Delaware | 81-1224539 | |||||||||||||
State or other jurisdiction of incorporation or organization | (I.R.S. Employer Identification No.) |
974 Centre Road | Building 730 | Wilmington | Delaware | 19805 | ||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | DD | New York Stock Exchange |
Large | Accelerated filer | ¨ | |||||||||||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | |||||||||||||||||||||
Emerging growth company |
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Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
PART I - FINANCIAL INFORMATION |
Three Months Ended | Nine Months Ended | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
In millions, except per share amounts (Unaudited) | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | In millions, except per share amounts (Unaudited) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
Net sales | $ | 15,354 | $ | 12,483 | $ | 42,418 | $ | 35,138 | Net sales | $ | 3,094 | $ | 3,322 | $ | 6,112 | $ | 6,596 | |||||||||
Cost of sales | 12,170 | 9,840 | 33,130 | 27,066 | Cost of sales | 2,030 | 2,149 | 4,013 | 4,259 | |||||||||||||||||
Research and development expenses | 522 | 399 | 1,343 | 1,159 | Research and development expenses | 125 | 141 | 252 | 284 | |||||||||||||||||
Selling, general and administrative expenses | 990 | 738 | 2,468 | 2,166 | Selling, general and administrative expenses | 358 | 385 | 698 | 774 | |||||||||||||||||
Amortization of intangibles | 244 | 162 | 556 | 387 | Amortization of intangibles | 146 | 148 | 293 | 301 | |||||||||||||||||
Restructuring and asset related charges - net | 179 | — | 166 | 452 | Restructuring and asset related charges - net | 17 | — | 31 | 101 | |||||||||||||||||
Integration and separation costs | 354 | 127 | 599 | 228 | ||||||||||||||||||||||
Acquisition, integration and separation costs | Acquisition, integration and separation costs | 6 | 13 | 6 | 21 | |||||||||||||||||||||
Equity in earnings of nonconsolidated affiliates | 152 | 70 | 402 | 191 | Equity in earnings of nonconsolidated affiliates | 14 | 20 | 29 | 46 | |||||||||||||||||
Sundry income (expense) - net | 361 | 22 | 237 | 1,369 | Sundry income (expense) - net | 28 | 94 | 57 | 97 | |||||||||||||||||
Interest expense and amortization of debt discount | 283 | 220 | 728 | 629 | ||||||||||||||||||||||
Interest expense | Interest expense | 98 | 122 | 193 | 242 | |||||||||||||||||||||
Income from continuing operations before income taxes | 1,125 | 1,089 | 4,067 | 4,611 | Income from continuing operations before income taxes | $ | 356 | $ | 478 | $ | 712 | $ | 757 | |||||||||||||
Provision for income taxes on continuing operations | 571 | 271 | 1,239 | 291 | Provision for income taxes on continuing operations | 87 | 113 | 170 | 160 | |||||||||||||||||
Income from continuing operations, net of tax | 554 | 818 | 2,828 | 4,320 | Income from continuing operations, net of tax | $ | 269 | $ | 365 | $ | 542 | $ | 597 | |||||||||||||
Loss from discontinued operations, net of tax | (20 | ) | — | (20 | ) | — | ||||||||||||||||||||
Net income | 534 | 818 | 2,808 | 4,320 | ||||||||||||||||||||||
(Loss) income from discontinued operations, net of tax | (Loss) income from discontinued operations, net of tax | (386) | 430 | (394) | 706 | |||||||||||||||||||||
Net (loss) income | Net (loss) income | $ | (117) | $ | 795 | $ | 148 | $ | 1,303 | |||||||||||||||||
Net income attributable to noncontrolling interests | 20 | 14 | 85 | 54 | Net income attributable to noncontrolling interests | 14 | 8 | 22 | 28 | |||||||||||||||||
Net income attributable to DowDuPont Inc. | 514 | 804 | 2,723 | 4,266 | ||||||||||||||||||||||
Preferred stock dividends | — | 85 | — | 255 | ||||||||||||||||||||||
Net income available for DowDuPont Inc. common stockholders | $ | 514 | $ | 719 | $ | 2,723 | $ | 4,011 | ||||||||||||||||||
Net (loss) income available for DuPont common stockholders | Net (loss) income available for DuPont common stockholders | $ | (131) | $ | 787 | $ | 126 | $ | 1,275 | |||||||||||||||||
Per common share data: | Per common share data: | |||||||||||||||||||||||||
Earnings per common share from continuing operations - basic | $ | 0.33 | $ | 0.64 | $ | 2.05 | $ | 3.60 | Earnings per common share from continuing operations - basic | $ | 0.56 | $ | 0.71 | $ | 1.13 | $ | 1.12 | |||||||||
Loss per common share from discontinued operations - basic | (0.01 | ) | — | (0.01 | ) | — | ||||||||||||||||||||
Earnings per common share - basic | $ | 0.32 | $ | 0.64 | $ | 2.04 | $ | 3.60 | ||||||||||||||||||
(Loss) earnings per common share from discontinued operations - basic | (Loss) earnings per common share from discontinued operations - basic | (0.84) | 0.85 | (0.86) | 1.38 | |||||||||||||||||||||
(Loss) earnings per common share - basic | (Loss) earnings per common share - basic | $ | (0.29) | $ | 1.56 | $ | 0.27 | $ | 2.51 | |||||||||||||||||
Earnings per common share from continuing operations - diluted | $ | 0.33 | $ | 0.63 | $ | 2.02 | $ | 3.48 | Earnings per common share from continuing operations - diluted | $ | 0.55 | $ | 0.71 | $ | 1.13 | $ | 1.12 | |||||||||
Loss per common share from discontinued operations - diluted | (0.01 | ) | — | (0.01 | ) | — | ||||||||||||||||||||
Earnings per common share - diluted | $ | 0.32 | $ | 0.63 | $ | 2.01 | $ | 3.48 | ||||||||||||||||||
(Loss) earnings per common share from discontinued operations - diluted | (Loss) earnings per common share from discontinued operations - diluted | (0.84) | 0.85 | (0.86) | 1.38 | |||||||||||||||||||||
(Loss) earnings per common share - diluted | (Loss) earnings per common share - diluted | $ | (0.28) | $ | 1.55 | $ | 0.27 | $ | 2.50 | |||||||||||||||||
Dividends declared per share of common stock | $ | 0.46 | $ | 0.46 | $ | 1.38 | $ | 1.38 | ||||||||||||||||||
Weighted-average common shares outstanding - basic | 1,577.8 | 1,112.4 | 1,330.7 | 1,108.8 | Weighted-average common shares outstanding - basic | 459.2 | 505.4 | 459.0 | 508.7 | |||||||||||||||||
Weighted-average common shares outstanding - diluted | 1,595.3 | 1,127.4 | 1,348.8 | 1,220.4 | Weighted-average common shares outstanding - diluted | 460.3 | 506.3 | 460.2 | 510.2 | |||||||||||||||||
Depreciation | $ | 708 | $ | 573 | $ | 1,820 | $ | 1,540 | ||||||||||||||||||
Capital Expenditures | $ | 752 | $ | 1,060 | $ | 2,301 | $ | 2,877 |
Three Months Ended | Nine Months Ended | |||||||||||
In millions (Unaudited) | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net Income | $ | 534 | $ | 818 | $ | 2,808 | $ | 4,320 | ||||
Other comprehensive income (loss), net of tax | ||||||||||||
Unrealized gains (losses) on investments | (51 | ) | 8 | (43 | ) | 42 | ||||||
Cumulative translation adjustments | (379 | ) | 83 | 247 | 325 | |||||||
Pension and other postretirement benefit plans | 105 | 93 | 308 | 640 | ||||||||
Derivative instruments | 32 | (20 | ) | (57 | ) | (21 | ) | |||||
Total other comprehensive income (loss) | (293 | ) | 164 | 455 | 986 | |||||||
Comprehensive Income | 241 | 982 | 3,263 | 5,306 | ||||||||
Comprehensive income attributable to noncontrolling interests, net of tax | 26 | 35 | 119 | 103 | ||||||||
Comprehensive Income Attributable to DowDuPont Inc. | $ | 215 | $ | 947 | $ | 3,144 | $ | 5,203 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
In millions (Unaudited) | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net (loss) income | $ | (117) | $ | 795 | $ | 148 | $ | 1,303 | ||||||
Other comprehensive (loss) income, net of tax | ||||||||||||||
Cumulative translation adjustments | (159) | (693) | (77) | (965) | ||||||||||
Pension and other post-employment benefit plans | (6) | (1) | (10) | (8) | ||||||||||
Derivative instruments | (18) | 56 | (21) | 67 | ||||||||||
Total other comprehensive loss | $ | (183) | $ | (638) | $ | (108) | $ | (906) | ||||||
Comprehensive (loss) income | $ | (300) | $ | 157 | $ | 40 | $ | 397 | ||||||
Comprehensive income (loss) attributable to noncontrolling interests, net of tax | 4 | (5) | 13 | 8 | ||||||||||
Comprehensive (loss) income attributable to DuPont | $ | (304) | $ | 162 | $ | 27 | $ | 389 |
In millions, except per share amounts (Unaudited) | Sep 30, 2017 | Dec 31, 2016 | ||||
Assets | ||||||
Current Assets | ||||||
Cash and cash equivalents (variable interest entities restricted - 2017: $115; 2016: $75) | $ | 13,148 | $ | 6,607 | ||
Marketable securities | 1,826 | — | ||||
Accounts and notes receivable: | ||||||
Trade (net of allowance for doubtful receivables - 2017: $171; 2016: $110) | 11,250 | 4,666 | ||||
Other | 7,006 | 4,312 | ||||
Inventories | 17,255 | 7,363 | ||||
Other current assets | 1,145 | 711 | ||||
Assets held for sale | 3,171 | — | ||||
Total current assets | 54,801 | 23,659 | ||||
Investments | ||||||
Investment in nonconsolidated affiliates | 5,650 | 3,747 | ||||
Other investments (investments carried at fair value - 2017: $1,408; 2016: $1,959) | 2,450 | 2,969 | ||||
Noncurrent receivables | 743 | 708 | ||||
Total investments | 8,843 | 7,424 | ||||
Property | ||||||
Property | 72,227 | 57,438 | ||||
Less accumulated depreciation | 36,008 | 33,952 | ||||
Net property (variable interest entities restricted - 2017: $925; 2016: $961) | 36,219 | 23,486 | ||||
Other Assets | ||||||
Goodwill | 60,698 | 15,272 | ||||
Other intangible assets (net of accumulated amortization - 2017: $4,990; 2016: $4,295) | 33,420 | 6,026 | ||||
Deferred income tax assets | 1,810 | 3,079 | ||||
Deferred charges and other assets | 2,736 | 565 | ||||
Total other assets | 98,664 | 24,942 | ||||
Total Assets | $ | 198,527 | $ | 79,511 | ||
Liabilities and Equity | ||||||
Current Liabilities | ||||||
Notes payable | $ | 5,176 | $ | 272 | ||
Long-term debt due within one year | 1,906 | 635 | ||||
Accounts payable: | ||||||
Trade | 7,648 | 4,519 | ||||
Other | 3,862 | 2,097 | ||||
Income taxes payable | 729 | 600 | ||||
Accrued and other current liabilities | 7,849 | 4,481 | ||||
Liabilities held for sale | 108 | — | ||||
Total current liabilities | 27,278 | 12,604 | ||||
Long-Term Debt (variable interest entities nonrecourse - 2017: $310; 2016: $330) | 29,819 | 20,456 | ||||
Other Noncurrent Liabilities | ||||||
Deferred income tax liabilities | 9,125 | 923 | ||||
Pension and other postretirement benefits - noncurrent | 18,413 | 11,375 | ||||
Asbestos-related liabilities - noncurrent | 1,266 | 1,364 | ||||
Other noncurrent obligations | 8,092 | 5,560 | ||||
Total other noncurrent liabilities | 36,896 | 19,222 | ||||
Stockholders' Equity | ||||||
Common stock (2017: authorized 5,000,000,000 shares of $0.01 par value each, issued 2,339,396,931 shares; 2016: authorized 1,500,000,000 shares of $2.50 par value each, issued 1,242,794,836) | 23 | 3,107 | ||||
Additional paid-in capital | 81,116 | 4,262 | ||||
Retained earnings | 31,366 | 30,338 | ||||
Accumulated other comprehensive loss | (9,367 | ) | (9,822 | ) | ||
Unearned ESOP shares | (192 | ) | (239 | ) | ||
Treasury stock at cost (2017: zero shares; 2016: 31,661,501 shares) | — | (1,659 | ) | |||
DowDuPont's stockholders' equity | 102,946 | 25,987 | ||||
Noncontrolling interests | 1,588 | 1,242 | ||||
Total equity | 104,534 | 27,229 | ||||
Total Liabilities and Equity | $ | 198,527 | $ | 79,511 |
In millions, except share amounts (Unaudited) | June 30, 2023 | December 31, 2022 | ||||||
Assets | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 4,885 | $ | 3,662 | ||||
Marketable securities | — | 1,302 | ||||||
Restricted cash and cash equivalents | 111 | 7 | ||||||
Accounts and notes receivable - net | 2,315 | 2,518 | ||||||
Inventories | 2,341 | 2,329 | ||||||
Prepaid and other current assets | 160 | 161 | ||||||
Assets of discontinued operations | 1,315 | 1,291 | ||||||
Total current assets | $ | 11,127 | $ | 11,270 | ||||
Property, plant and equipment - net of accumulated depreciation (June 30, 2023 - $4,663; December 31, 2022 - $4,448) | 5,701 | 5,731 | ||||||
Other Assets | ||||||||
Goodwill | 16,643 | 16,663 | ||||||
Other intangible assets | 5,190 | 5,495 | ||||||
Restricted cash and cash equivalents - noncurrent | — | 103 | ||||||
Investments and noncurrent receivables | 757 | 733 | ||||||
Deferred income tax assets | 112 | 109 | ||||||
Deferred charges and other assets | 1,267 | 1,251 | ||||||
Total other assets | $ | 23,969 | $ | 24,354 | ||||
Total Assets | $ | 40,797 | $ | 41,355 | ||||
Liabilities and Equity | ||||||||
Current Liabilities | ||||||||
Short-term borrowings | $ | 300 | $ | 300 | ||||
Accounts payable | 1,768 | 2,103 | ||||||
Income taxes payable | 135 | 233 | ||||||
Accrued and other current liabilities | 1,401 | 951 | ||||||
Liabilities of discontinued operations | 135 | 146 | ||||||
Total current liabilities | $ | 3,739 | $ | 3,733 | ||||
Long-Term Debt | 7,775 | 7,774 | ||||||
Other Noncurrent Liabilities | ||||||||
Deferred income tax liabilities | 1,028 | 1,158 | ||||||
Pension and other post-employment benefits - noncurrent | 529 | 522 | ||||||
Other noncurrent obligations | 1,173 | 1,151 | ||||||
Total other noncurrent liabilities | $ | 2,730 | $ | 2,831 | ||||
Total Liabilities | $ | 14,244 | $ | 14,338 | ||||
Commitments and contingent liabilities | ||||||||
Stockholders' Equity | ||||||||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2023: 459,026,579 shares; 2022: 458,124,262 shares) | 5 | 5 | ||||||
Additional paid-in capital | 47,946 | 48,420 | ||||||
Accumulated deficit | (20,938) | (21,065) | ||||||
Accumulated other comprehensive loss | (890) | (791) | ||||||
Total DuPont stockholders' equity | $ | 26,123 | $ | 26,569 | ||||
Noncontrolling interests | 430 | 448 | ||||||
Total equity | $ | 26,553 | $ | 27,017 | ||||
Total Liabilities and Equity | $ | 40,797 | $ | 41,355 |
Six Months Ended June 30, | ||||||||
In millions (Unaudited) | 2023 | 2022 | ||||||
Operating Activities | ||||||||
Net income | $ | 148 | $ | 1,303 | ||||
(Loss) income from discontinued operations | (394) | 706 | ||||||
Net income from continuing operations | $ | 542 | $ | 597 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 559 | 578 | ||||||
Credit for deferred income tax and other tax related items | (25) | (59) | ||||||
Earnings of nonconsolidated affiliates in excess of dividends received | (21) | (10) | ||||||
Net periodic benefit costs | 15 | 2 | ||||||
Periodic benefit plan contributions | (35) | (34) | ||||||
Net gain on sales of assets, businesses and investments | (8) | (69) | ||||||
Restructuring and asset related charges - net | 31 | 101 | ||||||
Other net loss | 70 | 19 | ||||||
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||||||||
Accounts and notes receivable | 86 | (178) | ||||||
Inventories | (35) | (287) | ||||||
Accounts payable | (125) | 96 | ||||||
Other assets and liabilities, net | (249) | (270) | ||||||
Cash provided by operating activities - continuing operations | $ | 805 | $ | 486 | ||||
Investing Activities | ||||||||
Capital expenditures | (355) | (347) | ||||||
Proceeds from sales of property and businesses, net of cash divested | — | 300 | ||||||
Purchases of investments | (32) | (15) | ||||||
Proceeds from sales and maturities of investments | 1,334 | — | ||||||
Other investing activities, net | 4 | 11 | ||||||
Cash provided by (used for) investing activities - continuing operations | $ | 951 | $ | (51) | ||||
Financing Activities | ||||||||
Changes in short-term borrowings | — | 511 | ||||||
Purchases of common stock | — | (875) | ||||||
Proceeds from issuance of Company stock | 12 | 83 | ||||||
Employee taxes paid for share-based payment arrangements | (24) | (23) | ||||||
Distributions to noncontrolling interests | (34) | (15) | ||||||
Dividends paid to stockholders | (330) | (335) | ||||||
Other financing activities, net | (1) | (4) | ||||||
Cash used for financing activities - continuing operations | $ | (377) | $ | (658) | ||||
Cash Flows from Discontinued Operations | ||||||||
Cash used for operations - discontinued operations | (107) | (191) | ||||||
Cash used for investing activities - discontinued operations | (19) | (39) | ||||||
Cash used for financing activities - discontinued operations | — | (16) | ||||||
Cash used in discontinued operations | $ | (126) | $ | (246) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (29) | (78) | ||||||
Increase (decrease) in cash, cash equivalents and restricted cash | $ | 1,224 | $ | (547) | ||||
Cash, cash equivalents and restricted cash from continuing operations, beginning of period | 3,772 | 2,037 | ||||||
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | — | 39 | ||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | 3,772 | $ | 2,076 | ||||
Cash, cash equivalents and restricted cash from continuing operations, end of period | 4,996 | 1,500 | ||||||
Cash, cash equivalents and restricted cash from discontinued operations, end of period | — | 29 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ | 4,996 | $ | 1,529 |
Nine Months Ended | ||||||
In millions (Unaudited) | Sep 30, 2017 | Sep 30, 2016 | ||||
Operating activities | ||||||
Net income | $ | 2,808 | $ | 4,320 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization | 2,518 | 2,067 | ||||
Provision (credit) for deferred income tax | 570 | (990 | ) | |||
Earnings of nonconsolidated affiliates less than dividends received | 201 | 341 | ||||
Net periodic pension benefit cost | 306 | 312 | ||||
Pension contributions | (463 | ) | (567 | ) | ||
Net gain on sales of assets, businesses and investments | (475 | ) | (179 | ) | ||
Net gain on step acquisition of nonconsolidated affiliate | — | (2,445 | ) | |||
Restructuring and asset related charges - net | 166 | 452 | ||||
Amortization of inventory step-up | 429 | — | ||||
Other net loss | 228 | 300 | ||||
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||||||
Accounts and notes receivable | (2,154 | ) | (1,435 | ) | ||
Proceeds from interests in trade accounts receivable conduits | 939 | 882 | ||||
Inventories | (1,490 | ) | (39 | ) | ||
Accounts payable | 1,627 | 1,031 | ||||
Other assets and liabilities, net | (741 | ) | (331 | ) | ||
Cash provided by operating activities | 4,469 | 3,719 | ||||
Investing activities | ||||||
Capital expenditures | (2,301 | ) | (2,877 | ) | ||
Investment in gas field developments | (98 | ) | (81 | ) | ||
Construction of assets pending sale / leaseback | — | (12 | ) | |||
Proceeds from sale / leaseback of assets | — | 32 | ||||
Purchases of previously leased assets | (2 | ) | — | |||
Payment into escrow account | (130 | ) | (835 | ) | ||
Distribution from escrow account | 130 | 835 | ||||
Proceeds from sales of property and businesses, net of cash divested | 522 | 217 | ||||
Acquisitions of property and businesses, net of cash acquired | (28 | ) | (187 | ) | ||
Cash acquired in merger transaction | 4,005 | — | ||||
Cash acquired in step acquisition of nonconsolidated affiliate | — | 1,050 | ||||
Investments in and loans to nonconsolidated affiliates | (694 | ) | (831 | ) | ||
Distributions and loan repayments from nonconsolidated affiliates | 56 | 10 | ||||
Proceeds from sale of ownership interests in nonconsolidated affiliates | 64 | — | ||||
Purchases of investments | (476 | ) | (426 | ) | ||
Proceeds from sales and maturities of investments | 2,088 | 607 | ||||
Other investing activities, net | (2 | ) | — | |||
Cash provided by (used for) investing activities | 3,134 | (2,498 | ) | |||
Financing activities | ||||||
Changes in short-term notes payable | 953 | (69 | ) | |||
Proceeds from issuance of long-term debt | — | 32 | ||||
Payments on long-term debt | (591 | ) | (523 | ) | ||
Purchases of treasury stock | — | (416 | ) | |||
Proceeds from issuance of company stock | 32 | — | ||||
Proceeds from sales of common stock | 423 | 320 | ||||
Employee taxes paid for share-based payment arrangements | (89 | ) | (65 | ) | ||
Distributions to noncontrolling interests | (58 | ) | (85 | ) | ||
Purchases of noncontrolling interests | — | (202 | ) | |||
Dividends paid to stockholders | (1,947 | ) | (1,782 | ) | ||
Other financing activities, net | (2 | ) | (2 | ) | ||
Cash used for financing activities | (1,279 | ) | (2,792 | ) | ||
Effect of exchange rate changes on cash | 254 | 26 | ||||
Cash reclassified as held for sale | (37 | ) | — | |||
Increase (decrease) in cash and cash equivalents | 6,541 | (1,545 | ) | |||
Cash and cash equivalents at beginning of year | 6,607 | 8,577 | ||||
Cash and cash equivalents at end of period | $ | 13,148 | $ | 7,032 |
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 December 31, 2021 | $ | 5 | $ | 49,574 | $ | (23,187) | $ | 41 | $ | — | $ | 617 | $ | 27,050 | |||||||||
Net income | — | — | 1,275 | — | — | 28 | 1,303 | ||||||||||||||||
Other comprehensive loss | — | — | — | (886) | — | (20) | (906) | ||||||||||||||||
Dividends ($0.99 per common share) | — | (500) | — | — | — | — | (500) | ||||||||||||||||
Common stock issued/sold | — | 83 | — | — | — | — | 83 | ||||||||||||||||
Stock-based compensation | — | 19 | — | — | — | — | 19 | ||||||||||||||||
Contributions from non-controlling interests | — | — | — | — | — | 2 | 2 | ||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | (20) | (20) | ||||||||||||||||
Purchases of treasury stock | — | — | — | — | (875) | — | (875) | ||||||||||||||||
Retirement of treasury stock | — | — | (875) | — | 875 | — | — | ||||||||||||||||
Other | — | — | (21) | — | 2 | (19) | |||||||||||||||||
Balance at June 30, 2022 | $ | 5 | $ | 49,176 | $ | (22,808) | $ | (845) | $ | — | $ | 609 | $ | 26,137 | |||||||||
Balance at December 31, 2022 | $ | 5 | $ | 48,420 | $ | (21,065) | $ | (791) | $ | — | $ | 448 | $ | 27,017 | |||||||||
Net income | — | — | 126 | — | — | 22 | 148 | ||||||||||||||||
Other comprehensive loss | — | — | — | (99) | — | (9) | (108) | ||||||||||||||||
Dividends ($1.08 per common share) | — | (495) | — | — | — | — | (495) | ||||||||||||||||
Common stock issued/sold | — | 12 | — | — | — | — | 12 | ||||||||||||||||
Stock-based compensation | — | 10 | — | — | — | — | 10 | ||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | (34) | (34) | ||||||||||||||||
Other | — | (1) | 1 | — | — | 3 | 3 | ||||||||||||||||
Balance at June 30, 2023 | $ | 5 | $ | 47,946 | $ | (20,938) | $ | (890) | $ | — | $ | 430 | $ | 26,553 |
In millions (Unaudited) | Preferred Stock | Common Stock | Add'l Paid in Capital | Retained Earnings | Accum Other Comp Loss | Unearned ESOP | Treasury Stock | Non-controlling Interests | Total Equity | ||||||||||||||||||
2016 | |||||||||||||||||||||||||||
Balance at Jan 1, 2016 | $ | 4,000 | $ | 3,107 | $ | 4,936 | $ | 28,425 | $ | (8,667 | ) | $ | (272 | ) | $ | (6,155 | ) | $ | 809 | $ | 26,183 | ||||||
Net income available for DowDuPont Inc. common stockholders | — | — | — | 4,011 | — | — | — | — | 4,011 | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 986 | — | — | — | 986 | ||||||||||||||||||
Dividends ($1.38 per common share) | — | — | — | (1,531 | ) | — | — | — | — | (1,531 | ) | ||||||||||||||||
Common stock issued/sold | — | — | 320 | — | — | — | 606 | — | 926 | ||||||||||||||||||
Stock-based compensation and allocation of ESOP shares | — | — | (340 | ) | — | — | 46 | — | — | (294 | ) | ||||||||||||||||
Impact of noncontrolling interests | — | — | — | — | — | — | — | 505 | 505 | ||||||||||||||||||
Treasury stock purchases | — | — | — | — | — | — | (416 | ) | — | (416 | ) | ||||||||||||||||
Other | — | — | — | (21 | ) | — | — | — | — | (21 | ) | ||||||||||||||||
Balance at Sep 30, 2016 | $ | 4,000 | $ | 3,107 | $ | 4,916 | $ | 30,884 | $ | (7,681 | ) | $ | (226 | ) | $ | (5,965 | ) | $ | 1,314 | $ | 30,349 | ||||||
2017 | |||||||||||||||||||||||||||
Balance at Jan 1, 2017 | $ | — | $ | 3,107 | $ | 4,262 | $ | 30,338 | $ | (9,822 | ) | $ | (239 | ) | $ | (1,659 | ) | $ | 1,242 | $ | 27,229 | ||||||
Net income available for DowDuPont Inc. common stockholders | — | — | — | 2,723 | — | — | — | — | 2,723 | ||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | 455 | — | — | — | 455 | ||||||||||||||||||
Dividends ($1.38 per common share) | — | — | — | (1,673 | ) | — | — | — | — | (1,673 | ) | ||||||||||||||||
Common stock issued/sold | — | — | 455 | — | — | — | 724 | — | 1,179 | ||||||||||||||||||
Stock-based compensation and allocation of ESOP shares | — | — | (428 | ) | — | — | 47 | — | — | (381 | ) | ||||||||||||||||
Impact of noncontrolling interests | — | — | — | — | — | — | — | 346 | 346 | ||||||||||||||||||
Merger impact | — | (3,084 | ) | 76,829 | — | — | — | 935 | — | 74,680 | |||||||||||||||||
Other | — | — | (2 | ) | (22 | ) | — | — | — | — | (24 | ) | |||||||||||||||
Balance at Sep 30, 2017 | $ | — | $ | 23 | $ | 81,116 | $ | 31,366 | $ | (9,367 | ) | $ | (192 | ) | $ | — | $ | 1,588 | $ | 104,534 |
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 March 31, 2022 | $ | 5 | $ | 49,487 | $ | (23,096) | $ | (220) | $ | — | $ | 615 | $ | 26,791 | |||||||||
Net income | — | — | 787 | — | — | 8 | 795 | ||||||||||||||||
Other comprehensive loss | — | — | — | (625) | — | (13) | (638) | ||||||||||||||||
Dividends ($0.66 per common share) | — | (331) | — | — | — | — | (331) | ||||||||||||||||
Stock-based compensation | — | 20 | — | — | — | — | 20 | ||||||||||||||||
Distributions to non-controlling interests | — | — | — | — | — | (2) | (2) | ||||||||||||||||
Purchases of treasury stock | — | — | — | — | (500) | — | (500) | ||||||||||||||||
Retirement of treasury stock | — | — | (500) | — | 500 | — | — | ||||||||||||||||
Other | — | — | 1 | — | — | 1 | 2 | ||||||||||||||||
Balance at June 30, 2022 | $ | 5 | $ | 49,176 | $ | (22,808) | $ | (845) | $ | — | $ | 609 | $ | 26,137 | |||||||||
Balance at March 31, 2023 | $ | 5 | $ | 48,256 | $ | (20,807) | $ | (717) | $ | — | $ | 424 | $ | 27,161 | |||||||||
Net (loss) income | — | — | (131) | — | — | 14 | (117) | ||||||||||||||||
Other comprehensive loss | — | — | — | (173) | — | (10) | (183) | ||||||||||||||||
Dividends ($0.72 per common share) | — | (330) | — | — | — | — | (330) | ||||||||||||||||
Stock-based compensation | — | 19 | — | — | — | — | 19 | ||||||||||||||||
Other | — | 1 | — | — | — | 2 | 3 | ||||||||||||||||
Balance at June 30, 2023 | $ | 5 | $ | 47,946 | $ | (20,938) | $ | (890) | $ | — | $ | 430 | $ | 26,553 |
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Summary of Changes to the Consolidated Statements of Cash Flows | Nine Months Ended | |||||
Sep 30, 2016 | ||||||
In millions | As Filed | Updated | ||||
Operating Activities | ||||||
Excess tax benefits from share-based payment arrangements | $ | (39 | ) | $ | — | |
Other assets and liabilities, net | $ | 455 | $ | 520 | ||
Cash provided by operating activities | $ | 3,615 | $ | 3,719 | ||
Financing Activities | ||||||
Excess tax benefits from share-based payment arrangements | $ | 39 | $ | — | ||
Employee taxes paid for share-based payment arrangements | $ | — | $ | (65 | ) | |
Cash used in financing activities | $ | (2,688 | ) | $ | (2,792 | ) |
Summary of Changes to the Consolidated Statements of Income | Three Months Ended | Nine Months Ended | ||||||||||
Sep 30, 2016 | Sep 30, 2016 | |||||||||||
In millions | As Filed | Updated | As Filed | Updated | ||||||||
Cost of sales | $ | 9,841 | $ | 9,840 | $ | 27,067 | $ | 27,066 | ||||
Selling, general and administrative expenses | $ | 864 | $ | 738 | $ | 2,393 | $ | 2,166 | ||||
Integration and separation costs | $ | — | $ | 127 | $ | — | $ | 228 | ||||
Sundry income (expense) - net | $ | (4 | ) | $ | 22 | $ | 1,305 | $ | 1,369 | |||
Interest income | $ | 26 | $ | — | $ | 64 | $ | — |
Summary of Changes to the Consolidated Balance Sheets | Dec 31, 2016 | |||||
In millions | As Filed | Updated | ||||
Accounts and notes receivable - Other | $ | 4,358 | $ | 4,312 | ||
Other current assets | $ | 665 | $ | 711 | ||
Accounts payable - Other | $ | 2,401 | $ | 2,097 | ||
Dividends payable | $ | 508 | $ | — | ||
Accrued and other current liabilities | $ | 3,669 | $ | 4,481 |
Summary of Changes to the Consolidated Statements of Cash Flows | Nine Months Ended | |||||
Sep 30, 2016 | ||||||
In millions | As Filed | Updated | ||||
Operating Activities | ||||||
Net periodic pension benefit cost | $ | — | $ | 312 | ||
Net gain on sales of assets, businesses and investments | $ | — | $ | (179 | ) | |
Net gain on sales of investments | $ | (97 | ) | $ | — | |
Net gain on sales of property, businesses and consolidated companies | $ | (82 | ) | $ | — | |
Other net loss | $ | 97 | $ | 300 | ||
Accounts payable | $ | 695 | $ | 1,031 | ||
Other assets and liabilities, net 1 | $ | 520 | $ | (331 | ) | |
Financing Activities | ||||||
Transaction financing, debt issuance and other costs | $ | (2 | ) | $ | — | |
Other financing activities, net | $ | — | $ | (2 | ) |
Summary of Changes to the Consolidated Statements of Equity | Nine Months Ended | |||||
Sep 30, 2016 | ||||||
In millions | As Filed | Updated | ||||
Dividend equivalents on participating securities | $ | (21 | ) | $ | — | |
Other | $ | — | $ | (21 | ) |
Consideration | |||
(In millions, except exchange ratio) | |||
DuPont Common Stock outstanding as of Aug 31, 2017 | 868.3 | ||
DuPont exchange ratio | 1.2820 | ||
DowDuPont Common Stock issued in exchange for DuPont Common Stock | 1,113.2 | ||
Fair value of DowDuPont Common Stock issued 1 | $ | 74,195 | |
Fair value of DowDuPont equity awards issued in exchange for outstanding DuPont equity awards 2 | 485 | ||
Total consideration | $ | 74,680 |
DuPont Assets Acquired and Liabilities Assumed on Aug 31, 2017 | |||
In millions | |||
Fair Value of Assets Acquired | |||
Cash and cash equivalents | $ | 4,005 | |
Marketable securities | 2,849 | ||
Accounts and notes receivable - Trade | 6,199 | ||
Accounts and notes receivable - Other | 1,652 | ||
Inventories | 8,886 | ||
Other current assets | 360 | ||
Assets held for sale | 3,184 | ||
Investment in nonconsolidated affiliates | 1,685 | ||
Other investments | 50 | ||
Noncurrent receivables | 84 | ||
Net property | 12,122 | ||
Goodwill 1 | 45,501 | ||
Other intangible assets 1 | 27,844 | ||
Deferred income tax assets | 487 | ||
Deferred charges and other assets | 1,942 | ||
Total Assets | $ | 116,850 | |
Fair Value of Liabilities Assumed | |||
Notes Payable | $ | 4,046 | |
Long-term debt due within one year | 1,273 | ||
Accounts payable - Trade | 2,344 | ||
Accounts payable - Other | 939 | ||
Income taxes payable | 140 | ||
Accrued and other current liabilities | 3,517 | ||
Liabilities held for sale | 104 | ||
Long-Term debt | 9,878 | ||
Deferred income tax liabilities | 9,408 | ||
Pension and other postretirement benefits - noncurrent 2 | 8,092 | ||
Other noncurrent obligations | 2,028 | ||
Total Liabilities | $ | 41,769 | |
Noncontrolling interests | 401 | ||
Net Assets (Consideration for the Merger) | $ | 74,680 |
DuPont Results of Operations | Sep 1 - | ||
In millions | Sep 30, 2017 | ||
Net sales | $ | 1,734 | |
Loss from continuing operations before income taxes | $ | (303 | ) |
EAA Copolymers and Ionomers Assets Divested on Sep 1, 2017 | |||
In millions | |||
Current assets | $ | 34 | |
Net property | 12 | ||
Goodwill | 23 | ||
Net carrying value divested | $ | 69 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net sales | $ | 142 | $ | 1,070 | $ | 289 | $ | 2,112 | ||||||
Cost of sales | 92 | 804 | 176 | 1,586 | ||||||||||
Research and development expenses | 1 | 14 | 2 | 29 | ||||||||||
Selling, general and administrative expenses | 1 | 34 | 1 | 85 | ||||||||||
Amortization of intangibles | — | — | — | 28 | ||||||||||
Acquisition, integration and separation costs 1 | 46 | 126 | 100 | 222 | ||||||||||
Equity in earnings of nonconsolidated affiliates | — | (1) | — | (2) | ||||||||||
Sundry income (expense) - net | 3 | (7) | 5 | (7) | ||||||||||
Income from discontinued operations before income taxes | $ | 5 | $ | 84 | $ | 15 | $ | 153 | ||||||
Provision for (benefit from) income taxes on discontinued operations | 1 | (409) | 7 | (628) | ||||||||||
Income from discontinued operations, net of tax | $ | 4 | $ | 493 | $ | 8 | $ | 781 | ||||||
Net income from discontinued operations attributable to noncontrolling interests | — | — | — | 2 | ||||||||||
(Loss) gain on sale, net of tax | $ | (2) | $ | — | $ | 22 | $ | — | ||||||
Income from discontinued operations attributable to DuPont stockholders, net of tax | $ | 2 | $ | 493 | $ | 30 | $ | 779 |
Results of Operations of DuPont's Divested Ag Business | Three and Nine Months Ended | ||
In millions | Sep 30, 2017 | ||
Net sales | $ | 116 | |
Cost of sales | 110 | ||
Research and development expenses | 9 | ||
Selling, general and administrative expenses | 29 | ||
Loss from discontinued operations before income taxes | $ | (32 | ) |
Benefit from income taxes | (12 | ) | |
Loss from discontinued operations, net of tax | $ | (20 | ) |
Capital Expenditures of DuPont's Divested Ag Business | Three and Nine Months Ended | ||
In millions | Sep 30, 2017 | ||
Capital expenditures | $ | 4 |
In millions | June 30, 2023 | December 31, 2022 | ||||||
Assets | ||||||||
Accounts and notes receivable - net | $ | 77 | $ | 75 | ||||
Inventories | 116 | 104 | ||||||
Other current assets | 5 | 6 | ||||||
Property, plant and equipment - net | 268 | 256 | ||||||
Goodwill | 405 | 405 | ||||||
Other intangible assets | 341 | 338 | ||||||
Deferred income tax assets | 25 | 36 | ||||||
Deferred charges and other assets | 78 | 71 | ||||||
Total assets of discontinued operations | $ | 1,315 | $ | 1,291 | ||||
Liabilities | ||||||||
Accounts payable | $ | 64 | $ | 78 | ||||
Income taxes payable | 7 | — | ||||||
Accrued and other current liabilities | 7 | 8 | ||||||
Deferred income tax liabilities | 54 | 53 | ||||||
Pension and other post employment benefits - noncurrent | 1 | 5 | ||||||
Other noncurrent liabilities | 2 | 2 | ||||||
Total liabilities of discontinued operations | $ | 135 | $ | 146 |
Carrying Values of Assets and Liabilities of DuPont's Divested Ag Business | |||
In millions | Sep 30, 2017 | ||
Cash and cash equivalents | $ | 125 | |
Accounts and notes receivable - net | 39 | ||
Inventories | 973 | ||
Other current assets | 1 | ||
Net property | 523 | ||
Goodwill | 145 | ||
Other intangible assets | 1,360 | ||
Deferred charges and other assets | 5 | ||
Total assets held for sale | $ | 3,171 | |
Accounts payable | $ | 62 | |
Accrued and other current liabilities | 13 | ||
Pension and other postretirement benefits - noncurrent | 12 | ||
Other noncurrent obligations | 21 | ||
Total liabilities held for sale | $ | 108 |
DowDuPont Pro Forma Results of Operations | Three Months Ended | Nine Months Ended | ||||||||||
Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | |||||||||
In millions | ||||||||||||
Net sales | $ | 18,319 | $ | 17,109 | $ | 59,620 | $ | 53,388 | ||||
Income from continuing operations, net of tax | $ | 762 | $ | 516 | $ | 4,351 | $ | 2,744 | ||||
Earnings per common share from continuing operations - basic | $ | 0.31 | $ | 0.18 | $ | 1.82 | $ | 1.08 | ||||
Earnings per common share from continuing operations - diluted | $ | 0.31 | $ | 0.18 | $ | 1.80 | $ | 1.07 |
(Loss) Income from Discontinued Operations, Net of Tax | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||
M&M Divestitures | $ | 2 | $ | 493 | $ | 30 | $ | 781 | ||||||
MOU Activity 1 | (371) | (50) | (376) | (56) | ||||||||||
Other 2 | (17) | (13) | (48) | (19) | ||||||||||
(Loss) income from discontinued operations, net of tax | $ | (386) | $ | 430 | $ | (394) | $ | 706 |
Net Trade Revenue by Segment and Business or Major Product Line | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||
Industrial Solutions | $ | 500 | $ | 503 | $ | 994 | $ | 1,003 | ||||||
Interconnect Solutions | 353 | 465 | 684 | 925 | ||||||||||
Semiconductor Technologies | 459 | 559 | 930 | 1,135 | ||||||||||
Electronics & Industrial | $ | 1,312 | $ | 1,527 | $ | 2,608 | $ | 3,063 | ||||||
Safety Solutions | $ | 683 | $ | 663 | $ | 1,359 | $ | 1,317 | ||||||
Shelter Solutions | 422 | 487 | 817 | 909 | ||||||||||
Water Solutions | 389 | 347 | 767 | 700 | ||||||||||
Water & Protection | $ | 1,494 | $ | 1,497 | $ | 2,943 | $ | 2,926 | ||||||
Retained Businesses 1 | $ | 288 | $ | 266 | $ | 561 | $ | 532 | ||||||
Other 2 | — | 32 | — | 75 | ||||||||||
Corporate & Other | $ | 288 | $ | 298 | $ | 561 | $ | 607 | ||||||
Total | $ | 3,094 | $ | 3,322 | $ | 6,112 | $ | 6,596 |
Net Trade Revenue by Geographic Region | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||
U.S. & Canada | $ | 1,045 | $ | 1,095 | $ | 2,068 | $ | 2,144 | ||||||
EMEA 1 | 585 | 565 | 1,167 | 1,142 | ||||||||||
Asia Pacific 2 | 1,350 | 1,553 | 2,643 | 3,098 | ||||||||||
Latin America | 114 | 109 | 234 | 212 | ||||||||||
Total | $ | 3,094 | $ | 3,322 | $ | 6,112 | $ | 6,596 |
Dow Corning Assets Acquired and Liabilities Assumed on Jun 1, 2016 | |||
In millions | |||
Fair Value of Previously Held Equity Investment, excluding the HSC Group | $ | 4,818 | |
Fair Value of Assets Acquired | |||
Cash and cash equivalents | $ | 1,050 | |
Accounts and notes receivable - Trade | 647 | ||
Accounts and notes receivable - Other | 223 | ||
Inventories | 1,147 | ||
Other current assets | 51 | ||
Investment in nonconsolidated affiliates | 110 | ||
Noncurrent receivables | 112 | ||
Net property | 3,996 | ||
Other intangible assets 1 | 2,987 | ||
Deferred income tax assets | 999 | ||
Other assets | 98 | ||
Total Assets Acquired | $ | 11,420 | |
Fair Value of Liabilities Assumed | |||
Accounts payable - Trade | $ | 374 | |
Income taxes payable | 260 | ||
Accrued and other current liabilities | 404 | ||
Other current liabilities | 112 | ||
Long-Term Debt | 4,672 | ||
Deferred income tax liabilities | 1,858 | ||
Pension and other postretirement benefits - noncurrent 2 | 1,241 | ||
Other noncurrent obligations | 437 | ||
Total Liabilities Assumed | $ | 9,358 | |
Noncontrolling interests | $ | 473 | |
Goodwill | $ | 3,229 |
Contract Balances | June 30, 2023 | December 31, 2022 | ||||||
In millions | ||||||||
Accounts and notes receivable - trade 1 | $ | 1,615 | $ | 1,593 | ||||
Deferred revenue - current 2 | $ | 5 | $ | 11 | ||||
Deferred revenue - noncurrent 3 | $ | 15 | $ | 8 | ||||
2017 Restructuring Activities | Severance and Related Benefit Costs | ||
In millions | |||
2017 restructuring charges | $ | 179 | |
Cash payments | (20 | ) | |
Non-cash compensation | (7 | ) | |
Reserve balance at Sep 30, 2017 | $ | 152 |
2016 Restructuring Activities | Severance and Related Benefit Costs | Asset Related Charges and Other | Costs Associated with Exit and Disposal Activities | Total | ||||||||
In millions | ||||||||||||
Performance Materials & Coatings | $ | — | $ | 27 | $ | 15 | $ | 42 | ||||
Industrial Intermediates & Infrastructure | — | 70 | 13 | 83 | ||||||||
Packaging & Specialty Plastics | — | 10 | — | 10 | ||||||||
Corporate | 268 | 46 | — | 314 | ||||||||
2016 restructuring charges | $ | 268 | $ | 153 | $ | 28 | $ | 449 | ||||
Charges against the reserve | — | (153 | ) | — | (153 | ) | ||||||
Cash payments | (67 | ) | — | (1 | ) | (68 | ) | |||||
Reserve balance at Dec 31, 2016 | $ | 201 | $ | — | $ | 27 | $ | 228 | ||||
Adjustments to the reserve 1 | — | — | (3 | ) | (3 | ) | ||||||
Cash payments | (141 | ) | — | — | (141 | ) | ||||||
Reserve balance at Sep 30, 2017 | $ | 60 | $ | — | $ | 24 | $ | 84 |
Adjustments to the 2015 Restructuring Reserve 1 | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Severance and related benefit credits 2 | $ | — | $ | — | $ | (9 | ) | $ | — | |||
Asset related credits and other 3 | $ | — | $ | (1 | ) | $ | — | $ | (3 | ) | ||
Costs (credits) associated with exit and disposal activities 4 | $ | — | $ | 1 | $ | (1 | ) | $ | 6 |
Sundry Income (Expense) - Net | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Non-operating pension and other post-employment benefit (costs) credits | $ | (2) | $ | 6 | $ | (4) | $ | 13 | ||||||||||||
Interest income | 52 | 2 | 98 | 3 | ||||||||||||||||
Net gain on divestiture and sales of other assets and investments 1 | 2 | 70 | 8 | 69 | ||||||||||||||||
Foreign exchange (losses) gains, net | (28) | 9 | (48) | 4 | ||||||||||||||||
Miscellaneous income - net | 4 | 7 | 3 | 8 | ||||||||||||||||
Sundry income (expense) - net | $ | 28 | $ | 94 | $ | 57 | $ | 97 |
Sundry Income (Expense) - Net | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Gain on Dow's divestiture of the EAA copolymers and ionomers business 1 | $ | 227 | $ | — | $ | 227 | $ | — | ||||
Foreign exchange gains (losses) | $ | 72 | $ | (37 | ) | $ | 16 | $ | (102 | ) | ||
Interest income | $ | 39 | $ | 26 | $ | 86 | $ | 64 | ||||
Gain on sales of other assets and investments | $ | 11 | $ | 45 | $ | 148 | $ | 130 | ||||
Gain related to Dow's Nova patent infringement award 2 | $ | — | $ | — | $ | 137 | $ | — | ||||
Loss related to Dow's Bayer CropScience arbitration matter 2 | $ | — | $ | — | $ | (469 | ) | $ | — | |||
Gain on Dow's ownership restructure of Dow Corning 1 | $ | — | $ | — | $ | — | $ | 2,445 | ||||
Settlement of Dow's urethane matters class action lawsuit and opt-out cases 2 | $ | — | $ | — | $ | — | $ | (1,235 | ) | |||
Obligation related to the split-off of Dow's chlorine value chain | $ | — | $ | (33 | ) | $ | — | $ | (33 | ) |
Accrued and Other Current Liabilities | Sep 30, 2017 | Dec 31, 2016 | ||||
In millions | ||||||
Accrued payroll | $ | 1,676 | $ | 1,105 | ||
Employee retirement plans 1 | $ | 1,490 | $ | 364 |
Net Income for Earnings Per Share Calculations - Basic & Diluted | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||
Income from continuing operations, net of tax | $ | 269 | $ | 365 | $ | 542 | $ | 597 | ||||||
Net income from continuing operations attributable to noncontrolling interests | 14 | 8 | 22 | 26 | ||||||||||
Income from continuing operations attributable to common stockholders | $ | 255 | $ | 357 | $ | 520 | $ | 571 | ||||||
(Loss) income from discontinued operations, net of tax | (386) | 430 | (394) | 706 | ||||||||||
Net income from discontinued operations attributable to noncontrolling interests | — | — | — | 2 | ||||||||||
(Loss) income from discontinued operations attributable to common stockholders | $ | (386) | $ | 430 | $ | (394) | $ | 704 | ||||||
Net (loss) income attributable to common stockholders | $ | (131) | $ | 787 | $ | 126 | $ | 1,275 |
Earnings Per Share Calculations - Basic | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
Dollars per share | 2023 | 2022 | 2023 | 2022 | ||||||||||
Earnings from continuing operations attributable to common stockholders | $ | 0.56 | $ | 0.71 | $ | 1.13 | $ | 1.12 | ||||||
(Loss) earnings from discontinued operations, net of tax | (0.84) | 0.85 | (0.86) | 1.38 | ||||||||||
(Loss) earnings attributable to common stockholders 1 | $ | (0.29) | $ | 1.56 | $ | 0.27 | $ | 2.51 |
Earnings Per Share Calculations - Diluted | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
Dollars per share | 2023 | 2022 | 2023 | 2022 | ||||||||||
Earnings from continuing operations attributable to common stockholders | $ | 0.55 | $ | 0.71 | $ | 1.13 | $ | 1.12 | ||||||
(Loss) earnings from discontinued operations, net of tax | (0.84) | 0.85 | (0.86) | 1.38 | ||||||||||
(Loss) earnings attributable to common stockholders 1 | $ | (0.28) | $ | 1.55 | $ | 0.27 | $ | 2.50 |
Share Count Information | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
Shares in millions | 2023 | 2022 | 2023 | 2022 | ||||||||||
Weighted-average common shares - basic | 459.2 | 505.4 | 459.0 | 508.7 | ||||||||||
Plus dilutive effect of equity compensation plans | 1.1 | 0.9 | 1.2 | 1.5 | ||||||||||
Weighted-average common shares - diluted | 460.3 | 506.3 | 460.2 | 510.2 | ||||||||||
Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations 2 | 3.0 | 4.3 | 2.6 | 3.0 |
Net Income for Earnings Per Share Calculations - Basic | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Income from continuing operations, net of tax | $ | 554 | $ | 818 | $ | 2,828 | $ | 4,320 | ||||
Net income attributable to noncontrolling interests | (20 | ) | (14 | ) | (85 | ) | (54 | ) | ||||
Preferred stock dividends 1 | — | (85 | ) | — | (255 | ) | ||||||
Net income attributable to participating securities 2 | (3 | ) | (4 | ) | (13 | ) | (23 | ) | ||||
Income from continuing operations attributable to common stockholders | $ | 531 | $ | 715 | $ | 2,730 | $ | 3,988 | ||||
Loss from discontinued operations, net of tax | (20 | ) | — | (20 | ) | — | ||||||
Net income attributable to common stockholders | $ | 511 | $ | 715 | $ | 2,710 | $ | 3,988 |
Earnings Per Share Calculations - Basic | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Dollars per share | ||||||||||||
Income from continuing operations attributable to common stockholders | $ | 0.33 | $ | 0.64 | $ | 2.05 | $ | 3.60 | ||||
Loss from discontinued operations, net of tax | (0.01 | ) | — | (0.01 | ) | — | ||||||
Net income attributable to common stockholders | $ | 0.32 | $ | 0.64 | $ | 2.04 | $ | 3.60 |
Net Income for Earnings Per Share Calculations - Diluted | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
In millions | ||||||||||||
Income from continuing operations, net of tax | $ | 554 | $ | 818 | $ | 2,828 | $ | 4,320 | ||||
Net income attributable to noncontrolling interests | (20 | ) | (14 | ) | (85 | ) | (54 | ) | ||||
Preferred stock dividends 1,3 | — | (85 | ) | — | — | |||||||
Net income attributable to participating securities 2 | (3 | ) | (4 | ) | (13 | ) | (23 | ) | ||||
Income from continuing operations attributable to common stockholders | $ | 531 | $ | 715 | $ | 2,730 | $ | 4,243 | ||||
Loss from discontinued operations, net of tax | (20 | ) | — | (20 | ) | — | ||||||
Net income attributable to common stockholders | $ | 511 | $ | 715 | $ | 2,710 | $ | 4,243 |
Earnings Per Share Calculations - Diluted | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Dollars per share | ||||||||||||
Income from continuing operations attributable to common stockholders | $ | 0.33 | $ | 0.63 | $ | 2.02 | $ | 3.48 | ||||
Loss from discontinued operations, net of tax | (0.01 | ) | — | (0.01 | ) | — | ||||||
Net income attributable to common stockholders | $ | 0.32 | $ | 0.63 | $ | 2.01 | $ | 3.48 |
Share Count Information | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||
Shares in millions | ||||||||
Weighted-average common shares - basic 4 | 1,577.8 | 1,112.4 | 1,330.7 | 1,108.8 | ||||
Plus dilutive effect of equity compensation plans 4 | 17.5 | 15.0 | 18.1 | 14.8 | ||||
Plus dilutive effect of assumed conversion of preferred stock 1,5 | — | — | — | 96.8 | ||||
Weighted-average common shares - diluted 4 | 1,595.3 | 1,127.4 | 1,348.8 | 1,220.4 | ||||
Stock options and deferred stock awards excluded from EPS calculations 6 | 2.2 | — | 1.8 | 2.5 |
In millions | June 30, 2023 | December 31, 2022 | ||||||
Finished goods | $ | 1,311 | $ | 1,299 | ||||
Work in process | 518 | 522 | ||||||
Raw materials | 387 | 388 | ||||||
Supplies | 125 | 120 | ||||||
Total inventories | $ | 2,341 | $ | 2,329 |
Inventories | Sep 30, 2017 | Dec 31, 2016 | ||||
In millions | ||||||
Finished goods | $ | 9,094 | $ | 4,230 | ||
Work in process | 5,221 | 1,510 | ||||
Raw materials | 1,365 | 853 | ||||
Supplies | 1,210 | 823 | ||||
Total | $ | 16,890 | $ | 7,416 | ||
Adjustment of inventories to a LIFO basis | 365 | (53 | ) | |||
Total inventories | $ | 17,255 | $ | 7,363 |
Property 1 | Estimated Useful Lives (Years) | Sep 30, 2017 | Dec 31, 2016 | |||||
In millions | ||||||||
Land and land improvements | 0-25 | $ | 3,479 | $ | 2,524 | |||
Buildings | 1-50 | 8,389 | 5,935 | |||||
Machinery and equipment | 1-25 | 48,174 | 38,499 | |||||
Other property | 3-50 | 5,218 | 4,380 | |||||
Construction in progress | — | 6,967 | 6,100 | |||||
Total property | $ | 72,227 | $ | 57,438 |
In millions | Electronics & Industrial | Water & Protection | Corporate & Other | Total | ||||||||||
Balance at December 31, 2022 | $ | 9,397 | $ | 6,656 | $ | 610 | $ | 16,663 | ||||||
Currency translation adjustment | (42) | 19 | 3 | (20) | ||||||||||
Balance at June 30, 2023 | $ | 9,355 | $ | 6,675 | $ | 613 | $ | 16,643 |
Goodwill | Agri-culture | Perf. Materials & Coatings | Ind. Interm. & Infrast. | Pack. & Spec. Plastics | Elect. & Imaging | Nutrition & Biosciences | Transp. & Adv. Polymers | Safety & Const. | Total | ||||||||||||||||||
In millions | |||||||||||||||||||||||||||
Net goodwill at Dec 31, 2016 | $ | 1,472 | $ | 4,918 | $ | 1,085 | $ | 1,518 | $ | 4,155 | $ | 340 | $ | 601 | $ | 1,183 | $ | 15,272 | |||||||||
Goodwill recognized from the Merger 1 | 13,109 | — | — | 3,617 | 3,942 | 10,522 | 8,042 | 6,269 | 45,501 | ||||||||||||||||||
Sale of SKC Haas Display Films 2 | — | — | — | — | (34 | ) | — | — | — | (34 | ) | ||||||||||||||||
Divestiture of EAA copolymers and ionomers business 3 | — | — | — | (23 | ) | — | — | — | — | (23 | ) | ||||||||||||||||
Other | (11 | ) | — | — | (1 | ) | — | — | — | — | (12 | ) | |||||||||||||||
Foreign currency impact | (89 | ) | 179 | 14 | 18 | 7 | (91 | ) | (33 | ) | (11 | ) | (6 | ) | |||||||||||||
Net goodwill at Sep 30, 2017 | $ | 14,481 | $ | 5,097 | $ | 1,099 | $ | 5,129 | $ | 8,070 | $ | 10,771 | $ | 8,610 | $ | 7,441 | $ | 60,698 |
June 30, 2023 | December 31, 2022 | |||||||||||||||||||
In millions | Gross Carrying Amount | Accum Amort | Net | Gross Carrying Amount | Accum Amort | Net | ||||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||||
Developed technology | $ | 1,950 | $ | (1,001) | $ | 949 | $ | 1,955 | $ | (913) | $ | 1,042 | ||||||||
Trademarks/tradenames | 906 | (380) | 526 | 906 | (349) | 557 | ||||||||||||||
Customer-related | 5,421 | (2,536) | 2,885 | 5,454 | (2,389) | 3,065 | ||||||||||||||
Other | 54 | (28) | 26 | 54 | (27) | 27 | ||||||||||||||
Total other intangible assets with finite lives | $ | 8,331 | $ | (3,945) | $ | 4,386 | $ | 8,369 | $ | (3,678) | $ | 4,691 | ||||||||
Intangible assets with indefinite lives: | ||||||||||||||||||||
Trademarks/tradenames | 804 | — | 804 | 804 | — | 804 | ||||||||||||||
Total other intangible assets | $ | 804 | $ | — | $ | 804 | $ | 804 | $ | — | $ | 804 | ||||||||
Total | $ | 9,135 | $ | (3,945) | $ | 5,190 | $ | 9,173 | $ | (3,678) | $ | 5,495 |
Other Intangible Assets 1 | Sep 30, 2017 | Dec 31, 2016 | ||||||||||||||||
In millions | Gross Carrying Amount | Accum Amort | Net | Gross Carrying Amount | Accum Amort | Net | ||||||||||||
Intangible assets with finite lives: | ||||||||||||||||||
Developed technology | $ | 7,371 | $ | (1,628 | ) | $ | 5,743 | $ | 3,254 | $ | (1,383 | ) | $ | 1,871 | ||||
Software | 1,398 | (759 | ) | 639 | 1,336 | (696 | ) | 640 | ||||||||||
Trademarks/tradenames | 1,768 | (558 | ) | 1,210 | 696 | (503 | ) | 193 | ||||||||||
Customer-related | 14,378 | (1,889 | ) | 12,489 | 4,806 | (1,567 | ) | 3,239 | ||||||||||
Microbial cell factories 2 | 430 | (2 | ) | 428 | — | — | — | |||||||||||
Other 3 | 540 | (154 | ) | 386 | 168 | (146 | ) | 22 | ||||||||||
Total other intangible assets with finite lives | $ | 25,885 | $ | (4,990 | ) | $ | 20,895 | $ | 10,260 | $ | (4,295 | ) | $ | 5,965 | ||||
Intangible assets with indefinite lives: | ||||||||||||||||||
In-process research and development ("IPR&D") | 716 | — | 716 | 61 | — | 61 | ||||||||||||
Germplasm 4 | 6,773 | — | 6,773 | — | — | — | ||||||||||||
Trademarks/tradenames | 5,036 | — | 5,036 | — | — | — | ||||||||||||
Total other intangible assets | $ | 38,410 | $ | (4,990 | ) | $ | 33,420 | $ | 10,321 | $ | (4,295 | ) | $ | 6,026 |
Merger Intangible Assets | Gross Carrying Amount | Weighted-average Amort Period (years) | ||
In millions | ||||
Intangible assets with finite lives: | ||||
Developed technology | $ | 4,124 | 12 | |
Trademarks/tradenames | 1,073 | 12 | ||
Customer-related | 9,434 | 18 | ||
Microbial cell factories | 430 | 23 | ||
Other | 294 | 15 | ||
Total other intangible assets with finite lives | $ | 15,355 | ||
Intangible assets with indefinite lives: | ||||
IPR&D | 655 | |||
Germplasm | 6,773 | |||
Trademarks/tradenames | 5,061 | |||
Total other intangible assets | $ | 27,844 |
Net Intangibles by Segment | June 30, 2023 | December 31, 2022 | ||||||
In millions | ||||||||
Electronics & Industrial | $ | 2,784 | $ | 2,976 | ||||
Water & Protection | 2,314 | 2,424 | ||||||
Corporate & Other | 92 | 95 | ||||||
Total | $ | 5,190 | $ | 5,495 |
Amortization Expense | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Other intangible assets, excluding software | $ | 244 | $ | 162 | $ | 556 | $ | 387 | ||||
Software, included in "Cost of sales" | $ | 21 | $ | 18 | $ | 61 | $ | 55 |
Estimated Amortization Expense | |||||
In millions | |||||
Remainder of 2023 | $ | 284 | |||
2024 | $ | 543 | |||
2025 | $ | 497 | |||
2026 | $ | 470 | |||
2027 | $ | 422 | |||
2028 | $ | 371 |
Estimated Amortization Expense | |||
In millions | |||
2017 | $ | 1,239 | |
2018 | $ | 1,831 | |
2019 | $ | 1,749 | |
2020 | $ | 1,701 | |
2021 | $ | 1,654 | |
2022 | $ | 1,576 |
Interests Held | Sep 30, 2017 | Dec 31, 2016 | ||||
In millions | ||||||
Carrying value of interests held | $ | 1,839 | $ | 1,237 | ||
Percentage of anticipated credit losses | 0.87 | % | 0.36 | % | ||
Impact to carrying value - 10% adverse change | $ | 1 | $ | 1 | ||
Impact to carrying value - 20% adverse change | $ | 2 | $ | 1 |
Cash Proceeds | Three Months Ended | Nine Months Ended | |||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | |||||||||
Collections reinvested in revolving receivables | $ | 6,295 | $ | 5,783 | $ | 18,027 | $ | 15,760 | |||||
Interests in conduits 1 | $ | 135 | $ | 129 | $ | 939 | $ | 882 |
Trade Accounts Receivable Sold | Sep 30, 2017 | Dec 31, 2016 | ||||
In millions | ||||||
Delinquencies on sold receivables still outstanding | $ | 128 | $ | 86 | ||
Trade accounts receivable outstanding and derecognized | $ | 2,865 | $ | 2,257 |
Notes Payable | Sep 30, 2017 | Dec 31, 2016 | ||||||||||
In millions | Dow | DuPont | Total | |||||||||
Commercial paper | $ | 249 | $ | 3,244 | $ | 3,493 | $ | — | ||||
Notes payable to banks and other lenders 1 | 293 | 1,348 | 1,641 | 225 | ||||||||
Notes payable to related companies | 42 | — | 42 | 44 | ||||||||
Notes payable trade | — | — | — | 3 | ||||||||
Total notes payable | $ | 584 | $ | 4,592 | $ | 5,176 | $ | 272 | ||||
Period-end average interest rates | 4.12 | % | 1.70 | % | 4.60 | % |
Long-Term Debt | Sep 30, 2017 | 2016 Weighted Average Rate | Dec 31, 2016 | ||||||||||||||||
In millions | Dow Weighted Average Rate | Dow | DuPont Weighted Average Rate | DuPont | Total | ||||||||||||||
Promissory notes and debentures: | |||||||||||||||||||
Final maturity 2017 | 9.80 | % | $ | 3 | — | % | $ | — | $ | 3 | 6.06 | % | $ | 442 | |||||
Final maturity 2018 | 5.78 | % | 339 | 1.59 | % | 1,293 | 1,632 | 5.78 | % | 339 | |||||||||
Final maturity 2019 | 8.55 | % | 2,122 | 2.23 | % | 525 | 2,647 | 8.55 | % | 2,122 | |||||||||
Final maturity 2020 | 4.46 | % | 1,547 | 1.78 | % | 3,079 | 4,626 | 4.46 | % | 1,547 | |||||||||
Final maturity 2021 | 4.71 | % | 1,424 | 2.07 | % | 1,586 | 3,010 | 4.72 | % | 1,424 | |||||||||
Final maturity 2022 | 3.00 | % | 1,252 | — | % | — | 1,252 | 3.00 | % | 1,250 | |||||||||
Final maturity 2023 and thereafter | 5.99 | % | 7,188 | 3.32 | % | 3,496 | 10,684 | 5.98 | % | 7,199 | |||||||||
Other facilities: | |||||||||||||||||||
U.S. dollar loans, various rates and maturities | 2.26 | % | 4,580 | 2.27 | % | 1,019 | 5,599 | 1.60 | % | 4,595 | |||||||||
Foreign currency loans, various rates and maturities | 3.12 | % | 862 | 2.84 | % | 30 | 892 | 3.42 | % | 882 | |||||||||
Medium-term notes, varying maturities through 2043 | 3.86 | % | 995 | 0.98 | % | 110 | 1,105 | 3.82 | % | 1,026 | |||||||||
Tax-exempt bonds, varying maturities through 2038 | 5.66 | % | 343 | — | % | — | 343 | 5.66 | % | 343 | |||||||||
Capital lease obligations | — | 281 | — | 5 | 286 | — | 295 | ||||||||||||
Unamortized debt discount and issuance costs | — | (354 | ) | — | — | (354 | ) | — | (373 | ) | |||||||||
Long-term debt due within one year 1 | — | (578 | ) | — | (1,328 | ) | (1,906 | ) | — | (635 | ) | ||||||||
Long-term debt | $ | 20,004 | $ | 9,815 | $ | 29,819 | $ | 20,456 |
Maturities of Long-Term Debt for Next Five Years at Sep 30, 2017 | Dow 1 | DuPont | Total | ||||||
In millions | |||||||||
2017 | $ | 78 | $ | 2 | $ | 80 | |||
2018 | $ | 752 | $ | 1,284 | $ | 2,036 | |||
2019 | $ | 6,934 | $ | 1,505 | $ | 8,439 | |||
2020 | $ | 1,831 | $ | 3,005 | $ | 4,836 | |||
2021 | $ | 1,561 | $ | 1,505 | $ | 3,066 | |||
2022 | $ | 1,497 | $ | 2 | $ | 1,499 |
Committed and Available Credit Facilities at Sep 30, 2017 | ||||||||||
In millions | Subsidiary | Effective Date | Committed Credit | Credit Available | Maturity Date | Interest | ||||
Five Year Competitive Advance and Revolving Credit Facility | Dow | March 2015 | $ | 5,000 | $ | 5,000 | March 2020 | Floating Rate | ||
Bilateral Revolving Credit Facility | Dow | August 2015 | 100 | 100 | March 2018 | Floating Rate | ||||
Bilateral Revolving Credit Facility | Dow | August 2015 | 100 | 100 | March 2020 | Floating Rate | ||||
Bilateral Revolving Credit Facility | Dow | August 2015 | 280 | 280 | March 2020 | Floating Rate | ||||
Bilateral Revolving Credit Facility | Dow | August 2015 | 100 | 100 | March 2020 | Floating Rate | ||||
Bilateral Revolving Credit Facility | Dow | August 2015 | 100 | 100 | March 2020 | Floating Rate | ||||
Bilateral Revolving Credit Facility | Dow | August 2015 | 200 | 200 | March 2020 | Floating Rate | ||||
Bilateral Revolving Credit Facility | Dow | May 2016 | 200 | 200 | May 2018 | Floating Rate | ||||
Bilateral Revolving Credit Facility | Dow | July 2016 | 200 | 200 | July 2018 | Floating Rate | ||||
Bilateral Revolving Credit Facility | Dow | August 2016 | 100 | 100 | August 2018 | Floating Rate | ||||
DCC Term Loan Facility 1 | Dow | February 2016 | 4,500 | — | December 2019 | Floating Rate | ||||
DuPont Revolving Credit Facility | DuPont | March 2016 | 3,000 | 2,945 | May 2019 | Floating Rate | ||||
DuPont Term Loan Facility | DuPont | March 2016 | 4,500 | 3,500 | March 2019 | Floating Rate | ||||
DuPont Repurchase Facility | DuPont | January 2017 | 1,300 | — | November 2017 | Floating Rate | ||||
Total Committed and Available Credit Facilities | $ | 19,680 | $ | 12,825 |
Indemnified Liabilities Related to the MOU | |||||||||||
In millions | Jun 30, 2023 | Dec 31, 2022 | Balance Sheet Classification | ||||||||
Current indemnified liabilities | $ | 76 | $ | 66 | Accrued and other current liabilities | ||||||
Long-term indemnified liabilities | 124 | 120 | Other noncurrent obligations | ||||||||
Total indemnified liabilities accrued under the MOU 1 | $ | 200 | $ | 186 | |||||||
Environmental Accrued Obligations | |||||||||||
In millions | Jun 30, 2023 | Dec 31, 2022 | Potential exposure above the amount accrued 1 | ||||||||
Environmental remediation liabilities not subject to indemnity | $ | 41 | $ | 41 | $ | 116 | |||||
Environmental remediation indemnified liabilities: | |||||||||||
Indemnifications related to Dow and Corteva 2 | 88 | 48 | 214 | ||||||||
MOU related obligations (discussed above) 3 | 161 | 173 | 50 | ||||||||
Other environmental indemnifications | 1 | 1 | 2 | ||||||||
Total environmental related liabilities | $ | 291 | $ | 263 | $ | 382 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||
Operating lease costs | $ | 29 | $ | 28 | $ | 58 | $ | 55 |
In millions | June 30, 2023 | December 31, 2022 | ||||||
Operating Leases | ||||||||
Operating lease right-of-use assets 1 | $ | 454 | $ | 426 | ||||
Current operating lease liabilities 2 | 92 | 90 | ||||||
Noncurrent operating lease liabilities 3 | 361 | 333 | ||||||
Total operating lease liabilities | $ | 453 | $ | 423 |
Lease Term and Discount Rate for Operating Leases | June 30, 2023 | December 31, 2022 | ||||||
Weighted-average remaining lease term (years) | 8.3 | 8.1 | ||||||
Weighted average discount rate | 3.09 | % | 2.76 | % |
Maturity of Lease Liabilities at June 30, 2023 | Operating Leases | ||||
In millions | |||||
Remainder of 2023 | $ | 55 | |||
2024 | 96 | ||||
2025 | 72 | ||||
2026 | 56 | ||||
2027 | 45 | ||||
2028 and thereafter | 195 | ||||
Total lease payments | $ | 519 | |||
Less: Interest | 66 | ||||
Present value of lease liabilities | $ | 453 |
Guarantees | Sep 30, 2017 | Dec 31, 2016 | |||||||||||||
In millions | Final Expiration | Maximum Future Payments | Recorded Liability | Final Expiration | Maximum Future Payments | Recorded Liability | |||||||||
Dow guarantees | 2021 | $ | 4,773 | $ | 59 | 2021 | $ | 5,096 | $ | 86 | |||||
Dow residual value guarantees | 2027 | 1,040 | 136 | 2027 | 947 | 134 | |||||||||
Total Dow guarantees | $ | 5,813 | $ | 195 | $ | 6,043 | $ | 220 | |||||||
DuPont guarantees | 2022 | $ | 286 | $ | — | ||||||||||
DuPont residual value guarantees | 2029 | 37 | — | ||||||||||||
Total DuPont guarantees | $ | 323 | $ | — | |||||||||||
Total guarantees | $ | 6,136 | $ | 195 | $ | 6,043 | $ | 220 |
Minimum Lease Commitments | Sep 30, 2017 | ||||||||
In millions | Dow | DuPont | Total | ||||||
2017 | $ | 88 | $ | 65 | $ | 153 | |||
2018 | 328 | 222 | 550 | ||||||
2019 | 288 | 188 | 476 | ||||||
2020 | 254 | 143 | 397 | ||||||
2021 | 224 | 110 | 334 | ||||||
2022 and thereafter | 1,102 | 164 | 1,266 | ||||||
Total | $ | 2,284 | $ | 892 | $ | 3,176 |
Merger Impact on Dow, DuPont and DowDuPont Common Stock | Prior to Merger 1 | Effect of Merger 2 | ||||
In thousands, except per share values | ||||||
Dow | ||||||
Common Stock, par value per share | $ | 2.50 | N/A | |||
Common Stock, shares authorized | 1,500,000 | — | ||||
Common Stock, shares issued and outstanding | 1,225,328 | — | ||||
DuPont | ||||||
Common Stock, par value per share | $ | 0.30 | N/A | |||
Common Stock, shares authorized | 1,800,000 | — | ||||
Common Stock, shares issued and outstanding | 868,338 | — | ||||
DowDuPont | ||||||
Common Stock, par value per share | $ | — | $ | 0.01 | ||
Common Stock, shares authorized | — | 5,000,000 | ||||
Common Stock, shares issued for Dow shares converted | — | 1,225,328 | ||||
Common Stock, shares issued for DuPont shares converted (ratio of 1.2820 to 1) | — | 1,113,209 |
Accumulated Other Comprehensive Loss | Cumulative Translation Adj | Pension and OPEB | Derivative Instruments | Total | |||||||||||||
In millions | |||||||||||||||||
2022 | |||||||||||||||||
Balance at January 1, 2022 | $ | (88) | $ | 73 | $ | 56 | $ | 41 | |||||||||
Other comprehensive (loss) income before reclassifications | (945) | (7) | 67 | (885) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (1) | — | (1) | |||||||||||||
Net other comprehensive (loss) income | $ | (945) | $ | (8) | $ | 67 | $ | (886) | |||||||||
Balance at June 30, 2022 | $ | (1,033) | $ | 65 | $ | 123 | $ | (845) | |||||||||
2023 | |||||||||||||||||
Balance at January 1, 2023 | $ | (968) | $ | 60 | $ | 117 | $ | (791) | |||||||||
Other comprehensive loss before reclassifications | (68) | (5) | (21) | (94) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (5) | — | (5) | |||||||||||||
Net other comprehensive loss | $ | (68) | $ | (10) | $ | (21) | $ | (99) | |||||||||
Balance at June 30, 2023 | $ | (1,036) | $ | 50 | $ | 96 | $ | (890) |
Accumulated Other Comprehensive Loss 1 | Unrealized Gains on Investments | Cumulative Translation Adj | Pension and Other Postretire Benefits | Derivative Instruments | Accum Other Comp Loss | ||||||||||
In millions | |||||||||||||||
Balance at Jan 1, 2016 | $ | 47 | $ | (1,737 | ) | $ | (6,769 | ) | $ | (208 | ) | $ | (8,667 | ) | |
Other comprehensive income (loss) before reclassifications | 63 | 329 | — | (50 | ) | 342 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (21 | ) | (4 | ) | 640 | 29 | 644 | ||||||||
Net other comprehensive income (loss) | $ | 42 | $ | 325 | $ | 640 | $ | (21 | ) | $ | 986 | ||||
Balance at Sep 30, 2016 | $ | 89 | $ | (1,412 | ) | $ | (6,129 | ) | $ | (229 | ) | $ | (7,681 | ) | |
Balance at Jan 1, 2017 | $ | 43 | $ | (2,381 | ) | $ | (7,389 | ) | $ | (95 | ) | $ | (9,822 | ) | |
Other comprehensive income (loss) before reclassifications | 50 | 255 | — | (52 | ) | 253 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (93 | ) | (8 | ) | 308 | (5 | ) | 202 | |||||||
Net other comprehensive income (loss) | $ | (43 | ) | $ | 247 | $ | 308 | $ | (57 | ) | $ | 455 | |||
Balance at Sep 30, 2017 | $ | — | $ | (2,134 | ) | $ | (7,081 | ) | $ | (152 | ) | $ | (9,367 | ) |
Tax Benefit (Expense) | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Unrealized gains on investments | $ | (28 | ) | $ | 5 | $ | (24 | ) | $ | 23 | ||
Cumulative translation adjustments | 23 | 9 | 49 | 33 | ||||||||
Pension and other postretirement benefit plans | 48 | 46 | 143 | 136 | ||||||||
Derivative instruments | (19 | ) | 10 | 2 | (7 | ) | ||||||
Tax benefit from income taxes related to other comprehensive income items | $ | 24 | $ | 70 | $ | 170 | $ | 185 |
Net Periodic Benefit Costs for All Significant Plans | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||
Service cost 1 | $ | 4 | $ | 11 | $ | 13 | $ | 23 | ||||||
Interest cost 2 | 25 | 13 | 49 | 27 | ||||||||||
Expected return on plan assets 3 | (24) | (25) | (47) | (52) | ||||||||||
Amortization of prior service credit 4 | — | (2) | (1) | (3) | ||||||||||
Amortization of unrecognized net (gain) loss 5 | (1) | — | (1) | 1 | ||||||||||
Curtailment/settlement 6 | (1) | 1 | (2) | 1 | ||||||||||
Net periodic benefit costs (credits) - Total | $ | 3 | $ | (2) | $ | 11 | $ | (3) | ||||||
Less: Net periodic benefit credits - Discontinued operations | (2) | (2) | (4) | (5) | ||||||||||
Net periodic benefit costs - Continuing operations | $ | 5 | $ | — | $ | 15 | $ | 2 | ||||||
Reclassifications Out of Accumulated Other Comprehensive Loss | Three Months Ended | Nine Months Ended | Consolidated Statements of Income Classification | |||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||||
Unrealized gains on investments | $ | (96 | ) | $ | (10 | ) | $ | (143 | ) | $ | (32 | ) | See (1) below | |
Tax expense | 33 | 3 | 50 | 11 | See (2) below | |||||||||
After-tax | $ | (63 | ) | $ | (7 | ) | $ | (93 | ) | $ | (21 | ) | ||
Cumulative translation adjustments | $ | (2 | ) | $ | — | $ | (8 | ) | $ | (4 | ) | See (3) below | ||
Pension and other postretirement benefit plans | $ | 153 | $ | 139 | $ | 451 | $ | 776 | See (4) below | |||||
Tax benefit | (48 | ) | (46 | ) | (143 | ) | (136 | ) | See (2) below | |||||
After-tax | $ | 105 | $ | 93 | $ | 308 | $ | 640 | ||||||
Derivative Instruments | $ | 14 | $ | (3 | ) | $ | (1 | ) | $ | 35 | See (5) below | |||
Tax expense (benefit) | (3 | ) | 3 | (4 | ) | (6 | ) | See (2) below | ||||||
After-tax | $ | 11 | $ | — | $ | (5 | ) | $ | 29 | |||||
Total reclassifications for the period, after-tax | $ | 51 | $ | 86 | $ | 202 | $ | 644 |
Noncontrolling Interests | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Balance at beginning of period | $ | 1,168 | $ | 1,298 | $ | 1,242 | $ | 809 | ||||
Net income attributable to noncontrolling interests | 20 | 14 | 85 | 54 | ||||||||
Distributions to noncontrolling interests 1 | (7 | ) | (19 | ) | (55 | ) | (71 | ) | ||||
Acquisition of noncontrolling interests 2 | — | — | — | 473 | ||||||||
Noncontrolling interests from Merger 3 | 401 | — | 401 | — | ||||||||
Deconsolidation of noncontrolling interests 4 | — | — | (119 | ) | — | |||||||
Cumulative translation adjustments | 5 | 21 | 33 | 48 | ||||||||
Other | 1 | — | 1 | 1 | ||||||||
Balance at end of period | $ | 1,588 | $ | 1,314 | $ | 1,588 | $ | 1,314 |
Plan Assets and Obligations for all Significant Plans Assumed from DuPont at Aug 31, 2017 | Defined Benefit Pension | OPEB | ||||
In millions | ||||||
Fair value of plan assets | $ | 20,395 | $ | — | ||
Projected benefit obligations | 26,072 | 2,772 | ||||
Net liability assumed | $ | (5,677 | ) | $ | (2,772 | ) |
Balance Sheet Classification for all Significant Plans Assumed from DuPont at Aug 31, 2017 | Defined Benefit Pension | OPEB | ||||
In millions | ||||||
Deferred charges and other assets | $ | 9 | $ | — | ||
Accrued and other current liabilities | (83 | ) | (275 | ) | ||
Liabilities held for sale | (8 | ) | — | |||
Pension and other postretirement benefits - noncurrent | (5,595 | ) | (2,497 | ) | ||
Net liability assumed | $ | (5,677 | ) | $ | (2,772 | ) |
Assumptions Used to Determine Benefit Obligations for DuPont's U.S. Defined Benefit Pension and OPEB Plans at Aug 31, 2017 | Defined Benefit Pension | OPEB | ||
Discount rate | 3.42 | % | 3.62 | % |
Rate of compensation increase 1 | 3.80 | % | — | % |
Health care cost trend rate assumed for next year | n/a | 7 | % | |
Rate to which the cost trend rate is assumed to decline (the ultimate health care trend rate) | n/a | 5 | % | |
Year that the rate reached the ultimate health care cost trend rate | n/a | 2023 |
Net Periodic Benefit Cost for All Significant Plans 1 | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Defined Benefit Pension Plans: | ||||||||||||
Service cost | $ | 139 | $ | 122 | $ | 390 | $ | 337 | ||||
Interest cost | 283 | 222 | 722 | 626 | ||||||||
Expected return on plan assets | (490 | ) | (376 | ) | (1,258 | ) | (1,074 | ) | ||||
Amortization of prior service benefit | (6 | ) | (6 | ) | (18 | ) | (18 | ) | ||||
Amortization of net loss | 161 | 147 | 476 | 441 | ||||||||
Curtailment/settlement 2 | — | — | (6 | ) | — | |||||||
Net periodic benefit cost - continuing operations | $ | 87 | $ | 109 | $ | 306 | $ | 312 | ||||
Other Postretirement Benefits: | ||||||||||||
Service cost | $ | 4 | $ | 3 | $ | 10 | $ | 9 | ||||
Interest cost | 20 | 14 | 47 | 38 | ||||||||
Amortization of prior service benefit | — | (1 | ) | — | (2 | ) | ||||||
Amortization of net gain | (2 | ) | (1 | ) | (5 | ) | (5 | ) | ||||
Net periodic benefit cost - continuing operations | $ | 22 | $ | 15 | $ | 52 | $ | 40 |
Fair Value of Financial Instruments | June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||
In millions | Cost | Gain | Loss | Fair Value | Cost | Gain | Loss | Fair Value | ||||||||||||||||||
Cash equivalents | $ | 3,159 | $ | — | $ | — | $ | 3,159 | $ | 2,198 | $ | — | $ | — | $ | 2,198 | ||||||||||
Restricted cash equivalents 1 | 111 | — | — | 111 | 110 | — | — | 110 | ||||||||||||||||||
Marketable securities | — | — | — | — | 1,302 | — | — | 1,302 | ||||||||||||||||||
Total cash and restricted cash equivalents and marketable securities | $ | 3,270 | $ | — | $ | — | $ | 3,270 | $ | 3,610 | $ | — | $ | — | $ | 3,610 | ||||||||||
Long-term debt including debt due within one year | $ | (8,147) | $ | 123 | $ | (98) | $ | (8,122) | $ | (8,145) | $ | 227 | $ | (58) | $ | (7,976) | ||||||||||
Derivatives relating to: | ||||||||||||||||||||||||||
Net investment hedge 2 | $ | — | $ | 123 | $ | — | $ | 123 | $ | — | $ | 149 | $ | — | $ | 149 | ||||||||||
Foreign currency 3, 4 | — | 2 | (24) | (22) | — | 10 | (35) | (25) | ||||||||||||||||||
Interest rate swap agreements 5 | — | — | (72) | (72) | — | — | (71) | (71) | ||||||||||||||||||
Total derivatives | $ | — | $ | 125 | $ | (96) | $ | 29 | $ | — | $ | 159 | $ | (106) | $ | 53 |
Fair Value of Financial Instruments | Sep 30, 2017 | Dec 31, 2016 | ||||||||||||||||||||||
In millions | Cost | Gain | Loss | Fair Value | Cost | Gain | Loss | Fair Value | ||||||||||||||||
Other investments: | ||||||||||||||||||||||||
Debt securities: | ||||||||||||||||||||||||
Government debt 1 | $ | 597 | $ | 14 | $ | (8 | ) | $ | 603 | $ | 607 | $ | 13 | $ | (12 | ) | $ | 608 | ||||||
Corporate bonds | 630 | 32 | (2 | ) | 660 | 623 | 27 | (5 | ) | 645 | ||||||||||||||
Total debt securities | $ | 1,227 | $ | 46 | $ | (10 | ) | $ | 1,263 | $ | 1,230 | $ | 40 | $ | (17 | ) | $ | 1,253 | ||||||
Equity securities | 169 | 3 | (27 | ) | 145 | 658 | 98 | (50 | ) | 706 | ||||||||||||||
Total other investments | $ | 1,396 | $ | 49 | $ | (37 | ) | $ | 1,408 | $ | 1,888 | $ | 138 | $ | (67 | ) | $ | 1,959 | ||||||
Long-term debt including debt due within one year 2 | $ | (31,725 | ) | $ | 49 | $ | (2,178 | ) | $ | (33,854 | ) | $ | (21,091 | ) | $ | 129 | $ | (1,845 | ) | $ | (22,807 | ) | ||
Derivatives relating to: | ||||||||||||||||||||||||
Interest rates | $ | — | $ | — | $ | (4 | ) | $ | (4 | ) | $ | — | $ | — | $ | (5 | ) | $ | (5 | ) | ||||
Commodities 3 | $ | — | $ | 124 | $ | (277 | ) | $ | (153 | ) | $ | — | $ | 56 | $ | (213 | ) | $ | (157 | ) | ||||
Foreign currency | $ | — | $ | 68 | $ | (164 | ) | $ | (96 | ) | $ | — | $ | 84 | $ | (30 | ) | $ | 54 |
Investing Results | Nine Months Ended | |||||
In millions | Sep 30, 2017 | Sep 30, 2016 | ||||
Proceeds from sales of available-for-sale securities | $ | 1,047 | $ | 418 | ||
Gross realized gains | $ | 153 | $ | 34 | ||
Gross realized losses | $ | (10 | ) | $ | (2 | ) |
Contractual Maturities of Debt Securities at Sep 30, 2017 | Amortized Cost | Fair Value | ||||
In millions | ||||||
Within one year | $ | 6 | $ | 6 | ||
One to five years | 321 | 330 | ||||
Six to ten years | 654 | 661 | ||||
After ten years | 246 | 266 | ||||
Total | $ | 1,227 | $ | 1,263 |
Notional Amounts | June 30, 2023 | December 31, 2022 | ||||||
In millions | ||||||||
Derivatives designated as hedging instruments: | ||||||||
Net investment hedge | $ | 1,000 | $ | 1,000 | ||||
Interest rate swap agreements | $ | 1,000 | $ | 1,000 | ||||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency contracts 1 | $ | 464 | $ | 476 | ||||
Notional Amounts | Sep 30, 2017 | Dec 31, 2016 | ||||
In millions | ||||||
Derivatives designated as hedging instruments: | ||||||
Interest rate swaps | $ | 218 | $ | 245 | ||
Foreign currency contracts | $ | 8,510 | $ | 4,053 | ||
Derivatives not designated as hedging instruments: | ||||||
Foreign currency contracts | $ | 37,667 | $ | 12,388 |
Commodity Gross Aggregate Notionals | Sep 30, 2017 | Dec 31, 2016 | Notional Volume Unit | ||
Derivatives designated as hedging instruments: | |||||
Corn | 3.3 | 0.4 | million bushels | ||
Crude Oil | 4.9 | 0.6 | million barrels | ||
Ethane | 10.8 | 3.6 | million barrels | ||
Natural Gas | 389.4 | 78.6 | million British thermal units | ||
Propane | 5.4 | 1.5 | millions barrels | ||
Soybeans | 2.1 | — | million bushels | ||
Derivatives not designated as hedging instruments: | |||||
Ethane | 2.9 | 2.6 | million barrels | ||
Gasoline | — | 30.0 | kilotons | ||
Naptha Price Spread | 30.0 | 50.0 | kilotons | ||
Natural Gas | 3.8 | — | million British thermal units | ||
Propane | 2.9 | 2.7 | million barrels | ||
Soybean | 0.5 | — | million bushels | ||
Soybean Oil | 3.3 | — | million pounds | ||
Soybean Meal | 4.8 | — | kilotons |
Fair Value of Derivative Instruments | Sep 30, 2017 | |||||||||
In millions | Balance Sheet Classification | Gross | Counterparty and Cash Collateral Netting 1 | Net Amounts Included in the Consolidated Balance Sheet | ||||||
Asset derivatives: | ||||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign currency contracts | Other current assets | $ | 63 | $ | (57 | ) | $ | 6 | ||
Commodity contracts | Other current assets | 24 | (6 | ) | 18 | |||||
Commodity contracts | Deferred charges and other assets | 35 | (5 | ) | 30 | |||||
Total | $ | 122 | $ | (68 | ) | $ | 54 | |||
Derivatives not designated as hedging instruments | ||||||||||
Foreign currency contracts | Other current assets | $ | 226 | $ | (164 | ) | $ | 62 | ||
Commodity contracts | Other current assets | 70 | (3 | ) | 67 | |||||
Commodity contracts | Deferred charges and other assets | 11 | (2 | ) | 9 | |||||
Total | $ | 307 | $ | (169 | ) | $ | 138 | |||
Total asset derivatives | $ | 429 | $ | (237 | ) | $ | 192 | |||
Liability derivatives: | ||||||||||
Derivatives designated as hedging instruments | ||||||||||
Interest rate swaps | Accrued and other current liabilities | $ | 2 | $ | — | $ | 2 | |||
Interest rate swaps | Other noncurrent obligations | 2 | — | 2 | ||||||
Foreign currency contracts | Accrued and other current liabilities | 129 | (57 | ) | 72 | |||||
Commodity contracts | Accrued and other current liabilities | 71 | (9 | ) | 62 | |||||
Commodity contracts | Other noncurrent obligations | 157 | (6 | ) | 151 | |||||
Total | $ | 361 | $ | (72 | ) | $ | 289 | |||
Derivatives not designated as hedging instruments | ||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | 255 | $ | (163 | ) | $ | 92 | ||
Commodity contracts | Accrued and other current liabilities | 66 | (2 | ) | 64 | |||||
Commodity contracts | Other noncurrent obligations | 2 | (2 | ) | — | |||||
Total | $ | 323 | $ | (167 | ) | $ | 156 | |||
Total liability derivatives | $ | 684 | $ | (239 | ) | $ | 445 |
Fair Value of Derivative Instruments | Dec 31, 2016 | |||||||||
In millions | Balance Sheet Classification 1 | Gross | Counterparty and Cash Collateral Netting 2 | Net Amounts Included in the Consolidated Balance Sheet | ||||||
Asset derivatives: | ||||||||||
Derivatives designated as hedging instruments | ||||||||||
Foreign currency contracts | Other current assets | $ | 90 | $ | (47 | ) | $ | 43 | ||
Commodity contracts | Other current assets | 42 | (14 | ) | 28 | |||||
Commodity contracts | Deferred charges and other assets | 10 | (3 | ) | 7 | |||||
Total | $ | 142 | $ | (64 | ) | $ | 78 | |||
Derivatives not designated as hedging instruments | ||||||||||
Foreign currency contracts | Accounts and notes receivable - Other | $ | 103 | $ | (62 | ) | $ | 41 | ||
Commodity contracts | Other current assets | 13 | (2 | ) | 11 | |||||
Commodity contracts | Deferred charges and other assets | 12 | (2 | ) | 10 | |||||
Total | $ | 128 | $ | (66 | ) | $ | 62 | |||
Total asset derivatives | $ | 270 | $ | (130 | ) | $ | 140 | |||
Liability derivatives: | ||||||||||
Derivatives designated as hedging instruments | ||||||||||
Interest rate swaps | Accrued and other current liabilities | $ | 3 | $ | — | $ | 3 | |||
Interest rate swaps | Other noncurrent obligations | 2 | — | 2 | ||||||
Foreign currency contracts | Accrued and other current liabilities | 55 | (47 | ) | 8 | |||||
Commodity contracts | Accrued and other current liabilities | 32 | (14 | ) | 18 | |||||
Commodity contracts | Other noncurrent obligations | 196 | (3 | ) | 193 | |||||
Total | $ | 288 | $ | (64 | ) | $ | 224 | |||
Derivatives not designated as hedging instruments | ||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | 84 | $ | (62 | ) | $ | 22 | ||
Commodity contracts | Accrued and other current liabilities | 4 | (2 | ) | 2 | |||||
Commodity contracts | Other noncurrent obligations | 2 | (2 | ) | — | |||||
Total | $ | 90 | $ | (66 | ) | $ | 24 | |||
Total liability derivatives | $ | 378 | $ | (130 | ) | $ | 248 |
Effect of Derivative Instruments | Amount of Gain (Loss) Recognized in OCI 1 (Effective Portion) | Amount of Gain (Loss) Recognized in Income 2,3 | |||||||||||
Three Months Ended | Three Months Ended | ||||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | Income Statement Classification | ||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Fair value hedges: | |||||||||||||
Interest rate swaps | $ | — | $ | — | $ | 2 | $ | — | Interest expense and amortization of debt discount 4 | ||||
Cash flow hedges: | |||||||||||||
Interest rate swaps | 1 | 1 | 1 | 1 | Interest expense and amortization of debt discount 4 | ||||||||
Foreign currency contracts | (7 | ) | (1 | ) | (2 | ) | (4 | ) | Cost of sales | ||||
Foreign currency contracts | (7 | ) | — | (5 | ) | (1 | ) | Sundry income (expense) - net | |||||
Commodity contracts | 40 | (20 | ) | (5 | ) | 7 | Cost of sales | ||||||
Net investment hedges: | |||||||||||||
Foreign currency contracts | (30 | ) | — | — | — | ||||||||
Total derivatives designated as hedging instruments | $ | (3 | ) | $ | (20 | ) | $ | (9 | ) | $ | 3 | ||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | $ | — | $ | — | $ | (6 | ) | $ | (21 | ) | Sundry income (expense) - net | ||
Commodity contracts | — | — | 19 | (4 | ) | Cost of sales | |||||||
Total derivatives not designated as hedging instruments | $ | — | $ | — | $ | 13 | $ | (25 | ) | ||||
Total derivatives | $ | (3 | ) | $ | (20 | ) | $ | 4 | $ | (22 | ) |
Effect of Derivative Instruments | Amount of Gain (Loss) Recognized in OCI 1 (Effective Portion) | Amount of Gain (Loss) Recognized in Income 2,3 | |||||||||||
Nine Months Ended | Nine Months Ended | ||||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | Income Statement Classification | ||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Fair value hedges: | |||||||||||||
Interest rate swaps | $ | — | $ | — | $ | 5 | $ | — | Interest expense and amortization of debt discount 4 | ||||
Cash flow hedges: | |||||||||||||
Interest rate swaps | 5 | 1 | 3 | 3 | Interest expense and amortization of debt discount 4 | ||||||||
Foreign currency contracts | (27 | ) | (11 | ) | 13 | (3 | ) | Cost of sales | |||||
Foreign currency contracts | (21 | ) | — | (14 | ) | — | Sundry income (expense) - net | ||||||
Commodity contracts | — | 7 | (1 | ) | (32 | ) | Cost of sales | ||||||
Net investment hedges: | |||||||||||||
Foreign currency contracts | (65 | ) | — | — | — | ||||||||
Total derivatives designated as hedging instruments | $ | (108 | ) | $ | (3 | ) | $ | 6 | $ | (32 | ) | ||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | $ | — | $ | — | $ | (165 | ) | $ | (53 | ) | Sundry income (expense) - net | ||
Commodity contracts | — | — | 5 | (12 | ) | Cost of sales | |||||||
Total derivatives not designated as hedging instruments | $ | — | $ | — | $ | (160 | ) | $ | (65 | ) | |||
Total derivatives | $ | (108 | ) | $ | (3 | ) | $ | (154 | ) | $ | (97 | ) |
Basis of Fair Value Measurements on a Recurring Basis at Sep 30, 2017 | Quoted Prices in Active Markets for Identical Items (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||
In millions | ||||||||||||
Assets at fair value: | ||||||||||||
Cash equivalents 1 | $ | — | $ | 7,947 | $ | — | $ | 7,947 | ||||
Marketable securities 2 | — | 1,826 | — | 1,826 | ||||||||
Interests in trade accounts receivable conduits 3 | — | — | 1,839 | 1,839 | ||||||||
Equity securities 4 | 94 | 51 | — | 145 | ||||||||
Debt securities: 4 | ||||||||||||
Government debt 5 | — | 603 | — | 603 | ||||||||
Corporate bonds | — | 660 | — | 660 | ||||||||
Derivatives relating to: 6 | ||||||||||||
Commodities | 41 | 99 | — | 140 | ||||||||
Foreign currency | — | 214 | — | 214 | ||||||||
Total assets at fair value | $ | 135 | $ | 11,400 | $ | 1,839 | $ | 13,374 | ||||
Liabilities at fair value: | ||||||||||||
Long-term debt 7 | $ | — | $ | 33,854 | $ | — | $ | 33,854 | ||||
Derivatives relating to: 6 | ||||||||||||
Interest rates | — | 4 | — | 4 | ||||||||
Commodities | 22 | 274 | — | 296 | ||||||||
Foreign currency | — | 309 | — | 309 | ||||||||
Total liabilities at fair value | $ | 22 | $ | 34,441 | $ | — | $ | 34,463 |
(Level 2) | |||||||||||
In millions | |||||||||||
Assets at fair value: | |||||||||||
Cash equivalents and | $ | 3,270 | |||||||||
Derivatives relating to: 2 | |||||||||||
Net investment hedge | 123 | ||||||||||
Foreign currency contracts 3 | 10 | ||||||||||
Total assets at | $ | 3,403 | |||||||||
Liabilities at fair value: | |||||||||||
Long-term debt including debt due within one year 4 | $ | 8,122 | |||||||||
Derivatives relating to: 3 | |||||||||||
Interest rate swap agreements | 72 | ||||||||||
Foreign currency contracts 3 | 32 | ||||||||||
Total liabilities at fair value | $ | 8,226 |
Basis of Fair Value Measurements on a Recurring Basis at December 31, 2022 | Significant Other Observable Inputs (Level 2) | ||||
In millions | |||||
Assets at fair value: | |||||
Cash equivalents and restricted cash equivalents 1 | $ | 2,308 | |||
Marketable securities 2 | 1,302 | ||||
Derivatives relating to: 3 | |||||
Net investment hedge | 149 | ||||
Foreign currency contracts 4 | 26 | ||||
Total assets at fair value | $ | 3,785 | |||
Liabilities at fair value: | |||||
Long-term debt including debt due within one year 5 | $ | 7,976 | |||
Derivatives relating to: 3 | |||||
Interest rate swap agreements | 71 | ||||
Foreign currency contracts 4 | 51 | ||||
Total liabilities at fair value | $ | 8,098 |
Basis of Fair Value Measurements on a Recurring Basis at Dec 31, 2016 | Quoted Prices in Active Markets for Identical Items (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||
In millions | ||||||||||||
Assets at fair value: | ||||||||||||
Cash equivalents 1 | $ | — | $ | 4,173 | $ | — | $ | 4,173 | ||||
Interests in trade accounts receivable conduits 2 | — | — | 1,237 | 1,237 | ||||||||
Equity securities 3 | 619 | 87 | — | 706 | ||||||||
Debt securities: 3 | ||||||||||||
Government debt 4 | — | 608 | — | 608 | ||||||||
Corporate bonds | — | 645 | — | 645 | ||||||||
Derivatives relating to: 5 | ||||||||||||
Commodities | 48 | 29 | — | 77 | ||||||||
Foreign currency | — | 193 | — | 193 | ||||||||
Total assets at fair value | $ | 667 | $ | 5,735 | $ | 1,237 | $ | 7,639 | ||||
Liabilities at fair value: | ||||||||||||
Long-term debt 6 | $ | — | $ | 22,807 | $ | — | $ | 22,807 | ||||
Derivatives relating to: 5 | ||||||||||||
Interest rates | — | 5 | — | 5 | ||||||||
Commodities | 20 | 214 | — | 234 | ||||||||
Foreign currency | — | 139 | — | 139 | ||||||||
Total liabilities at fair value | $ | 20 | $ | 23,165 | $ | — | $ | 23,185 |
Fair Value Measurements Using Level 3 Inputs for Interests Held in Trade Receivable Conduits 1 | Three Months Ended | Nine Months Ended | ||||||||||
Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | |||||||||
In millions | ||||||||||||
Balance at beginning of period | $ | 1,684 | $ | 1,149 | $ | 1,237 | $ | 943 | ||||
Loss included in earnings 2 | (15 | ) | — | (17 | ) | (1 | ) | |||||
Purchases | 305 | 480 | 1,558 | 1,440 | ||||||||
Settlements | (135 | ) | (129 | ) | (939 | ) | (882 | ) | ||||
Balance at end of period | $ | 1,839 | $ | 1,500 | $ | 1,839 | $ | 1,500 |
Assets and Liabilities of Consolidated VIEs | Sep 30, 2017 | Dec 31, 2016 | ||||
In millions | ||||||
Cash and cash equivalents | $ | 115 | $ | 75 | ||
Other current assets | 100 | 95 | ||||
Net property | 925 | 961 | ||||
Other noncurrent assets | 51 | 55 | ||||
Total assets 1 | $ | 1,191 | $ | 1,186 | ||
Current liabilities | $ | 255 | $ | 286 | ||
Long-Term debt | 310 | 330 | ||||
Other noncurrent obligations | 43 | 47 | ||||
Total liabilities 2 | $ | 608 | $ | 663 |
Segment Information | Electronics & Industrial | Water & Protection | Corporate & Other 1 | Total | ||||||||||
In millions | ||||||||||||||
Three months ended June 30, 2023 | ||||||||||||||
Net sales | $ | 1,312 | $ | 1,494 | $ | 288 | $ | 3,094 | ||||||
Operating EBITDA 2 | $ | 349 | $ | 368 | $ | 21 | $ | 738 | ||||||
Equity in earnings of nonconsolidated affiliates | $ | 3 | $ | 11 | $ | — | $ | 14 | ||||||
Three months ended June 30, 2022 | ||||||||||||||
Net sales | $ | 1,527 | $ | 1,497 | $ | 298 | $ | 3,322 | ||||||
Operating EBITDA 2 | $ | 480 | $ | 348 | $ | 1 | $ | 829 | ||||||
Equity in earnings of nonconsolidated affiliates | $ | 9 | $ | 8 | $ | 3 | $ | 20 | ||||||
Six months ended June 30, 2023 | ||||||||||||||
Net sales | $ | 2,608 | $ | 2,943 | $ | 561 | $ | 6,112 | ||||||
Operating EBITDA 2 | $ | 711 | $ | 712 | $ | 29 | $ | 1,452 | ||||||
Equity in earnings of nonconsolidated affiliates | $ | 8 | $ | 21 | $ | — | $ | 29 | ||||||
Six months ended June 30, 2022 | ||||||||||||||
Net sales | $ | 3,063 | $ | 2,926 | $ | 607 | $ | 6,596 | ||||||
Operating EBITDA 2 | $ | 956 | $ | 689 | $ | 2 | $ | 1,647 | ||||||
Equity in earnings of nonconsolidated affiliates | $ | 19 | $ | 22 | $ | 5 | $ | 46 |
Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended June 30, 2023 and 2022 | Three Months Ended June 30, | ||||||||||
In millions | 2023 | 2022 | |||||||||
Income from continuing operations, net of tax | $ | 269 | $ | 365 | |||||||
+ | Provision for income taxes on continuing operations | 87 | 113 | ||||||||
Income from continuing operations before income taxes | $ | 356 | $ | 478 | |||||||
+ | Depreciation and amortization | 282 | 281 | ||||||||
- | Interest income 1 | 52 | 2 | ||||||||
+ | Interest expense | 98 | 120 | ||||||||
- | Non-operating pension/OPEB benefit (costs) credits 1 | (2) | 6 | ||||||||
- | Foreign exchange (losses) gains, net 1 | (28) | 9 | ||||||||
+ | Future reimbursable indirect costs | 2 | 15 | ||||||||
- | Significant items charge | (22) | 48 | ||||||||
Operating EBITDA | $ | 738 | $ | 829 |
Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA for the Six Months Ended June 30, 2023 and 2022 | Six Months Ended June 30, | ||||||||||
In millions | 2023 | 2022 | |||||||||
Income from continuing operations, net of tax | $ | 542 | $ | 597 | |||||||
+ | Provision for income taxes on continuing operations | 170 | 160 | ||||||||
Income from continuing operations before income taxes | $ | 712 | $ | 757 | |||||||
+ | Depreciation and amortization | 559 | 578 | ||||||||
- | Interest income 1 | 98 | 3 | ||||||||
+ | Interest expense | 193 | 238 | ||||||||
- | Non-operating pension/OPEB benefit (costs) credits 1 | (4) | 13 | ||||||||
- | Foreign exchange (losses) gains, net 1 | (48) | 4 | ||||||||
+ | Future reimbursable indirect costs | 4 | 31 | ||||||||
- | Significant items charge | (30) | (63) | ||||||||
Operating EBITDA | $ | 1,452 | $ | 1,647 |
Segment Information | Agri-culture | Perf. Materials & Coatings | Ind. Interm. & Infrast. | Pack. & Spec. Plastics | Elect. & Imaging | Nutrition & Biosciences | Transp. & Adv. Polymers | Safety & Const. | Corp. | Total | ||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Three months ended Sep 30, 2017 | ||||||||||||||||||||||||||||||
Net sales | $ | 1,532 | $ | 2,228 | $ | 3,228 | $ | 5,260 | $ | 832 | $ | 689 | $ | 636 | $ | 792 | $ | 157 | $ | 15,354 | ||||||||||
Pro forma net sales | $ | 1,911 | $ | 2,219 | $ | 3,226 | $ | 5,490 | $ | 1,198 | $ | 1,473 | $ | 1,299 | $ | 1,310 | $ | 159 | $ | 18,285 | ||||||||||
Pro forma Operating EBITDA 1 | $ | (239 | ) | $ | 487 | $ | 676 | $ | 1,147 | $ | 382 | $ | 315 | $ | 325 | $ | 351 | $ | (223 | ) | $ | 3,221 | ||||||||
Equity in earnings (losses) of nonconsolidated affiliates | $ | (5 | ) | $ | 39 | $ | 41 | $ | 64 | $ | — | $ | 3 | $ | 1 | $ | (1 | ) | $ | 10 | $ | 152 | ||||||||
Three months ended Sep 30, 2016 | ||||||||||||||||||||||||||||||
Net sales | $ | 1,233 | $ | 2,058 | $ | 2,773 | $ | 4,702 | $ | 646 | $ | 248 | $ | 273 | $ | 479 | $ | 71 | $ | 12,483 | ||||||||||
Pro forma net sales | $ | 1,998 | $ | 2,046 | $ | 2,770 | $ | 5,070 | $ | 1,138 | $ | 1,469 | $ | 1,187 | $ | 1,238 | $ | 75 | $ | 16,991 | ||||||||||
Pro forma Operating EBITDA 1 | $ | (172 | ) | $ | 345 | $ | 401 | $ | 1,386 | $ | 341 | $ | 321 | $ | 303 | $ | 282 | $ | (185 | ) | $ | 3,022 | ||||||||
Equity in earnings (losses) of nonconsolidated affiliates | $ | 5 | $ | 31 | $ | (7 | ) | $ | 39 | $ | — | $ | 3 | $ | — | $ | — | $ | (1 | ) | $ | 70 | ||||||||
Nine months ended Sep 30, 2017 | ||||||||||||||||||||||||||||||
Net sales | $ | 4,729 | $ | 6,580 | $ | 9,094 | $ | 15,364 | $ | 2,164 | $ | 1,223 | $ | 1,224 | $ | 1,716 | $ | 324 | $ | 42,418 | ||||||||||
Pro forma net sales | $ | 11,555 | $ | 6,537 | $ | 9,086 | $ | 16,300 | $ | 3,583 | $ | 4,391 | $ | 3,834 | $ | 3,852 | $ | 331 | $ | 59,469 | ||||||||||
Pro forma Operating EBITDA 1 | $ | 2,387 | $ | 1,508 | $ | 1,605 | $ | 3,424 | $ | 1,119 | $ | 950 | $ | 954 | $ | 905 | $ | (624 | ) | $ | 12,228 | |||||||||
Equity in earnings (losses) of nonconsolidated affiliates | $ | (1 | ) | $ | 171 | $ | 101 | $ | 130 | $ | — | $ | 9 | $ | 1 | $ | (1 | ) | $ | (8 | ) | $ | 402 | |||||||
Nine months ended Sep 30, 2016 | ||||||||||||||||||||||||||||||
Net sales | $ | 4,456 | $ | 4,480 | $ | 8,024 | $ | 13,561 | $ | 1,647 | $ | 741 | $ | 629 | $ | 1,399 | $ | 201 | $ | 35,138 | ||||||||||
Pro forma net sales | $ | 11,396 | $ | 4,440 | $ | 8,015 | $ | 14,636 | $ | 3,084 | $ | 4,313 | $ | 3,316 | $ | 3,748 | $ | 212 | $ | 53,160 | ||||||||||
Pro forma Operating EBITDA 1 | $ | 2,222 | $ | 836 | $ | 1,183 | $ | 3,856 | $ | 842 | $ | 918 | $ | 769 | $ | 903 | $ | (600 | ) | $ | 10,929 | |||||||||
Equity in earnings (losses) of nonconsolidated affiliates | $ | 5 | $ | 126 | $ | (49 | ) | $ | 83 | $ | 24 | $ | 8 | $ | 9 | $ | 1 | $ | (16 | ) | $ | 191 |
Reconciliation of "Income from continuing operations, net of tax" to Pro Forma Operating EBITDA | Three Months Ended | Nine Months Ended | ||||||||||
Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | |||||||||
In millions | ||||||||||||
Income from continuing operations, net of tax | $ | 554 | $ | 818 | $ | 2,828 | $ | 4,320 | ||||
+ Provision for income taxes on continuing operations | 571 | 271 | 1,239 | 291 | ||||||||
Income from continuing operations before income taxes | $ | 1,125 | $ | 1,089 | $ | 4,067 | $ | 4,611 | ||||
+ Depreciation and amortization | 1,001 | 780 | 2,518 | 2,067 | ||||||||
- Interest income 1 | 39 | 26 | 86 | 64 | ||||||||
+ Interest expense and amortization of debt discount | 283 | 220 | 728 | 629 | ||||||||
- Foreign exchange gains (losses), net 1 | 72 | (37 | ) | 16 | (102 | ) | ||||||
+ Pro forma adjustments | 134 | 306 | 3,179 | 3,871 | ||||||||
Pro forma EBITDA | $ | 2,432 | $ | 2,406 | $ | 10,390 | $ | 11,216 | ||||
- Adjusted significant items 2 | (789 | ) | (616 | ) | (1,838 | ) | 287 | |||||
Pro forma Operating EBITDA | $ | 3,221 | $ | 3,022 | $ | 12,228 | $ | 10,929 |
Significant Items by Segment for the Three Months Ended June 30, 2023 | Electronics & Industrial | Water & Protection | Corporate & Other | Total | ||||||||||
In millions | ||||||||||||||
Acquisition, integration and separation costs 1 | $ | (6) | $ | — | $ | — | $ | (6) | ||||||
Restructuring and asset related charges - net 2 | (13) | 1 | (5) | (17) | ||||||||||
Gain on divestiture 3 | — | 1 | — | 1 | ||||||||||
Total | $ | (19) | $ | 2 | $ | (5) | $ | (22) |
Significant Items by Segment for the Three Months Ended June 30, 2022 | Electronics & Industrial | Water & Protection | Corporate & Other | Total | ||||||||||
In millions | ||||||||||||||
Acquisition, integration and separation costs 1 | $ | — | $ | — | $ | (13) | $ | (13) | ||||||
Gain on divestiture 2 | — | 37 | 26 | 63 | ||||||||||
Terminated Intended Rogers Acquisition financing fees 3 | — | — | (2) | (2) | ||||||||||
Total | $ | — | $ | 37 | $ | 11 | $ | 48 |
Significant Items by Segment for the Six Months Ended June 30, 2023 | Electronics & Industrial | Water & Protection | Corporate & Other | Total | ||||||||||
In millions | ||||||||||||||
Acquisition, integration and separation costs 1 | $ | (6) | $ | — | $ | — | $ | (6) | ||||||
Restructuring and asset related charges - net 2 | (22) | 1 | (10) | (31) | ||||||||||
Gain on divestiture 3 | 7 | 1 | (1) | 7 | ||||||||||
Total | $ | (21) | $ | 2 | $ | (11) | $ | (30) |
Significant Items by Segment for the Six Months Ended June 30, 2022 | Electronics & Industrial | Water & Protection | Corporate & Other | Total | ||||||||||
In millions | ||||||||||||||
Acquisition, integration and separation costs 1 | $ | — | $ | — | $ | (21) | $ | (21) | ||||||
Restructuring and asset related charges - net 2 | (1) | (3) | (3) | (7) | ||||||||||
Asset impairment charges 3 | (94) | — | — | (94) | ||||||||||
Gain on divestiture 4 | — | 37 | 26 | 63 | ||||||||||
Terminated Intended Rogers Acquisition financing fees 5 | — | — | (4) | (4) | ||||||||||
Total | $ | (95) | $ | 34 | $ | (2) | $ | (63) |
Adjusted Significant Items by Segment for the Three Months Ended Sep 30, 2017 | Agri-culture | Perf. Materials & Coatings | Ind. Interm. & Infrast. | Pack. & Spec. Plastics | Elect. & Imaging | Nutrition & Biosciences | Transp. & Adv. Polymers | Safety & Const. | Corp. | Total | ||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Gain on sale of business/entity 1 | $ | — | $ | — | $ | — | $ | 227 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 227 | ||||||||||
Integration and separation costs 2 | — | — | — | — | — | — | — | — | (459 | ) | (459 | ) | ||||||||||||||||||
Inventory step-up amortization 3 | (83 | ) | — | — | (28 | ) | (50 | ) | (104 | ) | (68 | ) | (34 | ) | — | (367 | ) | |||||||||||||
Restructuring and asset related charges - net 4 | — | — | — | — | — | — | — | — | (180 | ) | (180 | ) | ||||||||||||||||||
Transaction costs and productivity actions 5 | — | — | — | — | — | — | — | — | (10 | ) | (10 | ) | ||||||||||||||||||
Total | $ | (83 | ) | $ | — | $ | — | $ | 199 | $ | (50 | ) | $ | (104 | ) | $ | (68 | ) | $ | (34 | ) | $ | (649 | ) | $ | (789 | ) |
Adjusted Significant Items by Segment for the Three Months Ended Sep 30, 2016 | Agri-culture | Perf. Materials & Coatings | Ind. Interm. & Infrast. | Pack. & Spec. Plastics | Elect. & Imaging | Nutrition & Biosciences | Transp. & Adv. Polymers | Safety & Const. | Corp. | Total | ||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Asset impairments and other charges 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (158 | ) | $ | — | $ | — | $ | — | $ | (158 | ) | ||||||||
Impact of Dow Corning ownership restructure 2 | — | (140 | ) | — | — | (44 | ) | — | (28 | ) | — | — | (212 | ) | ||||||||||||||||
Integration and separation costs 3 | — | — | — | — | — | — | — | — | (160 | ) | (160 | ) | ||||||||||||||||||
Restructuring and asset related charges - net 4 | (14 | ) | — | — | — | (2 | ) | — | — | 1 | (2 | ) | (17 | ) | ||||||||||||||||
Transaction costs and productivity actions 5 | — | — | — | — | — | — | — | — | (69 | ) | (69 | ) | ||||||||||||||||||
Total | $ | (14 | ) | $ | (140 | ) | $ | — | $ | — | $ | (46 | ) | $ | (158 | ) | $ | (28 | ) | $ | 1 | $ | (231 | ) | $ | (616 | ) |
Adjusted Significant Items by Segment for the Nine Months Ended Sep 30, 2017 | Agri-culture | Perf. Materials & Coatings | Ind. Interm. & Infrast. | Pack. & Spec. Plastics | Elect. & Imaging | Nutrition & Biosciences | Transp. & Adv. Polymers | Safety & Const. | Corp. | Total | ||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Gain on sale of business/entity 1 | $ | — | $ | — | $ | — | $ | 227 | $ | — | $ | 162 | $ | — | $ | — | $ | 7 | $ | 396 | ||||||||||
Integration and separation costs 2 | — | — | — | — | — | — | — | — | (997 | ) | (997 | ) | ||||||||||||||||||
Inventory step-up amortization 3 | (83 | ) | — | — | (28 | ) | (50 | ) | (104 | ) | (68 | ) | (34 | ) | — | (367 | ) | |||||||||||||
Litigation related charges, awards and adjustments 4 | (469 | ) | — | — | 137 | — | — | — | — | — | (332 | ) | ||||||||||||||||||
Restructuring and asset related charges - net 5 | — | 3 | — | — | (3 | ) | (6 | ) | (4 | ) | (265 | ) | (205 | ) | (480 | ) | ||||||||||||||
Transaction costs and productivity actions 6 | — | — | — | — | — | — | — | — | (58 | ) | (58 | ) | ||||||||||||||||||
Total | $ | (552 | ) | $ | 3 | $ | — | $ | 336 | $ | (53 | ) | $ | 52 | $ | (72 | ) | $ | (299 | ) | $ | (1,253 | ) | $ | (1,838 | ) |
Adjusted Significant Items by Segment for the Nine Months Ended Sep 30, 2016 | Agri-culture | Perf. Materials & Coatings | Ind. Interm. & Infrast. | Pack. & Spec. Plastics | Elect. & Imaging | Nutrition & Biosciences | Transp. & Adv. Polymers | Safety & Const. | Corp. | Total | ||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
Asset impairments and other charges 1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (158 | ) | $ | — | $ | — | $ | — | $ | (158 | ) | ||||||||
Customer claims adjustment/recovery 2 | 53 | — | — | — | — | — | — | — | — | 53 | ||||||||||||||||||||
Gain on sale of business/entity 3 | — | — | 6 | — | — | — | — | — | 369 | 375 | ||||||||||||||||||||
Impact of Dow Corning ownership restructure 4 | — | 1,389 | — | — | 438 | — | 279 | — | — | 2,106 | ||||||||||||||||||||
Integration and separation costs 5 | — | — | — | — | — | — | — | — | (253 | ) | (253 | ) | ||||||||||||||||||
Litigation related charges, awards and adjustments 6 | — | — | (1,235 | ) | — | — | — | — | — | — | (1,235 | ) | ||||||||||||||||||
Restructuring and asset related charges - net 7 | (102 | ) | (42 | ) | (83 | ) | (10 | ) | (2 | ) | (1 | ) | (7 | ) | — | (214 | ) | (461 | ) | |||||||||||
Transaction costs and productivity actions 8 | — | — | — | — | — | — | — | — | (140 | ) | (140 | ) | ||||||||||||||||||
Total | $ | (49 | ) | $ | 1,347 | $ | (1,312 | ) | $ | (10 | ) | $ | 436 | $ | (159 | ) | $ | 272 | $ | — | $ | (238 | ) | $ | 287 |
Segment Information | Agri-culture | Perf. Materials & Coatings | Ind. Interm. & Infrast. | Pack. & Spec. Plastics | Elect. & Imaging | Nutrition & Biosciences | Transp. & Adv. Polymers | Safety & Const. | Corp. | Total | ||||||||||||||||||||
In millions | ||||||||||||||||||||||||||||||
At Sep 30, 2017 | ||||||||||||||||||||||||||||||
Total assets | $ | 51,120 | $ | 17,303 | $ | 11,968 | $ | 26,417 | $ | 14,447 | $ | 21,742 | $ | 16,840 | $ | 16,292 | $ | 22,398 | $ | 198,527 | ||||||||||
At Dec 31, 2016 | ||||||||||||||||||||||||||||||
Total assets 1 | $ | 6,960 | $ | 16,871 | $ | 11,649 | $ | 17,837 | $ | 6,932 | $ | 1,246 | $ | 1,807 | $ | 2,833 | $ | 13,376 | $ | 79,511 |
Summary of Sales Results | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
In millions | 2023 | 2022 | 2023 | 2022 | ||||||||||
Net sales | $ | 3,094 | $ | 3,322 | $ | 6,112 | $ | 6,596 | ||||||
Sales Variances by Segment and Geographic Region | ||||||||||||||||||||||||||||||||
Percentage change from prior year | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||
Local Price & Product Mix | Currency | Volume | Portfolio & Other | Total | Local Price & Product Mix | Currency | Volume | Portfolio & Other | Total | |||||||||||||||||||||||
Electronics & Industrial | — | % | (1) | % | (12) | % | (1) | % | (14) | % | 1 | % | (2) | % | (13) | % | (1) | % | (15) | % | ||||||||||||
Water & Protection | 5 | (1) | (4) | — | — | 6 | (2) | (3) | — | 1 | ||||||||||||||||||||||
Corporate & Other 1 | — | (1) | 9 | (11) | (3) | 3 | (2) | 4 | (13) | (8) | ||||||||||||||||||||||
Total | 2 | % | (1) | % | (6) | % | (2) | % | (7) | % | 3 | % | (2) | % | (7) | % | (1) | % | (7) | % | ||||||||||||
U.S. & Canada | 4 | % | — | % | (7) | % | (2) | % | (5) | % | 5 | % | (1) | % | (6) | % | (2) | % | (4) | % | ||||||||||||
EMEA 2 | 4 | — | — | — | 4 | 5 | (2) | — | (1) | 2 | ||||||||||||||||||||||
Asia Pacific | 1 | (3) | (9) | (2) | (13) | 2 | (3) | (12) | (2) | (15) | ||||||||||||||||||||||
Latin America | 1 | 1 | 3 | — | 5 | 2 | — | 8 | — | 10 | ||||||||||||||||||||||
Total | 2 | % | (1) | % | (6) | % | (2) | % | (7) | % | 3 | % | (2) | % | (7) | % | (1) | % | (7) | % |
Selected Financial Data | Three Months Ended | Nine Months Ended | ||||||||||
In millions, except per share amounts | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 15,354 | $ | 12,483 | $ | 42,418 | $ | 35,138 | ||||
Cost of sales | $ | 12,170 | $ | 9,840 | $ | 33,130 | $ | 27,066 | ||||
Percent of net sales | 79.3 | % | 78.8 | % | 78.1 | % | 77.0 | % | ||||
Research and development expenses | $ | 522 | $ | 399 | $ | 1,343 | $ | 1,159 | ||||
Percent of net sales | 3.4 | % | 3.2 | % | 3.2 | % | 3.3 | % | ||||
Selling, general and administrative expenses | $ | 990 | $ | 738 | $ | 2,468 | $ | 2,166 | ||||
Percent of net sales | 6.4 | % | 5.9 | % | 5.8 | % | 6.2 | % | ||||
Effective tax rate | 50.8 | % | 24.9 | % | 30.5 | % | 6.3 | % | ||||
Net income available for common stockholders | $ | 514 | $ | 719 | $ | 2,723 | $ | 4,011 | ||||
Earnings per common share – basic | $ | 0.32 | $ | 0.64 | $ | 2.04 | $ | 3.60 | ||||
Earnings per common share – diluted | $ | 0.32 | $ | 0.63 | $ | 2.01 | $ | 3.48 |
Summary of Sales Results | Three Months Ended | Nine Months Ended | ||||||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Percent change | Sep 30, 2017 | Sep 30, 2016 | Percent change | ||||||||||
Net sales | $ | 15,354 | $ | 12,483 | 23 | % | $ | 42,418 | $ | 35,138 | 21 | % | ||||
Pro forma net sales | $ | 18,285 | $ | 16,991 | 8 | % | $ | 59,469 | $ | 53,160 | 12 | % |
Sales Variances by Segment and Geographic Region | ||||||||||||||||||||
Three Months Ended Sep 30, 2017 | Nine Months Ended Sep 30, 2017 | |||||||||||||||||||
Percentage change from prior year | Local Price & Product Mix | Currency | Volume | Portfolio & Other | Total | Local Price & Product Mix | Currency | Volume | Portfolio & Other | Total | ||||||||||
Agriculture | (4 | )% | 1 | % | (3 | )% | 30 | % | 24 | % | (2 | )% | — | % | — | % | 8 | % | 6 | % |
Performance Materials & Coatings | 6 | 1 | 1 | — | 8 | 7 | — | 2 | 38 | 47 | ||||||||||
Industrial Intermediates & Infrastructure | 12 | 1 | 3 | — | 16 | 9 | — | 4 | — | 13 | ||||||||||
Packaging & Specialty Plastics | 2 | 1 | 6 | 3 | 12 | 8 | — | 4 | 1 | 13 | ||||||||||
Electronics & Imaging | — | — | 12 | 17 | 29 | (1 | ) | — | 11 | 21 | 31 | |||||||||
Nutrition & Biosciences | — | 1 | 9 | 168 | 178 | (2 | ) | — | 11 | 56 | 65 | |||||||||
Transportation & Advanced Polymers | (1 | ) | 1 | 4 | 129 | 133 | — | — | 5 | 90 | 95 | |||||||||
Safety & Construction | 1 | — | 5 | 59 | 65 | — | (1 | ) | 3 | 20 | 22 | |||||||||
Total | 4 | % | 1 | % | 5 | % | 13 | % | 23 | % | 6 | % | — | % | 4 | % | 11 | % | 21 | % |
U.S. & Canada | 2 | % | — | % | 5 | % | 11 | % | 18 | % | 6 | % | — | % | 4 | % | 9 | % | 19 | % |
EMEA | 9 | 4 | 4 | 12 | 29 | 10 | (1 | ) | 4 | 9 | 22 | |||||||||
Asia Pacific | 3 | — | 10 | 17 | 30 | 3 | — | 8 | 18 | 29 | ||||||||||
Latin America | (1 | ) | — | (3 | ) | 17 | 13 | 1 | — | — | 9 | 10 | ||||||||
Total | 4 | % | 1 | % | 5 | % | 13 | % | 23 | % | 6 | % | — | % | 4 | % | 11 | % | 21 | % |
Sales Variances by Segment and Geographic Region - Pro Forma Basis | ||||||||||||||||||||
Three Months Ended Sep 30, 2017 | Nine Months Ended Sep 30, 2017 | |||||||||||||||||||
Percentage change from prior year | Local Price & Product Mix | Currency | Volume | Portfolio & Other 1 | Total | Local Price & Product Mix | Currency | Volume | Portfolio & Other 2 | Total | ||||||||||
Agriculture | (4 | )% | 2 | % | (5 | )% | 3 | % | (4 | )% | — | % | — | % | 1 | % | — | % | 1 | % |
Performance Materials & Coatings | 6 | 1 | 1 | — | 8 | 7 | — | 2 | 38 | 47 | ||||||||||
Industrial Intermediates & Infrastructure | 12 | 1 | 3 | — | 16 | 9 | — | 4 | — | 13 | ||||||||||
Packaging & Specialty Plastics | 1 | 1 | 6 | — | 8 | 7 | — | 4 | — | 11 | ||||||||||
Electronics & Imaging | (2 | ) | — | 13 | (6 | ) | 5 | (2 | ) | — | 13 | 5 | 16 | |||||||
Nutrition & Biosciences | — | 1 | — | (1 | ) | — | — | — | 3 | (1 | ) | 2 | ||||||||
Transportation & Advanced Polymers | 3 | 1 | 5 | — | 9 | 1 | — | 8 | 7 | 16 | ||||||||||
Safety & Construction | — | — | 6 | — | 6 | (2 | ) | — | 5 | — | 3 | |||||||||
Total | 3 | % | 1 | % | 4 | % | — | % | 8 | % | 4 | % | — | % | 4 | % | 4 | % | 12 | % |
U.S. & Canada | 1 | % | — | % | 3 | % | — | % | 4 | % | 3 | % | — | % | 3 | % | 3 | % | 9 | % |
EMEA | 7 | 4 | 5 | — | 16 | 8 | (1 | ) | 4 | 3 | 14 | |||||||||
Asia Pacific | 2 | — | 10 | (2 | ) | 10 | 2 | — | 9 | 7 | 18 | |||||||||
Latin America | (2 | ) | 1 | (4 | ) | 3 | (2 | ) | 1 | 1 | (1 | ) | 3 | 4 | ||||||
Total | 3 | % | 1 | % | 4 | % | — | % | 8 | % | 4 | % | — | % | 4 | % | 4 | % | 12 | % |
Unaudited Pro Forma Combined Statements of Income | Three Months Ended | Nine Months Ended | ||||||||||
In millions, except per share amounts | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 18,285 | $ | 16,991 | $ | 59,469 | $ | 53,160 | ||||
Cost of sales | 14,246 | 12,940 | 43,676 | 38,308 | ||||||||
Research and development expenses | 796 | 770 | 2,390 | 2,299 | ||||||||
Selling, general and administrative expenses | 1,583 | 1,586 | 5,223 | 5,153 | ||||||||
Amortization of intangibles | 423 | 429 | 1,286 | 1,201 | ||||||||
Restructuring and asset related charges - net | 180 | 172 | 479 | 614 | ||||||||
Integration and separation costs | 459 | 160 | 997 | 253 | ||||||||
Equity in earnings of nonconsolidated affiliates | 161 | 86 | 442 | 233 | ||||||||
Sundry income (expense) - net | 226 | (37 | ) | 226 | 1,621 | |||||||
Interest expense and amortization of debt discount | 334 | 283 | 902 | 817 | ||||||||
Income from continuing operations before income taxes | 651 | 700 | 5,184 | 6,369 | ||||||||
Provision for income taxes on continuing operations | 392 | 101 | 1,113 | 611 | ||||||||
Income from continuing operations, net of tax | 259 | 599 | 4,071 | 5,758 | ||||||||
Net income attributable to noncontrolling interests | 27 | 20 | 112 | 75 | ||||||||
Net income attributable to DowDuPont Inc. | 232 | 579 | 3,959 | 5,683 | ||||||||
Preferred stock dividends | — | 85 | — | 255 | ||||||||
Net income available for DowDuPont Inc. common stockholders | $ | 232 | $ | 494 | $ | 3,959 | $ | 5,428 | ||||
Per common share data: | ||||||||||||
Earnings per common share from continuing operations - basic | $ | 0.10 | $ | 0.22 | $ | 1.70 | $ | 2.43 | ||||
Earnings per common share from continuing operations - diluted | $ | 0.10 | $ | 0.22 | $ | 1.68 | $ | 2.41 | ||||
Weighted-average common shares outstanding - basic | 2,328.0 | 2,225.6 | 2,322.9 | 2,222.0 | ||||||||
Weighted-average common shares outstanding - diluted | 2,349.7 | 2,247.1 | 2,346.2 | 2,242.4 |
Unaudited Pro Forma Combined Statement of Income | Three Months Ended Sep 30, 2017 | |||||||||||||||||
Adjustments | ||||||||||||||||||
In millions, except per share amounts | DWDP 1 | Historical DuPont 2 | Reclass 3 | Divestitures 4 | Pro Forma 5 | Pro Forma | ||||||||||||
Net sales | $ | 15,354 | $ | 3,182 | $ | 11 | $ | (225 | ) | $ | (37 | ) | $ | 18,285 | ||||
Cost of sales | 12,170 | 2,054 | 115 | (106 | ) | 13 | 14,246 | |||||||||||
Other operating charges | — | 141 | (141 | ) | — | — | — | |||||||||||
Research and development expenses | 522 | 302 | (7 | ) | (26 | ) | 5 | 796 | ||||||||||
Selling, general and administrative expenses | 990 | 844 | (217 | ) | (41 | ) | 7 | 1,583 | ||||||||||
Other (loss) income, net | — | (112 | ) | 112 | — | — | — | |||||||||||
Amortization of intangibles | 244 | — | 31 | — | 148 | 423 | ||||||||||||
Restructuring and asset related charges - net | 179 | 11 | — | — | (10 | ) | 180 | |||||||||||
Integration and separation costs | 354 | — | 219 | (9 | ) | (105 | ) | 459 | ||||||||||
Equity in earnings of nonconsolidated affiliates | 152 | — | 13 | — | (4 | ) | 161 | |||||||||||
Sundry income (expense) - net | 361 | — | (134 | ) | (1 | ) | — | 226 | ||||||||||
Interest expense and amortization of debt discount | 283 | 71 | — | — | (20 | ) | 334 | |||||||||||
Income (loss) from continuing operations before income taxes | 1,125 | (353 | ) | 2 | (44 | ) | (79 | ) | 651 | |||||||||
Provision (credit) for income taxes on continuing operations | 571 | (124 | ) | 2 | (10 | ) | (47 | ) | 392 | |||||||||
Income (loss) from continuing operations, net of tax | 554 | (229 | ) | — | (34 | ) | (32 | ) | 259 | |||||||||
Net income attributable to noncontrolling interests | 20 | 5 | — | — | 2 | 27 | ||||||||||||
Net income (loss) attributable to DowDuPont Inc. | 534 | (234 | ) | — | (34 | ) | (34 | ) | 232 | |||||||||
Preferred stock dividends | — | 2 | — | — | (2 | ) | — | |||||||||||
Net income (loss) available for DowDuPont Inc. common stockholders | $ | 534 | $ | (236 | ) | $ | — | $ | (34 | ) | $ | (32 | ) | $ | 232 | |||
Per common share data: | ||||||||||||||||||
Earnings per common share from continuing operations - basic | $ | 0.10 | ||||||||||||||||
Earnings per common share from continuing operations - diluted | $ | 0.10 | ||||||||||||||||
Weighted-average common shares outstanding - basic | 2,328.0 | |||||||||||||||||
Weighted-average common shares outstanding - diluted | 2,349.7 |
Unaudited Pro Forma Combined Statement of Income | Three Months Ended Sep 30, 2016 | |||||||||||||||||
Adjustments | ||||||||||||||||||
In millions, except per share amounts | Historical Dow 1 | Historical DuPont 2 | Reclass 3 | Divestitures 4 | Pro Forma 5 | Pro Forma | ||||||||||||
Net sales | $ | 12,483 | $ | 4,917 | $ | 27 | $ | (389 | ) | $ | (47 | ) | $ | 16,991 | ||||
Cost of sales | 9,841 | 3,090 | 141 | (166 | ) | 34 | 12,940 | |||||||||||
Other operating charges | — | 176 | (176 | ) | — | — | — | |||||||||||
Research and development expenses | 399 | 410 | (10 | ) | (36 | ) | 7 | 770 | ||||||||||
Selling, general and administrative expenses | 864 | 1,016 | (249 | ) | (56 | ) | 11 | 1,586 | ||||||||||
Other (loss) income, net | — | (16 | ) | 16 | — | — | — | |||||||||||
Amortization of intangibles | 162 | — | 45 | — | 222 | 429 | ||||||||||||
Restructuring and asset related charges - net | — | 172 | — | — | — | 172 | ||||||||||||
Integration and separation costs | — | — | 249 | — | (89 | ) | 160 | |||||||||||
Equity in earnings of nonconsolidated affiliates | 70 | — | 22 | — | (6 | ) | 86 | |||||||||||
Sundry income (expense) - net | (4 | ) | — | (32 | ) | (1 | ) | — | (37 | ) | ||||||||
Interest income | 26 | — | (26 | ) | — | — | — | |||||||||||
Interest expense and amortization of debt discount | 220 | 93 | — | — | (30 | ) | 283 | |||||||||||
Income (loss) from continuing operations before income taxes | 1,089 | (56 | ) | 7 | (132 | ) | (208 | ) | 700 | |||||||||
Provision (credit) for income taxes on continuing operations | 271 | (69 | ) | 7 | (30 | ) | (78 | ) | 101 | |||||||||
Income from continuing operations, net of tax | 818 | 13 | — | (102 | ) | (130 | ) | 599 | ||||||||||
Net income attributable to noncontrolling interests | 14 | 4 | — | — | 2 | 20 | ||||||||||||
Net income attributable to DowDuPont Inc. | 804 | 9 | — | (102 | ) | (132 | ) | 579 | ||||||||||
Preferred stock dividends | 85 | 2 | — | — | (2 | ) | 85 | |||||||||||
Net income available for DowDuPont Inc. common stockholders | $ | 719 | $ | 7 | $ | — | $ | (102 | ) | $ | (130 | ) | $ | 494 | ||||
Per common share data: | ||||||||||||||||||
Earnings per common share from continuing operations - basic | $ | 0.22 | ||||||||||||||||
Earnings per common share from continuing operations - diluted | $ | 0.22 | ||||||||||||||||
Weighted-average common shares outstanding - basic | 2,225.6 | |||||||||||||||||
Weighted-average common shares outstanding - diluted | 2,247.1 |
Unaudited Pro Forma Combined Statement of Income | Nine Months Ended Sep 30, 2017 | |||||||||||||||||
Adjustments | ||||||||||||||||||
In millions, except per share amounts | DWDP 1 | Historical DuPont 2 | Reclass 3 | Divestitures 4 | Pro Forma 5 | Pro Forma | ||||||||||||
Net sales | $ | 42,418 | $ | 18,349 | $ | 84 | $ | (1,219 | ) | $ | (163 | ) | $ | 59,469 | ||||
Cost of sales | 33,130 | 10,617 | 387 | (523 | ) | 65 | 43,676 | |||||||||||
Other operating charges | — | 521 | (521 | ) | — | — | — | |||||||||||
Research and development expenses | 1,343 | 1,159 | (27 | ) | (104 | ) | 19 | 2,390 | ||||||||||
Selling, general and administrative expenses | 2,468 | 3,452 | (583 | ) | (143 | ) | 29 | 5,223 | ||||||||||
Other (loss) income, net | — | 173 | (173 | ) | — | — | — | |||||||||||
Amortization of intangibles | 556 | — | 139 | — | 591 | 1,286 | ||||||||||||
Restructuring and asset related charges - net | 166 | 323 | — | — | (10 | ) | 479 | |||||||||||
Integration and separation costs | 599 | — | 605 | (24 | ) | (183 | ) | 997 | ||||||||||
Equity in earnings of nonconsolidated affiliates | 402 | — | 55 | — | (15 | ) | 442 | |||||||||||
Sundry income (expense) - net | 237 | — | 1 | (12 | ) | — | 226 | |||||||||||
Interest expense and amortization of debt discount | 728 | 254 | — | — | (80 | ) | 902 | |||||||||||
Income from continuing operations before income taxes | 4,067 | 2,196 | (33 | ) | (437 | ) | (609 | ) | 5,184 | |||||||||
Provision for income taxes on continuing operations | 1,239 | 228 | (33 | ) | (88 | ) | (233 | ) | 1,113 | |||||||||
Income from continuing operations, net of tax | 2,828 | 1,968 | — | (349 | ) | (376 | ) | 4,071 | ||||||||||
Net income attributable to noncontrolling interests | 85 | 20 | — | — | 7 | 112 | ||||||||||||
Net income attributable to DowDuPont Inc. | 2,743 | 1,948 | — | (349 | ) | (383 | ) | 3,959 | ||||||||||
Preferred stock dividends | — | 7 | — | — | (7 | ) | — | |||||||||||
Net income available for DowDuPont Inc. common stockholders | $ | 2,743 | $ | 1,941 | $ | — | $ | (349 | ) | $ | (376 | ) | $ | 3,959 | ||||
Per common share data: | ||||||||||||||||||
Earnings per common share from continuing operations - basic | $ | 1.70 | ||||||||||||||||
Earnings per common share from continuing operations - diluted | $ | 1.68 | ||||||||||||||||
Weighted-average common shares outstanding - basic | 2,322.9 | |||||||||||||||||
Weighted-average common shares outstanding - diluted | 2,346.2 |
Unaudited Pro Forma Combined Statement of Income | Nine Months Ended Sep 30, 2016 | |||||||||||||||||
Adjustments | ||||||||||||||||||
In millions, except per share amounts | Historical Dow 1 | Historical DuPont 2 | Reclass 3 | Divestitures 4 | Pro Forma 5 | Pro Forma | ||||||||||||
Net sales | $ | 35,138 | $ | 19,383 | $ | 108 | $ | (1,305 | ) | $ | (164 | ) | $ | 53,160 | ||||
Cost of sales | 27,067 | 11,322 | 414 | (557 | ) | 62 | 38,308 | |||||||||||
Other operating charges | — | 504 | (504 | ) | — | — | — | |||||||||||
Research and development expenses | 1,159 | 1,260 | (30 | ) | (111 | ) | 21 | 2,299 | ||||||||||
Selling, general and administrative expenses | 2,393 | 3,355 | (478 | ) | (150 | ) | 33 | 5,153 | ||||||||||
Other (loss) income, net | — | 407 | (407 | ) | — | — | — | |||||||||||
Amortization of intangibles | 387 | — | 148 | — | 666 | 1,201 | ||||||||||||
Restructuring and asset related charges - net | 452 | 159 | — | 3 | — | 614 | ||||||||||||
Integration and separation costs | — | — | 450 | — | (197 | ) | 253 | |||||||||||
Equity in earnings of nonconsolidated affiliates | 191 | — | 60 | — | (18 | ) | 233 | |||||||||||
Sundry income (expense) - net | 1,305 | — | 323 | (7 | ) | — | 1,621 | |||||||||||
Interest income | 64 | — | (64 | ) | — | — | — | |||||||||||
Interest expense and amortization of debt discount | 629 | 278 | — | — | (90 | ) | 817 | |||||||||||
Income from continuing operations before income taxes | 4,611 | 2,912 | 20 | (497 | ) | (677 | ) | 6,369 | ||||||||||
Provision for income taxes on continuing operations | 291 | 643 | 20 | (103 | ) | (240 | ) | 611 | ||||||||||
Income from continuing operations, net of tax | 4,320 | 2,269 | — | (394 | ) | (437 | ) | 5,758 | ||||||||||
Net income attributable to noncontrolling interests | 54 | 14 | — | — | 7 | 75 | ||||||||||||
Net income attributable to DowDuPont Inc. | 4,266 | 2,255 | — | (394 | ) | (444 | ) | 5,683 | ||||||||||
Preferred stock dividends | 255 | 7 | — | — | (7 | ) | 255 | |||||||||||
Net income available for DowDuPont Inc. common stockholders | $ | 4,011 | $ | 2,248 | $ | — | $ | (394 | ) | $ | (437 | ) | $ | 5,428 | ||||
Per common share data: | ||||||||||||||||||
Earnings per common share from continuing operations - basic | $ | 2.43 | ||||||||||||||||
Earnings per common share from continuing operations - diluted | $ | 2.41 | ||||||||||||||||
Weighted-average common shares outstanding - basic | 2,222.0 | |||||||||||||||||
Weighted-average common shares outstanding - diluted | 2,242.4 |
Summary of Pro Forma Adjustments | Three Months Ended | Nine Months Ended | ||||||||||
In millions (Unaudited) | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | ||||||||||||
Intercompany transactions 1 | $ | (37 | ) | $ | (47 | ) | $ | (163 | ) | $ | (164 | ) |
Cost of sales | ||||||||||||
Intercompany transactions 1 | $ | (37 | ) | $ | (47 | ) | $ | (163 | ) | $ | (164 | ) |
Policy harmonization 2 | (4 | ) | — | 11 | (17 | ) | ||||||
Depreciation expense 3 | 54 | 81 | 217 | 243 | ||||||||
Total cost of sales | $ | 13 | $ | 34 | $ | 65 | $ | 62 | ||||
Research and development expenses: | ||||||||||||
Depreciation expense 3 | $ | 5 | $ | 7 | $ | 19 | $ | 21 | ||||
Selling, general and administrative expenses | ||||||||||||
Depreciation expense 3 | $ | 7 | $ | 11 | $ | 29 | $ | 33 | ||||
Amortization of intangibles | ||||||||||||
Amortization expense 4 | $ | 148 | $ | 222 | $ | 591 | $ | 666 | ||||
Restructuring and asset related charges - net | ||||||||||||
Transaction costs 5 | $ | (10 | ) | $ | — | $ | (10 | ) | $ | — | ||
Integration and separation costs | ||||||||||||
Transaction costs 5 | $ | (105 | ) | $ | (89 | ) | $ | (183 | ) | $ | (197 | ) |
Equity in earnings of nonconsolidated affiliates | ||||||||||||
Fair value of nonconsolidated affiliates 6 | $ | (4 | ) | $ | (6 | ) | $ | (15 | ) | $ | (18 | ) |
Interest expense and amortization of debt discount | ||||||||||||
Amortization of debt discount 7 | $ | (20 | ) | $ | (30 | ) | $ | (80 | ) | $ | (90 | ) |
Total pro forma adjustments to income from continuing operations before income taxes | $ | (79 | ) | $ | (208 | ) | $ | (609 | ) | $ | (677 | ) |
Provision for income taxes on continuing operations 8 | ||||||||||||
Policy harmonization 2 | $ | 2 | $ | — | $ | (4 | ) | $ | 6 | |||
Depreciation expense 3 | (23 | ) | (33 | ) | (91 | ) | (99 | ) | ||||
Amortization expense 4 | (46 | ) | (70 | ) | (184 | ) | (210 | ) | ||||
Transaction costs 5 | 14 | 16 | 22 | 36 | ||||||||
Fair value of nonconsolidated affiliates 6 | (1 | ) | (2 | ) | (5 | ) | (6 | ) | ||||
Amortization of debt discount 7 | 7 | 11 | 29 | 33 | ||||||||
Total provision for income taxes on continuing operations | $ | (47 | ) | $ | (78 | ) | $ | (233 | ) | $ | (240 | ) |
Total pro forma adjustments to income from continuing operations, net of tax | $ | (32 | ) | $ | (130 | ) | $ | (376 | ) | $ | (437 | ) |
Net income attributable to noncontrolling interests | ||||||||||||
Reclass historical dividends 9 | $ | 2 | $ | 2 | $ | 7 | $ | 7 | ||||
Net income from continuing operations attributable to DowDuPont Inc. | $ | (34 | ) | $ | (132 | ) | $ | (383 | ) | $ | (444 | ) |
Preferred stock dividends | ||||||||||||
Reclass historical dividends 9 | $ | (2 | ) | $ | (2 | ) | $ | (7 | ) | $ | (7 | ) |
Net income from continuing operations available for DowDuPont Inc. common stockholders | $ | (32 | ) | $ | (130 | ) | $ | (376 | ) | $ | (437 | ) |
Agriculture | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 1,532 | $ | 1,233 | $ | 4,729 | $ | 4,456 | ||||
Pro forma net sales | $ | 1,911 | $ | 1,998 | $ | 11,555 | $ | 11,396 | ||||
Pro forma Operating EBITDA | $ | (239 | ) | $ | (172 | ) | $ | 2,387 | $ | 2,222 | ||
Equity earnings (losses) | $ | (5 | ) | $ | 5 | $ | (1 | ) | $ | 5 |
Agriculture | Three Months Ended | Nine Months Ended | ||
Percentage change from prior year | Sep 30, 2017 | Sep 30, 2017 | ||
Change in Net Sales from Prior Period due to: | ||||
Local price & product mix | (4 | )% | (2 | )% |
Currency | 1 | — | ||
Volume | (3 | ) | — | |
Portfolio & other | 30 | 8 | ||
Total | 24 | % | 6 | % |
Change in Pro Forma Net Sales from Prior Period due to: | ||||
Local price & product mix | (4 | )% | — | % |
Currency | 2 | — | ||
Volume | (5 | ) | 1 | |
Portfolio & other | 3 | — | ||
Total | (4 | )% | 1 | % |
Performance Materials & Coatings | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 2,228 | $ | 2,058 | $ | 6,580 | $ | 4,480 | ||||
Pro forma net sales | $ | 2,219 | $ | 2,046 | $ | 6,537 | $ | 4,440 | ||||
Pro forma Operating EBITDA | $ | 487 | $ | 345 | $ | 1,508 | $ | 836 | ||||
Equity earnings | $ | 39 | $ | 31 | $ | 171 | $ | 126 |
Performance Materials & Coatings | Three Months Ended | Nine Months Ended | ||
Percentage change from prior year | Sep 30, 2017 | Sep 30, 2017 | ||
Change in Net Sales from Prior Period due to: | ||||
Local price & product mix | 6 | % | 7 | % |
Currency | 1 | — | ||
Volume | 1 | 2 | ||
Portfolio & other | — | 38 | ||
Total | 8 | % | 47 | % |
Change in Pro Forma Net Sales from Prior Period due to: | ||||
Local price & product mix | 6 | % | 7 | % |
Currency | 1 | — | ||
Volume | 1 | 2 | ||
Portfolio & other | — | 38 | ||
Total | 8 | % | 47 | % |
Industrial Intermediates & Infrastructure | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 3,228 | $ | 2,773 | $ | 9,094 | $ | 8,024 | ||||
Pro forma net sales | $ | 3,226 | $ | 2,770 | $ | 9,086 | $ | 8,015 | ||||
Pro forma Operating EBITDA | $ | 676 | $ | 401 | $ | 1,605 | $ | 1,183 | ||||
Equity earnings (losses) | $ | 41 | $ | (7 | ) | $ | 101 | $ | (49 | ) |
Industrial Intermediates & Infrastructure | Three Months Ended | Nine Months Ended | ||
Percentage change from prior year | Sep 30, 2017 | Sep 30, 2017 | ||
Change in Net Sales from Prior Period due to: | ||||
Local price & product mix | 12 | % | 9 | % |
Currency | 1 | — | ||
Volume | 3 | 4 | ||
Portfolio & other | — | — | ||
Total | 16 | % | 13 | % |
Change in Pro Forma Net Sales from Prior Period due to: | ||||
Local price & product mix | 12 | % | 9 | % |
Currency | 1 | — | ||
Volume | 3 | 4 | ||
Portfolio & other | — | — | ||
Total | 16 | % | 13 | % |
Packaging & Specialty Plastics | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 5,260 | $ | 4,702 | $ | 15,364 | $ | 13,561 | ||||
Pro forma net sales | $ | 5,490 | $ | 5,070 | $ | 16,300 | $ | 14,636 | ||||
Pro forma Operating EBITDA | $ | 1,147 | $ | 1,386 | $ | 3,424 | $ | 3,856 | ||||
Equity earnings | $ | 64 | $ | 39 | $ | 130 | $ | 83 |
Packaging & Specialty Plastics | Three Months Ended | Nine Months Ended | ||
Percentage change from prior year | Sep 30, 2017 | Sep 30, 2017 | ||
Change in Net Sales from Prior Period due to: | ||||
Local price & product mix | 2 | % | 8 | % |
Currency | 1 | — | ||
Volume | 6 | 4 | ||
Portfolio & other | 3 | 1 | ||
Total | 12 | % | 13 | % |
Change in Pro Forma Net Sales from Prior Period due to: | ||||
Local price & product mix | 1 | % | 7 | % |
Currency | 1 | — | ||
Volume | 6 | 4 | ||
Portfolio & other | — | — | ||
Total | 8 | % | 11 | % |
Electronics & Industrial | Three Months Ended | Six Months Ended | ||||||||||||
In millions | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||
Net sales | $ | 1,312 | $ | 1,527 | $ | 2,608 | $ | 3,063 | ||||||
Operating EBITDA | $ | 349 | $ | 480 | $ | 711 | $ | 956 | ||||||
Equity earnings | $ | 3 | $ | 9 | $ | 8 | $ | 19 |
Electronics & Imaging | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 832 | $ | 646 | $ | 2,164 | $ | 1,647 | ||||
Pro forma net sales | $ | 1,198 | $ | 1,138 | $ | 3,583 | $ | 3,084 | ||||
Pro forma Operating EBITDA | $ | 382 | $ | 341 | $ | 1,119 | $ | 842 | ||||
Equity earnings | $ | — | $ | — | $ | — | $ | 24 |
Electronics & Industrial | Three Months Ended | Six Months Ended | ||||||
Percentage change from prior year | June 30, 2023 | June 30, 2023 | ||||||
Change in Net Sales from Prior Period due to: | ||||||||
Local price & product mix | — | % | 1 | % | ||||
Currency | (1) | (2) | ||||||
Volume | (12) | (13) | ||||||
Portfolio & other | (1) | (1) | ||||||
Total | (14) | % | (15) | % | ||||
Electronics & Imaging | Three Months Ended | Nine Months Ended | ||
Percentage change from prior year | Sep 30, 2017 | Sep 30, 2017 | ||
Change in Net Sales from Prior Period due to: | ||||
Local price & product mix | — | % | (1 | )% |
Currency | — | — | ||
Volume | 12 | 11 | ||
Portfolio & other | 17 | 21 | ||
Total | 29 | % | 31 | % |
Change in Pro Forma Net Sales from Prior Period due to: | ||||
Local price & product mix | (2 | )% | (2 | )% |
Currency | — | — | ||
Volume | 13 | 13 | ||
Portfolio & other | (6 | ) | 5 | |
Total | 5 | % | 16 | % |
Nutrition & Biosciences | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 689 | $ | 248 | $ | 1,223 | $ | 741 | ||||
Pro forma net sales | $ | 1,473 | $ | 1,469 | $ | 4,391 | $ | 4,313 | ||||
Pro forma Operating EBITDA | $ | 315 | $ | 321 | $ | 950 | $ | 918 | ||||
Equity earnings | $ | 3 | $ | 3 | $ | 9 | $ | 8 |
Nutrition & Biosciences | Three Months Ended | Nine Months Ended | ||
Percentage change from prior year | Sep 30, 2017 | Sep 30, 2017 | ||
Change in Net Sales from Prior Period due to: | ||||
Local price & product mix | — | % | (2 | )% |
Currency | 1 | — | ||
Volume | 9 | 11 | ||
Portfolio & other | 168 | 56 | ||
Total | 178 | % | 65 | % |
Change in Pro Forma Net Sales from Prior Period due to: | ||||
Local price & product mix | — | % | — | % |
Currency | 1 | — | ||
Volume | — | 3 | ||
Portfolio & other | (1 | ) | (1 | ) |
Total | — | % | 2 | % |
Transportation & Advanced Polymers | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 636 | $ | 273 | $ | 1,224 | $ | 629 | ||||
Pro forma net sales | $ | 1,299 | $ | 1,187 | $ | 3,834 | $ | 3,316 | ||||
Pro forma Operating EBITDA | $ | 325 | $ | 303 | $ | 954 | $ | 769 | ||||
Equity earnings | $ | 1 | $ | — | $ | 1 | $ | 9 |
Transportation & Advanced Polymers | Three Months Ended | Nine Months Ended | ||
Percentage change from prior year | Sep 30, 2017 | Sep 30, 2017 | ||
Change in Net Sales from Prior Period due to: | ||||
Local price & product mix | (1 | )% | — | % |
Currency | 1 | — | ||
Volume | 4 | 5 | ||
Portfolio & other | 129 | 90 | ||
Total | 133 | % | 95 | % |
Change in Pro Forma Net Sales from Prior Period due to: | ||||
Local price & product mix | 3 | % | 1 | % |
Currency | 1 | — | ||
Volume | 5 | 8 | ||
Portfolio & other | — | 7 | ||
Total | 9 | % | 16 | % |
Water & Protection | Three Months Ended | Six Months Ended | ||||||||||||
In millions | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||
Net sales | $ | 1,494 | $ | 1,497 | $ | 2,943 | $ | 2,926 | ||||||
Operating EBITDA | $ | 368 | $ | 348 | $ | 712 | $ | 689 | ||||||
Equity earnings | $ | 11 | $ | 8 | $ | 21 | $ | 22 |
Safety & Construction | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 792 | $ | 479 | $ | 1,716 | $ | 1,399 | ||||
Pro forma net sales | $ | 1,310 | $ | 1,238 | $ | 3,852 | $ | 3,748 | ||||
Pro forma Operating EBITDA | $ | 351 | $ | 282 | $ | 905 | $ | 903 | ||||
Equity earnings (losses) | $ | (1 | ) | $ | — | $ | (1 | ) | $ | 1 |
Water & Protection | Three Months Ended | Six Months Ended | ||||||
Percentage change from prior year | June 30, 2023 | June 30, 2023 | ||||||
Change in Net Sales from Prior Period due to: | ||||||||
Local price & product mix | 5 | % | 6 | % | ||||
Currency | (1) | (2) | ||||||
Volume | (4) | (3) | ||||||
Portfolio & other | — | — | ||||||
Total | — | % | 1 | % |
Safety & Construction | Three Months Ended | Nine Months Ended | ||
Percentage change from prior year | Sep 30, 2017 | Sep 30, 2017 | ||
Change in Net Sales from Prior Period due to: | ||||
Local price & product mix | 1 | % | — | % |
Currency | — | (1 | ) | |
Volume | 5 | 3 | ||
Portfolio & other | 59 | 20 | ||
Total | 65 | % | 22 | % |
Change in Pro Forma Net Sales from Prior Period due to: | ||||
Local price & product mix | — | % | (2 | )% |
Currency | — | — | ||
Volume | 6 | 5 | ||
Portfolio & other | — | — | ||
Total | 6 | % | 3 | % |
Corporate & Other | Three Months Ended | Six Months Ended | ||||||||||||
In millions | June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||
Net sales | $ | 288 | $ | 298 | $ | 561 | $ | 607 | ||||||
Operating EBITDA | $ | 21 | $ | 1 | $ | 29 | $ | 2 | ||||||
Equity earnings | $ | — | $ | 3 | $ | — | $ | 5 |
Corporate | Three Months Ended | Nine Months Ended | ||||||||||
In millions | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2017 | Sep 30, 2016 | ||||||||
Net sales | $ | 157 | $ | 71 | $ | 324 | $ | 201 | ||||
Pro forma net sales | $ | 159 | $ | 75 | $ | 331 | $ | 212 | ||||
Pro forma Operating EBITDA | $ | (223 | ) | $ | (185 | ) | $ | (624 | ) | $ | (600 | ) |
Equity earnings (losses) | $ | 10 | $ | (1 | ) | $ | (8 | ) | $ | (16 | ) |
In millions | June 30, 2023 | December 31, 2022 | ||||||
Cash, cash equivalents and marketable securities | $ | 4,885 | $ | 4,964 | ||||
Total debt | $ | 8,075 | $ | 8,074 |
Cash Flow Summary | Nine Months Ended | |||||
In millions | Sep 30, 2017 | Sep 30, 2016 | ||||
Cash provided by (used in): | ||||||
Operating activities | $ | 4,469 | $ | 3,719 | ||
Investing activities | 3,134 | (2,498 | ) | |||
Financing activities | (1,279 | ) | (2,792 | ) | ||
Effect of exchange rate changes on cash | 254 | 26 | ||||
Cash reclassified as held for sale | (37 | ) | — | |||
Summary | ||||||
Increase (decrease) in cash and cash equivalents | $ | 6,541 | $ | (1,545 | ) | |
Cash and cash equivalents at beginning of year | 6,607 | 8,577 | ||||
Cash and cash equivalents at end of period | $ | 13,148 | $ | 7,032 |
Net Working Capital | Sep 30, 2017 | Dec 31, 2016 | ||||
In millions | ||||||
Current assets | $ | 54,801 | $ | 23,659 | ||
Current liabilities | 27,278 | 12,604 | ||||
Net working capital | $ | 27,523 | $ | 11,055 | ||
Current ratio | 2.01:1 | 1.88:1 |
Reconciliation of "Cash Provided by Operating Activities" to Free Cash Flow | Nine Months Ended | |||||
In millions | Sep 30, 2017 | Sep 30, 2016 | ||||
Cash provided by operating activities | $ | 4,469 | $ | 3,719 | ||
Capital expenditures | (2,301 | ) | (2,877 | ) | ||
Free Cash Flow | $ | 2,168 | $ | 842 |
Total Debt | Sep 30, 2017 | Dec 31, 2016 | ||||||||||
In millions | Dow | DuPont | Total | |||||||||
Notes payable | $ | 584 | $ | 4,592 | $ | 5,176 | $ | 272 | ||||
Long-term debt due within one year | 578 | 1,328 | 1,906 | 635 | ||||||||
Long-term debt | 20,004 | 9,815 | 29,819 | 20,456 | ||||||||
Total debt | $ | 21,166 | $ | 15,735 | $ | 36,901 | $ | 21,363 |
Credit Ratings | Long-Term Rating | Short-Term Rating | Outlook | ||||||||
Standard & Poor’s | BBB+ | A-2 | Stable | ||||||||
Moody’s Investors Service | Baa1 | P-2 | Stable | ||||||||
Fitch Ratings | BBB+ | F-2 | Stable |
Cash Flow Summary | Six Months Ended | |||||||
In millions | June 30, 2023 | June 30, 2022 | ||||||
Cash provided by (used for) from continuing operations: | ||||||||
Operating activities | $ | 805 | $ | 486 | ||||
Investing activities | $ | 951 | $ | (51) | ||||
Financing activities | $ | (377) | $ | (658) | ||||
Cash used in discontinued operations | $ | (126) | $ | (246) | ||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | $ | (29) | $ | (78) | ||||
Net Working Capital 1 | June 30, 2023 | December 31, 2022 | ||||||
In millions (except ratio) | ||||||||
Current assets | $ | 9,812 | $ | 9,979 | ||||
Current liabilities | 3,604 | 3,587 | ||||||
Net working capital | $ | 6,208 | $ | 6,392 | ||||
Current ratio | 2.72:1 | 2.78:1 |
Contractual Obligations | Payments Due In | ||||||||||||||
In millions | 2017 | 2018-2019 | 2020-2021 | 2022 and beyond | Total | ||||||||||
Long-term debt obligations 1 | $ | 80 | $ | 10,475 | $ | 7,902 | $ | 13,093 | $ | 31,550 | |||||
Expected cash requirements for interest 2 | 358 | 2,533 | 1,627 | 8,281 | 12,799 | ||||||||||
Pension and other postretirement benefits | 1,180 | 1,659 | 2,563 | 14,398 | 19,800 | ||||||||||
Operating leases | 153 | 1,026 | 731 | 1,266 | 3,176 | ||||||||||
Purchase obligations 3 | 2,928 | 5,989 | 4,511 | 8,172 | 21,600 | ||||||||||
License agreements | — | 450 | 344 | 390 | 1,184 | ||||||||||
Other noncurrent obligations 4 | 141 | 1,339 | 687 | 3,187 | 5,354 | ||||||||||
Total contractual obligations | $ | 4,840 | $ | 23,471 | $ | 18,365 | $ | 48,787 | $ | 95,463 |
Asbestos-Related Claim Activity | 2017 | 2016 | ||
Claims unresolved at Jan 1 | 16,141 | 18,778 | ||
Claims filed | 5,598 | 5,909 | ||
Claims settled, dismissed or otherwise resolved | (6,560 | ) | (7,052 | ) |
Claims unresolved at Sep 30 | 15,179 | 17,635 | ||
Claimants with claims against both UCC and Amchem | (5,544 | ) | (6,444 | ) |
Individual claimants at Sep 30 | 9,635 | 11,191 |
Total Daily VAR by Exposure Type | Sep 30, 2017 | 2016 | |||||||
In millions | Year-end | Average | |||||||
Commodities | $ | 35 | $ | 24 | $ | 23 | |||
Equity securities | $ | 5 | $ | 17 | $ | 16 | |||
Foreign exchange | $ | 38 | $ | 28 | $ | 9 | |||
Interest rate | $ | 78 | $ | 82 | $ | 90 | |||
Composite | $ | 156 | $ | 151 | $ | 138 |
Foreign Currency Contracts | Fair Value Asset/(Liability) | Fair Value Sensitivity | ||||
In millions | Sep 30, 2017 | Sep 30, 2017 | ||||
Foreign currency contracts | $ | (19 | ) | $ | (981 | ) |
PART II - OTHER INFORMATION |
Issuer Purchases of Equity Securities | Total number of shares purchased as part of the Company's publicly announced share repurchase program (1) | Approximate dollar value of shares that may yet be purchased under the Company's publicly announced share repurchase program (1) (In Millions) | ||||||||
Period | Total number of shares purchased | Average price paid per share | ||||||||
July 2017 | — | $ | — | — | $ | 1,396 | ||||
August 2017 | — | $ | — | — | $ | 1,396 | ||||
September 2017 | — | $ | — | — | $ | — | ||||
Third quarter 2017 | — | $ | — | — | $ | — |
EXHIBIT NO. | DESCRIPTION | ||||||||||
Amended and Restated Bylaws of DuPont de Nemours, Inc. incorporated by reference to Exhibit 3.1 to DuPont de Nemours, Inc.’s Current Report on Form 8-K filed March 30, 2023. | |||||||||||
10.1**† | Settlement Agreement, dated June 30, 2023, by and among The Chemours Company, The Chemours Company FC, LLC, DuPont de Nemours, Inc., Corteva Inc. and E. I. du Pont de Nemours and Company n/k/a EIDP, Inc. and representatives of certain U.S. public water systems as set out therein, incorporated by reference to Exhibit 2.1 to DuPont de Nemours, Inc.’s Current Report on Form 10-K filed June 30, 2023. | ||||||||||
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). |
Signatures |
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Title: | ||||||||||||||
City: | ||||||||||||||
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