Divestitures and Other Transactions

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Divestitures and Other Transactions

DuPont (Shenzhen) Manufacturing Limited

In March 2016, the company sold 100 percent of its ownership interest in DuPont (Shenzhen) Manufacturing Limited to the Feixiang Group. The sale of the entity, which held certain buildings and other assets, resulted in a pre-tax gain of $369 ($214 net of tax). The gain was recorded in other income, net in the company's interim Consolidated Income Statements for the six months ended June 30, 2016 and reflected as a Corporate item.

Performance Chemicals

On July 1, 2015 (the Distribution Date), DuPont completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of Chemours (the Separation). To effect the spin-off, DuPont distributed to its stockholders one share of Chemours common stock, par value $0.01 per share, for every five shares of DuPont common stock, par value $0.30 per share, (the Distribution) outstanding as of 5:00 p.m. June 23, 2015, the record date for the Distribution. In lieu of fractional shares of Chemours, stockholders of DuPont received cash, which generally was taxable. In connection with the Separation, the company and Chemours entered into a Separation Agreement, discussed below, and a Tax Matters Agreement and certain ancillary agreements, including an employee matters agreement, agreements related to transition and site services, and intellectual property cross licensing arrangements. In addition, the companies have entered into certain supply agreements. In the first quarter 2016, the company prepaid $190 for certain goods and services expected to be delivered by Chemours over twelve to fifteen months. As of June 30, 2016, the balance of the prepayment was $132 recorded within prepaid expenses on the Condensed Consolidated Balance Sheet.

Separation Agreement

The company and Chemours entered into a Separation Agreement that sets forth, among other things, the agreements between the company and Chemours regarding the principal transactions necessary to effect the Separation and also sets forth ancillary agreements that govern certain aspects of the company’s relationship with Chemours after the separation. Among other matters, the Separation Agreement and the ancillary agreements provide for the allocation between DuPont and Chemours of assets, employees, liabilities and obligations (including investments, property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at and after the completion of the Separation.

Pursuant to the Separation Agreement, Chemours indemnifies DuPont against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. The term of this indemnification is indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. At June 30, 2016, the indemnified assets are $87 within accounts and notes receivable, net and $399 within other assets offset by the corresponding liabilities of $87 within other accrued liabilities and $399 within other liabilities.

The results of operations of the Performance Chemicals segment are presented as discontinued operations as summarized below:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2016			2015			2016			2015
Net sales	$	—		$	1,474		$	—		$	2,809
Cost of goods sold	—			1,177			—			2,214
Other operating charges	13			175			20			310
Selling, general and administrative expenses	—			97			—			189
Research and development expense	—			20			—			40
Other income, net	—			(28		)	—			(27		)
Interest expense	—			33			—			33
Employee separation / asset related charges, net	—			59			—			59
Loss from discontinued operations before income taxes	(13		)	(59		)	(20		)	(9		)
(Benefit) provision for income taxes	(5		)	(30		)	(8		)	6
Loss from discontinued operations after income taxes	$	(8	)	$	(29	)	$	(12	)	$	(15	)

During the three and six months ended June 30, 2016, and the three and six months ended June 30, 2015, the company incurred $13 and $20, and $119 and $200 of costs, respectively, in connection with the transaction primarily related to professional fees associated with preparation of regulatory filings and separation activities within finance, tax, legal, and information system functions. Loss from discontinued operations during the three and six months ended June 30, 2016, and the three and six months ended June 30, 2015, includes $13 and $20, and $114 and $183 of these costs, respectively. Income from continuing operations during the three and six months ended June 30, 2015, includes $5 and $17 of these costs, respectively, recorded in other operating charges in the company's interim Consolidated Income Statements. Income from continuing operations during the three months ended June 30, 2015 also included $20 of transaction costs incurred for a premium associated with the early retirement of DuPont debt. The company exchanged notes received from Chemours in May 2015 (as part of a dividend payment) for DuPont debt that it then retired. These costs were reported in interest expense in the company's interim Consolidated Income Statements.

The following table presents depreciation, amortization and purchases of property, plant and equipment of the discontinued operations related to Performance Chemicals:

	Six Months Ended
	June 30,
	2015
Depreciation	$	126
Amortization of intangible assets	1
Purchases of property, plant and equipment	235