Document and Entity Information
Document and Entity Information - $ / shares | 6 Months Ended | ||
Jun. 30, 2020 | Jul. 29, 2020 | Dec. 31, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Jun. 30, 2020 | ||
Entity Registrant Name | DUPONT DE NEMOURS, INC. | ||
Entity File Number | 001-38196 | ||
Amendment Flag | false | ||
Document Transition Report | false | ||
City Area Code | 302 | ||
Local Phone Number | 774-3034 | ||
Entity Central Index Key | 0001666700 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | Q2 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 81-1224539 | ||
Entity Address, Address Line One | 974 Centre Road | ||
Entity Address, Address Line Two | Building 730 | ||
Entity Address, City or Town | Wilmington | ||
Entity Address, State or Province | DE | ||
Entity Address, Postal Zip Code | 19805 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | DD | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Share Outstanding | 733,827,575 | ||
Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Net sales | $ 4,828 | $ 5,468 | $ 10,049 | $ 10,882 | |||
Cost of sales | 3,291 | 3,496 | 6,609 | 7,117 | |||
Research and development expenses | 209 | 232 | 445 | 499 | |||
Selling, general and administrative expenses | 541 | 642 | 1,174 | 1,368 | |||
Amortization of intangibles | 528 | 252 | 1,061 | 508 | |||
Restructuring and asset related charges - net | 19 | 137 | 423 | 208 | |||
Goodwill impairment charges | 2,498 | [1] | 1,175 | [2] | 3,031 | [3] | 1,175 |
Integration and separation costs | 145 | 347 | 342 | 958 | |||
Equity in earnings of nonconsolidated affiliates | 103 | 49 | 142 | 89 | |||
Sundry income (expense) - net | (14) | (19) | 197 | 65 | |||
Interest expense | 193 | 165 | 376 | 316 | |||
Loss from continuing operations before income taxes | (2,507) | (948) | (3,073) | (1,113) | |||
(Benefit from) provision for income taxes on continuing operations | (36) | 155 | 8 | 64 | |||
Loss from continuing operations, net of tax | (2,471) | (1,103) | (3,081) | (1,177) | |||
Income from discontinued operations, net of tax | 0 | 566 | 0 | 1,212 | |||
Net (loss) income | (2,471) | (537) | (3,081) | 35 | |||
Net income attributable to noncontrolling interests | 7 | 34 | 13 | 85 | |||
Net loss available for DuPont common stockholders | $ (2,478) | $ (571) | $ (3,094) | $ (50) | |||
Per common share data: | |||||||
Loss per common share from continuing operations - basic | $ (3.37) | $ (1.48) | $ (4.20) | $ (1.59) | |||
Earnings per common share from discontinued operations - basic | 0 | 0.72 | 0 | 1.52 | |||
Loss per common share - basic | (3.37) | (0.76) | (4.20) | (0.07) | |||
Loss per common share from continuing operations - diluted | (3.37) | (1.48) | (4.20) | (1.59) | |||
Earnings per common share from discontinued operations - diluted | 0 | 0.72 | 0 | 1.52 | |||
Loss per common share - diluted | $ (3.37) | $ (0.76) | $ (4.20) | $ (0.07) | |||
Weighted-average common shares outstanding - basic | 734.3 | 749 | 736.5 | 749.6 | |||
Weighted-average common shares outstanding - diluted | 734.3 | 749 | 736.5 | 749.6 | |||
[1] | See Note 11 for additional information. | ||||||
[2] | See Note 11 for additional information. | ||||||
[3] | See Note 11 for additional information. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net (loss) income | $ (2,471) | $ (537) | $ (3,081) | $ 35 |
Other comprehensive income (loss), net of tax | ||||
Unrealized gains on investments | 0 | 0 | 0 | 67 |
Cumulative translation adjustments | 345 | (38) | (59) | (135) |
Pension and other post employment benefit plans | 3 | 56 | 5 | 191 |
Derivative instruments | 0 | 17 | 0 | (58) |
Total other comprehensive income (loss) | 348 | 42 | (54) | 78 |
Comprehensive (loss) income | (2,123) | (502) | (3,135) | 100 |
Comprehensive income attributable to noncontrolling interests, net of tax | 10 | 41 | 8 | 98 |
Comprehensive (loss) income attributable to DuPont | (2,133) | (543) | (3,143) | 2 |
Total | ||||
Other comprehensive income (loss), net of tax | ||||
Total other comprehensive income (loss) | $ 345 | $ 35 | $ (49) | $ 65 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 3,737 | $ 1,540 |
Accounts and notes receivable - net | 3,615 | 3,802 |
Inventories | 4,307 | 4,319 |
Other current assets | 327 | 338 |
Total current assets | 11,986 | 9,999 |
Investments | ||
Investments in nonconsolidated affiliates | 1,212 | 1,204 |
Other investments | 24 | 24 |
Noncurrent receivables | 31 | 32 |
Total investments | 1,267 | 1,260 |
Property, plant and equipment - net of accumulated depreciation (June 30, 2020 - $5,466; December 31, 2019 - $4,969) | 9,909 | 10,143 |
Other Assets | ||
Goodwill | 30,018 | 33,151 |
Other intangible assets | 12,349 | 13,593 |
Deferred income tax assets | 195 | 236 |
Deferred charges and other assets | 1,029 | 1,014 |
Total other assets | 43,591 | 47,994 |
Total Assets | 66,753 | 69,396 |
Current Liabilities | ||
Short-term borrowings and finance lease obligations | 3,559 | 3,830 |
Accounts payable | 2,632 | 2,934 |
Income taxes payable | 323 | 240 |
Accrued and other current liabilities | 1,496 | 1,342 |
Total current liabilities | 8,010 | 8,346 |
Long-Term Debt | 15,608 | 13,617 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 3,174 | 3,514 |
Pension and other post employment benefits - noncurrent | 1,166 | 1,172 |
Other noncurrent obligations | 1,218 | 1,191 |
Total other noncurrent liabilities | 5,558 | 5,877 |
Total Liabilities | 29,176 | 27,840 |
Stockholders' Equity | ||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2020: 733,819,825 shares; 2019: 738,564,728 shares) | 7 | 7 |
Additional paid-in capital | 50,191 | 50,796 |
(Accumulated deficit) Retained earnings | (11,728) | (8,400) |
Accumulated other comprehensive loss | (1,465) | (1,416) |
Total DuPont stockholders' equity | 37,005 | 40,987 |
Noncontrolling interests | 572 | 569 |
Total equity | 37,577 | 41,556 |
Total Liabilities and Equity | $ 66,753 | $ 69,396 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Accumulated depreciation | $ 5,466 | $ 4,969 |
Shares Authorized | 1,666,666,667 | 1,666,666,667 |
Par Value | $ 0.01 | $ 0.01 |
Shares Issued | 733,819,825 | 738,564,728 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 13 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | ||||
Operating Activities | ||||||||
Net (loss) income | $ (2,471) | $ (537) | $ (3,081) | $ 35 | ||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||
Depreciation and amortization | 774 | 507 | 1,546 | |||||
Goodwill impairment charges | 2,498 | [1] | 1,175 | [2] | 3,031 | [3] | 1,175 | |
Financing Activities | ||||||||
Purchases of common stock | $ (982) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,577 | 14,022 | ||||||
Cash, cash equivalents and restricted cash at end of period | 3,769 | 1,701 | 3,769 | 1,701 | 3,769 | |||
Continuing Operations [Member] | ||||||||
Financing Activities | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,577 | 8,591 | ||||||
Cash, cash equivalents and restricted cash at end of period | 3,769 | 1,701 | 3,769 | 1,701 | 3,769 | |||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | ||||||||
Financing Activities | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 5,431 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ 0 | $ 0 | 0 | 0 | $ 0 | |||
Total Company [Domain] | ||||||||
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||||||
Depreciation and amortization | 1,546 | 2,163 | ||||||
Credit for deferred income tax and other tax related items | (310) | (560) | ||||||
Earnings of nonconsolidated affiliates (in excess of) less than dividends received | (103) | 733 | ||||||
Net periodic pension benefit cost (credit) | 16 | (53) | ||||||
Pension contributions | (49) | (463) | ||||||
Net gain on sales of assets, businesses and investments | (193) | (55) | ||||||
Restructuring and asset related charges - net | 423 | 482 | ||||||
Goodwill impairment charges | 3,031 | 1,175 | ||||||
Amortization of merger-related inventory step-up | 0 | 253 | ||||||
Other net loss | 92 | 274 | ||||||
Accounts and notes receivable | 111 | (2,535) | ||||||
Inventories | (12) | 302 | ||||||
Accounts payable | 34 | (695) | ||||||
Other assets and liabilities, net | 15 | (1,107) | ||||||
Cash provided by (used for) operating activities | 1,520 | (51) | ||||||
Investing Activities | ||||||||
Capital expenditures | (719) | (1,800) | ||||||
Investment in gas field developments | 0 | (25) | ||||||
Proceeds from sales of property and businesses, net of cash divested | 427 | 126 | ||||||
Acquisitions of property and businesses, net of cash acquired | (73) | 0 | ||||||
Proceeds from sale of ownership interests in nonconsolidated affiliates | 0 | 21 | ||||||
Purchases of investments | (1) | (192) | ||||||
Proceeds from sales and maturities of investments | 1 | 228 | ||||||
Other investing activities, net | 17 | (15) | ||||||
Cash used for investing activities | (348) | (1,657) | ||||||
Financing Activities | ||||||||
Changes in short-term notes payable | (274) | 2,517 | ||||||
Proceeds from issuance of long-term debt | 2,025 | 4,005 | ||||||
Payments on long-term debt | (27) | (6,892) | ||||||
Purchases of common stock | (232) | (1,681) | ||||||
Proceeds from issuance of Company stock | 34 | 67 | ||||||
Employee taxes paid for share-based payment arrangements | (13) | (76) | ||||||
Distributions to noncontrolling interests | (10) | (12) | ||||||
Dividends paid to stockholders | (442) | (1,165) | ||||||
Cash held by Dow and Corteva at the respective Distributions | 0 | (7,315) | ||||||
Debt extinguishment costs | 0 | (104) | ||||||
Other financing activities, net | (11) | (5) | ||||||
Cash provided by (used for) financing activities | 1,050 | (10,661) | ||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (30) | 48 | ||||||
Increase (Decrease) in cash, cash equivalents and restricted cash | $ 2,192 | $ (12,321) | ||||||
[1] | See Note 11 for additional information. | |||||||
[2] | See Note 11 for additional information. | |||||||
[3] | See Note 11 for additional information. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Add'l Paid in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comp Loss | Unearned ESOP | Treasury Stock | Non-controlling Interests |
Beginning balance at Dec. 31, 2018 | $ 95,900 | $ 8 | $ 81,976 | $ 30,257 | $ (12,394) | $ (134) | $ (5,421) | $ 1,608 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect Of New Accounting Principle | (111) | (111) | ||||||
Net (loss) income | 35 | (50) | 85 | |||||
Other comprehensive income | 78 | 65 | 13 | |||||
Dividends | (1,389) | (224) | (1,165) | |||||
Common stock issued/sold | 67 | 67 | ||||||
Stock-based compensation and allocation of ESOP shares | 182 | 153 | 29 | |||||
Distributions to non-controlling interests | (12) | (12) | ||||||
Purchases of treasury stock | (1,681) | (1,681) | ||||||
Retirement of treasury stock | (7,102) | 7,102 | ||||||
Spin-off of Dow and Corteva | (50,487) | (30,843) | (30,123) | 11,498 | 105 | (1,124) | ||
Other | (6) | (1) | (5) | |||||
Ending balance at Jun. 30, 2019 | 42,576 | 7 | 51,129 | (8,299) | (831) | 0 | 0 | 570 |
Beginning balance at Mar. 31, 2019 | 93,820 | 8 | 82,141 | 29,486 | (12,364) | (105) | (7,000) | 1,654 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (537) | (571) | 34 | |||||
Other comprehensive income | 42 | 35 | 7 | |||||
Dividends | (213) | (224) | 11 | |||||
Common stock issued/sold | 4 | 4 | ||||||
Stock-based compensation and allocation of ESOP shares | 51 | 51 | ||||||
Distributions to non-controlling interests | (1) | (1) | ||||||
Purchases of treasury stock | (102) | (102) | ||||||
Retirement of treasury stock | (7,102) | 7,102 | ||||||
Spin-off of Dow and Corteva | (50,487) | (30,843) | (30,123) | 11,498 | 105 | (1,124) | ||
Other | (1) | (1) | ||||||
Ending balance at Jun. 30, 2019 | 42,576 | 7 | 51,129 | (8,299) | (831) | 0 | 0 | 570 |
Beginning balance at Dec. 31, 2019 | 41,556 | 7 | 50,796 | (8,400) | (1,416) | 0 | 0 | 569 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative Effect Of New Accounting Principle | (3) | (3) | ||||||
Net (loss) income | (3,081) | (3,094) | 13 | |||||
Other comprehensive income | (54) | (49) | (5) | |||||
Dividends | (662) | (662) | ||||||
Common stock issued/sold | 34 | 34 | ||||||
Stock-based compensation and allocation of ESOP shares | 57 | 57 | ||||||
Distributions to non-controlling interests | (10) | (10) | ||||||
Purchases of treasury stock | (232) | (232) | ||||||
Retirement of treasury stock | 0 | (232) | 232 | |||||
Other | (28) | (34) | (1) | 5 | ||||
Ending balance at Jun. 30, 2020 | 37,577 | 7 | 50,191 | (11,728) | (1,465) | 0 | 0 | 572 |
Beginning balance at Mar. 31, 2020 | 40,117 | 7 | 50,605 | (9,251) | (1,810) | 0 | 0 | 566 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (2,471) | (2,478) | 7 | |||||
Other comprehensive income | 348 | 345 | 3 | |||||
Dividends | (440) | (440) | ||||||
Common stock issued/sold | 0 | |||||||
Stock-based compensation and allocation of ESOP shares | 27 | 27 | ||||||
Distributions to non-controlling interests | (4) | (4) | ||||||
Purchases of treasury stock | 0 | |||||||
Retirement of treasury stock | 0 | |||||||
Other | 0 | (1) | (1) | |||||
Ending balance at Jun. 30, 2020 | $ 37,577 | $ 7 | $ 50,191 | $ (11,728) | $ (1,465) | $ 0 | $ 0 | $ 572 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends (in dollars per share) | $ 0.90 | $ 1.86 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. Impact of the Novel Coronavirus (“COVID-19”) Pandemic The COVID-19 pandemic has resulted in significant economic disruption and continues to adversely impact the broader global economy. The extent of the impact on the Company's operational and financial performance will depend on future developments, including, but not limited to, the duration and spread of the outbreak and its impact on the Company's customers and suppliers. As of the date of issuance of these interim Consolidated Financial Statements, the full extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain. Basis of Presentation Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 ("Merger Agreement"), The Dow Chemical Company ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, Historical Dow and Historical EID became subsidiaries of DowDuPont (the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Historical Dow was determined to be the accounting acquirer in the Merger. Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical EID" includes Historical EID and its consolidated subsidiaries, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow. Distributions Effective as of 5:00 p.m. on April 1, 2019, the Company completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock (the “Dow Common Stock”), to holders of the Company’s common stock (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). Effective as of 12:01 a.m. on June 1, 2019, the Company completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock (the “Corteva Common Stock”), to holders of the Company’s common stock as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD." The results of operations of DuPont for the 2019 interim periods presented reflect the historical financial results of Dow and Corteva as discontinued operations, as applicable. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable period. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of Dow or Corteva. |
RECENT ACCOUNTING GUIDANCE (Not
RECENT ACCOUNTING GUIDANCE (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Guidance [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and associated ASUs related to Topic 326. The new guidance introduces the current expected credit loss (“CECL”) model, which requires organizations to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted the new standard in the first quarter of 2020, which required a modified retrospective transition approach, applying the new standard's cumulative-effect adjustment at the date of initial adoption. This cumulative-effect has been reflected as of January 1, 2020 and prior periods have not been restated. The impact of initial adoption was not material to the Company’s interim Condensed Consolidated Balance Sheet, interim Consolidated Statements of Operations, and interim Consolidated Statement of Cash Flows. |
DIVESTITURES (Notes)
DIVESTITURES (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES Separation Agreements In connection with the Dow Distribution and the Corteva Distribution, the Company entered into certain agreements that, among other things, effected the separations, provides for the allocation of assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among DuPont, Dow, and Corteva (together, the “Parties” and each a “Party”), and provides a framework for DuPont’s relationship with Dow and Corteva following the Distributions. Effective April 1, 2019, the Parties entered into the following agreements: the Separation and Distribution Agreement; the Tax Matters Agreement; the Employee Matters Agreement; and the Intellectual Property Cross-License Agreement (the “DuPont-Dow IP Cross-License Agreement”). In addition to the agreements above, DuPont has entered into certain various supply agreements with Dow. These agreements provide for different pricing than the historical intercompany and intracompany practices prior to the Distributions. Effective June 1, 2019, in connection with the Corteva Distribution, DuPont and Corteva entered into the following agreements: the Intellectual Property Cross-License Agreement (the “DuPont-Corteva IP Cross-License Agreement”); the Letter Agreement; and the Amended and Restated Tax Matters Agreement. Materials Science Division On April 1, 2019, DowDuPont completed the separation of its Materials Science businesses, including the businesses and operations that comprised the Company's former Performance Materials & Coating, Industrial Intermediates & Infrastructure and the Packaging & Specialty Plastics segments, (the "Materials Science Division") through the consummation of the Dow Distribution. On April 1, 2019, prior to the Dow Distribution, the Company contributed $2,024 million in cash to Dow. The results of operations of the Materials Science Division are presented as discontinued operations as summarized below: Six Months Ended In millions Net sales $ 10,867 Cost of sales 8,917 Research and development expenses 163 Selling, general and administrative expenses 329 Amortization of intangibles 116 Restructuring and asset related charges - net 157 Integration and separation costs 44 Equity in earnings of nonconsolidated affiliates (13 ) Sundry income (expense) - net 99 Interest expense 240 Income from discontinued operations before income taxes 987 Provision for income taxes on discontinued operations 261 Income from discontinued operations, net of tax 726 Income from discontinued operations attributable to noncontrolling interests, net of tax 37 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 689 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division: Six Months Ended In millions Depreciation and amortization $ 744 Capital expenditures $ 597 Agriculture Division On June 1, 2019, the Company completed the separation of its Agriculture business, including the businesses and operations that comprised the Company's former Agriculture segment (the "Agriculture Division"), through the consummation of the Corteva Distribution. In 2019, prior to the distribution of Corteva, the Company contributed $7,139 million in cash to Corteva, a portion of which was used to retire indebtedness of Historical EID. The results of operations of the Agriculture Division are presented as discontinued operations as summarized below: Three Months Ended Six Months Ended In millions Net sales $ 3,776 $ 7,144 Cost of sales 2,026 4,218 Research and development expenses 183 470 Selling, general and administrative expenses 677 1,294 Amortization of intangibles 74 176 Restructuring and asset related charges - net 58 117 Integration and separation costs 272 430 Equity in earnings of nonconsolidated affiliates (3 ) (4 ) Sundry income (expense) - net (7 ) 58 Interest expense 28 91 Income from discontinued operations before income taxes 448 402 Provision for income taxes on discontinued operations 48 82 Income from discontinued operations, net of tax 400 320 Income from discontinued operations attributable to noncontrolling interests, net of tax 25 35 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 375 $ 285 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division: Three Months Ended Six Months Ended In millions Depreciation and amortization $ 136 $ 385 Capital expenditures $ 161 $ 383 Indemnifications In connection with the Distributions, Dow and Corteva indemnify the Company against, and DuPont indemnifies Dow and Corteva against certain litigation, environmental, income taxes, workers' compensation and other liabilities that arose prior to the Distributions, as applicable. The term of this indemnification is indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. At June 30, 2020 , indemnified assets were $142 million within "Accounts and notes receivable, net" and $135 million within "Deferred charges and other assets" and indemnified liabilities were $81 million within "Accrued and other current liabilities" and $96 million within "Other noncurrent obligations." Refer to Note 13 for additional information regarding treatment of litigation and environmental related matters under the Separation and Distribution Agreement and the Letter Agreement. Sale of Compound Semiconductor Solutions In the first quarter of 2020, the Company completed the sale of its Compound Semiconductor Solutions business unit, a part of the Electronics & Imaging segment, to SK Siltron. The proceeds received in the first quarter of 2020 related to the sale of the business were approximately $420 million . The sale resulted in a pre-tax gain of $197 million ( $102 million net of tax) recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations for the six months ended June 30, 2020 . Other Discontinued Operations Activity For the three and six months ended June 30, 2019, the Company recorded "Income from discontinued operations, net of tax" of $86 million related to the adjustment of certain unrecognized tax benefits for positions taken on items from prior years from previously divested businesses and $80 million related to changes in accruals for certain prior year tax positions related to the divested crop protection business and research and development assets of Historical EID. Integration and Separation Costs Integration and separation costs for continuing operations through June 30, 2020, primarily have consisted of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of activities related to the Merger, post-Merger integration, the Distributions, and beginning in the fourth quarter of 2019, the intended separation of the Nutrition & Biosciences business. These costs are recorded within "Integration and separation costs" within the interim Consolidated Statements of Operations. Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Integration and separation costs $ 145 $ 347 $ 342 $ 958 |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Revenue Recognition Products Substantially all of DuPont's revenue is derived from product sales. Product sales consist of sales of DuPont's products to supply manufacturers and distributors. DuPont considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by segment and business or major product line and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. During the second quarter of 2020, Electronics & Imaging realigned a component within the Semiconductor Technologies product line to the Image Solutions product line. The reporting changes have been retrospectively reflected for all periods presented. Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended Six Months Ended In millions 2020 2019 2020 2019 Image Solutions $ 155 $ 169 $ 319 $ 340 Interconnect Solutions 274 282 540 520 Semiconductor Technologies 476 407 930 823 Electronics & Imaging $ 905 $ 858 $ 1,789 $ 1,683 Food & Beverage $ 739 $ 746 $ 1,477 $ 1,501 Health & Biosciences 579 604 1,184 1,174 Pharma Solutions 221 208 429 418 Nutrition & Biosciences $ 1,539 $ 1,558 $ 3,090 $ 3,093 Healthcare & Specialty $ 291 $ 388 $ 650 $ 772 Industrial & Consumer 181 293 447 601 Mobility Solutions 360 588 879 1,213 Transportation & Industrial $ 832 $ 1,269 $ 1,976 $ 2,586 Safety Solutions $ 581 $ 657 $ 1,212 $ 1,322 Shelter Solutions 316 398 664 755 Water Solutions 347 286 644 547 Safety & Construction $ 1,244 $ 1,341 $ 2,520 $ 2,624 Biomaterials $ 27 $ 53 $ 61 $ 112 Clean Technologies 67 76 127 141 DuPont Teijin Films 34 42 77 79 Photovoltaic & Advanced Materials 180 230 409 484 Sustainable Solutions 1 — 41 — 80 Non-Core $ 308 $ 442 $ 674 $ 896 Total $ 4,828 $ 5,468 $ 10,049 $ 10,882 1. The Sustainable Solutions business was divested in the third quarter of 2019. Net Trade Revenue by Geographic Region Three Months Ended Six Months Ended In millions 2020 2019 2020 2019 U.S. & Canada $ 1,513 $ 1,826 $ 3,255 $ 3,602 EMEA 1 1,065 1,291 2,336 2,671 Asia Pacific 2,012 2,034 3,925 3,979 Latin America 238 317 533 630 Total $ 4,828 $ 5,468 $ 10,049 $ 10,882 1. Europe, Middle East and Africa. Contract Balances From time to time, the Company enters into arrangements in which it receives payments from customers based upon contractual billing schedules. The Company records accounts receivable when the right to consideration becomes unconditional. Contract assets include amounts related to the Company’s contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities primarily reflect deferred revenue from advance payment for product that the Company has received from customers. The Company classifies deferred revenue as current or noncurrent based on the timing of when the Company expects to recognize revenue. Revenue recognized in the first six months of 2020 from amounts included in contract liabilities at the beginning of the period was approximately $14 million (approximately $25 million in the first six months of 2019 ). The amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant. The Company did not recognize any asset impairment charges related to contract assets during the period. Contract Balances June 30, 2020 December 31, 2019 In millions Accounts and notes receivable - trade 1 $ 2,921 $ 3,007 Contract assets - current 2 $ 42 $ 35 Deferred revenue - current 3 $ 44 $ 20 Deferred revenue - noncurrent 4 $ 49 $ 24 1. Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. 2. Included in "Other current assets" in the interim Condensed Consolidated Balance Sheets. 3. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 4. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and asset related charges, which include other asset impairments, were $19 million and $423 million for the three and six months ended June 30, 2020 ( $137 million and $208 million for the three and six months ended June 30, 2019 ). These charges were recorded in "Restructuring and asset related charges - net" in the interim Consolidated Statements of Operations. The total liability related to restructuring programs was $164 million at June 30, 2020 ( $162 million at December 31, 2019). Restructuring activity consists of the following: 2020 Restructuring Program In the first quarter of 2020, the Company approved restructuring actions designed to capture near-term cost reductions and to further simplify certain organizational structures in anticipation of the expected closure of the Intended N&B Transaction (the "2020 Restructuring Program"). The following tables summarize the charges related to the 2020 Restructuring Program for the three and six months ended June 30, 2020 : Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 In millions Severance and related benefit costs $ 6 $ 102 Asset related charges 9 24 Total restructuring and asset related charges - net $ 15 $ 126 2020 Restructuring Program Charges (Credits) by Segment Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 In millions Electronics & Imaging $ — $ 4 Nutrition & Biosciences 1 7 Transportation & Industrial (3 ) 21 Safety & Construction 2 22 Non-Core — — Corporate 15 72 Total $ 15 $ 126 The following table summarizes the activities related to the 2020 Restructuring Program: 2020 Restructuring Program Severance and Related Benefit Costs Asset Related Charges Total In millions Year-to-date restructuring charges $ 102 $ 24 $ 126 Charges against the reserve — (24 ) (24 ) Cash payments (21 ) — (21 ) Reserve balance at June 30, 2020 $ 81 $ — $ 81 At June 30, 2020 , total liabilities related to the 2020 Restructuring Program were $81 million , recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The Company expects actions related to this program to be substantially complete by the end of 2020. 2019 Restructuring Program During the second quarter of 2019 and in connection with the ongoing integration activities, DuPont approved restructuring actions to simplify and optimize certain organizational structures following the completion of the Distributions (the "2019 Restructuring Program"). The Company has recorded pre-tax restructuring charges of $140 million inception-to-date, consisting of severance and related benefit costs of $106 million and asset related charges of $34 million . The following table summarizes the charges incurred related to the 2019 Restructuring Program for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Severance and related benefit (credits) costs $ (16 ) $ 50 $ 2 $ 50 Asset related charges — 3 — 3 Total restructuring and asset related (credits) charges - net $ (16 ) $ 53 $ 2 $ 53 2019 Restructuring Program (Credits) Charges by Segment Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Electronics & Imaging $ (3 ) $ 7 $ (3 ) $ 7 Nutrition & Biosciences (3 ) 14 (3 ) 14 Transportation & Industrial (8 ) 12 (7 ) 12 Safety & Construction (14 ) 17 (14 ) 17 Non-Core — — — — Corporate 12 3 29 3 Total $ (16 ) $ 53 $ 2 $ 53 The following table summarizes the activities related to the 2019 Restructuring Program: 2019 Restructuring Program Severance and Related Benefit Costs In millions Reserve balance at December 31, 2019 $ 86 Year-to-date restructuring charges 2 Non-cash compensation (6 ) Cash payments (40 ) Reserve balance at June 30, 2020 $ 42 At June 30, 2020 , total liabilities related to the 2019 Restructuring Program were $42 million , recognized in "Accrued and other current liabilities" ( $86 million at December 31, 2019) in the interim Condensed Consolidated Balance Sheets. The 2019 Restructuring Program is considered substantially complete at June 30, 2020 . DowDuPont Cost Synergy Program In September and November 2017, the Company approved post-merger restructuring actions under the DowDuPont Cost Synergy Program, which was designed to integrate and optimize the organization following the Merger and in preparation for the Distributions. The portions of the charges, costs and expenses attributable to integration and optimization within the Agriculture and Materials Science Divisions are reflected in discontinued operations. The Company has recorded pre-tax restructuring charges attributable to the continuing operations of DuPont of $489 million inception-to-date, consisting of severance and related benefit costs of $213 million , asset related charges of $209 million and contract termination and other charges of $67 million . The following tables summarize the charges incurred related to the DowDuPont Cost Synergy Program: Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Severance and related benefit (credits) costs $ (2 ) $ 6 $ (2 ) $ 49 Contract termination and other charges 1 — 6 16 Asset related charges — 16 — 29 Total restructuring and asset related (credits) charges - net 1 $ (1 ) $ 22 $ 4 $ 94 1. The charge for the three and six months ended June 30, 2019 includes $21 million and $92 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $2 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations. DowDuPont Cost Synergy Program Charges (Credits) by Segment Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Electronics & Imaging $ — $ — $ — $ — Nutrition & Biosciences — 8 — 35 Transportation & Industrial 1 — 1 — Safety & Construction — 3 5 5 Non-Core — 1 — — Corporate (2 ) 10 (2 ) 54 Total $ (1 ) $ 22 $ 4 $ 94 The following table summarizes the activities related to the DowDuPont Cost Synergy Program: DowDuPont Cost Synergy Program Severance and Related Benefit Costs Contract Termination Charges Total In millions Reserve balance at December 31, 2019 $ 74 $ 2 $ 76 Year-to-date restructuring (credits) charges (2 ) 6 4 Charges against the reserve — (1 ) (1 ) Cash payments (36 ) (2 ) (38 ) Reserve balance at June 30, 2020 $ 36 $ 5 $ 41 At June 30, 2020 , total liabilities related to the DowDuPont Cost Synergy Program were $41 million , recognized in "Accrued and other current liabilities" ( $76 million at December 31, 2019) in the interim Condensed Consolidated Balance Sheets. The DowDuPont Cost Synergy Program is considered substantially complete at June 30, 2020 . Asset Impairments In the second quarter of 2020, the Company recorded a $21 million pre-tax impairment charge related to indefinite-lived intangible assets within the Transportation & Industrial segment. This charge was recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the three and six months ended June 30, 2020 . See Note 11 for further discussion. The Company reviews and evaluates its long-lived assets for impairment when events and changes in circumstances indicate that the related carrying amount of such assets may not be recoverable and may exceed their fair value. For purposes of determining impairment, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. In the first quarter of 2020, expectations of proceeds related to certain potential divestitures within the Non-Core segment gave rise to fair value indicators and, thus, triggering events requiring the Company to perform a recoverability assessment related to its biomaterials business unit. The Company performed a long-lived asset impairment test and determined that, based on undiscounted cash flows, the carrying amount of certain long-lived assets was not recoverable. Accordingly, the Company estimated the fair value of these assets using a market approach utilizing Level 3 unobservable inputs. As a result, the Company recognized a $270 million pre-tax impairment charge recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the six months ended June 30, 2020 with the charge impacting definite-lived intangible assets and property, plant, and equipment. Equity Method Investment Impairment Related Charges In preparation for the Corteva Distribution, Historical EID completed the separation of the assets and liabilities related to its specialty products businesses into separate legal entities (the “SP Legal Entities”) and on May 1, 2019, Historical EID distributed the SP Legal Entities to DowDuPont (the “Internal SP Distribution”). The Internal SP Distribution served as a triggering event requiring the Company to perform an impairment analysis related to equity method investments held by the Company as of May 1, 2019. The Company applied the net asset value method under the cost approach to determine the fair value of the equity method investments in the Nutrition & Biosciences segment. Based on updated projections, the Company determined the fair value of the equity method investment was below the carrying value and had no expectation the fair value would recover in the short-term due to the current economic environment. As a result, management concluded the impairment was other-than-temporary and recorded an impairment charge of $63 million in “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations related to the Nutrition & Biosciences segment for the three and six months ended June 30, 2019 |
SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY INFORMATION | SUPPLEMENTARY INFORMATION Sundry Income (Expense) - Net Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Non-operating pension and other post employment benefit (OPEB) credits $ 8 $ 18 $ 19 $ 39 Interest income 2 9 4 49 Net (loss) gain on divestiture and sales of other assets and investments 1,2 (4 ) 10 193 63 Foreign exchange losses, net (23 ) (17 ) (31 ) (78 ) Miscellaneous income (expenses) - net 3 3 (39 ) 12 (8 ) Sundry income (expense) - net $ (14 ) $ (19 ) $ 197 $ 65 1. The six months ended June 30, 2020 includes income of $197 million related to the gain on sale of the Compound Semiconductor Solutions business unit within the Electronics & Imaging segment. 2. The six months ended June 30, 2019 includes income of $51 million related to a sale of assets within the Electronics & Imaging segment. 3. Miscellaneous income (expenses) - net for the three and six months ended June 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year settlement. The six months ended June 30, 2019 also includes $26 million related to licensing income within the Safety & Construction segment. Cash, Cash Equivalents and Restricted Cash From time to time, the Company is required to set aside funds for various activities that arise in the normal course of business. These funds typically have legal restrictions associated with them and are deposited in an escrow account or held in a separately identifiable account by the Company. Historical EID entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring Historical EID to fund a trust (the "Trust") for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. After the distribution of Corteva, the Trust assets related to Corteva employees were transferred to a new trust for Corteva (the "Corteva Trust"). As a result, the Trust currently held by DuPont relates to funding obligations to DuPont employees. At June 30, 2020 , the Company had restricted cash of $32 million ( $37 million at December 31, 2019 ) included in "Other current assets" in the interim Condensed Consolidated Balance Sheets which was completely attributed to the Trust. Accrued and Other Current Liabilities "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets were $1,496 million at June 30, 2020 and $1,342 million at December 31, 2019 . No component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at June 30, 2020 . Accrued payroll, which is a component of "Accrued and other current liabilities," was $479 million at December 31, 2019 . No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at December 31, 2019 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For periods between the Merger and the Distributions, DuPont's consolidated federal income tax group and consolidated tax return included the Dow and Corteva entities. Generally, the consolidated tax liability of the DuPont U.S. tax group for each year was apportioned among the members of the consolidated group in accordance with the terms of the Amended and Restated Tax Matters Agreement. DuPont, Corteva and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with the Amended and Restated Tax Matters Agreement. The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate on continuing operations for the second quarter of 2020 was 1.4 percent , compared with an effective tax rate of (16.4) percent for the second quarter of 2019 . For the first six months of 2020, the effective tax rate on continuing operations was (0.3) percent , compared with (5.8) percent for the first six months of 2019. The effective tax rate for the second quarter and for the first six months of 2020 was principally the result of a non-tax-deductible goodwill impairment charge impacting the Transportation and Industrial segment in the second quarter and a non-tax-deductible goodwill impairment charge impacting the Non-Core segment in the first quarter. The tax rate in the second quarter of 2019 and for the first six months of 2019 was principally the result of the non-tax-deductible goodwill impairment charges impacting the Nutrition & Biosciences and Non-Core segments. See Note 11 for more information regarding the goodwill impairment charges. Each year the Company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's results of operations. |
EARNINGS PER SHARE CALCULATIONS
EARNINGS PER SHARE CALCULATIONS | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for the three and six months ended June 30, 2020 and 2019 : Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Loss from continuing operations, net of tax $ (2,471 ) $ (1,103 ) $ (3,081 ) $ (1,177 ) Net income from continuing operations attributable to noncontrolling interests 7 9 13 13 Net income from continuing operations attributable to participating securities 1 — — — 1 Loss from continuing operations attributable to common stockholders $ (2,478 ) $ (1,112 ) $ (3,094 ) $ (1,191 ) Income from discontinued operations, net of tax — 566 — 1,212 Net income from discontinued operations attributable to noncontrolling interests — 25 — 72 Income from discontinued operations attributable to common stockholders — 541 — 1,140 Net loss attributable to common stockholders $ (2,478 ) $ (571 ) $ (3,094 ) $ (51 ) Earnings Per Share Calculations - Basic Three Months Ended June 30, Six Months Ended June 30, Dollars per share 2020 2019 2020 2019 Loss from continuing operations attributable to common stockholders $ (3.37 ) $ (1.48 ) $ (4.20 ) $ (1.59 ) Income from discontinued operations, net of tax — 0.72 — 1.52 Net loss attributable to common stockholders $ (3.37 ) $ (0.76 ) $ (4.20 ) $ (0.07 ) Earnings Per Share Calculations - Diluted Three Months Ended June 30, Six Months Ended June 30, Dollars per share 2020 2019 2020 2019 Loss from continuing operations attributable to common stockholders $ (3.37 ) $ (1.48 ) $ (4.20 ) $ (1.59 ) Income from discontinued operations, net of tax — 0.72 — 1.52 Net loss attributable to common stockholders $ (3.37 ) $ (0.76 ) $ (4.20 ) $ (0.07 ) Share Count Information Three Months Ended June 30, Six Months Ended June 30, Shares in millions 2020 2019 2020 2019 Weighted-average common shares - basic 734.3 749.0 736.5 749.6 Plus dilutive effect of equity compensation plans — — — — Weighted-average common shares - diluted 734.3 749.0 736.5 749.6 Stock options and restricted stock units excluded from EPS calculations 2 6.3 2.5 6.6 2.4 1. Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. 2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure | INVENTORIES Inventories June 30, 2020 December 31, 2019 In millions Finished goods $ 2,671 $ 2,621 Work in process 821 855 Raw materials 582 599 Supplies 233 244 Total inventories $ 4,307 $ 4,319 |
NONCONSOLIDATED AFFILIATES (Not
NONCONSOLIDATED AFFILIATES (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | NONCONSOLIDATED AFFILIATES The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the interim Condensed Consolidated Balance Sheets, are shown in the following table: Investments in Nonconsolidated Affiliates June 30, 2020 December 31, 2019 In millions Investments in nonconsolidated affiliates $ 1,212 $ 1,204 Accrued and other current liabilities (78 ) (85 ) Other noncurrent obligations (270 ) (358 ) Net investment in nonconsolidated affiliates $ 864 $ 761 The Company had an ownership interest in 21 nonconsolidated affiliates at June 30, 2020 . The following table reflects the Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at June 30, 2020 : Country Ownership Interest June 30, 2020 The HSC Group: DC HSC Holdings LLC 1 United States 50.0 % Hemlock Semiconductor L.L.C. United States 50.1 % 1. DC HSC Holdings LLC holds an 80.5 percent indirect ownership interest in Hemlock Semiconductor Operations LLC. Sales to nonconsolidated affiliates represented less than 2 percent of total net sales for the three and six months ended June 30, 2020 and 2019. Sales to nonconsolidated affiliates are primarily related to the sale of trichlorosilane, a raw material used in the production of polycrystalline silicon, to the HSC Group. Sales of this raw material to the HSC Group are reflected in Non-Core. Purchases from nonconsolidated affiliates represented less than 2 percent of “Cost of sales” for the three and six months ended June 30, 2020 and 2019. HSC Group The following table reflects the carrying value of the HSC Group investments at June 30, 2020 and December 31, 2019 : Investment in the HSC Group Investment In millions Balance Sheet Classification June 30, 2020 Dec 31, 2019 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (270 ) $ (358 ) DC HSC Holdings LLC Investments in nonconsolidated affiliates $ 98 $ 87 The following is summarized financial information for the Company's principal nonconsolidated equity method investments. The amounts shown below represent 100 percent of these equity method investments' results of operations: Results of Operations Six Months Ended June 30, In millions 2020 2019 Revenues 1 $ 345 $ 367 Cost of sales 1 $ 234 $ 229 Income from continuing operations 2 $ 203 $ 135 Net income attributed to entities $ 198 $ 119 1. Includes revenues and cost of sales of $42 million and $55 million for the six months ended June 30, 2020 and 2019, respectively, that have not been eliminated between Hemlock Semiconductor L.L.C and DC HSC Holdings in the presentation of the summarized income statement information above. 2. Includes benefits associated with customer contract settlements of approximately $165 million , partially offset by inventory valuation adjustments, for the six months ended June 30, 2020 . The portion attributable to the Company was a net $64 million |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amounts of goodwill during the six months ended June 30, 2020 were as follows: Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Total In millions Balance at December 31, 2019 $ 7,092 $ 11,012 $ 6,931 $ 6,711 $ 1,405 $ 33,151 Acquisitions — — — 53 — 53 Divestitures (199 ) — — — — (199 ) Impairments — — (2,498 ) — (533 ) (3,031 ) Currency Translation Adjustment 5 (5 ) 13 11 — 24 Measurement Period Adjustments — — — 20 — 20 Balance at June 30, 2020 $ 6,898 $ 11,007 $ 4,446 $ 6,795 $ 872 $ 30,018 The Company tests goodwill and indefinite-lived intangible assets for impairment annually during the fourth quarter as of October 1, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. As a result of the related acquisition method of accounting in connection with the Merger, Historical EID’s assets and liabilities were measured at fair value resulting in increases to the Company’s goodwill and other intangible assets. The fair value valuation increased the risk that declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the Company’s reporting units and assets, and therefore could result in an impairment. The Company continues to monitor the impact of the COVID-19 pandemic on the broader global economy, including the end markets which the Company serves. In the second quarter of 2020, continued near-term demand weakness in global automotive production resulting from the COVID-19 pandemic, along with revised views of recovery based on third party market information, served as a triggering event requiring the Company to perform an impairment analysis of the goodwill associated with its Transportation & Industrial reporting unit as of June 30, 2020. The carrying value of the Transportation & Industrial reporting unit is comprised substantially of Historical EID’s assets and liabilities which were measured at fair value in connection with the Merger, and thus inherently considered at risk for impairment. The Company performed quantitative testing on its Transportation & Industrial reporting unit, using a combination of the discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs and the Guideline Public Company Method (a form of the market approach), as further described below. Based on the analysis performed, the Company concluded that the carrying amount of the reporting unit exceeded its fair value resulting in a pre-tax, non-cash goodwill impairment charge of $2,498 million , reflected in "Goodwill impairment charges" in the Consolidated Statements of Operations for the three and six months ended June 30, 2020. The Company's goodwill analysis referenced above used the discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs. The Company’s significant assumptions in this analysis included, but were not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The Company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company’s estimates. If the Company’s ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future periods. The Company also used the Guideline Public Company Method (a form of the market approach). The significant assumptions used in this analysis include, but are not limited to, the derived multiples from comparable market transactions and other market data. The selection of comparable businesses is based on the markets in which the reporting unit operates giving consideration to risk profiles, size, geography, and diversity of products and services. The Company probability-weighted scenarios for both the income and market approaches and also applied an overall probability-weighting to the income and market approaches to determine the concluded fair value of the reporting unit given the uncertainty in the current economic environment to determine the concluded fair value of the reporting unit. The Company believes the current assumptions and estimates utilized in the income and market approaches are both reasonable and appropriate. In the first quarter of 2020, expectations of proceeds related to certain potential divestitures within the Non-Core segment gave rise to fair value indicators and, thus, served as triggering events requiring the Company to perform impairment analyses related to goodwill as of March 31, 2020. As part of the analysis, the Company determined that the fair value of its Photovoltaic and Advanced Materials (“PVAM”) reporting unit was below its carry value resulting in an impairment charge to goodwill. Valuations of the PVAM reporting unit under a combination of the market approach and income approach reflected softening conditions in photovoltaics markets as compared to prior estimates. In connection with this analysis, the Company recorded a pre-tax, non-cash goodwill impairment charge of $533 million in the first quarter of 2020 impacting the Non-Core segment. This charge is reflected in "Goodwill impairment charges" in the Consolidated Statements of Operations for the six months ended June 30, 2020. As a result of the impairment, the carrying value of the PVAM reporting unit is indicative of fair value and thus is at risk to have impairment charges in future periods. In the second quarter of 2019, the Company recorded pre-tax, non-cash goodwill impairment charges of $1,175 million impacting the Nutrition & Biosciences and Non-Core segments which are reflected in "Goodwill impairment charges" in the interim Consolidated Statements of Operations for the three and six months ended June 30, 2019. COVID-19 continues to adversely impact the broader global economy and has caused significant volatility in financial markets. If there is a of lack of recovery, the time period to recovery is longer than expected or further global softening is experienced in certain markets, such as automotive, aerospace, commercial construction, oil & gas and select industrial end-markets, or a sustained decline in the value of the Company's common stock, the Company may be required to perform additional impairment assessments for its goodwill, other intangibles, and long-lived assets, the results of which could result in material impairment charges. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2020 December 31, 2019 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 4,366 $ (1,616 ) $ 2,750 $ 4,343 $ (1,361 ) $ 2,982 Trademarks/tradenames 2,433 (1,055 ) 1,378 2,433 (455 ) 1,978 Customer-related 8,994 (2,506 ) 6,488 8,986 (2,229 ) 6,757 Other 303 (213 ) 90 303 (98 ) 205 Total other intangible assets with finite lives $ 16,096 $ (5,390 ) $ 10,706 $ 16,065 $ (4,143 ) $ 11,922 Intangible assets with indefinite lives: Trademarks/tradenames 1,643 — 1,643 1,671 — 1,671 Total other intangible assets 1,643 — 1,643 1,671 — 1,671 Total $ 17,739 $ (5,390 ) $ 12,349 $ 17,736 $ (4,143 ) $ 13,593 In the second quarter of 2020, the Company performed quantitative testing on indefinite-lived intangible assets attributable to the Transportation & Industrial segment, for which the Company determined that the fair value of certain tradenames had declined related to the factors described above. The Company performed an analysis of the fair value using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result of the testing, the Company recorded a pre-tax, non-cash indefinite-lived intangible asset impairment charge of $21 million ( $16 million after tax), which is reflected in "Restructuring and asset related charges - net," in the Consolidated Statements of Operations for the three and six months ended June 30, 2020. The remaining net book value of the tradenames attributable to the Transportation & Industrial segment at June 30, 2020 was approximately $289 million , which represents fair value. In the first quarter of 2020, the Company recorded non-cash impairment charges related to definite-lived intangible assets impacting the Non-Core segment reflected within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the six months ended June 30, 2020 . See Note 5 for further discussion. The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment June 30, 2020 December 31, 2019 In millions Electronics & Imaging $ 1,724 $ 1,833 Nutrition & Biosciences 3,662 4,377 Transportation & Industrial 3,460 3,590 Safety & Construction 2,999 3,082 Non-Core 504 711 Total $ 12,349 $ 13,593 The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Other intangible assets $ 528 $ 252 $ 1,061 $ 508 Total estimated amortization expense for the remainder of 2020 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2020 $ 1,070 2021 $ 1,069 2022 $ 985 2023 $ 919 2024 $ 840 2025 $ 755 |
SHORT TERM BORROWINGS, LONG-TER
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Debt Offering On May 1, 2020, the Company completed an underwritten public offering of senior unsecured notes (the “Notes”) in the aggregate principal amount of $2 billion of 2.169 percent fixed rate Notes due May 1, 2023 (the “May Debt Offering”). The proceeds from the May Debt Offering are expected to be used by the Company to repay or redeem the Company’s $0.5 billion in floating rate notes due November 2020 and $1.5 billion of 3.77 percent fixed-rate notes due November 2020 (collectively, the “2020 Notes”). Upon consummation of the Intended N&B Transaction, the Company will be required to mail a notice of redemption to holders of the Notes, with a copy to the Trustee, setting forth the date of redemption of all of the Notes on the date (“Special Mandatory Redemption Date”) that is the later of (i) three (3) Business Days after the consummation of the Intended N&B Transaction and (ii) May 1, 2021. On the Special Mandatory Redemption Date, the Company will be required to redeem all of the Notes at a redemption price equal to 100% of the aggregate principal amount of the Notes plus accrued and unpaid interest, if any, up to but excluding the Special Mandatory Redemption Date. The Indenture also contains certain limitations on the Company’s ability to incur liens and enter into sale lease-back transactions, as well as customary events of default. Revolving Credit Facility In June 2019, the Company entered into a $750 million , 364-day revolving credit facility (the "Old 364-Day Revolving Credit Facility"). On and effective as of April 16, 2020, the Company entered into a new $1.0 billion 364-day revolving credit facility (the “$1B Revolving Credit Facility"). As of the effectiveness of the $1B Revolving Credit Facility, the Old 364-Day Revolving Credit Facility was terminated. Nutrition & Biosciences Financing In connection with the Intended N&B Transaction, DuPont and Nutrition & Biosciences, Inc. (presently a wholly owned subsidiary of DuPont) (“N&B Inc.”) entered into a Bridge Commitment Letter (the “Bridge Letter”) in an aggregate principal amount of $7.5 billion (the “Bridge Loans”) to secure committed financing for a one-time $7.3 billion cash payment, subject to adjustment, to DuPont ( the "Special Cash Payment") and related financing fees. The aggregate commitment under the Bridge Letter is reduced by, among other things, (1) the amount of net cash proceeds received by N&B Inc. from any issuance of senior unsecured notes pursuant to a Rule 144A offering or other private placement (the "N&B Notes Offering") and (2) certain qualifying term loan commitments under senior unsecured term loan facilities. In January 2020, N&B Inc. entered into a senior unsecured term loan agreement in the amount of $1.25 billion split evenly between three- and five-year facilities. As a result of entry into the term loan agreement, the commitments under the Bridge Commitment Letter were reduced to $6.25 billion |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation and Environmental Matters As of June 30, 2020, the Company had recorded liabilities of $23 million associated with litigation matters and $79 million associated with environmental matters. These recorded liabilities include the Company’s indemnification obligations to each of Dow and Corteva. Under the Separation and Distribution Agreement, liabilities, including cost and expenses, associated with litigation and environmental matters that primarily related to the materials science business, the agriculture business or the specialty products business were generally allocated to or retained by Dow, Corteva or the Company, respectively, through retention, assumption or indemnification. Related to the foregoing, at June 30, 2020, DuPont has recorded (i) a liability of $37 million (although it is reasonably possible that the ultimate cost could range up to $98 million above the amount accrued) for retained or assumed environmental liabilities, (ii) a liability of $2 million for retained or assumed litigation liabilities, and (iii) an indemnification liability related to legal and environmental matters of $58 million . Liabilities associated with discontinued and/or divested operations and businesses of Historical Dow generally were allocated to or retained by Dow. The allocation of liabilities associated with the discontinued and/or divested operations and businesses of Historical EID is discussed below. Discontinued and/or Divested Operations and Businesses ("DDOB") Liabilities of Historical EID Under the Separation and Distribution Agreement and the Letter Agreement between Corteva and DuPont, DDOB liabilities of Historical EID primarily related to Historical EID’s agriculture business were allocated to or retained by Corteva and those primarily related to Historical EID’s specialty products business were allocated to or retained by the Company. Historical EID DDOB liabilities not primarily related to Historical EID’s agriculture business or specialty products business (“Stray Liabilities”), are allocated as follows: • Generally, indemnifiable losses as defined in the Separation and Distribution Agreement, (“Indemnifiable Losses”) for Stray Liabilities, to the extent they do not arise out of actions related to or resulting from the development, testing, manufacture or sale of PFAS, defined below, (“Non-PFAS Stray Liabilities”) that are known as of April 1, 2019 are borne by Corteva up to a specified amount set forth in the schedules to the Separation and Distribution Agreement and/or Letter Agreement. Non-PFAS Stray Liabilities in excess of such specified amounts and any Non-PFAS Stray Liabilities not listed in the schedules to the Separation and Distribution Agreement or Letter Agreement are borne by Corteva and/or DuPont up to separate, aggregate thresholds of $200 million each to the extent Corteva or DuPont, as applicable, incurs an Indemnifiable Loss. Once Corteva’s or DuPont’s $200 million threshold is met, the other would generally bear all Non-PFAS Stray Liabilities until meeting its $200 million threshold. After the respective $200 million thresholds are met, DuPont will bear 71 percent of such losses and Corteva will bear 29 percent of such losses. • Generally, Corteva and the Company will each bear 50 percent of the first $300 million (up to $150 million each) for Indemnifiable Losses arising out of actions to the extent related to or resulting from the development, testing, manufacture or sale of per- or polyfluoroalkyl substances, which include collectively perfluorooctanoic acids and its salts (“PFOA”), perfluorooctanesulfonic acid (“PFOS”) and perfluorinated chemicals and compounds (“PFCs”) (all such substances, “PFAS” and such Stray Liabilities referred to as “PFAS Stray Liabilities”). Indemnifiable Losses to the extent related to PFAS Stray Liabilities in excess of $300 million generally will be borne 71 percent by the Company and 29 percent by Corteva, unless either Corteva or DuPont has met its $200 million threshold. In that event, the other company would bear all PFAS Stray Liabilities until that company meets its $200 million threshold, at which point DuPont will bear 71 percent of such losses and Corteva will bear 29 percent of such losses. • Indemnifiable Losses incurred by the companies in relation to PFAS Stray Liabilities up to $300 million (e.g., up to $150 million each) will be applied to each company’s respective $200 million threshold. Indemnifiable Losses, as defined in the Separation and Distribution Agreement, include, among other things, attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense of Stray Liabilities. DuPont expects to continue to incur directly and as Indemnifiable Losses, costs and expenses related to litigation defense, such as attorneys’ fees and expenses and court costs, in connection with the Stray Liabilities described below. In accordance with its accounting policy for litigation matters, the Company will expense such litigation defense costs as incurred which could be significant to the Company’s financial condition and/or cash flows in the period. Even when the Company believes the probability of loss or of an adverse unappealable final judgment is remote, the Company may consider settlement of these matters, and may enter into settlement agreements, if it believes settlement is in the best interest of the Company, including avoidance of future distraction and litigation defense cost, and its shareholders. Stray Liabilities Non-PFAS Stray Liabilities While DuPont believes it is probable that it will incur a liability related to Non-PFAS Stray Liabilities, such liability is not reasonably estimable at June 30, 2020. Therefore, at June 30, 2020, DuPont has not recorded an accrual related to Non-PFAS Liabilities. PFAS Stray Liabilities Chemours Suit On July 1, 2015, Historical EID completed the separation of Historical EID’s Performance Chemicals segment through the spin-off of all the issued and outstanding stock of The Chemours Company (“Chemours”) to holders of Historical EID common stock. In connection with the spin, Historical EID and Chemours entered into a Separation Agreement (as amended, the "Chemours Separation Agreement"). Pursuant to the Chemours Separation Agreement, Chemours is obligated to indemnify Historical EID, including its current or former affiliates, against certain litigation, environmental and other liabilities that arose prior to the Chemours Separation. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In 2017, Historical EID and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future PFOA liabilities for a five-year period that began on July 6, 2017. The amended agreement provides that during that five-year period, Chemours will annually pay the first $25 million of future PFOA liabilities and, if that amount is exceeded, Historical EID will pay any excess amount up to the next $25 million , with Chemours annually bearing any excess liabilities above that amount. If Historical EID were required to pay PFOA liabilities pursuant to the amended agreement, fifty percent of such obligation would be borne by the Company in accordance with the Letter Agreement. In connection with the foregoing, the Company has not recorded or paid a PFOA liability. At the end of the five-year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Chemours Separation Agreement will continue unchanged. On May 13, 2019, Chemours filed suit in the Delaware Court of Chancery against Historical EID, Corteva and the Company in an attempt to limit its responsibility for the litigation and environmental liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement. Chemours is asking the court to rewrite the Chemours Separation Agreement by either limiting Chemours’ liabilities or, alternatively, ordering the return to Chemours of all or a portion of a $3.91 billion dividend that Chemours paid to Historical EID, Chemours’ then-sole-shareholder, just prior to the spin of Chemours. DuPont and Corteva, acting jointly, filed a motion to dismiss the lawsuit for lack of subject matter jurisdiction and initiated an arbitration of the dispute as required under the Chemours Separation Agreement. In December 2019, following argument, the Delaware Court of Chancery stayed arbitration pending resolution of the motion to dismiss. On March 30, 2020, the Court of Chancery granted the motion to dismiss and rejected Chemours’ arguments in their entirety. Chemours filed a notice of appeal on April 17, 2020 with the Delaware Supreme Court. Meanwhile, the confidential arbitration process is proceeding. Indemnifiable Losses related to the Chemours suit are PFAS Stray Liabilities subject to the sharing arrangement between DuPont and Corteva, described above. The Company believes the probability of a final unappealable judgment of liability with respect to the Chemours suit to be remote; the defendants continue to vigorously defend full indemnity rights as set forth in the Chemours Separation Agreement. PFAS Matters Historical EID is a party to legal proceedings relating to the use of PFOA and PFCs by its former Performance Chemicals segment. Indemnifiable Losses related to PFAS liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement generally are PFAS Stray Liabilities subject to the sharing arrangement between DuPont and Corteva, described above. Generally, Chemours, with reservations, including as to alleged fraudulent conveyance and voidable transactions, is defending and indemnifying Historical EID in the PFAS Matters discussed below. Although Chemours has refused the tender of the Company’s defense in the actions in which the Company has been named, DuPont believes it is remote that it will ultimately incur a liability in connection with these PFAS Matters. Personal Injury and Other PFAS Actions DuPont, which was formed after the spin-off of Chemours, is not named in the personal injury and other PFAS actions discussed below. Personal Injury In 2004, Historical EID settled a West Virginia state court class action, Leach v. DuPont, which alleged that PFOA from Historical EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. Historical EID has residual liabilities under the Leach settlement related to providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. Members of the Leach class have standing to pursue personal injury claims for just six health conditions that an expert panel appointed under the Leach settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. In 2017, Chemours and Historical EID each paid $335 million to settle the multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”), thereby resolving claims of about 3,550 plaintiffs alleging injury from exposure to PFOA in drinking water. The 2017 settlement did not resolve claims of Leach class members who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. About 80 claims alleging personal injury, including kidney and testicular cancer claims, have been filed since the 2017 settlement. These claims are currently pending in the Ohio MDL. The first two cases, one captioned “Abbott v E. I. du Pont de Nemours and Company” and the other “Swartz v. E. I. du Pont de Nemours and Company”, involving a testicular cancer and a kidney cancer claim, respectively, proceeded to trial in January 2020. In the Abbott case, the jury returned a verdict in March 2020 against Historical EID, awarding $50 million in compensatory damages to the plaintiff and his wife, who claimed that exposure to PFOA in drinking water caused him to develop testicular cancer. Historical EID will appeal the verdict. The plaintiffs also sought but were not awarded punitive damages. In the Swartz matter, the jury could not reach a verdict. Therefore, the court declared a mistrial and the matter will be retried at a later date. The trials in the cases originally scheduled for June 2020 were postponed to August 2020 and have been further postponed to October 2020 due to the COVID-19 pandemic. Natural Resource Damage Claims and Other Claims for Environmental Damages In addition to the actions described above, there are about 100 cases alleging damages to natural resources, the environment and/or property as well as various other allegations. DuPont is named as a defendant in certain of these actions as discussed below. Drinking Water Since May 2017, a number of municipal water districts and state attorneys general have filed lawsuits against Historical EID, Chemours, 3M, and others, claiming contamination of public water systems by certain PFAS compounds. Such actions are currently pending in Ohio, Michigan, New Jersey, New Hampshire, New York, and Vermont. Generally, the states seek economic impact damages for alleged harm to natural resources, punitive damages, and present and future costs to cleanup contamination from certain PFAS compounds and to abate the alleged nuisance. DuPont is a named party in the New Jersey suit related to its site in Parlin, New Jersey. In addition, the New Jersey Attorney General and New Jersey State Department of Environmental Protection filed two directives, one of which names DuPont. The directives seek information on the historical and current use of PFAS. DuPont is also a named party to the Vermont suit and the Michigan suit. The amended complaints in the New Jersey and Vermont cases and the complaint filed by Michigan include additional causes of action based on allegations that the transfer by Historical EID of certain PFAS liabilities to Chemours prior to spinning off Chemours resulted in a fraudulent conveyance or voidable transaction. Several lawsuits have been filed by residents and local water districts against Historical EID and Chemours in New York, and West Virginia, including a putative class action, alleging exposure to PFOA from third-party defendant manufacturing operations and seeking compensatory, consequential and punitive damages, medical monitoring and attorneys’ fees, expenses and interest. Other PFAS Actions There are several actions pending in federal court against Historical EID and Chemours, relating to discharges of PFCs, including GenX, into the Cape Fear River. GenX is a polymerization processing aid and a replacement for PFOA introduced by Historical EID which Chemours continues to manufacture at its Fayetteville Works facility in Bladen County, North Carolina. One of these actions is a consolidated putative class action that asserts claims for damages and other relief on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. In addition, an action is pending in North Carolina state court on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. Aqueous Film Forming Foam Beginning in April 2019, several dozen lawsuits involving water contamination arising from the use of PFAS-containing aqueous firefighting foams (“AFFF”) were filed against Historical EID, Chemours, 3M and other AFFF manufacturers and in different parts of the country. Most were consolidated in multi-district litigation docket in federal district court in South Carolina (the “SC MDL”). Many of those cases also name DuPont as a defendant. Those actions largely seek remediation of the alleged PFAS contamination in and around military bases and airports as well as medical monitoring of affected residents. As of the end of June 2020, approximately 640 personal injury cases have been filed directly in the SC MDL and assert claims on behalf of individual firefighters and others who allege that exposure to PFAS in firefighting foam caused them to develop cancer, including kidney and testicular cancer. DuPont has been named as a defendant in most of these personal injury AFFF cases. DuPont is seeking the dismissal of DowDuPont and DuPont from these actions. Historical EID and the Company have never made or sold aqueous film forming foam, PFOS or PFOS containing products. Additionally, a case filed by a former firefighter is pending in the Southern District of Ohio seeking certification of a nationwide class of individuals who have detectable levels of PFAS in their blood serum. The suit was filed against 3M and several other defendants in addition to Chemours and Historical EID. The complaint specifically seeks, among other things, the creation of a “PFAS Science Panel” to study the effects of PFAS, but expressly states that the class does not seek compensatory damages for personal injuries. In February 2020, the court denied the defendants' motion to transfer this case to the SC MDL. Other Litigation Matters In addition to the specific matters described above, the Company is party to other claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, and other actions. Certain of these actions may purport to be class actions and seek damages in very large amounts. It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At June 30, 2020, the Company had accrued obligations of $79 million for probable environmental remediation and restoration costs, inclusive of $37 million retained and assumed following the Distributions and $42 million of indemnified liabilities. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to $161 million above the amount accrued at June 30, 2020. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. At December 31, 2019, the Company had accrued obligations of $77 million for probable environmental remediation and restoration costs. Pursuant to the Separation and Distribution Agreement, the Company is required to indemnify certain clean-up responsibilities and associated remediation costs. The accrued environmental obligations of $79 million as of June 30, 2020 includes amount for which the Company indemnifies Dow and Corteva. At June 30, 2020, the Company has indemnified Dow and Corteva $8 million and $34 million , respectively. Guarantees Obligations for Equity Affiliates & Others The Company has directly guaranteed various debt obligations under agreements with third parties related to equity affiliates and customers. At June 30, 2020 and December 31, 2019 , the Company had directly guaranteed $176 million and $187 million , respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the Company could be required to make under the guarantees. The Company would be required to perform on these guarantees in the event of default by the guaranteed party. The Company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. In certain cases, the Company has recourse to assets held as collateral, as well as personal guarantees from customers. Assuming liquidation, these assets are estimated to cover less than 1 percent of the $17 million of guaranteed obligations of customers. The following table provides a summary of the final expiration year and maximum future payments for each type of guarantee: Guarantees at June 30, 2020 Final Expiration Year Maximum Future Payments In millions Obligations for customers 1 : Bank borrowings 2021 $ 17 Obligations for non-consolidated affiliates 2 : Bank borrowings 2020 $ 159 Total guarantees $ 176 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. At June 30, 2020 all maximum future payments had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
LEASES (Notes)
LEASES (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | OPERATING LEASES The components of lease cost for operating leases were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Operating lease costs $ 44 $ 46 $ 86 $ 90 Operating cash flows from operating leases were $85 million and $92 million for the six months ended June 30, 2020 and 2019, respectively. Operating lease right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. New operating lease assets and liabilities entered into during the six months ended June 30, 2020 were $82 million and immaterial for the six months ended June 30, 2019 . Supplemental balance sheet information related to leases was as follows: In millions June 30, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 576 $ 556 Current operating lease liabilities 2 148 138 Noncurrent operating lease liabilities 3 431 416 Total operating lease liabilities $ 579 $ 554 1. Included in "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheet. 2. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheet. 3. Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheet. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS | STOCKHOLDERS' EQUITY Share Repurchase Program On June 1, 2019, the Company's Board of Directors approved a new $2 billion share buyback program, which expires on June 1, 2021. During the second quarter of 2020, the Company did not repurchase any shares. At June 30, 2020 , the Company had repurchased and retired 16.9 million shares under this program at a total cost of $982 million . Accumulated Other Comprehensive Loss The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the six months ended June 30, 2020 and 2019 : Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2019 Balance at January 1, 2019 $ (51 ) $ (3,785 ) $ (8,476 ) $ (82 ) $ (12,394 ) Other comprehensive income (loss) before reclassifications 68 (117 ) 49 (43 ) (43 ) Amounts reclassified from accumulated other comprehensive income (loss) (1 ) (18 ) 142 (15 ) 108 Net other comprehensive income (loss) $ 67 $ (135 ) $ 191 $ (58 ) $ 65 Spin-offs of Dow and Corteva $ (16 ) $ 3,179 $ 8,196 $ 139 $ 11,498 Balance at June 30, 2019 $ — $ (741 ) $ (89 ) $ (1 ) $ (831 ) 2020 Balance at January 1, 2020 $ — $ (1,070 ) $ (345 ) $ (1 ) $ (1,416 ) Other comprehensive loss before reclassifications — (54 ) (4 ) — (58 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 9 — 9 Net other comprehensive (loss) income $ — $ (54 ) $ 5 $ — $ (49 ) Balance at June 30, 2020 $ — $ (1,124 ) $ (340 ) $ (1 ) $ (1,465 ) The tax effects on the net activity related to each component of other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019 were as follows: Tax Benefit (Expense) Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Unrealized gains (losses) on investments $ — $ — $ — $ (18 ) Cumulative translation adjustments — — — (1 ) Pension and other post employment benefit plans 3 (3 ) 2 (35 ) Derivative instruments — (8 ) — 16 Tax expense from income taxes related to other comprehensive income items $ 3 $ (11 ) $ 2 $ (38 ) A summary of the reclassifications out of AOCL for the three and six months ended June 30, 2020 and 2019 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended Income Classification In millions 2020 2019 2020 2019 Unrealized gains on investments $ — $ — $ — $ (1 ) See (1) below Tax expense (benefit) — — — — See (2) below After tax $ — $ — $ — $ (1 ) Cumulative translation adjustments $ — $ — $ — $ (18 ) See (3) below Pension and other post employment benefit plans $ 5 $ — $ 8 $ 167 See (4) below Tax expense (benefit) — — 1 (25 ) See (2) below After tax $ 5 $ — $ 9 $ 142 Derivative Instruments $ — $ (7 ) $ — $ (18 ) See (5) below Tax expense — 2 — 3 See (2) below After tax $ — $ (5 ) $ — $ (15 ) Total reclassifications for the period, after tax $ 5 $ (5 ) $ 9 $ 108 1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes on continuing operations." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other post employment benefit plans. See Note 17 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense." |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Ownership interests in the Company's subsidiaries held by parties other than the Company are presented separately from the Company's equity in the interim Condensed Consolidated Balance Sheets as "Noncontrolling interests." The amount of consolidated net income attributable to the Company and the noncontrolling interests is both presented on the face of the interim Consolidated Statements of Operations. The following table summarizes the activity for equity attributable to noncontrolling interests for the three and six months ended June 30, 2020 and 2019 : Noncontrolling Interests Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Balance at beginning of period $ 566 $ 1,654 $ 569 $ 1,608 Net income attributable to noncontrolling interests 7 34 13 85 Distributions to noncontrolling interests (4 ) (1 ) (10 ) (12 ) Cumulative translation adjustments 3 9 (5 ) 16 Spin-off of Dow and Corteva — (1,124 ) — (1,124 ) Other — (2 ) 5 (3 ) Balance at end of period $ 572 $ 570 $ 572 $ 570 |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS A summary of the Company's pension plans and other post employment benefits can be found in Note 20 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Historical Dow and Historical EID did not merge their defined benefit pension and other post employment benefit plans as a result of the Merger. The following sets forth the components of the Company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits: Net Periodic Benefit (Credit) Cost for All Plans Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Defined Benefit Pension Plans: Service cost 1 $ 17 $ 18 $ 35 $ 149 Interest cost 2 14 144 28 591 Expected return on plan assets 3 (26 ) (206 ) (54 ) (919 ) Amortization of prior service credit 4 (2 ) (1 ) (3 ) (7 ) Amortization of net loss 5 4 2 8 135 Curtailment/settlement 6 2 (2 ) 2 (2 ) Net periodic benefit cost (credit) - total $ 9 $ (45 ) $ 16 $ (53 ) Less: Net periodic benefit credit - discontinued operations — (41 ) — (45 ) Net periodic benefit cost (credit) - continuing operations $ 9 $ (4 ) $ 16 $ (8 ) Other Post Employment Benefits: Service cost 1 $ — $ 1 $ — $ 5 Interest cost 2 — 15 — 52 Amortization of net gain 5 — — — (6 ) Net periodic benefit cost - total $ — $ 16 $ — $ 51 Less: Net periodic benefit cost - discontinued operations — 16 — 50 Net periodic benefit cost - continuing operations $ — $ — $ — $ 1 1. The service cost from continuing operations was $14 million and $30 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. 2. The interest cost from continuing operations was $20 million and $41 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. 3. The expected return on plan assets from continuing operations was $36 million and $79 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. 4. The amortization of prior service credit from continuing operations was $1 million for the three and six months ended June 30, 2019. The activity from OPEBs was immaterial. 5. The amortization of unrecognized net loss from continuing operations was $1 million and $3 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. 6. The curtailment and settlement gains from continuing operations were $2 million for the three and six months ended June 30, 2019. The activity from OPEBs was immaterial. The continuing operations portion of the net periodic benefit (credit) cost, other than the service cost component, is included in "Sundry income (expense) - net" in the interim Consolidated Statements of Operations. DuPont expects to make additional contributions in the aggregate of approximately $45 million by year-end 2020 . |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Text Block] | STOCK-BASED COMPENSATION A summary of the Historical Dow and Historical DuPont stock-based compensation plans can be found in Note 21 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . Historical Dow and Historical EID did not merge their equity incentive plans as a result of the Merger. The Historical Dow and Historical EID stock-based compensation plans were assumed by the Company and remained in place with the ability to grant and issue DowDuPont common stock until the Distributions. Immediately following the Corteva Distribution, DuPont adopted the DuPont Omnibus Incentive Plan ("DuPont OIP") which provides for equity-based and cash incentive awards to certain employees, directors, independent contractors and consultants in the form of stock options, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). Upon adoption of the DuPont OIP, the Historical Dow and Historical EID plans were maintained and rolled into the DuPont OIP as separate subplans. The equity awards under these subplans have the same terms and conditions that were applicable to the awards under the Historical Dow and Historical EID plans immediately prior to the Distributions. Under the DuPont OIP, a maximum of 10 million shares of common stock are available for award as of June 30, 2020 . During the second quarter of 2020, the stockholders of DuPont approved the DuPont 2020 Equity and Incentive Plan (the "2020 Plan"). The 2020 Plan limits the number of shares that may be subject to awards payable in shares of DuPont common stock to 19 million . The 2020 Plan authorizes the Company to grant options, share appreciation rights, restricted shares, RSUs, share bonuses, other share-based awards, cash awards, each as defined in the 2020 Plan, or any combination of the foregoing. The approval of the 2020 Plan had no effect on the Company’s ability to make future grants under the DuPont OIP in accordance with its terms, and awards that are outstanding under the DuPont OIP remain outstanding in accordance with their terms. There has been no activity under the 2020 Plan to date. DuPont recognized share-based compensation expense in continuing operations of $28 million and $34 million for the three months ended June 30, 2020 and 2019, respectively, and $69 million and $55 million during the six months ended June 30, 2020 and 2019, respectively. The income tax benefits related to stock-based compensation arrangements were $5 million and $7 million for the three months ended June 30, 2020 and 2019, respectively, and $14 million and $12 million for the six months ended June 30, 2020 and 2019, respectively. In the first quarter of 2020 , the Company granted 1.0 million RSUs, 0.8 million stock options and 0.3 million PSUs. The weighted-average fair values per share associated with the grants were $53.49 per RSU, $8.84 per stock option and $50.23 per PSU. The stock options had a weighted-average exercise price per share of $53.50 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at June 30, 2020 and December 31, 2019 : Fair Value of Financial Instruments June 30, 2020 December 31, 2019 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 2,523 $ — $ — $ 2,523 $ 417 $ — $ — $ 417 Restricted cash equivalents 1 $ 32 $ — $ — $ 32 $ 37 $ — $ — $ 37 Total cash and restricted cash equivalents $ 2,555 $ — $ — $ 2,555 $ 454 $ — $ — $ 454 Long-term debt including debt due within one year $ (17,611 ) $ 3 $ (2,285 ) $ (19,893 ) $ (15,618 ) $ — $ (1,633 ) $ (17,251 ) Derivatives relating to: Foreign currency 2 — 3 (23 ) (20 ) — 6 (7 ) (1 ) Total derivatives $ — $ 3 $ (23 ) $ (20 ) $ — $ 6 $ (7 ) $ (1 ) 1. Classified as "Other current assets" in the interim Condensed Consolidated Balance Sheets. 2. Presented net of cash collateral where master netting arrangements allow. Derivative Instruments Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, the Company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The Company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the Company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. As of the second quarter of 2020, the Company has not designated any derivatives or non-derivatives as hedging instruments. The Company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. The notional amounts of the Company's derivative instruments were as follows: Notional Amounts June 30, 2020 Dec 31, 2019 In millions Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ (40 ) $ 26 Commodity contracts $ 8 $ 11 1. Presented net of contracts bought and sold. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The Company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The Company may use foreign currency exchange contracts to offset a portion of the Company's exposure to certain foreign currency-denominated revenues so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated revenues. Commodity Contracts The Company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as soybeans, soybean oil and soybean meal. Fair Value of Derivative Instruments Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Condensed Consolidated Balance Sheets. The presentation of the Company's derivative assets and liabilities is as follows: June 30, 2020 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 7 $ (4 ) $ 3 Total asset derivatives $ 7 $ (4 ) $ 3 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 27 $ (4 ) $ 23 Total liability derivatives $ 27 $ (4 ) $ 23 December 31, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 16 $ (10 ) $ 6 Total asset derivatives $ 16 $ (10 ) $ 6 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 17 $ (10 ) $ 7 Total liability derivatives $ 17 $ (10 ) $ 7 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Effect of Derivative Instruments Foreign currency derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency-denominated assets and liabilities. The amount charged on a pre-tax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) - net” in the interim Consolidated Statements of Operations, was insignificant for the three months ended June 30, 2020 ( $13 million loss for the three months ended June 30, 2019 ) and a gain of $4 million for the six months ended June 30, 2020 ( $60 million loss for the six months ended June 30, 2019 ). The income statement effects of other derivatives were immaterial. Reclassification from AOCL The Company does not expect to reclassify gains or losses related to foreign currency contracts from AOCL to income within the next 12 months and there are currently no such amounts included within AOCL. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at June 30, 2020 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 2,555 Derivatives relating to: 2 Foreign currency contracts 7 Total assets at fair value $ 2,562 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 19,893 Derivatives relating to: 2 Foreign currency contracts 27 Total liabilities at fair value $ 19,920 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Basis of Fair Value Measurements on a Recurring Basis at December 31, 2019 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 454 Derivatives relating to: 2 Foreign currency contracts 16 Total assets at fair value $ 470 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 17,251 Derivatives relating to: 2 Foreign currency contracts 17 Total liabilities at fair value $ 17,268 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Fair Value Measurements on a Nonrecurring Basis During the second quarter of 2020, the Company recorded impairment charges related to goodwill and indefinite-lived assets within the Transportation & Industrial segment. See Notes 11 and 5 for further discussion of these fair value measurements. During the first quarter of 2020, the Company recorded impairment charges related to goodwill and long-lived assets within the Non-Core segment. See Notes 11 and 5 for further discussion of these fair value measurements. During the second quarter of 2019, the Company recorded goodwill impairment charges related to the Nutrition & Biosciences and Non-Core segments. The Company also recorded an other-than-temporary impairment, classified as Level 3 measurements, on an equity method investment. See Note 11 and 5 for further discussion of these fair value measurements. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHIC REGIONS | SEGMENTS AND GEOGRAPHIC REGIONS In the first quarter of 2020, in preparation for the Intended N&B Transaction, DuPont changed its management and reporting structure to realign costs associated with its polysaccharides pre-commercial activities from the Non-Core segment to the N&B segment. The reporting changes have been retrospectively reflected in the segment results for all periods presented. Prior to April 1, 2019, the Company's measure of profit / loss for segment reporting purposes is pro forma Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assessed performance and allocates resources. The Company defines pro forma Operating EBITDA as pro forma earnings (i.e. pro forma "Income (loss) from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / other post employment benefits (“OPEB”) / charges, and foreign exchange gains/losses, excluding the impact of costs historically allocated to the materials science and agriculture businesses that did not meet the criteria to be recorded as discontinued operations and adjusted for significant items. Effective April 1, 2019, the Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, adjusted for significant items. Reconciliations of these measures are provided on the following pages. Pro forma adjustments were determined in accordance with Article 11 of Regulation S-X. Pro forma financial information is based on the Consolidated Financial Statements of DuPont, adjusted to give effect to the impact of certain items directly attributable to the Distributions, and the Term Loan Facilities, the 2018 Senior Notes and the Funding CP Issuance (together, the "Financings"), including the use of proceeds from such Financings (collectively the "Transactions"). The historical consolidated financial information has been adjusted to give effect to pro forma events that are (1) directly attributable to the Transactions, (2) factually supportable and (3) with respect to the statements of operations, expected to have a continuing impact on the results. Events that are not expected to have a continuing impact on the combined results are excluded from the pro forma adjustments. Those pro forma adjustments include the impact of various supply agreements entered into in connection with the Dow Distribution ("supply agreements") and are adjustments to "Cost of sales." Pro forma Operating EBITDA for the six months ended June 30, 2019 has been adjusted to reflect the supply agreements if they had been effective January 1, 2018 as they are included in the measure of profit/loss reviewed by the CODM in order to show meaningful comparability among periods while assessing performance and making resource allocation decisions. There were no pro forma adjustments for the three or six months ended June 30, 2020 and the three months ended June 30, 2019. Segment Information Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Three months ended June 30, 2020 Net sales $ 905 $ 1,539 $ 832 $ 1,244 $ 308 $ — $ 4,828 Operating EBITDA 1 $ 277 $ 418 $ 49 $ 349 $ 93 $ (51 ) $ 1,135 Equity in earnings of nonconsolidated affiliates $ 10 $ 1 $ 1 $ 5 $ 86 $ — $ 103 Three months ended June 30, 2019 Net sales $ 858 $ 1,558 $ 1,269 $ 1,341 $ 442 $ — $ 5,468 Operating EBITDA 1 $ 246 $ 386 $ 357 $ 382 $ 104 $ (53 ) $ 1,422 Equity in earnings of nonconsolidated affiliates 2 $ 5 $ — $ 2 $ 7 $ 36 $ — $ 50 Six months ended June 30, 2020 Net sales $ 1,789 $ 3,090 $ 1,976 $ 2,520 $ 674 $ — $ 10,049 Operating EBITDA 1 $ 530 $ 803 $ 357 $ 717 $ 135 $ (86 ) $ 2,456 Equity in earnings of nonconsolidated affiliates $ 19 $ 1 $ 2 $ 12 $ 108 $ — $ 142 Six months ended June 30, 2019 Net sales $ 1,683 $ 3,093 $ 2,586 $ 2,624 $ 896 $ — $ 10,882 Pro forma operating EBITDA 1 $ 534 $ 735 $ 730 $ 756 $ 202 $ (105 ) $ 2,852 Equity in earnings of nonconsolidated affiliates 2 $ 8 $ — $ 2 $ 15 $ 66 $ — $ 91 1. A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA and pro forma Operating EBITDA, as applicable, is provided below. 2. Represents equity in earnings (losses) of nonconsolidated affiliates included in pro forma Operating EBITDA, the Company's measure of profit/loss for segment reporting purposes, which excludes significant items. Accordingly, the Non-Core segment presented above excludes a restructuring charge of $1 million and $2 million for the three and six months ended June 30, 2019, respectively, which is presented in "Equity in earnings of nonconsolidated affiliates" in the Company's interim Consolidated Statements of Operations. Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended June 30, 2020 and 2019 Three Months Ended June 30, In millions 2020 2019 Loss from continuing operations, net of tax $ (2,471 ) $ (1,103 ) + (Benefit from) provision for income taxes on continuing operations (36 ) 155 Loss from continuing operations before income taxes $ (2,507 ) $ (948 ) + Depreciation and amortization 774 507 - Interest income 1 2 9 + Interest expense 2 181 165 - Non-operating pension/OPEB benefit 1 8 18 - Foreign exchange losses, net 1 (23 ) (17 ) - Significant items 3 (2,674 ) (1,708 ) Operating EBITDA $ 1,135 $ 1,422 1. Included in "Sundry income (expense) - net." 2. The three months ended June 30, 2020 excludes N&B financing fee amortization. Refer to details of significant items below. 3. The significant items for the three months ended June 30, 2020 and 2019 are presented on an as reported basis. Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Six Months Ended June 30, 2020 and 2019 Six Months Ended June 30, In millions 2020 2019 Loss from continuing operations, net of tax $ (3,081 ) $ (1,177 ) + Provision for (benefit from) income taxes on continuing operations 8 64 Loss from continuing operations before income taxes $ (3,073 ) $ (1,113 ) + Pro forma adjustments 1 — 122 + Depreciation and amortization 1,546 1,034 - Interest income 2 4 49 + Interest expense 3 354 345 - Non-operating pension/OPEB benefit 2 19 39 - Foreign exchange losses, net 2 (31 ) (78 ) + Costs historically allocated to the materials science and agriculture businesses 4 — 256 - Significant items 5 (3,621 ) (2,218 ) Operating EBITDA 1 $ 2,456 $ 2,852 1. For the six months ended June 30, 2019 , operating EBITDA is on a pro forma basis. The pro forma adjustment reflects the net pro forma impact of items directly attributable to the Transactions, as applicable. 2. Included in "Sundry income (expense) - net." 3. The six months ended June 30, 2020 excludes N&B financing fee amortization. Refer to details of significant items below. 4. Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. 5. The significant items for the six months ended June 30, 2020 are presented on an as reported basis. The significant items for the six months ended June 30, 2019 are presented on a pro forma basis. The significant items for the three months ended June 30, 2020 and 2019 and the six months ended June 30, 2020 , are presented on an as reported basis. The significant items for the six months ended June 30, 2019 are presented on a pro forma basis. The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA and pro forma Operating EBITDA above: Significant Items by Segment for the Three Months Ended June 30, 2020 Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (145 ) $ (145 ) Restructuring and asset related credits (charges) - net 2 3 2 10 12 — (25 ) 2 Goodwill impairment charges 3 — — (2,498 ) — — — (2,498 ) Asset impairment charges 3 — — (21 ) — — — (21 ) N&B financing fee amortization 4 — — — — — (12 ) (12 ) Total $ 3 $ 2 $ (2,509 ) $ 12 $ — $ (182 ) $ (2,674 ) 1. Integration and separation costs related to the post-Merger integration and the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 11 for additional information. 4. Reflected in "Interest expense" and relates to the intended separation of the N&B Business. Significant Items by Segment for the Three Months Ended June 30, 2019 Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (347 ) $ (347 ) Restructuring and asset related charges - net 2 (7 ) (22 ) (12 ) (20 ) (1 ) (13 ) (75 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Asset impairment charges 4 — (63 ) — — — — (63 ) Income tax relates items 5 — — — (48 ) — — (48 ) Total $ (7 ) $ (1,018 ) $ (12 ) $ (68 ) $ (243 ) $ (360 ) $ (1,708 ) 1. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 11 for additional information. 4. See Note 5 for additional information. 5. Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. Significant Items by Segment for the Six Months Ended June 30, 2020 Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (342 ) $ (342 ) Restructuring and asset related charges - net 2 (1 ) (4 ) (15 ) (13 ) — (99 ) (132 ) Goodwill impairment charges 3 — — (2,498 ) — (533 ) — (3,031 ) Asset impairment charges 3, 4 — — (21 ) — (270 ) — (291 ) Gain on divestiture 5 197 — — — — — 197 N&B financing fee amortization 6 — — — — — (22 ) (22 ) Total $ 196 $ (4 ) $ (2,534 ) $ (13 ) $ (803 ) $ (463 ) $ (3,621 ) 1. Integration and separation costs related to the post-Merger integration and the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 11 for additional information. 4. See Note 5 for additional information. 5. Reflected in "Sundry income (expense) - net." Refer to Note 3 for additional information. 6. Reflected in "Interest expense" and relates to the intended separation of the N&B Business. Significant Items by Segment for the Six Months Ended June 30, 2019 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (785 ) $ (785 ) Restructuring and asset related charges - net 2 (7 ) (49 ) (12 ) (22 ) — (57 ) (147 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Asset impairment charges 4 — (63 ) — — — — (63 ) Income tax relates item 5 — — — (48 ) — — (48 ) Total $ (7 ) $ (1,045 ) $ (12 ) $ (70 ) $ (242 ) $ (842 ) $ (2,218 ) 1. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 11 for additional information. 4. See Note 5 for additional information. 5. Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Interim Financial Statements The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. |
Basis of Presentation and Significant Accounting Policies [Text Block] | Impact of the Novel Coronavirus (“COVID-19”) Pandemic The COVID-19 pandemic has resulted in significant economic disruption and continues to adversely impact the broader global economy. The extent of the impact on the Company's operational and financial performance will depend on future developments, including, but not limited to, the duration and spread of the outbreak and its impact on the Company's customers and suppliers. As of the date of issuance of these interim Consolidated Financial Statements, the full extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain. Basis of Presentation Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 ("Merger Agreement"), The Dow Chemical Company ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, Historical Dow and Historical EID became subsidiaries of DowDuPont (the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Historical Dow was determined to be the accounting acquirer in the Merger. |
Discontinued Operations, Policy [Policy Text Block] | Effective as of 5:00 p.m. on April 1, 2019, the Company completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock (the “Dow Common Stock”), to holders of the Company’s common stock (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). Effective as of 12:01 a.m. on June 1, 2019, the Company completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock (the “Corteva Common Stock”), to holders of the Company’s common stock as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD." The results of operations of DuPont for the 2019 interim periods presented reflect the historical financial results of Dow and Corteva as discontinued operations, as applicable. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable period. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of Dow or Corteva. |
RECENT ACCOUNTING GUIDANCE (Pol
RECENT ACCOUNTING GUIDANCE (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Recent Accounting Guidance [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and associated ASUs related to Topic 326. The new guidance introduces the current expected credit loss (“CECL”) model, which requires organizations to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted the new standard in the first quarter of 2020, which required a modified retrospective transition approach, applying the new standard's cumulative-effect adjustment at the date of initial adoption. This cumulative-effect has been reflected as of January 1, 2020 and prior periods have not been restated. The impact of initial adoption was not material to the Company’s interim Condensed Consolidated Balance Sheet, interim Consolidated Statements of Operations, and interim Consolidated Statement of Cash Flows. |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Integration and Separation Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Integration and separation costs $ 145 $ 347 $ 342 $ 958 |
Materials Science Division [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division: Six Months Ended In millions Depreciation and amortization $ 744 Capital expenditures $ 597 The results of operations of the Materials Science Division are presented as discontinued operations as summarized below: Six Months Ended In millions Net sales $ 10,867 Cost of sales 8,917 Research and development expenses 163 Selling, general and administrative expenses 329 Amortization of intangibles 116 Restructuring and asset related charges - net 157 Integration and separation costs 44 Equity in earnings of nonconsolidated affiliates (13 ) Sundry income (expense) - net 99 Interest expense 240 Income from discontinued operations before income taxes 987 Provision for income taxes on discontinued operations 261 Income from discontinued operations, net of tax 726 Income from discontinued operations attributable to noncontrolling interests, net of tax 37 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 689 |
Agriculture Division [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division: Three Months Ended Six Months Ended In millions Depreciation and amortization $ 136 $ 385 Capital expenditures $ 161 $ 383 The results of operations of the Agriculture Division are presented as discontinued operations as summarized below: Three Months Ended Six Months Ended In millions Net sales $ 3,776 $ 7,144 Cost of sales 2,026 4,218 Research and development expenses 183 470 Selling, general and administrative expenses 677 1,294 Amortization of intangibles 74 176 Restructuring and asset related charges - net 58 117 Integration and separation costs 272 430 Equity in earnings of nonconsolidated affiliates (3 ) (4 ) Sundry income (expense) - net (7 ) 58 Interest expense 28 91 Income from discontinued operations before income taxes 448 402 Provision for income taxes on discontinued operations 48 82 Income from discontinued operations, net of tax 400 320 Income from discontinued operations attributable to noncontrolling interests, net of tax 25 35 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 375 $ 285 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended Six Months Ended In millions 2020 2019 2020 2019 Image Solutions $ 155 $ 169 $ 319 $ 340 Interconnect Solutions 274 282 540 520 Semiconductor Technologies 476 407 930 823 Electronics & Imaging $ 905 $ 858 $ 1,789 $ 1,683 Food & Beverage $ 739 $ 746 $ 1,477 $ 1,501 Health & Biosciences 579 604 1,184 1,174 Pharma Solutions 221 208 429 418 Nutrition & Biosciences $ 1,539 $ 1,558 $ 3,090 $ 3,093 Healthcare & Specialty $ 291 $ 388 $ 650 $ 772 Industrial & Consumer 181 293 447 601 Mobility Solutions 360 588 879 1,213 Transportation & Industrial $ 832 $ 1,269 $ 1,976 $ 2,586 Safety Solutions $ 581 $ 657 $ 1,212 $ 1,322 Shelter Solutions 316 398 664 755 Water Solutions 347 286 644 547 Safety & Construction $ 1,244 $ 1,341 $ 2,520 $ 2,624 Biomaterials $ 27 $ 53 $ 61 $ 112 Clean Technologies 67 76 127 141 DuPont Teijin Films 34 42 77 79 Photovoltaic & Advanced Materials 180 230 409 484 Sustainable Solutions 1 — 41 — 80 Non-Core $ 308 $ 442 $ 674 $ 896 Total $ 4,828 $ 5,468 $ 10,049 $ 10,882 1. The Sustainable Solutions business was divested in the third quarter of 2019. Net Trade Revenue by Geographic Region Three Months Ended Six Months Ended In millions 2020 2019 2020 2019 U.S. & Canada $ 1,513 $ 1,826 $ 3,255 $ 3,602 EMEA 1 1,065 1,291 2,336 2,671 Asia Pacific 2,012 2,034 3,925 3,979 Latin America 238 317 533 630 Total $ 4,828 $ 5,468 $ 10,049 $ 10,882 1. Europe, Middle East and Africa. |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Contract Balances June 30, 2020 December 31, 2019 In millions Accounts and notes receivable - trade 1 $ 2,921 $ 3,007 Contract assets - current 2 $ 42 $ 35 Deferred revenue - current 3 $ 44 $ 20 Deferred revenue - noncurrent 4 $ 49 $ 24 1. Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. 2. Included in "Other current assets" in the interim Condensed Consolidated Balance Sheets. 3. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 4. Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
2020 Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 In millions Severance and related benefit costs $ 6 $ 102 Asset related charges 9 24 Total restructuring and asset related charges - net $ 15 $ 126 2020 Restructuring Program Charges (Credits) by Segment Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 In millions Electronics & Imaging $ — $ 4 Nutrition & Biosciences 1 7 Transportation & Industrial (3 ) 21 Safety & Construction 2 22 Non-Core — — Corporate 15 72 Total $ 15 $ 126 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the 2020 Restructuring Program: 2020 Restructuring Program Severance and Related Benefit Costs Asset Related Charges Total In millions Year-to-date restructuring charges $ 102 $ 24 $ 126 Charges against the reserve — (24 ) (24 ) Cash payments (21 ) — (21 ) Reserve balance at June 30, 2020 $ 81 $ — $ 81 |
2019 Restructuring Program [Domain] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | The following table summarizes the charges incurred related to the 2019 Restructuring Program for the three and six months ended June 30, 2020 and 2019: Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Severance and related benefit (credits) costs $ (16 ) $ 50 $ 2 $ 50 Asset related charges — 3 — 3 Total restructuring and asset related (credits) charges - net $ (16 ) $ 53 $ 2 $ 53 2019 Restructuring Program (Credits) Charges by Segment Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Electronics & Imaging $ (3 ) $ 7 $ (3 ) $ 7 Nutrition & Biosciences (3 ) 14 (3 ) 14 Transportation & Industrial (8 ) 12 (7 ) 12 Safety & Construction (14 ) 17 (14 ) 17 Non-Core — — — — Corporate 12 3 29 3 Total $ (16 ) $ 53 $ 2 $ 53 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the 2019 Restructuring Program: 2019 Restructuring Program Severance and Related Benefit Costs In millions Reserve balance at December 31, 2019 $ 86 Year-to-date restructuring charges 2 Non-cash compensation (6 ) Cash payments (40 ) Reserve balance at June 30, 2020 $ 42 |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | DowDuPont Cost Synergy Program Charges (Credits) by Segment Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Electronics & Imaging $ — $ — $ — $ — Nutrition & Biosciences — 8 — 35 Transportation & Industrial 1 — 1 — Safety & Construction — 3 5 5 Non-Core — 1 — — Corporate (2 ) 10 (2 ) 54 Total $ (1 ) $ 22 $ 4 $ 94 The following tables summarize the charges incurred related to the DowDuPont Cost Synergy Program: Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Severance and related benefit (credits) costs $ (2 ) $ 6 $ (2 ) $ 49 Contract termination and other charges 1 — 6 16 Asset related charges — 16 — 29 Total restructuring and asset related (credits) charges - net 1 $ (1 ) $ 22 $ 4 $ 94 1. The charge for the three and six months ended June 30, 2019 includes $21 million and $92 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $2 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations. |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the DowDuPont Cost Synergy Program: DowDuPont Cost Synergy Program Severance and Related Benefit Costs Contract Termination Charges Total In millions Reserve balance at December 31, 2019 $ 74 $ 2 $ 76 Year-to-date restructuring (credits) charges (2 ) 6 4 Charges against the reserve — (1 ) (1 ) Cash payments (36 ) (2 ) (38 ) Reserve balance at June 30, 2020 $ 36 $ 5 $ 41 |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of sundry income (expense), net | Sundry Income (Expense) - Net Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Non-operating pension and other post employment benefit (OPEB) credits $ 8 $ 18 $ 19 $ 39 Interest income 2 9 4 49 Net (loss) gain on divestiture and sales of other assets and investments 1,2 (4 ) 10 193 63 Foreign exchange losses, net (23 ) (17 ) (31 ) (78 ) Miscellaneous income (expenses) - net 3 3 (39 ) 12 (8 ) Sundry income (expense) - net $ (14 ) $ (19 ) $ 197 $ 65 1. The six months ended June 30, 2020 includes income of $197 million related to the gain on sale of the Compound Semiconductor Solutions business unit within the Electronics & Imaging segment. 2. The six months ended June 30, 2019 includes income of $51 million related to a sale of assets within the Electronics & Imaging segment. 3. Miscellaneous income (expenses) - net for the three and six months ended June 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year settlement. The six months ended June 30, 2019 also includes $26 million related to licensing income within the Safety & Construction segment. |
EARNINGS PER SHARE CALCULATIO_2
EARNINGS PER SHARE CALCULATIONS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the three and six months ended June 30, 2020 and 2019 : Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Loss from continuing operations, net of tax $ (2,471 ) $ (1,103 ) $ (3,081 ) $ (1,177 ) Net income from continuing operations attributable to noncontrolling interests 7 9 13 13 Net income from continuing operations attributable to participating securities 1 — — — 1 Loss from continuing operations attributable to common stockholders $ (2,478 ) $ (1,112 ) $ (3,094 ) $ (1,191 ) Income from discontinued operations, net of tax — 566 — 1,212 Net income from discontinued operations attributable to noncontrolling interests — 25 — 72 Income from discontinued operations attributable to common stockholders — 541 — 1,140 Net loss attributable to common stockholders $ (2,478 ) $ (571 ) $ (3,094 ) $ (51 ) Earnings Per Share Calculations - Basic Three Months Ended June 30, Six Months Ended June 30, Dollars per share 2020 2019 2020 2019 Loss from continuing operations attributable to common stockholders $ (3.37 ) $ (1.48 ) $ (4.20 ) $ (1.59 ) Income from discontinued operations, net of tax — 0.72 — 1.52 Net loss attributable to common stockholders $ (3.37 ) $ (0.76 ) $ (4.20 ) $ (0.07 ) Earnings Per Share Calculations - Diluted Three Months Ended June 30, Six Months Ended June 30, Dollars per share 2020 2019 2020 2019 Loss from continuing operations attributable to common stockholders $ (3.37 ) $ (1.48 ) $ (4.20 ) $ (1.59 ) Income from discontinued operations, net of tax — 0.72 — 1.52 Net loss attributable to common stockholders $ (3.37 ) $ (0.76 ) $ (4.20 ) $ (0.07 ) Share Count Information Three Months Ended June 30, Six Months Ended June 30, Shares in millions 2020 2019 2020 2019 Weighted-average common shares - basic 734.3 749.0 736.5 749.6 Plus dilutive effect of equity compensation plans — — — — Weighted-average common shares - diluted 734.3 749.0 736.5 749.6 Stock options and restricted stock units excluded from EPS calculations 2 6.3 2.5 6.6 2.4 1. Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. 2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES Inventories (Tables
INVENTORIES Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories June 30, 2020 December 31, 2019 In millions Finished goods $ 2,671 $ 2,621 Work in process 821 855 Raw materials 582 599 Supplies 233 244 Total inventories $ 4,307 $ 4,319 |
NONCONSOLIDATED AFFILIATES (Tab
NONCONSOLIDATED AFFILIATES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Nonconsolidated Affiliates - Investments [Table Text Block] | The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the interim Condensed Consolidated Balance Sheets, are shown in the following table: Investments in Nonconsolidated Affiliates June 30, 2020 December 31, 2019 In millions Investments in nonconsolidated affiliates $ 1,212 $ 1,204 Accrued and other current liabilities (78 ) (85 ) Other noncurrent obligations (270 ) (358 ) Net investment in nonconsolidated affiliates $ 864 $ 761 |
Equity Method Investments [Table Text Block] | The following table reflects the Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at June 30, 2020 : Country Ownership Interest June 30, 2020 The HSC Group: DC HSC Holdings LLC 1 United States 50.0 % Hemlock Semiconductor L.L.C. United States 50.1 % 1. DC HSC Holdings LLC holds an 80.5 percent indirect ownership interest in Hemlock Semiconductor Operations LLC. The following is summarized financial information for the Company's principal nonconsolidated equity method investments. The amounts shown below represent 100 percent of these equity method investments' results of operations: Results of Operations Six Months Ended June 30, In millions 2020 2019 Revenues 1 $ 345 $ 367 Cost of sales 1 $ 234 $ 229 Income from continuing operations 2 $ 203 $ 135 Net income attributed to entities $ 198 $ 119 1. Includes revenues and cost of sales of $42 million and $55 million for the six months ended June 30, 2020 and 2019, respectively, that have not been eliminated between Hemlock Semiconductor L.L.C and DC HSC Holdings in the presentation of the summarized income statement information above. 2. Includes benefits associated with customer contract settlements of approximately $165 million , partially offset by inventory valuation adjustments, for the six months ended June 30, 2020 . The portion attributable to the Company was a net $64 million The following table reflects the carrying value of the HSC Group investments at June 30, 2020 and December 31, 2019 : Investment in the HSC Group Investment In millions Balance Sheet Classification June 30, 2020 Dec 31, 2019 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (270 ) $ (358 ) DC HSC Holdings LLC Investments in nonconsolidated affiliates $ 98 $ 87 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Total In millions Balance at December 31, 2019 $ 7,092 $ 11,012 $ 6,931 $ 6,711 $ 1,405 $ 33,151 Acquisitions — — — 53 — 53 Divestitures (199 ) — — — — (199 ) Impairments — — (2,498 ) — (533 ) (3,031 ) Currency Translation Adjustment 5 (5 ) 13 11 — 24 Measurement Period Adjustments — — — 20 — 20 Balance at June 30, 2020 $ 6,898 $ 11,007 $ 4,446 $ 6,795 $ 872 $ 30,018 |
Schedule of other finite intangible assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2020 December 31, 2019 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 4,366 $ (1,616 ) $ 2,750 $ 4,343 $ (1,361 ) $ 2,982 Trademarks/tradenames 2,433 (1,055 ) 1,378 2,433 (455 ) 1,978 Customer-related 8,994 (2,506 ) 6,488 8,986 (2,229 ) 6,757 Other 303 (213 ) 90 303 (98 ) 205 Total other intangible assets with finite lives $ 16,096 $ (5,390 ) $ 10,706 $ 16,065 $ (4,143 ) $ 11,922 Intangible assets with indefinite lives: Trademarks/tradenames 1,643 — 1,643 1,671 — 1,671 Total other intangible assets 1,643 — 1,643 1,671 — 1,671 Total $ 17,739 $ (5,390 ) $ 12,349 $ 17,736 $ (4,143 ) $ 13,593 |
Schedule of other indefinite intangible assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2020 December 31, 2019 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 4,366 $ (1,616 ) $ 2,750 $ 4,343 $ (1,361 ) $ 2,982 Trademarks/tradenames 2,433 (1,055 ) 1,378 2,433 (455 ) 1,978 Customer-related 8,994 (2,506 ) 6,488 8,986 (2,229 ) 6,757 Other 303 (213 ) 90 303 (98 ) 205 Total other intangible assets with finite lives $ 16,096 $ (5,390 ) $ 10,706 $ 16,065 $ (4,143 ) $ 11,922 Intangible assets with indefinite lives: Trademarks/tradenames 1,643 — 1,643 1,671 — 1,671 Total other intangible assets 1,643 — 1,643 1,671 — 1,671 Total $ 17,739 $ (5,390 ) $ 12,349 $ 17,736 $ (4,143 ) $ 13,593 |
Intangible Assets Disclosure | The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment June 30, 2020 December 31, 2019 In millions Electronics & Imaging $ 1,724 $ 1,833 Nutrition & Biosciences 3,662 4,377 Transportation & Industrial 3,460 3,590 Safety & Construction 2,999 3,082 Non-Core 504 711 Total $ 12,349 $ 13,593 |
Schedule of amortization expense | The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Other intangible assets $ 528 $ 252 $ 1,061 $ 508 |
Schedule of estimated future amortization expense | Total estimated amortization expense for the remainder of 2020 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2020 $ 1,070 2021 $ 1,069 2022 $ 985 2023 $ 919 2024 $ 840 2025 $ 755 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | The following table provides a summary of the final expiration year and maximum future payments for each type of guarantee: Guarantees at June 30, 2020 Final Expiration Year Maximum Future Payments In millions Obligations for customers 1 : Bank borrowings 2021 $ 17 Obligations for non-consolidated affiliates 2 : Bank borrowings 2020 $ 159 Total guarantees $ 176 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. At June 30, 2020 all maximum future payments had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
LEASES Schedule of Leases (Tabl
LEASES Schedule of Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease cost for operating leases were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Operating lease costs $ 44 $ 46 $ 86 $ 90 |
Schedule of Lease Assets and Liabilities [Table Text Block] | Supplemental balance sheet information related to leases was as follows: In millions June 30, 2020 December 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 576 $ 556 Current operating lease liabilities 2 148 138 Noncurrent operating lease liabilities 3 431 416 Total operating lease liabilities $ 579 $ 554 1. Included in "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheet. 2. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheet. 3. Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheet. |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income (Loss) | The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the six months ended June 30, 2020 and 2019 : Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2019 Balance at January 1, 2019 $ (51 ) $ (3,785 ) $ (8,476 ) $ (82 ) $ (12,394 ) Other comprehensive income (loss) before reclassifications 68 (117 ) 49 (43 ) (43 ) Amounts reclassified from accumulated other comprehensive income (loss) (1 ) (18 ) 142 (15 ) 108 Net other comprehensive income (loss) $ 67 $ (135 ) $ 191 $ (58 ) $ 65 Spin-offs of Dow and Corteva $ (16 ) $ 3,179 $ 8,196 $ 139 $ 11,498 Balance at June 30, 2019 $ — $ (741 ) $ (89 ) $ (1 ) $ (831 ) 2020 Balance at January 1, 2020 $ — $ (1,070 ) $ (345 ) $ (1 ) $ (1,416 ) Other comprehensive loss before reclassifications — (54 ) (4 ) — (58 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 9 — 9 Net other comprehensive (loss) income $ — $ (54 ) $ 5 $ — $ (49 ) Balance at June 30, 2020 $ — $ (1,124 ) $ (340 ) $ (1 ) $ (1,465 ) The tax effects on the net activity related to each component of other comprehensive income (loss) for the three and six months ended June 30, 2020 and 2019 were as follows: Tax Benefit (Expense) Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Unrealized gains (losses) on investments $ — $ — $ — $ (18 ) Cumulative translation adjustments — — — (1 ) Pension and other post employment benefit plans 3 (3 ) 2 (35 ) Derivative instruments — (8 ) — 16 Tax expense from income taxes related to other comprehensive income items $ 3 $ (11 ) $ 2 $ (38 ) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | A summary of the reclassifications out of AOCL for the three and six months ended June 30, 2020 and 2019 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended Income Classification In millions 2020 2019 2020 2019 Unrealized gains on investments $ — $ — $ — $ (1 ) See (1) below Tax expense (benefit) — — — — See (2) below After tax $ — $ — $ — $ (1 ) Cumulative translation adjustments $ — $ — $ — $ (18 ) See (3) below Pension and other post employment benefit plans $ 5 $ — $ 8 $ 167 See (4) below Tax expense (benefit) — — 1 (25 ) See (2) below After tax $ 5 $ — $ 9 $ 142 Derivative Instruments $ — $ (7 ) $ — $ (18 ) See (5) below Tax expense — 2 — 3 See (2) below After tax $ — $ (5 ) $ — $ (15 ) Total reclassifications for the period, after tax $ 5 $ (5 ) $ 9 $ 108 1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes on continuing operations." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other post employment benefit plans. See Note 17 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense." |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Schedule Of Noncontrolling Interest | The following table summarizes the activity for equity attributable to noncontrolling interests for the three and six months ended June 30, 2020 and 2019 : Noncontrolling Interests Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Balance at beginning of period $ 566 $ 1,654 $ 569 $ 1,608 Net income attributable to noncontrolling interests 7 34 13 85 Distributions to noncontrolling interests (4 ) (1 ) (10 ) (12 ) Cumulative translation adjustments 3 9 (5 ) 16 Spin-off of Dow and Corteva — (1,124 ) — (1,124 ) Other — (2 ) 5 (3 ) Balance at end of period $ 572 $ 570 $ 572 $ 570 |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of net periodic benefit costs | Net Periodic Benefit (Credit) Cost for All Plans Three Months Ended June 30, Six Months Ended June 30, In millions 2020 2019 2020 2019 Defined Benefit Pension Plans: Service cost 1 $ 17 $ 18 $ 35 $ 149 Interest cost 2 14 144 28 591 Expected return on plan assets 3 (26 ) (206 ) (54 ) (919 ) Amortization of prior service credit 4 (2 ) (1 ) (3 ) (7 ) Amortization of net loss 5 4 2 8 135 Curtailment/settlement 6 2 (2 ) 2 (2 ) Net periodic benefit cost (credit) - total $ 9 $ (45 ) $ 16 $ (53 ) Less: Net periodic benefit credit - discontinued operations — (41 ) — (45 ) Net periodic benefit cost (credit) - continuing operations $ 9 $ (4 ) $ 16 $ (8 ) Other Post Employment Benefits: Service cost 1 $ — $ 1 $ — $ 5 Interest cost 2 — 15 — 52 Amortization of net gain 5 — — — (6 ) Net periodic benefit cost - total $ — $ 16 $ — $ 51 Less: Net periodic benefit cost - discontinued operations — 16 — 50 Net periodic benefit cost - continuing operations $ — $ — $ — $ 1 1. The service cost from continuing operations was $14 million and $30 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. 2. The interest cost from continuing operations was $20 million and $41 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. 3. The expected return on plan assets from continuing operations was $36 million and $79 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. 4. The amortization of prior service credit from continuing operations was $1 million for the three and six months ended June 30, 2019. The activity from OPEBs was immaterial. 5. The amortization of unrecognized net loss from continuing operations was $1 million and $3 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. 6. The curtailment and settlement gains from continuing operations were $2 million for the three and six months ended June 30, 2019. The activity from OPEBs was immaterial. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, All Other Investments [Abstract] | |
Schedule of the fair value of financial instruments | The following table summarizes the fair value of financial instruments at June 30, 2020 and December 31, 2019 : Fair Value of Financial Instruments June 30, 2020 December 31, 2019 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 2,523 $ — $ — $ 2,523 $ 417 $ — $ — $ 417 Restricted cash equivalents 1 $ 32 $ — $ — $ 32 $ 37 $ — $ — $ 37 Total cash and restricted cash equivalents $ 2,555 $ — $ — $ 2,555 $ 454 $ — $ — $ 454 Long-term debt including debt due within one year $ (17,611 ) $ 3 $ (2,285 ) $ (19,893 ) $ (15,618 ) $ — $ (1,633 ) $ (17,251 ) Derivatives relating to: Foreign currency 2 — 3 (23 ) (20 ) — 6 (7 ) (1 ) Total derivatives $ — $ 3 $ (23 ) $ (20 ) $ — $ 6 $ (7 ) $ (1 ) 1. Classified as "Other current assets" in the interim Condensed Consolidated Balance Sheets. 2. Presented net of cash collateral where master netting arrangements allow. |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Notional Amounts June 30, 2020 Dec 31, 2019 In millions Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ (40 ) $ 26 Commodity contracts $ 8 $ 11 1. Presented net of contracts bought and sold. |
Schedule of fair value of derivative instruments using Level 2 inputs | June 30, 2020 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 7 $ (4 ) $ 3 Total asset derivatives $ 7 $ (4 ) $ 3 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 27 $ (4 ) $ 23 Total liability derivatives $ 27 $ (4 ) $ 23 December 31, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 16 $ (10 ) $ 6 Total asset derivatives $ 16 $ (10 ) $ 6 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 17 $ (10 ) $ 7 Total liability derivatives $ 17 $ (10 ) $ 7 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of the fair value of assets and liabilities measured on a recurring basis | The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at June 30, 2020 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 2,555 Derivatives relating to: 2 Foreign currency contracts 7 Total assets at fair value $ 2,562 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 19,893 Derivatives relating to: 2 Foreign currency contracts 27 Total liabilities at fair value $ 19,920 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Basis of Fair Value Measurements on a Recurring Basis at December 31, 2019 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 454 Derivatives relating to: 2 Foreign currency contracts 16 Total assets at fair value $ 470 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 17,251 Derivatives relating to: 2 Foreign currency contracts 17 Total liabilities at fair value $ 17,268 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | |
Schedule of Operating Segment Information | Segment Information Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Three months ended June 30, 2020 Net sales $ 905 $ 1,539 $ 832 $ 1,244 $ 308 $ — $ 4,828 Operating EBITDA 1 $ 277 $ 418 $ 49 $ 349 $ 93 $ (51 ) $ 1,135 Equity in earnings of nonconsolidated affiliates $ 10 $ 1 $ 1 $ 5 $ 86 $ — $ 103 Three months ended June 30, 2019 Net sales $ 858 $ 1,558 $ 1,269 $ 1,341 $ 442 $ — $ 5,468 Operating EBITDA 1 $ 246 $ 386 $ 357 $ 382 $ 104 $ (53 ) $ 1,422 Equity in earnings of nonconsolidated affiliates 2 $ 5 $ — $ 2 $ 7 $ 36 $ — $ 50 Six months ended June 30, 2020 Net sales $ 1,789 $ 3,090 $ 1,976 $ 2,520 $ 674 $ — $ 10,049 Operating EBITDA 1 $ 530 $ 803 $ 357 $ 717 $ 135 $ (86 ) $ 2,456 Equity in earnings of nonconsolidated affiliates $ 19 $ 1 $ 2 $ 12 $ 108 $ — $ 142 Six months ended June 30, 2019 Net sales $ 1,683 $ 3,093 $ 2,586 $ 2,624 $ 896 $ — $ 10,882 Pro forma operating EBITDA 1 $ 534 $ 735 $ 730 $ 756 $ 202 $ (105 ) $ 2,852 Equity in earnings of nonconsolidated affiliates 2 $ 8 $ — $ 2 $ 15 $ 66 $ — $ 91 |
Reconciliation of Income from Continuing Operations, net of tax to Operating EBITDA | Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended June 30, 2020 and 2019 Three Months Ended June 30, In millions 2020 2019 Loss from continuing operations, net of tax $ (2,471 ) $ (1,103 ) + (Benefit from) provision for income taxes on continuing operations (36 ) 155 Loss from continuing operations before income taxes $ (2,507 ) $ (948 ) + Depreciation and amortization 774 507 - Interest income 1 2 9 + Interest expense 2 181 165 - Non-operating pension/OPEB benefit 1 8 18 - Foreign exchange losses, net 1 (23 ) (17 ) - Significant items 3 (2,674 ) (1,708 ) Operating EBITDA $ 1,135 $ 1,422 1. Included in "Sundry income (expense) - net." 2. The three months ended June 30, 2020 excludes N&B financing fee amortization. Refer to details of significant items below. 3. The significant items for the three months ended June 30, 2020 and 2019 are presented on an as reported basis. Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Six Months Ended June 30, 2020 and 2019 Six Months Ended June 30, In millions 2020 2019 Loss from continuing operations, net of tax $ (3,081 ) $ (1,177 ) + Provision for (benefit from) income taxes on continuing operations 8 64 Loss from continuing operations before income taxes $ (3,073 ) $ (1,113 ) + Pro forma adjustments 1 — 122 + Depreciation and amortization 1,546 1,034 - Interest income 2 4 49 + Interest expense 3 354 345 - Non-operating pension/OPEB benefit 2 19 39 - Foreign exchange losses, net 2 (31 ) (78 ) + Costs historically allocated to the materials science and agriculture businesses 4 — 256 - Significant items 5 (3,621 ) (2,218 ) Operating EBITDA 1 $ 2,456 $ 2,852 1. For the six months ended June 30, 2019 , operating EBITDA is on a pro forma basis. The pro forma adjustment reflects the net pro forma impact of items directly attributable to the Transactions, as applicable. 2. Included in "Sundry income (expense) - net." 3. The six months ended June 30, 2020 excludes N&B financing fee amortization. Refer to details of significant items below. 4. Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. 5. The significant items for the six months ended June 30, 2020 are presented on an as reported basis. The significant items for the six months ended June 30, 2019 are presented on a pro forma basis. |
Schedule of Certain Items by Segment | The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA and pro forma Operating EBITDA above: Significant Items by Segment for the Three Months Ended June 30, 2020 Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (145 ) $ (145 ) Restructuring and asset related credits (charges) - net 2 3 2 10 12 — (25 ) 2 Goodwill impairment charges 3 — — (2,498 ) — — — (2,498 ) Asset impairment charges 3 — — (21 ) — — — (21 ) N&B financing fee amortization 4 — — — — — (12 ) (12 ) Total $ 3 $ 2 $ (2,509 ) $ 12 $ — $ (182 ) $ (2,674 ) 1. Integration and separation costs related to the post-Merger integration and the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 11 for additional information. 4. Reflected in "Interest expense" and relates to the intended separation of the N&B Business. Significant Items by Segment for the Three Months Ended June 30, 2019 Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (347 ) $ (347 ) Restructuring and asset related charges - net 2 (7 ) (22 ) (12 ) (20 ) (1 ) (13 ) (75 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Asset impairment charges 4 — (63 ) — — — — (63 ) Income tax relates items 5 — — — (48 ) — — (48 ) Total $ (7 ) $ (1,018 ) $ (12 ) $ (68 ) $ (243 ) $ (360 ) $ (1,708 ) 1. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 11 for additional information. 4. See Note 5 for additional information. 5. Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. Significant Items by Segment for the Six Months Ended June 30, 2020 Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (342 ) $ (342 ) Restructuring and asset related charges - net 2 (1 ) (4 ) (15 ) (13 ) — (99 ) (132 ) Goodwill impairment charges 3 — — (2,498 ) — (533 ) — (3,031 ) Asset impairment charges 3, 4 — — (21 ) — (270 ) — (291 ) Gain on divestiture 5 197 — — — — — 197 N&B financing fee amortization 6 — — — — — (22 ) (22 ) Total $ 196 $ (4 ) $ (2,534 ) $ (13 ) $ (803 ) $ (463 ) $ (3,621 ) 1. Integration and separation costs related to the post-Merger integration and the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 11 for additional information. 4. See Note 5 for additional information. 5. Reflected in "Sundry income (expense) - net." Refer to Note 3 for additional information. 6. Reflected in "Interest expense" and relates to the intended separation of the N&B Business. Significant Items by Segment for the Six Months Ended June 30, 2019 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (785 ) $ (785 ) Restructuring and asset related charges - net 2 (7 ) (49 ) (12 ) (22 ) — (57 ) (147 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Asset impairment charges 4 — (63 ) — — — — (63 ) Income tax relates item 5 — — — (48 ) — — (48 ) Total $ (7 ) $ (1,045 ) $ (12 ) $ (70 ) $ (242 ) $ (842 ) $ (2,218 ) 1. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 11 for additional information. 4. See Note 5 for additional information. 5. Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. |
DIVESTITURES Material Sciences
DIVESTITURES Material Sciences Components of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | $ 0 | $ 566 | $ 0 | $ 1,212 |
Income (Loss) from Discontinued Operations, Attributable to Noncontrolling Interests, Net of Tax | $ 0 | $ (25) | $ 0 | 72 |
Materials Science Division [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Sales, Discontinued Operation | 10,867 | |||
Cost of Sales, Discontinued Operations | 8,917 | |||
Research and Development Expense, Discontinued Operations | 163 | |||
Selling, General and Administrative Expense, Discontinued Operations | 329 | |||
Amortization of Intangibles, Discontinued Operations | 116 | |||
Restructuring and Asset Related Charges - Net, Discontinued Operations | 157 | |||
Integration and Separation Costs, Discontinued Operations | 44 | |||
Equity in Earnings on Nonconsolidated Affiliates, Discontinued Operations | (13) | |||
Sundry Income (expense), Discontinued Operations | 99 | |||
Interest Expense, Discontinued Operations | 240 | |||
Income (Loss) from Discontinued Operation, before Income Tax | 987 | |||
Provision for Income Taxes on Discontinued Operations | 261 | |||
Income from discontinued operations, net of tax | 726 | |||
Income (Loss) from Discontinued Operations, Attributable to Noncontrolling Interests, Net of Tax | 37 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 689 |
DIVESTITURES Materials Science
DIVESTITURES Materials Science Components of Cash Flows & Other (Details) - USD ($) $ in Millions | Apr. 01, 2019 | Jun. 30, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Contributions to Dow | $ 2,024 | |
Materials Science Division [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 744 | |
Capital Expenditure, Discontinued Operations | $ 597 |
DIVESTITURES Agriculture Divisi
DIVESTITURES Agriculture Division Components of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | $ 0 | $ 566 | $ 0 | $ 1,212 |
Income (Loss) from Discontinued Operations, Attributable to Noncontrolling Interests, Net of Tax | $ 0 | (25) | $ 0 | 72 |
Agriculture Division [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Sales, Discontinued Operation | 3,776 | 7,144 | ||
Cost of Sales, Discontinued Operations | 2,026 | 4,218 | ||
Research and Development Expense, Discontinued Operations | 183 | 470 | ||
Selling, General and Administrative Expense, Discontinued Operations | 677 | 1,294 | ||
Amortization of Intangibles, Discontinued Operations | 74 | 176 | ||
Restructuring and Asset Related Charges - Net, Discontinued Operations | 58 | 117 | ||
Integration and Separation Costs, Discontinued Operations | 272 | 430 | ||
Equity in Earnings on Nonconsolidated Affiliates, Discontinued Operations | (3) | (4) | ||
Sundry Income (expense), Discontinued Operations | (7) | 58 | ||
Interest Expense, Discontinued Operations | 28 | 91 | ||
Income (Loss) from Discontinued Operation, before Income Tax | 448 | 402 | ||
Provision for Income Taxes on Discontinued Operations | 48 | 82 | ||
Income from discontinued operations, net of tax | 400 | 320 | ||
Income (Loss) from Discontinued Operations, Attributable to Noncontrolling Interests, Net of Tax | 25 | 35 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 375 | $ 285 |
DIVESTITURES Agriculture Divi_2
DIVESTITURES Agriculture Division Components of Cash Flows & Other (Details) - USD ($) $ in Millions | Jun. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Contribution to Corteva | $ 7,139 | ||
Agriculture Division [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 136 | $ 385 | |
Capital Expenditure, Discontinued Operations | $ 161 | $ 383 |
DIVESTITURES Indemnifications (
DIVESTITURES Indemnifications (Details) $ in Millions | Jun. 30, 2020USD ($) |
Accounts And Notes Receivable, Other | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Asset | $ 142 |
Deferred Charges And Other Assets [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Asset | 135 |
Accrued and other current liabilities | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Liabilities | 81 |
Other noncurrent obligations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Liabilities | $ 96 |
DIVESTITURES Other Divestitures
DIVESTITURES Other Divestitures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Integration and separation costs | $ 145 | $ 347 | $ 342 | $ 958 | |
Gain (Loss) on Disposition of Business | [1] | 197 | |||
Income from discontinued operations, net of tax | $ 0 | 566 | 0 | 1,212 | |
Electronics & Imaging | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from Divestiture of Businesses | 420 | ||||
Gain (Loss) on Disposition of Business | 197 | ||||
Gain (Loss) on Disposition of Business, Net of Tax | $ 102 | ||||
Historical EID | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from discontinued operations, net of tax | 86 | 86 | |||
Historical EID Crop Protection and R&D [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from discontinued operations, net of tax | $ 80 | $ 80 | |||
[1] | Reflected in "Sundry income (expense) - net." Refer to Note 3 for additional information. |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |||
Net sales | $ 4,828 | $ 5,468 | $ 10,049 | $ 10,882 | |||
Revenue recognized which was deferred at the beginning of the period | 14 | 25 | |||||
Accounts and notes receivable - Trade | [1] | 2,921 | 2,921 | $ 3,007 | |||
Contract assets - current | [2] | 42 | 42 | 35 | |||
Deferred revenue - current | [3] | 44 | 44 | 20 | |||
Deferred revenue - noncurrent | [4] | 49 | 49 | $ 24 | |||
Image Solutions | |||||||
Net sales | 155 | 169 | 319 | 340 | |||
Interconnect Solutions | |||||||
Net sales | 274 | 282 | 540 | 520 | |||
Semiconductor Technologies | |||||||
Net sales | 476 | 407 | 930 | 823 | |||
Food & Beverage | |||||||
Net sales | 739 | 746 | 1,477 | 1,501 | |||
Health & Biosciences | |||||||
Net sales | 579 | 604 | 1,184 | 1,174 | |||
Pharma Solutions | |||||||
Net sales | 221 | 208 | 429 | 418 | |||
Healthcare & Specialty | |||||||
Net sales | 291 | 388 | 650 | 772 | |||
Industrial & Consumer | |||||||
Net sales | 181 | 293 | 447 | 601 | |||
Mobility Solutions | |||||||
Net sales | 360 | 588 | 879 | 1,213 | |||
Safety Solutions | |||||||
Net sales | 581 | 657 | 1,212 | 1,322 | |||
Shelter Solutions | |||||||
Net sales | 316 | 398 | 664 | 755 | |||
Water Solutions | |||||||
Net sales | 347 | 286 | 644 | 547 | |||
Biomaterials | |||||||
Net sales | 27 | 53 | 61 | 112 | |||
Clean Technologies | |||||||
Net sales | 67 | 76 | 127 | 141 | |||
DuPont Teijin Films | |||||||
Net sales | 34 | 42 | 77 | 79 | |||
Photovoltaic & Advanced Materials | |||||||
Net sales | 180 | 230 | 409 | 484 | |||
Sustainable Solutions | |||||||
Net sales | 0 | 41 | 0 | [5] | 80 | ||
Electronics & Imaging | |||||||
Net sales | 905 | 858 | 1,789 | 1,683 | |||
Nutrition & Biosciences | |||||||
Net sales | 1,539 | 1,558 | 3,090 | 3,093 | |||
Transportation & Industrial | |||||||
Net sales | 832 | 1,269 | 1,976 | 2,586 | |||
Safety & Construction | |||||||
Net sales | 1,244 | 1,341 | 2,520 | 2,624 | |||
Non-core | |||||||
Net sales | 308 | 442 | 674 | 896 | |||
U.S. & Canada | |||||||
Net sales | 1,513 | 1,826 | 3,255 | 3,602 | |||
EMEA | |||||||
Net sales | [6] | 1,065 | 1,291 | 2,336 | 2,671 | ||
Asia Pacific | |||||||
Net sales | 2,012 | 2,034 | 3,925 | 3,979 | |||
Latin America | |||||||
Net sales | $ 238 | $ 317 | $ 533 | $ 630 | |||
[1] | Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. | ||||||
[2] | Included in "Other current assets" in the interim Condensed Consolidated Balance Sheets. | ||||||
[3] | Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. | ||||||
[4] | Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. | ||||||
[5] | The Sustainable Solutions business was divested in the third quarter of 2019 | ||||||
[6] | Europe, Middle East and Africa. |
RESTRUCTURING AND ASSET RELAT_3
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges | $ 19 | $ 137 | $ 423 | $ 208 | ||||
Restructuring Reserve | 164 | 164 | $ 162 | |||||
Asset Impairment Charges | 21 | [1] | 63 | [2] | 291 | [3],[4] | ||
Transportation & Industrial | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset Impairment Charges | $ 21 | 21 | ||||||
Non-core | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset Impairment Charges | $ 270 | |||||||
Nutrition & Biosciences | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset Impairment Charges | 63 | |||||||
Equity Method Investments [Member] | Nutrition & Biosciences | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Asset Impairment Charges | $ 63 | $ 63 | ||||||
[1] | See Note 11 for additional information. | |||||||
[2] | See Note 5 for additional information. | |||||||
[3] | See Note 11 for additional information. | |||||||
[4] | See Note 5 for additional information. |
RESTRUCTURING AND ASSET RELAT_4
RESTRUCTURING AND ASSET RELATED CHARGES - NET 2020 Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 164 | $ 164 | $ 162 |
2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 15 | 126 | |
Charges against reserve | (24) | ||
Cash Payments for Restructuring | (21) | ||
Restructuring Reserve | 81 | 81 | |
Employee Severance [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 6 | 102 | |
Charges against reserve | 0 | ||
Cash Payments for Restructuring | (21) | ||
Restructuring Reserve | 81 | 81 | |
Asset Related Charges And Other [Member] | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 9 | 24 | |
Charges against reserve | (24) | ||
Cash Payments for Restructuring | 0 | ||
Restructuring Reserve | 0 | 0 | |
Electronics & Imaging | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 4 | |
Nutrition & Biosciences | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 1 | 7 | |
Transportation & Industrial | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (3) | 21 | |
Safety & Construction | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 2 | 22 | |
Non-core | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 0 | |
Corporate | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 15 | 72 | |
Accrued and other current liabilities | 2020 Restructuring Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve | $ 81 | $ 81 |
RESTRUCTURING AND ASSET RELAT_5
RESTRUCTURING AND ASSET RELATED CHARGES - NET 2019 Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 15 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | $ 164 | $ 164 | $ 164 | $ 162 | ||
2019 Restructuring Program [Domain] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | (16) | $ 53 | 2 | $ 53 | 140 | |
2019 Restructuring Program [Domain] | Accrued and other current liabilities | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve | 42 | 42 | 42 | 86 | ||
2019 Restructuring Program [Domain] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | (16) | 50 | 2 | 50 | 106 | |
Non-cash compensation | (6) | |||||
Cash Payments for Restructuring | (40) | |||||
Restructuring Reserve | 42 | 42 | 42 | $ 86 | ||
2019 Restructuring Program [Domain] | Asset Related Charges And Other [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 0 | 3 | 0 | 3 | $ 34 | |
2019 Restructuring Program [Domain] | Electronics & Imaging | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | (3) | 7 | (3) | 7 | ||
2019 Restructuring Program [Domain] | Nutrition & Biosciences | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | (3) | 14 | (3) | 14 | ||
2019 Restructuring Program [Domain] | Transportation & Industrial | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | (8) | 12 | (7) | 12 | ||
2019 Restructuring Program [Domain] | Safety & Construction | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | (14) | 17 | (14) | 17 | ||
2019 Restructuring Program [Domain] | Corporate | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | 12 | 3 | 29 | 3 | ||
2019 Restructuring Program [Domain] | Non-core | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Charges | $ 0 | $ 0 | $ 0 | $ 0 |
RESTRUCTURING AND ASSET RELAT_6
RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 34 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges | $ 19 | $ 137 | $ 423 | $ 208 | ||||
Restructuring Reserve | 164 | 164 | $ 164 | $ 162 | ||||
Non-core | Income (Loss) From Equity Method Investments [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1 | 2 | ||||||
DowDuPont Cost Synergy Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges | 489 | |||||||
Restructuring Reserve | 41 | 41 | 41 | 76 | ||||
Restructuring Charges | (1) | 22 | [1] | 4 | 94 | [1] | ||
Charges against reserve | (1) | |||||||
Cash Payments for Restructuring | (38) | |||||||
DowDuPont Cost Synergy Program [Member] | Restructuring Settlement And Impairment Provisions [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 21 | 92 | ||||||
DowDuPont Cost Synergy Program [Member] | Income (Loss) From Equity Method Investments [Domain] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1 | 2 | ||||||
DowDuPont Cost Synergy Program [Member] | Accrued and other current liabilities | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 76 | |||||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges | 213 | |||||||
Restructuring Reserve | 36 | 36 | 36 | 74 | ||||
Restructuring Charges | (2) | 6 | (2) | 49 | ||||
Charges against reserve | 0 | |||||||
Cash Payments for Restructuring | (36) | |||||||
DowDuPont Cost Synergy Program [Member] | Contract Termination [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges | 67 | |||||||
Restructuring Reserve | 5 | 5 | 5 | $ 2 | ||||
Restructuring Charges | 1 | 0 | 6 | 16 | ||||
Charges against reserve | (1) | |||||||
Cash Payments for Restructuring | (2) | |||||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges And Other [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and asset related charges | $ 209 | |||||||
Restructuring Charges | 0 | 16 | 0 | 29 | ||||
DowDuPont Cost Synergy Program [Member] | Nutrition & Biosciences | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 8 | 35 | ||||||
DowDuPont Cost Synergy Program [Member] | Transportation & Industrial | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1 | 1 | ||||||
DowDuPont Cost Synergy Program [Member] | Safety & Construction | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 3 | 5 | 5 | |||||
DowDuPont Cost Synergy Program [Member] | Non-core | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | 1 | |||||||
DowDuPont Cost Synergy Program [Member] | Corporate | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Charges | $ (2) | $ 10 | $ (2) | $ 54 | ||||
[1] | 1. The charge for the three and six months ended June 30, 2019 includes $21 million and $92 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $2 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations. |
SUPPLEMENTARY INFORMATION - Sum
SUPPLEMENTARY INFORMATION - Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||||
Schedule Of Sundry Income (Expense) [Line Items] | |||||||||
Non-operating pension and other post employment benefit (OPEB) credits | $ 8 | [1] | $ 18 | $ 19 | [2] | $ 39 | |||
Interest income | 2 | [1] | 9 | 4 | [2] | 49 | |||
Net (loss) gain on divestiture and sales of other assets and investments | (4) | 10 | 193 | [3] | 63 | [4] | |||
Foreign exchange gains (losses), net | (23) | [1] | (17) | (31) | [2] | (78) | |||
Miscellaneous Income (Expense), Net | 3 | (39) | [5] | 12 | (8) | [5] | |||
Sundry income (expense) - net | $ (14) | (19) | 197 | 65 | |||||
Income Tax Related Items | 48 | [6] | 48 | ||||||
Gain (Loss) on Disposition of Business | [7] | 197 | |||||||
Electronics & Imaging | |||||||||
Schedule Of Sundry Income (Expense) [Line Items] | |||||||||
Net (loss) gain on divestiture and sales of other assets and investments | 197 | 51 | |||||||
Gain (Loss) on Disposition of Business | $ 197 | ||||||||
Safety & Construction | |||||||||
Schedule Of Sundry Income (Expense) [Line Items] | |||||||||
Income Tax Related Items | $ 48 | ||||||||
Proceeds from License Fees Received | $ 26 | ||||||||
[1] | Included in "Sundry income (expense) - net." | ||||||||
[2] | Included in "Sundry income (expense) - net." | ||||||||
[3] | The six months ended June 30, 2020 includes income of $197 million related to the gain on sale of the Compound Semiconductor Solutions business unit within the Electronics & Imaging segment. | ||||||||
[4] | The six months ended June 30, 2019 includes income of $51 million related to a sale of assets within the Electronics & Imaging segment. | ||||||||
[5] | Miscellaneous income (expenses) - net for the three and six months ended June 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year settlement. The six months ended June 30, 2019 also includes $26 million related to licensing income within the Safety & Construction segment. | ||||||||
[6] | Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. | ||||||||
[7] | Reflected in "Sundry income (expense) - net." Refer to Note 3 for additional information. |
SUPPLEMENTARY INFORMATION - Cas
SUPPLEMENTARY INFORMATION - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Supplementary Information | ||
Restricted cash and cash equivalents | $ 32 | $ 37 |
Accrued and other current liabilities | $ 1,496 | 1,342 |
Employee-related Liabilities | $ 479 |
INCOME TAXES Effective Income T
INCOME TAXES Effective Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent | 1.40% | (16.40%) | (0.30%) | (5.80%) |
EARNINGS PER SHARE CALCULATIO_3
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Basic (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Earnings Per Share [Abstract] | |||||
Loss from continuing operations, net of tax | $ (2,471) | $ (1,103) | $ (3,081) | $ (1,177) | |
Net income from continuing operations attributable to noncontrolling interests | 7 | 9 | 13 | 13 | |
Net income from continuing operations attributable to participating securities | [1] | 0 | 0 | 0 | (1) |
Loss from continuing operations attributable to common stockholders | (2,478) | (1,112) | (3,094) | (1,191) | |
Income from discontinued operations, net of tax | 0 | 566 | 0 | 1,212 | |
Net income from discontinued operations attributable to noncontrolling interests | 0 | 25 | 0 | (72) | |
Income from discontinued operations attributable to common stockholders | 0 | 541 | 0 | 1,140 | |
Net loss attributable to common stockholders | $ (2,478) | $ (571) | $ (3,094) | $ (51) | |
[1] | Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. |
EARNINGS PER SHARE CALCULATIO_4
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Basic (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Loss from continuing operations attributable to common stockholders | $ (3.37) | $ (1.48) | $ (4.20) | $ (1.59) |
Income from discontinued operations, net of tax | 0 | 0.72 | 0 | 1.52 |
Net loss attributable to common stockholders | $ (3.37) | $ (0.76) | $ (4.20) | $ (0.07) |
EARNINGS PER SHARE CALCULATIO_5
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Diluted (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Loss from continuing operations attributable to common stockholders | $ (3.37) | $ (1.48) | $ (4.20) | $ (1.59) |
Income from discontinued operations, net of tax | 0 | 0.72 | 0 | 1.52 |
Net loss attributable to common stockholders | $ (3.37) | $ (0.76) | $ (4.20) | $ (0.07) |
EARNINGS PER SHARE CALCULATIO_6
EARNINGS PER SHARE CALCULATIONS - Summary of Count Information (Details) - $ / shares shares in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jul. 29, 2020 | Dec. 31, 2019 | ||
Earnings Per Share [Abstract] | |||||||
Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Weighted-average common shares - basic | 734.3 | 749 | 736.5 | 749.6 | |||
Plus dilutive effect of equity compensation plans | 0 | 0 | 0 | 0 | |||
Weighted-average common shares - diluted | 734.3 | 749 | 736.5 | 749.6 | |||
Stock options and restricted stock units excluded from EPS calculations | [1] | 6.3 | 2.5 | 6.6 | 2.4 | ||
[1] | These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES (Summary of Invento
INVENTORIES (Summary of Inventory) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 2,671 | $ 2,621 |
Work in process | 821 | 855 |
Raw materials | 582 | 599 |
Supplies | 233 | 244 |
Total inventories | $ 4,307 | $ 4,319 |
NONCONSOLIDATED AFFILIATES NONC
NONCONSOLIDATED AFFILIATES NONCONSOLIDATED AFFILIATES - Additional Information (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($)entity | Jun. 30, 2019 | Jun. 30, 2020USD ($)entity | Jun. 30, 2019 | Dec. 31, 2019USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |||||
Investments in nonconsolidated affiliates | $ 1,212 | $ 1,212 | $ 1,204 | ||
Accrued and other current liabilities | (78) | (78) | (85) | ||
Other noncurrent obligations | (270) | (270) | (358) | ||
Net of investment in nonconsolidated affiliates | $ 864 | $ 864 | $ 761 | ||
Equity Method Investment Ownership Interest Number Of Affiliates | entity | 21 | 21 | |||
Equity Method Investee [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Concentration Risk, Percentage | 2.00% | 2.00% | 2.00% | 2.00% | |
Equity Method Investee [Member] | Supplier Concentration Risk [Member] | Cost of Goods and Service Benchmark [Member] | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Concentration Risk, Percentage | 2.00% | 2.00% | 2.00% | 2.00% |
NONCONSOLIDATED AFFILIATES NO_2
NONCONSOLIDATED AFFILIATES NONCONSOLIDATED AFFILIATES - Principal Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Schedule of Equity Method Investments [Line Items] | ||||||
Investments in nonconsolidated affiliates | $ 1,212 | $ 1,212 | $ 1,204 | |||
Other noncurrent obligations | (270) | (270) | (358) | |||
Revenues | 4,828 | $ 5,468 | 10,049 | $ 10,882 | ||
Cost of sales | 3,291 | 3,496 | 6,609 | 7,117 | ||
Income from continuing operations | (2,507) | (948) | (3,073) | (1,113) | ||
Net income attributed to entities | $ (2,478) | $ (571) | (3,094) | (50) | ||
Benefit from Contract Settlements | $ 64 | |||||
DC HSC Holdings LLC [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | [1] | 50.00% | 50.00% | |||
Investments in nonconsolidated affiliates | $ 98 | $ 98 | 87 | |||
Hemlock Semiconductor L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% | ||||
Other noncurrent obligations | $ (270) | $ (270) | $ (358) | |||
DC HSC Holdings LLC [Member] | Hemlock Semiconductor L.L.C. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 80.50% | 80.50% | ||||
HSC group [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Revenues | $ 345 | 367 | ||||
Cost of sales | 234 | 229 | ||||
Income from continuing operations | 203 | 135 | ||||
Net income attributed to entities | 198 | 119 | ||||
Intercompany Revenue and Cost of Sales | 42 | $ 55 | ||||
Benefit from Contract Settlements | $ 165 | |||||
[1] | DC HSC Holdings LLC holds an 80.5 percent indirect ownership interest in Hemlock Semiconductor Operations LLC. |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||||
Goodwill [Line Items] | ||||||||
Asset Impairment Charges | $ 21 | [1] | $ 63 | [2] | $ 291 | [3],[4] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,643 | 1,643 | $ 1,671 | |||||
Goodwill impairment charges | 2,498 | [1] | 1,175 | [5] | 3,031 | [3] | $ 1,175 | |
Transportation & Industrial | ||||||||
Goodwill [Line Items] | ||||||||
Asset Impairment Charges | 21 | 21 | ||||||
Asset impairment charges, net of tax | 16 | 16 | ||||||
Goodwill impairment charges | 2,498 | (2,498) | ||||||
Non-core | ||||||||
Goodwill [Line Items] | ||||||||
Asset Impairment Charges | 270 | |||||||
Goodwill impairment charges | 0 | $ 242 | (533) | |||||
Trademarks and Trade Names [Member] | ||||||||
Goodwill [Line Items] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,643 | 1,643 | $ 1,671 | |||||
Trademarks and Trade Names [Member] | Transportation & Industrial | ||||||||
Goodwill [Line Items] | ||||||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 289 | $ 289 | ||||||
[1] | See Note 11 for additional information. | |||||||
[2] | See Note 5 for additional information. | |||||||
[3] | See Note 11 for additional information. | |||||||
[4] | See Note 5 for additional information. | |||||||
[5] | See Note 11 for additional information. |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Goodwill [Roll Forward] | |||||||
Net goodwill, beginning of period | $ 33,151 | ||||||
Goodwill, Acquisitions | 53 | ||||||
Goodwill, Divestitures | (199) | ||||||
Goodwill impairment charges | $ 2,498 | [1] | $ 1,175 | [2] | 3,031 | [3] | $ 1,175 |
Currency Translation Adjustment | 24 | ||||||
Goodwill, Measurement Period Adjustments | 20 | ||||||
Net goodwill, end of period | 30,018 | 30,018 | |||||
Asset Impairment Charges | 21 | [1] | 63 | [4] | 291 | [3],[5] | |
Electronics & Imaging | |||||||
Goodwill [Roll Forward] | |||||||
Net goodwill, beginning of period | 7,092 | ||||||
Goodwill, Acquisitions | 0 | ||||||
Goodwill, Divestitures | (199) | ||||||
Goodwill impairment charges | 0 | ||||||
Currency Translation Adjustment | 5 | ||||||
Goodwill, Measurement Period Adjustments | 0 | ||||||
Net goodwill, end of period | 6,898 | 6,898 | |||||
Nutrition & Biosciences | |||||||
Goodwill [Roll Forward] | |||||||
Net goodwill, beginning of period | 11,012 | ||||||
Goodwill, Acquisitions | 0 | ||||||
Goodwill, Divestitures | 0 | ||||||
Goodwill impairment charges | 933 | 0 | |||||
Currency Translation Adjustment | (5) | ||||||
Goodwill, Measurement Period Adjustments | 0 | ||||||
Net goodwill, end of period | 11,007 | 11,007 | |||||
Asset Impairment Charges | 63 | ||||||
Transportation & Industrial | |||||||
Goodwill [Roll Forward] | |||||||
Net goodwill, beginning of period | 6,931 | ||||||
Goodwill, Acquisitions | 0 | ||||||
Goodwill, Divestitures | 0 | ||||||
Goodwill impairment charges | 2,498 | (2,498) | |||||
Currency Translation Adjustment | 13 | ||||||
Goodwill, Measurement Period Adjustments | 0 | ||||||
Net goodwill, end of period | 4,446 | 4,446 | |||||
Asset Impairment Charges | 21 | 21 | |||||
Asset impairment charges, net of tax | 16 | 16 | |||||
Safety & Construction | |||||||
Goodwill [Roll Forward] | |||||||
Net goodwill, beginning of period | 6,711 | ||||||
Goodwill, Acquisitions | 53 | ||||||
Goodwill, Divestitures | 0 | ||||||
Goodwill impairment charges | 0 | ||||||
Currency Translation Adjustment | 11 | ||||||
Goodwill, Measurement Period Adjustments | 20 | ||||||
Net goodwill, end of period | 6,795 | 6,795 | |||||
Non-core | |||||||
Goodwill [Roll Forward] | |||||||
Net goodwill, beginning of period | 1,405 | ||||||
Goodwill, Acquisitions | 0 | ||||||
Goodwill, Divestitures | 0 | ||||||
Goodwill impairment charges | 0 | $ 242 | (533) | ||||
Currency Translation Adjustment | 0 | ||||||
Goodwill, Measurement Period Adjustments | 0 | ||||||
Net goodwill, end of period | $ 872 | 872 | |||||
Asset Impairment Charges | $ 270 | ||||||
[1] | See Note 11 for additional information. | ||||||
[2] | See Note 11 for additional information. | ||||||
[3] | See Note 11 for additional information. | ||||||
[4] | See Note 5 for additional information. | ||||||
[5] | See Note 5 for additional information. |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | $ 16,096 | $ 16,065 |
Finite other intangible assets, accumulated amortization | (5,390) | (4,143) |
Finite other intangible assets, net | 10,706 | 11,922 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,643 | 1,671 |
Intangible Assets, Gross (Excluding Goodwill) | 17,739 | 17,736 |
Other intangible assets, net | 12,349 | 13,593 |
Trademarks / tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,643 | 1,671 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 4,366 | 4,343 |
Finite other intangible assets, accumulated amortization | (1,616) | (1,361) |
Finite other intangible assets, net | 2,750 | 2,982 |
Trademarks / tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 2,433 | 2,433 |
Finite other intangible assets, accumulated amortization | (1,055) | (455) |
Finite other intangible assets, net | 1,378 | 1,978 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 8,994 | 8,986 |
Finite other intangible assets, accumulated amortization | (2,506) | (2,229) |
Finite other intangible assets, net | 6,488 | 6,757 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 303 | 303 |
Finite other intangible assets, accumulated amortization | (213) | (98) |
Finite other intangible assets, net | $ 90 | $ 205 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 528 | $ 252 | $ 1,061 | $ 508 |
Remainder of 2020 | 1,070 | 1,070 | ||
2021 | 1,069 | 1,069 | ||
2022 | 985 | 985 | ||
2023 | 919 | 919 | ||
2024 | 840 | 840 | ||
2025 | $ 755 | $ 755 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangibles by Segment (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 12,349 | $ 13,593 |
Electronics & Imaging | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 1,724 | 1,833 |
Nutrition & Biosciences | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,662 | 4,377 |
Transportation & Industrial | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,460 | 3,590 |
Safety & Construction | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 2,999 | 3,082 |
Non-core | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 504 | $ 711 |
SHORT TERM BORROWINGS, LONG-T_2
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2020 | May 01, 2020 | Jun. 30, 2019 |
Senior floating rate note due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Senior Notes, Current | $ 500 | ||
Senior Fixed Rate Notes due 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.77% | ||
Senior Notes, Current | $ 1,500 | ||
Old 364-day Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750 | ||
1B Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | ||
Unsecured Debt [Member] | Senior unsecured notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 2,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.169% |
SHORT TERM BORROWINGS, LONG-T_3
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Nutrition & Biosciences Financing (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Line of Credit Facility [Line Items] | ||
one-time cash payment related to proposed N&B transaction | $ 7,300 | |
N&B senior unsecured term loan facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,250 | |
N&B Bridge Loan [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,250 | $ 7,500 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Estimated Litigation Liability | $ 23 | |
Accrual for Environmental Loss Contingencies | 79 | $ 77 |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 161 | |
Non-PFAS Stray Liabilities Threshold | 200 | |
Indemnifiable Losses Threshold related to PFAS Stray Liabilities - Total | 300 | |
Indemnifiable Losses Threshold related to PFAS Stray Liabilities - Per Party | 150 | |
Retained and Assumed at Divestiture [Domain] | ||
Loss Contingencies [Line Items] | ||
Estimated Litigation Liability | 2 | |
Accrual for Environmental Loss Contingencies | 37 | |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 98 | |
Indemnification Agreement [Member] | Litigation and Environmental [Domain] | ||
Loss Contingencies [Line Items] | ||
Indemnification Liabilities | $ 58 | |
DuPont and Corteva | ||
Loss Contingencies [Line Items] | ||
Percentage Split of PFAS Liabilities under the Separation Agreement | 50.00% | |
DuPont | ||
Loss Contingencies [Line Items] | ||
Non-PFAS Stray Liabilities percent split after Threshold | 71.00% | |
DuPont | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 42 | |
DuPont | Corteva | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 34 | |
DuPont | Dow | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 8 | |
Corteva | ||
Loss Contingencies [Line Items] | ||
Non-PFAS Stray Liabilities percent split after Threshold | 29.00% |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - PFOA & Natural Resources (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2017USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2004USD ($) | |
Firefighter Foam Cases [Domain] | Historical EID And Chemours | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits | 640 | ||
Chemours Suit [Member] | DuPont and Corteva | |||
Loss Contingencies [Line Items] | |||
Claim related to pending litigation | $ 3,910 | ||
PFOA Multi-District Litigation (MDL) | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits | 80 | ||
Abbott Case [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 50 | ||
PFOA Multi-District Litigation (MDL) | Chemours | |||
Loss Contingencies [Line Items] | |||
Additional annual PFOA liabilities paid by Chemours | 25 | ||
PFOA Multi-District Litigation (MDL) | Historical EID | |||
Loss Contingencies [Line Items] | |||
Additional annual PFOA liabilities paid by Historical EID | $ 25 | ||
PFOA Matters | PFOA Multi-District Litigation (MDL) | Historical EID | |||
Loss Contingencies [Line Items] | |||
Number of Plaintiffs | 3,550 | ||
PFOA Matters | PFOA Multi-District Litigation (MDL) | Historical EID And Chemours | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 335 | ||
PFOA Matters | Leach v. DuPont [Member] | Historical EID | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements | $ 235 | ||
Natural Resources and Other Environmental [Member] | |||
Loss Contingencies [Line Items] | |||
Number of lawsuits | 100 | ||
NORTH CAROLINA | PFOA Matters | Historical EID And Chemours | |||
Loss Contingencies [Line Items] | |||
Number of Plaintiffs | 100 |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITIES - Environmental Matters (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 79 | $ 77 |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 161 | |
Retained and Assumed at Divestiture [Domain] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 37 | |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 98 | |
Indemnification Agreement [Member] | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 42 | |
Indemnification Agreement [Member] | Dow | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 8 | |
Indemnification Agreement [Member] | Corteva | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 34 |
COMMITMENTS AND CONTINGENT LI_6
COMMITMENTS AND CONTINGENT LIABILITIES - Summary of Guarantees (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 176 | $ 187 |
Customer and Supplier Guarantee Bank Borrowings [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 17 | |
Guarantor Obligations, Liquidation Proceeds, Percentage | 1.00% | |
Equity Affiliates Guarantee Bank Borrowings [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 159 |
LEASES (Details)
LEASES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Leases [Abstract] | ||||||
Operating Lease, Cost | $ 44 | $ 46 | $ 86 | $ 90 | ||
Operating Lease, Payments | 85 | $ 92 | ||||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 82 | |||||
Operating Lease, Right-of-Use Asset | [1] | 576 | 576 | $ 556 | ||
Operating Lease, Liability, Current | [2] | 148 | 148 | 138 | ||
Operating Lease, Liability, Noncurrent | [3] | 431 | 431 | 416 | ||
Operating Lease, Liability | $ 579 | $ 579 | $ 554 | |||
[1] | Included in "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheet. | |||||
[2] | Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheet. | |||||
[3] | Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheet. |
STOCKHOLDERS' EQUITY - Summary
STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (1,465) | $ (1,416) | |||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | $ 37,577 | $ 42,576 | $ 37,577 | $ 42,576 | 37,577 | $ 40,117 | 41,556 | $ 93,820 | $ 95,900 | ||
Other comprehensive loss before reclassifications | (58) | (43) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 9 | 108 | |||||||||
Net other comprehensive income (loss) | (49) | 65 | |||||||||
Total other comprehensive income (loss) | 348 | 42 | (54) | 78 | |||||||
Spin-off of Dow and Corteva | (50,487) | (50,487) | |||||||||
Ending balance | 37,577 | 42,576 | 37,577 | 42,576 | |||||||
Tax expense from income taxes related to other comprehensive income items | 3 | (11) | 2 | (38) | |||||||
Spin-off of Dow and Corteva | 11,498 | ||||||||||
Unrealized Gains (Losses) on Investments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | 0 | 0 | 0 | 0 | 0 | $ 0 | $ (51) | ||||
Other comprehensive loss before reclassifications | 0 | 68 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (1) | |||||||||
Net other comprehensive income (loss) | 0 | 67 | |||||||||
Ending balance | 0 | 0 | 0 | 0 | |||||||
Tax expense from income taxes related to other comprehensive income items | 0 | 0 | 0 | (18) | |||||||
Spin-off of Dow and Corteva | (16) | ||||||||||
Cumulative translation adjustments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (1,124) | (741) | (1,124) | (741) | (1,124) | (1,070) | (3,785) | ||||
Other comprehensive loss before reclassifications | (54) | (117) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (18) | |||||||||
Net other comprehensive income (loss) | (54) | (135) | |||||||||
Ending balance | (1,124) | (741) | (1,124) | (741) | |||||||
Tax expense from income taxes related to other comprehensive income items | 0 | 0 | 0 | (1) | |||||||
Spin-off of Dow and Corteva | 3,179 | ||||||||||
Pension and other post employment benefit plans | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (340) | (89) | (340) | (89) | (340) | (345) | (8,476) | ||||
Other comprehensive loss before reclassifications | (4) | 49 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 9 | 142 | |||||||||
Net other comprehensive income (loss) | 5 | 191 | |||||||||
Ending balance | (340) | (89) | (340) | (89) | |||||||
Tax expense from income taxes related to other comprehensive income items | 3 | (3) | 2 | (35) | |||||||
Spin-off of Dow and Corteva | 8,196 | ||||||||||
Derivative Instruments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (1) | (1) | (1) | (1) | (1) | (1) | (82) | ||||
Other comprehensive loss before reclassifications | 0 | (43) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | (15) | |||||||||
Net other comprehensive income (loss) | 0 | (58) | |||||||||
Ending balance | (1) | (1) | (1) | (1) | |||||||
Tax expense from income taxes related to other comprehensive income items | 0 | (8) | 0 | 16 | |||||||
Spin-off of Dow and Corteva | 139 | ||||||||||
Total | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (1,465) | (831) | (1,465) | (831) | $ (1,465) | $ (1,810) | $ (1,416) | $ (1,416) | $ (12,364) | $ (12,394) | $ (12,394) |
Total other comprehensive income (loss) | 345 | 35 | (49) | 65 | |||||||
Spin-off of Dow and Corteva | 11,498 | 11,498 | |||||||||
Ending balance | $ (1,465) | $ (831) | $ (1,465) | $ (831) |
STOCKHOLDERS' EQUITY - Summar_2
STOCKHOLDERS' EQUITY - Summary of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassifications for the period (net of tax) | $ 9 | $ 108 | |||
Cumulative Translation Adjustment | $ (14) | $ (19) | 197 | 65 | |
Unrealized gains on investments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassifications for the period (net of tax) | 0 | (1) | |||
Cumulative translation adjustments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassifications for the period (net of tax) | 0 | (18) | |||
Pension and other post employment benefit plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassifications for the period (net of tax) | 9 | 142 | |||
Derivative Instruments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassifications for the period (net of tax) | 0 | (15) | |||
Reclassification out of Accumulated Other Comprehensive Loss | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total reclassifications for the period (net of tax) | 5 | (5) | 9 | 108 | |
Reclassification out of Accumulated Other Comprehensive Loss | Unrealized gains on investments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total before tax | [1] | 0 | 0 | 0 | (1) |
Tax expense (benefit) | [2] | 0 | 0 | 0 | 0 |
Total reclassifications for the period (net of tax) | 0 | 0 | 0 | (1) | |
Reclassification out of Accumulated Other Comprehensive Loss | Cumulative translation adjustments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Cumulative Translation Adjustment | [3] | 0 | 0 | 0 | (18) |
Reclassification out of Accumulated Other Comprehensive Loss | Pension and other post employment benefit plans | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total before tax | [4] | 5 | 0 | 8 | 167 |
Tax expense (benefit) | [2] | 0 | 0 | 1 | (25) |
Total reclassifications for the period (net of tax) | 5 | 0 | 9 | 142 | |
Reclassification out of Accumulated Other Comprehensive Loss | Derivative Instruments | |||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
Total before tax | [5] | 0 | (7) | 0 | (18) |
Tax expense (benefit) | [2] | 0 | 2 | 0 | 3 |
Total reclassifications for the period (net of tax) | $ 0 | $ (5) | $ 0 | $ (15) | |
[1] | "Net sales" and "Sundry income (expense) - net." | ||||
[2] | "Provision for income taxes on continuing operations." | ||||
[3] | "Sundry income (expense) - net." | ||||
[4] | These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other post employment benefit plans. See Note 17 for additional information. | ||||
[5] | "Cost of sales," "Sundry income (expense) - net" and "Interest expense." |
STOCKHOLDERS' EQUITY Stockholde
STOCKHOLDERS' EQUITY Stockholders' Equity Narrative (Details) - USD ($) shares in Millions, $ in Millions | 13 Months Ended | |
Jun. 30, 2020 | Jun. 01, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 2,000 | |
Stock Repurchased and Retired During Period, Shares | 16.9 | |
Payments for Repurchase of Common Stock | $ 982 |
NONCONTROLLING INTERESTS - Summ
NONCONTROLLING INTERESTS - Summary of Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at beginning of period | $ 566 | $ 1,654 | $ 569 | $ 1,608 |
Net income attributable to noncontrolling interests | 7 | 34 | 13 | 85 |
Distributions to noncontrolling interests | (4) | (1) | (10) | (12) |
Cumulative translation adjustments | 3 | 9 | (5) | 16 |
Spin-off of Dow and Corteva | 0 | (1,124) | 0 | (1,124) |
Other | 0 | (2) | 5 | (3) |
Balance at end of period | $ 572 | $ 570 | $ 572 | $ 570 |
PENSION PLANS AND OTHER POSTR_3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Summary of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 45 | $ 45 | ||||||
Net periodic benefit cost (credit) - total | 8 | [1] | $ 18 | 19 | [2] | $ 39 | ||
Pension Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | 17 | 18 | [3] | 35 | 149 | [3] | ||
Interest cost | 14 | 144 | [4] | 28 | 591 | [4] | ||
Expected return on plan assets | (26) | (206) | [5] | (54) | (919) | [5] | ||
Amortization of prior service credit | (2) | (1) | [6] | (3) | (7) | [6] | ||
Amortization of net (gain) loss | 4 | 2 | [7] | 8 | 135 | [7] | ||
Curtailment/settlement | 2 | (2) | [8] | 2 | (2) | [8] | ||
Net periodic benefit cost (credit) - total | 9 | (45) | 16 | (53) | ||||
Other Postretirement Benefits Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | 0 | 1 | [3] | 0 | 5 | [3] | ||
Interest cost | 0 | 15 | [4] | 0 | 52 | [4] | ||
Amortization of net (gain) loss | 0 | 0 | [7] | 0 | (6) | [7] | ||
Net periodic benefit cost (credit) - total | 0 | 16 | 0 | 51 | ||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Pension Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Net periodic benefit cost (credit) - total | 0 | (41) | 0 | (45) | ||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Other Postretirement Benefits Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Net periodic benefit cost (credit) - total | 0 | 16 | 0 | 50 | ||||
Continuing Operations [Member] | Pension Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Service cost | 14 | 30 | ||||||
Interest cost | 20 | 41 | ||||||
Expected return on plan assets | (36) | (79) | ||||||
Amortization of prior service credit | (1) | |||||||
Amortization of net (gain) loss | 1 | 3 | ||||||
Curtailment/settlement | (2) | |||||||
Net periodic benefit cost (credit) - total | 9 | (4) | 16 | (8) | ||||
Continuing Operations [Member] | Other Postretirement Benefits Plan [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Net periodic benefit cost (credit) - total | $ 0 | $ 0 | $ 0 | $ 1 | ||||
[1] | Included in "Sundry income (expense) - net." | |||||||
[2] | Included in "Sundry income (expense) - net." | |||||||
[3] | The service cost from continuing operations was $14 million and $30 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. | |||||||
[4] | The interest cost from continuing operations was $20 million and $41 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. | |||||||
[5] | The expected return on plan assets from continuing operations was $36 million and $79 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. | |||||||
[6] | The amortization of prior service credit from continuing operations was $1 million for the three and six months ended June 30, 2019. The activity from OPEBs was immaterial. | |||||||
[7] | The amortization of unrecognized net loss from continuing operations was $1 million and $3 million for the three and six months ended June 30, 2019, respectively. The activity from OPEBs was immaterial. | |||||||
[8] | The curtailment and settlement gains from continuing operations were $2 million for the three and six months ended June 30, 2019. The activity from OPEBs was immaterial. |
STOCK-BASED COMPENSATION (DuPon
STOCK-BASED COMPENSATION (DuPont) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 28 | $ 34 | $ 69 | $ 55 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 5 | $ 7 | $ 14 | $ 12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0.8 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.84 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 53.50 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 53.49 | ||||
Performance Shares [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0.3 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 50.23 | ||||
DuPont Omnibus Incentive Plan [Domain] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 10 | 10 | |||
2020 Equity and Incentive Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 19 | 19 |
FINANCIAL INSTRUMENTS (Summary
FINANCIAL INSTRUMENTS (Summary of Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Cash Equivalents, Cost | $ 2,523 | $ 417 | |
Cash Equivalents,Gain | 0 | 0 | |
Cash Equivalents, Loss | 0 | 0 | |
Cash Equivalents, Fair Value | 2,523 | 417 | |
Restricted Cash, Cost | [1] | 32 | 37 |
Restricted Cash, Gain | [1] | 0 | 0 |
Restricted Cash, Loss | [1] | 0 | 0 |
Restricted Cash, Fair Value | [1] | 32 | 37 |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Cost | 2,555 | 454 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Gain | 0 | 0 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Loss | 0 | 0 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Fair Value | 2,555 | 454 | |
Long-term debt including debt due within one year, Cost | (17,611) | (15,618) | |
Long Term Debt including debt due within one year, Gain | 3 | 0 | |
Long Term Debt including debt due within one year, Loss | (2,285) | (1,633) | |
Long Term Debt, Including Debt Due within one year, Fair Value | (19,893) | (17,251) | |
Derivative Assets (Liabilities), Gain | 3 | 6 | |
Derivative Assets (Liabilities), Loss | (23) | (7) | |
Derivative Assets (Liabilities), Fair Value | (20) | (1) | |
Foreign Exchange Contract | |||
Debt Securities, Available-for-sale [Line Items] | |||
Derivative Assets (Liabilities), Gain | [2] | 3 | 6 |
Derivative Assets (Liabilities), Loss | [2] | (23) | (7) |
Derivative Assets (Liabilities), Fair Value | [2] | $ (20) | $ (1) |
[1] | Classified as "Other current assets" in the interim Condensed Consolidated Balance Sheets. | ||
[2] | Presented net of cash collateral where master netting arrangements allow. |
FINANCIAL INSTRUMENTS (Derivati
FINANCIAL INSTRUMENTS (Derivatives) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Gross | $ 7 | $ 16 | |
Counterparty and Cash Collateral Netting, Assets | (4) | (10) | |
Net Assets included in Consolidated Balance Sheet | 3 | 6 | |
Derivative Liability, Gross | 27 | 17 | |
Counterparty and Cash Collateral Netting, Liabilities | (4) | (10) | |
Net Liability included in Consolidated Balance Sheet | 23 | 7 | |
Other Current Assets [Member] | Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Gross | 7 | 16 | |
Counterparty and Cash Collateral Netting, Assets | [1] | (4) | (10) |
Net Assets included in Consolidated Balance Sheet | 3 | 6 | |
Accrued and other current liabilities | Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Gross | 27 | 17 | |
Counterparty and Cash Collateral Netting, Liabilities | [1] | (4) | (10) |
Net Liability included in Consolidated Balance Sheet | $ 23 | $ 7 | |
[1] | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
FINANCIAL INSTRUMENTS Effect of
FINANCIAL INSTRUMENTS Effect of Derivative Instrument (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (13) | $ (4) | $ (60) |
FINANCIAL INSTRUMENTS Notional
FINANCIAL INSTRUMENTS Notional Amounts (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | |
Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | [1] | $ (40) | $ 26 |
Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 8 | $ 11 | |
[1] | Presented net of contracts bought and sold. |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Recurring Measured Fair Values (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Long Term Debt, Including Debt Due within one year, Fair Value | $ (19,893) | $ (17,251) | |
Recurring | Level 2 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash equivalents and restricted cash equivalents | [1] | 2,555 | 454 |
Total assets at fair value | 2,562 | 470 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Long Term Debt, Including Debt Due within one year, Fair Value | [2] | 19,893 | 17,251 |
Total liabilities at fair value | 19,920 | 17,268 | |
Recurring | Level 2 | Foreign currency | |||
Assets, Fair Value Disclosure [Abstract] | |||
Foreign Currency Contracts | [3] | 7 | 16 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Foreign Currency Contracts | [3] | $ 27 | $ 17 |
[1] | Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. | ||
[2] | Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. | ||
[3] | See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 4,828 | $ 5,468 | $ 10,049 | $ 10,882 | |||
Operating EBITDA | [1] | 1,135 | 1,422 | 2,456 | [2] | ||
Equity in earnings of nonconsolidated affiliates | 103 | 49 | 142 | 89 | |||
Pro Forma | |||||||
Segment Reporting Information [Line Items] | |||||||
Pro forma Operating EBITDA | [1] | 2,852 | |||||
Adjusted for Significant Item [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Equity in earnings of nonconsolidated affiliates | 50 | [3] | 91 | ||||
Electronics & Imaging | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 905 | 858 | 1,789 | 1,683 | |||
Operating EBITDA | [1] | 277 | 246 | 530 | |||
Equity in earnings of nonconsolidated affiliates | 10 | 5 | [3] | 19 | 8 | ||
Electronics & Imaging | Pro Forma | |||||||
Segment Reporting Information [Line Items] | |||||||
Pro forma Operating EBITDA | [1] | 534 | |||||
Nutrition & Biosciences | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,539 | 1,558 | 3,090 | 3,093 | |||
Operating EBITDA | [1] | 418 | 386 | 803 | |||
Equity in earnings of nonconsolidated affiliates | 1 | 0 | [3] | 1 | 0 | ||
Nutrition & Biosciences | Pro Forma | |||||||
Segment Reporting Information [Line Items] | |||||||
Pro forma Operating EBITDA | [1] | 735 | |||||
Transportation & Industrial | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 832 | 1,269 | 1,976 | 2,586 | |||
Operating EBITDA | [1] | 49 | 357 | 357 | |||
Equity in earnings of nonconsolidated affiliates | 1 | 2 | [3] | 2 | 2 | ||
Transportation & Industrial | Pro Forma | |||||||
Segment Reporting Information [Line Items] | |||||||
Pro forma Operating EBITDA | [1] | 730 | |||||
Safety & Construction | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,244 | 1,341 | 2,520 | 2,624 | |||
Operating EBITDA | [1] | 349 | 382 | 717 | |||
Equity in earnings of nonconsolidated affiliates | 5 | 7 | [3] | 12 | 15 | ||
Safety & Construction | Pro Forma | |||||||
Segment Reporting Information [Line Items] | |||||||
Pro forma Operating EBITDA | [1] | 756 | |||||
Non-core | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 308 | 442 | 674 | 896 | |||
Operating EBITDA | [1] | 93 | 104 | 135 | |||
Equity in earnings of nonconsolidated affiliates | 86 | 108 | |||||
Non-core | Income (Loss) From Equity Method Investments [Domain] | |||||||
Segment Reporting Information [Line Items] | |||||||
Restructuring Charges | 1 | 2 | |||||
Non-core | Pro Forma | |||||||
Segment Reporting Information [Line Items] | |||||||
Pro forma Operating EBITDA | [1] | 202 | |||||
Non-core | Adjusted for Significant Item [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Equity in earnings of nonconsolidated affiliates | [3] | 36 | 66 | ||||
Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 0 | 0 | 0 | 0 | |||
Operating EBITDA | [1] | (51) | (53) | (86) | |||
Equity in earnings of nonconsolidated affiliates | $ 0 | $ 0 | [3] | $ 0 | 0 | ||
Corporate | Pro Forma | |||||||
Segment Reporting Information [Line Items] | |||||||
Pro forma Operating EBITDA | [1] | $ (105) | |||||
[1] | A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA and pro forma Operating EBITDA, as applicable, is provided below | ||||||
[2] | For the six months ended June 30, 2019 | ||||||
[3] | Represents equity in earnings (losses) of nonconsolidated affiliates included in pro forma Operating EBITDA, the Company's measure of profit/loss for segment reporting purposes, which excludes significant items. Accordingly, the Non-Core segment presented above excludes a restructuring charge of $1 million and $2 million |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Reconciliation of Operating EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |||||
Segment Reporting Information [Line Items] | ||||||||
Loss from continuing operations, net of tax | $ (2,471) | $ (1,103) | $ (3,081) | $ (1,177) | ||||
(Benefit from) provision for income taxes on continuing operations | (36) | 155 | 8 | 64 | ||||
Loss from continuing operations before income taxes | (2,507) | (948) | (3,073) | (1,113) | ||||
Depreciation and amortization | 774 | 507 | 1,546 | |||||
Interest income | 2 | [1] | 9 | 4 | [2] | 49 | ||
Interest expense | 193 | 165 | 376 | 316 | ||||
Non-operating pension and other post employment benefit (OPEB) credits | 8 | [1] | 18 | 19 | [2] | 39 | ||
Foreign exchange gains (losses), net | (23) | [1] | (17) | (31) | [2] | (78) | ||
Costs Historically Allocated to the Materials Science Business and Agriculture Business | 0 | |||||||
Significant items | (2,674) | [3] | (1,708) | [3] | (3,621) | [4] | ||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [5] | 1,135 | $ 1,422 | 2,456 | [6] | |||
Adjusted for Significant Item [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest expense | $ 181 | [7] | $ 354 | [8] | ||||
Pro Forma | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Pro Forma Adjustments | [6] | 122 | ||||||
Depreciation and amortization | 1,034 | |||||||
Interest income | [2] | 49 | ||||||
Non-operating pension and other post employment benefit (OPEB) credits | [2] | 39 | ||||||
Foreign exchange gains (losses), net | [2] | (78) | ||||||
Costs Historically Allocated to the Materials Science Business and Agriculture Business | [9] | 256 | ||||||
Significant items | [4] | (2,218) | ||||||
Pro forma Operating EBITDA | [6] | 2,852 | ||||||
Pro Forma | Adjusted for Significant Item [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest expense | $ 345 | |||||||
[1] | Included in "Sundry income (expense) - net." | |||||||
[2] | Included in "Sundry income (expense) - net." | |||||||
[3] | The significant items for the three months ended June 30, 2020 and 2019 are presented on an as reported basis. | |||||||
[4] | The significant items for the six months ended June 30, 2020 are presented on an as reported basis. The significant items for the six months ended June 30, 2019 are presented on a pro forma basis. | |||||||
[5] | A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA and pro forma Operating EBITDA, as applicable, is provided below | |||||||
[6] | For the six months ended June 30, 2019 | |||||||
[7] | The three months ended June 30, 2020 excludes N&B financing fee amortization. Refer to details of significant items below. | |||||||
[8] | The six months ended June 30, 2020 excludes N&B financing fee amortization. Refer to details of significant items below. | |||||||
[9] | Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Certain Items by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |||||
Significant Items | ||||||||
Integration and separation costs | $ 145 | [1] | $ 347 | [2] | $ 342 | [3] | ||
Restructuring and asset related charges - net | (2) | [4] | 75 | [4] | 132 | [5] | ||
Goodwill impairment charges | 2,498 | [6] | 1,175 | [7] | 3,031 | [8] | $ 1,175 | |
Asset Impairment Charges | 21 | [6] | 63 | [9] | 291 | [8],[10] | ||
Income Tax Related Items | (48) | [11] | (48) | |||||
Significant items | (2,674) | [12] | (1,708) | [12] | (3,621) | [13] | ||
N&B financing [Member] | ||||||||
Significant Items | ||||||||
Financing fee amortization | (12) | [14] | (22) | [15] | ||||
Pro Forma | ||||||||
Significant Items | ||||||||
Integration and separation costs | [2] | 785 | ||||||
Restructuring and asset related charges - net | [16] | 147 | ||||||
Goodwill impairment charges | [7] | 1,175 | ||||||
Asset Impairment Charges | [17] | 63 | ||||||
Income Tax Related Items | [18] | (48) | ||||||
Significant items | (2,218) | |||||||
Electronics & Imaging | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | 3 | (7) | (1) | |||||
Goodwill impairment charges | 0 | |||||||
Significant items | 3 | (7) | 196 | |||||
Electronics & Imaging | Pro Forma | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | (7) | |||||||
Significant items | (7) | |||||||
Nutrition & Biosciences | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | 2 | (22) | (4) | |||||
Goodwill impairment charges | 933 | 0 | ||||||
Asset Impairment Charges | 63 | |||||||
Significant items | 2 | (1,018) | (4) | |||||
Nutrition & Biosciences | Pro Forma | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | (49) | |||||||
Goodwill impairment charges | 933 | |||||||
Asset Impairment Charges | 63 | |||||||
Significant items | (1,045) | |||||||
Transportation & Industrial | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | 10 | (12) | (15) | |||||
Goodwill impairment charges | 2,498 | (2,498) | ||||||
Asset Impairment Charges | 21 | 21 | ||||||
Significant items | (2,509) | (12) | (2,534) | |||||
Transportation & Industrial | Pro Forma | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | (12) | |||||||
Significant items | (12) | |||||||
Safety & Construction | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | 12 | (20) | (13) | |||||
Goodwill impairment charges | 0 | |||||||
Income Tax Related Items | (48) | |||||||
Significant items | 12 | (68) | (13) | |||||
Safety & Construction | Pro Forma | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | (22) | |||||||
Income Tax Related Items | (48) | |||||||
Significant items | (70) | |||||||
Non-core | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | 0 | (1) | 0 | |||||
Goodwill impairment charges | 0 | 242 | (533) | |||||
Asset Impairment Charges | 270 | |||||||
Significant items | 0 | (243) | (803) | |||||
Non-core | Pro Forma | ||||||||
Significant Items | ||||||||
Restructuring and asset related charges - net | 0 | |||||||
Goodwill impairment charges | 242 | |||||||
Significant items | (242) | |||||||
Corporate | ||||||||
Significant Items | ||||||||
Integration and separation costs | (145) | (347) | (342) | |||||
Restructuring and asset related charges - net | (25) | (13) | (99) | |||||
Significant items | (182) | $ (360) | (463) | |||||
Corporate | N&B financing [Member] | ||||||||
Significant Items | ||||||||
Financing fee amortization | $ (12) | $ (22) | ||||||
Corporate | Pro Forma | ||||||||
Significant Items | ||||||||
Integration and separation costs | (785) | |||||||
Restructuring and asset related charges - net | (57) | |||||||
Significant items | $ (842) | |||||||
[1] | Integration and separation costs related to the post-Merger integration and the intended separation of the N&B Business. | |||||||
[2] | Integration and separation costs related to the Merger, post-Merger integration and business separation activities. | |||||||
[3] | Integration and separation costs related to the post-Merger integration and the intended separation of the N&B Business. | |||||||
[4] | Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. | |||||||
[5] | Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. | |||||||
[6] | See Note 11 for additional information. | |||||||
[7] | See Note 11 for additional information. | |||||||
[8] | See Note 11 for additional information. | |||||||
[9] | See Note 5 for additional information. | |||||||
[10] | See Note 5 for additional information. | |||||||
[11] | Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. | |||||||
[12] | The significant items for the three months ended June 30, 2020 and 2019 are presented on an as reported basis. | |||||||
[13] | The significant items for the six months ended June 30, 2020 are presented on an as reported basis. The significant items for the six months ended June 30, 2019 are presented on a pro forma basis. | |||||||
[14] | Reflected in "Interest expense" and relates to the intended separation of the N&B Business. | |||||||
[15] | Reflected in "Interest expense" and relates to the intended separation of the N&B Business. | |||||||
[16] | Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. | |||||||
[17] | See Note 5 for additional information. | |||||||
[18] | Charge included in "Sundry income (expense) - net" which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. |