NONCONTROLLING INTERESTS Noncontrolling Interests

9 Months Ended

Sep. 30, 2020

Noncontrolling Interest Disclosure [Text Block]

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 consolidated balance sheets as "Noncontrolling interests." The amount of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the consolidated statements of income.

The following table summarizes the activity for equity attributable to noncontrolling interests for the three and nine months ended September 30, 2020 and 2019:


Noncontrolling Interests	Three Months Ended						Nine Months Ended
In millions	Sep 30, 2020		Sep 30, 2019		Sep 30, 2020		Sep 30, 2019
Balance at beginning of period	$	560	$	589	$	553	$	1,138
Net income attributable to noncontrolling interests - continuing operations	24		14		51		61
Net income attributable to noncontrolling interests - discontinued operations	—		—		—		13
Distributions to noncontrolling interests¹	—		(9)		(12)		(23)
Impact of common control transaction ²	—		—		—		(353)
Purchase of noncontrolling interest ³	—		—		—		(254)
Deconsolidation of noncontrolling interests ⁴	(7)		—		(7)		—
Cumulative translation adjustments	2		(5)		(6)		8
Other	(1)		(2)		(1)		(3)
Balance at end of period	$	578	$	587	$	578	$	587

1.Distributions to noncontrolling interests are net of $7 million for the nine months ended September 30, 2020 in dividends paid to a joint venture, which were reclassified to "Equity in earnings (losses) of nonconsolidated affiliates" in the consolidated statements of income. Also includes amounts attributable to discontinued operations of $7 million for the nine months ended September 30, 2019.

2.Relates to the separation from DowDuPont. See Note 3 for additional information.

3.Relates to the acquisition of full ownership in a propylene oxide manufacturing joint venture, which occurred on October 1, 2019. As a result of this arrangement, the carrying value of the noncontrolling interest was removed, “Additional paid-in capital” was adjusted by $38 million, and dividends of $131 million were paid to the noncontrolling interest holder in the second and third quarters of 2019.

4.Relates to the divestiture of the Company's interest in a cogeneration facility in Brazil in the third quarter of 2020. See Note 21 for additional information.