||||||
Tax expense from income taxes related to other comprehensive income items | 1 | (6) | 3 | (44) | |||||||
Spin-off of Dow and Corteva | 11,498 | ||||||||||
Unrealized Gains (Losses) on Investments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | $ 0 | $ (51) | ||||
Other comprehensive income (loss) before reclassifications | 0 | 68 | |||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | (1) | |||||||||
Net other comprehensive income (loss) | 0 | 67 | |||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Tax expense from income taxes related to other comprehensive income items | 0 | 0 | 0 | (18) | |||||||
Spin-off of Dow and Corteva | (16) | ||||||||||
Cumulative translation adjustments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (522) | (1,435) | (522) | (1,435) | (522) | (1,070) | (3,785) | ||||
Other comprehensive income (loss) before reclassifications | 548 | (811) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | (18) | |||||||||
Net other comprehensive income (loss) | 548 | (829) | |||||||||
Ending balance | (522) | (1,435) | (522) | (1,435) | |||||||
Tax expense from income taxes related to other comprehensive income items | 0 | 0 | 0 | (1) | |||||||
Spin-off of Dow and Corteva | 3,179 | ||||||||||
Pension and other post-employment benefit plans | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (336) | (93) | (336) | (93) | (336) | (345) | (8,476) | ||||
Other comprehensive income (loss) before reclassifications | (9) | 47 | |||||||||
Amounts reclassified from accumulated other comprehensive income | 18 | 140 | |||||||||
Net other comprehensive income (loss) | 9 | 187 | |||||||||
Ending balance | (336) | (93) | (336) | (93) | |||||||
Tax expense from income taxes related to other comprehensive income items | 1 | (6) | 3 | (41) | |||||||
Spin-off of Dow and Corteva | 8,196 | ||||||||||
Derivative Instruments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (1) | (1) | (1) | (1) | (1) | (1) | (82) | ||||
Other comprehensive income (loss) before reclassifications | 0 | (43) | |||||||||
Amounts reclassified from accumulated other comprehensive income | 0 | (15) | |||||||||
Net other comprehensive income (loss) | 0 | (58) | |||||||||
Ending balance | (1) | (1) | (1) | (1) | |||||||
Tax expense from income taxes related to other comprehensive income items | 0 | 0 | 0 | 16 | |||||||
Spin-off of Dow and Corteva | 139 | ||||||||||
Total | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (859) | (1,529) | (859) | (1,529) | $ (859) | $ (1,465) | $ (1,416) | $ (1,416) | $ (831) | $ (12,394) | $ (12,394) |
Total other comprehensive income (loss) | 606 | (698) | 557 | (633) | |||||||
Spin-off of Dow and Corteva | 11,498 | ||||||||||
Ending balance | $ (859) | $ (1,529) | $ (859) | $ (1,529) |
STOCKHOLDERS' EQUITY - Summary of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total reclassifications for the period (net of tax) | $ 18 | $ 106 | |||||||||||||||
Cumulative Translation Adjustment | $ 430 | $ 79 | 627 | 144 | |||||||||||||
Unrealized gains on investments | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total reclassifications for the period (net of tax) | 0 | (1) | |||||||||||||||
Cumulative translation adjustments | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total reclassifications for the period (net of tax) | 0 | (18) | |||||||||||||||
Pension and other post-employment benefit plans | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total reclassifications for the period (net of tax) | 18 | 140 | |||||||||||||||
Derivative Instruments | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total reclassifications for the period (net of tax) | 0 | (15) | |||||||||||||||
Reclassification out of Accumulated Other Comprehensive Loss | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total reclassifications for the period (net of tax) | 9 | (2) | 18 | 106 | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Loss | Unrealized gains on investments | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total before tax | [1] | 0 | 0 | 0 | (1) | ||||||||||||
Tax expense (benefit) | [2] | 0 | 0 | 0 | 0 | ||||||||||||
Total reclassifications for the period (net of tax) | 0 | 0 | 0 | (1) | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Loss | Cumulative translation adjustments | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Cumulative Translation Adjustment | 0 | [3] | 0 | 0 | [3] | (18) | [3] | ||||||||||
Reclassification out of Accumulated Other Comprehensive Loss | Pension and other post-employment benefit plans | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total before tax | [4] | 7 | 4 | 15 | 171 | ||||||||||||
Tax expense (benefit) | [2] | 2 | (6) | 3 | (31) | ||||||||||||
Total reclassifications for the period (net of tax) | 9 | (2) | 18 | 140 | |||||||||||||
Reclassification out of Accumulated Other Comprehensive Loss | Derivative Instruments | |||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||
Total before tax | [5] | 0 | 0 | 0 | (18) | ||||||||||||
Tax expense (benefit) | [2] | 0 | 0 | 0 | 3 | ||||||||||||
Total reclassifications for the period (net of tax) | $ 0 | $ 0 | $ 0 | $ (15) | |||||||||||||
|
STOCKHOLDERS' EQUITY Stockholders' Equity Narrative (Details) - USD ($) shares in Millions, $ in Millions |
13 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 01, 2019 |
|
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |
Stock Repurchased and Retired During Period, Shares | 16.9 | |
Payments for Repurchase of Common Stock | $ 982 |
NONCONTROLLING INTERESTS - Summary of Noncontrolling Interests (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at beginning of period | $ 572 | $ 570 | $ 569 | $ 1,608 |
Net income attributable to noncontrolling interests | 7 | 5 | 20 | 90 |
Distributions to noncontrolling interests | (38) | (6) | (48) | (18) |
Cumulative translation adjustments | 4 | (2) | (1) | 14 |
Spin-off of Dow and Corteva | 0 | 0 | 0 | (1,124) |
Other | 14 | 1 | 19 | (2) |
Balance at end of period | $ 559 | $ 568 | $ 559 | $ 568 |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Summary of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 30 | $ 30 | ||||||||||||||||||||||
Net periodic benefit cost (credit) - total | 5 | [1] | $ 21 | 24 | [2] | $ 60 | ||||||||||||||||||
Pension Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Service cost | 20 | 17 | [3] | 55 | 166 | [3] | ||||||||||||||||||
Interest cost | 14 | 19 | [4] | 42 | 610 | [4] | ||||||||||||||||||
Expected return on plan assets | (28) | (35) | [5] | (82) | (954) | [5] | ||||||||||||||||||
Amortization of prior service credit | (1) | (1) | [6] | (4) | (8) | [6] | ||||||||||||||||||
Amortization of net (gain) loss | 3 | (6) | [7] | 11 | 129 | [7] | ||||||||||||||||||
Curtailment/settlement | 6 | 1 | [8] | 8 | (1) | [8] | ||||||||||||||||||
Net periodic benefit cost (credit) - total | 14 | (5) | 30 | (58) | ||||||||||||||||||||
Other Postretirement Benefits Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Service cost | 0 | 0 | [3] | 0 | 5 | [3] | ||||||||||||||||||
Interest cost | 1 | 0 | [4] | 1 | 52 | [4] | ||||||||||||||||||
Amortization of net (gain) loss | 0 | 0 | [7] | 0 | (6) | [7] | ||||||||||||||||||
Net periodic benefit cost (credit) - total | 1 | 0 | 1 | 51 | ||||||||||||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Pension Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Net periodic benefit cost (credit) - total | 0 | 0 | 0 | (45) | ||||||||||||||||||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Other Postretirement Benefits Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Net periodic benefit cost (credit) - total | 0 | 0 | 0 | 50 | ||||||||||||||||||||
Continuing Operations [Member] | Pension Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Service cost | 17 | 47 | ||||||||||||||||||||||
Interest cost | 19 | 60 | ||||||||||||||||||||||
Expected return on plan assets | (35) | (114) | ||||||||||||||||||||||
Amortization of prior service credit | (1) | (2) | ||||||||||||||||||||||
Amortization of net (gain) loss | (6) | (3) | ||||||||||||||||||||||
Curtailment/settlement | 1 | (1) | ||||||||||||||||||||||
Net periodic benefit cost (credit) - total | 14 | (5) | 30 | (13) | ||||||||||||||||||||
Continuing Operations [Member] | Other Postretirement Benefits Plan [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Net periodic benefit cost (credit) - total | $ 1 | $ 0 | $ 1 | $ 1 | ||||||||||||||||||||
|
STOCK-BASED COMPENSATION (DuPont) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2020 |
Mar. 31, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 25 | $ 30 | $ 94 | $ 85 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 5 | $ 6 | $ 19 | $ 18 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0.8 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.84 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 53.50 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1.0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 53.49 | ||||
Performance Shares [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 50.23 | ||||
DuPont Omnibus Incentive Plan [Domain] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 10.0 | 10.0 | |||
2020 Equity and Incentive Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 19.0 | 19.0 |
FINANCIAL INSTRUMENTS (Summary of Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
|||||
---|---|---|---|---|---|---|---|
Debt Securities, Available-for-sale [Line Items] | |||||||
Cash Equivalents, Cost | $ 2,534 | $ 417 | |||||
Cash Equivalents, Fair Value | 2,534 | 417 | |||||
Restricted Cash, Cost | 6,232 | [1] | 37 | ||||
Restricted Cash, Fair Value | 6,232 | [1] | 37 | ||||
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Cost | 8,766 | 454 | |||||
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Fair Value | 8,766 | 454 | |||||
Long-term debt including debt due within one year, Cost | (23,806) | (15,618) | |||||
Long Term Debt including debt due within one year, Gain | 2 | ||||||
Long Term Debt including debt due within one year, Loss | (2,375) | (1,633) | |||||
Long Term Debt, Including Debt Due within one year, Fair Value | (26,179) | (17,251) | |||||
Derivative Assets (Liabilities), Gain | 4 | 6 | |||||
Derivative Assets (Liabilities), Loss | (6) | (7) | |||||
Derivative Assets (Liabilities), Fair Value | (2) | (1) | |||||
Foreign Exchange Contract | |||||||
Debt Securities, Available-for-sale [Line Items] | |||||||
Derivative Assets (Liabilities), Gain | [2] | 4 | 6 | ||||
Derivative Assets (Liabilities), Loss | [2] | (6) | (7) | ||||
Derivative Assets (Liabilities), Fair Value | [2] | $ (2) | $ (1) | ||||
|
FINANCIAL INSTRUMENTS (Derivatives) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | $ 20 | $ 16 | ||
Counterparty and Cash Collateral Netting, Assets | (16) | (10) | ||
Net Assets included in Consolidated Balance Sheet | 4 | 6 | ||
Derivative Liability, Gross | 22 | 17 | ||
Counterparty and Cash Collateral Netting, Liabilities | (16) | (10) | ||
Net Liability included in Consolidated Balance Sheet | 6 | 7 | ||
Other Current Assets [Member] | Foreign Exchange Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset, Gross | 20 | 16 | ||
Counterparty and Cash Collateral Netting, Assets | [1] | (16) | (10) | |
Net Assets included in Consolidated Balance Sheet | 4 | 6 | ||
Accrued and other current liabilities | Foreign Exchange Contract | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Liability, Gross | 22 | 17 | ||
Counterparty and Cash Collateral Netting, Liabilities | [1] | (16) | (10) | |
Net Liability included in Consolidated Balance Sheet | $ 6 | $ 7 | ||
|
FINANCIAL INSTRUMENTS Effect of Derivative Instrument (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|
Other Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (3) | $ (3) | $ (1) | $ (63) |
FINANCIAL INSTRUMENTS Notional Amounts (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
||
---|---|---|---|---|
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | [1] | $ (299) | $ 26 | |
Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 8 | $ 11 | ||
|
FAIR VALUE MEASUREMENTS - Summary of Recurring Measured Fair Values (Details) - USD ($) $ in Millions |
Sep. 30, 2020 |
Dec. 31, 2019 |
||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Liabilities, Fair Value Disclosure [Abstract] | ||||||||||||
Long Term Debt, Including Debt Due within one year, Fair Value | $ (26,179) | $ (17,251) | ||||||||||
Recurring | Level 2 | ||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Cash equivalents and restricted cash equivalents | 8,766 | [1] | 454 | [2] | ||||||||
Total assets at fair value | 8,786 | 470 | ||||||||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||||||||
Long Term Debt, Including Debt Due within one year, Fair Value | [3] | 26,179 | 17,251 | |||||||||
Total liabilities at fair value | 26,201 | 17,268 | ||||||||||
Recurring | Level 2 | Foreign currency | ||||||||||||
Assets, Fair Value Disclosure [Abstract] | ||||||||||||
Foreign Currency Contracts | [4] | 20 | 16 | |||||||||
Liabilities, Fair Value Disclosure [Abstract] | ||||||||||||
Foreign Currency Contracts | [4] | $ 22 | $ 17 | |||||||||
|
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Operating Segment Information (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
|||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | $ 5,096 | $ 5,426 | $ 15,145 | $ 16,308 | ||||||||
Operating EBITDA | [1] | 1,300 | 1,401 | 3,756 | [2] | |||||||
Equity in earnings of nonconsolidated affiliates | 30 | 43 | 172 | 132 | ||||||||
Pro Forma | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pro forma Operating EBITDA | [1] | 4,253 | ||||||||||
Adjusted for Significant Item [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity in earnings of nonconsolidated affiliates | 44 | [3] | 135 | |||||||||
Electronics & Imaging | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,004 | 934 | 2,793 | 2,617 | ||||||||
Operating EBITDA | [1] | 357 | 320 | 887 | ||||||||
Equity in earnings of nonconsolidated affiliates | 8 | 10 | [3] | 27 | 18 | |||||||
Electronics & Imaging | Pro Forma | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pro forma Operating EBITDA | [1] | 854 | ||||||||||
Nutrition & Biosciences | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,467 | 1,525 | 4,557 | 4,618 | ||||||||
Operating EBITDA | [1] | 379 | 354 | 1,182 | ||||||||
Equity in earnings of nonconsolidated affiliates | 1 | 0 | [3] | 2 | 0 | |||||||
Nutrition & Biosciences | Pro Forma | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pro forma Operating EBITDA | [1] | 1,089 | ||||||||||
Transportation & Industrial | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,045 | 1,209 | 3,021 | 3,795 | ||||||||
Operating EBITDA | [1] | 242 | 306 | 599 | ||||||||
Equity in earnings of nonconsolidated affiliates | 1 | 1 | [3] | 3 | 3 | |||||||
Transportation & Industrial | Pro Forma | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pro forma Operating EBITDA | [1] | 1,036 | ||||||||||
Safety & Construction | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 1,249 | 1,327 | 3,769 | 3,951 | ||||||||
Operating EBITDA | [1] | 324 | 352 | 1,041 | ||||||||
Equity in earnings of nonconsolidated affiliates | 7 | 7 | [3] | 19 | 22 | |||||||
Safety & Construction | Pro Forma | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pro forma Operating EBITDA | [1] | 1,108 | ||||||||||
Non-core | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 331 | 431 | 1,005 | 1,327 | ||||||||
Operating EBITDA | [1] | 14 | 94 | 149 | ||||||||
Equity in earnings of nonconsolidated affiliates | 13 | 121 | ||||||||||
Non-core | Income (Loss) From Equity Method Investments [Domain] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Charges | 1 | 3 | ||||||||||
Non-core | Pro Forma | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pro forma Operating EBITDA | [1] | 296 | ||||||||||
Non-core | Adjusted for Significant Item [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Equity in earnings of nonconsolidated affiliates | [3] | 26 | 92 | |||||||||
Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Net sales | 0 | 0 | 0 | 0 | ||||||||
Operating EBITDA | [1] | (16) | (25) | (102) | ||||||||
Equity in earnings of nonconsolidated affiliates | $ 0 | $ 0 | [3] | $ 0 | 0 | |||||||
Corporate | Pro Forma | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pro forma Operating EBITDA | [1] | $ (130) | ||||||||||
|
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Reconciliation of Operating EBITDA (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||
Loss from continuing operations, net of tax | $ (72) | $ 372 | $ (3,153) | $ (805) | |||||||||||||||||||||
Provision for income taxes on continuing operations | 92 | 78 | 100 | 142 | |||||||||||||||||||||
Loss from continuing operations before income taxes | 20 | 450 | (3,053) | (663) | |||||||||||||||||||||
Depreciation and amortization | 780 | 499 | 2,326 | ||||||||||||||||||||||
Interest income | 3 | [1] | 1 | 7 | [2] | 50 | |||||||||||||||||||
Interest expense | 197 | 177 | 573 | 493 | |||||||||||||||||||||
Non-operating pension and other post employment benefit (OPEB) credits | 5 | [1] | 21 | 24 | [2] | 60 | |||||||||||||||||||
Foreign exchange gains (losses), net | (10) | [1] | (23) | (41) | [2] | (101) | |||||||||||||||||||
Costs Historically Allocated to the Materials Science Business and Agriculture Business | 0 | ||||||||||||||||||||||||
Significant items | (333) | [3] | (274) | [3] | (3,954) | [4] | |||||||||||||||||||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [5] | 1,300 | $ 1,401 | 3,756 | [6] | ||||||||||||||||||||
Adjusted for Significant Item [Member] | |||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||
Interest expense | $ 165 | [7] | $ 519 | [8] | |||||||||||||||||||||
Pro Forma | |||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||
Pro Forma Adjustments | [6] | 122 | |||||||||||||||||||||||
Depreciation and amortization | 1,533 | ||||||||||||||||||||||||
Interest income | [2] | 50 | |||||||||||||||||||||||
Non-operating pension and other post employment benefit (OPEB) credits | [2] | 60 | |||||||||||||||||||||||
Foreign exchange gains (losses), net | [2] | (101) | |||||||||||||||||||||||
Costs Historically Allocated to the Materials Science Business and Agriculture Business | [9] | 256 | |||||||||||||||||||||||
Significant items | [4] | (2,492) | |||||||||||||||||||||||
Pro forma Operating EBITDA | [6] | 4,253 | |||||||||||||||||||||||
Pro Forma | Adjusted for Significant Item [Member] | |||||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||||
Interest expense | $ 522 | ||||||||||||||||||||||||
|
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Certain Items by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Integration and separation costs | $ 127 | [1] | $ 191 | [2] | $ 469 | [3] | |||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 14 | [4] | 83 | [5] | 146 | [6] | |||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 183 | [7] | 0 | 3,214 | [8] | $ 1,175 | |||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges | 370 | [7],[9] | 661 | [8],[10] | |||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Business | 393 | [11] | 590 | [12] | |||||||||||||||||||||||||||||||||||||||||||||
Income Tax Related Items | (48) | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (333) | [13] | (274) | [13] | (3,954) | [14] | |||||||||||||||||||||||||||||||||||||||||||
N&B financing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Financing fee amortization | (32) | [15] | (54) | [16] | |||||||||||||||||||||||||||||||||||||||||||||
Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Integration and separation costs | [17] | 976 | |||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | [18] | 230 | |||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | [19] | 1,175 | |||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges | [20] | 63 | |||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Related Items | [21] | (48) | |||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (2,492) | ||||||||||||||||||||||||||||||||||||||||||||||||
Electronics & Imaging | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 1 | 35 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Business | 197 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (1) | (35) | 195 | ||||||||||||||||||||||||||||||||||||||||||||||
Electronics & Imaging | Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 42 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (42) | ||||||||||||||||||||||||||||||||||||||||||||||||
Nutrition & Biosciences | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 5 | 7 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (5) | (7) | (9) | ||||||||||||||||||||||||||||||||||||||||||||||
Nutrition & Biosciences | Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 56 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 933 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges | 63 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (1,052) | ||||||||||||||||||||||||||||||||||||||||||||||||
Transportation & Industrial | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 0 | 6 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 2,498 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | 0 | (6) | (2,534) | ||||||||||||||||||||||||||||||||||||||||||||||
Transportation & Industrial | Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (18) | ||||||||||||||||||||||||||||||||||||||||||||||||
Safety & Construction | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 2 | 5 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (2) | (5) | (15) | ||||||||||||||||||||||||||||||||||||||||||||||
Safety & Construction | Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Related Items | (48) | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (75) | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-core | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 1 | 2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 183 | 716 | |||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges | 370 | 640 | |||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Disposition of Business | 393 | 393 | |||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (161) | (2) | (964) | ||||||||||||||||||||||||||||||||||||||||||||||
Non-core | Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill impairment charges | 242 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (244) | ||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Integration and separation costs | 127 | 191 | 469 | ||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 5 | 28 | 104 | ||||||||||||||||||||||||||||||||||||||||||||||
Significant items | (164) | $ (219) | (627) | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate | N&B financing [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Financing fee amortization | $ (32) | [15] | $ (54) | [16] | |||||||||||||||||||||||||||||||||||||||||||||
Corporate | Pro Forma | |||||||||||||||||||||||||||||||||||||||||||||||||
Significant Items | |||||||||||||||||||||||||||||||||||||||||||||||||
Integration and separation costs | 976 | ||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and asset related charges - net | 85 | ||||||||||||||||||||||||||||||||||||||||||||||||
Significant items | $ (1,061) | ||||||||||||||||||||||||||||||||||||||||||||||||
|
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