Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Entity Registrant Name | DowDuPont Inc. | |
Entity Central Index Key | 0001666700 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Share Outstanding | 2,246,387,858 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 19,649 | $ 21,510 |
Cost of sales | 14,726 | 16,315 |
Research and development expenses | 717 | 768 |
Selling, general and administrative expenses | 1,672 | 1,714 |
Amortization of intangibles | 474 | 474 |
Restructuring and asset related charges - net | 287 | 262 |
Integration and separation costs | 813 | 457 |
Equity in earnings of nonconsolidated affiliates | 26 | 257 |
Sundry income (expense) - net | 248 | 115 |
Interest expense and amortization of debt discount | 454 | 350 |
Income from continuing operations before income taxes | 780 | 1,542 |
Provision for income taxes on continuing operations | 209 | 389 |
Income from continuing operations, net of tax | 571 | 1,153 |
Loss from discontinued operations, net of tax | 0 | (5) |
Net income | 571 | 1,148 |
Net income attributable to noncontrolling interests | 51 | 44 |
Net income available for DowDuPont Inc. common stockholders | $ 520 | $ 1,104 |
Per common share data: | ||
Earnings per common share from continuing operations - basic (in dollars per share) | $ 0.23 | $ 0.47 |
Earnings per common share from discontinued operations - basic (in dollars per share) | 0 | 0 |
Net income attributable to common stockholders, basic (in dollars per share) | 0.23 | 0.47 |
Earnings per common share from continuing operations - diluted (in dollars per share) | 0.23 | 0.47 |
Earnings per common share from discontinued operations - diluted (in dollars per share) | 0 | 0 |
Net income attributable to common stockholders, diluted (in dollars per share) | $ 0.23 | $ 0.47 |
Weighted-average common shares outstanding - basic (in shares) | 2,250.1 | 2,317 |
Weighted-average common shares outstanding - diluted (in shares) | 2,259.2 | 2,334.3 |
Depreciation | $ 957 | $ 953 |
Capital expenditures | $ 1,139 | $ 776 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 571 | $ 1,148 |
Other comprehensive income (loss), net of tax | ||
Unrealized gains (losses) on investments | 67 | (25) |
Cumulative translation adjustments | (97) | 1,333 |
Pension and other postretirement benefit plans | 135 | 130 |
Derivative instruments | (75) | 17 |
Total other comprehensive income | 30 | 1,455 |
Comprehensive income | 601 | 2,603 |
Comprehensive income attributable to noncontrolling interests, net of tax | 57 | 38 |
Comprehensive income attributable to DowDuPont Inc. | $ 544 | $ 2,565 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents (variable interest entities restricted - 2019: $109; 2018: $82) | $ 11,543 | $ 13,482 |
Marketable securities | 119 | 134 |
Accounts and notes receivable: | ||
Trade (net of allowance for doubtful receivables - 2019: $204; 2018: $191) | 13,963 | 12,376 |
Other | 4,783 | 4,963 |
Inventories | 16,604 | 16,621 |
Other current assets | 2,236 | 2,027 |
Total current assets | 49,248 | 49,603 |
Investments | ||
Investment in nonconsolidated affiliates | 4,687 | 5,204 |
Other investments (investments carried at fair value - 2019: $1,797; 2018: $1,699) | 2,791 | 2,701 |
Noncurrent receivables | 415 | 477 |
Total investments | 7,893 | 8,382 |
Property | ||
Property | 75,958 | 75,343 |
Less accumulated depreciation | 40,383 | 39,495 |
Net property (variable interest entities restricted - 2019: $718; 2018: $734) | 35,575 | 35,848 |
Other Assets | ||
Goodwill | 58,948 | 59,032 |
Other intangible assets (net of accumulated amortization - 2019: $7,865; 2018: $7,414) | 30,467 | 30,965 |
Deferred income tax assets | 1,853 | 1,724 |
Deferred charges and other assets | 5,801 | 2,476 |
Total other assets | 97,069 | 94,197 |
Total Assets | 189,785 | 188,030 |
Current Liabilities | ||
Notes payable | 2,995 | 2,165 |
Long-term debt due within one year | 4,009 | 637 |
Accounts payable: | ||
Trade | 8,333 | 9,457 |
Other | 3,735 | 3,656 |
Income taxes payable | 836 | 857 |
Accrued and other current liabilities | 8,672 | 7,943 |
Total current liabilities | 28,580 | 24,715 |
Long-Term Debt (variable interest entities nonrecourse - 2019: $43; 2018: $75) | 34,966 | 37,662 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 5,229 | 5,435 |
Pension and other postretirement benefits - noncurrent | 15,626 | 15,909 |
Asbestos-related liabilities - noncurrent | 1,133 | 1,142 |
Other noncurrent obligations | 10,153 | 6,988 |
Total other noncurrent liabilities | 32,141 | 29,474 |
Stockholders' Equity | ||
Common stock (authorized 5,000,000,000 shares of $0.01 par value each; issued 2019: 2,358,630,709 shares; 2018: 2,352,430,301 shares) | 24 | 24 |
Additional paid-in capital | 82,125 | 81,960 |
Retained earnings | 29,764 | 30,536 |
Accumulated other comprehensive loss | (12,364) | (12,394) |
Unearned ESOP shares | (105) | (134) |
Treasury stock at cost (2019: 112,316,990 shares; 2018: 83,452,554 shares) | (7,000) | (5,421) |
DowDuPont's stockholders' equity | 92,444 | 94,571 |
Noncontrolling interests | 1,654 | 1,608 |
Total equity | 94,098 | 96,179 |
Total Liabilities and Equity | $ 189,785 | $ 188,030 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Trade (allowance for doubtful receivables) | $ 204 | $ 191 |
Other investments (investments carried at fair value | 1,797 | 1,699 |
Other intangible assets (accumulated amortization) | $ 7,865 | $ 7,414 |
Common stock authorized (in shares) | 5,000,000,000 | 5,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock issued (in shares) | 2,358,630,709 | 2,352,430,301 |
Treasury stock (in shares) | 112,316,990 | 83,452,554 |
Primary beneficiary | Cash and cash equivalents (variable interest entities restricted) | ||
Pledged current assets | $ 109 | $ 82 |
Primary beneficiary | Net property (variable interest entities restricted | ||
Pledged noncurrent assets | 718 | 734 |
Primary beneficiary | Long term debt VIE | ||
Noncurrent Liabilities - nonrecourse | $ 43 | $ 75 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities | ||
Net income | $ 571 | $ 1,148 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 1,519 | 1,484 |
Credit for deferred income tax | (342) | (33) |
Earnings of nonconsolidated affiliates less than dividends received | 767 | 374 |
Net periodic pension benefit cost (credit) | (8) | 31 |
Pension contributions | (153) | (378) |
Net gain on sales of assets, businesses and investments | (43) | (35) |
Restructuring and asset related charges - net | 287 | 262 |
Amortization of Merger-related inventory step-up | 205 | 703 |
Other net loss | 94 | 269 |
Accounts and notes receivable | (1,643) | (3,143) |
Inventories | (194) | (1,170) |
Accounts payable | (732) | 405 |
Other assets and liabilities, net | (302) | (2,054) |
Cash provided by (used for) operating activities | 26 | (2,137) |
Investing Activities | ||
Capital expenditures | (1,139) | (776) |
Investment in gas field developments | (25) | (28) |
Proceeds from sales of property and businesses, net of cash divested | 125 | 33 |
Proceeds from sale of ownership interests in nonconsolidated affiliates | 21 | 0 |
Purchases of investments | (189) | (758) |
Proceeds from sales and maturities of investments | 212 | 1,376 |
Proceeds from interests in trade accounts receivable conduits | 0 | 445 |
Other investing activities, net | (5) | (2) |
Cash provided by (used for) investing activities | (1,000) | 290 |
Financing Activities | ||
Changes in short-term notes payable | 798 | 196 |
Proceeds from issuance of long-term debt | 1,000 | 253 |
Payments on long-term debt | (363) | (85) |
Purchases of treasury stock | (1,579) | (1,000) |
Proceeds from issuance of company stock | 63 | 108 |
Transaction financing, debt issuance and other costs | (13) | 0 |
Employee taxes paid for share-based payment arrangements | (76) | (103) |
Distributions to noncontrolling interests | (11) | (27) |
Dividends paid to stockholders | (851) | (880) |
Other financing activities, net | 0 | (5) |
Cash used for financing activities | (1,032) | (1,543) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 50 | 208 |
Decrease in cash, cash equivalents and restricted cash | (1,956) | (3,182) |
Cash, cash equivalents and restricted cash at beginning of period | 14,022 | 14,015 |
Cash, cash equivalents and restricted cash at end of period | 12,066 | 10,833 |
Less: Restricted cash and cash equivalents, included in Other current assets | 523 | 552 |
Cash and cash equivalents at end of period | $ 11,543 | $ 10,281 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Add'l Paid in Capital | Retained Earnings | Total Accum Other Comp Loss | Unearned ESOP | Treasury Stock | Non-controlling Interests |
Beginning balance at Dec. 31, 2017 | $ 101,927 | $ 23 | $ 81,257 | $ 29,211 | $ (8,972) | $ (189) | $ (1,000) | $ 1,597 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adoption of accounting standards | (41) | (61) | 20 | |||||
Net income available for DowDuPont Inc. common stockholders | 1,104 | 1,104 | ||||||
Other comprehensive income | 1,455 | 1,455 | ||||||
Dividends | (880) | (880) | ||||||
Common stock issued/sold | 108 | 108 | ||||||
Stock-based compensation and allocation of ESOP shares | 192 | 153 | 39 | |||||
Impact of noncontrolling interests | 67 | 67 | ||||||
Treasury stock purchases | (1,000) | (1,000) | ||||||
Other | (8) | (8) | ||||||
Ending balance at Mar. 31, 2018 | 102,924 | 23 | 81,518 | 29,366 | (7,497) | (150) | (2,000) | 1,664 |
Beginning balance at Dec. 31, 2018 | 96,179 | 24 | 81,960 | 30,536 | (12,394) | (134) | (5,421) | 1,608 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adoption of accounting standards | (111) | (111) | ||||||
Net income available for DowDuPont Inc. common stockholders | 520 | 520 | ||||||
Other comprehensive income | 30 | 30 | ||||||
Dividends | (1,176) | (1,176) | ||||||
Common stock issued/sold | 63 | 63 | ||||||
Stock-based compensation and allocation of ESOP shares | 131 | 102 | 29 | |||||
Impact of noncontrolling interests | 46 | 46 | ||||||
Treasury stock purchases | (1,579) | (1,579) | ||||||
Other | (5) | (5) | ||||||
Ending balance at Mar. 31, 2019 | $ 94,098 | $ 24 | $ 82,125 | $ 29,764 | $ (12,364) | $ (105) | $ (7,000) | $ 1,654 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends (in dollars per share) | $ 0.52 | $ 0.38 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies [Text Block] | 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 consolidated financial statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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 ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical DuPont") each merged with subsidiaries of DowDuPont and, as a result, Historical Dow and Historical DuPont became subsidiaries of DowDuPont (the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Historical Dow was determined to be the accounting acquirer in the Merger. Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical DuPont" includes Historical DuPont and its consolidated subsidiaries, "Union Carbide" means Union Carbide Corporation, a wholly owned subsidiary of Historical Dow, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow. Significant Accounting Policies The Company updated its accounting policy for leases since the issuance of its Annual Report on Form 10-K for the year ended December 31, 2018 as a result of the adoption of Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)" in the first quarter of 2019. See Notes 2 and 15 for additional information. See Note 1, "Summary of Significant Accounting Policies," to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 for more information on DowDuPont's other significant accounting policies. Leases The Company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in "Deferred charges and other assets" on the consolidated balance sheets. Operating lease liabilities are included in "Accrued and other current liabilities" and "Other noncurrent obligations" on the consolidated balance sheets. Finance lease ROU assets are included in "Property" and the corresponding lease liabilities are included in "Long-term debt due within one year" and "Long-term debt" on the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and 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 terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Additionally, for certain equipment leases, the portfolio approach is applied to account for the operating lease ROU assets and lease liabilities. In the consolidated statements of income, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. |
RECENT ACCOUNTING GUIDANCE
RECENT ACCOUNTING GUIDANCE | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Leases (Topic 842)," and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from legacy U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance, "Revenue from Contracts with Customers (Topic 606)," issued in 2014. The Company adopted the new standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The Company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 "Leases". In addition, the Company has elected the package of practical expedients permitted under the transition guidance within the new standard which does not require reassessment of prior conclusions related to contracts containing a lease, lease classification and initial direct lease costs. As an accounting policy election, the Company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and accounts for nonlease and lease components in a contract as a single component for all asset classes. The following table summarizes the impact of adoption to the consolidated balance sheet: Summary of Changes to the Consolidated Balance Sheet As Reported Dec 31, 2018 Effect of Adoption of ASU 2016-02 Updated Jan 1, 2019 In millions Assets Net property $ 35,848 $ 9 $ 35,857 Deferred income tax assets $ 1,724 $ (24 ) $ 1,700 Deferred charges and other assets $ 2,476 $ 3,386 $ 5,862 Total other assets $ 94,197 $ 3,362 $ 97,559 Total Assets $ 188,030 $ 3,371 $ 191,401 Liabilities Long-term debt due within one year $ 637 $ 1 $ 638 Accrued and other current liabilities $ 7,943 $ 721 $ 8,664 Total current liabilities $ 24,715 $ 722 $ 25,437 Long-Term Debt $ 37,662 $ 8 $ 37,670 Other noncurrent obligations $ 6,988 $ 2,569 $ 9,557 Total other noncurrent liabilities $ 29,474 $ 2,569 $ 32,043 Stockholders' Equity Retained earnings 1 $ 30,536 $ 72 $ 30,608 DowDuPont's stockholders' equity $ 94,571 $ 72 $ 94,643 Total equity $ 96,179 $ 72 $ 96,251 Total Liabilities and Equity $ 188,030 $ 3,371 $ 191,401 1. The net impact to retained earnings was primarily a result of the recognition of a deferred gain associated with a prior sale-leaseback transaction. The adoption of the new guidance did not have a material impact on the Company's consolidated statement of income and had no impact on the consolidation statement of cash flows. Accounting Guidance Issued But Not Adopted at March 31, 2019 In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which is part of the FASB disclosure framework project to improve the effectiveness of disclosures in the notes to the financial statements. The amendments in the new guidance remove, modify and add certain disclosure requirements related to fair value measurements covered in ASC 820, "Fair Value Measurement." The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for either the entire standard or only the requirements that modify or eliminate the disclosure requirements, with certain requirements applied prospectively, and all other requirements applied retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract," which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350, "Intangibles - Goodwill and Other" to determine which implementation costs to capitalize as assets or expense as incurred. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted and an entity can elect to apply the new guidance on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting this guidance. |
INTENDED BUSINESS SEPARATIONS
INTENDED BUSINESS SEPARATIONS | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Intended Business Separations | INTENDED BUSINESS SEPARATIONS As discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, DowDuPont previously announced its intent to separate into three independent publicly traded companies - one for each of its agriculture, materials science and specialty products businesses (the “Intended Business Separations” and the transactions to accomplish the Intended Business Separations, the “separations”). DowDuPont formed two wholly owned subsidiaries: Dow Inc. ("Dow", formerly known as Dow Holdings Inc.), to serve as a holding company for its materials science business, and Corteva, Inc., to serve as a holding company for its agriculture business. Following the separations, DowDuPont will continue to hold the specialty products business and operate as "DuPont". Effective as of 5:00 p.m. on April 1, 2019, DowDuPont completed the distribution of Dow. DowDuPont expects to complete the intended separation of Corteva on June 1, 2019. See Note 24 for additional information. Integration and Separation Costs The Company incurred "Integration and separation costs," of $813 million and $457 million for the three months ended March 31, 2019 and 2018, respectively, recorded in the consolidated statements of income. These costs primarily consisted of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of activities related to the Merger, post-merger integration and separation, and the ownership restructure of Dow Silicones. Integration and separation costs related to post-Merger integration and Intended Business Separation activities are expected to continue to be significant throughout 2019. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | REVENUE Revenue Recognition The majority of the Company's revenue is derived from product sales. In the three months ended March 31, 2019 , 98 percent of the Company's sales related to product sales ( 98 percent in the three months ended March 31, 2018 ) with the remaining balance primarily related to licensing of patents and technologies and Historical Dow's insurance operations. Product sales consist of sales of the Company's products to manufacturers, distributors and farmers and considers order confirmations or purchase orders, which in some cases are governed by master supply agreements, to be contracts with a customer. The Company enters into licensing arrangements in which it licenses certain rights of its patents and technology to customers. Revenue from the Company's licenses for patents and technology is derived from sales-based royalties and licensing arrangements based on billing schedules established in each contract. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. At March 31, 2019 , the Company had remaining performance obligations related to material rights granted to customers for contract renewal options of $100 million ( $102 million at December 31, 2018) and unfulfilled performance obligations for the licensing of technology of $519 million ( $407 million at December 31, 2018). The Company expects revenue to be recognized for the remaining performance obligations over the next one to six years. The remaining performance obligations are for product sales that have expected durations of one year or less, product sales of materials delivered through a pipeline for which the Company has elected the right to invoice practical expedient, or variable consideration attributable to royalties for licenses of patents and technology. The Company has received advance payments from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract, with remaining contract terms that range up to 22 years . The Company will have rights to future consideration for revenue recognized when product is delivered to the customer. These payments are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets. 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. Net Trade Sales by Segment and Business or Major Product Line 1 Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Crop Protection $ 1,425 $ 1,495 Seed 1,972 2,313 Agriculture $ 3,397 $ 3,808 Coatings & Performance Monomers $ 890 $ 941 Consumer Solutions 1,365 1,363 Performance Materials & Coatings $ 2,255 $ 2,304 Industrial Solutions $ 1,103 $ 1,155 Polyurethanes & CAV 2,296 2,556 Other 3 4 Industrial Intermediates & Infrastructure $ 3,402 $ 3,715 Hydrocarbons & Energy $ 1,380 $ 1,800 Packaging and Specialty Plastics 3,730 4,210 Packaging & Specialty Plastics $ 5,110 $ 6,010 Advanced Printing $ 119 $ 122 Display Technologies 84 60 Interconnect Solutions 238 281 Photovoltaic & Advanced Materials 254 289 Semiconductor Technologies 383 401 Electronics & Imaging $ 1,078 $ 1,153 Industrial Biosciences $ 494 $ 541 Nutrition & Health 1,165 1,179 Nutrition & Biosciences $ 1,659 $ 1,720 Engineering Polymers $ 663 $ 668 Performance Resins 308 351 Performance Solutions 384 406 Transportation & Advanced Polymers $ 1,355 $ 1,425 Aramids $ 424 $ 393 Construction 327 385 TYVEK® Enterprise 310 292 Water Solutions 261 229 Safety & Construction $ 1,322 $ 1,299 Corporate $ 71 $ 76 Total $ 19,649 $ 21,510 1. Beginning in the third quarter of 2018, DowDuPont realigned certain global businesses and product lines in preparation for the Intended Business Separations. These changes have been retrospectively reflected in the results presented. Net Trade Sales by Geographic Region Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 U.S. & Canada $ 7,014 $ 7,909 EMEA 1 6,269 6,919 Asia Pacific 4,639 4,790 Latin America 1,727 1,892 Total $ 19,649 $ 21,510 1. Europe, Middle East and Africa. Contract Balances The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include amounts related to the Company’s contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities include payments received in advance of performance under the contract and are realized when the associated revenue is recognized under the contract. "Contract liabilities - current" primarily reflects deferred revenue from prepayments in the Agriculture segment for contracts with customers where the Company receives advance payments for product to be delivered in future periods. "Contract liabilities - noncurrent" includes advance payment for product that the Company has received from customers related to long-term supply agreements and royalty payments that are deferred and recognized over the life of the contract. The Company classifies deferred revenue as current (12 months or less) or noncurrent based on the timing of when the Company expects to recognize revenue. Revenue recognized in the first three months of 2019 from amounts included in contract liabilities at the beginning of the period was approximately $525 million (approximately $640 million in the first three months of 2018). The increase in contract liabilities from December 31, 2018 to March 31, 2019 was primarily due to advanced payments received from customers for product supply agreements related to Agriculture and one customer related to Packaging & Specialty Plastics, partially offset by Agriculture seed deliveries to customers for the North America growing season, which were delayed due to weather conditions. In the first three months of 2019, the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant (insignificant in the first three months of 2018). The Company did not recognize any asset impairment charges related to contract assets during the period. Contract Balances Mar 31, 2019 Dec 31, 2018 In millions Accounts and notes receivable - Trade $ 13,963 $ 12,376 Contract assets - current 1 $ 62 $ 85 Contract assets - noncurrent 2 $ 47 $ 47 Contract liabilities - current 3 $ 2,266 $ 2,092 Contract liabilities - noncurrent 4 $ 1,767 $ 1,420 1. Included in "Other current assets" in the consolidated balance sheets. 2. Included in "Deferred charges and other assets" in the consolidated balance sheets. 3. Included in "Accrued and other current liabilities" in the consolidated balance sheets. 4. Included in "Other noncurrent obligations" in the consolidated balance sheets. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND ASSET RELATED CHARGES | RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and other asset related charges, which includes other asset impairments, were $287 million for the three months ended March 31, 2019 ( $262 million for the three months ended March 31, 2018). These charges were recorded in "Restructuring and asset related charges - net" in the consolidated statements of income and consist primarily of the following: DowDuPont Cost Synergy Program In September and November 2017, DowDuPont 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 Merger and in preparation for the Intended Business Separations. The Company expects to record total pretax restructuring charges of approximately $2,200 million of which the Company recorded pretax restructuring charges of $2,027 million inception-to-date, consisting of severance and related benefit costs of $1,045 million , asset write-downs and write-offs of $695 million and costs associated with exit and disposal activities of $287 million . For the three months ended March 31, 2019, the Company recorded pretax restructuring charges of $280 million of which $279 million was recorded in "Restructuring and asset related charges - net" and $1 million was recorded in "Equity in earnings of nonconsolidated affiliates" in the consolidated statements of income. The charge for the three months ended March 31, 2019 consisted of severance and related benefit costs of $112 million , asset write-downs and write-offs of $116 million , and costs associated with exit and disposal activities of $52 million . For the three months ended March 31, 2018, the Company recorded pretax restructuring charges of $260 million in "Restructuring and asset related charges - net." The charge for the three months ended March 31, 2018 consisted of severance and related benefit costs of $172 million , asset write-downs and write-offs of $48 million and costs associated with exit and disposal activities of $40 million . The Company expects to substantially complete the Synergy Program by the end of 2019. The following table summarizes the activities related to the Synergy Program. At March 31, 2019, $464 million was included in "Accrued and other current liabilities" ( $490 million at December 31, 2018) and $99 million was included in "Other noncurrent obligations" ( $84 million at December 31, 2018) in the consolidated balance sheets. Synergy Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Costs Associated with Exit and Disposal Activities Total In millions Reserve balance at Dec 31, 2018 $ 491 $ — $ 83 $ 574 2019 restructuring charges 112 116 52 280 Charges against the reserve — (115 ) — (115 ) Cash payments (140 ) — (36 ) (176 ) Reserve balance at Mar 31, 2019 $ 463 $ 1 $ 99 $ 563 Restructuring charges recorded for severance and related benefit costs were related to Corporate. The Company recorded $116 million of restructuring charges for asset write-downs and write-offs for the three months ended March 31, 2019, related to Nutrition & Biosciences ( $10 million ), Agriculture ( $28 million ), Safety & Construction ( $2 million ) Transportation & Advanced Polymers ( $1 million ), Packaging & Specialty Plastics ( $1 million ) and Corporate ( $74 million ). The asset write-downs and write-offs primarily related to the impairment of leased, non-manufacturing facilities and the write down of inventory. The Company recorded restructuring charges of $52 million for costs associated with exit and disposal activities for the three months ended March 31, 2019, related to Agriculture ( $19 million ), Nutrition & Biosciences ( $18 million ) and Corporate ( $15 million ). The Company expects to incur additional costs in the future related to its restructuring activities. Future costs are expected to include demolition costs related to closed facilities and restructuring plan implementation costs which will be recognized as incurred. The Company also expects to incur additional employee-related costs, including involuntary termination benefits, related to its other optimization activities. These costs cannot be reasonably estimated at this time. DowDuPont Agriculture Division Restructuring Program During the fourth quarter of 2018 and in connection with the ongoing integration activities, DowDuPont approved restructuring actions to simplify and optimize certain organizational structures within the Agriculture segment in preparation for the Intended Business Separations ("Agriculture Division Program"). As a result of these actions, the Company expects to record total pretax charges of approximately $96 million , comprised of $83 million of severance and related benefit costs, $11 million of asset write-downs and write-offs and $2 million of costs associated with exit and disposal activities. For the three months ended March 31, 2019, DowDuPont recorded a net pretax restructuring benefit of $1 million , consisting of a favorable adjustment of $4 million to the severance and related benefit costs reserve and asset write-downs and write-offs of $3 million . The impact of these items are shown as "Restructuring and asset related charges - net" in the consolidated statements of income. The Company expects actions related to the Agriculture Division Program to be substantially complete by mid 2019. The Company recorded pretax restructuring charges of $83 million inception-to-date under the Agriculture Division Program, consisting of severance and related benefit costs of $74 million and asset write-downs and write-offs of $9 million . The following table summarizes the activities related to the Agriculture Division Program. At March 31, 2019, $58 million ( $77 million at December 31, 2018) was included in "Accrued and other current liabilities" in the consolidated balance sheets. Agriculture Division Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Total (In millions) Reserve balance at Dec 31, 2018 $ 77 $ — $ 77 2019 restructuring charges and adjustments 1 (4 ) 3 (1 ) Charges against the reserve — (3 ) (3 ) Cash payments (15 ) — (15 ) Reserve balance at Mar 31, 2019 $ 58 $ — $ 58 1. Included in "Restructuring and asset related charges - net" in the consolidated statements of income. Restructuring adjustments recorded for severance and related benefit costs and charges recorded for asset write-downs and write‑offs were related to Corporate and Agriculture, respectively. |
SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY INFORMATION | SUPPLEMENTARY INFORMATION The Company uses "Sundry income (expense) – net" to record a variety of income and expense items such as foreign currency exchange gains and losses, interest income, dividends from investments, gains and losses on sales of investments and other assets, non-operating pension and other postretirement benefit plan credits or costs, and certain litigation matters. For the three months ended March 31, 2019 , "Sundry income (expense) - net" was income of $248 million (income of $115 million for the three months ended March 31, 2018 ). The following table provides the most significant transactions recorded in "Sundry income (expense) - net" for the three months ended March 31, 2019 and 2018: Sundry Income (Expense) - Net Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Non-operating pension and other postretirement benefit plan net credit $ 108 $ 110 Interest income $ 75 $ 55 Gains on sales of other assets and investments, net 1 $ 50 $ 34 Foreign exchange losses, net 2 $ (11 ) $ (148 ) 1. Includes a $51 million gain related to a sale of assets by Historical DuPont and $24 million loss related to Historical Dow's sale of a joint venture in the first quarter of 2019. Includes a $20 million gain in the first quarter of 2018 related to Historical Dow's sale of its equity interest in MEGlobal. 2. Includes a $50 million foreign exchange loss in the first quarter of 2018 related to adjustments to Historical DuPont's foreign currency exchange contracts as a result of U.S. tax reform. Cash, Cash Equivalents and Restricted Cash The Company is required to set aside funds for various activities that arise in the normal course of business including, but not limited to, insurance contracts, legal matters and other agreements. These funds typically have legal restrictions associated with them and are deposited in an escrow account or held in a separately identifiable account by the Company. At March 31, 2019 , the Company had restricted cash of $523 million ( $540 million at December 31, 2018), included in "Other current assets" in the consolidated balance sheets. Historical DuPont entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring Historical DuPont to fund a trust (the "Trust") for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. At March 31, 2019 , $480 million of the restricted cash balance was related to the Trust ( $500 million at December 31, 2018). |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted. The Act reduces the U.S. federal corporate income tax rate from 35 percent to 21 percent, requires companies to pay a one-time transition tax on earnings of foreign subsidiaries that were previously tax deferred, creates new provisions related to foreign sourced earnings, eliminates the domestic manufacturing deduction and moves towards a territorial system. At December 31, 2018, the Company had completed its accounting for the tax effects of The Act. • As a result of The Act, the Company remeasured its U.S. federal deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent . In the first quarter of 2018, the Company recorded a charge of $17 million to “Provision for income taxes on continuing operations" in the consolidated statements of income to adjust the provisional amount related to the remeasurement of the Company's deferred tax balance. • In the first quarter of 2018, the Company recorded an indirect impact of The Act related to prepaid tax on the intercompany sale of inventory. The amount recorded related to the inventory was a $54 million charge to "Provision for income taxes on continuing operations." During the first and second quarters of 2019, in connection with the Intended Business Separations, the Company has and expects to continue repatriating certain funds from its foreign subsidiaries that are not needed to finance local operations or separation activities. During the three months ended March 31, 2019, the Company recorded a tax charge of $13 million associated with these repatriation activities to "Provision for income taxes on continuing operations." Beyond these expected repatriations, the Company is still asserting indefinite reinvestment related to certain investments in foreign subsidiaries. Each year the Company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's results of operations. |
EARNINGS PER SHARE CALCULATIONS
EARNINGS PER SHARE CALCULATIONS | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for the three months ended March 31, 2019 and 2018 : Net Income for Earnings Per Share Calculations - Basic Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Income from continuing operations, net of tax $ 571 $ 1,153 Net income attributable to noncontrolling interests (51 ) (44 ) Net income attributable to participating securities 1 (1 ) (6 ) Income from continuing operations attributable to common stockholders $ 519 $ 1,103 Loss from discontinued operations, net of tax — (5 ) Net income attributable to common stockholders $ 519 $ 1,098 Earnings Per Share Calculations - Basic Three Months Ended Mar 31, 2019 Mar 31, 2018 Dollars per share Income from continuing operations attributable to common stockholders $ 0.23 $ 0.47 Loss from discontinued operations, net of tax — — Net income attributable to common stockholders $ 0.23 $ 0.47 Net Income for Earnings Per Share Calculations - Diluted Three Months Ended Mar 31, 2019 Mar 31, 2018 In millions Income from continuing operations, net of tax $ 571 $ 1,153 Net income attributable to noncontrolling interests (51 ) (44 ) Net income attributable to participating securities 1 (1 ) (6 ) Income from continuing operations attributable to common stockholders $ 519 $ 1,103 Loss from discontinued operations, net of tax — (5 ) Net income attributable to common stockholders $ 519 $ 1,098 Earnings Per Share Calculations - Diluted Three Months Ended Mar 31, 2019 Mar 31, 2018 Dollars per share Income from continuing operations attributable to common stockholders $ 0.23 $ 0.47 Loss from discontinued operations, net of tax — — Net income attributable to common stockholders $ 0.23 $ 0.47 Share Count Information Three Months Ended Mar 31, 2019 Mar 31, 2018 Shares in millions Weighted-average common shares - basic 2,250.1 2,317.0 Plus dilutive effect of equity compensation plans 9.1 17.3 Weighted-average common shares - diluted 2,259.2 2,334.3 Stock options and restricted stock units excluded from EPS calculations 2 19.2 5.3 1. Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. 2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The following table provides a breakdown of inventories: Inventories Mar 31, 2019 Dec 31, 2018 In millions Finished goods $ 10,060 $ 9,814 Work in process 3,561 3,969 Raw materials 1,461 1,419 Supplies 1,276 1,321 Total $ 16,358 $ 16,523 Adjustment of inventories to a LIFO basis 246 98 Total inventories $ 16,604 $ 16,621 |
NONCONSOLIDATED AFFILIATES (Not
NONCONSOLIDATED AFFILIATES (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
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"), by classification in the consolidated balance sheets, are shown in the following table: Investments in Nonconsolidated Affiliates Mar 31, 2019 Dec 31, 2018 In millions Investment in nonconsolidated affiliates $ 4,687 $ 5,204 Accrued and other current liabilities (81 ) (81 ) Other noncurrent obligations (870 ) (495 ) Net investment in nonconsolidated affiliates $ 3,736 $ 4,628 HSC Group The carrying value of the Company's investments in the HSC Group, which includes Hemlock Semiconductor L.L.C. and DC HSC Holdings LLC, was adjusted as a result of the HSC Group's adoption of Topic 606. The resulting impact to the Company's investments in the HSC Group was a reduction to "Investment in nonconsolidated affiliates" of $71 million and an increase to "Other noncurrent obligations" of $168 million , as well as an increase to "Deferred income tax assets" of $56 million and a reduction to "Retained earnings" of $183 million in the consolidated balance sheet at January 1, 2019. The following table reflects the carrying value of the HSC Group investments at March 31, 2019 and December 31, 2018: Investment in the HSC Group Investment In millions Balance Sheet Classification Mar 31, 2019 Dec 31, 2018 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (658 ) $ (495 ) DC HSC Holdings LLC Investment in nonconsolidated affiliates $ 485 $ 535 EQUATE In the first quarter of 2019, EQUATE Petrochemical Company K.S.C.C. ("EQUATE") paid a dividend of $440 million , reflected in "Earnings of nonconsolidated affiliates less than dividends received" in the consolidated statements of cash flows. As a result, the Company had a negative investment balance in EQUATE of $212 million at March 31, 2019, classified as "Other noncurrent obligations" in the consolidated balance sheets. At December 31, 2018, the Company had an investment balance in EQUATE of $131 million , classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table reflects the carrying amounts of goodwill by reportable segment: Goodwill Agri-culture Perf. Materials & Coatings Ind. Interm. & Infrast. Pack. & Spec. Plastics Elect. & Imaging Nutrition & Biosciences Transp. & Adv. Polymers Safety & Const. Total In millions Net goodwill at Dec 31, 2018 $ 14,689 $ 3,650 $ 1,096 $ 5,101 $ 8,188 $ 12,643 $ 6,967 $ 6,698 $ 59,032 Foreign currency impact 11 (20 ) (2 ) (7 ) (3 ) (29 ) (15 ) (19 ) (84 ) Net goodwill at Mar 31, 2019 $ 14,700 $ 3,630 $ 1,094 $ 5,094 $ 8,185 $ 12,614 $ 6,952 $ 6,679 $ 58,948 Other Intangible Assets The following table provides information regarding the Company's other intangible assets: Other Intangible Assets Mar 31, 2019 Dec 31, 2018 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 8,179 $ (2,731 ) $ 5,448 $ 7,761 $ (2,562 ) $ 5,199 Software 1,539 (900 ) 639 1,529 (876 ) 653 Trademarks/tradenames 1,763 (773 ) 990 1,772 (745 ) 1,027 Customer-related 14,208 (3,095 ) 11,113 14,236 (2,895 ) 11,341 Microbial cell factories 384 (26 ) 358 386 (22 ) 364 Favorable supply contracts 493 (136 ) 357 475 (111 ) 364 Other 2 612 (204 ) 408 620 (203 ) 417 Total other intangible assets with finite lives $ 27,178 $ (7,865 ) $ 19,313 $ 26,779 $ (7,414 ) $ 19,365 Intangible assets with indefinite lives: IPR&D 1 149 — 149 594 — 594 Germplasm 3 6,265 — 6,265 6,265 — 6,265 Trademarks/tradenames 4,740 — 4,740 4,741 — 4,741 Total other intangible assets $ 38,332 $ (7,865 ) $ 30,467 $ 38,379 $ (7,414 ) $ 30,965 1. During the first quarter of 2019, Historical DuPont announced an expanded launch of its Qrome® corn hybrids following the receipt of regulatory approval from China. As a result, Historical DuPont reclassified the amounts from indefinite-lived IPR&D to developed technology. 2. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. 3. Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual or other factors which limit its useful life. The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Other intangible assets, excluding software $ 474 $ 474 Software, included in "Cost of sales" $ 25 $ 23 Total estimated amortization expense for 2019 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions 2019 $ 2,008 2020 $ 1,893 2021 $ 1,851 2022 $ 1,760 2023 $ 1,612 2024 $ 1,500 |
TRANSFERS OF FINANCIAL ASSETS
TRANSFERS OF FINANCIAL ASSETS | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
TRANSFERS OF FINANCIAL ASSETS | TRANSFERS OF FINANCIAL ASSETS Historical Dow sold trade accounts receivable of select North American entities and qualifying trade accounts receivable of select European entities on a revolving basis to certain multi-seller commercial paper conduit entities ("conduits"). The proceeds received were comprised of cash and interests in specified assets of the conduits (the receivables sold by Historical Dow) that entitled Historical Dow to the residual cash flows of such specified assets in the conduits after the commercial paper was repaid. Neither the conduits nor the investors in those entities had recourse to other assets of Historical Dow in the event of nonpayment by the debtors. In the fourth quarter of 2017, the Company suspended further sales of trade accounts receivable through these facilities and began reducing outstanding balances through collections of trade accounts receivable previously sold to such conduits. In September and October 2018, the North American and European facilities, respectively, were amended and the terms of the agreements changed from off-balance sheet arrangements to secured borrowing arrangements. See Note 13 for additional information on the secured borrowing arrangements. The following represents the cash flows between Historical Dow and the conduits: Cash Proceeds Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Interests in conduits 1 $ — $ 445 1. Presented in "Investing Activities" in the consolidated statements of cash flows. |
NOTES PAYABLE, LONG-TERM DEBT A
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES A summary of Historical Dow's and Historical DuPont's notes payable, long-term debt and available credit facilities can be found in Note 15 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . If applicable, updates have been included in the respective section below. 2019 Activity In the first three months of 2019, Historical Dow redeemed an aggregate principal amount of $72 million of International Notes at maturity. In March 2019, Historical DuPont fully repaid $262 million of 5.75 percent coupon bonds at maturity. DowDuPont Notes In contemplation of the separations and distributions and in preparation to achieve the intended credit profiles of Corteva, Dow and DuPont, in the fourth quarter of 2018, DowDuPont consummated a public underwritten offer of eight series of senior unsecured notes (the "DowDuPont Notes") in an aggregate principal amount of $12.7 billion . The DowDuPont Notes are a senior unsecured obligation of the Company and will rank equally with the Company's future senior unsecured debt outstanding from time to time. On November 1, 2018, the Company announced a $3.0 billion share buyback program, which expired on March 31, 2019. In the first quarter of 2019, proceeds from the DowDuPont Notes were used to purchase $1.6 billion of shares. As a result, the share buyback program was complete at March 31, 2019. Historical Dow Committed Credit Facilities On March 9, 2019, Historical Dow renewed a $100 million Bilateral Revolving Credit Facility agreement, which has a maturity date in March 2020 and provides for interest at floating rates, as defined in the agreement. Historical Dow Term Loan Facility In connection with the ownership restructure of Dow Silicones on May 31, 2016, Dow Silicones incurred $4.5 billion of indebtedness under a certain third party credit agreement ("Historical Dow Term Loan Facility"). Historical Dow subsequently guaranteed the obligations of Dow Silicones under the Historical Dow Term Loan Facility and, as a result, the covenants and events of default applicable to the Historical Dow Term Loan Facility are substantially similar to the covenants and events of default set forth in Historical Dow's Five Year Competitive Advance and Revolving Credit Facility. In the second quarter of 2018, Dow Silicones exercised the 19 month extension option making amounts borrowed under the Historical Dow Term Loan Facility repayable on December 30, 2019. In addition, Dow Silicones amended the Historical Dow Term Loan Facility to include an additional two -year extension option, at Dow Silicones' election, upon satisfaction of certain customary conditions precedent. On April 5, 2019, Dow Silicones voluntarily repaid $2.0 billion of principal, which was classified as "Long-term debt due within one year" in the consolidated balance sheets at March 31, 2019 . Dow Silicones also intends to exercise the two -year extension option on the remaining principal balance of $2.5 billion . Historical DuPont Term Loan and Revolving Credit Facilities In March 2016, Historical DuPont entered into a credit agreement that provides for a three -year, senior unsecured term loan facility in the aggregate principal amount of $4.5 billion (as may be amended, from time to time, the "Historical DuPont Term Loan Facility") under which Historical DuPont may make up to seven term loan borrowings and amounts repaid or prepaid are not available for subsequent borrowings. The proceeds from the borrowings under the Historical DuPont Term Loan Facility were used for Historical DuPont's general corporate purposes including debt repayment, working capital and funding a portion of the Company's costs and expenses. At March 31, 2019, Historical DuPont had made six term loan borrowings in an aggregate principal amount of $3.0 billion and had unused commitments of $1.5 billion under the Historical DuPont Term Loan Facility. See Note 24 for further discussion on the repayment of the Historical DuPont Term Loan Facility in May 2019. Historical DuPont Repurchase Facility In February 2019, Historical DuPont entered into a new committed receivable repurchase facility of up to $1,300 million (the "2019 Repurchase Facility") which expires in December 2019. Under the 2019 Repurchase Facility, Historical DuPont may sell a portfolio of available and eligible outstanding customer notes receivables within the Agriculture segment to participating institutions and simultaneously agree to repurchase at a future date. The 2019 Repurchase Facility is considered a secured borrowing with the customer notes receivable inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the 2019 Repurchase Facility have an interest rate of LIBOR plus 0.75 percent. At March 31, 2019, $20 million of notes receivable, recorded in "Accounts and notes receivable - Trade," were pledged as collateral against outstanding borrowings under the 2019 Repurchase Facility of $19 million , recorded in "Notes payable" in the consolidated balance sheets. Debt Covenants and Default Provisions There were no material changes to the debt covenants and default provisions related to DowDuPont's, Historical Dow's and Historical DuPont's outstanding Notes, long-term debt and primary, private credit agreements for the three months ended March 31, 2019. See Note 24 for details of actions taken to achieve credit profiles of DuPont, Corteva and Dow. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation Asbestos-Related Matters of Union Carbide Corporation A summary of Asbestos-Related Matters of Union Carbide Corporation can be found in Note 16 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 . Introduction Union Carbide is and has been involved in a large number of asbestos-related suits filed primarily in state courts during the past four decades. These suits principally allege personal injury resulting from exposure to asbestos-containing products and frequently seek both actual and punitive damages. The alleged claims primarily relate to products that Union Carbide sold in the past, alleged exposure to asbestos-containing products located on Union Carbide’s premises, and Union Carbide’s responsibility for asbestos suits filed against a former Union Carbide subsidiary, Amchem Products, Inc. (“Amchem”). In many cases, plaintiffs are unable to demonstrate that they have suffered any compensable loss as a result of such exposure, or that injuries incurred in fact resulted from exposure to Union Carbide’s products. Union Carbide expects more asbestos-related suits to be filed against Union Carbide and Amchem in the future, and will aggressively defend or reasonably resolve, as appropriate, both pending and future claims. Estimating the Asbestos-Related Liability Since 2003, Union Carbide has engaged Ankura Consulting Group, LLC ("Ankura"), a third party actuarial specialist, to review Union Carbide's historical asbestos-related claim and resolution activity in order to assist Union Carbide's management in estimating the asbestos-related liability. Each year, Ankura has reviewed the claim and resolution activity to determine the appropriateness of updating the most recent Ankura study. Based on the December 2018 Ankura review, and Union Carbide's own review of the data, Union Carbide's total asbestos-related liability through the terminal year of 2049, including asbestos-related defense and processing costs, was $1,260 million at December 31, 2018 , and included in “Accrued and other current liabilities” and “Asbestos-related liabilities - noncurrent” in the consolidated balance sheets. Each quarter, Union Carbide reviews claims filed, settled and dismissed, as well as average settlement and resolution costs by disease category. Union Carbide also considers additional quantitative and qualitative factors such as the nature of pending claims, trial experience of Union Carbide and other asbestos defendants, current spending for defense and processing costs, significant appellate rulings and legislative developments, trends in the tort system, and their respective effects on expected future resolution costs. Union Carbide's management considers all these factors in conjunction with the most recent Ankura study and determines whether a change in the estimate is warranted. Based on Union Carbide's review of 2019 activity, it was determined that no adjustment to the accrual was required at March 31, 2019 . Union Carbide's asbestos related liability for pending and future claims and defense and processing costs was $1,243 million at March 31, 2019 . Approximately 17 percent of the recorded liability related to pending claims and approximately 83 percent related to future claims. Summary The Company's management believes the amounts recorded by Union Carbide for the asbestos-related liability (including defense and processing costs) reflect reasonable and probable estimates of the liability based upon current, known facts. However, future events, such as the number of new claims to be filed and/or received each year and the average cost of defending and disposing of each such claim, as well as the numerous uncertainties surrounding asbestos litigation in the United States over a significant period of time, could cause the actual costs for Union Carbide to be higher or lower than those projected or those recorded. Any such events could result in an increase or decrease in the recorded liability. Because of the uncertainties described above, Union Carbide cannot estimate the full range of the cost of resolving pending and future asbestos-related claims facing Union Carbide and Amchem. As a result, it is reasonably possible that an additional cost of disposing of Union Carbide's asbestos-related claims, including future defense and processing costs, could have a material impact on the Company's results of operations and cash flows for a particular period and on the consolidated financial position. Dow Silicones Chapter 11 Related Matters A summary of the Dow Silicones Chapter 11 Related Matters can be found in Note 16 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. Introduction In 1995, Dow Silicones, then a 50 :50 joint venture between Historical Dow and Corning Incorporated ("Corning"), voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in order to resolve Dow Silicones' breast implant liabilities and related matters (the “Chapter 11 Proceeding”). Dow Silicones emerged from the Chapter 11 Proceeding on June 1, 2004 (the “Effective Date”) and is implementing the Joint Plan of Reorganization (the “Plan”). The Plan provides funding for the resolution of breast implant and other product liability litigation covered by the Chapter 11 Proceeding and provides a process for the satisfaction of commercial creditor claims in the Chapter 11 Proceeding. As of June 1, 2016, Dow Silicones is a wholly owned subsidiary of Historical Dow. Breast Implant and Other Product Liability Claims Under the Plan, a product liability settlement program administered by an independent claims office (the “Settlement Facility”) was created to resolve breast implant and other product liability claims. Product liability claimants rejecting the settlement program in favor of pursuing litigation must bring suit against a litigation facility (the “Litigation Facility”). Dow Silicones has an obligation to fund the Settlement Facility and the Litigation Facility over a 16 -year period, commencing at the Effective Date. At March 31, 2019 , Dow Silicones and its insurers have made life-to-date payments of $1,762 million to the Settlement Facility and the Settlement Facility reported an unexpended balance of $110 million . Dow Silicones' liability for breast implant and other product liability claims ("Implant Liability") was $263 million at March 31, 2019 and December 31, 2018 , of which $157 million at March 31, 2019 ( $111 million at December 31, 2018 ) was included in "Accrued and other current liabilities" and $106 million at March 31, 2019 ( $152 million at December 31, 2018 ) was included in "Other noncurrent obligations" in the consolidated balance sheets. Dow Silicones is not aware of circumstances that would change the factors used in estimating the Implant Liability and believes the recorded liability reflects the best estimate of the remaining funding obligations under the Plan; however, the estimate relies upon a number of significant assumptions, including: future claim filing levels in the Settlement Facility will be similar to those in a prior settlement program, which management uses to estimate future claim filing levels for the Settlement Facility; future acceptance rates, disease mix, and payment values will be materially consistent with historical experience; no material negative outcomes in future controversies or disputes over Plan interpretation will occur; and the Plan will not be modified. If actual outcomes related to any of these assumptions prove to be materially different, the future liability to fund the Plan may be materially different than the amount estimated. If Dow Silicones was ultimately required to fund the full liability up to the maximum capped value, the liability would be $2,148 million at March 31, 2019 . Commercial Creditor Issues The Plan provides that each of Dow Silicones' commercial creditors (the “Commercial Creditors”) would receive in cash the sum of (a) an amount equal to the principal amount of their claims and (b) interest on such claims. The actual amount of interest that will ultimately be paid to these Commercial Creditors is uncertain due to pending litigation between Dow Silicones and the Commercial Creditors regarding the appropriate interest rates to be applied to outstanding obligations from the 1995 bankruptcy filing date through the Effective Date, as well as the presence of any recoverable fees, costs, and expenses. Upon the Plan becoming effective, Dow Silicones paid approximately $1,500 million to the Commercial Creditors, representing principal and an amount of interest that Dow Silicones considers undisputed. On May 10, 2017, the U.S. District Court for the Eastern District of Michigan entered a stipulated order resolving pending discovery motions and established a discovery schedule for the Commercial Creditors matter. As a result, Dow Silicones and its third party consultants conducted further analysis of the Commercial Creditors claims and defenses. This analysis indicated the estimated remaining liability to Commercial Creditors to be within a range of $77 million to $260 million . No single amount within the range appeared to be a better estimate than any other amount within the range. Therefore, Dow Silicones recorded the minimum liability within the range. At March 31, 2019 , the liability related to Dow Silicones' potential obligation to its Commercial Creditors in the Chapter 11 Proceeding was $83 million and is included in "Accrued and other current liabilities" in the consolidated balance sheets ( $82 million at December 31, 2018 ). The actual amount of interest that will be paid to these creditors is uncertain and will ultimately be resolved through continued proceedings in the District Court. Indemnifications In connection with the June 1, 2016 ownership restructure of Dow Silicones, Historical Dow is indemnified by Corning for 50 percent of future losses associated with certain pre-closing liabilities, including the Implant Liability and Commercial Creditors matters described above, subject to certain conditions and limits. The maximum amount of indemnified losses which may be recovered are subject to a cap that declines over time. Indemnification assets were insignificant at March 31, 2019 ( zero at December 31, 2018 ). Summary The amounts recorded by Dow Silicones for the Chapter 11 related matters described above were based upon current, known facts, which management believes reflect reasonable and probable estimates of the liability. However, future events could cause the actual costs for Dow Silicones to be higher or lower than those projected or those recorded. Any such events could result in an increase or decrease in the recorded liability. Separation of Historical DuPont's Performance Chemicals Segment On July 1, 2015, Historical DuPont completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours Company (the "Chemours Separation"). In connection with the Chemours Separation, Historical DuPont and The Chemours Company (“Chemours”) entered into a Separation agreement (as amended, the "Chemours Separation Agreement"). Pursuant to the Chemours Separation Agreement, Chemours indemnifies Historical DuPont against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the Chemours Separation. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, Historical DuPont records an indemnification asset when recovery is deemed probable. At March 31, 2019 , the indemnification assets were $84 million included in "Accounts and notes receivable - Other" and $289 million included in "Noncurrent receivables" along with the corresponding liabilities of $84 million recorded in "Accrued and other current liabilities" and $289 million included in "Other noncurrent obligations" in the consolidated balance sheets. PFOA Liabilities Historical DuPont is a party to legal proceedings relating to the use of PFOA (collectively, perfluorooctanoic acids and its salts, including the ammonium salt) by its former Performance Chemicals segment. While it is reasonably possible that Historical DuPont could incur liabilities related to PFOA, any such liabilities are not expected to be material. Pursuant to the Chemours Separation Agreement discussed above, Historical DuPont is indemnified by Chemours for the PFOA matters discussed below and has recorded a total liability of $22 million and a total indemnification asset of $22 million at March 31, 2019 , primarily related to testing drinking water in and around certain Historical DuPont sites and offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the national health advisory level established from time to time by the EPA. Leach Settlement and MDL Settlement Historical DuPont has residual liabilities under its 2004 settlement of a West Virginia state court class action, Leach v. DuPont, which alleged that PFOA from Historical DuPont’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. The settlement class has about 80,000 members. In addition to relief that was provided to class members years ago, the settlement requires Historical DuPont to continue providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. At March 31, 2019 , approximately $2 million had been disbursed from the account since its establishment in 2012 and the remaining balance is approximately $1 million . The Leach settlement permits class members to pursue personal injury claims for six health conditions (and no others) that an expert panel appointed under the 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. After the expert panel reported its findings, approximately 3,550 personal injury lawsuits were filed in federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“MDL”). The MDL was settled in early 2017 for $671 million in cash, with Chemours and Historical DuPont (without indemnification from Chemours) each paying half. Post-MDL Settlement PFOA Personal Injury Claims The MDL settlement did not resolve claims of plaintiffs who did not have claims in the MDL or whose claims are based on diseases first diagnosed after February 11, 2017. At March 31, 2019 , about 57 lawsuits were pending alleging personal injury, including kidney and testicular cancer, thyroid disease and ulcerative colitis, from exposure to PFOA through air or water, only three of which are not part of the MDL or were not otherwise filed on behalf of Leach class members. Other PFOA Actions Historical DuPont is a party to other PFOA lawsuits that do not involve claims for personal injury. Chemours, pursuant to the Chemours Separation Agreement, is defending and indemnifying with reservations Historical DuPont in these lawsuits. New York . Historical DuPont is a defendant in about 52 lawsuits, including a putative class action, brought by persons who live in and around Hoosick Falls, New York. These lawsuits assert claims for medical monitoring and property damage based on alleged PFOA releases from manufacturing facilities owned and operated by co-defendants in Hoosick Falls and allege that Historical DuPont and 3M supplied some of the materials used at these facilities. Historical DuPont is also one of more than ten defendants in a lawsuit brought by the Town of East Hampton, New York alleging PFOA and perfluorooctanesulfonic acid ("PFOS") contamination of the town’s well water. New Jersey . At December 31, 2018, two lawsuits were pending, one brought by a local water utility and the second a putative class action, against Historical DuPont alleging that PFOA from Historical DuPont’s former Chambers Works facility contaminated drinking water sources. The putative class action was dismissed without prejudice by the plaintiffs. In late March of 2019, the New Jersey State Attorney General (the “NJAG”) filed four lawsuits against Historical DuPont, Chemours, 3M and others alleging that former Historical DuPont operations at the Chambers Works, Pompton Lakes Works, Parlin and Repauno sites in New Jersey, caused damage to the State’s natural resources. Two of these lawsuits (those involving the Chambers Works and Parlin sites) allege contamination from per- and polyfluoroalkyl substances (“PFAS”). The lawsuit related to Parlin names an additional DowDuPont subsidiary. The Ridgewood Water District in New Jersey filed suit in the first quarter of 2019 against Historical DuPont alleging losses related to the investigation, remediation and monitoring of polyfluorinated surfactants (“PFS”), including PFOA, in water supplies. Alabama . Historical DuPont is one of more than thirty defendants in a lawsuit by a local water utility alleging contamination from perfluorinated chemicals and compounds (“PFCs”), including PFOA, used by co-defendant carpet manufacturers to make their products more stain and grease resistant. Ohio . Historical DuPont is a defendant in three lawsuits: an action by the State of Ohio based on alleged damage to natural resources, a putative nationwide class action brought on behalf of anyone who has detectable levels of perfluorinated chemicals, including PFOA, in their blood, and an action by the City of Dayton claiming losses related to the investigation, remediation and monitoring of PFAS, including PFOA, in water supplies. Other . Dozens of cases have been filed against 3M and other defendants primarily alleging property damage from contamination in connection with the use of firefighting foams that contain PFOS. At March 31, 2019, Historical DuPont was named in 4 of these cases. Historical DuPont did not make firefighting foam and has never made or supplied PFOS or products that contained PFOS. Chemours Separation Agreement Amendment Concurrent with the MDL Settlement, Historical DuPont and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future PFOA liabilities for a five -year period that began on July 6, 2017. During that five -year period, Chemours will annually pay the first $25 million of future PFOA liabilities and, if that amount is exceeded, Historical DuPont will pay any excess amount up to the next $25 million , with Chemours annually bearing any excess liabilities above that amount. At the end of the five -year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Chemours Separation Agreement will continue unchanged. As part of this amendment, Chemours also agreed that it would not contest its liability for PFOA liabilities on the basis of certain ostensible defenses it had previously raised, including defenses relating to punitive damages, and would waive any such defenses with respect to PFOA liabilities. Chemours has, however, retained defenses as to whether any particular PFOA claim is within the scope of the indemnification provisions of the Chemours Separation Agreement. There have been no charges incurred by Historical DuPont under this arrangement through March 31, 2019 . Fayetteville Works Facility, North Carolina Prior to the separation of Chemours, Historical DuPont introduced GenX as a polymerization processing aid and a replacement for PFOA at the Fayetteville Works facility in Bladen County, North Carolina. The facility is now owned and operated by Chemours, which continues to manufacture and use GenX. In 2017, the facility became and continues to be the subject of inquiries and government investigations relating to the alleged discharge of GenX and certain similar compounds into the air and Cape Fear River. In August 2017, the U.S. Attorney’s Office for the Eastern District of North Carolina served Historical DuPont with a grand jury subpoena for testimony and documents related to these discharges. Historical DuPont was served with additional subpoenas relating to the same issue and in the second quarter of 2018, received a subpoena expanding the scope to any PFCs discharged from the Fayetteville Works facility into the Cape Fear River. It is possible that these ongoing inquiries and investigations, including the grand jury subpoena, could result in penalties or sanctions, or that additional litigation will be instituted against Chemours, Historical DuPont, or both. At March 31, 2019 , several actions are pending in federal court against Chemours and Historical DuPont. One of these actions is a consolidated putative class action that asserts claims for medical monitoring and property damage on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. In addition, an action is pending in North Carolina state court on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. While it is reasonably possible that Historical DuPont could incur liabilities related to the actions described above, any such liabilities are not expected to be material. Historical DuPont has an indemnification claim against Chemours with respect to current and future inquiries and claims, including lawsuits, related to the foregoing. At March 31, 2019 , Chemours, with reservations, is defending and indemnifying Historical DuPont in the pending civil actions. Other Litigation Matters In addition to the specific matters described above, Historical Dow and Historical DuPont are parties to a number of other claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, and other actions. Certain of these actions purport to be class actions and seek damages in very large amounts. All such claims are being contested. Historical Dow and Historical DuPont have active risk management programs consisting of numerous insurance policies secured from many carriers at various times. These policies may provide coverage that could be utilized to minimize the financial impact, if any, of certain contingencies described above. 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. Gain Contingency - Historical Dow v. Nova Chemicals Corporation Patent Infringement Matter On December 9, 2010, Historical Dow filed suit in the Federal Court in Ontario, Canada ("Federal Court") alleging that Nova Chemicals Corporation ("Nova") was infringing Historical Dow's Canadian polyethylene patent 2,106,705. Nova counterclaimed on the grounds of invalidity and non-infringement. On June 29, 2017, the Federal Court issued a Confidential Supplemental Judgment, concluding that Nova must pay $645 million Canadian dollars (equivalent to $495 million U.S. dollars) to Historical Dow, plus pre- and post-judgment interest, for which Historical Dow received payment of $501 million from Nova on July 6, 2017. Although Nova is appealing portions of the damages judgment, certain portions of it are indisputable and will be owed to Historical Dow regardless of the outcome of any further appeals by Nova. At March 31, 2019 , Historical Dow had $341 million ( $341 million at December 31, 2018 ) included in "Other noncurrent obligations" in the consolidated balance sheets related to the disputed portion of the damages judgment. Historical Dow is confident of its chances of defending the entire judgment on appeal, particularly the trial court's determinations on important factual issues, which will be accorded deferential review on appeal. See Note 16 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 for additional information. 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 March 31, 2019 , the Company had accrued obligations of $1,197 million for probable environmental remediation and restoration costs, including $213 million for the remediation of Superfund sites. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the consolidated balance sheets. This is management’s current estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to approximately two and a half times that amount. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. At December 31, 2018 , the Company had accrued obligations of $1,201 million for probable environmental remediation and restoration costs, including $210 million for the remediation of Superfund sites. Pursuant to the Chemours Separation Agreement, Historical DuPont is indemnified by Chemours for certain environmental matters, included in the liability of $1,197 million , that have an estimated liability of $185 million at March 31, 2019 , and a potential exposure that ranges up to approximately $355 million above the current accrual. As such, Historical DuPont has recorded an indemnification asset of $185 million corresponding to its accrual balance related to these matters at March 31, 2019 , including $35 million related to Superfund sites. Guarantees The following table provides a summary of the final expiration, maximum future payments and recorded liability reflected in the consolidated balance sheets for each type of guarantee: Guarantees Mar 31, 2019 Dec 31, 2018 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Historical Dow guarantees 2023 $ 4,514 $ 15 2023 $ 4,523 $ 25 Historical DuPont guarantees 2022 239 — 2022 255 — Total guarantees $ 4,753 $ 15 $ 4,778 $ 25 Guarantees Historical Dow and Historical DuPont (the "Subsidiaries") have entered into guarantee agreements arising in the ordinary course of business from relationships with customers and nonconsolidated affiliates when the Subsidiaries undertake an obligation to guarantee the performance of others (via delivery of cash or other assets) if specified triggering events occur. With guarantees, such as commercial or financial contracts, non-performance by the guaranteed party triggers the obligation of the Subsidiaries to make payments to the beneficiary of the guarantee. The majority of these guarantees relate to debt of nonconsolidated affiliates, which have expiration dates ranging from less than one year to less than four years, and trade financing transactions in Latin America, which typically expire within one year of inception. The Subsidiaries current expectation is that future payment or performance related to the non-performance of others is considered remote. Historical Dow has entered into guarantee agreements ("Guarantees") related to project financing for Sadara Chemical Company ("Sadara"), a nonconsolidated affiliate. The total of an Islamic bond and additional project financing (collectively “Total Project Financing”) obtained by Sadara is approximately $12.5 billion . Sadara had $11.7 billion of Total Project Financing outstanding at March 31, 2019 ( $11.7 billion at December 31, 2018 ). Historical Dow's guarantee of the Total Project Financing is in proportion to Historical Dow's 35 percent ownership interest in Sadara, or up to approximately $4.2 billion when the project financing is fully drawn. Sadara successfully completed an extensive operational testing program in December 2018, however, the Guarantees will be released upon the satisfactory fulfillment of certain project completion conditions, which is expected by the middle of 2019, and must occur no later than December 2020. |
LEASES (Notes)
LEASES (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company has operating and finance leases for sales and administrative offices, power plants, production facilities, warehouses and tanks for product storage, airplanes, railcars, motor vehicles, certain machinery and equipment, and information technology assets. The Company’s leases have remaining lease terms of 1 year to 50 years . For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the Company will exercise those options. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. The Company's lease agreements do not contain any material restrictive covenants. The components of lease cost for operating and finance leases for the three months ended March 31, 2019 were as follows: Lease Cost Three Months Ended Mar 31, 2019 (In millions) Operating lease cost $ 201 Finance lease cost Amortization of right-of-use assets $ 41 Interest on lease liabilities 7 Total finance lease cost $ 48 Short-term lease cost $ 60 Variable lease cost 89 Sublease income (9 ) Total lease cost $ 389 New leases entered into during the three months ended March 31, 2019 were not considered material. Supplemental cash flow information related to leases was as follows: Other Lease Information Three Months Ended Mar 31, 2019 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 210 Operating cash flows from finance leases $ 7 Financing cash flows from finance leases $ 23 The following table summarizes the lease-related assets and liabilities recorded in the consolidated balance sheets at March 31, 2019: Lease Position Mar 31, 2019 (In millions) Operating Leases Operating lease right-of-use assets 1 $ 3,287 Current operating lease liabilities 2 $ 690 Noncurrent operating lease liabilities 3 2,620 Total operating lease liabilities $ 3,310 Finance Leases Property $ 589 Accumulated depreciation (181 ) Net Property $ 408 Long-term debt due within one year 63 Long-Term Debt 432 Total finance lease liabilities $ 495 1. Included in "Deferred charges and other assets" in the consolidated balance sheet. 2. Included in "Accrued and other current liabilities" in the consolidated balance sheet. 3. Included in "Other noncurrent obligations" in the consolidated balance sheet. DowDuPont utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. Lease Term and Discount Rate Mar 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.98 Finance leases 15.54 Weighted-average discount rate Operating leases 3.97 % Finance leases 6.25 % The following table provides the maturities of lease liabilities at March 31, 2019: Maturity of Lease Liabilities at Mar 31, 2019 Operating Leases Finance Leases (In millions) 2019 $ 621 $ 74 2020 686 78 2021 553 73 2022 450 71 2023 346 80 2024 and thereafter 1,286 315 Total future undiscounted lease payments $ 3,942 $ 691 Less: Interest 632 196 Present value of lease liabilities $ 3,310 $ 495 At March 31, 2019, the Company had additional leases of approximately $45 million , primarily for buildings and equipment, which had not yet commenced. These leases are expected to commence later in 2019, with lease terms of 10 years . Future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year at December 31, 2018 were as follows: Minimum Lease Commitments at Dec 31, 2018 (In millions) 2019 $ 654 2020 497 2021 418 2022 363 2023 297 2024 and thereafter 1,063 Total $ 3,292 Certain of the Company's leases include residual value guarantees. These residual value guarantees are based on a percentage of lessor's asset acquisition price. The portion of residual value guarantees that are probable of payment are included in the related lease liability on the consolidated balance sheet other than certain finance leases that include the maximum residual value guarantee amount in the measurement of the related liability given the election to use the package of practical expedients at the date of adoption. The following table provides a summary of the final expiration, maximum future payment and recorded liability reflected in the consolidated balance sheets for residual value guarantees. Lease Guarantees Mar 31, 2019 Dec 31, 2018 (In millions) Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Residual value guarantees 2028 $ 931 $ — 2028 $ 889 $ 130 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the three months ended March 31, 2019 and 2018 : Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and Other Postretire Benefits Derivative Instruments Total Accum Other Comp Loss In millions Balance at Jan 1, 2018 $ 17 $ (1,935 ) $ (6,923 ) $ (111 ) $ (8,952 ) Other comprehensive income (loss) before reclassifications (26 ) 1,333 4 (4 ) 1,307 Amounts reclassified from accumulated other comprehensive income 1 — 126 21 148 Net other comprehensive income (loss) $ (25 ) $ 1,333 $ 130 $ 17 $ 1,455 Balance at Mar 31, 2018 $ (8 ) $ (602 ) $ (6,793 ) $ (94 ) $ (7,497 ) Balance at Jan 1, 2019 $ (51 ) $ (3,785 ) $ (8,476 ) $ (82 ) $ (12,394 ) Other comprehensive income (loss) before reclassifications 68 (79 ) (7 ) (65 ) (83 ) Amounts reclassified from accumulated other comprehensive income (loss) (1 ) (18 ) 142 (10 ) 113 Net other comprehensive income (loss) $ 67 $ (97 ) $ 135 $ (75 ) $ 30 Balance at Mar 31, 2019 $ 16 $ (3,882 ) $ (8,341 ) $ (157 ) $ (12,364 ) The tax effects on the net activity related to each component of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 were as follows: Tax Benefit (Expense) 1 Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Unrealized (losses) gains on investments $ (18 ) $ 6 Cumulative translation adjustments (1 ) 5 Pension and other postretirement benefit plans (32 ) (30 ) Derivative instruments 24 (1 ) Tax expense from income taxes related to other comprehensive income items $ (27 ) $ (20 ) 1. Prior period amounts were updated to conform with the current year presentation. A summary of the reclassifications out of AOCL for the three months ended March 31, 2019 and 2018 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended Consolidated Statements of Income Classification Mar 31, 2019 Mar 31, 2018 In millions Unrealized (gains) losses on investments $ (1 ) $ 2 See (1) below Tax benefit — (1 ) See (2) below After tax $ (1 ) $ 1 Cumulative translation adjustments $ (18 ) $ — See (3) below Pension and other postretirement benefit plans $ 167 $ 154 See (4) below Tax benefit (25 ) (28 ) See (2) below After tax $ 142 $ 126 Derivative Instruments $ (11 ) $ 26 See (5) below Tax expense (benefit) 1 (5 ) See (2) below After tax $ (10 ) $ 21 Total reclassifications for the period, after tax $ 113 $ 148 1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes on continuing operations." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other postretirement benefit plans. See Note 18 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount." |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 3 Months Ended |
Mar. 31, 2019 | |
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 consolidated balance sheets as "Noncontrolling interests." The amount of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the consolidated statements of income. The following table summarizes the activity for equity attributable to noncontrolling interests for the three months ended March 31, 2019 and 2018 : Noncontrolling Interests Three Months Ended In millions Mar 31, Mar 31, Balance at beginning of period $ 1,608 $ 1,597 Net income attributable to noncontrolling interests 51 44 Distributions to noncontrolling interests (11 ) (27 ) Noncontrolling interests from Merger 1 — 56 Cumulative translation adjustments 7 (6 ) Other (1 ) — Balance at end of period $ 1,654 $ 1,664 1. Relates to Merger and subsequent measurement period adjustments. |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS A summary of Historical Dow and Historical DuPont's pension plans and other postretirement benefits can be found in Note 19 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Historical Dow and Historical DuPont did not merge their defined benefit pension and other postretirement benefit plans as a result of the Merger. The following table provides the components of net periodic benefit cost (credit) for Historical Dow and Historical DuPont's significant plans: Net Periodic Benefit Cost (Credit) for All Significant Plans Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Defined Benefit Pension Plans: Service cost $ 131 $ 167 Interest cost 447 408 Expected return on plan assets (713 ) (709 ) Amortization of prior service credit (6 ) (6 ) Amortization of net loss 133 171 Net periodic benefit cost (credit) $ (8 ) $ 31 Other Postretirement Benefits: Service cost $ 4 $ 5 Interest cost 37 32 Amortization of net gain (6 ) (6 ) Net periodic benefit cost $ 35 $ 31 Net periodic benefit cost (credit), other than the service cost component, is included in "Sundry income (expense) - net" in the consolidated statements of income. DowDuPont expects to make additional contributions in the aggregate of about $500 million by year-end 2019 to its pension plans other than the principal U.S. pension plan. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION A summary of Historical Dow and Historical DuPont's stock-based compensation plans can be found in Note 20 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 . Historical Dow and Historical DuPont did not merge their equity incentive plans as a result of the Merger. The Historical Dow and Historical DuPont stock-based compensation plans were assumed by DowDuPont and continue in place with the ability to grant and issue DowDuPont Common Stock. Historical Dow Stock Incentive Plan Historical Dow grants stock-based compensation to employees and non-employee directors under The Dow Chemical Company Amended and Restated 2012 Stock Incentive Plan (the "2012 Plan"). In connection with the Merger, on August 31, 2017, all outstanding Historical Dow stock options and restricted stock unit awards were converted into stock options and restricted stock unit awards with respect to DowDuPont Common Stock. The stock options and restricted stock unit awards have the same terms and conditions under the applicable plans and award agreements prior to the Merger. There was minimal grant activity in the first quarter of 2019. Historical DuPont Equity Incentive Plan Historical DuPont grants stock-based compensation to certain employees, directors, and consultants through grants of stock options, time-vested restricted stock units ("RSUs"), and performance-based restricted stock units (“PSUs”) under the Historical DuPont Equity Incentive Plan ("Historical DuPont EIP"). The previous Historical DuPont equity awards were converted into the right to receive 1.2820 shares of DowDuPont Common Stock. The awards have the same terms and conditions as were applicable to such equity awards immediately prior to the Merger closing date. Most of these awards have been granted annually in the first quarter of each calendar year. In the first quarter of 2019, Historical DuPont granted 2.6 million RSUs with a weighted-average fair value of $52.66 per share under the Historical DuPont EIP. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS A summary of the Company's financial instruments, risk management policies, derivative instruments and hedging activities can be found in Note 21 of the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. If applicable, updates have been included in the respective section below. The following table summarizes the fair value of financial instruments at March 31, 2019 and December 31, 2018 : Fair Value of Financial Instruments Mar 31, 2019 Dec 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 7,384 $ 9 $ — $ 7,393 $ 9,951 $ 12 $ — $ 9,963 Restricted cash equivalents 1 $ 480 $ — $ — $ 480 $ 500 $ — $ — $ 500 Marketable securities: Available-for-sale 2 $ 101 $ — $ — $ 101 $ 100 $ — $ — $ 100 Held-to-maturity 3 18 — — 18 34 — — 34 Total marketable securities $ 119 $ — $ — $ 119 $ 134 $ — $ — $ 134 Other investments: Debt securities: Government debt 4 $ 694 $ 17 $ (9 ) $ 702 $ 714 $ 9 $ (23 ) $ 700 Corporate bonds 1,051 43 (21 ) 1,073 1,026 20 (63 ) 983 Total debt securities $ 1,745 $ 60 $ (30 ) $ 1,775 $ 1,740 $ 29 $ (86 ) $ 1,683 Equity securities 5 $ 17 $ 5 $ — $ 22 $ 17 $ 1 $ (2 ) $ 16 Total other investments $ 1,762 $ 65 $ (30 ) $ 1,797 $ 1,757 $ 30 $ (88 ) $ 1,699 Total cash and restricted cash equivalents, marketable securities and other investments $ 9,745 $ 74 $ (30 ) $ 9,789 $ 12,342 $ 42 $ (88 ) $ 12,296 Long-term debt including debt due within one year 6 $ (38,975 ) $ 102 $ (2,470 ) $ (41,343 ) $ (38,299 ) $ 390 $ (1,457 ) $ (39,366 ) Derivatives relating to: Interest rates $ — $ — $ (181 ) $ (181 ) $ — $ — $ (64 ) $ (64 ) Foreign currency 7 — 128 (17 ) 111 — 157 (49 ) 108 Commodities 7 — 88 (147 ) (59 ) — 91 (178 ) (87 ) Total derivatives $ — $ 216 $ (345 ) $ (129 ) $ — $ 248 $ (291 ) $ (43 ) 1. Classified as "Other current assets" in the consolidated balance sheets. 2. Available-for-sale securities with maturities of less than one year at the time of purchase. 3. Held-to-maturity securities with maturities of more than three months to less than one year at the time of purchase. 4. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 5. Equity securities with a readily determinable fair value. 6. Cost includes fair value adjustments of $69 million at March 31, 2019 and $78 million at December 31, 2018 , related to the accounting for the Merger. Cost also includes fair value hedge adjustments of $17 million at March 31, 2019 and $18 million at December 31, 2018 on $2,290 million of debt at March 31, 2019 and December 31, 2018 . 7. Presented net of cash collateral where master netting arrangements allow. Debt Securities The Company's investments in debt securities are primarily classified as available-for-sale. For the three months ended March 31, 2019 , $35 million of marketable securities matured. The following table provides the investing results from available-for-sale securities for the three months ended March 31, 2019 and 2018 : Investing Results Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Proceeds from sales of available-for-sale securities $ 159 $ 348 Gross realized gains $ 6 $ 7 Gross realized losses $ (5 ) $ (9 ) Equity Securities The Company's investments in equity securities with a readily determinable fair value totaled $22 million at March 31, 2019 ( $16 million at December 31, 2018 ). The aggregate carrying value of the Company’s investments in equity securities where fair value is not readily determinable totaled $260 million at March 31, 2019 ( $258 million at December 31, 2018 ), reflecting the carrying value of the investments. There were no material adjustments to the carrying value of the not readily determinable investments for impairment or observable price changes for the three months ended March 31, 2019 and 2018 . The net unrealized gain recognized in earnings on equity securities totaled $5 million for the three months ended March 31, 2019 ( $8 million net unrealized gain for the three months ended March 31, 2018 ). Derivatives The following tables provide the fair value and balance sheet classification of derivative instruments at March 31, 2019 and December 31, 2018 : Fair Value of Derivative Instruments Mar 31, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 161 $ (89 ) $ 72 Commodity contracts Other current assets 31 (5 ) 26 Commodity contracts Deferred charges and other assets 57 (4 ) 53 Total $ 249 $ (98 ) $ 151 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 87 $ (31 ) $ 56 Commodity contracts Other current assets 8 (1 ) 7 Commodity contracts Deferred charges and other assets 4 (2 ) 2 Total $ 99 $ (34 ) $ 65 Total asset derivatives $ 348 $ (132 ) $ 216 Liability derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other noncurrent obligations $ 181 $ — $ 181 Foreign currency contracts Accrued and other current liabilities 98 (89 ) 9 Commodity contracts Accrued and other current liabilities 93 (6 ) 87 Commodity contracts Other noncurrent obligations 60 (8 ) 52 Total $ 432 $ (103 ) $ 329 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 37 $ (29 ) $ 8 Commodity contracts Accrued and other current liabilities 8 (4 ) 4 Commodity contracts Other noncurrent obligations 7 (3 ) 4 Total $ 52 $ (36 ) $ 16 Total liability derivatives $ 484 $ (139 ) $ 345 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Fair Value of Derivative Instruments Dec 31, 2018 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 98 $ (42 ) $ 56 Commodity contracts Other current assets 47 (13 ) 34 Commodity contracts Deferred charges and other assets 18 (3 ) 15 Total $ 163 $ (58 ) $ 105 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 200 $ (99 ) $ 101 Commodity contracts Other current assets 41 (1 ) 40 Commodity contracts Deferred charges and other assets 4 (2 ) 2 Total $ 245 $ (102 ) $ 143 Total asset derivatives $ 408 $ (160 ) $ 248 Liability derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other noncurrent obligations $ 64 $ — $ 64 Foreign currency contracts Accrued and other current liabilities 46 (42 ) 4 Commodity contracts Accrued and other current liabilities 111 (18 ) 93 Commodity contracts Other noncurrent obligations 86 (9 ) 77 Total $ 307 $ (69 ) $ 238 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 124 $ (79 ) $ 45 Commodity contracts Accrued and other current liabilities 7 (4 ) 3 Commodity contracts Other noncurrent obligations 8 (3 ) 5 Total $ 139 $ (86 ) $ 53 Total liability derivatives $ 446 $ (155 ) $ 291 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Assets and liabilities related to forward contracts, interest rate swaps, currency swaps, options and other conditional or exchange contracts executed with the same counterparty under a master netting arrangement are netted. Collateral accounts are netted with corresponding assets or liabilities, when applicable. The Company posted cash collateral of $20 million at March 31, 2019 ( $26 million at December 31, 2018 ). Counterparties posted cash collateral of $2 million with the Company at March 31, 2019 ( $54 million at December 31, 2018 ). Net Foreign Investment Hedges Historical Dow For derivative instruments that are designated and qualify as net foreign investment hedges, the effective portion of the gain or loss on the derivative is included in “Cumulative Translation Adjustments” in AOCL. Historical Dow had outstanding foreign-currency denominated debt designated as a hedge of net foreign investment of $181 million at March 31, 2019 ( $182 million at December 31, 2018 ). The results of hedges of Historical Dow’s net investment in foreign operations included in “Cumulative Translation Adjustments” in AOCL was a net loss of $36 million after tax for the three months ended March 31, 2019 (net loss of $43 million after tax for the three months ended March 31, 2018 ). For the three months ended March 31, 2019 , Historical Dow recognized after tax gains of $86 million related to excluded components of net foreign investment hedges included in "Cumulative Translation Adjustments" in AOCL. For the three months ended March 31, 2019 , gains of $25 million were amortized to “Sundry income (expense) - net” in the consolidated statements of income. Fair Value Hedges Historical Dow Subsequent to March 31, 2019 , Historical Dow entered into interest rate contracts designated as a fair value hedge of underlying fixed rate debt obligations with maturity dates extending through 2048. Income Statement 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 pretax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) - net” in the consolidated statements of income, was a gain of $22 million for the three months ended March 31, 2019 (loss of $198 million for the three months ended March 31, 2018 ). The income statement effects of other derivatives were immaterial. Reclassification from AOCL The net after-tax amounts to be reclassified from AOCL to income within the next 12 months are a $1 million gain for interest rate contracts, a $52 million loss for commodity contracts, an $11 million gain for foreign currency contracts and a $57 million gain for excluded components. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS A summary of the Company's recurring and nonrecurring fair value measurements can be found in Note 22 to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018. If applicable, updates have been included in the respective section below. Fair Value Measurements on a Recurring Basis The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at Mar 31, 2019 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Total In millions Assets at fair value: Cash equivalents 1 $ — $ 7,393 $ 7,393 Restricted cash equivalents 1 — 480 480 Marketable securities 2 — 119 119 Equity securities 3 21 — 21 Debt securities: 3 Government debt 4 — 702 702 Corporate bonds 19 1,054 1,073 Derivatives relating to: 5 Foreign currency — 247 247 Commodities 10 90 100 Total assets at fair value $ 50 $ 10,085 $ 10,135 Liabilities at fair value: Long-term debt including debt due within one year 6 $ — $ 41,343 $ 41,343 Derivatives relating to: 5 Interest rates — 181 181 Foreign currency — 134 134 Commodities 13 155 168 Total liabilities at fair value $ 13 $ 41,813 $ 41,826 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 consolidated balance sheets and held at amortized cost, which approximates fair value. 2. Primarily time deposits with maturities of greater than three months at time of acquisition. 3. The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 4. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 5. See Note 20 for the classification of derivatives in the consolidated balance sheets. 6. See Note 20 for information on fair value measurements of long-term debt. Basis of Fair Value Measurements on a Recurring Basis at Dec 31, 2018 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Total In millions Assets at fair value: Cash equivalents 1 $ — $ 9,963 $ 9,963 Restricted cash equivalents 1 — 500 500 Marketable securities 2 — 134 134 Equity securities 3 16 — 16 Debt securities: 3 Government debt 4 — 700 700 Corporate bonds — 983 983 Derivatives relating to: 5 Foreign currency — 298 298 Commodities 17 93 110 Total assets at fair value $ 33 $ 12,671 $ 12,704 Liabilities at fair value: Long-term debt including debt due within one year 6 $ — $ 39,366 $ 39,366 Derivatives relating to: 5 Interest rates — 64 64 Foreign currency — 170 170 Commodities 23 189 212 Total liabilities at fair value $ 23 $ 39,789 $ 39,812 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 consolidated balance sheets and held at amortized cost, which approximates fair value. 2. Primarily time deposits with maturities of greater than three months at time of acquisition. 3. The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 4. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 5. See Note 20 for the classification of derivatives in the consolidated balance sheets. 6. See Note 20 for information on fair value measurements of long-term debt. For equity securities calculated at net asset value per share (or its equivalent), the Company had $121 million in private market securities and $29 million in real estate at March 31, 2019 ( $120 million in private market securities and $29 million in real estate at December 31, 2018). There are no redemption restrictions and the unfunded commitments on these investments were $87 million at March 31, 2019 ( $89 million at December 31, 2018). Fair Value Measurements on a Nonrecurring Basis As part of the Synergy Program, the Company has or will shut down a number of manufacturing, R&D and corporate facilities around the world. In the first three months of 2019, inventory associated with this plan was written down to zero . In addition, impairments of leased, non-manufacturing facilities, which were classified as Level 3 measurements, resulted in a write-down of right-of-use assets to $80 million using unobservable inputs. The impairment charges related to the Synergy Program, totaling $100 million , were included in "Restructuring and asset related charges - net" in the consolidated statements of income. See Note 5 for additional information on the Company's restructuring activities. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A summary of Historical Dow and Historical DuPont's variable interest entities ("VIEs") can be found in Note 23 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. Historical DuPont did not hold a variable interest in any joint ventures at March 31, 2019, for which it is the primary beneficiary. In addition, the maximum exposure to loss related to the nonconsolidated VIEs for which Historical DuPont did hold a variable interest at March 31, 2019, is not considered material to the consolidated financial statements. The following discussion addresses variable interests held by Historical Dow. Assets and Liabilities of Consolidated VIEs The Company's consolidated financial statements include the assets, liabilities and results of operations of VIEs for which Historical Dow is the primary beneficiary. The other equity holders’ interests are reflected in "Net income attributable to noncontrolling interests" in the consolidated statements of income and "Noncontrolling interests" in the consolidated balance sheets. The following table summarizes the carrying amounts of these entities’ assets and liabilities included in the Company’s consolidated balance sheets at March 31, 2019 and December 31, 2018 : Assets and Liabilities of Consolidated VIEs Mar 31, 2019 Dec 31, 2018 In millions Cash and cash equivalents $ 109 $ 82 Other current assets 116 114 Net property 718 734 Other noncurrent assets 60 45 Total assets 1 $ 1,003 $ 975 Current liabilities $ 318 $ 334 Long-term debt 43 75 Other noncurrent obligations 46 31 Total liabilities 2 $ 407 $ 440 1. All assets were restricted at March 31, 2019 and December 31, 2018 . 2. All liabilities were nonrecourse at March 31, 2019 and December 31, 2018 . Amounts presented in the consolidated balance sheets and the preceding table as restricted assets or nonrecourse obligations relating to consolidated VIEs at March 31, 2019 and December 31, 2018 , are adjusted for intercompany eliminations and parental guarantees. Nonconsolidated VIEs The following table summarizes the carrying amounts of assets and liabilities included in the consolidated balance sheets at March 31, 2019 and December 31, 2018 , related to variable interests in joint ventures or entities for which Historical Dow is not the primary beneficiary. The Company's maximum exposure to loss is the same as the carrying amounts, unless otherwise noted below. Carrying Amounts of Assets and Liabilities Related to Nonconsolidated VIEs Mar 31, Dec 31, In millions Description of asset or liability Hemlock Semiconductor L.L.C. Equity method investment 1 $ (658 ) $ (495 ) Silicon joint ventures Equity method investments 2 $ 96 $ 100 AgroFresh Solutions, Inc. Equity method investment 2 $ 45 $ 48 Other receivable 3 $ 8 $ 8 1. Classified as "Other noncurrent obligations" in the consolidated balance sheets. The Company's maximum exposure to loss was zero at March 31, 2019 ( zero at December 31, 2018 ). 2. Classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. 3. Classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS | 3 Months Ended |
Mar. 31, 2019 | |
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 and foreign exchange gains (losses), excluding the impact of significant items. A reconciliation of these measures is provided on the following pages. Segment Information Agri-culture Perf. Materials & Coatings Ind. Interm. & Infrast. Pack. & Spec. Plastics Elect. & Imaging Nutrition & Biosciences Transp. & Adv. Polymers Safety & Const. Corp. Total In millions Three months ended Mar 31, 2019 Net sales $ 3,397 $ 2,255 $ 3,402 $ 5,110 $ 1,078 $ 1,659 $ 1,355 $ 1,322 $ 71 $ 19,649 Operating EBITDA 1 $ 667 $ 481 $ 448 $ 993 $ 385 $ 390 $ 414 $ 411 $ (170 ) $ 4,019 Equity in earnings (losses) of nonconsolidated affiliates $ — $ — $ (48 ) $ 38 $ 29 $ 4 $ 2 $ 7 $ (6 ) $ 26 Three months ended Mar 31, 2018 Net sales $ 3,808 $ 2,304 $ 3,715 $ 6,010 $ 1,153 $ 1,720 $ 1,425 $ 1,299 $ 76 $ 21,510 Operating EBITDA 1 $ 891 $ 586 $ 654 $ 1,301 $ 398 $ 418 $ 437 $ 354 $ (168 ) $ 4,871 Equity in earnings (losses) of nonconsolidated affiliates $ (1 ) $ — $ 149 $ 59 $ 48 $ 3 $ 3 $ 5 $ (9 ) $ 257 1. A reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA is provided below. Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Income from continuing operations, net of tax $ 571 $ 1,153 + Provision for income taxes on continuing operations 209 389 Income from continuing operations before income taxes $ 780 $ 1,542 + Depreciation and amortization 1,519 1,484 - Interest income 1 75 55 + Interest expense and amortization of debt discount 454 350 - Foreign exchange gains (losses), net 1, 2 (11 ) (98 ) - Significant items (1,330 ) (1,452 ) Operating EBITDA $ 4,019 $ 4,871 1. Included in "Sundry income (expense) - net." 2. Excludes a $50 million pretax foreign exchange loss significant item related to adjustments to Historical DuPont's foreign currency exchange contracts as a result of U.S. tax reform during the three months ended March 31, 2018. The following tables summarize the pretax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended Mar 31, 2019 Agri-culture Perf. Materials & Coatings Ind. Interm. & Infrast. Pack. & Spec. Plastics Elect. & Imaging Nutrition & Biosciences Transp. & Adv. Polymers Safety & Const. Corp. Total In millions Loss on divestiture 1 $ (24 ) $ — $ — $ — $ — $ — $ — $ — $ — $ (24 ) Integration and separation costs 2 — — — — — — — — (813 ) (813 ) Inventory step-up amortization 3 (205 ) — — — — — — — — (205 ) Restructuring and asset related charges - net 4, 5 (50 ) — — (13 ) — (27 ) (1 ) (2 ) (195 ) (288 ) Total $ (279 ) $ — $ — $ (13 ) $ — $ (27 ) $ (1 ) $ (2 ) $ (1,008 ) $ (1,330 ) 1. Reflects a loss related to Historical Dow's sale of a joint venture related to actions under the Synergy Program. 2. Integration and separation costs related to the Merger, post-Merger integration and Intended Business Separation activities. 3. Includes the amortization of the fair value step-up of Historical DuPont's inventories as a result of the Merger. 4. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. 5. Includes a $1 million restructuring charge related to an equity affiliate of Transportation & Advanced Polymers that is reflected in "Equity in earnings of nonconsolidated affiliates" in the consolidated statement of income. Significant Items by Segment for the Three Months Ended Mar 31, 2018 Agri-culture Perf. Materials & Coatings Ind. Interm. & Infrast. Pack. & Spec. Plastics Elect. & Imaging Nutrition & Biosciences Transp. & Adv. Polymers Safety & Const. Corp. Total In millions Gain on sale of business/entity 1 $ — $ — $ 20 $ — $ — $ — $ — $ — $ — $ 20 Integration and separation costs 2 — — — — — — — — (457 ) (457 ) Inventory step-up amortization 3 (639 ) — — — — (63 ) — (1 ) — (703 ) Restructuring and asset related charges (credits) - net 4 (58 ) 1 (11 ) (6 ) (1 ) — 1 (7 ) (181 ) (262 ) Income tax related item 5 — — — — — — — — (50 ) (50 ) Total $ (697 ) $ 1 $ 9 $ (6 ) $ (1 ) $ (63 ) $ 1 $ (8 ) $ (688 ) $ (1,452 ) 1. Includes a gain related to Historical Dow's sale of its equity interest in MEGlobal. 2. Integration and separation costs related to the Merger, post-Merger integration and Intended Business Separation activities, and costs related to the ownership restructure of Dow Silicones. 3. Includes the fair value step-up of Historical DuPont's inventories as a result of the Merger and the acquisition of the H&N Business. 4. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 5 for additional information. 5. Includes a foreign exchange loss related to adjustments to Historical DuPont's foreign currency exchange contracts as a result of the U.S. tax reform. |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | NOTE 24 - SUBSEQUENT EVENTS Dow Spin-off Effective as of 5:00 p.m. on April 1, 2019, DowDuPont completed the distribution of Dow. Additionally, Dow commenced trading “regular way” under the symbol “DOW” on the New York Stock Exchange on April 2, 2019. Prior to the commencement of trading on April 2, 2019, the stockholders of record of the Company as of the close of business on March 21, 2019 received one share of Dow Common Stock for every three shares of DowDuPont Common Stock held by such stockholders as of March 21, 2019. The Company did not issue fractional shares of Dow Common Stock in the Dow Distribution; the Company’s stockholders received cash in lieu of fractional shares. Immediately after the Dow Distribution, DowDuPont does not beneficially own any equity interest in Dow and will no longer consolidate Dow into its financial results. Beginning in the second quarter of 2019, Dow's historical financial results for periods prior to April 1, 2019 will be reflected in the Company's consolidated financial statements as discontinued operations. Dow represents approximately one-third of the Company's assets and just over half of the Company's net sales. In connection with the Distributions, the Company, Dow and Corteva (together, the “Parties” and each a “Party”) entered into certain agreements that will effect the separations, provide for the allocation of DowDuPont’s assets, employees, liabilities and obligations (including its investments, property, employee benefits and tax-related assets and liabilities) among the Company, Dow, and Corteva, and provide a framework for the Company’s relationship with Dow and Corteva following the separations and Distributions. Effective April 1, 2019, the Parties entered into the following agreements: • Separation and Distribution Agreement - The Parties entered into an agreement that sets forth, among other things, the agreements among the Parties regarding the principal transactions necessary to effect the Distributions. It also sets forth other agreements that govern certain aspects of the Parties’ ongoing relationships after the completion of the Distributions (the "Separation and Distribution Agreement"). • Tax Matters Agreement - The Parties entered into an agreement that governs their respective 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 and other matters regarding taxes. • Employee Matters Agreement - The Parties entered into an agreement that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. • Intellectual Property Cross-License Agreements - DowDuPont entered into an Intellectual Property Cross-License Agreement with Dow (the “DowDuPont-Dow IP Cross-License Agreement”). In addition, Dow and Corteva entered into an Intellectual Property Cross-License Agreement (the “Dow-Corteva IP Cross-License Agreement”). The Intellectual Property Cross-License Agreements set forth the terms and conditions under which the applicable Parties may use in their respective businesses, following each of the Distributions, certain know-how (including trade secrets), copyrights, and software, and certain patents and standards, allocated to another Party pursuant to the Separation and Distribution Agreement. In connection with the intended Corteva Distribution, the Company expects to enter into additional agreements, including an intellectual property cross-license agreement with Corteva. This agreement will set forth the terms and conditions under which the Company and Corteva may use, in their respective businesses following the Corteva Distribution, certain know-how (including trade secrets), copyrights, and software, and certain patents and standards, allocated to another Party pursuant to the Separation and Distribution Agreement. Actions to Achieve Credit Profiles of DuPont, Corteva and Dow On April 1, 2019, prior to consummating the Dow Distribution, the Company contributed $2,024 million in cash to Dow. On March 22, 2019, Historical DuPont issued notices of redemption in full of all of its outstanding notes (the “Make Whole Notes”) listed in the table below: In millions Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 The Make Whole Notes were redeemed on April 22, 2019, at the make-whole redemption prices set forth in the respective Make Whole Notes. On and after the date of redemption, the Make Whole Notes were no longer deemed outstanding, interest on the Make Whole Notes ceased to accrue and all rights of the holders of the Make Whole Notes were terminated. On May 2, 2019, Historical DuPont terminated its Term Loan Facility and repaid the aggregate outstanding principal amount of $3 billion plus accrued and unpaid interest through and including May 1, 2019. In contemplation of the foregoing, effective May 2, 2019, the Company fully drew the two term loan facilities it entered into in the fourth quarter of 2018 (the “DWDP Term Loan Facilities” and together with the DowDuPont Notes, the “Financings”) in the aggregate principal amount of $3 billion . The Company funded the activities above with cash from operations and proceeds from the Financings. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 consolidated financial statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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 ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical DuPont") each merged with subsidiaries of DowDuPont and, as a result, Historical Dow and Historical DuPont became subsidiaries of DowDuPont (the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Historical Dow was determined to be the accounting acquirer in the Merger. Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical DuPont" includes Historical DuPont and its consolidated subsidiaries, "Union Carbide" means Union Carbide Corporation, a wholly owned subsidiary of Historical Dow, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow. |
Lessee, Leases [Policy Text Block] | Leases The Company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in "Deferred charges and other assets" on the consolidated balance sheets. Operating lease liabilities are included in "Accrued and other current liabilities" and "Other noncurrent obligations" on the consolidated balance sheets. Finance lease ROU assets are included in "Property" and the corresponding lease liabilities are included in "Long-term debt due within one year" and "Long-term debt" on the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and 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 terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Additionally, for certain equipment leases, the portfolio approach is applied to account for the operating lease ROU assets and lease liabilities. In the consolidated statements of income, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. |
RECENT ACCOUNTING GUIDANCE (Pol
RECENT ACCOUNTING GUIDANCE (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Guidance In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, "Leases (Topic 842)," and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from legacy U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance, "Revenue from Contracts with Customers (Topic 606)," issued in 2014. The Company adopted the new standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The Company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 "Leases". In addition, the Company has elected the package of practical expedients permitted under the transition guidance within the new standard which does not require reassessment of prior conclusions related to contracts containing a lease, lease classification and initial direct lease costs. As an accounting policy election, the Company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and accounts for nonlease and lease components in a contract as a single component for all asset classes. The following table summarizes the impact of adoption to the consolidated balance sheet: Summary of Changes to the Consolidated Balance Sheet As Reported Dec 31, 2018 Effect of Adoption of ASU 2016-02 Updated Jan 1, 2019 In millions Assets Net property $ 35,848 $ 9 $ 35,857 Deferred income tax assets $ 1,724 $ (24 ) $ 1,700 Deferred charges and other assets $ 2,476 $ 3,386 $ 5,862 Total other assets $ 94,197 $ 3,362 $ 97,559 Total Assets $ 188,030 $ 3,371 $ 191,401 Liabilities Long-term debt due within one year $ 637 $ 1 $ 638 Accrued and other current liabilities $ 7,943 $ 721 $ 8,664 Total current liabilities $ 24,715 $ 722 $ 25,437 Long-Term Debt $ 37,662 $ 8 $ 37,670 Other noncurrent obligations $ 6,988 $ 2,569 $ 9,557 Total other noncurrent liabilities $ 29,474 $ 2,569 $ 32,043 Stockholders' Equity Retained earnings 1 $ 30,536 $ 72 $ 30,608 DowDuPont's stockholders' equity $ 94,571 $ 72 $ 94,643 Total equity $ 96,179 $ 72 $ 96,251 Total Liabilities and Equity $ 188,030 $ 3,371 $ 191,401 1. The net impact to retained earnings was primarily a result of the recognition of a deferred gain associated with a prior sale-leaseback transaction. The adoption of the new guidance did not have a material impact on the Company's consolidated statement of income and had no impact on the consolidation statement of cash flows. Accounting Guidance Issued But Not Adopted at March 31, 2019 In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement," which is part of the FASB disclosure framework project to improve the effectiveness of disclosures in the notes to the financial statements. The amendments in the new guidance remove, modify and add certain disclosure requirements related to fair value measurements covered in ASC 820, "Fair Value Measurement." The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for either the entire standard or only the requirements that modify or eliminate the disclosure requirements, with certain requirements applied prospectively, and all other requirements applied retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance. In August 2018, the FASB issued ASU 2018-15, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract," which requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350, "Intangibles - Goodwill and Other" to determine which implementation costs to capitalize as assets or expense as incurred. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted and an entity can elect to apply the new guidance on a prospective or retrospective basis. The Company is currently evaluating the impact of adopting this guidance. |
RECENT ACCOUNTING GUIDANCE (Tab
RECENT ACCOUNTING GUIDANCE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Standards Update 2016-02 [Member] | Opening Balance Adjustment [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Summary of Changes to the Consolidated Balance Sheet As Reported Dec 31, 2018 Effect of Adoption of ASU 2016-02 Updated Jan 1, 2019 In millions Assets Net property $ 35,848 $ 9 $ 35,857 Deferred income tax assets $ 1,724 $ (24 ) $ 1,700 Deferred charges and other assets $ 2,476 $ 3,386 $ 5,862 Total other assets $ 94,197 $ 3,362 $ 97,559 Total Assets $ 188,030 $ 3,371 $ 191,401 Liabilities Long-term debt due within one year $ 637 $ 1 $ 638 Accrued and other current liabilities $ 7,943 $ 721 $ 8,664 Total current liabilities $ 24,715 $ 722 $ 25,437 Long-Term Debt $ 37,662 $ 8 $ 37,670 Other noncurrent obligations $ 6,988 $ 2,569 $ 9,557 Total other noncurrent liabilities $ 29,474 $ 2,569 $ 32,043 Stockholders' Equity Retained earnings 1 $ 30,536 $ 72 $ 30,608 DowDuPont's stockholders' equity $ 94,571 $ 72 $ 94,643 Total equity $ 96,179 $ 72 $ 96,251 Total Liabilities and Equity $ 188,030 $ 3,371 $ 191,401 1. The net impact to retained earnings was primarily a result of the recognition of a deferred gain associated with a prior sale-leaseback transaction. |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | 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. Net Trade Sales by Segment and Business or Major Product Line 1 Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Crop Protection $ 1,425 $ 1,495 Seed 1,972 2,313 Agriculture $ 3,397 $ 3,808 Coatings & Performance Monomers $ 890 $ 941 Consumer Solutions 1,365 1,363 Performance Materials & Coatings $ 2,255 $ 2,304 Industrial Solutions $ 1,103 $ 1,155 Polyurethanes & CAV 2,296 2,556 Other 3 4 Industrial Intermediates & Infrastructure $ 3,402 $ 3,715 Hydrocarbons & Energy $ 1,380 $ 1,800 Packaging and Specialty Plastics 3,730 4,210 Packaging & Specialty Plastics $ 5,110 $ 6,010 Advanced Printing $ 119 $ 122 Display Technologies 84 60 Interconnect Solutions 238 281 Photovoltaic & Advanced Materials 254 289 Semiconductor Technologies 383 401 Electronics & Imaging $ 1,078 $ 1,153 Industrial Biosciences $ 494 $ 541 Nutrition & Health 1,165 1,179 Nutrition & Biosciences $ 1,659 $ 1,720 Engineering Polymers $ 663 $ 668 Performance Resins 308 351 Performance Solutions 384 406 Transportation & Advanced Polymers $ 1,355 $ 1,425 Aramids $ 424 $ 393 Construction 327 385 TYVEK® Enterprise 310 292 Water Solutions 261 229 Safety & Construction $ 1,322 $ 1,299 Corporate $ 71 $ 76 Total $ 19,649 $ 21,510 1. Beginning in the third quarter of 2018, DowDuPont realigned certain global businesses and product lines in preparation for the Intended Business Separations. These changes have been retrospectively reflected in the results presented. Net Trade Sales by Geographic Region Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 U.S. & Canada $ 7,014 $ 7,909 EMEA 1 6,269 6,919 Asia Pacific 4,639 4,790 Latin America 1,727 1,892 Total $ 19,649 $ 21,510 1. Europe, Middle East and Africa. |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Balances Mar 31, 2019 Dec 31, 2018 In millions Accounts and notes receivable - Trade $ 13,963 $ 12,376 Contract assets - current 1 $ 62 $ 85 Contract assets - noncurrent 2 $ 47 $ 47 Contract liabilities - current 3 $ 2,266 $ 2,092 Contract liabilities - noncurrent 4 $ 1,767 $ 1,420 1. Included in "Other current assets" in the consolidated balance sheets. 2. Included in "Deferred charges and other assets" in the consolidated balance sheets. 3. Included in "Accrued and other current liabilities" in the consolidated balance sheets. 4. Included in "Other noncurrent obligations" in the consolidated balance sheets. |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
DowDuPont Agricultural Division Restructuring Program | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of restructuring reserve activity | The following table summarizes the activities related to the Agriculture Division Program. At March 31, 2019, $58 million ( $77 million at December 31, 2018) was included in "Accrued and other current liabilities" in the consolidated balance sheets. Agriculture Division Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Total (In millions) Reserve balance at Dec 31, 2018 $ 77 $ — $ 77 2019 restructuring charges and adjustments 1 (4 ) 3 (1 ) Charges against the reserve — (3 ) (3 ) Cash payments (15 ) — (15 ) Reserve balance at Mar 31, 2019 $ 58 $ — $ 58 1. Included in "Restructuring and asset related charges - net" in the consolidated statements of income. |
DowDuPont Cost Synergy Program | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of restructuring reserve activity | The following table summarizes the activities related to the Synergy Program. At March 31, 2019, $464 million was included in "Accrued and other current liabilities" ( $490 million at December 31, 2018) and $99 million was included in "Other noncurrent obligations" ( $84 million at December 31, 2018) in the consolidated balance sheets. Synergy Program Severance and Related Benefit Costs Asset Write-downs and Write-offs Costs Associated with Exit and Disposal Activities Total In millions Reserve balance at Dec 31, 2018 $ 491 $ — $ 83 $ 574 2019 restructuring charges 112 116 52 280 Charges against the reserve — (115 ) — (115 ) Cash payments (140 ) — (36 ) (176 ) Reserve balance at Mar 31, 2019 $ 463 $ 1 $ 99 $ 563 |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of sundry income (expense), net | The following table provides the most significant transactions recorded in "Sundry income (expense) - net" for the three months ended March 31, 2019 and 2018: Sundry Income (Expense) - Net Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Non-operating pension and other postretirement benefit plan net credit $ 108 $ 110 Interest income $ 75 $ 55 Gains on sales of other assets and investments, net 1 $ 50 $ 34 Foreign exchange losses, net 2 $ (11 ) $ (148 ) 1. Includes a $51 million gain related to a sale of assets by Historical DuPont and $24 million loss related to Historical Dow's sale of a joint venture in the first quarter of 2019. Includes a $20 million gain in the first quarter of 2018 related to Historical Dow's sale of its equity interest in MEGlobal. 2. Includes a $50 million foreign exchange loss in the first quarter of 2018 related to adjustments to Historical DuPont's foreign currency exchange contracts as a result of U.S. tax reform. |
EARNINGS PER SHARE CALCULATIO_2
EARNINGS PER SHARE CALCULATIONS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the three months ended March 31, 2019 and 2018 : Net Income for Earnings Per Share Calculations - Basic Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Income from continuing operations, net of tax $ 571 $ 1,153 Net income attributable to noncontrolling interests (51 ) (44 ) Net income attributable to participating securities 1 (1 ) (6 ) Income from continuing operations attributable to common stockholders $ 519 $ 1,103 Loss from discontinued operations, net of tax — (5 ) Net income attributable to common stockholders $ 519 $ 1,098 Earnings Per Share Calculations - Basic Three Months Ended Mar 31, 2019 Mar 31, 2018 Dollars per share Income from continuing operations attributable to common stockholders $ 0.23 $ 0.47 Loss from discontinued operations, net of tax — — Net income attributable to common stockholders $ 0.23 $ 0.47 Net Income for Earnings Per Share Calculations - Diluted Three Months Ended Mar 31, 2019 Mar 31, 2018 In millions Income from continuing operations, net of tax $ 571 $ 1,153 Net income attributable to noncontrolling interests (51 ) (44 ) Net income attributable to participating securities 1 (1 ) (6 ) Income from continuing operations attributable to common stockholders $ 519 $ 1,103 Loss from discontinued operations, net of tax — (5 ) Net income attributable to common stockholders $ 519 $ 1,098 Earnings Per Share Calculations - Diluted Three Months Ended Mar 31, 2019 Mar 31, 2018 Dollars per share Income from continuing operations attributable to common stockholders $ 0.23 $ 0.47 Loss from discontinued operations, net of tax — — Net income attributable to common stockholders $ 0.23 $ 0.47 Share Count Information Three Months Ended Mar 31, 2019 Mar 31, 2018 Shares in millions Weighted-average common shares - basic 2,250.1 2,317.0 Plus dilutive effect of equity compensation plans 9.1 17.3 Weighted-average common shares - diluted 2,259.2 2,334.3 Stock options and restricted stock units excluded from EPS calculations 2 19.2 5.3 1. Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. 2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | The following table provides a breakdown of inventories: Inventories Mar 31, 2019 Dec 31, 2018 In millions Finished goods $ 10,060 $ 9,814 Work in process 3,561 3,969 Raw materials 1,461 1,419 Supplies 1,276 1,321 Total $ 16,358 $ 16,523 Adjustment of inventories to a LIFO basis 246 98 Total inventories $ 16,604 $ 16,621 |
NONCONSOLIDATED AFFILIATES NONC
NONCONSOLIDATED AFFILIATES NONCONSOLIDATED AFFILIATES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Nonconsolidated Affiliates - Investments [Table Text Block] | The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the consolidated balance sheets, are shown in the following table: Investments in Nonconsolidated Affiliates Mar 31, 2019 Dec 31, 2018 In millions Investment in nonconsolidated affiliates $ 4,687 $ 5,204 Accrued and other current liabilities (81 ) (81 ) Other noncurrent obligations (870 ) (495 ) Net investment in nonconsolidated affiliates $ 3,736 $ 4,628 |
Nonconsolidated Affiliates - HSC Group Investments [Table Text Block] | The following table reflects the carrying value of the HSC Group investments at March 31, 2019 and December 31, 2018: Investment in the HSC Group Investment In millions Balance Sheet Classification Mar 31, 2019 Dec 31, 2018 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (658 ) $ (495 ) DC HSC Holdings LLC Investment in nonconsolidated affiliates $ 485 $ 535 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Goodwill Agri-culture Perf. Materials & Coatings Ind. Interm. & Infrast. Pack. & Spec. Plastics Elect. & Imaging Nutrition & Biosciences Transp. & Adv. Polymers Safety & Const. Total In millions Net goodwill at Dec 31, 2018 $ 14,689 $ 3,650 $ 1,096 $ 5,101 $ 8,188 $ 12,643 $ 6,967 $ 6,698 $ 59,032 Foreign currency impact 11 (20 ) (2 ) (7 ) (3 ) (29 ) (15 ) (19 ) (84 ) Net goodwill at Mar 31, 2019 $ 14,700 $ 3,630 $ 1,094 $ 5,094 $ 8,185 $ 12,614 $ 6,952 $ 6,679 $ 58,948 |
Schedule of other finite intangible assets | The following table provides information regarding the Company's other intangible assets: Other Intangible Assets Mar 31, 2019 Dec 31, 2018 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 8,179 $ (2,731 ) $ 5,448 $ 7,761 $ (2,562 ) $ 5,199 Software 1,539 (900 ) 639 1,529 (876 ) 653 Trademarks/tradenames 1,763 (773 ) 990 1,772 (745 ) 1,027 Customer-related 14,208 (3,095 ) 11,113 14,236 (2,895 ) 11,341 Microbial cell factories 384 (26 ) 358 386 (22 ) 364 Favorable supply contracts 493 (136 ) 357 475 (111 ) 364 Other 2 612 (204 ) 408 620 (203 ) 417 Total other intangible assets with finite lives $ 27,178 $ (7,865 ) $ 19,313 $ 26,779 $ (7,414 ) $ 19,365 Intangible assets with indefinite lives: IPR&D 1 149 — 149 594 — 594 Germplasm 3 6,265 — 6,265 6,265 — 6,265 Trademarks/tradenames 4,740 — 4,740 4,741 — 4,741 Total other intangible assets $ 38,332 $ (7,865 ) $ 30,467 $ 38,379 $ (7,414 ) $ 30,965 1. During the first quarter of 2019, Historical DuPont announced an expanded launch of its Qrome® corn hybrids following the receipt of regulatory approval from China. As a result, Historical DuPont reclassified the amounts from indefinite-lived IPR&D to developed technology. 2. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. 3. Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual or other factors which limit its useful life. |
Schedule of other indefinite intangible assets | The following table provides information regarding the Company's other intangible assets: Other Intangible Assets Mar 31, 2019 Dec 31, 2018 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 8,179 $ (2,731 ) $ 5,448 $ 7,761 $ (2,562 ) $ 5,199 Software 1,539 (900 ) 639 1,529 (876 ) 653 Trademarks/tradenames 1,763 (773 ) 990 1,772 (745 ) 1,027 Customer-related 14,208 (3,095 ) 11,113 14,236 (2,895 ) 11,341 Microbial cell factories 384 (26 ) 358 386 (22 ) 364 Favorable supply contracts 493 (136 ) 357 475 (111 ) 364 Other 2 612 (204 ) 408 620 (203 ) 417 Total other intangible assets with finite lives $ 27,178 $ (7,865 ) $ 19,313 $ 26,779 $ (7,414 ) $ 19,365 Intangible assets with indefinite lives: IPR&D 1 149 — 149 594 — 594 Germplasm 3 6,265 — 6,265 6,265 — 6,265 Trademarks/tradenames 4,740 — 4,740 4,741 — 4,741 Total other intangible assets $ 38,332 $ (7,865 ) $ 30,467 $ 38,379 $ (7,414 ) $ 30,965 1. During the first quarter of 2019, Historical DuPont announced an expanded launch of its Qrome® corn hybrids following the receipt of regulatory approval from China. As a result, Historical DuPont reclassified the amounts from indefinite-lived IPR&D to developed technology. 2. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. 3. Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual or other factors which limit its useful life. |
Schedule of amortization expense | The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Other intangible assets, excluding software $ 474 $ 474 Software, included in "Cost of sales" $ 25 $ 23 |
Schedule of estimated future amortization expense | Total estimated amortization expense for 2019 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions 2019 $ 2,008 2020 $ 1,893 2021 $ 1,851 2022 $ 1,760 2023 $ 1,612 2024 $ 1,500 |
TRANSFERS OF FINANCIAL ASSETS (
TRANSFERS OF FINANCIAL ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Schedule of Cash Proceeds | The following represents the cash flows between Historical Dow and the conduits: Cash Proceeds Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Interests in conduits 1 $ — $ 445 1. Presented in "Investing Activities" in the consolidated statements of cash flows. |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | The following table provides a summary of the final expiration, maximum future payments and recorded liability reflected in the consolidated balance sheets for each type of guarantee: Guarantees Mar 31, 2019 Dec 31, 2018 In millions Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Historical Dow guarantees 2023 $ 4,514 $ 15 2023 $ 4,523 $ 25 Historical DuPont guarantees 2022 239 — 2022 255 — Total guarantees $ 4,753 $ 15 $ 4,778 $ 25 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense [Table Text Block] | Lease Cost Three Months Ended Mar 31, 2019 (In millions) Operating lease cost $ 201 Finance lease cost Amortization of right-of-use assets $ 41 Interest on lease liabilities 7 Total finance lease cost $ 48 Short-term lease cost $ 60 Variable lease cost 89 Sublease income (9 ) Total lease cost $ 389 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | Other Lease Information Three Months Ended Mar 31, 2019 (In millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 210 Operating cash flows from finance leases $ 7 Financing cash flows from finance leases $ 23 |
Schedule of Lease Assets and Liabilities [Table Text Block] | Lease Position Mar 31, 2019 (In millions) Operating Leases Operating lease right-of-use assets 1 $ 3,287 Current operating lease liabilities 2 $ 690 Noncurrent operating lease liabilities 3 2,620 Total operating lease liabilities $ 3,310 Finance Leases Property $ 589 Accumulated depreciation (181 ) Net Property $ 408 Long-term debt due within one year 63 Long-Term Debt 432 Total finance lease liabilities $ 495 1. Included in "Deferred charges and other assets" in the consolidated balance sheet. 2. Included in "Accrued and other current liabilities" in the consolidated balance sheet. 3. Included in "Other noncurrent obligations" in the consolidated balance sheet. |
Lease Terms and Discount Rates [Table Text Block] | Lease Term and Discount Rate Mar 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.98 Finance leases 15.54 Weighted-average discount rate Operating leases 3.97 % Finance leases 6.25 % |
Maturities of Lease Liabilities [Table Text Block] | Maturity of Lease Liabilities at Mar 31, 2019 Operating Leases Finance Leases (In millions) 2019 $ 621 $ 74 2020 686 78 2021 553 73 2022 450 71 2023 346 80 2024 and thereafter 1,286 315 Total future undiscounted lease payments $ 3,942 $ 691 Less: Interest 632 196 Present value of lease liabilities $ 3,310 $ 495 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year at December 31, 2018 were as follows: Minimum Lease Commitments at Dec 31, 2018 (In millions) 2019 $ 654 2020 497 2021 418 2022 363 2023 297 2024 and thereafter 1,063 Total $ 3,292 |
Lease Guarantees [Table Text Block] | Lease Guarantees Mar 31, 2019 Dec 31, 2018 (In millions) Final Expiration Maximum Future Payments Recorded Liability Final Expiration Maximum Future Payments Recorded Liability Residual value guarantees 2028 $ 931 $ — 2028 $ 889 $ 130 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of Components of Other Comprehensive Income (Loss) | The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the three months ended March 31, 2019 and 2018 : Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and Other Postretire Benefits Derivative Instruments Total Accum Other Comp Loss In millions Balance at Jan 1, 2018 $ 17 $ (1,935 ) $ (6,923 ) $ (111 ) $ (8,952 ) Other comprehensive income (loss) before reclassifications (26 ) 1,333 4 (4 ) 1,307 Amounts reclassified from accumulated other comprehensive income 1 — 126 21 148 Net other comprehensive income (loss) $ (25 ) $ 1,333 $ 130 $ 17 $ 1,455 Balance at Mar 31, 2018 $ (8 ) $ (602 ) $ (6,793 ) $ (94 ) $ (7,497 ) Balance at Jan 1, 2019 $ (51 ) $ (3,785 ) $ (8,476 ) $ (82 ) $ (12,394 ) Other comprehensive income (loss) before reclassifications 68 (79 ) (7 ) (65 ) (83 ) Amounts reclassified from accumulated other comprehensive income (loss) (1 ) (18 ) 142 (10 ) 113 Net other comprehensive income (loss) $ 67 $ (97 ) $ 135 $ (75 ) $ 30 Balance at Mar 31, 2019 $ 16 $ (3,882 ) $ (8,341 ) $ (157 ) $ (12,364 ) The tax effects on the net activity related to each component of other comprehensive income (loss) for the three months ended March 31, 2019 and 2018 were as follows: Tax Benefit (Expense) 1 Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Unrealized (losses) gains on investments $ (18 ) $ 6 Cumulative translation adjustments (1 ) 5 Pension and other postretirement benefit plans (32 ) (30 ) Derivative instruments 24 (1 ) Tax expense from income taxes related to other comprehensive income items $ (27 ) $ (20 ) 1. Prior period amounts were updated to conform with the current year presentation. |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | A summary of the reclassifications out of AOCL for the three months ended March 31, 2019 and 2018 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended Consolidated Statements of Income Classification Mar 31, 2019 Mar 31, 2018 In millions Unrealized (gains) losses on investments $ (1 ) $ 2 See (1) below Tax benefit — (1 ) See (2) below After tax $ (1 ) $ 1 Cumulative translation adjustments $ (18 ) $ — See (3) below Pension and other postretirement benefit plans $ 167 $ 154 See (4) below Tax benefit (25 ) (28 ) See (2) below After tax $ 142 $ 126 Derivative Instruments $ (11 ) $ 26 See (5) below Tax expense (benefit) 1 (5 ) See (2) below After tax $ (10 ) $ 21 Total reclassifications for the period, after tax $ 113 $ 148 1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes on continuing operations." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other postretirement benefit plans. See Note 18 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense and amortization of debt discount. |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule Of Noncontrolling Interest | The following table summarizes the activity for equity attributable to noncontrolling interests for the three months ended March 31, 2019 and 2018 : Noncontrolling Interests Three Months Ended In millions Mar 31, Mar 31, Balance at beginning of period $ 1,608 $ 1,597 Net income attributable to noncontrolling interests 51 44 Distributions to noncontrolling interests (11 ) (27 ) Noncontrolling interests from Merger 1 — 56 Cumulative translation adjustments 7 (6 ) Other (1 ) — Balance at end of period $ 1,654 $ 1,664 1. Relates to Merger and subsequent measurement period adjustments. |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of net periodic benefit costs | The following table provides the components of net periodic benefit cost (credit) for Historical Dow and Historical DuPont's significant plans: Net Periodic Benefit Cost (Credit) for All Significant Plans Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Defined Benefit Pension Plans: Service cost $ 131 $ 167 Interest cost 447 408 Expected return on plan assets (713 ) (709 ) Amortization of prior service credit (6 ) (6 ) Amortization of net loss 133 171 Net periodic benefit cost (credit) $ (8 ) $ 31 Other Postretirement Benefits: Service cost $ 4 $ 5 Interest cost 37 32 Amortization of net gain (6 ) (6 ) Net periodic benefit cost $ 35 $ 31 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of the fair value of financial instruments | The following table summarizes the fair value of financial instruments at March 31, 2019 and December 31, 2018 : Fair Value of Financial Instruments Mar 31, 2019 Dec 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 7,384 $ 9 $ — $ 7,393 $ 9,951 $ 12 $ — $ 9,963 Restricted cash equivalents 1 $ 480 $ — $ — $ 480 $ 500 $ — $ — $ 500 Marketable securities: Available-for-sale 2 $ 101 $ — $ — $ 101 $ 100 $ — $ — $ 100 Held-to-maturity 3 18 — — 18 34 — — 34 Total marketable securities $ 119 $ — $ — $ 119 $ 134 $ — $ — $ 134 Other investments: Debt securities: Government debt 4 $ 694 $ 17 $ (9 ) $ 702 $ 714 $ 9 $ (23 ) $ 700 Corporate bonds 1,051 43 (21 ) 1,073 1,026 20 (63 ) 983 Total debt securities $ 1,745 $ 60 $ (30 ) $ 1,775 $ 1,740 $ 29 $ (86 ) $ 1,683 Equity securities 5 $ 17 $ 5 $ — $ 22 $ 17 $ 1 $ (2 ) $ 16 Total other investments $ 1,762 $ 65 $ (30 ) $ 1,797 $ 1,757 $ 30 $ (88 ) $ 1,699 Total cash and restricted cash equivalents, marketable securities and other investments $ 9,745 $ 74 $ (30 ) $ 9,789 $ 12,342 $ 42 $ (88 ) $ 12,296 Long-term debt including debt due within one year 6 $ (38,975 ) $ 102 $ (2,470 ) $ (41,343 ) $ (38,299 ) $ 390 $ (1,457 ) $ (39,366 ) Derivatives relating to: Interest rates $ — $ — $ (181 ) $ (181 ) $ — $ — $ (64 ) $ (64 ) Foreign currency 7 — 128 (17 ) 111 — 157 (49 ) 108 Commodities 7 — 88 (147 ) (59 ) — 91 (178 ) (87 ) Total derivatives $ — $ 216 $ (345 ) $ (129 ) $ — $ 248 $ (291 ) $ (43 ) 1. Classified as "Other current assets" in the consolidated balance sheets. 2. Available-for-sale securities with maturities of less than one year at the time of purchase. 3. Held-to-maturity securities with maturities of more than three months to less than one year at the time of purchase. 4. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 5. Equity securities with a readily determinable fair value. 6. Cost includes fair value adjustments of $69 million at March 31, 2019 and $78 million at December 31, 2018 , related to the accounting for the Merger. Cost also includes fair value hedge adjustments of $17 million at March 31, 2019 and $18 million at December 31, 2018 on $2,290 million of debt at March 31, 2019 and December 31, 2018 . 7. Presented net of cash collateral where master netting arrangements allow. |
Schedule of investing results | The Company's investments in debt securities are primarily classified as available-for-sale. For the three months ended March 31, 2019 , $35 million of marketable securities matured. The following table provides the investing results from available-for-sale securities for the three months ended March 31, 2019 and 2018 : Investing Results Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Proceeds from sales of available-for-sale securities $ 159 $ 348 Gross realized gains $ 6 $ 7 Gross realized losses $ (5 ) $ (9 ) |
Schedule of fair value of derivative instruments using Level 2 inputs | The following tables provide the fair value and balance sheet classification of derivative instruments at March 31, 2019 and December 31, 2018 : Fair Value of Derivative Instruments Mar 31, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 161 $ (89 ) $ 72 Commodity contracts Other current assets 31 (5 ) 26 Commodity contracts Deferred charges and other assets 57 (4 ) 53 Total $ 249 $ (98 ) $ 151 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 87 $ (31 ) $ 56 Commodity contracts Other current assets 8 (1 ) 7 Commodity contracts Deferred charges and other assets 4 (2 ) 2 Total $ 99 $ (34 ) $ 65 Total asset derivatives $ 348 $ (132 ) $ 216 Liability derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other noncurrent obligations $ 181 $ — $ 181 Foreign currency contracts Accrued and other current liabilities 98 (89 ) 9 Commodity contracts Accrued and other current liabilities 93 (6 ) 87 Commodity contracts Other noncurrent obligations 60 (8 ) 52 Total $ 432 $ (103 ) $ 329 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 37 $ (29 ) $ 8 Commodity contracts Accrued and other current liabilities 8 (4 ) 4 Commodity contracts Other noncurrent obligations 7 (3 ) 4 Total $ 52 $ (36 ) $ 16 Total liability derivatives $ 484 $ (139 ) $ 345 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Fair Value of Derivative Instruments Dec 31, 2018 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 98 $ (42 ) $ 56 Commodity contracts Other current assets 47 (13 ) 34 Commodity contracts Deferred charges and other assets 18 (3 ) 15 Total $ 163 $ (58 ) $ 105 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 200 $ (99 ) $ 101 Commodity contracts Other current assets 41 (1 ) 40 Commodity contracts Deferred charges and other assets 4 (2 ) 2 Total $ 245 $ (102 ) $ 143 Total asset derivatives $ 408 $ (160 ) $ 248 Liability derivatives: Derivatives designated as hedging instruments: Interest rate swaps Other noncurrent obligations $ 64 $ — $ 64 Foreign currency contracts Accrued and other current liabilities 46 (42 ) 4 Commodity contracts Accrued and other current liabilities 111 (18 ) 93 Commodity contracts Other noncurrent obligations 86 (9 ) 77 Total $ 307 $ (69 ) $ 238 Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 124 $ (79 ) $ 45 Commodity contracts Accrued and other current liabilities 7 (4 ) 3 Commodity contracts Other noncurrent obligations 8 (3 ) 5 Total $ 139 $ (86 ) $ 53 Total liability derivatives $ 446 $ (155 ) $ 291 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of the fair value of assets and liabilities measured on a recurring basis | The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at Mar 31, 2019 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Total In millions Assets at fair value: Cash equivalents 1 $ — $ 7,393 $ 7,393 Restricted cash equivalents 1 — 480 480 Marketable securities 2 — 119 119 Equity securities 3 21 — 21 Debt securities: 3 Government debt 4 — 702 702 Corporate bonds 19 1,054 1,073 Derivatives relating to: 5 Foreign currency — 247 247 Commodities 10 90 100 Total assets at fair value $ 50 $ 10,085 $ 10,135 Liabilities at fair value: Long-term debt including debt due within one year 6 $ — $ 41,343 $ 41,343 Derivatives relating to: 5 Interest rates — 181 181 Foreign currency — 134 134 Commodities 13 155 168 Total liabilities at fair value $ 13 $ 41,813 $ 41,826 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 consolidated balance sheets and held at amortized cost, which approximates fair value. 2. Primarily time deposits with maturities of greater than three months at time of acquisition. 3. The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 4. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 5. See Note 20 for the classification of derivatives in the consolidated balance sheets. 6. See Note 20 for information on fair value measurements of long-term debt. Basis of Fair Value Measurements on a Recurring Basis at Dec 31, 2018 Quoted Prices in Active Markets for Identical Items (Level 1) Significant Other Observable Inputs (Level 2) Total In millions Assets at fair value: Cash equivalents 1 $ — $ 9,963 $ 9,963 Restricted cash equivalents 1 — 500 500 Marketable securities 2 — 134 134 Equity securities 3 16 — 16 Debt securities: 3 Government debt 4 — 700 700 Corporate bonds — 983 983 Derivatives relating to: 5 Foreign currency — 298 298 Commodities 17 93 110 Total assets at fair value $ 33 $ 12,671 $ 12,704 Liabilities at fair value: Long-term debt including debt due within one year 6 $ — $ 39,366 $ 39,366 Derivatives relating to: 5 Interest rates — 64 64 Foreign currency — 170 170 Commodities 23 189 212 Total liabilities at fair value $ 23 $ 39,789 $ 39,812 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 consolidated balance sheets and held at amortized cost, which approximates fair value. 2. Primarily time deposits with maturities of greater than three months at time of acquisition. 3. The Company’s investments in debt securities, which are primarily available-for-sale, and equity securities are included in “Other investments” in the consolidated balance sheets. 4. U.S. Treasury obligations, U.S. agency obligations, agency mortgage-backed securities and other municipalities’ obligations. 5. See Note 20 for the classification of derivatives in the consolidated balance sheets. 6. See Note 20 for information on fair value measurements of long-term debt. |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of assets and liabilities of Consolidated VIEs | The following table summarizes the carrying amounts of these entities’ assets and liabilities included in the Company’s consolidated balance sheets at March 31, 2019 and December 31, 2018 : Assets and Liabilities of Consolidated VIEs Mar 31, 2019 Dec 31, 2018 In millions Cash and cash equivalents $ 109 $ 82 Other current assets 116 114 Net property 718 734 Other noncurrent assets 60 45 Total assets 1 $ 1,003 $ 975 Current liabilities $ 318 $ 334 Long-term debt 43 75 Other noncurrent obligations 46 31 Total liabilities 2 $ 407 $ 440 1. All assets were restricted at March 31, 2019 and December 31, 2018 . 2. All liabilities were nonrecourse at March 31, 2019 and December 31, 2018 . |
VARIABLE INTEREST ENTITIES Nonc
VARIABLE INTEREST ENTITIES Nonconsolidated Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Variable Interest Entity, Not Primary Beneficiary, Aggregated Disclosure [Member] | |
Variable Interest Entity [Line Items] | |
Schedule of Variable Interest Entities [Table Text Block] | The Company's maximum exposure to loss is the same as the carrying amounts, unless otherwise noted below. Carrying Amounts of Assets and Liabilities Related to Nonconsolidated VIEs Mar 31, Dec 31, In millions Description of asset or liability Hemlock Semiconductor L.L.C. Equity method investment 1 $ (658 ) $ (495 ) Silicon joint ventures Equity method investments 2 $ 96 $ 100 AgroFresh Solutions, Inc. Equity method investment 2 $ 45 $ 48 Other receivable 3 $ 8 $ 8 1. Classified as "Other noncurrent obligations" in the consolidated balance sheets. The Company's maximum exposure to loss was zero at March 31, 2019 ( zero at December 31, 2018 ). 2. Classified as "Investment in nonconsolidated affiliates" in the consolidated balance sheets. 3. Classified as "Accounts and notes receivable - Other" in the consolidated balance sheets. |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Schedule of Operating Segment Information | Segment Information Agri-culture Perf. Materials & Coatings Ind. Interm. & Infrast. Pack. & Spec. Plastics Elect. & Imaging Nutrition & Biosciences Transp. & Adv. Polymers Safety & Const. Corp. Total In millions Three months ended Mar 31, 2019 Net sales $ 3,397 $ 2,255 $ 3,402 $ 5,110 $ 1,078 $ 1,659 $ 1,355 $ 1,322 $ 71 $ 19,649 Operating EBITDA 1 $ 667 $ 481 $ 448 $ 993 $ 385 $ 390 $ 414 $ 411 $ (170 ) $ 4,019 Equity in earnings (losses) of nonconsolidated affiliates $ — $ — $ (48 ) $ 38 $ 29 $ 4 $ 2 $ 7 $ (6 ) $ 26 Three months ended Mar 31, 2018 Net sales $ 3,808 $ 2,304 $ 3,715 $ 6,010 $ 1,153 $ 1,720 $ 1,425 $ 1,299 $ 76 $ 21,510 Operating EBITDA 1 $ 891 $ 586 $ 654 $ 1,301 $ 398 $ 418 $ 437 $ 354 $ (168 ) $ 4,871 Equity in earnings (losses) of nonconsolidated affiliates $ (1 ) $ — $ 149 $ 59 $ 48 $ 3 $ 3 $ 5 $ (9 ) $ 257 1. A reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA is provided below. |
Reconciliation of Income from Continuing Operations, net of tax to Pro Forma Operating EBITDA | Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA Three Months Ended In millions Mar 31, 2019 Mar 31, 2018 Income from continuing operations, net of tax $ 571 $ 1,153 + Provision for income taxes on continuing operations 209 389 Income from continuing operations before income taxes $ 780 $ 1,542 + Depreciation and amortization 1,519 1,484 - Interest income 1 75 55 + Interest expense and amortization of debt discount 454 350 - Foreign exchange gains (losses), net 1, 2 (11 ) (98 ) - Significant items (1,330 ) (1,452 ) Operating EBITDA $ 4,019 $ 4,871 1. Included in "Sundry income (expense) - net." 2. Excludes a $50 million pretax foreign exchange loss significant item related to adjustments to Historical DuPont's foreign currency exchange contracts as a result of U.S. tax reform during the three months ended March 31, 2018. |
Schedule of Certain Items by Segment | The following tables summarize the pretax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended Mar 31, 2019 Agri-culture Perf. Materials & Coatings Ind. Interm. & Infrast. Pack. & Spec. Plastics Elect. & Imaging Nutrition & Biosciences Transp. & Adv. Polymers Safety & Const. Corp. Total In millions Loss on divestiture 1 $ (24 ) $ — $ — $ — $ — $ — $ — $ — $ — $ (24 ) Integration and separation costs 2 — — — — — — — — (813 ) (813 ) Inventory step-up amortization 3 (205 ) — — — — — — — — (205 ) Restructuring and asset related charges - net 4, 5 (50 ) — — (13 ) — (27 ) (1 ) (2 ) (195 ) (288 ) Total $ (279 ) $ — $ — $ (13 ) $ — $ (27 ) $ (1 ) $ (2 ) $ (1,008 ) $ (1,330 ) 1. Reflects a loss related to Historical Dow's sale of a joint venture related to actions under the Synergy Program. 2. Integration and separation costs related to the Merger, post-Merger integration and Intended Business Separation activities. 3. Includes the amortization of the fair value step-up of Historical DuPont's inventories as a result of the Merger. 4. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. 5. Includes a $1 million restructuring charge related to an equity affiliate of Transportation & Advanced Polymers that is reflected in "Equity in earnings of nonconsolidated affiliates" in the consolidated statement of income. Significant Items by Segment for the Three Months Ended Mar 31, 2018 Agri-culture Perf. Materials & Coatings Ind. Interm. & Infrast. Pack. & Spec. Plastics Elect. & Imaging Nutrition & Biosciences Transp. & Adv. Polymers Safety & Const. Corp. Total In millions Gain on sale of business/entity 1 $ — $ — $ 20 $ — $ — $ — $ — $ — $ — $ 20 Integration and separation costs 2 — — — — — — — — (457 ) (457 ) Inventory step-up amortization 3 (639 ) — — — — (63 ) — (1 ) — (703 ) Restructuring and asset related charges (credits) - net 4 (58 ) 1 (11 ) (6 ) (1 ) — 1 (7 ) (181 ) (262 ) Income tax related item 5 — — — — — — — — (50 ) (50 ) Total $ (697 ) $ 1 $ 9 $ (6 ) $ (1 ) $ (63 ) $ 1 $ (8 ) $ (688 ) $ (1,452 ) 1. Includes a gain related to Historical Dow's sale of its equity interest in MEGlobal. 2. Integration and separation costs related to the Merger, post-Merger integration and Intended Business Separation activities, and costs related to the ownership restructure of Dow Silicones. 3. Includes the fair value step-up of Historical DuPont's inventories as a result of the Merger and the acquisition of the H&N Business. 4. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 5 for additional information. 5. Includes a foreign exchange loss related to adjustments to Historical DuPont's foreign currency exchange contracts as a result of the U.S. tax reform. |
SUBSEQUENT EVENTS Subsequent Ev
SUBSEQUENT EVENTS Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Event [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | In millions Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 |
RECENT ACCOUNTING GUIDANCE Leas
RECENT ACCOUNTING GUIDANCE Leasing ASU - Balance Sheet Impact (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net property | $ 35,575 | $ 35,848 | |||
Deferred income tax assets | 1,853 | 1,724 | |||
Deferred charges and other assets | 5,801 | 2,476 | |||
Total other assets | 97,069 | 94,197 | |||
Total Assets | 189,785 | 188,030 | |||
Long-term debt due within one year | 4,009 | 637 | |||
Accrued and other current liabilities | 8,672 | 7,943 | |||
Total current liabilities | 28,580 | 24,715 | |||
Long-Term Debt | 34,966 | 37,662 | |||
Other noncurrent obligations | 10,153 | 6,988 | |||
Total other noncurrent liabilities | 32,141 | 29,474 | |||
Retained earnings | 29,764 | 30,536 | |||
DowDuPont's stockholders' equity | 92,444 | 94,571 | |||
Total equity | 94,098 | 96,179 | $ 102,924 | $ 101,927 | |
Total Liabilities and Equity | $ 189,785 | $ 188,030 | |||
Accounting Standards Update 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net property | $ 9 | ||||
Deferred income tax assets | (24) | ||||
Deferred charges and other assets | 3,386 | ||||
Total other assets | 3,362 | ||||
Total Assets | 3,371 | ||||
Long-term debt due within one year | 1 | ||||
Accrued and other current liabilities | 721 | ||||
Total current liabilities | 722 | ||||
Long-Term Debt | 8 | ||||
Other noncurrent obligations | 2,569 | ||||
Total other noncurrent liabilities | 2,569 | ||||
Retained earnings | 72 | ||||
DowDuPont's stockholders' equity | 72 | ||||
Total equity | 72 | ||||
Total Liabilities and Equity | 3,371 | ||||
Updated [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net property | 35,857 | ||||
Deferred income tax assets | 1,700 | ||||
Deferred charges and other assets | 5,862 | ||||
Total other assets | 97,559 | ||||
Total Assets | 191,401 | ||||
Long-term debt due within one year | 638 | ||||
Accrued and other current liabilities | 8,664 | ||||
Total current liabilities | 25,437 | ||||
Long-Term Debt | 37,670 | ||||
Other noncurrent obligations | 9,557 | ||||
Total other noncurrent liabilities | 32,043 | ||||
Retained earnings | 30,608 | ||||
DowDuPont's stockholders' equity | 94,643 | ||||
Total equity | 96,251 | ||||
Total Liabilities and Equity | $ 191,401 |
INTENDED BUSINESS SEPARATIONS -
INTENDED BUSINESS SEPARATIONS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Intended Business Separations [Line Items] | ||
Integration and separation costs | $ 813 | $ 457 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue, Performance Obligation, Description of Timing | 22 years | ||
Net sales | $ 19,649 | $ 21,510 | |
Contract with Customer, Liability, Revenue Recognized | 525 | 640 | |
Accounts and notes receivable - Trade | 13,963 | $ 12,376 | |
Contract assets - current 1 | 62 | 85 | |
Contract assets - noncurrent 2 | 47 | 47 | |
Contract liabilities - current 3 | 2,266 | 2,092 | |
Contract liabilities - noncurrent 4 | 1,767 | 1,420 | |
U.S. & Canada | |||
Net sales | 7,014 | 7,909 | |
EMEA | |||
Net sales | 6,269 | 6,919 | |
Asia Pacific | |||
Net sales | 4,639 | 4,790 | |
Latin America | |||
Net sales | 1,727 | 1,892 | |
Agriculture | |||
Net sales | 3,397 | 3,808 | |
Agriculture | Crop Protection | |||
Net sales | 1,425 | 1,495 | |
Agriculture | Seed | |||
Net sales | 1,972 | 2,313 | |
Performance Materials & Coatings | |||
Net sales | 2,255 | 2,304 | |
Performance Materials & Coatings | Coatings & Performance Monomers | |||
Net sales | 890 | 941 | |
Performance Materials & Coatings | Consumer Solutions | |||
Net sales | 1,365 | 1,363 | |
Industrial Intermediates & Infrastructure | |||
Net sales | 3,402 | 3,715 | |
Industrial Intermediates & Infrastructure | Industrial Solutions | |||
Net sales | 1,103 | 1,155 | |
Industrial Intermediates & Infrastructure | Polyurethanes & CAV | |||
Net sales | 2,296 | 2,556 | |
Industrial Intermediates & Infrastructure | Other | |||
Net sales | 3 | 4 | |
Packaging & Specialty Plastics | |||
Net sales | 5,110 | 6,010 | |
Packaging & Specialty Plastics | Hydrocarbons & Energy | |||
Net sales | 1,380 | 1,800 | |
Packaging & Specialty Plastics | Packaging and Specialty Plastics | |||
Net sales | 3,730 | 4,210 | |
Electronics & Imaging | |||
Net sales | 1,078 | 1,153 | |
Electronics & Imaging | Advanced Printing | |||
Net sales | 119 | 122 | |
Electronics & Imaging | Display Technologies | |||
Net sales | 84 | 60 | |
Electronics & Imaging | Interconnect Solutions | |||
Net sales | 238 | 281 | |
Electronics & Imaging | Photovoltaic & Advanced Materials | |||
Net sales | 254 | 289 | |
Electronics & Imaging | Semiconductor Technologies | |||
Net sales | 383 | 401 | |
Nutrition & Biosciences | |||
Net sales | 1,659 | 1,720 | |
Nutrition & Biosciences | Industrial Biosciences | |||
Net sales | 494 | 541 | |
Nutrition & Biosciences | Nutrition & Health | |||
Net sales | 1,165 | 1,179 | |
Transportation & Advanced Polymers | |||
Net sales | 1,355 | 1,425 | |
Transportation & Advanced Polymers | Engineering Polymers | |||
Net sales | 663 | 668 | |
Transportation & Advanced Polymers | Performance Resins | |||
Net sales | 308 | 351 | |
Transportation & Advanced Polymers | Performance Solutions | |||
Net sales | 384 | 406 | |
Safety & Construction | |||
Net sales | 1,322 | 1,299 | |
Safety & Construction | Aramids | |||
Net sales | 424 | 393 | |
Safety & Construction | Construction | |||
Net sales | 327 | 385 | |
Safety & Construction | Tyvek Enterprise | |||
Net sales | 310 | 292 | |
Safety & Construction | Water Solutions | |||
Net sales | 261 | 229 | |
Corporate | |||
Net sales | $ 71 | $ 76 | |
Product [Member] | |||
Revenue, Percentage from Products and Service Transferred to Customers | 98.00% | 98.00% | |
Material Rights Granted to Customers [Member] | |||
Revenue, Remaining Performance Obligation, Amount | $ 100 | 102 | |
Licensing of Technology [Member] | |||
Revenue, Remaining Performance Obligation, Amount | $ 519 | $ 407 |
RESTRUCTURING AND ASSET RELAT_3
RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 19 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Nov. 01, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | $ 287 | $ 262 | |||
DowDuPont Cost Synergy Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 563 | $ 563 | $ 574 | ||
Restructuring and asset related charges - net | 280 | 260 | 2,027 | ||
Charges Against Reserve | (115) | ||||
Payments for Restructuring | (176) | ||||
Restructuring and Related Cost, Expected Cost | $ 2,200 | ||||
DowDuPont Cost Synergy Program | Restructuring and Asset Related Charges, Net [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 279 | ||||
DowDuPont Cost Synergy Program | Equity in earnings of nonconsolidated affiliates | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 1 | ||||
DowDuPont Cost Synergy Program | Other Noncurrent Liabilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 99 | 99 | 84 | ||
DowDuPont Cost Synergy Program | Accrued And Other Current Liabilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 464 | 464 | 490 | ||
DowDuPont Cost Synergy Program | Severance and Related Benefit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 463 | 463 | 491 | ||
Restructuring and asset related charges - net | 112 | 172 | 1,045 | ||
Charges Against Reserve | 0 | ||||
Payments for Restructuring | (140) | ||||
DowDuPont Cost Synergy Program | Severance and Related Benefit Costs | Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Accrual Adjustment | 112 | ||||
DowDuPont Cost Synergy Program | Asset Write-downs and Write-offs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 1 | 1 | 0 | ||
Restructuring and asset related charges - net | 116 | 48 | 695 | ||
Charges Against Reserve | (115) | ||||
Payments for Restructuring | 0 | ||||
DowDuPont Cost Synergy Program | Asset Write-downs and Write-offs | Agriculture | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 28 | ||||
DowDuPont Cost Synergy Program | Asset Write-downs and Write-offs | Safety & Construction | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 2 | ||||
DowDuPont Cost Synergy Program | Asset Write-downs and Write-offs | Transportation & Advanced Polymers Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 1 | ||||
DowDuPont Cost Synergy Program | Asset Write-downs and Write-offs | Packaging and Specialty Plastics | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 1 | ||||
DowDuPont Cost Synergy Program | Asset Write-downs and Write-offs | Nutrition & Biosciences Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 10 | ||||
DowDuPont Cost Synergy Program | Asset Write-downs and Write-offs | Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 74 | ||||
DowDuPont Cost Synergy Program | Costs Associated With Exit Or Disposal Activities | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 99 | 99 | $ 83 | ||
Restructuring and asset related charges - net | 52 | $ 40 | $ 287 | ||
Charges Against Reserve | 0 | ||||
Payments for Restructuring | (36) | ||||
DowDuPont Cost Synergy Program | Costs Associated With Exit Or Disposal Activities | Agriculture | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 19 | ||||
DowDuPont Cost Synergy Program | Costs Associated With Exit Or Disposal Activities | Nutrition & Biosciences Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | 18 | ||||
DowDuPont Cost Synergy Program | Costs Associated With Exit Or Disposal Activities | Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and asset related charges - net | $ 15 |
RESTRUCTURING AND ASSET RELAT_4
RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Agriculture Division Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring, asset related charges and adjustments (benefit) | $ 287 | $ 262 | |||
DowDuPont Agricultural Division Restructuring Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 96 | ||||
Restructuring, asset related charges and adjustments (benefit) | (1) | $ 83 | |||
Charges Against Reserve | (3) | ||||
Payments for Restructuring | (15) | ||||
Restructuring Reserve | 58 | 58 | $ 77 | ||
DowDuPont Agricultural Division Restructuring Program | Accrued And Other Current Liabilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 77 | ||||
DowDuPont Agricultural Division Restructuring Program | Severance and Related Benefit Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 83 | ||||
Restructuring, asset related charges and adjustments (benefit) | (4) | 74 | |||
Charges Against Reserve | 0 | ||||
Payments for Restructuring | (15) | ||||
Restructuring Reserve | 58 | 58 | 77 | ||
DowDuPont Agricultural Division Restructuring Program | Severance and Related Benefit Costs | Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring, asset related charges and adjustments (benefit) | (4) | ||||
DowDuPont Agricultural Division Restructuring Program | Asset Write-downs and Write-offs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 11 | ||||
Restructuring, asset related charges and adjustments (benefit) | 3 | 9 | |||
Charges Against Reserve | (3) | ||||
Payments for Restructuring | 0 | ||||
Restructuring Reserve | 0 | $ 0 | $ 0 | ||
DowDuPont Agricultural Division Restructuring Program | Asset Write-downs and Write-offs | Agriculture | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring, asset related charges and adjustments (benefit) | $ 3 | ||||
DowDuPont Agricultural Division Restructuring Program | Costs Associated With Exit Or Disposal Activities | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 2 |
RESTRUCTURING AND ASSET RELAT_5
RESTRUCTURING AND ASSET RELATED CHARGES - NET Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring and asset related charges - net | $ 287 | $ 262 |
SUPPLEMENTARY INFORMATION - Sum
SUPPLEMENTARY INFORMATION - Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule Of Sundry Income (Expense) [Line Items] | ||
Nonoperating Income (Expense) | $ 248 | $ 115 |
Non-operating pension and other postretirement benefit plan net credit | 108 | 110 |
Interest income | 75 | 55 |
Gains on sales of other assets and investments, net | 50 | 34 |
Foreign exchange gains (losses), net | (11) | (148) |
MEGlobal [Member] | ||
Schedule Of Sundry Income (Expense) [Line Items] | ||
Gains on sales of other assets and investments, net | 20 | |
DuPont | ||
Schedule Of Sundry Income (Expense) [Line Items] | ||
Gains on sales of other assets and investments, net | 51 | |
DuPont | Foreign Exchange Contract [Member] | ||
Schedule Of Sundry Income (Expense) [Line Items] | ||
Foreign exchange gains (losses), net | $ 50 | |
Dow [Member] | ||
Schedule Of Sundry Income (Expense) [Line Items] | ||
Gains on sales of other assets and investments, net | $ (24) |
SUPPLEMENTARY INFORMATION - Cas
SUPPLEMENTARY INFORMATION - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents 1 | $ 523 | $ 540 |
DuPont Trust Agreement [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Restricted cash and cash equivalents 1 | $ 480 | $ 500 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Contingency [Line Items] | ||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Benefit (Expense) | $ 17 | |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Indirect Impact on Inventory, Provisional Income Tax Expense | $ 54 | |
Repatriation [Member] | ||
Income Tax Contingency [Line Items] | ||
Other Tax Expense | $ 13 |
EARNINGS PER SHARE CALCULATIO_3
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Basic (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Income from continuing operations, net of tax | $ 571 | $ 1,153 |
Net income attributable to noncontrolling interests | (51) | (44) |
Net income attributable to participating securities | (1) | (6) |
Net income attributable to DowDuPont Inc. | 519 | 1,103 |
Loss from discontinued operations, net of tax | 0 | (5) |
Net income available for DowDuPont Inc. common stockholders | $ 519 | $ 1,098 |
EARNINGS PER SHARE CALCULATIO_4
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Basic (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Earnings per common share from continuing operations - basic (in dollars per share) | $ 0.23 | $ 0.47 |
Earnings per common share from discontinued operations - basic (in dollars per share) | 0 | 0 |
Net income attributable to common stockholders, basic (in dollars per share) | $ 0.23 | $ 0.47 |
EARNINGS PER SHARE CALCULATIO_5
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Diluted (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Income from continuing operations, net of tax | $ 571 | $ 1,153 |
Net income attributable to noncontrolling interests | (51) | (44) |
Net income attributable to participating securities | (1) | (6) |
Net income attributable to DowDuPont Inc. | 519 | 1,103 |
Loss from discontinued operations, net of tax | 0 | (5) |
Net income attributable to common stockholders | $ 519 | $ 1,098 |
EARNINGS PER SHARE CALCULATIO_6
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Diluted (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Earnings per common share from continuing operations - diluted (in dollars per share) | $ 0.23 | $ 0.47 |
Earnings per common share from discontinued operations - diluted (in dollars per share) | 0 | 0 |
Net income attributable to common stockholders, diluted (in dollars per share) | $ 0.23 | $ 0.47 |
EARNINGS PER SHARE CALCULATIO_7
EARNINGS PER SHARE CALCULATIONS - Summary of Count Information (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Weighted-average common shares - basic (in shares) | 2,250.1 | 2,317 |
Plus dilutive effect of equity compensation plans (in shares) | 9.1 | 17.3 |
Weighted-average common shares - diluted (in shares) | 2,259.2 | 2,334.3 |
Stock options and deferred stock awards excluded from EPS calculations (in shares) | 19.2 | 5.3 |
INVENTORIES (Summary of Invento
INVENTORIES (Summary of Inventory) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 10,060 | $ 9,814 |
Work in process | 3,561 | 3,969 |
Raw materials | 1,461 | 1,419 |
Supplies | 1,276 | 1,321 |
Total | 16,358 | 16,523 |
Adjustment of inventories to a LIFO basis | 246 | 98 |
Total inventories | $ 16,604 | $ 16,621 |
NONCONSOLIDATED AFFILIATES NO_2
NONCONSOLIDATED AFFILIATES NONCONSOLIDATED AFFILIATES (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in nonconsolidated affiliates | $ 4,687 | $ 5,204 | |
Accrued And Other Current Liabilities | (81) | (81) | |
Other noncurrent obligations | (870) | (495) | |
Net investment in nonconsolidated affiliates | 3,736 | 4,628 | |
Hemlock Semiconductor L.L.C. | |||
Schedule of Equity Method Investments [Line Items] | |||
Other noncurrent obligations | (658) | (495) | |
DC HSC Holdings LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in nonconsolidated affiliates | 485 | 535 | |
EQUATE Petrochemical Company K.S.C. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in nonconsolidated affiliates | $ 131 | ||
Other noncurrent obligations | (212) | ||
Proceeds from Equity Method Investment, Distribution | $ 440 | ||
Accounting Standards Update 2014-09 [Member] | Equity Method Investments | HSC Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 71 | ||
Accounting Standards Update 2014-09 [Member] | Other noncurrent obligations | HSC Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 168 | ||
Accounting Standards Update 2014-09 [Member] | Deferred Tax Asset [Domain] | HSC Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 56 | ||
Accounting Standards Update 2014-09 [Member] | Retained Earnings | HSC Group [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 183 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | $ 59,032 |
Foreign currency impact | (84) |
Net goodwill, end of period | 58,948 |
Agriculture | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 14,689 |
Foreign currency impact | 11 |
Net goodwill, end of period | 14,700 |
Performance Materials & Coatings | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 3,650 |
Foreign currency impact | (20) |
Net goodwill, end of period | 3,630 |
Industrial Intermediates & Infrastructure | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 1,096 |
Foreign currency impact | (2) |
Net goodwill, end of period | 1,094 |
Packaging & Specialty Plastics | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 5,101 |
Foreign currency impact | (7) |
Net goodwill, end of period | 5,094 |
Electronics & Imaging | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 8,188 |
Foreign currency impact | (3) |
Net goodwill, end of period | 8,185 |
Nutrition & Biosciences | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 12,643 |
Foreign currency impact | (29) |
Net goodwill, end of period | 12,614 |
Transportation & Advanced Polymers | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 6,967 |
Foreign currency impact | (15) |
Net goodwill, end of period | 6,952 |
Safety & Construction | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 6,698 |
Foreign currency impact | (19) |
Net goodwill, end of period | $ 6,679 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | $ 27,178 | $ 26,779 |
Finite other intangible assets, accumulated amortization | (7,865) | (7,414) |
Finite other intangible assets, net | 19,313 | 19,365 |
Indefinite-lived Intangible Assets [Line Items] | ||
Other intangible assets, gross carrying amount | 38,332 | 38,379 |
Other intangible assets, net | 30,467 | 30,965 |
In-process research and development | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite other intangible asset, carrying amount | 149 | 594 |
Germplasm | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite other intangible asset, carrying amount | 6,265 | 6,265 |
Trademarks / tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite other intangible asset, carrying amount | 4,740 | 4,741 |
Developed technology 1 | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 8,179 | 7,761 |
Finite other intangible assets, accumulated amortization | (2,731) | (2,562) |
Finite other intangible assets, net | 5,448 | 5,199 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 1,539 | 1,529 |
Finite other intangible assets, accumulated amortization | (900) | (876) |
Finite other intangible assets, net | 639 | 653 |
Trademarks / tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 1,763 | 1,772 |
Finite other intangible assets, accumulated amortization | (773) | (745) |
Finite other intangible assets, net | 990 | 1,027 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 14,208 | 14,236 |
Finite other intangible assets, accumulated amortization | (3,095) | (2,895) |
Finite other intangible assets, net | 11,113 | 11,341 |
Microbial cell factories | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 384 | 386 |
Finite other intangible assets, accumulated amortization | (26) | (22) |
Finite other intangible assets, net | 358 | 364 |
Favorable Supply Contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 493 | 475 |
Finite other intangible assets, accumulated amortization | (136) | (111) |
Finite other intangible assets, net | 357 | 364 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 612 | 620 |
Finite other intangible assets, accumulated amortization | (204) | (203) |
Finite other intangible assets, net | $ 408 | $ 417 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 474 | $ 474 |
Other intangible assets, excluding software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | 474 | 474 |
Software, included in Cost of sales | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangibles | $ 25 | $ 23 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Future Amortization Expense (Details) $ in Millions | Mar. 31, 2019USD ($) |
Estimated Amortization Expense for Next Five Years | |
2019 | $ 2,008 |
2020 | 1,893 |
2021 | 1,851 |
2022 | 1,760 |
2023 | 1,612 |
2024 | $ 1,500 |
TRANSFERS OF FINANCIAL ASSETS_2
TRANSFERS OF FINANCIAL ASSETS (Summary of Cash Proceeds) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Transfers and Servicing [Abstract] | ||
Interests in conduits 1 | $ 0 | $ 445 |
NOTES PAYABLE, LONG-TERM DEBT_2
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Notes Payable and Long-Term Debt Additional Information (Details) - Loans Payable - USD ($) $ in Millions | Mar. 31, 2019 | Jul. 15, 2018 |
DuPont | Six Percent Bonds, Final Maturity, Current Year [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 262 | |
Stated interest rate | 5.75% | |
Dow [Member] | Five Point Seven Zero Percent Notes Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 72 |
NOTES PAYABLE, LONG-TERM DEBT_3
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - DowDuPont Notes (Details) (Details) - USD ($) $ in Billions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 3 | |
Stock Repurchased During Period, Value | $ 1.6 | |
Senior Unsecured Notes [Member] | DowDuPont Notes [Member] | ||
Debt Instrument [Line Items] | ||
Principal amount | $ 12.7 |
NOTES PAYABLE, LONG-TERM DEBT_4
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Dow Term Loan and Revolving Credit Facilities (Details) - USD ($) $ in Millions | Apr. 05, 2019 | May 31, 2016 | Jun. 30, 2018 | Dec. 31, 2018 | Mar. 31, 2019 |
Revolving Credit Facility [Member] | Bilateral Revolving Credit Facility, Due August 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100 | ||||
Dow [Member] | Term Loan Facility [Member] | DCC Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Proceeds from Lines of Credit | $ 4,500 | ||||
Line Of Credit Facility, Term Extension Option, Period | 19 months | ||||
Line Of Credit Facility, Term Extension, Period | 2 years | ||||
Repayments of Long-term Debt | $ 2,000 | ||||
Long-term Line of Credit | $ 2,500 | ||||
Dow [Member] | Revolving Credit Facility [Member] | Five Year Competitive Advance and Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 5 years |
NOTES PAYABLE, LONG-TERM DEBT_5
NOTES PAYABLE, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - DuPont Term Loan and Revolving Credit Facilities (Details) - DuPont $ in Millions | Feb. 07, 2019USD ($) | Jun. 01, 2020 | Mar. 31, 2019USD ($) | Mar. 22, 2016USD ($)borrowing |
Term Loan Facility | DuPont Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 4,500 | |||
Line Of Credit Facility, Number Of Borrowings | 6 | |||
Outstanding borrowings | $ 3,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 1,500 | |||
Maximum | Term Loan Facility | DuPont Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Line Of Credit Facility, Number Of Borrowings | borrowing | 7 | |||
Scenario, Forecast [Member] | Term Loan Facility | DuPont Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Term | 3 years | |||
Securities Sold under Agreements to Repurchase [Member] | Repurchase Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term Debt | 19 | |||
Maximum borrowing capacity | $ 1,300 | |||
Debt Instrument, Collateral Amount, Percentage | 105.00% | |||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable Pledged as Collateral | $ 20 | |||
London Interbank Offered Rate (LIBOR) [Member] | Securities Sold under Agreements to Repurchase [Member] | Repurchase Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Asbestos-Related Matters of Union Carbide Corporation Additional Information (Details) - Union Carbide - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | ||
Percentage of recorded liability related to pending claims | 17.00% | |
Percentage of recorded liability related to future claims | 83.00% | |
Asbestos-Related Matters | ||
Loss Contingencies [Line Items] | ||
Liability for asbestos-related pending and future claims | $ 1,243 | $ 1,260 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Separation of DuPont's Performance Chemicals Segment (Details) - Indemnification agreement - Chemours - DuPont $ in Millions | Mar. 31, 2019USD ($) |
Loss Contingencies [Line Items] | |
Indemnification asset | $ 185 |
Accounts and notes receivable - Other | |
Loss Contingencies [Line Items] | |
Indemnification asset | 84 |
Noncurrent Receivables | |
Loss Contingencies [Line Items] | |
Indemnification asset | 289 |
Accrued and other current liabilities | |
Loss Contingencies [Line Items] | |
Accrual for environmental, litigation, workers compensation and other Loss Contingencies | 84 |
Other noncurrent obligations | |
Loss Contingencies [Line Items] | |
Indemnification Liabilities | $ 289 |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITIES - PFOA (Details) $ in Millions | 3 Months Ended | 12 Months Ended | 21 Months Ended | 60 Months Ended | 87 Months Ended | ||
Mar. 31, 2019USD ($)diseaseclaim | Mar. 31, 2017USD ($) | Dec. 31, 2004USD ($)plaintiff | Mar. 31, 2019USD ($)diseaseclaim | Jul. 06, 2022 | Mar. 31, 2019USD ($)diseaseclaim | Jan. 01, 2012water_district | |
DuPont | PFOA Matters | Chemours | |||||||
Loss Contingencies [Line Items] | |||||||
Total accrual balance | $ 22 | $ 22 | $ 22 | ||||
Indemnification asset | 22 | 22 | 22 | ||||
DuPont | PFOA Matters | Leach v. DuPont | |||||||
Loss Contingencies [Line Items] | |||||||
Number of residents | plaintiff | 80,000 | ||||||
Number of water districts receiving water treatment | water_district | 6 | ||||||
Medical monitoring program threshold (up to $235 million) | $ 235 | ||||||
Medical monitoring program escrow disbursements to date (less than $1 million) | 2 | ||||||
Escrow Account Balance | $ 1 | $ 1 | $ 1 | ||||
DuPont | PFOA Matters | MDL | |||||||
Loss Contingencies [Line Items] | |||||||
Number of human diseases which the C8 Science Panel determined a probable link exists | disease | 6 | 6 | 6 | ||||
Number of lawsuits | claim | 3,550 | 3,550 | 3,550 | ||||
Limited sharing of potential future liabilities maximum annual threshold | $ 25 | ||||||
Loss Contingency, Limited Sharing Of Potential Future Liabilities, Costs Incurred | $ 0 | ||||||
DuPont | PFOA Matters | MDL | Chemours | |||||||
Loss Contingencies [Line Items] | |||||||
Third party initial limited sharing of potential future liabilities threshold | $ 25 | ||||||
DuPont | PFOA Matters | MDL | Scenario, Forecast [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Period for limited sharing of potential future PFOA liabilities | 5 years | ||||||
DuPont | PFOA Matters | MDL | NORTH CAROLINA | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Number Of Additional Plaintiffs | 100 | ||||||
DuPont | PFOA Matters | PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | 57 | 57 | 57 | ||||
DuPont | PFOA Matters | PFOA Matters: Drinking Water Actions [Member] | NEW YORK | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | 52 | 52 | 52 | ||||
DuPont | PFOA Matters | PFOA Matters: Drinking Water Actions [Member] | NEW JERSEY | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | 2 | 2 | 2 | ||||
DuPont | PFOA Matters | PFOA Matters: Drinking Water Actions [Member] | OHIO | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | 3 | 3 | 3 | ||||
DuPont | PFOA Matters | Firefighting Foam [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | 4 | 4 | 4 | ||||
DuPont | Brought by NJAG [Member] | PFOA Matters: Drinking Water Actions [Member] | NEW JERSEY | Initially filed [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | 4 | 4 | 4 | ||||
DuPont | Not part of MDL or filed on behalf of Leach class members [Member] | PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of lawsuits | 3 | 3 | 3 | ||||
DuPont And Chemours | PFOA Matters | MDL | |||||||
Loss Contingencies [Line Items] | |||||||
Settlement amount | $ 671 |
COMMITMENTS AND CONTINGENT LI_6
COMMITMENTS AND CONTINGENT LIABILITIES - Dow Silicones Chapter 11 Related Matters Additional Information (Details) - USD ($) $ in Millions | Jun. 01, 2016 | Jun. 01, 2004 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2017 | Dec. 31, 1995 |
Dow Silicones Corporation [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Indemnification percentage | 50.00% | |||||
Dow Silicones Corporation [Member] | Commercial Creditors Litigation | ||||||
Product Liability Contingency [Line Items] | ||||||
Payments for legal settlements | $ 1,500 | |||||
Accrued interest | $ 83 | $ 82 | ||||
Dow Silicones Corporation [Member] | Breast Implant and Other Products Liability Claims | ||||||
Product Liability Contingency [Line Items] | ||||||
Obligation period | 16 years | |||||
Payments for product liabilities | 1,762 | |||||
Unexpended balance | 110 | |||||
Product liability | 263 | 263 | ||||
Liability maximum capped amount | 2,148 | |||||
Dow Silicones Corporation [Member] | ||||||
Product Liability Contingency [Line Items] | ||||||
Ownership Interest | 50.00% | |||||
Minimum | Dow Silicones Corporation [Member] | Commercial Creditors Litigation | ||||||
Product Liability Contingency [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 77 | |||||
Maximum | Dow Silicones Corporation [Member] | Commercial Creditors Litigation | ||||||
Product Liability Contingency [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | $ 260 | |||||
Accrued And Other Current Liabilities [Member] | Dow Silicones Corporation [Member] | Breast Implant and Other Products Liability Claims | ||||||
Product Liability Contingency [Line Items] | ||||||
Product liability | 157 | 111 | ||||
Other Noncurrent Obligations [Member] | Dow Silicones Corporation [Member] | Breast Implant and Other Products Liability Claims | ||||||
Product Liability Contingency [Line Items] | ||||||
Product liability | $ 106 | $ 152 |
COMMITMENTS AND CONTINGENT LI_7
COMMITMENTS AND CONTINGENT LIABILITIES - Summary of Gain Contingency - Dow v. Nova Chemicals Corporation Patent infringement (Details) - Dow v. Nova Chemicals Corporation Patent Infringement Matter $ in Millions, $ in Millions | Jul. 06, 2017USD ($) | Jun. 29, 2017USD ($) | Jun. 29, 2017CAD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Gain Contingencies [Line Items] | |||||
Settlement amount | $ 495 | $ 645 | |||
Proceeds from settlements | $ 501 | ||||
Estimated liability | $ 341 | $ 341 |
COMMITMENTS AND CONTINGENT LI_8
COMMITMENTS AND CONTINGENT LIABILITIES - Environmental Matters Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Other Environmental Matters | ||
Site Contingency [Line Items] | ||
Accrued obligations for environmental matters | $ 1,197 | $ 1,201 |
Other Environmental Matters | Chemours | DuPont | ||
Site Contingency [Line Items] | ||
Accrued obligations for environmental matters | 185 | |
Potential exposure above the current accrual | 355 | |
Other Environmental Matters | Superfund sites | ||
Site Contingency [Line Items] | ||
Accrued obligations for environmental matters | 213 | $ 210 |
Other Environmental Matters | Superfund sites | Chemours | DuPont | ||
Site Contingency [Line Items] | ||
Accrued obligations for environmental matters | 35 | |
Indemnification agreement | Chemours | DuPont | ||
Site Contingency [Line Items] | ||
Indemnification asset | $ 185 |
COMMITMENTS AND CONTINGENT LI_9
COMMITMENTS AND CONTINGENT LIABILITIES - Summary of Guarantees (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Guarantor Obligations [Line Items] | ||
Long-term debt | $ 38,975 | $ 38,299 |
Sadara | ||
Guarantor Obligations [Line Items] | ||
Ownership Interest | 35.00% | |
Sadara | Total Project Financing | ||
Guarantor Obligations [Line Items] | ||
Principal amount | $ 12,500 | |
Long-term debt | 11,700 | 11,700 |
Guarantees | Sadara | ||
Guarantor Obligations [Line Items] | ||
Maximum Future Payments | $ 4,200 | |
Guarantees | Minimum | ||
Guarantor Obligations [Line Items] | ||
Expiration period | 1 year | |
Guarantees | Maximum | ||
Guarantor Obligations [Line Items] | ||
Expiration period | 4 years | |
Guarantees | Dow | ||
Guarantor Obligations [Line Items] | ||
Maximum Future Payments | $ 4,514 | 4,523 |
Recorded Liability | 15 | 25 |
Guarantees | DuPont | ||
Guarantor Obligations [Line Items] | ||
Maximum Future Payments | 239 | 255 |
Recorded Liability | $ 0 | $ 0 |
Trade financing transactions | Latin America | ||
Guarantor Obligations [Line Items] | ||
Expiration period | 1 year |
LEASES Components of Lease Expe
LEASES Components of Lease Expense (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease Cost | $ 201 |
Finance Lease, Amoritzation of right-of-use assets | 41 |
Finance Lease, Interest on lease liability | 7 |
Finance Lease Cost | 48 |
Short-term Lease Cost | 60 |
Variable Lease Cost | 89 |
Sublease Income | (9) |
Total Lease Cost | $ 389 |
LEASES Supplemental Cash Flow I
LEASES Supplemental Cash Flow Information Related to Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 210 |
Operating cash flows from finance leases | 7 |
Financing cash flows from finance leases | $ 23 |
LEASES Schedule of Lease Assets
LEASES Schedule of Lease Assets and Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Lease Right-of-Use Assets | $ 3,287 |
Current Operating Lease Liabilities | 690 |
Noncurrent Operating Lease Liabilities | 2,620 |
Total Operating Lease Liabilities | 3,310 |
Finance Lease, Right-of-Use Asset, Gross | 589 |
Finance Lease, Right-of-Use Asset, Accumulated Depreciation | (181) |
Finance Lease, Right-of-Use Asset | 408 |
Finance Lease, Liability, Current | 63 |
Finance Lease, Liability, Noncurrent | 432 |
Total Finance Lease Liability | $ 495 |
LEASES Maturities of Lease Liab
LEASES Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating Lease Liability, 2019 | $ 621 | |
Operating Lease Liability, 2020 | 686 | |
Operating Lease Liability, 2021 | 553 | |
Operating Lease Liability, 2022 | 450 | |
Operating Lease Liability, 2023 | 346 | |
Operating Lease Liability, 2024 and thereafter | 1,286 | |
Operating Lease Liability, Total Undiscounted | 3,942 | |
Operating Lease, Liability, Undiscounted Excess Amount | 632 | |
Total Operating Lease Liabilities | 3,310 | |
Finance Lease Liability, 2019 | 74 | |
Finance Lease Liability, 2020 | 78 | |
Finance Lease Liability, 2021 | 73 | |
Finance Lease Liability, 2022 | 71 | |
Finance Lease Liability, 2023 | 80 | |
Finance Lease Liability, 2024 and thereafter | 315 | |
Finance Lease Liability, Total Undiscounted | 691 | |
Finance Lease, Liability, Undiscounted Excess Amount | 196 | |
Total Finance Lease Liability | $ 495 | |
Future Minimum Lease Payments 2019 | $ 654 | |
Future Minimum Lease Payments 2020 | 497 | |
Future Minimum Lease Payments 2021 | 418 | |
Future Minimum Lease Payments 2022 | 363 | |
Future Minimum Lease Payments 2023 | 297 | |
Future Minimum Lease Payments 2024 and thereafter | 1,063 | |
Total Future Minimum Lease Payments | $ 3,292 |
LEASES Lease Term, Discount Rat
LEASES Lease Term, Discount Rate, Other Lease Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Lessee, Additional Leases Not yet Commenced, Assumptions and Judgment, Amount | $ 45 | |
Lessee, Lease Not yet Commenced, Term of Contract | 10 years | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 356 days | |
Finance Lease, Weighted Average Remaining Lease Term | 15 years 197 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.97% | |
Finance Lease, Weighted Average Discount Rate, Percent | 6.25% | |
Residual Value Guarantees [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 931 | $ 889 |
Guarantor Obligations, Current Carrying Value | $ 0 | $ 130 |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Remaining Lease Term | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Remaining Lease Term | 50 years |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | $ 94,098 | $ 102,924 | $ 96,179 | $ 101,927 | ||
Other comprehensive income (loss) before reclassifications | (83) | 1,307 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 113 | 148 | ||||
Total other comprehensive income | 30 | 1,455 | ||||
Ending balance | 94,098 | 102,924 | ||||
Tax expense from income taxes related to other comprehensive income items | (27) | (20) | ||||
Unrealized Gains (Losses) on Investments | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | 16 | (8) | $ (51) | $ 17 | ||
Other comprehensive income (loss) before reclassifications | 68 | (26) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | 1 | ||||
Total other comprehensive income | 67 | (25) | ||||
Ending balance | 16 | (8) | ||||
Tax expense from income taxes related to other comprehensive income items | (18) | 6 | ||||
Cumulative translation adjustments | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (3,882) | (602) | (3,785) | (1,935) | ||
Other comprehensive income (loss) before reclassifications | (79) | 1,333 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (18) | 0 | ||||
Total other comprehensive income | (97) | 1,333 | ||||
Ending balance | (3,882) | (602) | ||||
Tax expense from income taxes related to other comprehensive income items | (1) | 5 | ||||
Pension and other postretirement benefit plans | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (8,341) | (6,793) | (8,476) | (6,923) | ||
Other comprehensive income (loss) before reclassifications | (7) | 4 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 142 | 126 | ||||
Total other comprehensive income | 135 | 130 | ||||
Ending balance | (8,341) | (6,793) | ||||
Tax expense from income taxes related to other comprehensive income items | (32) | (30) | ||||
Derivative Instruments | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (157) | (94) | (82) | (111) | ||
Other comprehensive income (loss) before reclassifications | (65) | (4) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | (10) | 21 | ||||
Total other comprehensive income | (75) | 17 | ||||
Ending balance | (157) | (94) | ||||
Tax expense from income taxes related to other comprehensive income items | 24 | (1) | ||||
Total Accum Other Comp Loss | ||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||
Beginning balance | (12,364) | (7,497) | $ (12,394) | $ (12,394) | $ (8,952) | $ (8,972) |
Total other comprehensive income | 30 | 1,455 | ||||
Ending balance | $ (12,364) | $ (7,497) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Summary of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period (net of tax) | $ (113) | $ (148) |
Sundry income (expense) - net | 248 | 115 |
Unrealized (gains) losses on investments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period (net of tax) | 1 | (1) |
Cumulative translation adjustments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period (net of tax) | 18 | 0 |
Pension and other postretirement benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period (net of tax) | (142) | (126) |
Derivative Instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period (net of tax) | 10 | (21) |
Reclassification out of Accumulated Other Comprehensive Loss | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total reclassifications for the period (net of tax) | 113 | 148 |
Reclassification out of Accumulated Other Comprehensive Loss | Unrealized (gains) losses on investments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (1) | 2 |
Tax benefit | 0 | (1) |
Total reclassifications for the period (net of tax) | (1) | 1 |
Reclassification out of Accumulated Other Comprehensive Loss | Cumulative translation adjustments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Sundry income (expense) - net | (18) | 0 |
Reclassification out of Accumulated Other Comprehensive Loss | Pension and other postretirement benefit plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 167 | 154 |
Tax benefit | (25) | (28) |
Total reclassifications for the period (net of tax) | 142 | 126 |
Reclassification out of Accumulated Other Comprehensive Loss | Derivative Instruments | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (11) | 26 |
Tax benefit | 1 | (5) |
Total reclassifications for the period (net of tax) | $ (10) | $ 21 |
NONCONTROLLING INTERESTS - Summ
NONCONTROLLING INTERESTS - Summary of Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Balance at beginning of period | $ 1,608 | $ 1,597 |
Net income attributable to noncontrolling interests | 51 | 44 |
Distributions to noncontrolling interests | (11) | (27) |
Cumulative translation adjustments | 7 | (6) |
Other | (1) | 0 |
Balance at end of period | 1,654 | 1,664 |
Merger | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||
Acquisition of noncontrolling interests | $ 0 | $ 56 |
PENSION PLANS AND OTHER POSTR_3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Summary of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost (credit) | $ 108 | $ 110 |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 500 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 131 | 167 |
Interest cost | 447 | 408 |
Expected return on plan assets | 713 | 709 |
Amortization of prior service credit | (6) | (6) |
Amortization of net gain (loss) | (133) | (171) |
Net periodic benefit cost (credit) | (8) | 31 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 5 |
Interest cost | 37 | 32 |
Amortization of net gain (loss) | 6 | 6 |
Net periodic benefit cost (credit) | $ 35 | $ 31 |
STOCK-BASED COMPENSATION (DuPon
STOCK-BASED COMPENSATION (DuPont) (Details) - $ / shares | Aug. 31, 2017 | Mar. 31, 2019 |
DuPont Equity And Incentive Plan [Member] | RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Granted in Period | 2,600,000 | |
Weighted Average Grant Date Fair Value (in dollars per share) | $ 52.66 | |
Common Stock | Merger | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock, conversion ratio (in shares) | 1.2820 |
FINANCIAL INSTRUMENTS (Summary
FINANCIAL INSTRUMENTS (Summary of Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Cash Equivalents, at Carrying Value | $ 7,384 | $ 9,951 | |
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax | 9 | 12 | |
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 | |
Cash Equivalents, Fair Value | 7,393 | 9,963 | |
Money Market Funds, at Carrying Value | 480 | 500 | |
Money Market Funds, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 | |
Money Market Funds, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 | |
Money Market Funds, Fair Value | 480 | 500 | |
Available-for-sale Debt Securities, Amortized Cost Basis, Noncurrent | 1,745 | 1,740 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, Noncurrent, before Tax | 60 | 29 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, Noncurrent, before Tax | 30 | 86 | |
Debt Securities, Available-for-sale, Noncurrent | 1,775 | 1,683 | |
Equity Securities, Amortized Cost Basis | 17 | 17 | |
Equity Securities, Accumulated Gross Unrealized Gain, Before Tax | 5 | 1 | |
Equity Securities, Accumulated Gross Unrealized Loss, Before Tax | 0 | 2 | |
Equity Securities, Fair Value | 22 | 16 | |
Other Investments and Securities, at Cost | 1,762 | 1,757 | |
Other Investments and Securities, Accumulated Gross Unrealized Gain, Before Tax | 65 | 30 | |
Other Investments and Securities, Accumulated Gross Unrealized Loss, Before Tax | 30 | 88 | |
Other Investments | 1,797 | 1,699 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Amortized Cost Basis | 9,745 | 12,342 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Accumulated Gross Unrealized Gain, Before Tax | 74 | 42 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Accumulated Gross Unrealized Loss, Before Tax | 30 | 88 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Fair Value | 9,789 | 12,296 | |
Long-term debt | 38,975 | 38,299 | |
Long Term Debt, Accumulated Gross Unrealized Gain, Before Tax | 102 | 390 | |
Long Term Debt, Accumulated Gross Unrealized Loss, Before Tax | 2,470 | 1,457 | |
Long-term Debt | 41,343 | 39,366 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 216 | 248 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 345 | 291 | |
Derivative Assets (Liabilities), at Fair Value, Net | (129) | (43) | |
Proceeds from Sale and Maturity of Held-to-maturity Securities | 35 | ||
Proceeds from sales of available-for-sale securities | 159 | $ 348 | |
Gross realized gains | 6 | 7 | |
Gross realized losses | 5 | 9 | |
Cost Method Investments | 260 | 258 | |
Equity Securities, Net Unrealized Gain | 5 | $ 8 | |
Interest Rate Swap [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 181 | 64 | |
Derivative Assets (Liabilities), at Fair Value, Net | (181) | (64) | |
Foreign Exchange Contract [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 128 | 157 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 17 | 49 | |
Derivative Assets (Liabilities), at Fair Value, Net | 111 | 108 | |
Commodity Contract [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 88 | 91 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | 147 | 178 | |
Derivative Assets (Liabilities), at Fair Value, Net | (59) | (87) | |
US Treasury and Government [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Noncurrent | 694 | 714 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, Noncurrent, before Tax | 17 | 9 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, Noncurrent, before Tax | 9 | 23 | |
Debt Securities, Available-for-sale, Noncurrent | 702 | 700 | |
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Noncurrent | 1,051 | 1,026 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, Noncurrent, before Tax | 43 | 20 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, Noncurrent, before Tax | 21 | 63 | |
Debt Securities, Available-for-sale, Noncurrent | 1,073 | 983 | |
Merger | |||
Debt Securities, Available-for-sale [Line Items] | |||
Long Term Debt, Accumulated Fair Value Adjustment | 69 | 78 | |
Debt [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Long Term Debt, Accumulated Fair Value Adjustment | 17 | 18 | |
Derivative, Notional Amount | 2,290 | 2,290 | |
Marketable Securities [Member] | |||
Debt Securities, Available-for-sale [Line Items] | |||
Available-for-sale Debt Securities, Amortized Cost Basis, Current | 101 | 100 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Gain, Current, before Tax | 0 | 0 | |
Available-for-sale Debt Securities, Accumulated Gross Unrealized Loss, Current, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Current | 101 | 100 | |
Debt Securities, Held-to-maturity | 18 | 34 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain | 0 | 0 | |
Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss | 0 | 0 | |
Debt Securities, Held-to-maturity, Fair Value | 18 | 34 | |
Marketable Securities | 119 | 134 | |
Investment Owned, Unrecognized Unrealized Appreciation | 0 | 0 | |
Investment Owned, Unrecognized Unrealized Depreciation | 0 | 0 | |
Marketable Securities, Current | $ 119 | $ 134 |
FINANCIAL INSTRUMENTS (Derivati
FINANCIAL INSTRUMENTS (Derivatives) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | $ 348 | $ 408 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 132 | 160 | |
Derivative Asset | 216 | 248 | |
Derivative Liabilities | 484 | 446 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 139 | 155 | |
Derivative Liability | 345 | 291 | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 20 | 26 | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | 2 | 54 | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 1 | ||
Price Risk Cash Flow Hedge Unrealized Gain (Loss) to be Reclassified During Next 12 Months | (52) | ||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 11 | ||
Hedge Gain (Loss) to be Reclassified During Next 12 Months, Excluded Components, Net | 57 | ||
Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 249 | 163 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 98 | 58 | |
Derivative Asset | 151 | 105 | |
Derivative Liabilities | 432 | 307 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 103 | 69 | |
Derivative Liability | 329 | 238 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 161 | 98 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 89 | 42 | |
Derivative Asset | 72 | 56 | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 98 | 46 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 89 | 42 | |
Derivative Liability | 9 | 4 | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 31 | 47 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 5 | 13 | |
Derivative Asset | 26 | 34 | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Deferred Charges And Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 57 | 18 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 4 | 3 | |
Derivative Asset | 53 | 15 | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other noncurrent obligations | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 60 | 86 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 8 | 9 | |
Derivative Liability | 52 | 77 | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued and other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 93 | 111 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 6 | 18 | |
Derivative Liability | 87 | 93 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other noncurrent obligations | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 181 | 64 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 0 | 0 | |
Derivative Liability | 181 | 64 | |
Not Designated as Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 99 | 245 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 34 | 102 | |
Derivative Asset | 65 | 143 | |
Derivative Liabilities | 52 | 139 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 36 | 86 | |
Derivative Liability | 16 | 53 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Nonoperating Income (Expense) [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 22 | $ (198) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 87 | 200 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 31 | 99 | |
Derivative Asset | 56 | 101 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 37 | 124 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 29 | 79 | |
Derivative Liability | 8 | 45 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 8 | 41 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 1 | 1 | |
Derivative Asset | 7 | 40 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Deferred Charges And Other Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Assets | 4 | 4 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | 2 | 2 | |
Derivative Asset | 2 | 2 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other noncurrent obligations | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 7 | 8 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 3 | 3 | |
Derivative Liability | 4 | 5 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Accrued and other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liabilities | 8 | 7 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | 4 | 4 | |
Derivative Liability | 4 | 3 | |
Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Notional Amount | 181 | 182 | |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | (36) | $ (43) | |
AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | 86 | ||
Derivatives used in Net Investment Hedge, Gain (Loss), Reclassified to Earnings, Net of Tax | $ 25 |
FINANCIAL INSTRUMENTS (Addition
FINANCIAL INSTRUMENTS (Additional Information) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Securities for Reverse Repurchase Agreements | $ 0 | $ 0 |
Debt [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative, Notional Amount | $ 2,290,000,000 | $ 2,290,000,000 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Recurring Measured Fair Values (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | $ 348 | $ 408 |
Long-term Debt | 41,343 | 39,366 |
Derivative Liabilities | 484 | 446 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7,393 | 9,963 |
Restricted Cash Equivalents | 480 | 500 |
Marketable securities | 119 | 134 |
Equity Securities | 21 | 16 |
Total assets at fair value | 10,135 | 12,704 |
Long-term Debt | 41,343 | 39,366 |
Total liabilities at fair value | 41,826 | 39,812 |
Recurring | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 181 | 64 |
Recurring | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 247 | 298 |
Derivative Liabilities | 134 | 170 |
Recurring | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 100 | 110 |
Derivative Liabilities | 168 | 212 |
Recurring | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | 702 | 700 |
Recurring | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | 1,073 | 983 |
Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Restricted Cash Equivalents | 0 | 0 |
Marketable securities | 0 | 0 |
Equity Securities | 21 | 16 |
Total assets at fair value | 50 | 33 |
Long-term Debt | 0 | 0 |
Total liabilities at fair value | 13 | 23 |
Recurring | Level 1 | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 0 | 0 |
Recurring | Level 1 | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Recurring | Level 1 | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 10 | 17 |
Derivative Liabilities | 13 | 23 |
Recurring | Level 1 | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | 0 | 0 |
Recurring | Level 1 | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | 19 | 0 |
Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 7,393 | 9,963 |
Restricted Cash Equivalents | 480 | 500 |
Marketable securities | 119 | 134 |
Equity Securities | 0 | 0 |
Total assets at fair value | 10,085 | 12,671 |
Long-term Debt | 41,343 | 39,366 |
Total liabilities at fair value | 41,813 | 39,789 |
Recurring | Level 2 | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Liabilities | 181 | 64 |
Recurring | Level 2 | Foreign Exchange Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 247 | 298 |
Derivative Liabilities | 134 | 170 |
Recurring | Level 2 | Commodity Contract [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative Assets | 90 | 93 |
Derivative Liabilities | 155 | 189 |
Recurring | Level 2 | US Treasury and Government [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | 702 | 700 |
Recurring | Level 2 | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities | $ 1,054 | $ 983 |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Inventories [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total assets at fair value | $ 0 |
Property, Plant and Equipment | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Total assets at fair value | 80 |
Restructuring and asset related charges - net | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset Impairment Charges | $ 100 |
FAIR VALUE MEASUREMENTS Additio
FAIR VALUE MEASUREMENTS Additional information (Details) - Fair Value Measured at Net Asset Value Per Share [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Private Market Securities and Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Underfunded commitments on investments | $ 87 | $ 89 |
Real Estate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | 29 | 29 |
Private Market Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets at fair value | $ 121 | $ 120 |
VARIABLE INTEREST ENTITIES - As
VARIABLE INTEREST ENTITIES - Assets And Liabilities Of Consolidated VIEs (Details) - Primary beneficiary - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Total assets | $ 1,003 | $ 975 |
Total liabilities | 407 | 440 |
Cash and cash equivalents (variable interest entities restricted) | ||
Variable Interest Entity [Line Items] | ||
Pledged current assets | 109 | 82 |
Other Current Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Pledged current assets | 116 | 114 |
Net property (variable interest entities restricted | ||
Variable Interest Entity [Line Items] | ||
Noncurrent assets | 718 | 734 |
Other noncurrent assets | ||
Variable Interest Entity [Line Items] | ||
Noncurrent assets | 60 | 45 |
Current liabilities | ||
Variable Interest Entity [Line Items] | ||
Current liabilities | 318 | 334 |
Long term debt VIE | ||
Variable Interest Entity [Line Items] | ||
Noncurrent liabilities | 43 | 75 |
Other noncurrent obligations | ||
Variable Interest Entity [Line Items] | ||
Noncurrent liabilities | $ 46 | $ 31 |
VARIABLE INTEREST ENTITIES - Ad
VARIABLE INTEREST ENTITIES - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Investment basis | $ 870 | $ 495 |
Maximum exposure to loss | 0 | 0 |
Equity method investment | 4,687 | 5,204 |
Hemlock Semiconductor L.L.C. | ||
Variable Interest Entity [Line Items] | ||
Investment basis | 658 | 495 |
Not primary beneficiary | Hemlock Semiconductor L.L.C. | ||
Variable Interest Entity [Line Items] | ||
Investment basis | (658) | (495) |
Not primary beneficiary | Silicon joint ventures | ||
Variable Interest Entity [Line Items] | ||
Equity method investment | 96 | 100 |
Not primary beneficiary | AgroFresh Solutions, Inc. | ||
Variable Interest Entity [Line Items] | ||
Equity method investment | 45 | 48 |
Other Receivables | 8 | 8 |
Not primary beneficiary | Dow | Hemlock Semiconductor L.L.C. | ||
Variable Interest Entity [Line Items] | ||
Maximum exposure to loss | $ 0 | $ 0 |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 19,649 | $ 21,510 |
Operating EBITDA | 4,019 | 4,871 |
Equity in earnings (losses) of nonconsolidated affiliates | 26 | 257 |
Agriculture | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3,397 | 3,808 |
Operating EBITDA | 667 | 891 |
Equity in earnings (losses) of nonconsolidated affiliates | 0 | (1) |
Performance Materials & Coatings | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,255 | 2,304 |
Operating EBITDA | 481 | 586 |
Equity in earnings (losses) of nonconsolidated affiliates | 0 | 0 |
Industrial Intermediates & Infrastructure | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3,402 | 3,715 |
Operating EBITDA | 448 | 654 |
Equity in earnings (losses) of nonconsolidated affiliates | (48) | 149 |
Packaging & Specialty Plastics | ||
Segment Reporting Information [Line Items] | ||
Net sales | 5,110 | 6,010 |
Operating EBITDA | 993 | 1,301 |
Equity in earnings (losses) of nonconsolidated affiliates | 38 | 59 |
Electronics & Imaging | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,078 | 1,153 |
Operating EBITDA | 385 | 398 |
Equity in earnings (losses) of nonconsolidated affiliates | 29 | 48 |
Nutrition & Biosciences | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,659 | 1,720 |
Operating EBITDA | 390 | 418 |
Equity in earnings (losses) of nonconsolidated affiliates | 4 | 3 |
Transportation & Advanced Polymers | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,355 | 1,425 |
Operating EBITDA | 414 | 437 |
Equity in earnings (losses) of nonconsolidated affiliates | 2 | 3 |
Safety & Construction | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,322 | 1,299 |
Operating EBITDA | 411 | 354 |
Equity in earnings (losses) of nonconsolidated affiliates | 7 | 5 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Net sales | 71 | 76 |
Operating EBITDA | (170) | (168) |
Equity in earnings (losses) of nonconsolidated affiliates | $ (6) | $ (9) |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Reconciliation of Operating EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Income from continuing operations, net of tax | $ 571 | $ 1,153 |
Provision for income taxes on continuing operations | 209 | 389 |
Income from continuing operations before income taxes | 780 | 1,542 |
Depreciation and amortization | 1,519 | 1,484 |
Interest income | 75 | 55 |
Interest expense and amortization of debt discount | 454 | 350 |
Foreign exchange gains (losses) | (11) | (98) |
Significant items | (1,330) | (1,452) |
Operating EBITDA | 4,019 | 4,871 |
Foreign exchange gains (losses), net | $ (11) | (148) |
Foreign Exchange Contract [Member] | DuPont | ||
Segment Reporting Information [Line Items] | ||
Foreign exchange gains (losses), net | $ 50 |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Certain Items by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 19 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | |
(Loss on divestiture)/Gain on sale of business | $ (24) | $ 20 | |
Integration and separation costs | 813 | 457 | |
Inventory step-up amortization | 205 | 703 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 288 | 262 | |
Income Tax Related Items | 50 | ||
Significant items | 1,330 | 1,452 | |
Restructuring and asset related charges - net | 287 | 262 | |
DowDuPont Cost Synergy Program | |||
Restructuring and asset related charges - net | 280 | 260 | $ 2,027 |
DowDuPont Cost Synergy Program | Equity In Earnings of Nonconsolidated Affiliates [Member] | |||
Restructuring and asset related charges - net | 1 | ||
Agriculture | |||
(Loss on divestiture)/Gain on sale of business | (24) | 0 | |
Integration and separation costs | 0 | 0 | |
Inventory step-up amortization | 205 | 639 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 50 | 58 | |
Income Tax Related Items | 0 | ||
Significant items | 279 | 697 | |
Performance Materials & Coatings Segment [Member] | |||
(Loss on divestiture)/Gain on sale of business | 0 | 0 | |
Integration and separation costs | 0 | 0 | |
Inventory step-up amortization | 0 | 0 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 0 | (1) | |
Income Tax Related Items | 0 | ||
Significant items | 0 | (1) | |
Industrial Intermediates & Infrastructure Segment [Member] | |||
(Loss on divestiture)/Gain on sale of business | 0 | 20 | |
Integration and separation costs | 0 | 0 | |
Inventory step-up amortization | 0 | 0 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 0 | 11 | |
Income Tax Related Items | 0 | ||
Significant items | 0 | (9) | |
Packaging & Specialty Plastics Segment [Member] | |||
(Loss on divestiture)/Gain on sale of business | 0 | 0 | |
Integration and separation costs | 0 | 0 | |
Inventory step-up amortization | 0 | 0 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 13 | 6 | |
Income Tax Related Items | 0 | ||
Significant items | 13 | 6 | |
Electronics & Imaging Segment [Member] | |||
(Loss on divestiture)/Gain on sale of business | 0 | 0 | |
Integration and separation costs | 0 | 0 | |
Inventory step-up amortization | 0 | 0 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 0 | 1 | |
Income Tax Related Items | 0 | ||
Significant items | 0 | 1 | |
Nutrition & Biosciences Segment [Member] | |||
(Loss on divestiture)/Gain on sale of business | 0 | 0 | |
Integration and separation costs | 0 | 0 | |
Inventory step-up amortization | 0 | 63 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 27 | 0 | |
Income Tax Related Items | 0 | ||
Significant items | 27 | 63 | |
Transportation & Advanced Polymers Segment [Member] | |||
(Loss on divestiture)/Gain on sale of business | 0 | 0 | |
Integration and separation costs | 0 | 0 | |
Inventory step-up amortization | 0 | 0 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 1 | (1) | |
Income Tax Related Items | 0 | ||
Significant items | 1 | (1) | |
Safety & Construction Segment [Member] | |||
(Loss on divestiture)/Gain on sale of business | 0 | 0 | |
Integration and separation costs | 0 | 0 | |
Inventory step-up amortization | 0 | 1 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 2 | 7 | |
Income Tax Related Items | 0 | ||
Significant items | 2 | 8 | |
Corporate | |||
(Loss on divestiture)/Gain on sale of business | 0 | 0 | |
Integration and separation costs | 813 | 457 | |
Inventory step-up amortization | 0 | 0 | |
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 195 | 181 | |
Income Tax Related Items | 50 | ||
Significant items | $ 1,008 | $ 688 |
SUBSEQUENT EVENTS Dow Contribut
SUBSEQUENT EVENTS Dow Contribution (Details) $ in Millions | Apr. 01, 2019USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Contributions to DOW | $ 2,024 |
SUBSEQUENT EVENTS Debt Transact
SUBSEQUENT EVENTS Debt Transactions (Details) - USD ($) $ in Millions | May 02, 2019 | Mar. 22, 2019 |
DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 1,530 | |
Term Loan Facility [Member] | DuPont [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Repayments of Long-term Debt | $ 3,000 | |
DWDP Term Loan Facility [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from Issuance of Long-term Debt | $ 3,000 | |
4.625% Notes due 2020 [Domain] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |
4.625% Notes due 2020 [Domain] | DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 474 | |
3.625% Notes due 2021 [Domain] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | |
3.625% Notes due 2021 [Domain] | DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 296 | |
4.250% Notes due 2021 [Domain] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |
4.250% Notes due 2021 [Domain] | DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 163 | |
2.800% Notes due 2023 [Domain] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |
2.800% Notes due 2023 [Domain] | DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 381 | |
6.500% Debentures due 2028 [Domain] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |
6.500% Debentures due 2028 [Domain] | DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 57 | |
5.600% Senior Notes due 2036 [Domain] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |
5.600% Senior Notes due 2036 [Domain] | DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 42 | |
4.900% Notes due 2041 [Domain] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | |
4.900% Notes due 2041 [Domain] | DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 48 | |
4.150% Notes due 2043 [Domain] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |
4.150% Notes due 2043 [Domain] | DuPont [Member] | ||
Subsequent Event [Line Items] | ||
Long-term Debt, Gross | $ 69 |