Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-38196 | |
Entity Registrant Name | DUPONT DE NEMOURS, INC. | |
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 | |
City Area Code | 302 | |
Local Phone Number | 774-3034 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | DD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Share Outstanding | 518,103,842 | |
Entity Central Index Key | 0001666700 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Period End Date | Sep. 30, 2021 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 4,271 | $ 3,629 | $ 12,382 | $ 10,588 |
Cost of sales | 2,778 | 2,417 | 7,945 | 7,034 |
Research and development expenses | 152 | 140 | 456 | 466 |
Selling, general and administrative expenses | 475 | 403 | 1,390 | 1,299 |
Amortization of intangibles | 196 | 172 | 530 | 527 |
Restructuring and asset related charges - net | 1 | 378 | 13 | 800 |
Goodwill impairment charges | 0 | 183 | 0 | 3,214 |
Acquisition, integration and separation costs | 29 | 22 | 58 | 161 |
Equity in earnings of nonconsolidated affiliates | 25 | 29 | 76 | 170 |
Sundry income (expense) - net | 8 | 430 | 170 | 631 |
Interest expense | 115 | 165 | 390 | 517 |
Income (loss) from continuing operations before income taxes | 558 | 208 | 1,846 | (2,629) |
Provision for income taxes on continuing operations | 125 | 122 | 308 | 224 |
Income (loss) from continuing operations, net of tax | 433 | 86 | 1,538 | (2,853) |
(Loss) income from discontinued operations, net of tax | (29) | (158) | 4,751 | (300) |
Net income (loss) | 404 | (72) | 6,289 | (3,153) |
Net income attributable to noncontrolling interests | 13 | 7 | 26 | 20 |
Net income (loss) available for DuPont common stockholders | $ 391 | $ (79) | $ 6,263 | $ (3,173) |
Per common share data: | ||||
Earnings (loss) per common share from continuing operations - basic (in usd per share) | $ 0.81 | $ 0.11 | $ 2.74 | $ (3.90) |
(Loss) earnings per common share from discontinued operations - basic (in usd per share) | (0.06) | (0.22) | 8.61 | (0.41) |
Earnings (loss) per common share - basic (in usd per share) | 0.75 | (0.11) | 11.35 | (4.31) |
Earnings (loss) per common share from continuing operations - diluted (in usd per share) | 0.80 | 0.11 | 2.73 | (3.90) |
(Loss) earnings per common share from discontinued operations - diluted (in usd per share) | (0.06) | (0.21) | 8.59 | (0.41) |
Earnings (loss) per common share - diluted (in usd per share) | $ 0.75 | $ (0.11) | $ 11.32 | $ (4.31) |
Weighted-average common shares outstanding - basic (in shares) | 521.5 | 734.4 | 551.7 | 735.8 |
Weighted-average common shares outstanding - diluted (in shares) | 523.1 | 734.9 | 553.1 | 735.8 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 404 | $ (72) | $ 6,289 | $ (3,153) |
Other comprehensive (loss) income, net of tax | ||||
Cumulative translation adjustments | (189) | 606 | (554) | 547 |
Pension and other post-employment benefit plans | 12 | 4 | 23 | 9 |
Derivative instruments | 20 | 0 | 38 | 0 |
Split-off of N&B | 0 | 0 | 258 | 0 |
Total other comprehensive (loss) income | (157) | 610 | (235) | 556 |
Comprehensive income (loss) | 247 | 538 | 6,054 | (2,597) |
Comprehensive income attributable to noncontrolling interests, net of tax | 12 | 11 | 17 | 19 |
Comprehensive income (loss) attributable to DuPont | $ 235 | $ 527 | $ 6,037 | $ (2,616) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 1,670 | $ 2,544 |
Accounts and notes receivable - net | 2,908 | 2,421 |
Inventories | 2,844 | 2,393 |
Other current assets | 225 | 181 |
Assets held for sale | 850 | 810 |
Assets of discontinued operations | 0 | 20,659 |
Total current assets | 8,497 | 29,008 |
Property, plant and equipment - net of accumulated depreciation (September 30, 2021 - $4,599; December 31, 2020 - $4,256) | 6,921 | 6,867 |
Other Assets | ||
Goodwill | 19,688 | 18,702 |
Other intangible assets | 8,644 | 8,072 |
Restricted cash and cash equivalents | 50 | 6,206 |
Investments and noncurrent receivables | 1,029 | 1,047 |
Deferred income tax assets | 175 | 190 |
Deferred charges and other assets | 1,011 | 812 |
Total other assets | 30,597 | 35,029 |
Total Assets | 46,015 | 70,904 |
Current Liabilities | ||
Accounts payable | 2,538 | 2,222 |
Income taxes payable | 206 | 169 |
Accrued and other current liabilities | 1,335 | 1,085 |
Liabilities related to assets held for sale | 142 | 140 |
Liabilities of discontinued operations | 0 | 8,610 |
Total current liabilities | 4,221 | 12,226 |
Long-Term Debt | 10,629 | 15,611 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 2,014 | 2,053 |
Pension and other post-employment benefits - noncurrent | 1,017 | 1,110 |
Other noncurrent obligations | 895 | 834 |
Total other noncurrent liabilities | 3,926 | 3,997 |
Total Liabilities | 18,776 | 31,834 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2021: 518,103,127 shares; 2020: 734,204,054 shares) | 5 | 7 |
Additional paid-in capital | 49,702 | 50,039 |
Accumulated deficit | (22,892) | (11,586) |
Accumulated other comprehensive (loss) income | (182) | 44 |
Total DuPont stockholders' equity | 26,633 | 38,504 |
Noncontrolling interests | 606 | 566 |
Total equity | 27,239 | 39,070 |
Total Liabilities and Equity | $ 46,015 | $ 70,904 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 4,599 | $ 4,256 |
Shares authorized (in shares) | 1,666,666,667 | 1,666,666,667 |
Par value (in usd per share) | $ 0.01 | $ 0.01 |
Shares issued (in shares) | 518,103,127 | 734,204,054 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net income (loss) | $ 6,289 | $ (3,153) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,094 | 2,326 |
Credit for deferred income tax and other tax related items | (182) | (481) |
Earnings of nonconsolidated affiliates in excess of dividends received | (41) | (120) |
Net periodic pension benefit cost | 1 | 30 |
Pension contributions | (59) | (77) |
Net gain on sales and split-offs of assets, businesses and investments | (5,117) | (612) |
Restructuring and asset related charges - net | 15 | 807 |
Goodwill impairment charges | 0 | 3,214 |
Inventory step-up amortization | 12 | 0 |
Other net loss | 126 | 127 |
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||
Accounts and notes receivable | (399) | 133 |
Inventories | (515) | 312 |
Accounts payable | 379 | 43 |
Other assets and liabilities, net | 57 | 245 |
Cash provided by operating activities | 1,660 | 2,794 |
Financing Activities | ||
Changes in short-term notes payable | 0 | (1,439) |
Proceeds from issuance of long-term debt | 0 | 8,275 |
Proceeds from issuance of long-term debt transferred to IFF at split-off | 1,250 | 0 |
Payments on long-term debt | (5,000) | (29) |
Purchases of common stock | (1,643) | (232) |
Proceeds from issuance of Company stock | 110 | 34 |
Employee taxes paid for share-based payment arrangements | (26) | (14) |
Distributions to noncontrolling interests | (34) | (48) |
Dividends paid to stockholders | (476) | (662) |
Cash transferred to IFF at split-off | (100) | 0 |
Other financing activities, net | (2) | (55) |
Cash (used for) provided by financing activities | (5,921) | 5,830 |
Investing Activities | ||
Capital expenditures | (707) | (922) |
Proceeds from sales of property and businesses, net of cash divested | 285 | 1,008 |
Acquisitions of property and businesses, net of cash acquired | (2,323) | (73) |
Purchases of investments | (2,001) | (1) |
Proceeds from sales and maturities of investments | 2,001 | 1 |
Other investing activities, net | 18 | 22 |
Cash (used for) provided by investing activities | (2,727) | 35 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (49) | 4 |
(Decrease) increase in cash, cash equivalents and restricted cash | (7,037) | 8,663 |
Cash, cash equivalents and restricted cash at beginning of period | 8,767 | 1,569 |
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | 8 | 8 |
Cash, cash equivalents and restricted cash at beginning of period | 8,775 | 1,577 |
Cash, cash equivalents and restricted cash at end of period | 1,738 | 10,233 |
Cash, cash equivalents and restricted cash from discontinued operations, end of period | 0 | 7 |
Cash, cash equivalents and restricted cash at end of period | $ 1,738 | $ 10,240 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comp Loss | Treasury Stock | Non-controlling Interests |
Beginning balance at Dec. 31, 2019 | $ 41,556 | $ (3) | $ 7 | $ 50,796 | $ (8,400) | $ (3) | $ (1,416) | $ 0 | $ 569 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (3,153) | (3,173) | 20 | ||||||
Other comprehensive income (loss) | 556 | 557 | (1) | ||||||
Dividends | (662) | (662) | |||||||
Common stock issued/sold | 34 | 34 | |||||||
Stock-based compensation | 81 | 81 | |||||||
Contributions from non-controlling interests | 19 | 19 | |||||||
Distributions to noncontrolling interests | (48) | (48) | |||||||
Purchases of treasury stock | (232) | (232) | |||||||
Retirement of treasury stock | (232) | 232 | |||||||
Other | (30) | (30) | |||||||
Ending balance at Sep. 30, 2020 | 38,118 | 7 | 50,219 | (11,808) | (859) | 0 | 559 | ||
Beginning balance at Jun. 30, 2020 | 37,577 | 7 | 50,191 | (11,728) | (1,465) | 0 | 572 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (72) | (79) | 7 | ||||||
Other comprehensive income (loss) | 610 | 606 | 4 | ||||||
Stock-based compensation | 24 | 24 | |||||||
Contributions from non-controlling interests | 14 | 14 | |||||||
Distributions to noncontrolling interests | (38) | (38) | |||||||
Other | 3 | 4 | (1) | ||||||
Ending balance at Sep. 30, 2020 | 38,118 | 7 | 50,219 | (11,808) | (859) | 0 | 559 | ||
Beginning balance at Dec. 31, 2020 | 39,070 | 7 | 50,039 | (11,586) | 44 | 0 | 566 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 6,289 | 6,263 | 26 | ||||||
Other comprehensive income (loss) | (235) | (226) | (9) | ||||||
Dividends | (476) | (476) | |||||||
Common stock issued/sold | 110 | 110 | |||||||
Stock-based compensation | 30 | 30 | |||||||
Contributions from non-controlling interests | 84 | 84 | |||||||
Distributions to noncontrolling interests | (34) | (34) | |||||||
Purchases of treasury stock | (1,643) | (1,643) | |||||||
Retirement of treasury stock | 0 | (1,643) | 1,643 | ||||||
Split-off of N&B | (15,955) | (2) | (15,926) | (27) | |||||
Other | (1) | (1) | |||||||
Ending balance at Sep. 30, 2021 | 27,239 | 5 | 49,702 | (22,892) | (182) | 0 | 606 | ||
Beginning balance at Jun. 30, 2021 | 27,464 | 5 | 49,681 | (22,783) | (26) | 0 | 587 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 404 | 391 | 13 | ||||||
Other comprehensive income (loss) | (157) | (156) | (1) | ||||||
Common stock issued/sold | 2 | 2 | |||||||
Stock-based compensation | 17 | 17 | |||||||
Contributions from non-controlling interests | 17 | 17 | |||||||
Distributions to noncontrolling interests | (10) | (10) | |||||||
Purchases of treasury stock | (500) | (500) | |||||||
Retirement of treasury stock | 0 | (500) | 500 | ||||||
Other | 2 | 2 | |||||||
Ending balance at Sep. 30, 2021 | $ 27,239 | $ 5 | $ 49,702 | $ (22,892) | $ (182) | $ 0 | $ 606 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared (in usd per share) | $ 0.90 | $ 0.90 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
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 Current Report on Form 8-K filed on June 3, 2021, collectively referred to as the "Recast 2020 Annual Report," which was filed in order to recast the Company's 2020 Annual Report on Form 10-K to reflect the presentation of the N&B Business as discontinued operations and to reflect the changes in the Company's reportable segments. These interim Consolidated Financial Statements should also be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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 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 ("TDCC") and E. I. du Pont de Nemours and Company ("EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, TDCC and EID became subsidiaries of DowDuPont (the "DWDP Merger"). Except as otherwise indicated by the context, the term "TDCC" includes TDCC and its consolidated subsidiaries and "EID" includes EID and its consolidated subsidiaries. On April 1, 2019, the Company completed the separation of the materials science business through the spin-off of Dow Inc., (“Dow”) including Dow’s subsidiary TDCC (the “Dow Distribution”). On June 1, 2019, the Company completed the separation of the agriculture business through the spin-off of Corteva, Inc. (“Corteva”) including Corteva’s subsidiary EID, (the “Corteva Distribution" and together with the Dow Distribution, the “DWDP Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business as continuing operations. 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." N&B Transaction On February 1, 2021, DuPont completed the separation and distribution of the Nutrition & Biosciences business segment (the "N&B Business"), and the merger of Nutrition & Biosciences, Inc. (“N&B”), a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of International Flavors & Fragrances Inc. ("IFF"). The distribution was effected through an exchange offer (the “Exchange Offer”) and the consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). See Note 3 for more information. The financial position of DuPont as of December 31, 2020 and the results of operations of DuPont for the three and nine months ended September 30, 2021 and 2020 present the historical financial results of N&B as discontinued operations. The cash flows and comprehensive income related to N&B have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for all periods presented. 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 N&B. 2021 Segment Realignment Immediately following the separation and distribution of the N&B Business, the Company made changes to its management and reporting structure (the “2021 Segment Realignment”) (see Note 23 for additional details). The reporting changes have been retrospectively reflected for all periods presented. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS On July 1, 2021, DuPont completed the acquisition (the "Laird PM Acquisition") of 100% of the ownership interest of Laird Performance Materials (“Laird PM”) from Advent International for aggregate, adjusted cash consideration of approximately $2,404 million. The cash consideration paid included a net upward adjustment of approximately $100 million for acquired cash and net working capital, among other items. Laird PM is a leader in high-performance electromagnetic shielding and thermal management solutions. Laird PM is being integrated into the Interconnect Solutions business within the Electronics & Industrial segment, in order to enhance the Company's position in advanced electronics applications. The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. The table below presents the provisional fair values allocated to the assets acquired and liabilities assumed. The purchase accounting and purchase price allocation for Laird PM are substantially complete. However, the Company continues to refine the preliminary valuation of certain acquired assets and liabilities, including income tax related amounts, which could impact the amount of residual goodwill recorded. The Company will finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the acquisition. Final determination of the fair values may result in further adjustments to the values presented in the following table: Laird PM Assets Acquired and Liabilities Assumed on July 1, 2021 (in millions) Fair Value of Assets Acquired Cash and cash equivalents $ 92 Accounts and notes receivable 93 Inventories 50 Property, plant, and equipment 104 Other current assets 10 Goodwill 1,219 Other intangible assets 1,160 Deferred income tax assets 3 Deferred charges and other assets 26 Total Assets $ 2,757 Fair Value of Liabilities Assumed Accounts payable $ 75 Income taxes payable 10 Accrued and other current liabilities 46 Deferred income tax liabilities 184 Pension & other post-employment benefits - noncurrent 10 Other noncurrent obligations 28 Total Liabilities $ 353 Net Assets (Consideration for Laird PM) $ 2,404 The significant fair value adjustments included in the provisional allocation of purchase price are discussed below. Property, plant and equipment Property, plant and equipment is comprised of machinery and equipment of $67 million, buildings and building improvements of $18 million, leasehold improvements of $10 million, construction in progress of $5 million and land and land improvements of $4 million. The preliminary estimated fair value was primarily determined using a market approach for land and certain types of equipment, and a replacement cost approach for the remaining depreciable property, plant and equipment. The market approach for certain types of equipment represents a sales comparison that measures the value of an asset through an analysis of sales and offerings of comparable assets. The replacement cost approach used for all other depreciable property, plant and equipment measures the value of an asset by estimating the cost to acquire or construct comparable assets and adjusts for age and condition of the asset. Goodwill The excess of the consideration for Laird PM over the preliminary net fair value of assets acquired and liabilities assumed resulted in the provisional recognition of $1,219 million of goodwill, which has been assigned to the Electronics & Industrial segment. Goodwill is attributable to Laird PM’s assembled workforce and expected cost synergies to be obtained through procurement efficiencies and the optimization of the combined the Electronics & Industrial segment and Laird PM businesses’ global activities across sales, manufacturing, research & development, and administrative functions. Other Intangible Assets Other intangible assets with definite lives include acquired customer-related intangible assets of $840 million, developed technology of $290 million and trademark/tradename of $30 million. Acquired customer-related intangible assets, developed technology, and trademark/tradename have useful lives of 14 years, 8 years, and 3 years, respectively. The preliminary customer-related intangible assets' fair value was determined using the excess earnings method while the preliminary developed technology and trademark/tradename fair values were determined utilizing the relief from royalty method. Total sales included in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2021 are $131 million. The Company evaluated the disclosure requirements under ASC 805 and determined Laird PM was not considered a material business combination for purposes of disclosing the earnings of Laird PM since the date of acquisition or supplemental pro forma information. |
DIVESTITURES
DIVESTITURES | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | DIVESTITURES N&B Transaction On February 1, 2021, DuPont completed the separation and distribution of the N&B Business, and merger of N&B, a subsidiary DuPont formed to hold the N&B Business, with a subsidiary of IFF. The distribution was effected through an exchange offer where, on the terms and subject to the conditions of the Exchange Offer, eligible participating DuPont stockholders had the option to tender all, some or none of their shares of common stock, par value $0.01 per share, of DuPont (the “DuPont Common Stock”) for a number of shares of common stock, par value $0.01 per share, of N&B (the “N&B Common Stock”) and which resulted in all shares of N&B Common Stock being distributed to DuPont stockholders that participated in the Exchange Offer. The consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). The N&B Transaction was subject to IFF shareholder approval, customary regulatory approvals, tax authority rulings including a favorable private letter ruling from the U.S. Internal Revenue Service which confirms the N&B Transaction to be free of U.S. federal income tax, and expiration of the public exchange offer. DuPont does not have an ownership interest in IFF as a result of the N&B Transaction. In the Exchange Offer, DuPont accepted approximately 197.4 million shares of its common stock in exchange for about 141.7 million shares of N&B Common Stock as of the date of the N&B Transaction. As a result, DuPont reduced its common stock outstanding by 197.4 million shares of DuPont Common Stock. In the N&B Merger, each share of N&B Common Stock was automatically converted into the right to receive one share of IFF common stock, par value $0.125 per share, based on the terms of the N&B Merger Agreement. The results of operations of N&B are presented as discontinued operations as summarized below: Three Months Ended September 30, Nine Months Ended September 30, In millions 2020 2021 2020 Net sales $ 1,467 $ 507 $ 4,557 Cost of sales 975 354 2,967 Research and development expenses 59 21 178 Selling, general and administrative expenses 121 47 399 Amortization of intangibles 358 38 1,064 Restructuring and asset related charges - net 6 1 7 Integration and separation costs 105 172 308 Equity in earnings of nonconsolidated affiliates 1 — 2 Sundry income (expense) - net — 8 (4) Interest expense 32 13 56 Loss from discontinued operations before income taxes (188) (131) (424) Benefit from income taxes on discontinued operations (30) (27) (124) Loss from discontinued operations, net of tax (158) (104) (300) Non-taxable gain on split-off — 4,940 — (Loss) Income from discontinued operations attributable to DuPont stockholders, net of tax $ (158) $ 4,836 $ (300) The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to N&B: Three Months Ended September 30, Nine Months Ended September 30, In millions 2020 2021 2020 Depreciation and amortization $ 435 $ 63 $ 1,287 Capital expenditures $ 36 $ 27 $ 161 The carrying amount of major classes of assets and liabilities that were included in discontinued operations at December 31, 2020 related to N&B consist of the following: In millions December 31, 2020 Assets Accounts and notes receivable - net $ 1,130 Inventories 1,333 Other current assets 65 Investments and noncurrent receivables 36 Property, plant, and equipment - net 3,118 Goodwill 11,542 Other intangible assets - net 3,072 Deferred income tax assets 44 Deferred charges and other assets 319 Total assets of discontinued operations $ 20,659 Liabilities Short-term borrowings and finance lease obligations $ 4 Accounts payable 742 Income taxes payable 36 Accrued and other current liabilities 301 Long-term debt 6,195 Deferred income tax liabilities 852 Pension and other post-employment benefits - noncurrent 238 Other noncurrent obligations 242 Total liabilities of discontinued operations $ 8,610 In connection with the N&B Transaction and in accordance with the terms of the N&B Transaction Agreements, defined below, prior to consummation of the Exchange Offer and the N&B Merger, DuPont received a one-time cash payment of approximately $7.3 billion, (the "Special Cash Payment"), which is subject to post closing adjustment pursuant to the terms of the N&B Separation & Distribution Agreement. The special cash payment was partially funded by an offering of $6.25 billion of senior unsecured notes (the “N&B Notes Offering”). The net proceeds of approximately $6.2 billion from the N&B Notes Offering were deposited into an escrow account and at December 31, 2020, are reflected as restricted cash in the Company’s interim Condensed Consolidated Balance Sheets. In order to fund the remainder of the Special Cash Payment, on February 1, 2021, N&B borrowed $1.25 billion under a senior unsecured term loan agreement (the "N&B Term Loan"). The obligations and liabilities associated with the N&B Notes Offering and the N&B Term Loan were separated from the Company on February 1, 2021 upon consummation of the N&B Transaction. The obligations and liabilities of $6.2 billion associated with the N&B Notes Offering are classified as "Liabilities of discontinued operations" in the Company's interim Condensed Consolidated Balance Sheets at December 31, 2020. The Company recognized a non-taxable gain of approximately $4,940 million on the N&B Transaction. The gain is recorded in "(Loss) Income from discontinued operations, net of tax" in the Company's interim Consolidated Statements of Operations for the nine months ended September 30, 2021. N&B Transaction Agreements In connection with the N&B Transaction, effective December 15, 2019, the Company, as previously discussed, entered into the following agreements: • A Separation and Distribution Agreement, subsequently amended and joined by Neptune Merger Sub II Inc., a subsidiary of IFF on January 22, 2021, and as amended further on February 1, 2021 (as amended, the “N&B Separation and Distribution Agreement”) with N&B and IFF, which, among other things, governs the separation of the N&B Business from DuPont and certain other post-closing obligations between DuPont and N&B related thereto; • An Agreement and Plan of Merger, (the “N&B Merger Agreement”) with N&B, IFF and Neptune Merger Sub I Inc., governing the N&B Merger and related matters; and • An Employee Matters Agreement, subsequently amended on January 22, 2021, (as amended, the “N&B Employee Matters Agreement Agreement”), with N&B and IFF, which, among other things, allocates among the parties the pre- and post-closing liabilities in respect of the current and former employees of the N&B Business (including liabilities in respect of employee compensation and benefit plans). In connection with the closing of the N&B Transaction, and effective February 1, 2021, the Company entered into the following agreements: • DuPont, N&B and certain of their subsidiaries entered into an Intellectual Property Cross-License Agreement (the “N&B IP Cross-License Agreement”). The IP Cross-License Agreement sets forth the terms and conditions under which the applicable parties may use in their respective businesses certain know-how (including trade secrets), copyrights, design rights, software, and patents, allocated to another party pursuant to the N&B Separation and Distribution Agreement, and pursuant to which N&B may use certain standards retained by DuPont. All licenses under the IP Cross-License Agreement are non-exclusive, worldwide, and royalty-free; and • DuPont, N&B and IFF entered into a Tax Matters Agreement (the “N&B Tax Matters Agreement”), which governs the parties’ rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, the preservation of the expected tax-free status of the transactions contemplated by the N&B Separation and Distribution Agreement, and other matters regarding taxes. See Note 7 for additional information on the N&B Tax Matters Agreement. Other Discontinued Operations Activity The Company recorded a loss from discontinued operations, net of tax of $5 million and $71 million for the three and nine months ended September 30, 2021 related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EID and a settlement agreement between Chemours, Corteva and DuPont and Delaware's Attorney General. For additional information on these matters, refer to Note 15. The Company also recorded a loss from discontinued operations, net of tax of $12 million and $14 million for the three and nine months ended September 30, 2021, predominately related to certain charges associated with the amended and restated Tax Matters Agreement under the DWDP Distributions. Assets Held for Sale In October 2020, the Company entered into a definitive agreement to sell its Biomaterials business unit, which includes the Company's equity method investment in DuPont Tate & Lyle Bio Products. The sale of the Biomaterials business unit is subject to regulatory approval and customary closing conditions and is expected to close within one year. In January 2021, the Company entered into a definitive agreement to sell its Clean Technologies business, which is expected to close in the fourth quarter of 2021. These divestitures are expected to generate in aggregate pre-tax cash proceeds of about $750 million. The Company also signed a non-binding letter in March 2021 with the intent to sell Chestnut Run labs, a portion of the Company's Chestnut Run campus. This transaction is expected to close within one year. The assets and liabilities associated with the Biomaterials and Clean Technologies businesses, as well as Chestnut Run labs, remain classified as held for sale at September 30, 2021. The results of operations of the Biomaterials and Clean Technologies businesses are reported in Corporate. The following table summarizes the carrying value of the major assets and liabilities of the Biomaterials and Clean Technologies business units and Chestnut Run labs as of September 30, 2021 (collectively, the “Held for Sale Disposal Group”) and the Biomaterials and Clean Technologies business units as of December 31, 2020: In millions September 30, 2021 December 31, 2020 Assets Accounts and notes receivable - net $ 62 $ 63 Inventories 79 75 Other current assets 37 35 Investments and noncurrent receivables 158 164 Property, plant and equipment - net 76 34 Goodwill 267 267 Other intangible assets 168 168 Deferred charges and other assets 3 4 Assets held for sale $ 850 $ 810 Liabilities Accounts payable $ 57 $ 40 Income taxes payable 2 1 Accrued and other current liabilities 37 50 Deferred income tax liabilities 29 30 Pension and other post-employment benefits - noncurrent — 1 Other noncurrent obligations 17 18 Liabilities related to assets held for sale $ 142 $ 140 In connection with the held for sale classification, the Held for Sale Disposal Group was measured at fair value less estimated cost to sell. As a result, the Company recorded a $25 million pre-tax goodwill impairment charge during the third quarter of 2020 which is reflected in “Goodwill impairment charges” in the Company’s interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. Sale of Solamet® On June 30, 2021, the Company completed the sale of its Solamet® business unit, which is part of Corporate. Total consideration received related to the sale of the business is approximately $190 million, of which $47 million was received in the third quarter. For the nine months ended September 30, 2021, a pre-tax gain of $140 million ($105 million net of tax) was recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations. Sale of TCS/HSC Disposal Group In the third quarter of 2020, the Company completed the sale of its trichlorosilane business (“TCS Business”) along with its equity ownership interest in DC HSC Holdings LLC and Hemlock Semiconductor L.L.C. (the "HSC Group,” and together with the TCS Business, the “TCS/HSC Disposal Group” and the sale of the TCS/HSC Disposal Group, the “TCS/HSC Disposal”) to the HSC Group, both of which were part of the former Non-Core segment. In connection with the TCS/HSC Disposal, the Company received $550 million in cash at closing, subject to certain claw-back provisions. The Company also received approximately $58 million in the third quarter of 2021, which was recorded in "Cash and cash equivalents" in the Company's interim Condensed Consolidated Balance Sheets, and will receive an additional $117 million in equal installments over the course of the next two years associated with the settlement of an existing supply agreement dispute with the HSC Group. The TCS/HSC Disposal resulted in a net pre-tax gain of $393 million ($232 million net of tax), including the settlement of the supply agreement dispute and after allocation of goodwill to the TCS Business. The net pre-tax benefit is recorded in “Sundry income (expense) – net” in the Company’s interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. Sale of Compound Semiconductor Solutions In the first quarter of 2020, the Company completed the sale of its Compound Semiconductor Solutions business unit, a part of the Electronics & Industrial segment, to SK Siltron. The proceeds received in the first quarter of 2020 related to the sale of the business were approximately $420 million. For the nine months ended September 30, 2020, a pre-tax gain of $197 million ($102 million net of tax) was recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations. Acquisition, Integration and Separation Costs Acquisition, integration and separation costs primarily consist of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees. For the three and nine months ended September 30, 2021, these costs were primarily associated with the execution of activities related to strategic initiatives including the acquisition of Laird PM, the planned divestiture of the Held for Sale Disposal Group and the completed divestiture of the Solamet® business unit. For the three and nine months ended September 30, 2020, these costs were primarily associated with the execution of activities related to the post-DWDP Merger integration and the DWDP Distributions. These costs are recorded within "Acquisition, integration and separation costs" within the interim Consolidated Statements of Operations. Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Acquisition, integration and separation costs $ 29 $ 22 $ 58 $ 161 |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 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. On February 1, 2021, the Company realigned and renamed certain businesses as part of the 2021 Segment Realignment resulting in changes to its management and reporting structure (see Note 23 for additional details). In conjunction with the 2021 Segment Realignment, DuPont made the following changes to its major product lines: • Within Electronics & Industrial (formerly known as Electronics & Imaging) realigned product lines to include businesses formerly in Transportation & Industrial and renamed the Image Solutions product lines as Industrial Solutions; • Renamed Safety & Construction as Water & Protection; • Realigned certain businesses from the former Non-Core segment and renamed product lines within Mobility & Materials (formerly known as Transportation & Industrial) as Advanced Solutions, Engineering Polymers, and Performance Resins. Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Industrial Solutions $ 474 $ 398 $ 1,412 $ 1,189 Interconnect Solutions 489 370 1,158 910 Semiconductor Technologies 504 445 1,517 1,340 Electronics & Industrial $ 1,467 $ 1,213 $ 4,087 $ 3,439 Safety Solutions $ 646 $ 534 $ 1,933 $ 1,746 Shelter Solutions 414 387 1,193 1,051 Water Solutions 337 328 1,011 972 Water & Protection $ 1,397 $ 1,249 $ 4,137 $ 3,769 Advanced Solutions $ 382 $ 303 $ 1,155 $ 858 Engineering Polymers 611 460 1,665 1,339 Performance Resins 305 233 963 680 Mobility & Materials $ 1,298 $ 996 $ 3,783 $ 2,877 Corporate 1 $ 109 $ 171 375 503 Total $ 4,271 $ 3,629 $ 12,382 $ 10,588 1. Corporate net sales reflect activity of to be divested and previously divested businesses. Net Trade Revenue by Geographic Region Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 U.S. & Canada $ 1,208 $ 1,068 $ 3,414 $ 3,177 EMEA 1 831 650 2,475 2,038 Asia Pacific 2,080 1,776 6,046 4,998 Latin America 152 135 447 375 Total $ 4,271 $ 3,629 $ 12,382 $ 10,588 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 receivables when the right to consideration becomes unconditional. Contract liabilities primarily reflect deferred revenue from advance payment for product that the Company has received from customers. The Company classifies deferred revenue as current or noncurrent based on the timing of when the Company expects to recognize revenue. Revenue recognized in the first nine months of 2021 and 2020 from amounts included in contract liabilities at the beginning of the period was insignificant. Contract Balances September 30, 2021 December 31, 2020 In millions Accounts and notes receivable - trade 1 $ 2,301 $ 1,911 Deferred revenue - current 2 $ 34 $ 16 Deferred revenue - noncurrent 3 $ — $ 21 1. Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. 2. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND ASSET RELATED CHARGES - NET | RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and asset related charges, which includes asset impairments, were $1 million and $13 million for the three and nine months ended September 30, 2021 and $378 million and $800 million for the three and nine months ended September 30, 2020. 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 $38 million at September 30, 2021 and $96 million at December 31, 2020, recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. Restructuring activity consists of the following programs: 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 N&B Transaction (the "2020 Restructuring Program"). The Company recorded pre-tax restructuring charges of $181 million inception-to-date, consisting of severance and related benefit costs of $129 million and asset related charges of $52 million. The following tables summarize the charges related to the 2020 Restructuring Program: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Severance and related benefit costs $ 1 $ 4 $ 11 $ 99 Asset related charges — 4 2 28 Total restructuring and asset related charges - net $ 1 $ 8 $ 13 $ 127 2020 Restructuring Program Charges by Segment Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Electronics & Industrial $ — $ 1 $ 2 $ 5 Water & Protection — 2 — 24 Mobility & Materials — — 6 21 Corporate 1 5 5 77 Total $ 1 $ 8 $ 13 $ 127 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 Reserve balance at December 31, 2020 $ 62 $ — $ 62 Year-to-date restructuring charges 11 2 13 Charges against the reserve — (2) (2) Cash payments (48) — (48) Reserve balance at September 30, 2021 $ 25 $ — $ 25 Total liabilities related to the 2020 Restructuring Program were $25 million at September 30, 2021 and $62 million at December 31, 2020, respectively, and recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The 2020 Restructuring Program is considered substantially complete. 2019 Restructuring Program During the second quarter of 2019 and in connection with the ongoing integration activities, DuPont approved restructuring actions to simplify and optimize certain organizational structures following the completion of the DWDP Distributions (the "2019 Restructuring Program"). The Company has recorded pre-tax restructuring charges of $126 million inception-to-date, consisting of severance and related benefit costs of $99 million and asset related charges of $27 million. Total liabilities related to the 2019 Restructuring Program were $5 million at September 30, 2021 and $14 million at December 31, 2020, respectively, and recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The 2019 Restructuring Program is considered substantially complete. DowDuPont Cost Synergy Program In September and November 2017, the Company approved post-merger restructuring actions under the DowDuPont Cost Synergy Program (the "Synergy Program"), which was designed to integrate and optimize the organization following the DWDP Merger and in preparation for the DWDP Distributions. The Company has recorded pre-tax restructuring charges attributable to the continuing operations of DuPont of $345 million inception-to-date, consisting of severance and related benefit costs of $137 million, asset related charges of $159 million and contract termination charges of $49 million. Total liabilities related to the Synergy Program were $8 million at September 30, 2021 and $20 million at December 31, 2020, respectively, and recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The Synergy Program is considered substantially complete. Other Restructuring Actions In October 2021, the Company approved targeted restructuring actions to capture near term cost reductions. The Company expects to incur costs of up to $75 million primarily related to the payment of severance and related benefits and asset related charges, the majority of which are expected to be incurred in the fourth quarter of 2021. Asset Impairments In the third quarter of 2020, the TCS/HSC Disposal, as well as further softening conditions in the aerospace markets, gave rise to fair value indicators and, thus, served as triggering events requiring the Company to perform a recoverability assessment related to asset groups within its Photovoltaic and Advanced Materials (“PVAM”) business unit. The Company first performed a long-lived asset impairment test and determined that, based on undiscounted cash flows, the carrying amount of certain long-lived assets was not recoverable. Accordingly, the Company estimated the fair value of these assets using both an income approach and a market approach utilizing Level 3 unobservable inputs. As a result, the Company recognized a pre-tax impairment charge of $318 million ($242 million net of tax) in the Mobility and Materials segment recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020 with the charge impacting definite-lived intangible assets and property, plant, and equipment. Additionally, the Company recorded a pre-tax asset impairment charge of $52 million ($39 million net of tax) in the third quarter of 2020 related to indefinite-lived intangible assets reflected in Corporate which were deemed no longer recoverable as a result of the Held for Sale Disposal Group classification (refer to Note 3 for additional information). The charge was recorded within “Restructuring and asset related charges – net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. In the second quarter of 2020, the Company recorded a $21 million pre-tax impairment charge related to indefinite-lived intangible assets within the Mobility & Materials segment. This charge was recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the nine months ended September 30, 2020. See Note 13 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 Corporate 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 Operation for the nine months ended September 30, 2020 with the charge impacting definite-lived intangible assets and property, plant, and equipment. |
SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY INFORMATION | SUPPLEMENTARY INFORMATION Sundry Income (Expense) - Net Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Non-operating pension and other post-employment benefit (OPEB) credits $ 14 $ 4 $ 39 $ 23 Interest income — 4 4 8 Net gain on divestiture and sales of other assets and investments 1,2,3 8 418 175 611 Foreign exchange losses, net (19) (6) (36) (27) Miscellaneous income (expenses) - net 4 5 10 (12) 16 Sundry income (expense) - net $ 8 $ 430 $ 170 $ 631 1. The nine months ended September 30, 2021 primarily reflects income of $140 million related to the gain on sale of assets within Corporate and $28 million related to the gain on sale of assets within the Electronics & Industrial segment. The nine months ended September 30, 2020 includes income of $197 million related to the gain on sale of the Compound Semiconductor Solutions business unit within the Electronics & Industrial segment. 2. The three and nine months ended September 30, 2020 includes a net benefit of $393 million related to the TCS/HSC Disposal, including the settlement of a supply agreement dispute, within Corporate. Refer to Note 3 for further information. 3. The three and nine months ended September 30, 2020 includes income of $30 million related to milestone achievement of a prior year sale of assets within the Electronics & Industrial segment. 4. The nine months ended September 30, 2021 includes an impairment charge of approximately $15 million, recorded in the first quarter of 2021, related to Chestnut Run labs, which is part of the Held for Sale Disposal Group. Cash, Cash Equivalents and Restricted Cash At December 31, 2020, the Company had approximately $6.2 billion recorded within non-current “Restricted cash and cash equivalents” in the interim Condensed Consolidated Balance Sheet. The restricted cash relates to net proceeds received from an offering of $6.25 billion of senior unsecured notes (the "N&B Notes Offering") associated with the N&B transaction. On February 1, 2021 this amount was released from escrow as part of the N&B Transaction and is no longer restricted. The liability from the N&B Notes Offering was classified as "Liabilities of discontinued operations" in the Company's interim Condensed Consolidated Balance Sheet as of December 31, 2020. See Note 3 for further discussion of the Company's divestiture of the N&B business. In connection with the cost sharing arrangement entered into as part of the MOU, the Company is contractually obligated to make deposits into an escrow account to address potential future PFAS costs. At September 30, 2021, the Company had restricted cash attributable to the cost sharing arrangement of $50 million included within non-current “Restricted cash and cash equivalents” in the interim Condensed Consolidated Balance Sheets. Additional information regarding the MOU and the escrow account can be found in Note 15 to the interim Consolidated Financial Statements. Accrued and Other Current Liabilities "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets were $1,335 million at September 30, 2021 and $1,085 million at December 31, 2020. Accrued payroll, which is a component of "Accrued and other current liabilities," was $480 million at September 30, 2021. No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at September 30, 2021 and no component was more than 5 percent of total current liabilities at December 31, 2020. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES 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. The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate on continuing operations for the third quarter of 2021 was 22.4 percent, compared with an effective tax rate of 58.7 percent for the third quarter of 2020. The effective tax rate for the third quarter of 2020 was principally the result of a non-tax-deductible goodwill impairment charge and a non-tax-deductible goodwill allocation in connection with the TCS/HSC Disposal impacting Corporate. For the first nine months of 2021, the effective tax rate on continuing operations was 16.7 percent, compared with (8.5) percent for the first nine months of 2020. The effective tax rate for the first nine months of 2021 was principally the result of a $59 million tax benefit related to the step-up in tax basis in the goodwill of the Company’s European regional headquarters legal entity. The effective tax rate for the first nine months of 2020 was principally the result of a non-tax-deductible goodwill impairment charge impacting Corporate in the first and third quarter and a non-tax-deductible goodwill impairment charge impacting the Mobility & Materials and Industrial Solutions reporting units in the second quarter, coupled with an allocation of non-tax-deductible goodwill related to the TCS/HSC Disposal. In connection with the integration of Laird PM, the Company completed certain internal restructurings that were determined to be tax free under the applicable sections of the Internal Revenue Code. If the aforementioned transactions were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes, then the Company could be subject to significant tax liability. Certain internal distributions and reorganizations that occurred in preparation for the N&B Transaction qualified as tax-free transactions under the applicable sections of the Internal Revenue Code. If the aforementioned transactions were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes, then the Company could be subject to significant tax liability. In connection with the closing of the N&B Transaction, DuPont, N&B and IFF entered into the N&B Tax Matters Agreement. Under the N&B Tax Matters Agreement, the Company would generally be allocated such liability and not be indemnified, unless certain non-qualifying actions are undertaken by N&B or IFF. To the extent that the Company is responsible for any such liability, there could be a material adverse impact on the Company's business, financial condition, results of operations and cash flows in future reporting periods. For periods between the DWDP Merger and the DWDP Distributions, DuPont's consolidated federal income tax group and consolidated tax return included the Dow and Corteva entities. Generally, the consolidated tax liability of the DuPont U.S. tax group for each year was apportioned among the members of the consolidated group in accordance with the terms of the amended and restated Tax Matters Agreement, between DuPont, Corteva and Dow, effective as of April 1, 2019 (the “Amended and Restated DWDP Tax Matters Agreement”). DuPont, Corteva and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with the Amended and Restated DWDP Tax Matters Agreement. |
EARNINGS PER SHARE CALCULATIONS
EARNINGS PER SHARE CALCULATIONS | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for the three and nine months ended September 30, 2021 and 2020: Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Income (loss) from continuing operations, net of tax $ 433 $ 86 $ 1,538 $ (2,853) Net income from continuing operations attributable to noncontrolling interests 13 7 $ 26 $ 20 Income (loss) from continuing operations attributable to common stockholders $ 420 $ 79 $ 1,512 $ (2,873) (Loss) income from discontinued operations attributable to common stockholders (29) (158) $ 4,751 $ (300) Net income (loss) attributable to common stockholders $ 391 $ (79) $ 6,263 $ (3,173) Earnings Per Share Calculations - Basic Three Months Ended September 30, Nine Months Ended September 30, Dollars per share 2021 2020 2021 2020 Earnings (loss) from continuing operations attributable to common stockholders $ 0.81 $ 0.11 $ 2.74 $ (3.90) (Loss) earnings from discontinued operations, net of tax (0.06) (0.22) 8.61 (0.41) Earnings (loss) attributable to common stockholders 2 $ 0.75 $ (0.11) $ 11.35 $ (4.31) Earnings Per Share Calculations - Diluted Three Months Ended September 30, Nine Months Ended September 30, Dollars per share 2021 2020 2021 2020 Earnings (loss) from continuing operations attributable to common stockholders $ 0.80 $ 0.11 $ 2.73 $ (3.90) (Loss) earnings from discontinued operations, net of tax (0.06) (0.21) 8.59 (0.41) Earnings (loss) attributable to common stockholders 2 $ 0.75 $ (0.11) $ 11.32 $ (4.31) Share Count Information Three Months Ended September 30, Nine Months Ended September 30, Shares in millions 2021 2020 2021 2020 Weighted-average common shares - basic 521.5 734.4 551.7 735.8 Plus dilutive effect of equity compensation plans 1.6 0.5 1.4 — Weighted-average common shares - diluted 523.1 734.9 553.1 735.8 Stock options and restricted stock units excluded from EPS calculations 1 2.4 5.5 2.7 6.3 1. These outstanding options to purchase shares of common stock, restricted stock, and performance stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. 2. Earnings per share amounts are computed independently for income from continuing operations, income from discontinued operations and net income attributable to common stockholders. As a result, the per share amounts from continuing operations and discontinued operations may not equal the total per share amounts for net income attributable to common stockholders. |
ACCOUNTS AND NOTES RECEIVABLE -
ACCOUNTS AND NOTES RECEIVABLE - NET | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE - NET | ACCOUNTS AND NOTES RECEIVABLE - NET In millions September 30, 2021 December 31, 2020 Accounts receivable – trade 1 $ 2,237 $ 1,850 Notes receivable – trade 64 61 Other 2 607 510 Total accounts and notes receivable - net $ 2,908 $ 2,421 1. Accounts receivable – trade is net of allowances of $33 million at September 30, 2021 and $32 million at December 31, 2020. Allowances are equal to the estimated uncollectible amounts and current expected credit loss. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Other includes receivables in relation to value added tax, indemnification assets, and general sales tax and other taxes. No individual group represents more than ten percent of total receivables. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories September 30, 2021 December 31, 2020 In millions Finished goods 1 $ 1,670 $ 1,447 Work in process 1 528 454 Raw materials 1 492 368 Supplies 154 124 Total inventories $ 2,844 $ 2,393 1. The prior year amounts have been recast for a reclassification between inventory captions, consistent with current year presentation. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Estimated Useful Lives (Years) September 30, 2021 December 31, 2020 In millions Land and land improvements 1 - 25 $ 617 $ 682 Buildings 1 - 50 2,146 2,031 Machinery, equipment, and other 1 - 25 7,543 7,182 Construction in progress 1,214 1,228 Total property, plant and equipment $ 11,520 $ 11,123 Total accumulated depreciation $ 4,599 $ 4,256 Total property, plant and equipment - net $ 6,921 $ 6,867 Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Depreciation expense $ 174 $ 173 $ 501 $ 513 |
NONCONSOLIDATED AFFILIATES
NONCONSOLIDATED AFFILIATES | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
NONCONSOLIDATED AFFILIATES | NONCONSOLIDATED AFFILIATES The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates") are recorded in "Investments and noncurrent receivables" in the interim Condensed Consolidated Balance Sheets. The Company's net investment in nonconsolidated affiliates is shown in the following table: Investments in Nonconsolidated Affiliates September 30, 2021 December 31, 2020 In millions Investments and noncurrent receivables $ 926 $ 889 Accrued and other current liabilities (64) (71) Net investment in nonconsolidated affiliates $ 862 $ 818 The Company maintained an ownership interest in 14 nonconsolidated affiliates at September 30, 2021. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amounts of goodwill during the nine months ended September 30, 2021 were as follows: Electronics & Industrial Water & Protection Mobility & Materials Total In millions Balance at December 31, 2020 $ 8,458 $ 6,969 $ 3,275 $ 18,702 Goodwill recognized for Laird PM Acquisition 1 1,219 — — 1,219 Currency Translation Adjustment (66) (108) (67) (241) Other — — 8 8 Balance at September 30, 2021 $ 9,611 $ 6,861 $ 3,216 $ 19,688 1. On July 1, 2021, DuPont completed the acquisition of Laird PM. Final determination of the goodwill value assigned may result in adjustments to the preliminary value recorded. See Note 2 for additional information. The Company tests goodwill for impairment annually during the fourth quarter as of October 1, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. As a result of the related acquisition method of accounting in connection with the DWDP Merger, 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 2021 Segment Realignment served as a triggering event requiring the Company to perform an impairment analysis related to goodwill carried by its reporting units as of February 1, 2021, prior to the realignment. As part of the 2021 Segment Realignment, the Company assessed and re-defined certain reporting units effective February 1, 2021, including reallocation of goodwill on a relative fair value basis, as applicable, to new reporting units identified. Goodwill impairment analyses were then performed for the new reporting units identified in the Electronics & Industrial and Mobility & Materials segments impacted by the 2021 Segment Realignment. No impairments were identified as a result of the analyses described above. In the third quarter of 2020, the Company recorded pre-tax, non-cash goodwill impairment charges of $183 million, impacting Corporate, which is reflected in "Goodwill impairment charges" in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. In the second quarter of 2020, the Company recorded pre-tax, non-cash goodwill impairment charges of $2,498 million, impacting its Mobility & Materials and Industrial Solutions reporting units, which is reflected in "Goodwill impairment charges" in the interim Consolidated Statements of Operations for the nine months ended September 30, 2020. In the first quarter of 2020, the Company recorded pre-tax, non-cash goodwill impairment charges of $533 million, impacting Corporate, which is reflected in "Goodwill impairment charges" in the interim Consolidated Statements of Operations for the nine months ended September 30, 2020. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: September 30, 2021 December 31, 2020 In millions Gross Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 3,051 $ (1,287) $ 1,764 $ 2,844 $ (1,220) $ 1,624 Trademarks/tradenames 1 1,125 (483) 642 1,095 (440) 655 Customer-related 1 7,800 (2,639) 5,161 7,075 (2,361) 4,714 Other 131 (83) 48 131 (81) 50 Total other intangible assets with finite lives $ 12,107 $ (4,492) $ 7,615 $ 11,145 $ (4,102) $ 7,043 Intangible assets with indefinite lives: Trademarks/tradenames 1,029 — 1,029 1,029 — 1,029 Total other intangible assets 1,029 — 1,029 1,029 — 1,029 Total $ 13,136 $ (4,492) $ 8,644 $ 12,174 $ (4,102) $ 8,072 1. As part of the Laird PM Acquisition, the Company acquired customer-related intangible assets of $840 million, developed technology of $290 million and trademark/tradename of $30 million. See Note 2 for additional information. As part of the 2021 Segment Realignment, the Company reallocated its intangible assets with indefinite lives to align with the new segment structure. This served as a triggering event requiring the Company to perform an impairment analysis related to intangible assets with indefinite lives carried by its existing Electronics & Imaging and Transportation & Industrial segments as of February 1, 2021, prior to the realignment. Subsequent to the realignment the Company realigned intangible assets with indefinite lives as applicable to align the intangible assets with indefinite lives with the new segment structure. Impairment analyses were then performed for the intangible assets with indefinite lives carried by the Electronics & Industrial and Mobility & Materials segments. No impairments were identified as a result of the analyses described above. In the third quarter of 2020, the Company recorded a pre-tax asset impairment charge of $52 million ($39 million net of tax) related to indefinite-lived intangible assets within Corporate which were deemed no longer recoverable as a result of an impairment test performed related to the Held For Sale Disposal Group classification (see Note 3 for additional information). The charge was recorded within “Restructuring and asset related charges – net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. In the first quarter and third quarter of 2020, the Company recorded non-cash impairment charges related to definite-lived intangible assets impacting Corporate reflected within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020. See Note 5 for further discussion. In the second quarter of 2020, the Company performed quantitative testing on indefinite-lived intangible assets attributable to the Mobility & Materials segment, for which the Company determined that the fair value of certain tradenames had declined. 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 interim Consolidated Statements of Operations for the nine months ended September 30, 2020. The remaining net book value of the tradenames attributable to the Mobility & Materials segment at September 30, 2020 was approximately $289 million, which represents fair value. The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment September 30, 2021 December 31, 2020 In millions Electronics & Industrial 1 $ 3,527 $ 2,611 Water & Protection 2,733 2,920 Mobility & Materials 2,384 2,541 Total $ 8,644 $ 8,072 1. Includes intangible assets acquired as part of the Laird PM Acquisition. See Note 2 for additional information. Total estimated amortization expense for the remainder of 2021 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2021 $ 174 2022 $ 676 2023 $ 652 2024 $ 622 2025 $ 572 2026 $ 554 |
SHORT TERM BORROWINGS, LONG-TER
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The following table summarizes the Company's finance lease obligations and long-term debt: Long-Term Debt September 30, 2021 December 31, 2020 In millions Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures 1 : Final maturity 2023 2 $ 2,800 3.89 % $ 4,800 3.18 % Final maturity 2025 1,850 4.49 % 1,850 4.49 % Final maturity 2026 and thereafter 6,050 5.13 % 6,050 5.13 % Other facilities: Term loan due 2022 — — % 3,000 1.25 % Finance lease obligations 2 2 Less: Unamortized debt discount and issuance costs 72 90 Less: Long-term debt due within one year 1 1 Total $ 10,629 $ 15,611 1. Represents senior unsecured notes (the "2018 Senior Notes"), which are senior unsecured obligations of the Company. 2. The year ended December 31, 2020 includes $2 billion related to the May 2020 Notes. Principal Payments of long-term debt for the remainder of 2021 and the five succeeding fiscal years are as follows: Maturities of Long-Term Debt for Next Five Years at September 30, 2021 Total In millions Remainder of 2021 $ — 2022 $ — 2023 $ 2,800 2024 $ — 2025 $ 1,850 2026 $ — The estimated fair value of the Company's long-term borrowings was determined using Level 2 inputs within the fair value hierarchy, as described in Note 22. 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, the fair value of the Company's long-term borrowings, not including long-term debt due within one year, was $12,830 million and $18,336 million at September 30, 2021 and December 31, 2020, respectively. Available Committed Credit Facilities The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at September 30, 2021 In millions Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility, Five May 2019 $ 3,000 $ 2,977 May 2024 Floating Rate 364-day Revolving Credit Facility April 2021 1,000 1,000 April 2022 Floating Rate Total Committed and Available Credit Facilities $ 4,000 $ 3,977 N&B Transaction As part of the N&B Transaction, the Company received a Special Cash Payment of approximately $7.3 billion. The Special Cash Payment was partially funded by the N&B Notes Offering, which was completed on September 16, 2020. In order to fund the remainder of the Special Cash Payment, immediately prior to the consummation of the N&B Transaction, N&B borrowed $1.25 billion under the N&B Term Loan on February 1, 2021. The obligations and liabilities associated with the N&B Notes Offering and the N&B Term Loan were separated from the Company on February 1, 2021 upon consummation of the N&B Transaction. See Note 3 for more information. May 2020 Debt Offering On May 1, 2020, the Company completed an underwritten public offering of senior unsecured notes (the “May 2020 Notes”) in the aggregate principal amount of $2 billion of 2.169 percent fixed rate Notes due May 1, 2023 (the “May 2020 Debt Offering”). The consummation of the N&B Transaction triggered the special mandatory redemption feature of the May 2020 Debt Offering. The Company redeemed the May 2020 Notes on May 13, 2021 and funded the redemption with proceeds from the Special Cash Payment. Term Loan Facilities On February 1, 2021, the Company terminated its fully drawn term loan facilities in the aggregate principle amount of $3 billion (the "Term Loan Facilities"). The termination triggered the repayment of the aggregate outstanding principal amount of $3 billion, plus accrued and unpaid interest through and including January 31, 2021. The Company funded the repayment with proceeds from the Special Cash Payment. Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were $828 million at September 30, 2021. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were $164 million at September 30, 2021. These letters of credit support commitments made in the ordinary course of business. Debt Covenants and Default Provisions The Company's indenture covenants include customary limitations on liens, sale and leaseback transactions, and mergers and consolidations, subject to certain limitations. The 2018 Senior Notes also contain customary default provisions. The Five-Year Revolving Credit Facility and the 2021 $1B Revolving Credit Facility contain a financial covenant requiring that the ratio of Total Indebtedness to Total Capitalization for the Company and its consolidated subsidiaries not exceed 0.60. At September 30, 2021, the Company was in compliance with this financial covenant. There were no material changes to the debt covenants and default provisions at September 30, 2021. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation, Environmental Matters, and Indemnifications The Company and certain subsidiaries are involved in various lawsuits, claims and environmental actions that have arisen in the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain substances at various sites. In addition, in connection with divestitures and the related transactions, the Company from time to time has indemnified and has been indemnified by third parties against certain liabilities that may arise in connection with, among other things, business activities prior to the completion of the respective transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. The Company records liabilities for ongoing and indemnification matters when the information available indicates that it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. As of September 30, 2021, the Company has recorded indemnification assets of $56 million within "Accounts and notes receivable - net" and $239 million within "Deferred charges and other assets" and indemnification liabilities of $177 million within "Accrued and other current liabilities" and $189 million within "Other noncurrent obligations" within the interim Condensed Consolidated Balance Sheets. The Company’s accruals discussed below for indemnification liabilities related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EID and the Company and to the DWDP Separation and Distribution Agreement and the Letter Agreement between the Company and Corteva (together the “Agreements”), are included in the balances above. PFAS Stray Liabilities: Future Eligible PFAS Costs On July 1, 2015, EID, a Corteva subsidiary since June 1, 2019, completed the separation of EID’s Performance Chemicals segment through the spin-off of Chemours to holders of EID common stock (the “Chemours Separation”). On January 22, 2021, the Company, Corteva, EID and Chemours entered into the MOU pursuant to which the parties have agreed to release certain claims that had been raised by Chemours including any claims arising out of or resulting from the process and manner in which EID structured or conducted the Chemours Separation, and any other claims that challenge the Chemours Separation or the assumption of Chemours Liabilities (as defined in the Chemours Separation Agreement) by Chemours and the allocation thereof, subject in each case to certain exceptions set forth in the MOU. In connection with the MOU, the confidential arbitration process regarding certain claims by Chemours was terminated in February 2021. The parties have further agreed not to bring any future, additional claims regarding the Chemours Separation Agreement or the MOU outside of arbitration. Pursuant to the MOU, the parties have agreed to share certain costs associated with potential future liabilities related to alleged historical releases of certain PFAS (per- or polyfluoroalkyl substances, which include perfluorooctanoic acids and its ammonium salts (“PFOA”)) out of pre-July 1, 2015 conduct (“eligible PFAS costs”) until the earlier to occur of (i) December 31, 2040, (ii) the day on which the aggregate amount of Qualified Spend, as defined in the MOU, is equal to $4 billion or (iii) a termination in accordance with the terms of the MOU. The parties have agreed that, during the term of this sharing arrangement, Qualified Spend up to $4 billion will be borne 50 percent by Chemours and 50 percent, up to a cap of $2 billion, by the Company and Corteva. The Company and Corteva will split their 50 percent of Qualified Spend in accordance with the Agreements. After the term of this arrangement, Chemours’ indemnification obligations under the Chemours Separation Agreement would continue unchanged, subject in each case to certain exceptions set forth in the MOU. In order to support and manage any potential future eligible PFAS costs, the parties also agreed to establish an escrow account. The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million into an escrow account and DuPont and Corteva shall together deposit $100 million in the aggregate into an escrow account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million into an escrow account and DuPont and Corteva shall together deposit $50 million in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, Chemours will make 50 percent of the deposits and DuPont and Corteva together will make 50 percent of the deposits necessary to restore the balance of the escrow account to $700 million. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. As of September 30, 2021, the initial escrow deposit was completed by all parties in accordance with the MOU. DuPont's $50 million deposit into the escrow account is reflected in "Restricted cash and cash equivalents" on the Condensed Consolidated Balance Sheet. The parties have agreed to cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU. Under the Agreements, Divested Operations and Businesses ("DDOB") liabilities of EID not allocated to or retained by Corteva or the Company are categorized as relating to either (i) PFAS Stray Liabilities, if they arise out of actions related to or resulting from the development, testing, manufacture or sale of PFAS; or (ii) Non-PFAS Stray Liabilities, (and together with PFAS Stray Liabilities, the “EID Stray Liabilities”). The Agreements provide that the Company and Corteva will each bear specified amounts plus an additional $200 million of Indemnifiable Losses, described below, in relation to certain EID Stray Liabilities. The Agreements further provide that the Company and Corteva will each bear 50 percent, $150 million each, of the first $300 million of total Indemnifiable Losses related to PFAS Stray Liabilities. When the companies meet their respective $150 million threshold, Indemnifiable Losses related to PFAS Stray Liabilities will be borne 71 percent by DuPont and 29 percent by Corteva. Indemnifiable Losses up to $150 million incurred for PFAS Stray Liabilities are credited against each company’s $200 million threshold. Whenever Corteva or DuPont meets its $200 million threshold, the other would generally bear all Non-PFAS Stray Liabilities until meeting its $200 million threshold. Thereafter, DuPont will bear 71 percent and Corteva will bear 29 percent of Indemnifiable Losses related to Non-PFAS Stray Liabilities. Indemnifiable Losses, as defined in the DWDP Separation and Distribution Agreement, include, among other things, attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense of EID Stray Liabilities. In connection with the MOU and the Agreements, the Company has recognized the following indemnification liabilities related to eligible PFAS costs: Indemnified Liabilities Related to the MOU In millions September 30, 2021 December 31, 2020 Balance Sheet Classification Current indemnified liabilities $ 43 $ 12 Accrued and other current liabilities Long-term indemnified liabilities $ 92 $ 46 Other noncurrent obligations Total indemnified liabilities accrued under the MOU 1, 2 $ 135 $ 58 1. As of September 30, 2021, total indemnified liabilities accrued include $108 million related to Chemours environmental remediation activities at their site in Fayetteville, North Carolina under the Consent Order between Chemours and the North Carolina Department of Environmental Quality. 2. Excludes liabilities of $27 million recognized by the Company as of December 31, 2020 related to the settlement of the Ohio MDL, discussed below. In addition to the above, as of September 30, 2021, the Company has recognized a liability of $12.5 million related to the settlement agreement between Chemours, Corteva and DuPont and Delaware's Attorney General, discussed below. Future charges, if any, associated with the MOU would be recognized over the term of the agreement as a component of income from discontinued operations to the extent liabilities become probable and estimable. In 2004, EID settled a West Virginia state court class action, Leach v. DuPont, which alleged that PFOA from EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. 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 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. Since the 2017 settlement about 100 additional cases alleging personal injury, including kidney and testicular cancer claims, had been filed or noticed and were pending in the Ohio MDL. On January 21, 2021, EID and Chemours entered into settlement agreements with plaintiffs’ counsel representing the Ohio MDL plaintiffs providing for a settlement of cases and claims in the Ohio MDL, except as noted below (the “Settlement”). The total settlement amount is $83 million in cash with each of the Company and EID contributing $27 million and Chemours contributing $29 million. At June 30, 2021 the Company had paid in full its $27 million contribution. The Settlement was entered into solely by way of compromise and settlement and is not in any way an admission of liability or fault by the Company, Corteva, EID or Chemours. In connection with the Settlement, in April 2021 the plaintiffs filed a motion to terminate the Ohio MDL. The case captioned “Abbott v. E. I. du Pont de Nemours and Company” is not included in the Settlement and is presently pending appeal. In the Abbott case, the jury returned a verdict in March 2020 against 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. In March 2021, the trial judge entered an order denying EID’s post-trial motions for a reduction in the verdict amount for Mr. Abbott but reduced Mrs. Abbott’s verdict for loss of consortium from $10 million to $250,000, reducing the total verdict to $40.25 million. EID has appealed the verdict. The plaintiffs also sought but were not awarded punitive damages. In addition to the actions described above, there are several cases alleging damages to natural resources, the environment, water, and/or property as well as various other allegations. DuPont and Corteva are named in most of the actions discussed below. Such actions include additional claims based on allegations that the transfer by EID of certain PFAS liabilities to Chemours prior to the Chemours Separation resulted in a fraudulent conveyance or voidable transaction. With the exception of the fraudulent conveyance claims, which are excluded from the MOU, legal fees, expenses, costs, and any potential liabilities for eligible PFAS costs presented by the following matters will be shared as defined in the MOU between Chemours, EID, Corteva and DuPont. Since May 2017, a number of state attorneys general have filed lawsuits against DuPont, Corteva, EID, Chemours, and others, claiming environmental contamination by certain PFAS compounds. Such actions are currently pending in New Hampshire, New Jersey, North Carolina, Ohio and Vermont. In the second quarter 2021, the Michigan action was transferred to the SC MDL, discussed below. Generally, the states raise common law tort claims and seek economic impact damages for alleged harm to natural resources, punitive damages, present and future costs to cleanup contamination from certain PFAS compounds, and to abate the alleged nuisance. Most of these actions include fraudulent transfer claims related to the Chemours Separation and the DowDuPont separations. In July 2021, Chemours, Corteva (for itself and EID) and DuPont reached a resolution with the State of Delaware that avoids litigation and addresses potential Natural Resources Damages (“NRD”) from known historical and current releases by the companies in or affecting Delaware. The resolution releases potential state NRD claims arising from the environmental impacts of various chemicals, including PFAS, across all current and historical locations. Consistent with the MOU, Chemours will bear 50 percent or $25 million of the $50 million settlement and Corteva and DuPont will each bear $12.5 million. The settlement also calls for a potential Supplemental Payment to Delaware up to a total of $25 million funded 50 percent by Chemours and 50 percent by Corteva and DuPont, jointly, under certain circumstances which are not deemed probable. Several additional lawsuits have been filed by residents, local water districts, and private water companies against EID, Chemours, Corteva, DuPont and others in New York, New Jersey, and California generally alleging contamination of water systems due to the release of PFAS compounds. These suits seek compensatory and punitive damages, as well as present and future costs to clean up the alleged contamination. This includes a putative class action filed in the Northern District of New York on behalf of all individuals who, as of December 1, 2015, are or were owners of real property located in the Village of Hoosick Falls, New York and who obtain their drinking water from a privately owned well which has allegedly been contaminated by PFAS. The plaintiffs seek compensatory and punitive damages as well as medical monitoring. The certification of the class is currently pending before the court. Additionally, there are several actions that have been filed in New Jersey against EID and Chemours on behalf of residents who allege personal injuries due to exposure to PFAS in their drinking water. These lawsuits generally seek compensatory and punitive damages stemming from those alleged injuries and medical monitoring. In April 2021, Chemours, Corteva and DuPont and certain of their respective Dutch entities, received a civil summons filed before the Court of Rotterdam, the Netherlands, on behalf of four municipalities neighboring the Chemours Dordrecht facility. The municipalities are seeking liability declarations relating to the Dordrecht site’s current and historical PFAS operations and emissions. Beginning in April 2019, several dozen lawsuits involving water contamination arising from the use of PFAS-containing aqueous firefighting foams (“AFFF”) were filed against 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. The first ten bellwether cases have been selected by the court, all of which are water district contamination cases. As of September 30, 2021, approximately 1,600 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, or other injuries. 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. EID and the Company have never made or sold AFFF, perfluorooctanesulfonic acid ("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 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. The decision of whether to certify the class is currently pending before the court. There are several actions pending in federal court against 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 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 200 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. Additionally, there are lawsuits filed in North Carolina state court against Chemours, EID, Corteva and DuPont seeking damages for alleged personal injuries to more than 100 individuals due to alleged exposure to PFOA and GenX originating from the Fayetteville Works plant. These lawsuits also include fraudulent transfer allegations related to the Chemours Separation. While Management believes it has appropriately estimated the liability associated with eligible PFAS matters and Indemnifiable Losses as of the date of this report, it is reasonably possible that the Company could incur additional eligible PFAS costs and Indemnifiable Losses in excess of the amounts accrued. These additional costs could have a significant effect on the Company’s financial condition and/or cash flows in the period in which they occur; however, costs qualifying as Qualified Spend are limited by the terms of the MOU. Other Litigation Matters In addition to the matters described above, the Company is party to 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. As of September 30, 2021, the Company has liabilities of $18 million associated with these other litigation matters. 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. In accordance with its accounting policy for litigation matters, the Company will expense litigation defense costs as incurred, which could be significant to the Company’s financial condition and/or cash flows in the period. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At September 30, 2021, the Company had accrued obligations of $210 million for probable environmental remediation and restoration costs. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. 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. The accrued environmental obligations includes the following: Environmental Accrued Obligations In millions September 30, 2021 December 31, 2020 Potential exposure above the amount accrued 1 Environmental remediation liabilities not subject to indemnity $ 45 $ 36 $ 91 Environmental remediation indemnified liabilities: Indemnifications related to Dow and Corteva 2 45 44 66 MOU related obligations (discussed above) 3 120 56 59 Total environmental related liabilities $ 210 $ 136 $ 216 1. The environmental accrual as of September 30, 2021 represents management’s best estimate of the costs for remediation and restoration with respect to environmental matters, although it is reasonably possible that the ultimate cost with respect to these particular matters could range above the amount accrued. 2. Pursuant to the DWDP Separation and Distribution Agreement, the Company is required to indemnify Dow and Corteva for certain Non-PFAS clean-up responsibilities and associated remediation costs. 3. The MOU related obligations are included in the Indemnified Liabilities Related to the MOU presented above. Guarantees Obligations for Equity Affiliates & Others The Company has directly guaranteed various debt obligations under agreements with third parties related to equity affiliates and customers. At September 30, 2021 and December 31, 2020, the Company had directly guaranteed $178 million and $189 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. At September 30, 2021, no collateral was held by the Company. The following table provides a summary of the final expiration year and maximum future payments for each type of guarantee: Guarantees at September 30, 2021 Final Expiration Year Maximum Future Payments In millions Obligations for customers 1 : Bank borrowings 2021 $ 15 Obligations for non-consolidated affiliates 2 : Bank borrowings 2021 $ 163 Total guarantees $ 178 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. At September 30, 2021, all maximum future payments had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
OPERATING LEASES
OPERATING LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES The lease cost for operating leases were as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Operating lease costs $ 30 $ 36 $ 88 $ 100 Operating cash flows from operating leases were $88 million and $101 million for the nine months ended September 30, 2021 and 2020, respectively. Operating lease right-of-use assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. New operating lease assets and liabilities entered into during the nine months ended September 30, 2021 and 2020 were $92 million and $101 million, respectively. Supplemental balance sheet information related to leases was as follows: In millions September 30, 2021 December 31, 2020 Operating Leases Operating lease right-of-use assets 1 $ 423 $ 423 Current operating lease liabilities 2 99 117 Noncurrent operating lease liabilities 3 331 308 Total operating lease liabilities $ 430 $ 425 1. Included in " Deferred charges and other assets 2. Included in " Accrued and other current liabilities 3. Included in " Other noncurrent obligations 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. As most of the Company’s leases do not provide the lessor’s implicit rate, the Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease Term and Discount Rate for Operating Leases September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) 7.54 5.83 Weighted average discount rate 1.99 % 2.26 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at September 30, 2021 Operating Leases In millions Remainder of 2021 $ 29 2022 103 2023 81 2024 64 2025 43 2026 and thereafter 150 Total lease payments $ 470 Less: Interest 40 Present value of lease liabilities $ 430 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY As part of the Exchange Offer from the N&B Transaction, the Company accepted and retired approximately 197.4 million shares of its common stock in exchange for about 142 million shares of N&B Common Stock. As a result, the Company reduced its common stock outstanding by 197.4 million shares of DuPont Common Stock as of February 1, 2021. Share Repurchase Program On June 1, 2019, the Company's Board of Directors approved a $2 billion share buyback program ("2019 Share Buyback Program"), which expired on June 1, 2021. At the expiry of the 2019 Share Buyback Program, the Company had repurchased and retired a total of 29.9 million shares at a cost of $2 billion. In the first quarter of 2021, the Company's Board of Directors authorized a new $1.5 billion share buyback program, which expires on June 30, 2022 ("2021 Share Buyback Program"). During the third quarter, the Company repurchased and retired 6.6 million shares for $500 million under this program. As of September 30, 2021, the Company had repurchased and retired a total of 8.1 million shares for $625 million under the 2021 Share Buyback Program. Accumulated Other Comprehensive Loss The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the nine months ended September 30, 2021 and 2020: Accumulated Other Comprehensive Loss Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2020 Balance at January 1, 2020 $ (1,070) $ (345) $ (1) $ (1,416) Other comprehensive income (loss) before reclassifications 548 (9) — 539 Amounts reclassified from accumulated other comprehensive loss — 18 — 18 Net other comprehensive income $ 548 $ 9 $ — $ 557 Balance at September 30, 2020 $ (522) $ (336) $ (1) $ (859) 2021 Balance at January 1, 2021 $ 470 $ (425) $ (1) $ 44 Other comprehensive (loss) income before reclassifications (545) 20 38 (487) Amounts reclassified from accumulated other comprehensive loss — 3 — 3 Split-off of N&B reclassification adjustment 184 73 1 258 Net other comprehensive (loss) income $ (361) $ 96 $ 39 $ (226) Balance at September 30, 2021 $ 109 $ (329) $ 38 $ (182) The tax effects on the net activity related to each component of other comprehensive income (loss) were not significant for the three and nine months ended September 30, 2021 and 2020. A summary of the reclassifications out of AOCL for the three and nine months ended September 30, 2021 and 2020 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended September 30, Nine Months Ended September 30, Income Classification In millions 2021 2020 2021 2020 Cumulative translation adjustments $ — $ — $ 184 $ — See (1) below Pension and other post-employment benefit plans $ 2 $ 7 $ 110 $ 15 See (1) below Tax (benefit) expense (5) 2 (34) 3 See (1) below After tax $ (3) $ 9 $ 76 $ 18 Derivative instruments $ — $ — $ 1 $ — See (1) below Total reclassifications for the period, after tax $ (3) $ 9 $ 261 $ 18 1. The activity for the nine months ended September 30, 2021 is classified almost entirely within "Income (loss) from discontinued operations, net of tax" as part of the N&B Transaction, with a portion classified within and "Sundry income (expense) - net" as part of continuing operations. The activity for the three months ended September 30, 2021 and the three and nine months ended September 30, 2020 is classified within the "Sundry income (expense) - net" and "Provision for income taxes on continuing operations" lines. |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 9 Months Ended |
Sep. 30, 2021 | |
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 amounts of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the interim Consolidated Statements of Operations. The following table summarizes the activity for equity attributable to noncontrolling interests for the three and nine months ended September 30, 2021 and 2020: Noncontrolling Interests Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Balance at beginning of period $ 587 $ 572 $ 566 $ 569 Net income attributable to noncontrolling interests 13 7 26 20 Contributions from noncontrolling interests 17 14 84 19 Distributions to noncontrolling interests (10) (38) (34) (48) Cumulative translation adjustments (1) 4 (9) (1) Split-off of N&B — — (27) — Balance at end of period $ 606 $ 559 $ 606 $ 559 |
PENSION PLANS AND OTHER POST-EM
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POST-EMPLOYMENT 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 19 to the Consolidated Financial Statements included in the Company’s Recast 2020 Annual Report. On February 1, 2021, the Company's net underfunded balance was reduced by $232 million after certain assets and obligations were separated from the Company to N&B plans effective as part of the N&B Transaction. The following sets forth the components of the Company's net periodic benefit (credit) cost for defined benefit pension plans: Net Periodic Benefit (Credit) Cost for All Plans Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Defined Benefit Pension Plans: Service cost 1 $ 13 $ 20 $ 42 $ 55 Interest cost 2 11 14 32 42 Expected return on plan assets 3 (26) (28) (80) (82) Amortization of prior service credit 4 (2) (1) (4) (4) Amortization of net loss 5 3 3 9 11 Curtailment/settlement 6 (1) 6 2 8 Net periodic benefit cost - total $ (2) $ 14 $ 1 $ 30 Less: Net periodic benefit cost - discontinued operations — 4 1 11 Net periodic benefit cost - continuing operations $ (2) $ 10 $ — $ 19 1. The service cost from continuing operations was $13 million and $40 million for the three and nine months ended September 30, 2021, respectively, compared with $15 million and $43 million for the three and nine months ended September 30, 2020, respectively. 2. The interest cost from continuing operations was $11 million and $32 million for the three and nine months ended September 30, 2021, respectively, compared with $14 million and $39 million for the three and nine months ended September 30, 2020, respectively. 3. The expected return on plan assets from continuing operations was $26 million and $79 million for the three and nine months ended September 30, 2021, respectively, compared with $26 million and $75 million for the three and nine months ended September 30, 2020, respectively. 4. The amortization of prior service credit from continuing operations was a gain of $2 million and $4 million for the three and nine months ended September 30, 2021, respectively, compared with a gain of $1 million and $4 million for the three and nine months ended September 30, 2020, respectively. 5. The amortization of unrecognized net loss from continuing operations was $3 million and $9 million for the three and nine months ended September 30, 2021, respectively, compared with a net loss of $2 million and $8 million for the three and nine months ended September 30, 2020, respectively. 6. The curtailment and settlement from continuing operations was a credit of $1 million and a cost of $2 million for the three and nine months ended September 30, 2021, respectively, compared with costs of $6 million and $8 million for both the three and nine months ended September 30, 2020, respectively. Activity related to other post-employment benefits was considered immaterial for both the current and comparative periods. 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 $46 million by year-end 2021. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION A summary of the Company's stock-based compensation plans can be found in Note 20 to the Consolidated Financial Statements included in the Company's Recast 2020 Annual Report. In the second quarter of 2020, the stockholders of DuPont approved the 2020 Equity and Incentive Plan (the "2020 Plan") which allows the Company to grant options, share appreciation rights, restricted shares, restricted stock units ("RSUs"), share bonuses, other share-based awards, cash awards, or a combination of the foregoing. Under the 2020 Plan, a maximum of 18 million shares of common stock are available for award as of September 30, 2021. In June of 2019, 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, RSUs and performance-based restricted stock units ("PSUs"). Under the DuPont OIP, a maximum of 1 million shares of common stock are available for award as of September 30, 2021. DuPont recognized share-based compensation expense in continuing operations of $17 million and $21 million for the three months ended September 30, 2021 and 2020, respectively, and $55 million and $81 million for the nine months ended September 30, 2021 and 2020, respectively. The income tax benefits related to stock-based compensation arrangements were $3 million and $4 million for the three months ended September 30, 2021 and 2020, respectively, and $11 million and $16 million for the nine months ended September 30, 2021 and 2020, respectively. In the first quarter of 2021, the Company granted 0.6 million RSUs, 0.6 million stock options and 0.4 million PSUs. The weighted-average fair values per share associated with the grants were $72.88 per RSU, $16.92 per stock option and $78.23 per PSU. The stock options had a weighted-average exercise price per share of $72.98. There was minimal activity in the second quarter of 2021. In the third quarter of 2021, the Company granted 0.3 million RSUs with a weighted-average fair value per share of $71.42 per RSU. There was minimal stock option and PSU activity. Effect of the N&B Transaction on Equity Awards At the time of the N&B Transaction, outstanding, unvested share-based compensation awards that were denominated in DuPont common stock and held by N&B employees were terminated and reissued as equity awards issued under the IFF stock plan. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at September 30, 2021 and December 31, 2020: Fair Value of Financial Instruments September 30, 2021 December 31, 2020 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 469 $ — $ — $ 469 $ 1,105 $ — $ — $ 1,105 Restricted cash equivalents 1 $ 68 $ — $ — $ 68 $ 6,223 $ — $ — $ 6,223 Total cash equivalents and restricted cash equivalents $ 537 $ — $ — $ 537 $ 7,328 $ — $ — $ 7,328 Long-term debt including debt due within one year $ (10,630) $ — $ (2,201) $ (12,831) $ (15,612) $ — $ (2,725) $ (18,337) Derivatives relating to: Net investment hedge 2 — 51 — 51 — — — — Foreign currency 3,4 — — (14) (14) — 4 (13) (9) Total derivatives $ — $ 51 $ (14) $ 37 $ — $ 4 $ (13) $ (9) 1. At September 30, 2021 there was $18 million of restricted cash classified as "Other current assets" and $50 million classified as "Restricted cash and cash equivalents" in the interim Condensed Consolidated Balance Sheets. At December 31, 2020 there was $25 million of restricted cash classified as "Other current assets" and $6.2 billion classified as "Restricted cash and cash equivalents" in the interim Condensed Consolidated Balance Sheet. 2. Classified as "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheets. 3. Classified as "Other current assets" and "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 4. 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, and interest rate 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. 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 September 30, 2021 December 31, 2020 In millions Derivatives designated as hedging instruments: Net investment hedge $ 1,000 $ — Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ (1,280) $ (304) 1. Presented net of contracts bought and sold. Derivatives Designated in Hedging Relationships Net Foreign Investment Hedge In the second quarter of 2021, the Company entered into a fixed-for-fixed cross currency swaps with an aggregate notional amount totaling $1 billion to hedge the variability of exchange rate impacts between the U.S. Dollar and Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $1 billion at an interest rate of 4.73% for €819 million at a weighted average interest rate of 3.26%. The cross-currency swap is designated as a net investment hedge and expires on November 15, 2028. The Company has made an accounting policy election to account for the net investment hedge using the spot method. The Company has also elected to amortize the excluded components in interest expense in the related quarterly accounting period that such interest is accrued. The cross-currency swap is marked to market at each reporting date and any unrealized gains or losses are included in unrealized currency translation adjustments within AOCL, net of amounts associated with excluded components which are recognized in interest expense in the interim Consolidated Statements of Operations. 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. Effect of Derivative Instruments Foreign currency derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency-denominated assets and liabilities. The amount charged on a pre-tax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) - net” in the interim Consolidated Statements of Operations, was a loss of $11 million for the three months ended September 30, 2021 and a loss of $38 million for the nine months ended September 30, 2021. There was a $3 million loss for the three months ended September 30, 2020 and a $1 million gain for the nine months ended September 30, 2020. The income statement effects of other derivatives were immaterial. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 537 Derivatives relating to: 2 Net investment hedge 51 Foreign currency contracts 3 7 Total assets at fair value $ 595 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 12,831 Derivatives relating to: 2 Net investment hedge — Foreign currency contracts 3 21 Total liabilities at fair value $ 12,852 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 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. 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 offsetting counterparty and cash collateral netting amounts for foreign currency contracts were $7 million for both assets and liabilities as of September 30, 2021. 4. 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, 2020 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 7,328 Derivatives relating to: 2 Foreign currency contracts 3 13 Total assets at fair value $ 7,341 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 18,337 Derivatives relating to: 2 Foreign currency contracts 3 22 Total liabilities at fair value $ 18,359 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 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. 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 offsetting counterparty and cash collateral netting amounts were $9 million for both assets and liabilities as of December 31, 2020. 4. 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. 2020 Fair Value Measurements on a Nonrecurring Basis During the third quarter of 2020, the Company recorded impairment charges related to indefinite-lived intangible assets and long-lived assets within Corporate and the Mobility & Materials segment. These impairment analyses were performed using Level 3 inputs within the fair value hierarchy. See Notes 3 and 5 for further discussion. During the second quarter of 2020, the Company recorded impairment charges related to indefinite-lived assets within the Mobility & Materials segment. See Note 5 for further discussion of these fair value measurements. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHIC REGIONS | SEGMENTS AND GEOGRAPHIC REGIONS 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. Effective February 1, 2021, in conjunction with the closing of the N&B Transaction, the Company completed the 2021 Segment Realignment resulting in a change to its management and reporting structure. These changes resulted in the following: • Realignment of certain businesses from Transportation & Industrial to Electronics & Imaging; • Dissolution of the Non-Core segment with the businesses to be divested and previously divested reflected in Corporate; • Realignment of the remaining Non-Core businesses to Transportation & Industrial. In addition, the following name changes occurred: • Electronics & Imaging was renamed Electronics & Industrial; • Transportation & Industrial was renamed Mobility & Materials; • Safety & Construction was renamed Water & Protection. The reporting changes have been retrospectively reflected in the segment results for all periods presented. Segment Information Elect. & Industrial Water & Protection Mobility & Materials Corporate 1 Total In millions Three months ended September 30, 2021 Net sales $ 1,467 $ 1,397 $ 1,298 $ 109 $ 4,271 Operating EBITDA 2 $ 475 $ 353 $ 280 $ (21) $ 1,087 Equity in earnings of nonconsolidated affiliates $ 13 $ 7 $ 3 $ 2 $ 25 Three months ended September 30, 2020 Net sales $ 1,213 $ 1,249 $ 996 $ 171 $ 3,629 Operating EBITDA 2 $ 421 $ 314 $ 160 $ 11 $ 906 Equity in earnings of nonconsolidated affiliates $ 8 $ 7 $ 5 $ 9 $ 29 Nine months ended September 30, 2021 Net sales $ 4,087 $ 4,137 $ 3,783 $ 375 $ 12,382 Operating EBITDA 2 $ 1,335 $ 1,060 $ 852 $ (50) $ 3,197 Equity in earnings of nonconsolidated affiliates $ 32 $ 27 $ 11 $ 6 $ 76 Nine months ended September 30, 2020 Net sales $ 3,439 $ 3,769 $ 2,877 $ 503 $ 10,588 Operating EBITDA 2 $ 1,084 $ 1,010 $ 352 $ 62 $ 2,508 Equity in earnings of nonconsolidated affiliates $ 27 $ 19 $ 13 $ 111 $ 170 1. Corporate includes activity of to be divested and previously divested businesses. 2. A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA is provided below. Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended September 30, 2021 and 2020 Three Months Ended September 30, In millions 2021 2020 Income from continuing operations, net of tax $ 433 $ 86 + Provision for income taxes on continuing operations 125 122 Income from continuing operations before income taxes $ 558 $ 208 + Depreciation and amortization 370 345 - Interest income 1 — 4 + Interest expense 115 165 - Non-operating pension/OPEB benefit 1 14 4 - Foreign exchange losses, net 1 (19) (6) - Significant items (39) (190) Operating EBITDA $ 1,087 $ 906 1. Included in "Sundry income (expense) - net." Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Nine Months Ended September 30, 2021 and 2020 Nine Months Ended September 30, In millions 2021 2020 Income (Loss) from continuing operations, net of tax $ 1,538 $ (2,853) + Provision for income taxes on continuing operations 308 224 Income (Loss) from continuing operations before income taxes $ 1,846 $ (2,629) + Depreciation and amortization 1,031 1,039 - Interest income 1 4 8 + Interest expense 390 517 - Non-operating pension/OPEB benefit 1 39 23 - Foreign exchange losses, net 1 (36) (27) - Significant items 63 (3,585) Operating EBITDA $ 3,197 $ 2,508 1. Included in "Sundry income (expense) - net." The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended September 30, 2021 Elect. & Industrial Water & Protection Mobility & Materials Corporate Total In millions Acquisition, integration and separation costs 1 $ — $ — $ — $ (29) $ (29) Restructuring and asset related charges - net 2 — — (1) — (1) Merger-related inventory step-up amortization 3 (12) — — — (12) Gain on divestiture 4 — — — 3 3 Total $ (12) $ — $ (1) $ (26) $ (39) 1. Acquisition, integration and separation costs related to strategic initiatives including the acquisition of Laird PM, the planned divestiture of the Held for Sale Disposal Group and the divestiture of the Solamet® business unit. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Includes the amortization of the fair value step-up in Laird PM's inventories as a result of the acquisition. 4. Reflected in "Sundry income (expense) - net." Significant Items by Segment for the Three Months Ended September 30, 2020 Elect. & Industrial Water & Protection Mobility & Materials Corporate Total In millions Acquisition, integration and separation costs 1 $ — $ — $ — $ (22) $ (22) Restructuring and asset related charges - net 2 (1) (2) — (5) (8) Goodwill impairment charges 3 — — — (183) (183) Asset impairment charges 4 — — (318) (52) (370) Gain on divestiture 5 — — — 393 393 Total $ (1) $ (2) $ (318) $ 131 $ (190) 1. Acquisition, integration and separation costs related to the post-DWDP Merger integration and the DWDP Distributions. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 13 for additional information. 4. See Note 5 for additional information. 5. Reflected in "Sundry income (expense) - net." See Note 3 for additional information. Significant Items by Segment for the Nine Months Ended September 30, 2021 Elect. & Industrial Water & Protection Mobility & Materials Corporate Total In millions Acquisition, integration and separation costs 1 $ — $ — $ — $ (58) $ (58) Restructuring and asset related charges - net 2 (2) — (7) (4) (13) Merger-related inventory step-up amortization 3 (12) — — — (12) Gain on divestiture 4 2 — — 144 146 Total $ (12) $ — $ (7) $ 82 $ 63 1. Acquisition, integration and separation cost related to strategic initiatives including the acquisition of Laird PM, the planned divestiture of the Held for Sale Disposal Group and the divestiture of the Solamet® business unit. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Includes the amortization of the fair value step-up in Laird PM's inventories as a result of the acquisition. 4. Reflected in "Sundry income (expense) - net." See Note 3 for additional information. Significant Items by Segment for the Nine Months Ended September 30, 2020 Elect. & Industrial Water & Protection Mobility & Materials Corporate Total In millions Acquisition, integration and separation costs 1 $ — $ — $ — $ (161) $ (161) Restructuring and asset related charges - net 2 (2) (15) (15) (107) (139) Goodwill impairment charges 3 (834) — (1,664) (716) (3,214) Asset impairment charges 4 — — (339) (322) (661) Gain on divestiture 5 197 — — 393 590 Total $ (639) $ (15) $ (2,018) $ (913) $ (3,585) 1. Acquisition, integration and separation costs related to the post-DWDP Merger integration and the DWDP Distributions. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 13 for additional information. 4. See Note 5 for additional information. 5. Reflected in "Sundry income (expense) - net." See Note 3 for additional information. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Intended Rogers Corporation Acquisition On November 2, 2021, the Company announced that it had entered into a definitive agreement to acquire all the outstanding shares of Rogers Corporation (“Rogers”) for about $5.2 billion (the “Intended Rogers Acquisition”). The acquisition is expected to close in the second quarter of 2022 and, when complete, is expected to broaden the Company’s presence in the electronic materials market. Rogers is complementary and aligned strategically with the Company’s existing Electronics & Industrial business. The completion of the acquisition is subject to approval by Rogers shareholders, regulatory approvals and other customary closing conditions. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Interim Financial Statements and 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 Current Report on Form 8-K filed on June 3, 2021, collectively referred to as the "Recast 2020 Annual Report," which was filed in order to recast the Company's 2020 Annual Report on Form 10-K to reflect the presentation of the N&B Business as discontinued operations and to reflect the changes in the Company's reportable segments. These interim Consolidated Financial Statements should also be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. 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 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 ("TDCC") and E. I. du Pont de Nemours and Company ("EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, TDCC and EID became subsidiaries of DowDuPont (the "DWDP Merger"). Except as otherwise indicated by the context, the term "TDCC" includes TDCC and its consolidated subsidiaries and "EID" includes EID and its consolidated subsidiaries. On April 1, 2019, the Company completed the separation of the materials science business through the spin-off of Dow Inc., (“Dow”) including Dow’s subsidiary TDCC (the “Dow Distribution”). On June 1, 2019, the Company completed the separation of the agriculture business through the spin-off of Corteva, Inc. (“Corteva”) including Corteva’s subsidiary EID, (the “Corteva Distribution" and together with the Dow Distribution, the “DWDP Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business as continuing operations. 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." N&B Transaction On February 1, 2021, DuPont completed the separation and distribution of the Nutrition & Biosciences business segment (the "N&B Business"), and the merger of Nutrition & Biosciences, Inc. (“N&B”), a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of International Flavors & Fragrances Inc. ("IFF"). The distribution was effected through an exchange offer (the “Exchange Offer”) and the consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). See Note 3 for more information. The financial position of DuPont as of December 31, 2020 and the results of operations of DuPont for the three and nine months ended September 30, 2021 and 2020 present the historical financial results of N&B as discontinued operations. The cash flows and comprehensive income related to N&B have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for all periods presented. 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 N&B. 2021 Segment Realignment Immediately following the separation and distribution of the N&B Business, the Company made changes to its management and reporting structure (the “2021 Segment Realignment”) (see Note 23 for additional details). The reporting changes have been retrospectively reflected for all periods presented. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule Assets Acquired and Liabilities Assumed | The table below presents the provisional fair values allocated to the assets acquired and liabilities assumed. The purchase accounting and purchase price allocation for Laird PM are substantially complete. However, the Company continues to refine the preliminary valuation of certain acquired assets and liabilities, including income tax related amounts, which could impact the amount of residual goodwill recorded. The Company will finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the acquisition. Final determination of the fair values may result in further adjustments to the values presented in the following table: Laird PM Assets Acquired and Liabilities Assumed on July 1, 2021 (in millions) Fair Value of Assets Acquired Cash and cash equivalents $ 92 Accounts and notes receivable 93 Inventories 50 Property, plant, and equipment 104 Other current assets 10 Goodwill 1,219 Other intangible assets 1,160 Deferred income tax assets 3 Deferred charges and other assets 26 Total Assets $ 2,757 Fair Value of Liabilities Assumed Accounts payable $ 75 Income taxes payable 10 Accrued and other current liabilities 46 Deferred income tax liabilities 184 Pension & other post-employment benefits - noncurrent 10 Other noncurrent obligations 28 Total Liabilities $ 353 Net Assets (Consideration for Laird PM) $ 2,404 |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations | The results of operations of N&B are presented as discontinued operations as summarized below: Three Months Ended September 30, Nine Months Ended September 30, In millions 2020 2021 2020 Net sales $ 1,467 $ 507 $ 4,557 Cost of sales 975 354 2,967 Research and development expenses 59 21 178 Selling, general and administrative expenses 121 47 399 Amortization of intangibles 358 38 1,064 Restructuring and asset related charges - net 6 1 7 Integration and separation costs 105 172 308 Equity in earnings of nonconsolidated affiliates 1 — 2 Sundry income (expense) - net — 8 (4) Interest expense 32 13 56 Loss from discontinued operations before income taxes (188) (131) (424) Benefit from income taxes on discontinued operations (30) (27) (124) Loss from discontinued operations, net of tax (158) (104) (300) Non-taxable gain on split-off — 4,940 — (Loss) Income from discontinued operations attributable to DuPont stockholders, net of tax $ (158) $ 4,836 $ (300) The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to N&B: Three Months Ended September 30, Nine Months Ended September 30, In millions 2020 2021 2020 Depreciation and amortization $ 435 $ 63 $ 1,287 Capital expenditures $ 36 $ 27 $ 161 The carrying amount of major classes of assets and liabilities that were included in discontinued operations at December 31, 2020 related to N&B consist of the following: In millions December 31, 2020 Assets Accounts and notes receivable - net $ 1,130 Inventories 1,333 Other current assets 65 Investments and noncurrent receivables 36 Property, plant, and equipment - net 3,118 Goodwill 11,542 Other intangible assets - net 3,072 Deferred income tax assets 44 Deferred charges and other assets 319 Total assets of discontinued operations $ 20,659 Liabilities Short-term borrowings and finance lease obligations $ 4 Accounts payable 742 Income taxes payable 36 Accrued and other current liabilities 301 Long-term debt 6,195 Deferred income tax liabilities 852 Pension and other post-employment benefits - noncurrent 238 Other noncurrent obligations 242 Total liabilities of discontinued operations $ 8,610 In millions September 30, 2021 December 31, 2020 Assets Accounts and notes receivable - net $ 62 $ 63 Inventories 79 75 Other current assets 37 35 Investments and noncurrent receivables 158 164 Property, plant and equipment - net 76 34 Goodwill 267 267 Other intangible assets 168 168 Deferred charges and other assets 3 4 Assets held for sale $ 850 $ 810 Liabilities Accounts payable $ 57 $ 40 Income taxes payable 2 1 Accrued and other current liabilities 37 50 Deferred income tax liabilities 29 30 Pension and other post-employment benefits - noncurrent — 1 Other noncurrent obligations 17 18 Liabilities related to assets held for sale $ 142 $ 140 |
Schedule of Integration and Separation Costs | Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Acquisition, integration and separation costs $ 29 $ 22 $ 58 $ 161 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Trade Revenue | Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Industrial Solutions $ 474 $ 398 $ 1,412 $ 1,189 Interconnect Solutions 489 370 1,158 910 Semiconductor Technologies 504 445 1,517 1,340 Electronics & Industrial $ 1,467 $ 1,213 $ 4,087 $ 3,439 Safety Solutions $ 646 $ 534 $ 1,933 $ 1,746 Shelter Solutions 414 387 1,193 1,051 Water Solutions 337 328 1,011 972 Water & Protection $ 1,397 $ 1,249 $ 4,137 $ 3,769 Advanced Solutions $ 382 $ 303 $ 1,155 $ 858 Engineering Polymers 611 460 1,665 1,339 Performance Resins 305 233 963 680 Mobility & Materials $ 1,298 $ 996 $ 3,783 $ 2,877 Corporate 1 $ 109 $ 171 375 503 Total $ 4,271 $ 3,629 $ 12,382 $ 10,588 1. Corporate net sales reflect activity of to be divested and previously divested businesses. Net Trade Revenue by Geographic Region Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 U.S. & Canada $ 1,208 $ 1,068 $ 3,414 $ 3,177 EMEA 1 831 650 2,475 2,038 Asia Pacific 2,080 1,776 6,046 4,998 Latin America 152 135 447 375 Total $ 4,271 $ 3,629 $ 12,382 $ 10,588 1. Europe, Middle East and Africa. |
Schedule of Contract Balances | Contract Balances September 30, 2021 December 31, 2020 In millions Accounts and notes receivable - trade 1 $ 2,301 $ 1,911 Deferred revenue - current 2 $ 34 $ 16 Deferred revenue - noncurrent 3 $ — $ 21 1. Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. 2. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | The following tables summarize the charges related to the 2020 Restructuring Program: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Severance and related benefit costs $ 1 $ 4 $ 11 $ 99 Asset related charges — 4 2 28 Total restructuring and asset related charges - net $ 1 $ 8 $ 13 $ 127 2020 Restructuring Program Charges by Segment Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Electronics & Industrial $ — $ 1 $ 2 $ 5 Water & Protection — 2 — 24 Mobility & Materials — — 6 21 Corporate 1 5 5 77 Total $ 1 $ 8 $ 13 $ 127 |
Schedule of Restructuring Reserve | 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 Reserve balance at December 31, 2020 $ 62 $ — $ 62 Year-to-date restructuring charges 11 2 13 Charges against the reserve — (2) (2) Cash payments (48) — (48) Reserve balance at September 30, 2021 $ 25 $ — $ 25 |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Sundry Income (Expense), Net | Sundry Income (Expense) - Net Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Non-operating pension and other post-employment benefit (OPEB) credits $ 14 $ 4 $ 39 $ 23 Interest income — 4 4 8 Net gain on divestiture and sales of other assets and investments 1,2,3 8 418 175 611 Foreign exchange losses, net (19) (6) (36) (27) Miscellaneous income (expenses) - net 4 5 10 (12) 16 Sundry income (expense) - net $ 8 $ 430 $ 170 $ 631 1. The nine months ended September 30, 2021 primarily reflects income of $140 million related to the gain on sale of assets within Corporate and $28 million related to the gain on sale of assets within the Electronics & Industrial segment. The nine months ended September 30, 2020 includes income of $197 million related to the gain on sale of the Compound Semiconductor Solutions business unit within the Electronics & Industrial segment. 2. The three and nine months ended September 30, 2020 includes a net benefit of $393 million related to the TCS/HSC Disposal, including the settlement of a supply agreement dispute, within Corporate. Refer to Note 3 for further information. 3. The three and nine months ended September 30, 2020 includes income of $30 million related to milestone achievement of a prior year sale of assets within the Electronics & Industrial segment. 4. The nine months ended September 30, 2021 includes an impairment charge of approximately $15 million, recorded in the first quarter of 2021, related to Chestnut Run labs, which is part of the Held for Sale Disposal Group. |
EARNINGS PER SHARE CALCULATIO_2
EARNINGS PER SHARE CALCULATIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the three and nine months ended September 30, 2021 and 2020: Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Income (loss) from continuing operations, net of tax $ 433 $ 86 $ 1,538 $ (2,853) Net income from continuing operations attributable to noncontrolling interests 13 7 $ 26 $ 20 Income (loss) from continuing operations attributable to common stockholders $ 420 $ 79 $ 1,512 $ (2,873) (Loss) income from discontinued operations attributable to common stockholders (29) (158) $ 4,751 $ (300) Net income (loss) attributable to common stockholders $ 391 $ (79) $ 6,263 $ (3,173) Earnings Per Share Calculations - Basic Three Months Ended September 30, Nine Months Ended September 30, Dollars per share 2021 2020 2021 2020 Earnings (loss) from continuing operations attributable to common stockholders $ 0.81 $ 0.11 $ 2.74 $ (3.90) (Loss) earnings from discontinued operations, net of tax (0.06) (0.22) 8.61 (0.41) Earnings (loss) attributable to common stockholders 2 $ 0.75 $ (0.11) $ 11.35 $ (4.31) Earnings Per Share Calculations - Diluted Three Months Ended September 30, Nine Months Ended September 30, Dollars per share 2021 2020 2021 2020 Earnings (loss) from continuing operations attributable to common stockholders $ 0.80 $ 0.11 $ 2.73 $ (3.90) (Loss) earnings from discontinued operations, net of tax (0.06) (0.21) 8.59 (0.41) Earnings (loss) attributable to common stockholders 2 $ 0.75 $ (0.11) $ 11.32 $ (4.31) Share Count Information Three Months Ended September 30, Nine Months Ended September 30, Shares in millions 2021 2020 2021 2020 Weighted-average common shares - basic 521.5 734.4 551.7 735.8 Plus dilutive effect of equity compensation plans 1.6 0.5 1.4 — Weighted-average common shares - diluted 523.1 734.9 553.1 735.8 Stock options and restricted stock units excluded from EPS calculations 1 2.4 5.5 2.7 6.3 1. These outstanding options to purchase shares of common stock, restricted stock, and performance stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. 2. Earnings per share amounts are computed independently for income from continuing operations, income from discontinued operations and net income attributable to common stockholders. As a result, the per share amounts from continuing operations and discontinued operations may not equal the total per share amounts for net income attributable to common stockholders. |
ACCOUNTS AND NOTES RECEIVABLE_2
ACCOUNTS AND NOTES RECEIVABLE - NET (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | In millions September 30, 2021 December 31, 2020 Accounts receivable – trade 1 $ 2,237 $ 1,850 Notes receivable – trade 64 61 Other 2 607 510 Total accounts and notes receivable - net $ 2,908 $ 2,421 1. Accounts receivable – trade is net of allowances of $33 million at September 30, 2021 and $32 million at December 31, 2020. Allowances are equal to the estimated uncollectible amounts and current expected credit loss. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Other includes receivables in relation to value added tax, indemnification assets, and general sales tax and other taxes. No individual group represents more than ten percent of total receivables. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Current Inventory | Inventories September 30, 2021 December 31, 2020 In millions Finished goods 1 $ 1,670 $ 1,447 Work in process 1 528 454 Raw materials 1 492 368 Supplies 154 124 Total inventories $ 2,844 $ 2,393 1. The prior year amounts have been recast for a reclassification between inventory captions, consistent with current year presentation. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Estimated Useful Lives (Years) September 30, 2021 December 31, 2020 In millions Land and land improvements 1 - 25 $ 617 $ 682 Buildings 1 - 50 2,146 2,031 Machinery, equipment, and other 1 - 25 7,543 7,182 Construction in progress 1,214 1,228 Total property, plant and equipment $ 11,520 $ 11,123 Total accumulated depreciation $ 4,599 $ 4,256 Total property, plant and equipment - net $ 6,921 $ 6,867 Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Depreciation expense $ 174 $ 173 $ 501 $ 513 |
NONCONSOLIDATED AFFILIATES (Tab
NONCONSOLIDATED AFFILIATES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Nonconsolidated Affiliates | The Company's net investment in nonconsolidated affiliates is shown in the following table: Investments in Nonconsolidated Affiliates September 30, 2021 December 31, 2020 In millions Investments and noncurrent receivables $ 926 $ 889 Accrued and other current liabilities (64) (71) Net investment in nonconsolidated affiliates $ 862 $ 818 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amounts of goodwill during the nine months ended September 30, 2021 were as follows: Electronics & Industrial Water & Protection Mobility & Materials Total In millions Balance at December 31, 2020 $ 8,458 $ 6,969 $ 3,275 $ 18,702 Goodwill recognized for Laird PM Acquisition 1 1,219 — — 1,219 Currency Translation Adjustment (66) (108) (67) (241) Other — — 8 8 Balance at September 30, 2021 $ 9,611 $ 6,861 $ 3,216 $ 19,688 1. On July 1, 2021, DuPont completed the acquisition of Laird PM. Final determination of the goodwill value assigned may result in adjustments to the preliminary value recorded. See Note 2 for additional information. |
Schedule of Other Finite Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: September 30, 2021 December 31, 2020 In millions Gross Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 3,051 $ (1,287) $ 1,764 $ 2,844 $ (1,220) $ 1,624 Trademarks/tradenames 1 1,125 (483) 642 1,095 (440) 655 Customer-related 1 7,800 (2,639) 5,161 7,075 (2,361) 4,714 Other 131 (83) 48 131 (81) 50 Total other intangible assets with finite lives $ 12,107 $ (4,492) $ 7,615 $ 11,145 $ (4,102) $ 7,043 Intangible assets with indefinite lives: Trademarks/tradenames 1,029 — 1,029 1,029 — 1,029 Total other intangible assets 1,029 — 1,029 1,029 — 1,029 Total $ 13,136 $ (4,492) $ 8,644 $ 12,174 $ (4,102) $ 8,072 1. As part of the Laird PM Acquisition, the Company acquired customer-related intangible assets of $840 million, developed technology of $290 million and trademark/tradename of $30 million. See Note 2 for additional information. |
Schedule of Other Indefinite Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: September 30, 2021 December 31, 2020 In millions Gross Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 3,051 $ (1,287) $ 1,764 $ 2,844 $ (1,220) $ 1,624 Trademarks/tradenames 1 1,125 (483) 642 1,095 (440) 655 Customer-related 1 7,800 (2,639) 5,161 7,075 (2,361) 4,714 Other 131 (83) 48 131 (81) 50 Total other intangible assets with finite lives $ 12,107 $ (4,492) $ 7,615 $ 11,145 $ (4,102) $ 7,043 Intangible assets with indefinite lives: Trademarks/tradenames 1,029 — 1,029 1,029 — 1,029 Total other intangible assets 1,029 — 1,029 1,029 — 1,029 Total $ 13,136 $ (4,492) $ 8,644 $ 12,174 $ (4,102) $ 8,072 1. As part of the Laird PM Acquisition, the Company acquired customer-related intangible assets of $840 million, developed technology of $290 million and trademark/tradename of $30 million. See Note 2 for additional information. |
Schedule of Net Intangibles by Segment | The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment September 30, 2021 December 31, 2020 In millions Electronics & Industrial 1 $ 3,527 $ 2,611 Water & Protection 2,733 2,920 Mobility & Materials 2,384 2,541 Total $ 8,644 $ 8,072 1. Includes intangible assets acquired as part of the Laird PM Acquisition. See Note 2 for additional information. |
Schedule of Estimated Future Amortization Expense | Total estimated amortization expense for the remainder of 2021 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2021 $ 174 2022 $ 676 2023 $ 652 2024 $ 622 2025 $ 572 2026 $ 554 |
SHORT TERM BORROWINGS, LONG-T_2
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the Company's finance lease obligations and long-term debt: Long-Term Debt September 30, 2021 December 31, 2020 In millions Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures 1 : Final maturity 2023 2 $ 2,800 3.89 % $ 4,800 3.18 % Final maturity 2025 1,850 4.49 % 1,850 4.49 % Final maturity 2026 and thereafter 6,050 5.13 % 6,050 5.13 % Other facilities: Term loan due 2022 — — % 3,000 1.25 % Finance lease obligations 2 2 Less: Unamortized debt discount and issuance costs 72 90 Less: Long-term debt due within one year 1 1 Total $ 10,629 $ 15,611 1. Represents senior unsecured notes (the "2018 Senior Notes"), which are senior unsecured obligations of the Company. 2. The year ended December 31, 2020 includes $2 billion related to the May 2020 Notes. |
Schedule of Maturities of Long-term Debt | Principal Payments of long-term debt for the remainder of 2021 and the five succeeding fiscal years are as follows: Maturities of Long-Term Debt for Next Five Years at September 30, 2021 Total In millions Remainder of 2021 $ — 2022 $ — 2023 $ 2,800 2024 $ — 2025 $ 1,850 2026 $ — |
Schedule of Line of Credit Facilities | The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at September 30, 2021 In millions Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility, Five May 2019 $ 3,000 $ 2,977 May 2024 Floating Rate 364-day Revolving Credit Facility April 2021 1,000 1,000 April 2022 Floating Rate Total Committed and Available Credit Facilities $ 4,000 $ 3,977 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | In connection with the MOU and the Agreements, the Company has recognized the following indemnification liabilities related to eligible PFAS costs: Indemnified Liabilities Related to the MOU In millions September 30, 2021 December 31, 2020 Balance Sheet Classification Current indemnified liabilities $ 43 $ 12 Accrued and other current liabilities Long-term indemnified liabilities $ 92 $ 46 Other noncurrent obligations Total indemnified liabilities accrued under the MOU 1, 2 $ 135 $ 58 1. As of September 30, 2021, total indemnified liabilities accrued include $108 million related to Chemours environmental remediation activities at their site in Fayetteville, North Carolina under the Consent Order between Chemours and the North Carolina Department of Environmental Quality. 2. Excludes liabilities of $27 million recognized by the Company as of December 31, 2020 related to the settlement of the Ohio MDL, discussed below. |
Schedule of Environmental Loss Contingencies by Site | The accrued environmental obligations includes the following: Environmental Accrued Obligations In millions September 30, 2021 December 31, 2020 Potential exposure above the amount accrued 1 Environmental remediation liabilities not subject to indemnity $ 45 $ 36 $ 91 Environmental remediation indemnified liabilities: Indemnifications related to Dow and Corteva 2 45 44 66 MOU related obligations (discussed above) 3 120 56 59 Total environmental related liabilities $ 210 $ 136 $ 216 1. The environmental accrual as of September 30, 2021 represents management’s best estimate of the costs for remediation and restoration with respect to environmental matters, although it is reasonably possible that the ultimate cost with respect to these particular matters could range above the amount accrued. 2. Pursuant to the DWDP Separation and Distribution Agreement, the Company is required to indemnify Dow and Corteva for certain Non-PFAS clean-up responsibilities and associated remediation costs. |
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 September 30, 2021 Final Expiration Year Maximum Future Payments In millions Obligations for customers 1 : Bank borrowings 2021 $ 15 Obligations for non-consolidated affiliates 2 : Bank borrowings 2021 $ 163 Total guarantees $ 178 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. At September 30, 2021, all maximum future payments had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Lease Term and Discount Rates | The lease cost for operating leases were as follows: Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Operating lease costs $ 30 $ 36 $ 88 $ 100 Lease Term and Discount Rate for Operating Leases September 30, 2021 December 31, 2020 Weighted-average remaining lease term (years) 7.54 5.83 Weighted average discount rate 1.99 % 2.26 % |
Schedule of Operating Lease Assets and Liabilities | Supplemental balance sheet information related to leases was as follows: In millions September 30, 2021 December 31, 2020 Operating Leases Operating lease right-of-use assets 1 $ 423 $ 423 Current operating lease liabilities 2 99 117 Noncurrent operating lease liabilities 3 331 308 Total operating lease liabilities $ 430 $ 425 1. Included in " Deferred charges and other assets 2. Included in " Accrued and other current liabilities 3. Included in " Other noncurrent obligations |
Schedule of Maturity of Lease Liabilities | Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at September 30, 2021 Operating Leases In millions Remainder of 2021 $ 29 2022 103 2023 81 2024 64 2025 43 2026 and thereafter 150 Total lease payments $ 470 Less: Interest 40 Present value of lease liabilities $ 430 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the nine months ended September 30, 2021 and 2020: Accumulated Other Comprehensive Loss Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2020 Balance at January 1, 2020 $ (1,070) $ (345) $ (1) $ (1,416) Other comprehensive income (loss) before reclassifications 548 (9) — 539 Amounts reclassified from accumulated other comprehensive loss — 18 — 18 Net other comprehensive income $ 548 $ 9 $ — $ 557 Balance at September 30, 2020 $ (522) $ (336) $ (1) $ (859) 2021 Balance at January 1, 2021 $ 470 $ (425) $ (1) $ 44 Other comprehensive (loss) income before reclassifications (545) 20 38 (487) Amounts reclassified from accumulated other comprehensive loss — 3 — 3 Split-off of N&B reclassification adjustment 184 73 1 258 Net other comprehensive (loss) income $ (361) $ 96 $ 39 $ (226) Balance at September 30, 2021 $ 109 $ (329) $ 38 $ (182) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | A summary of the reclassifications out of AOCL for the three and nine months ended September 30, 2021 and 2020 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended September 30, Nine Months Ended September 30, Income Classification In millions 2021 2020 2021 2020 Cumulative translation adjustments $ — $ — $ 184 $ — See (1) below Pension and other post-employment benefit plans $ 2 $ 7 $ 110 $ 15 See (1) below Tax (benefit) expense (5) 2 (34) 3 See (1) below After tax $ (3) $ 9 $ 76 $ 18 Derivative instruments $ — $ — $ 1 $ — See (1) below Total reclassifications for the period, after tax $ (3) $ 9 $ 261 $ 18 1. The activity for the nine months ended September 30, 2021 is classified almost entirely within "Income (loss) from discontinued operations, net of tax" as part of the N&B Transaction, with a portion classified within and "Sundry income (expense) - net" as part of continuing operations. The activity for the three months ended September 30, 2021 and the three and nine months ended September 30, 2020 is classified within the "Sundry income (expense) - net" and "Provision for income taxes on continuing operations" lines. |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Noncontrolling Interest [Abstract] | |
Schedule Of Noncontrolling Interest | The following table summarizes the activity for equity attributable to noncontrolling interests for the three and nine months ended September 30, 2021 and 2020: Noncontrolling Interests Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Balance at beginning of period $ 587 $ 572 $ 566 $ 569 Net income attributable to noncontrolling interests 13 7 26 20 Contributions from noncontrolling interests 17 14 84 19 Distributions to noncontrolling interests (10) (38) (34) (48) Cumulative translation adjustments (1) 4 (9) (1) Split-off of N&B — — (27) — Balance at end of period $ 606 $ 559 $ 606 $ 559 |
PENSION PLANS AND OTHER POST-_2
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs | The following sets forth the components of the Company's net periodic benefit (credit) cost for defined benefit pension plans: Net Periodic Benefit (Credit) Cost for All Plans Three Months Ended September 30, Nine Months Ended September 30, In millions 2021 2020 2021 2020 Defined Benefit Pension Plans: Service cost 1 $ 13 $ 20 $ 42 $ 55 Interest cost 2 11 14 32 42 Expected return on plan assets 3 (26) (28) (80) (82) Amortization of prior service credit 4 (2) (1) (4) (4) Amortization of net loss 5 3 3 9 11 Curtailment/settlement 6 (1) 6 2 8 Net periodic benefit cost - total $ (2) $ 14 $ 1 $ 30 Less: Net periodic benefit cost - discontinued operations — 4 1 11 Net periodic benefit cost - continuing operations $ (2) $ 10 $ — $ 19 1. The service cost from continuing operations was $13 million and $40 million for the three and nine months ended September 30, 2021, respectively, compared with $15 million and $43 million for the three and nine months ended September 30, 2020, respectively. 2. The interest cost from continuing operations was $11 million and $32 million for the three and nine months ended September 30, 2021, respectively, compared with $14 million and $39 million for the three and nine months ended September 30, 2020, respectively. 3. The expected return on plan assets from continuing operations was $26 million and $79 million for the three and nine months ended September 30, 2021, respectively, compared with $26 million and $75 million for the three and nine months ended September 30, 2020, respectively. 4. The amortization of prior service credit from continuing operations was a gain of $2 million and $4 million for the three and nine months ended September 30, 2021, respectively, compared with a gain of $1 million and $4 million for the three and nine months ended September 30, 2020, respectively. 5. The amortization of unrecognized net loss from continuing operations was $3 million and $9 million for the three and nine months ended September 30, 2021, respectively, compared with a net loss of $2 million and $8 million for the three and nine months ended September 30, 2020, respectively. 6. The curtailment and settlement from continuing operations was a credit of $1 million and a cost of $2 million for the three and nine months ended September 30, 2021, respectively, compared with costs of $6 million and $8 million for both the three and nine months ended September 30, 2020, respectively. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, All Other Investments [Abstract] | |
Schedule of the Fair Value of Financial Instruments | The following table summarizes the fair value of financial instruments at September 30, 2021 and December 31, 2020: Fair Value of Financial Instruments September 30, 2021 December 31, 2020 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 469 $ — $ — $ 469 $ 1,105 $ — $ — $ 1,105 Restricted cash equivalents 1 $ 68 $ — $ — $ 68 $ 6,223 $ — $ — $ 6,223 Total cash equivalents and restricted cash equivalents $ 537 $ — $ — $ 537 $ 7,328 $ — $ — $ 7,328 Long-term debt including debt due within one year $ (10,630) $ — $ (2,201) $ (12,831) $ (15,612) $ — $ (2,725) $ (18,337) Derivatives relating to: Net investment hedge 2 — 51 — 51 — — — — Foreign currency 3,4 — — (14) (14) — 4 (13) (9) Total derivatives $ — $ 51 $ (14) $ 37 $ — $ 4 $ (13) $ (9) 1. At September 30, 2021 there was $18 million of restricted cash classified as "Other current assets" and $50 million classified as "Restricted cash and cash equivalents" in the interim Condensed Consolidated Balance Sheets. At December 31, 2020 there was $25 million of restricted cash classified as "Other current assets" and $6.2 billion classified as "Restricted cash and cash equivalents" in the interim Condensed Consolidated Balance Sheet. 2. Classified as "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheets. 3. Classified as "Other current assets" and "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 4. Presented net of cash collateral where master netting arrangements allow. |
Schedule of Notional Amounts | The notional amounts of the Company's derivative instruments were as follows: Notional Amounts September 30, 2021 December 31, 2020 In millions Derivatives designated as hedging instruments: Net investment hedge $ 1,000 $ — Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ (1,280) $ (304) 1. Presented net of contracts bought and sold. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 537 Derivatives relating to: 2 Net investment hedge 51 Foreign currency contracts 3 7 Total assets at fair value $ 595 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 12,831 Derivatives relating to: 2 Net investment hedge — Foreign currency contracts 3 21 Total liabilities at fair value $ 12,852 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 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. 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 offsetting counterparty and cash collateral netting amounts for foreign currency contracts were $7 million for both assets and liabilities as of September 30, 2021. 4. 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, 2020 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 7,328 Derivatives relating to: 2 Foreign currency contracts 3 13 Total assets at fair value $ 7,341 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 18,337 Derivatives relating to: 2 Foreign currency contracts 3 22 Total liabilities at fair value $ 18,359 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 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. 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 offsetting counterparty and cash collateral netting amounts were $9 million for both assets and liabilities as of December 31, 2020. 4. 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) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | Segment Information Elect. & Industrial Water & Protection Mobility & Materials Corporate 1 Total In millions Three months ended September 30, 2021 Net sales $ 1,467 $ 1,397 $ 1,298 $ 109 $ 4,271 Operating EBITDA 2 $ 475 $ 353 $ 280 $ (21) $ 1,087 Equity in earnings of nonconsolidated affiliates $ 13 $ 7 $ 3 $ 2 $ 25 Three months ended September 30, 2020 Net sales $ 1,213 $ 1,249 $ 996 $ 171 $ 3,629 Operating EBITDA 2 $ 421 $ 314 $ 160 $ 11 $ 906 Equity in earnings of nonconsolidated affiliates $ 8 $ 7 $ 5 $ 9 $ 29 Nine months ended September 30, 2021 Net sales $ 4,087 $ 4,137 $ 3,783 $ 375 $ 12,382 Operating EBITDA 2 $ 1,335 $ 1,060 $ 852 $ (50) $ 3,197 Equity in earnings of nonconsolidated affiliates $ 32 $ 27 $ 11 $ 6 $ 76 Nine months ended September 30, 2020 Net sales $ 3,439 $ 3,769 $ 2,877 $ 503 $ 10,588 Operating EBITDA 2 $ 1,084 $ 1,010 $ 352 $ 62 $ 2,508 Equity in earnings of nonconsolidated affiliates $ 27 $ 19 $ 13 $ 111 $ 170 1. Corporate includes activity of to be divested and previously divested businesses. 2. A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA is provided below. |
Schedule of Reconciliation of Income (Loss) from Continuing Operations | Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended September 30, 2021 and 2020 Three Months Ended September 30, In millions 2021 2020 Income from continuing operations, net of tax $ 433 $ 86 + Provision for income taxes on continuing operations 125 122 Income from continuing operations before income taxes $ 558 $ 208 + Depreciation and amortization 370 345 - Interest income 1 — 4 + Interest expense 115 165 - Non-operating pension/OPEB benefit 1 14 4 - Foreign exchange losses, net 1 (19) (6) - Significant items (39) (190) Operating EBITDA $ 1,087 $ 906 1. Included in "Sundry income (expense) - net." Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Nine Months Ended September 30, 2021 and 2020 Nine Months Ended September 30, In millions 2021 2020 Income (Loss) from continuing operations, net of tax $ 1,538 $ (2,853) + Provision for income taxes on continuing operations 308 224 Income (Loss) from continuing operations before income taxes $ 1,846 $ (2,629) + Depreciation and amortization 1,031 1,039 - Interest income 1 4 8 + Interest expense 390 517 - Non-operating pension/OPEB benefit 1 39 23 - Foreign exchange losses, net 1 (36) (27) - Significant items 63 (3,585) Operating EBITDA $ 3,197 $ 2,508 1. Included in "Sundry income (expense) - net." |
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 above: Significant Items by Segment for the Three Months Ended September 30, 2021 Elect. & Industrial Water & Protection Mobility & Materials Corporate Total In millions Acquisition, integration and separation costs 1 $ — $ — $ — $ (29) $ (29) Restructuring and asset related charges - net 2 — — (1) — (1) Merger-related inventory step-up amortization 3 (12) — — — (12) Gain on divestiture 4 — — — 3 3 Total $ (12) $ — $ (1) $ (26) $ (39) 1. Acquisition, integration and separation costs related to strategic initiatives including the acquisition of Laird PM, the planned divestiture of the Held for Sale Disposal Group and the divestiture of the Solamet® business unit. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Includes the amortization of the fair value step-up in Laird PM's inventories as a result of the acquisition. 4. Reflected in "Sundry income (expense) - net." Significant Items by Segment for the Three Months Ended September 30, 2020 Elect. & Industrial Water & Protection Mobility & Materials Corporate Total In millions Acquisition, integration and separation costs 1 $ — $ — $ — $ (22) $ (22) Restructuring and asset related charges - net 2 (1) (2) — (5) (8) Goodwill impairment charges 3 — — — (183) (183) Asset impairment charges 4 — — (318) (52) (370) Gain on divestiture 5 — — — 393 393 Total $ (1) $ (2) $ (318) $ 131 $ (190) 1. Acquisition, integration and separation costs related to the post-DWDP Merger integration and the DWDP Distributions. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 13 for additional information. 4. See Note 5 for additional information. 5. Reflected in "Sundry income (expense) - net." See Note 3 for additional information. Significant Items by Segment for the Nine Months Ended September 30, 2021 Elect. & Industrial Water & Protection Mobility & Materials Corporate Total In millions Acquisition, integration and separation costs 1 $ — $ — $ — $ (58) $ (58) Restructuring and asset related charges - net 2 (2) — (7) (4) (13) Merger-related inventory step-up amortization 3 (12) — — — (12) Gain on divestiture 4 2 — — 144 146 Total $ (12) $ — $ (7) $ 82 $ 63 1. Acquisition, integration and separation cost related to strategic initiatives including the acquisition of Laird PM, the planned divestiture of the Held for Sale Disposal Group and the divestiture of the Solamet® business unit. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. Includes the amortization of the fair value step-up in Laird PM's inventories as a result of the acquisition. 4. Reflected in "Sundry income (expense) - net." See Note 3 for additional information. Significant Items by Segment for the Nine Months Ended September 30, 2020 Elect. & Industrial Water & Protection Mobility & Materials Corporate Total In millions Acquisition, integration and separation costs 1 $ — $ — $ — $ (161) $ (161) Restructuring and asset related charges - net 2 (2) (15) (15) (107) (139) Goodwill impairment charges 3 (834) — (1,664) (716) (3,214) Asset impairment charges 4 — — (339) (322) (661) Gain on divestiture 5 197 — — 393 590 Total $ (639) $ (15) $ (2,018) $ (913) $ (3,585) 1. Acquisition, integration and separation costs related to the post-DWDP Merger integration and the DWDP Distributions. 2. Includes Board approved restructuring plans and asset related charges. See Note 5 for additional information. 3. See Note 13 for additional information. 4. See Note 5 for additional information. 5. Reflected in "Sundry income (expense) - net." See Note 3 for additional information. |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions | Jul. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 19,688 | $ 19,688 | $ 18,702 | |||
Net sales | 4,271 | $ 3,629 | 12,382 | $ 10,588 | ||
Laird Performance Materials | ||||||
Business Acquisition [Line Items] | ||||||
Ownership interest acquired (percentage) | 100.00% | |||||
Business combination, consideration transferred | $ 2,404 | |||||
Net upward adjustments | 100 | |||||
Property, plant, and equipment | 104 | |||||
Goodwill | 1,219 | |||||
Net sales | $ 131 | $ 131 | ||||
Laird Performance Materials | Customer-related | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets | $ 840 | |||||
Acquired intangible assets, useful life (in years) | 14 years | |||||
Laird Performance Materials | Developed technology | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets | $ 290 | |||||
Acquired intangible assets, useful life (in years) | 8 years | |||||
Laird Performance Materials | Trademarks/tradenames | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets | $ 30 | |||||
Acquired intangible assets, useful life (in years) | 3 years | |||||
Laird Performance Materials | Machinery, equipment, and other | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant, and equipment | $ 67 | |||||
Laird Performance Materials | Building and Building Improvements | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant, and equipment | 18 | |||||
Laird Performance Materials | Leasehold Improvements | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant, and equipment | 10 | |||||
Laird Performance Materials | Construction in progress | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant, and equipment | 5 | |||||
Laird Performance Materials | Land and land improvements | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant, and equipment | $ 4 |
ACQUISITIONS - Assets Acquired
ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Jul. 01, 2021 | Dec. 31, 2020 |
Fair Value of Assets Acquired | |||
Goodwill | $ 19,688 | $ 18,702 | |
Laird Performance Materials | |||
Fair Value of Assets Acquired | |||
Cash and cash equivalents | $ 92 | ||
Accounts and notes receivable | 93 | ||
Inventories | 50 | ||
Property, plant, and equipment | 104 | ||
Other current assets | 10 | ||
Goodwill | 1,219 | ||
Other intangible assets | 1,160 | ||
Deferred income tax assets | 3 | ||
Deferred charges and other assets | 26 | ||
Total Assets | 2,757 | ||
Fair Value of Liabilities Assumed | |||
Accounts payable | 75 | ||
Income taxes payable | 10 | ||
Accrued and other current liabilities | 46 | ||
Deferred income tax liabilities | 184 | ||
Pension & other post-employment benefits - noncurrent | 10 | ||
Other noncurrent obligations | 28 | ||
Total Liabilities | 353 | ||
Net Assets (Consideration for Laird PM) | $ 2,404 |
DIVESTITURES - Narrative (Detai
DIVESTITURES - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jun. 30, 2021 | Feb. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2023 | Oct. 01, 2022 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Restricted cash and cash equivalents | $ 6,200 | |||||||||
Long-term debt including debt due within one year, Cost | $ 10,630 | $ 10,630 | 15,612 | |||||||
Goodwill impairment charges | 0 | $ 183 | $ 533 | 0 | $ 3,214 | |||||
Pre-tax gain | 3 | 393 | 146 | 590 | ||||||
Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (loss) from discontinued operation, net of tax | (5) | (71) | ||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Goodwill impairment charges | 25 | 25 | ||||||||
DuPont | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Par value (in usd per share) | $ 0.01 | |||||||||
N&B Notes Offering | Unsecured Debt | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Face amount of debt | $ 6,250 | |||||||||
Nutrition & Biosciences Business | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from divestiture of businesses | $ 7,300 | |||||||||
Nutrition & Biosciences Business | Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Shares accepted and retired in exchange offer (in shares) | 197.4 | |||||||||
Shares exchanged in exchange offer (in shares) | 141.7 | |||||||||
Gain (loss) from discontinued operation, net of tax | 0 | 4,940 | 0 | |||||||
Nutrition & Biosciences Business | Nutrition & Biosciences Business | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Par value (in usd per share) | $ 0.01 | |||||||||
Nutrition & Biosciences Business | International Flavors & Fragrances Inc. | Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Par value (in usd per share) | $ 0.125 | |||||||||
Nutrition & Biosciences Business | N&B Term Loan Facility | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Face amount of debt | $ 1,250 | |||||||||
Nutrition & Biosciences Business | N&B Senior Unsecured Notes | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Long-term debt including debt due within one year, Cost | $ 6,200 | |||||||||
Solamet Business Unit | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from divestiture of businesses | $ 190 | 47 | ||||||||
Pre-tax gain | 140 | |||||||||
Gain net of tax | 105 | |||||||||
TCS/HSC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Non-core | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from divestiture of businesses | 550 | |||||||||
Pre-tax gain | 393 | 393 | ||||||||
Gain net of tax | $ 232 | 232 | ||||||||
Proceeds from supply agreement settlement | 58 | |||||||||
Compound Semiconductor Solutions Business Unit | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from divestiture of businesses | $ 420 | |||||||||
Pre-tax gain | 197 | |||||||||
Gain net of tax | $ 102 | |||||||||
DWDP Distributions | Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (loss) from discontinued operation, net of tax | $ (12) | $ (14) | ||||||||
Forecast | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from divestiture of businesses | $ 750 | |||||||||
Forecast | TCS/HSC | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Non-core | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from supply agreement settlement | $ 117 |
DIVESTITURES - Discontinued Ope
DIVESTITURES - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) income from discontinued operations, net of tax | $ (29) | $ (158) | $ 4,751 | $ (300) |
Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Non-taxable gain on split-off | $ (5) | (71) | ||
Nutrition & Biosciences Business | Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 1,467 | 507 | 4,557 | |
Cost of sales | 975 | 354 | 2,967 | |
Research and development expenses | 59 | 21 | 178 | |
Selling, general and administrative expenses | 121 | 47 | 399 | |
Amortization of intangibles | 358 | 38 | 1,064 | |
Restructuring and asset related charges - net | 6 | 1 | 7 | |
Integration and separation costs | 105 | 172 | 308 | |
Equity in earnings of nonconsolidated affiliates | 1 | 0 | 2 | |
Sundry income (expense) - net | 0 | 8 | (4) | |
Interest expense | 32 | 13 | 56 | |
Loss from discontinued operations before income taxes | (188) | (131) | (424) | |
Benefit from income taxes on discontinued operations | (30) | (27) | (124) | |
(Loss) income from discontinued operations, net of tax | (158) | (104) | (300) | |
Non-taxable gain on split-off | 0 | 4,940 | 0 | |
(Loss) Income from discontinued operations attributable to DuPont stockholders, net of tax | $ (158) | $ 4,836 | $ (300) |
DIVESTITURES - Depreciation, Am
DIVESTITURES - Depreciation, Amortization and Capital Expenditures (Details) - Nutrition & Biosciences Business - Discontinued Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization | $ 435 | $ 63 | $ 1,287 |
Capital expenditures | $ 36 | $ 27 | $ 161 |
DIVESTITURES - Carrying Amount
DIVESTITURES - Carrying Amount of Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Assets | ||
Accounts and notes receivable - net | $ 62 | $ 63 |
Inventories | 79 | 75 |
Other current assets | 37 | 35 |
Investments and noncurrent receivables | 158 | 164 |
Property, plant, and equipment - net | 76 | 34 |
Goodwill | 267 | 267 |
Other intangible assets - net | 168 | 168 |
Deferred charges and other assets | 3 | 4 |
Total assets of discontinued operations | 850 | 810 |
Liabilities | ||
Accounts payable | 57 | 40 |
Income taxes payable | 2 | 1 |
Accrued and other current liabilities | 37 | 50 |
Deferred income tax liabilities | 29 | 30 |
Pension and other post-employment benefits - noncurrent | 0 | 1 |
Other noncurrent obligations | 17 | 18 |
Total liabilities of discontinued operations | $ 142 | 140 |
Discontinued Operations | Nutrition & Biosciences Business | ||
Assets | ||
Accounts and notes receivable - net | 1,130 | |
Inventories | 1,333 | |
Other current assets | 65 | |
Investments and noncurrent receivables | 36 | |
Property, plant, and equipment - net | 3,118 | |
Goodwill | 11,542 | |
Other intangible assets - net | 3,072 | |
Deferred income tax assets | 44 | |
Deferred charges and other assets | 319 | |
Total assets of discontinued operations | 20,659 | |
Liabilities | ||
Short-term borrowings and finance lease obligations | 4 | |
Accounts payable | 742 | |
Income taxes payable | 36 | |
Accrued and other current liabilities | 301 | |
Long-term debt | 6,195 | |
Deferred income tax liabilities | 852 | |
Pension and other post-employment benefits - noncurrent | 238 | |
Other noncurrent obligations | 242 | |
Total liabilities of discontinued operations | $ 8,610 |
DIVESTITURES - Acquisition, Int
DIVESTITURES - Acquisition, Integration, and Separation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Acquisition, integration and separation costs | $ 29 | $ 22 | $ 58 | $ 161 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 4,271 | $ 3,629 | $ 12,382 | $ 10,588 | |
Accounts and notes receivable - trade | 2,301 | 2,301 | $ 1,911 | ||
Deferred revenue - current | 34 | 34 | 16 | ||
Deferred revenue - noncurrent | 0 | 0 | $ 21 | ||
Corporate, Non-Segment | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 109 | 171 | 375 | 503 | |
U.S. & Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,208 | 1,068 | 3,414 | 3,177 | |
EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 831 | 650 | 2,475 | 2,038 | |
Asia Pacific | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 2,080 | 1,776 | 6,046 | 4,998 | |
Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 152 | 135 | 447 | 375 | |
Electronics & Industrial | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,467 | 1,213 | 4,087 | 3,439 | |
Electronics & Industrial | Industrial Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 474 | 398 | 1,412 | 1,189 | |
Electronics & Industrial | Interconnect Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 489 | 370 | 1,158 | 910 | |
Electronics & Industrial | Semiconductor Technologies | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 504 | 445 | 1,517 | 1,340 | |
Water & Protection | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,397 | 1,249 | 4,137 | 3,769 | |
Water & Protection | Safety Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 646 | 534 | 1,933 | 1,746 | |
Water & Protection | Shelter Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 414 | 387 | 1,193 | 1,051 | |
Water & Protection | Water Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 337 | 328 | 1,011 | 972 | |
Mobility & Materials | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,298 | 996 | 3,783 | 2,877 | |
Mobility & Materials | Advanced Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 382 | 303 | 1,155 | 858 | |
Mobility & Materials | Engineering Polymers | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 611 | 460 | 1,665 | 1,339 | |
Mobility & Materials | Performance Resins | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 305 | $ 233 | $ 963 | $ 680 |
RESTRUCTURING AND ASSET RELAT_3
RESTRUCTURING AND ASSET RELATED CHARGES - NET - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Oct. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Charges for restructuring programs and asset impairments | $ 1 | $ 378 | $ 13 | $ 800 | |||
Restructuring reserve | $ 38 | $ 38 | $ 96 | ||||
Pre-tax impairment charge | 370 | 661 | |||||
Corporate, Non-Segment | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Pre-tax impairment charge | 52 | 322 | |||||
Other Restructuring Actions | Severance and Related Benefit Costs | Subsequent Event | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Expected restructuring costs | $ 75 | ||||||
Mobility & Materials | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Pre-tax impairment charge | 318 | $ 21 | 339 | ||||
Impairment charges, net of tax | 16 | ||||||
Pre-tax impairment charge related to indefinite-lived intangible assets | $ 21 | ||||||
Finite-Lived Intangible Assets and Property, Plant, and Equipment | Mobility & Materials | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Pre-tax impairment charge | 318 | 318 | |||||
Impairment charges, net of tax | 242 | 242 | |||||
Indefinite-lived Intangible Assets | Corporate, Non-Segment | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Pre-tax impairment charge | 52 | 52 | |||||
Impairment charges, net of tax | $ 39 | 39 | |||||
Biomaterials Business Unit | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Pre-tax impairment charge | $ 270 |
RESTRUCTURING AND ASSET RELAT_4
RESTRUCTURING AND ASSET RELATED CHARGES - NET - 2020 Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ 1 | $ 8 | $ 13 | $ 139 | |
Restructuring Reserve [Roll Forward] | |||||
Reserve balance at December 31, 2020 | 96 | ||||
Year-to-date restructuring charges | 1 | 8 | 13 | 139 | |
Reserve balance at September 30, 2021 | 38 | 38 | |||
Corporate, Non-Segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 5 | 4 | 107 | |
Restructuring Reserve [Roll Forward] | |||||
Year-to-date restructuring charges | 0 | 5 | 4 | 107 | |
Electronics & Industrial | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 1 | 2 | 2 | |
Restructuring Reserve [Roll Forward] | |||||
Year-to-date restructuring charges | 0 | 1 | 2 | 2 | |
Water & Protection | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 2 | 0 | 15 | |
Restructuring Reserve [Roll Forward] | |||||
Year-to-date restructuring charges | 0 | 2 | 0 | 15 | |
Mobility & Materials | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 1 | 0 | 7 | 15 | |
Restructuring Reserve [Roll Forward] | |||||
Year-to-date restructuring charges | 1 | 0 | 7 | 15 | |
2020 Restructuring Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 181 | 181 | |||
Restructuring charges | 1 | 8 | 13 | 127 | |
Restructuring Reserve [Roll Forward] | |||||
Reserve balance at December 31, 2020 | 62 | ||||
Year-to-date restructuring charges | 1 | 8 | 13 | 127 | |
Charges against the reserve | (2) | ||||
Cash payments | (48) | ||||
Reserve balance at September 30, 2021 | 25 | 25 | |||
Liabilities recorded in "Accrued and other current liabilities" | 25 | 25 | $ 62 | ||
2020 Restructuring Program | Corporate, Non-Segment | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 1 | 5 | 5 | 77 | |
Restructuring Reserve [Roll Forward] | |||||
Year-to-date restructuring charges | 1 | 5 | 5 | 77 | |
2020 Restructuring Program | Electronics & Industrial | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 1 | 2 | 5 | |
Restructuring Reserve [Roll Forward] | |||||
Year-to-date restructuring charges | 0 | 1 | 2 | 5 | |
2020 Restructuring Program | Water & Protection | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 2 | 0 | 24 | |
Restructuring Reserve [Roll Forward] | |||||
Year-to-date restructuring charges | 0 | 2 | 0 | 24 | |
2020 Restructuring Program | Mobility & Materials | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | 0 | 0 | 6 | 21 | |
Restructuring Reserve [Roll Forward] | |||||
Year-to-date restructuring charges | 0 | 0 | 6 | 21 | |
2020 Restructuring Program | Severance and Related Benefit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 129 | 129 | |||
Restructuring charges | 1 | 4 | 11 | 99 | |
Restructuring Reserve [Roll Forward] | |||||
Reserve balance at December 31, 2020 | 62 | ||||
Year-to-date restructuring charges | 1 | 4 | 11 | 99 | |
Charges against the reserve | 0 | ||||
Cash payments | (48) | ||||
Reserve balance at September 30, 2021 | 25 | 25 | |||
2020 Restructuring Program | Asset Related Charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 52 | 52 | |||
Restructuring charges | 0 | 4 | 2 | 28 | |
Restructuring Reserve [Roll Forward] | |||||
Reserve balance at December 31, 2020 | 0 | ||||
Year-to-date restructuring charges | 0 | $ 4 | 2 | $ 28 | |
Charges against the reserve | (2) | ||||
Cash payments | 0 | ||||
Reserve balance at September 30, 2021 | $ 0 | $ 0 |
RESTRUCTURING AND ASSET RELAT_5
RESTRUCTURING AND ASSET RELATED CHARGES - NET - 2019 Restructuring Program (Details) - 2019 Restructuring Program - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | ||
Pre-tax restructuring charges from inception-to-date | $ 126 | |
Liabilities recorded in "Accrued and other current liabilities" | 5 | $ 14 |
Severance and Related Benefit Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Pre-tax restructuring charges from inception-to-date | 99 | |
Asset Related Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Pre-tax restructuring charges from inception-to-date | $ 27 |
RESTRUCTURING AND ASSET RELAT_6
RESTRUCTURING AND ASSET RELATED CHARGES - NET - DowDuPont Cost Synergy Program (Details) - DowDuPont Cost Synergy Program - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | ||
Pre-tax restructuring charges from inception-to-date | $ 345 | |
Liabilities recorded in "Accrued and other current liabilities" | 8 | $ 20 |
Severance and Related Benefit Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Pre-tax restructuring charges from inception-to-date | 137 | |
Asset Related Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Pre-tax restructuring charges from inception-to-date | 159 | |
Contract Termination | ||
Restructuring Cost and Reserve [Line Items] | ||
Pre-tax restructuring charges from inception-to-date | $ 49 |
SUPPLEMENTARY INFORMATION - Sum
SUPPLEMENTARY INFORMATION - Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Non-operating pension and other post-employment benefit (OPEB) credits | $ 14 | $ 4 | $ 39 | $ 23 |
Interest income | 0 | 4 | 4 | 8 |
Net gain (loss) on divestiture and sales of other assets and investments | 8 | 418 | 175 | 611 |
Foreign exchange losses, net | (19) | (6) | (36) | (27) |
Miscellaneous income (expenses) - net | 5 | 10 | (12) | 16 |
Sundry income (expense) - net | 8 | 430 | 170 | 631 |
Gain on divestiture | 3 | 393 | 146 | 590 |
Pre-tax impairment charge | 370 | 661 | ||
Corporate, Non-Segment | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Net gain (loss) on divestiture and sales of other assets and investments | 393 | 140 | 393 | |
Gain on divestiture | 3 | 393 | 144 | 393 |
Pre-tax impairment charge | 52 | 322 | ||
Disposal Group, Held-for-sale, Not Discontinued Operations | Chestnut Run | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Pre-tax impairment charge | 15 | |||
Electronics & Imaging | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Net gain (loss) on divestiture and sales of other assets and investments | 30 | 28 | 30 | |
Gain on divestiture | $ 0 | 0 | $ 2 | 197 |
Pre-tax impairment charge | $ 0 | $ 0 |
SUPPLEMENTARY INFORMATION - Nar
SUPPLEMENTARY INFORMATION - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Feb. 01, 2021 | Dec. 31, 2020 |
Supplementary Information | |||
Restricted cash, noncurrent | $ 6,200 | ||
Accrued and other current liabilities | $ 1,335 | $ 1,085 | |
Accrued payroll | 480 | ||
Payments due annually beginning September 2023 | DuPont and Corteva | |||
Supplementary Information | |||
Restricted cash, noncurrent | $ 50 | ||
N&B Notes Offering | Unsecured Debt | |||
Supplementary Information | |||
Face amount of debt | $ 6,250 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, percent | 22.40% | 58.70% | 16.70% | (8.50%) |
Tax benefit related to step-up in tax basis in goodwill | $ 59 |
EARNINGS PER SHARE CALCULATIO_3
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Basic (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations, net of tax | $ 433 | $ 86 | $ 1,538 | $ (2,853) |
Net income from continuing operations attributable to noncontrolling interests | 13 | 7 | 26 | 20 |
Income (loss) from continuing operations attributable to common stockholders | 420 | 79 | 1,512 | (2,873) |
(Loss) income from discontinued operations attributable to common stockholders | (29) | (158) | 4,751 | (300) |
Net income (loss) attributable to common stockholders | $ 391 | $ (79) | $ 6,263 | $ (3,173) |
EARNINGS PER SHARE CALCULATIO_4
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Basic (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Earnings (loss) from continuing operations attributable to common stockholders | $ 0.81 | $ 0.11 | $ 2.74 | $ (3.90) |
(Loss) earnings from discontinued operations, net of tax | (0.06) | (0.22) | 8.61 | (0.41) |
Earnings (loss) per common share - basic (in usd per share) | $ 0.75 | $ (0.11) | $ 11.35 | $ (4.31) |
EARNINGS PER SHARE CALCULATIO_5
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Diluted (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Earnings (loss) from continuing operations attributable to common stockholders | $ 0.80 | $ 0.11 | $ 2.73 | $ (3.90) |
(Loss) earnings from discontinued operations, net of tax | (0.06) | (0.21) | 8.59 | (0.41) |
Earnings (loss) per common share - diluted (in usd per share) | $ 0.75 | $ (0.11) | $ 11.32 | $ (4.31) |
EARNINGS PER SHARE CALCULATIO_6
EARNINGS PER SHARE CALCULATIONS - Summary of Count Information (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares - basic | 521.5 | 734.4 | 551.7 | 735.8 |
Plus dilutive effect of equity compensation plans | 1.6 | 0.5 | 1.4 | 0 |
Weighted-average common shares - diluted | 523.1 | 734.9 | 553.1 | 735.8 |
Stock options and restricted stock units excluded from EPS calculations | 2.4 | 5.5 | 2.7 | 6.3 |
ACCOUNTS AND NOTES RECEIVABLE_3
ACCOUNTS AND NOTES RECEIVABLE - NET (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Accounts Receivable - trade | $ 2,237 | $ 1,850 |
Notes receivable – trade | 64 | 61 |
Other | 607 | 510 |
Total accounts and notes receivable - net | 2,908 | 2,421 |
Accounts and notes receivables - trade, allowance | $ 33 | $ 32 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,670 | $ 1,447 |
Work in process | 528 | 454 |
Raw materials | 492 | 368 |
Supplies | 154 | 124 |
Total inventories | $ 2,844 | $ 2,393 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 11,520 | $ 11,123 |
Total accumulated depreciation | 4,599 | 4,256 |
Total property, plant and equipment - net | 6,921 | 6,867 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 617 | 682 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,146 | 2,031 |
Machinery, equipment, and other | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 7,543 | 7,182 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,214 | $ 1,228 |
Minimum | Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Minimum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Minimum | Machinery, equipment, and other | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Maximum | Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 25 years | |
Maximum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 50 years | |
Maximum | Machinery, equipment, and other | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 25 years |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Schedule of Depreciation (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 174 | $ 173 | $ 501 | $ 513 |
NONCONSOLIDATED AFFILIATES (Det
NONCONSOLIDATED AFFILIATES (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)affiliate | Sep. 30, 2020 | Sep. 30, 2021USD ($)affiliate | Sep. 30, 2020 | Dec. 31, 2020USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |||||
Investments and noncurrent receivables | $ 926 | $ 926 | $ 889 | ||
Accrued and other current liabilities | (64) | (64) | (71) | ||
Net investment in nonconsolidated affiliates | $ 862 | $ 862 | $ 818 | ||
Ownership interest affiliates | affiliate | 14 | 14 | |||
Equity Method Investee | Customer Concentration Risk | Revenue Benchmark | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Concentration risk, percentage | 2.00% | 2.00% | 2.00% | 3.00% | |
Equity Method Investee | Supplier Concentration Risk | Cost of Goods and Service Benchmark | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Concentration risk, percentage | 4.00% | 3.00% | 4.00% | 3.00% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | $ 18,702 |
Goodwill recognized for Laird PM acquisition | 1,219 |
Currency Translation Adjustment | (241) |
Other | 8 |
Net goodwill, end of period | 19,688 |
Electronics & Industrial | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 8,458 |
Goodwill recognized for Laird PM acquisition | 1,219 |
Currency Translation Adjustment | (66) |
Other | 0 |
Net goodwill, end of period | 9,611 |
Water & Protection | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 6,969 |
Goodwill recognized for Laird PM acquisition | 0 |
Currency Translation Adjustment | (108) |
Other | 0 |
Net goodwill, end of period | 6,861 |
Mobility & Materials | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 3,275 |
Goodwill recognized for Laird PM acquisition | 0 |
Currency Translation Adjustment | (67) |
Other | 8 |
Net goodwill, end of period | $ 3,216 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||||||
Goodwill impairment charges | $ 0 | $ 183 | $ 533 | $ 0 | $ 3,214 | ||
Pre-tax impairment charge | 370 | 661 | |||||
Total other intangible assets | $ 1,029 | $ 1,029 | $ 1,029 | ||||
Mobility And Materials And Industrial Solutions Reporting Units | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | $ 2,498 | ||||||
Corporate, Non-Segment | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | 183 | 716 | |||||
Pre-tax impairment charge | 52 | 322 | |||||
Indefinite-lived Intangible Assets | Corporate, Non-Segment | |||||||
Goodwill [Line Items] | |||||||
Pre-tax impairment charge | 52 | 52 | |||||
Impairment charges, net of tax | 39 | 39 | |||||
Mobility & Materials | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charges | 0 | 1,664 | |||||
Pre-tax impairment charge | 318 | 21 | 339 | ||||
Impairment charges, net of tax | $ 16 | ||||||
Mobility & Materials | Trademarks/tradenames | |||||||
Goodwill [Line Items] | |||||||
Total other intangible assets | $ 289 | $ 289 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions | Jul. 01, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 12,107 | $ 11,145 | |
Accum Amort | (4,492) | (4,102) | |
Net | 7,615 | 7,043 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Total other intangible assets | 1,029 | 1,029 | |
Gross Carrying Amount | 13,136 | 12,174 | |
Net | 8,644 | 8,072 | |
Trademarks/tradenames | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Total other intangible assets | 1,029 | 1,029 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 3,051 | 2,844 | |
Accum Amort | (1,287) | (1,220) | |
Net | 1,764 | 1,624 | |
Developed technology | Laird Performance Materials | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 290 | ||
Trademarks/tradenames | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 1,125 | 1,095 | |
Accum Amort | (483) | (440) | |
Net | 642 | 655 | |
Trademarks/tradenames | Laird Performance Materials | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | 30 | ||
Customer-related | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 7,800 | 7,075 | |
Accum Amort | (2,639) | (2,361) | |
Net | 5,161 | 4,714 | |
Customer-related | Laird Performance Materials | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 840 | ||
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 131 | 131 | |
Accum Amort | (83) | (81) | |
Net | $ 48 | $ 50 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangibles by Segment (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 8,644 | $ 8,072 |
Electronics & Industrial | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,527 | 2,611 |
Water & Protection | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 2,733 | 2,920 |
Mobility & Materials | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 2,384 | $ 2,541 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization (Details) $ in Millions | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2021 | $ 174 |
2022 | 676 |
2023 | 652 |
2024 | 622 |
2025 | 572 |
2026 | $ 554 |
SHORT TERM BORROWINGS, LONG-T_3
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Long-Term Debt (Details) - USD ($) | Sep. 30, 2021 | Feb. 01, 2021 | Dec. 31, 2020 | May 01, 2020 |
Debt Instrument [Line Items] | ||||
Finance lease obligations | $ 2,000,000 | $ 2,000,000 | ||
Less: Unamortized debt discount and issuance costs | 72,000,000 | 90,000,000 | ||
Less: Long-term debt due within one year | 1,000,000 | 1,000,000 | ||
Long-Term Debt | $ 10,629,000,000 | $ 15,611,000,000 | ||
Term loan due 2022 | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Rate | 0.00% | 1.25% | ||
Promissory Notes And Debentures, Final Maturity, 2023 | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 2,800,000,000 | $ 4,800,000,000 | ||
Weighted Average Rate | 3.89% | 3.18% | ||
Promissory Notes And Debentures, Final Maturity, 2025 | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 1,850,000,000 | $ 1,850,000,000 | ||
Weighted Average Rate | 4.49% | 4.49% | ||
Promissory Notes And Debentures, Final Maturity, 2026 and thereafter | Loans Payable | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 6,050,000,000 | $ 6,050,000,000 | ||
Weighted Average Rate | 5.13% | 5.13% | ||
Term loan due 2022 | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 0 | $ 3,000,000,000 | ||
Face amount of debt | $ 3,000,000,000 | |||
Senior Unsecured Notes due 2023 | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Face amount of debt | $ 2,000,000,000 | $ 2,000,000,000 |
SHORT TERM BORROWINGS, LONG-T_4
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Maturities of Long-Term Debt for Next Five Years (Details) $ in Millions | Sep. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2021 | $ 0 |
2022 | 0 |
2023 | 2,800,000 |
2024 | 0 |
2025 | 1,850,000 |
2026 | $ 0 |
SHORT TERM BORROWINGS, LONG-T_5
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Level 2 | Recurring | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 12,830 | $ 18,336 |
SHORT TERM BORROWINGS, LONG-T_6
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Committed and Available Credit Facilities (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Line of Credit Facility [Line Items] | |
Committed Credit | $ 4,000 |
Credit Available | $ 3,977 |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Term | 5 years |
Revolving Credit Facility, Five-year | |
Line of Credit Facility [Line Items] | |
Committed Credit | $ 3,000 |
Credit Available | $ 2,977 |
Revolving Credit Facility, Five-year | Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Term | 5 years |
364-day Revolving Credit Facility | Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Committed Credit | $ 1,000 |
Credit Available | $ 1,000 |
Term | 364 days |
SHORT TERM BORROWINGS, LONG-T_7
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Additional Information (Details) | Feb. 01, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | May 01, 2020USD ($) |
Line of Credit Facility [Line Items] | ||||
Remaining borrowing capacity, uncommitted | $ 828,000,000 | |||
Letters of credit outstanding | $ 164,000,000 | |||
Ratio of indebtedness to net capital | 0.60 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Term | 5 years | |||
Senior Unsecured Notes due 2023 | Senior Notes | ||||
Line of Credit Facility [Line Items] | ||||
Face amount of debt | $ 2,000,000,000 | $ 2,000,000,000 | ||
Interest rate, percentage | 2.169% | |||
Term loan due 2022 | ||||
Line of Credit Facility [Line Items] | ||||
Face amount of debt | $ 3,000,000,000 | |||
Revolving Credit Facility, Five-year | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Term | 5 years | |||
Nutrition & Biosciences Business | ||||
Line of Credit Facility [Line Items] | ||||
Proceeds from divestiture of businesses | 7,300,000,000 | |||
Nutrition & Biosciences Business | N&B Term Loan Facility | ||||
Line of Credit Facility [Line Items] | ||||
Face amount of debt | $ 1,250,000,000 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Thousands | Jan. 21, 2021USD ($) | Jul. 31, 2021USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2021USD ($)plaintiffcase | Dec. 31, 2020USD ($) | Dec. 31, 2017USD ($)plaintiffcase |
Loss Contingencies [Line Items] | |||||||
Qualified spend - eligible PFAS costs, maximum | $ 4,000,000 | ||||||
Escrow account balance - required minimum | 700,000 | ||||||
Non-PFAS stray liabilities threshold | 200,000 | ||||||
Indemnifiable losses threshold related to PFAS stray liabilities - per party | 150,000 | ||||||
Indemnifiable losses threshold related to PFAS stray liabilities - total | 300,000 | ||||||
Estimated litigation liability | $ 18,000 | ||||||
PFOA Multi-District Litigation (MDL) | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | case | 100 | ||||||
State of Delaware | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 50,000 | ||||||
PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 83,000 | ||||||
Supplemental Settlement | State of Delaware | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | 25,000 | ||||||
DuPont and Corteva | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage split of PFAS liabilities under the separation agreement | 50.00% | ||||||
Chemours | |||||||
Loss Contingencies [Line Items] | |||||||
Qualified spend - eligible PFAS costs percentage split | 50.00% | ||||||
Future escrow deposit, percentage split | 50.00% | ||||||
Chemours | State of Delaware | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 25,000 | ||||||
Percentage of settlement | 50.00% | ||||||
Chemours | Payments due September 2021, September 2022 | |||||||
Loss Contingencies [Line Items] | |||||||
Future escrow deposit | $ 100,000 | ||||||
Chemours | Payments due annually beginning September 2023 | |||||||
Loss Contingencies [Line Items] | |||||||
Future escrow deposit | 50,000 | ||||||
Chemours | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 29,000 | ||||||
Chemours | Supplemental Settlement | State of Delaware | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of settlement | 50.00% | ||||||
DuPont and Corteva | |||||||
Loss Contingencies [Line Items] | |||||||
Qualified spend - eligible PFAS costs, maximum | $ 2,000,000 | ||||||
Qualified spend - eligible PFAS costs percentage split | 50.00% | ||||||
Future escrow deposit, percentage split | 50.00% | ||||||
DuPont and Corteva | Payments due September 2021, September 2022 | |||||||
Loss Contingencies [Line Items] | |||||||
Future escrow deposit | $ 100,000 | ||||||
DuPont and Corteva | Payments due annually beginning September 2023 | |||||||
Loss Contingencies [Line Items] | |||||||
Future escrow deposit | $ 50,000 | ||||||
DuPont and Corteva | Supplemental Settlement | State of Delaware | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage of settlement | 50.00% | ||||||
DuPont | |||||||
Loss Contingencies [Line Items] | |||||||
Non-PFAS stray liabilities percent split after threshold | 71.00% | ||||||
DuPont | State of Delaware | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 12,500 | ||||||
DuPont | Payments due September 2021, September 2022 | |||||||
Loss Contingencies [Line Items] | |||||||
Escrow deposit | $ 50,000 | ||||||
DuPont | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 27,000 | ||||||
Corteva | |||||||
Loss Contingencies [Line Items] | |||||||
Non-PFAS stray liabilities percent split after threshold | 29.00% | ||||||
Corteva | State of Delaware | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 12,500 | ||||||
EID | Abbott Case | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 50,000 | ||||||
EID | Abbott Case | Judicial Ruling | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 40,250 | ||||||
Loss of consortium | $ 250 | $ 10,000 | |||||
EID | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 27,000 | ||||||
Historical EID And Chemours | Firefighter Foam Cases | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | case | 1,600 | ||||||
Historical EID And Chemours | Water Contamination | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | case | 10 | ||||||
Historical EID And Chemours | PFOA Matters | North Carolina | |||||||
Loss Contingencies [Line Items] | |||||||
Number of plaintiffs | plaintiff | 200 | ||||||
Historical EID And Chemours | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||||
Loss Contingencies [Line Items] | |||||||
Amount awarded to other party | $ 335,000 | ||||||
Chemours, EID, Corteva and DuPont | PFOA Matters | North Carolina | |||||||
Loss Contingencies [Line Items] | |||||||
Number of plaintiffs | plaintiff | 100 | ||||||
Historical EID | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||||
Loss Contingencies [Line Items] | |||||||
Number of plaintiffs | plaintiff | 3,550 | ||||||
Accounts And Notes Receivable, Other | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification asset | $ 56,000 | ||||||
Deferred Charges And Other Assets | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification asset | 239,000 | ||||||
Accrued and Other Current Liabilities | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification liabilities | 177,000 | ||||||
Other noncurrent obligations | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification liabilities | $ 189,000 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Indemnified Liabilities Related to the MOU (Details) - USD ($) $ in Millions | Jan. 21, 2021 | Dec. 31, 2020 | Sep. 30, 2021 |
Loss Contingencies [Line Items] | |||
Total environmental related liabilities | $ 136 | $ 210 | |
Accrued and Other Current Liabilities | |||
Loss Contingencies [Line Items] | |||
Total indemnified liabilities accrued under the MOU | 177 | ||
Other noncurrent obligations | |||
Loss Contingencies [Line Items] | |||
Total indemnified liabilities accrued under the MOU | 189 | ||
MOU Agreement | |||
Loss Contingencies [Line Items] | |||
Total indemnified liabilities accrued under the MOU | 58 | 135 | |
MOU Agreement | Accrued and Other Current Liabilities | |||
Loss Contingencies [Line Items] | |||
Current indemnified liabilities | 12 | 43 | |
MOU Agreement | Other noncurrent obligations | |||
Loss Contingencies [Line Items] | |||
Long-term indemnified liabilities | 46 | 92 | |
Indemnification Agreement | Chemours | |||
Loss Contingencies [Line Items] | |||
Total environmental related liabilities | 56 | 120 | |
Indemnification Agreement | Chemours | Fayetteville | |||
Loss Contingencies [Line Items] | |||
Total environmental related liabilities | $ 108 | ||
PFOA Matters | PFOA Multi-District Litigation (MDL) | |||
Loss Contingencies [Line Items] | |||
Amount awarded to other party | $ 83 | ||
PFOA Matters | DuPont | PFOA Multi-District Litigation (MDL) | |||
Loss Contingencies [Line Items] | |||
Amount awarded to other party | $ 27 | ||
PFOA Matters | Chemours | PFOA Multi-District Litigation (MDL) | |||
Loss Contingencies [Line Items] | |||
Amount awarded to other party | $ 29 |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITIES - Environmental Accrued Obligations (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 210 | $ 136 |
Potential exposure in excess of accrual | 216 | |
Dow & Corteva | ||
Loss Contingencies [Line Items] | ||
Potential exposure in excess of accrual | 66 | |
Chemours | ||
Loss Contingencies [Line Items] | ||
Potential exposure in excess of accrual | 59 | |
Retained and Assumed at Divestiture | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 45 | 36 |
Potential exposure in excess of accrual | 91 | |
Indemnification Agreement | Dow & Corteva | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 45 | 44 |
Indemnification Agreement | Chemours | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 120 | $ 56 |
COMMITMENTS AND CONTINGENT LI_6
COMMITMENTS AND CONTINGENT LIABILITIES - Summary of Guarantees (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Guarantor Obligations [Line Items] | ||
Maximum future payments | $ 178 | $ 189 |
Customer and Supplier Guarantee Bank Borrowings | ||
Guarantor Obligations [Line Items] | ||
Maximum future payments | 15 | |
Equity Affiliates Guarantee Bank Borrowings | ||
Guarantor Obligations [Line Items] | ||
Maximum future payments | $ 163 |
OPERATING LEASES - Lease Cost a
OPERATING LEASES - Lease Cost and Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||||
Operating lease cost | $ 30 | $ 36 | $ 88 | $ 100 | |
Operating lease payments | 88 | 101 | |||
Operating lease assets and liabilities | $ 92 | $ 101 | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | Other Assets, Noncurrent | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities | Accrued and other current liabilities | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
OPERATING LEASES - Schedule of
OPERATING LEASES - Schedule of Leases (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 423 | $ 423 |
Current operating lease liabilities | 99 | 117 |
Noncurrent operating lease liabilities | 331 | 308 |
Present value of lease liabilities | $ 430 | $ 425 |
OPERATING LEASES - Lease Term a
OPERATING LEASES - Lease Term and Discount Rate (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 7 years 6 months 14 days | 5 years 9 months 29 days |
Weighted average discount rate | 1.99% | 2.26% |
OPERATING LEASES - Maturities o
OPERATING LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remainder of 2021 | $ 29 | |
2022 | 103 | |
2023 | 81 | |
2024 | 64 | |
2025 | 43 | |
2026 and thereafter | 150 | |
Total lease payments | 470 | |
Less: Interest | 40 | |
Present value of lease liabilities | $ 430 | $ 425 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) shares in Millions | 3 Months Ended | 9 Months Ended | 28 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Mar. 31, 2021 | Feb. 01, 2021 | Jun. 01, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Payments for repurchase of common stock | $ 1,643,000,000 | $ 232,000,000 | |||||
2019 Share Buyback Program | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Stock repurchase amount | $ 2,000,000,000 | ||||||
Stock repurchased and retired (in shares) | 29.9 | ||||||
Payments for repurchase of common stock | $ 2,000,000,000 | ||||||
2021 Share Buyback Program | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Stock repurchase amount | $ 1,500,000,000 | ||||||
Stock repurchased and retired (in shares) | 6.6 | 8.1 | |||||
Payments for repurchase of common stock | $ 500,000,000 | $ 625,000,000 | |||||
Discontinued Operations | Nutrition & Biosciences Business | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Shares accepted and retired in exchange offer (in shares) | 197.4 | ||||||
Shares exchanged in exchange offer (in shares) | 141.7 |
STOCKHOLDERS' EQUITY - Summary
STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 27,239 | $ 38,118 | $ 27,239 | $ 38,118 | $ 27,464 | $ 39,070 | $ 37,577 | $ 41,556 |
Total other comprehensive (loss) income | (157) | 610 | (235) | 556 | ||||
Ending balance | 27,239 | 38,118 | 27,239 | 38,118 | ||||
Total | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (182) | (859) | (182) | (859) | $ (26) | 44 | $ (1,465) | (1,416) |
Other comprehensive income (loss) before reclassifications | (487) | 539 | ||||||
Amounts reclassified from accumulated other comprehensive loss | 3 | 18 | ||||||
Total other comprehensive (loss) income | (156) | 606 | (226) | 557 | ||||
Ending balance | (182) | (859) | (182) | (859) | ||||
Total | N&B Segment | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 258 | |||||||
Cumulative translation adjustments | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 109 | (522) | 109 | (522) | 470 | (1,070) | ||
Other comprehensive income (loss) before reclassifications | (545) | 548 | ||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||||||
Total other comprehensive (loss) income | (361) | 548 | ||||||
Ending balance | 109 | (522) | 109 | (522) | ||||
Cumulative translation adjustments | N&B Segment | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 184 | |||||||
Pension and OPEB | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (329) | (336) | (329) | (336) | (425) | (345) | ||
Other comprehensive income (loss) before reclassifications | 20 | (9) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 3 | 18 | ||||||
Total other comprehensive (loss) income | 96 | 9 | ||||||
Ending balance | (329) | (336) | (329) | (336) | ||||
Pension and OPEB | N&B Segment | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 73 | |||||||
Derivative Instruments | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 38 | (1) | 38 | (1) | $ (1) | $ (1) | ||
Other comprehensive income (loss) before reclassifications | 38 | 0 | ||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||||||
Total other comprehensive (loss) income | 39 | 0 | ||||||
Ending balance | $ 38 | $ (1) | 38 | $ (1) | ||||
Derivative Instruments | N&B Segment | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated other comprehensive loss | $ 1 |
STOCKHOLDERS' EQUITY - Summar_2
STOCKHOLDERS' EQUITY - Summary of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | $ (3) | $ (18) | ||
Total | Total Company | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | $ 3 | $ (9) | (261) | (18) |
Cumulative translation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | 0 | 0 | ||
Cumulative translation adjustments | Total Company | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | 0 | 0 | (184) | 0 |
Pension and other post-employment benefit plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | (3) | (18) | ||
Pension and other post-employment benefit plans | Total Company | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pension and other post-employment benefit plans | 2 | 7 | 110 | 15 |
Tax (benefit) expense | (5) | 2 | (34) | 3 |
After tax | (3) | 9 | 76 | 18 |
Derivative Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | 0 | 0 | ||
Derivative Instruments | Total Company | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | $ 0 | $ 0 | $ (1) | $ 0 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at beginning of period | $ 587 | $ 572 | $ 566 | $ 569 |
Net income attributable to noncontrolling interests | 13 | 7 | 26 | 20 |
Contributions from non-controlling interests | 17 | 14 | 84 | 19 |
Distributions to noncontrolling interests | (10) | (38) | (34) | (48) |
Cumulative translation adjustments | (1) | 4 | (9) | (1) |
Split-off of N&B | 0 | 0 | (27) | 0 |
Balance at end of period | $ 606 | $ 559 | $ 606 | $ 559 |
PENSION PLANS AND OTHER POST-_3
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Feb. 01, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit cost - total | $ (14) | $ (4) | $ (39) | $ (23) | |
Additional contributions | 46 | 46 | |||
Discontinued Operations | Nutrition & Biosciences | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Status of plan | $ 232 | ||||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 13 | 20 | 42 | 55 | |
Interest cost | 11 | 14 | 32 | 42 | |
Expected return on plan assets | (26) | (28) | (80) | (82) | |
Amortization of prior service credit | (2) | (1) | (4) | (4) | |
Amortization of net loss | 3 | 3 | 9 | 11 | |
Curtailment/settlement | (1) | 6 | 2 | 8 | |
Net periodic benefit cost - total | (2) | 14 | 1 | 30 | |
Discontinued Operations | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit cost - total | 0 | 4 | 1 | 11 | |
Continuing Operations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit cost - total | (14) | (4) | (39) | (23) | |
Continuing Operations | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 13 | 15 | 40 | 43 | |
Interest cost | 11 | 14 | 32 | 39 | |
Expected return on plan assets | (26) | (26) | (79) | (75) | |
Amortization of prior service credit | (2) | (1) | (4) | (4) | |
Amortization of net loss | 3 | 2 | 9 | 8 | |
Curtailment/settlement | (1) | 6 | 2 | 8 | |
Net periodic benefit cost - total | $ (2) | $ 10 | $ 0 | $ 19 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Compensation expense | $ 17 | $ 21 | $ 55 | $ 81 | |
Income tax benefits | $ 3 | $ 4 | $ 11 | $ 16 | |
Stock options granted (in shares) | 0.6 | ||||
Weighted-average stock option price (in usd per share) | $ 16.92 | ||||
Weighted-average stock options exercise price (in usd per share) | $ 72.98 | ||||
Restricted Stock Units (RSUs) | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares granted (in shares) | 0.3 | 0.6 | |||
Weighted-average share price (in usd per share) | $ 71.42 | $ 72.88 | |||
Performance Shares | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares granted (in shares) | 0.4 | ||||
Weighted-average share price (in usd per share) | $ 78.23 | ||||
DuPont 2020 Equity and Incentive Plan | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Capital shares reserved for future issuance (in shares) | 18 | 18 | |||
DuPont Omnibus Incentive Plan | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Capital shares reserved for future issuance (in shares) | 1 | 1 |
FINANCIAL INSTRUMENTS - Summary
FINANCIAL INSTRUMENTS - Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Total cash equivalents and restricted cash equivalents | $ 537 | $ 7,328 |
Cash equivalents, restricted cash equivalents and marketable securities, Gain | 0 | 0 |
Cash equivalents, restricted cash equivalents and marketable securities, Loss | 0 | 0 |
Cash equivalents, restricted cash equivalents and marketable securities, Fair Value | 537 | 7,328 |
Long-term debt including debt due within one year, Cost | (10,630) | (15,612) |
Long term debt including debt due within one year, Gain | 0 | 0 |
Long term debt including debt due within one year, Loss | (2,201) | (2,725) |
Long term debt including debt due within one year, Fair Value | (12,831) | (18,337) |
Derivative assets (liabilities), Cost | 0 | 0 |
Derivative assets (liabilities), Gain | 51 | 4 |
Derivative assets (liabilities), Loss | (14) | (13) |
Derivative assets (liabilities), Fair Value | 37 | (9) |
Restricted cash, noncurrent | 6,200 | |
Restricted cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Restricted cash, noncurrent | 50 | 6,200 |
Other Current Assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Restricted cash, current | 18 | 25 |
Cash and Cash Equivalents | Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents, Cost | 469 | 1,105 |
Cash equivalents, Gain | 0 | 0 |
Cash equivalents, Loss | 0 | 0 |
Cash equivalents, Fair Value | 469 | 1,105 |
Cash and Cash Equivalents | Restricted cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents, Gain | 0 | 0 |
Cash equivalents, Loss | 0 | 0 |
Restricted cash equivalents, Cost | 68 | 6,223 |
Net investment hedge | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative assets (liabilities), Cost | 0 | 0 |
Derivative assets (liabilities), Gain | 51 | 0 |
Derivative assets (liabilities), Loss | 0 | 0 |
Derivative assets (liabilities), Fair Value | 51 | 0 |
Foreign Exchange Contract | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative assets (liabilities), Cost | 0 | 0 |
Derivative assets (liabilities), Gain | 0 | 4 |
Derivative assets (liabilities), Loss | (14) | (13) |
Derivative assets (liabilities), Fair Value | $ (14) | $ (9) |
FINANCIAL INSTRUMENTS - Notiona
FINANCIAL INSTRUMENTS - Notional Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Net investment hedge | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | $ 1,000 | $ 0 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | $ (1,280) | $ (304) |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021EUR (€) | |
Designated as Hedging Instrument | Net investment hedge | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, notional amount | € | € 819 | ||||
Derivative, fixed interest rate | 4.73% | ||||
Derivative, average fixed interest rate | 3.26% | ||||
Other Nonoperating Income (Expense) | Not Designated as Hedging Instrument | Foreign Exchange Contract | |||||
Derivatives, Fair Value [Line Items] | |||||
Foreign currency contracts, gain (loss) | $ | $ (11) | $ (3) | $ (38) | $ 1 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Liabilities at fair value: | ||
Long term debt including debt due within one year, Fair Value | $ 12,831 | $ 18,337 |
Offsetting counterparty and cash collateral netting amount for assets | 7 | 9 |
Offsetting counterparty and cash collateral netting amount for liabilities | 7 | 9 |
Recurring | Level 2 | ||
Assets at fair value: | ||
Cash equivalents and restricted cash equivalents | 537 | 7,328 |
Total assets at fair value | 595 | 7,341 |
Liabilities at fair value: | ||
Long term debt including debt due within one year, Fair Value | 12,831 | 18,337 |
Total liabilities at fair value | 12,852 | 18,359 |
Recurring | Level 2 | Net investment hedge | ||
Assets at fair value: | ||
Foreign currency contracts | 51 | |
Liabilities at fair value: | ||
Foreign currency contracts | 0 | |
Recurring | Level 2 | Foreign currency | ||
Assets at fair value: | ||
Foreign currency contracts | 7 | 13 |
Liabilities at fair value: | ||
Foreign currency contracts | $ 21 | $ 22 |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 4,271 | $ 3,629 | $ 12,382 | $ 10,588 |
Operating EBITDA | 1,087 | 906 | 3,197 | 2,508 |
Equity in earnings of nonconsolidated affiliates | 25 | 29 | 76 | 170 |
Corporate, Non-Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 109 | 171 | 375 | 503 |
Operating EBITDA | (21) | 11 | (50) | 62 |
Equity in earnings of nonconsolidated affiliates | 2 | 9 | 6 | 111 |
Electronics & Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,467 | 1,213 | 4,087 | 3,439 |
Operating EBITDA | 475 | 421 | 1,335 | 1,084 |
Equity in earnings of nonconsolidated affiliates | 13 | 8 | 32 | 27 |
Water & Protection | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,397 | 1,249 | 4,137 | 3,769 |
Operating EBITDA | 353 | 314 | 1,060 | 1,010 |
Equity in earnings of nonconsolidated affiliates | 7 | 7 | 27 | 19 |
Mobility & Materials | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,298 | 996 | 3,783 | 2,877 |
Operating EBITDA | 280 | 160 | 852 | 352 |
Equity in earnings of nonconsolidated affiliates | $ 3 | $ 5 | $ 11 | $ 13 |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Reconciliation of Operating EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Income (loss) from continuing operations, net of tax | $ 433 | $ 86 | $ 1,538 | $ (2,853) |
Provision for income taxes on continuing operations | 125 | 122 | 308 | 224 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 558 | 208 | 1,846 | (2,629) |
Depreciation and amortization | 1,094 | 2,326 | ||
Interest income | 0 | 4 | 4 | 8 |
Interest expense | 115 | 165 | 390 | 517 |
Non-operating pension and other post-employment benefit (OPEB) credits | (14) | (4) | (39) | (23) |
Significant items | 39 | 190 | (63) | 3,585 |
Operating EBITDA | 1,087 | 906 | 3,197 | 2,508 |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 370 | 345 | 1,031 | 1,039 |
Interest income | 0 | 4 | 4 | 8 |
Interest expense | 115 | 165 | 390 | 517 |
Non-operating pension and other post-employment benefit (OPEB) credits | (14) | (4) | (39) | (23) |
Foreign exchange losses, net | (19) | (6) | (36) | (27) |
Significant items | 39 | 190 | (63) | 3,585 |
Operating EBITDA | $ 1,087 | $ 906 | $ 3,197 | $ 2,508 |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Certain Items by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||||
Integration and separation costs | $ (29) | $ (22) | $ (58) | $ (161) | ||
Restructuring charges | (1) | (8) | (13) | (139) | ||
Merger-related inventory step-up amortization | (12) | (12) | 0 | |||
Goodwill impairment charges | 0 | (183) | $ (533) | 0 | (3,214) | |
Asset impairment charges | (370) | (661) | ||||
Gain on divestiture | 3 | 393 | 146 | 590 | ||
Significant items | (39) | (190) | 63 | (3,585) | ||
Corporate, Non-Segment | ||||||
Segment Reporting Information [Line Items] | ||||||
Integration and separation costs | (29) | (22) | (58) | (161) | ||
Restructuring charges | 0 | (5) | (4) | (107) | ||
Merger-related inventory step-up amortization | 0 | 0 | ||||
Goodwill impairment charges | (183) | (716) | ||||
Asset impairment charges | (52) | (322) | ||||
Gain on divestiture | 3 | 393 | 144 | 393 | ||
Significant items | (26) | 131 | 82 | (913) | ||
Electronics & Industrial | ||||||
Segment Reporting Information [Line Items] | ||||||
Integration and separation costs | 0 | 0 | 0 | 0 | ||
Restructuring charges | 0 | (1) | (2) | (2) | ||
Merger-related inventory step-up amortization | (12) | (12) | ||||
Goodwill impairment charges | 0 | (834) | ||||
Asset impairment charges | 0 | 0 | ||||
Gain on divestiture | 0 | 0 | 2 | 197 | ||
Significant items | (12) | (1) | (12) | (639) | ||
Water & Protection | ||||||
Segment Reporting Information [Line Items] | ||||||
Integration and separation costs | 0 | 0 | 0 | 0 | ||
Restructuring charges | 0 | (2) | 0 | (15) | ||
Merger-related inventory step-up amortization | 0 | 0 | ||||
Goodwill impairment charges | 0 | 0 | ||||
Asset impairment charges | 0 | 0 | ||||
Gain on divestiture | 0 | 0 | 0 | 0 | ||
Significant items | 0 | (2) | 0 | (15) | ||
Mobility & Materials | ||||||
Segment Reporting Information [Line Items] | ||||||
Integration and separation costs | 0 | 0 | 0 | 0 | ||
Restructuring charges | (1) | 0 | (7) | (15) | ||
Merger-related inventory step-up amortization | 0 | 0 | ||||
Goodwill impairment charges | 0 | (1,664) | ||||
Asset impairment charges | (318) | $ (21) | (339) | |||
Gain on divestiture | 0 | 0 | 0 | 0 | ||
Significant items | $ (1) | $ (318) | $ (7) | $ (2,018) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Rogers Corporation - Subsequent Event - USD ($) $ in Billions | 3 Months Ended | |
Jun. 30, 2022 | Nov. 02, 2021 | |
Bridge Letter | Bridge Loan | ||
Subsequent Event [Line Items] | ||
Face amount of debt | $ 5.2 | |
Forecast | ||
Subsequent Event [Line Items] | ||
Business combination, consideration transferred | $ 5.2 |