Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 02, 2019 | |
Entity Information [Line Items] | ||
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-38196 | |
Entity Registrant Name | DUPONT DE NEMOURS, INC. | |
City Area Code | 302 | |
Local Phone Number | 774-1000 | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | true | |
Entity Central Index Key | 0001666700 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Common Stock, Share Outstanding | 745,482,399 | |
Entity Small Business | Yes | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Entity Address, Address Line One | 974 Centre Road | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-1224539 | |
Entity Address, Address Line Two | Building 730 | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19805 | |
Trading Symbol | DD | |
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Income Statement [Abstract] | |||||
Net sales | $ 5,468 | $ 5,857 | $ 10,882 | $ 11,454 | |
Cost of sales | 3,496 | 4,085 | 7,117 | 7,890 | |
Research and development expenses | 232 | 270 | 499 | 544 | |
Selling, general and administrative expenses | 642 | 768 | 1,368 | 1,570 | |
Amortization of intangibles | 252 | 266 | 508 | 531 | |
Restructuring and asset related charges - net | 137 | 46 | 208 | 99 | |
Goodwill impairment charge | 1,175 | [1] | 0 | 1,175 | 0 |
Integration and separation costs | 347 | 428 | 958 | 793 | |
Equity in earnings of nonconsolidated affiliates | 49 | 54 | 89 | 111 | |
Sundry income (expense) - net | (19) | 82 | 65 | (16) | |
Interest expense | 165 | 0 | 316 | 0 | |
(Loss) income from continuing operations before income taxes | (948) | 130 | (1,113) | 122 | |
Provision for income taxes on continuing operations | 155 | 99 | 64 | 164 | |
(Loss) income from continuing operations, net of tax | (1,103) | 31 | (1,177) | (42) | |
Income from discontinued operations, net of tax | 566 | 1,773 | 1,212 | 2,983 | |
Net (loss) income | (537) | 1,804 | 35 | 2,941 | |
Net income attributable to noncontrolling interests | 34 | 35 | 85 | 79 | |
Net (loss) income available for DuPont common stockholders | $ (571) | $ 1,769 | $ (50) | $ 2,862 | |
Per common share data: | |||||
Earnings per common share from continuing operations - basic (in dollars per share) | $ (1.48) | $ 0.03 | $ (1.59) | $ (0.09) | |
Earnings per common share from discontinued operations - basic (in dollars per share) | 0.72 | 2.26 | 1.52 | 3.78 | |
Net income attributable to common stockholders, basic (in dollars per share) | (0.76) | 2.29 | (0.07) | 3.69 | |
Earnings per common share from continuing operations - diluted (in dollars per share) | (1.48) | 0.03 | (1.59) | (0.09) | |
Earnings per common share from discontinued operations - diluted (in dollars per share) | 0.72 | 2.24 | 1.52 | 3.78 | |
Net income attributable to common stockholders, diluted (in dollars per share) | $ (0.76) | $ 2.27 | $ (0.07) | $ 3.69 | |
Weighted-average common shares outstanding - basic | 749 | 769.6 | 749.6 | 771 | |
Weighted-average common shares outstanding - diluted | 749 | 774.5 | 749.6 | 771 | |
[1] | See Note 13 for additional information. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (537) | $ 1,804 | $ 35 | $ 2,941 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Unrealized gains (losses) on investments | 0 | (14) | 67 | (39) |
Cumulative translation adjustments | (38) | (2,393) | (135) | (1,060) |
Pension and other post employment benefit plans | 56 | 127 | 191 | 257 |
Derivative instruments | 17 | 102 | (58) | 119 |
Total other comprehensive income (loss) | 35 | (2,178) | 65 | (723) |
Comprehensive (loss) income | (502) | (374) | 100 | 2,218 |
Comprehensive income attributable to noncontrolling interests, net of tax | 41 | 2 | 98 | 40 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (543) | $ (376) | $ 2 | $ 2,178 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 1,661 | $ 8,548 |
Marketable securities | 8 | 29 |
Accounts and notes receivable - net | 4,214 | 3,391 |
Inventories | 4,390 | 4,107 |
Other current assets | 350 | 305 |
Assets of discontinued operations | 0 | 110,275 |
Total current assets | 10,623 | 126,655 |
Investments | ||
Investments in nonconsolidated affiliates | 1,653 | 1,745 |
Other investments | 29 | 28 |
Noncurrent receivables | 36 | 47 |
Total investments | 1,718 | 1,820 |
Property, plant and equipment - net of accumulated depreciation (June 30, 2019 - $4,667; December 31, 2018 - $4,199) | 9,806 | 9,917 |
Other Assets | ||
Goodwill | 33,330 | 34,496 |
Other intangible assets | 14,150 | 14,655 |
Deferred income tax assets | 219 | 178 |
Deferred charges and other assets | 997 | 134 |
Total other assets | 48,696 | 49,463 |
Total Assets | 70,843 | 187,855 |
Current Liabilities | ||
Short-term borrowings and finance lease obligations | 1,621 | 15 |
Accounts payable | 3,020 | 2,619 |
Income taxes payable | 164 | 115 |
Accrued and other current liabilities | 1,652 | 1,129 |
Liabilities of discontinued operations | 0 | 69,434 |
Total current liabilities | 6,457 | 73,312 |
Long-Term Debt | 15,608 | 12,624 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 3,662 | 3,912 |
Pension and other post employment benefits - noncurrent | 1,102 | 1,343 |
Other noncurrent obligations | 1,438 | 764 |
Total other noncurrent liabilities | 6,202 | 6,019 |
Total Liabilities | 28,267 | 91,955 |
Stockholders' Equity | ||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2019: 747,443,517 shares; 2018: 784,143,433 shares) | 7 | 8 |
Additional paid-in capital | 51,129 | 81,976 |
(Accumulated deficit) Retained earnings | (8,299) | 30,257 |
Accumulated other comprehensive loss | (831) | (12,394) |
Unearned ESOP shares | 0 | (134) |
Treasury stock at cost (2019: 0 shares; 2018: 27,817,518 shares) | 0 | (5,421) |
Total DuPont's stockholders' equity | 42,006 | 94,292 |
Noncontrolling interests | 570 | 1,608 |
Total equity | 42,576 | 95,900 |
Total Liabilities and Equity | $ 70,843 | $ 187,855 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Accumulated depreciation | $ 4,667 | $ 4,199 |
Shares Authorized | 1,666,666,667 | 1,666,666,667 |
Par Value | $ 0.01 | $ 0.01 |
Shares Issued | 747,443,517 | 784,143,433 |
Shares | 0 | 27,817,518 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net (loss) income | $ 35 | $ 2,941 |
Adjustments to reconcile net income to net cash used for operating activities: | ||
Goodwill impairment charge | 1,175 | 0 |
Financing Activities | ||
Cash, cash equivalents and restricted cash at beginning of period | 14,022 | 14,015 |
Cash, cash equivalents and restricted cash at end of period | 1,701 | 9,805 |
Continuing Operations [Member] | ||
Financing Activities | ||
Cash, cash equivalents and restricted cash at beginning of period | 8,591 | 4,441 |
Cash, cash equivalents and restricted cash at end of period | 1,701 | 1,844 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | ||
Financing Activities | ||
Cash, cash equivalents and restricted cash at beginning of period | 5,431 | 9,574 |
Cash, cash equivalents and restricted cash at end of period | 0 | 7,961 |
Total Company [Domain] | ||
Operating Activities | ||
Net (loss) income | 35 | 2,941 |
Adjustments to reconcile net income to net cash used for operating activities: | ||
Depreciation and amortization | 2,163 | 2,980 |
Credit for deferred income tax | (535) | (182) |
Earnings of nonconsolidated affiliates less than dividends received | 733 | 199 |
Net periodic pension benefit (credit) cost | (53) | 56 |
Pension contributions | (463) | (500) |
Net gain on sales of assets, businesses and investments | (55) | (67) |
Restructuring and asset related charges - net | 482 | 451 |
Goodwill impairment charge | 1,175 | 0 |
Amortization of merger-related inventory step-up | 253 | 1,385 |
Other net loss | 274 | 466 |
Accounts and notes receivable | (2,535) | (4,454) |
Inventories | 302 | (215) |
Accounts payable | (695) | 65 |
Other assets and liabilities, net | (1,132) | (3,172) |
Cash used for operating activities | (51) | (47) |
Investing Activities | ||
Capital expenditures | (1,800) | (1,586) |
Investment in gas field developments | (25) | (46) |
Proceeds from sales of property and businesses, net of cash divested | 126 | 96 |
Distributions and loan repayments from nonconsolidated affiliates | 0 | 55 |
Proceeds from sale of ownership interests in nonconsolidated affiliates | 21 | 0 |
Purchases of investments | (192) | (1,891) |
Proceeds from sales and maturities of investments | 228 | 2,328 |
Proceeds from interests in trade accounts receivable conduits | 0 | 656 |
Other investing activities, net | (15) | (2) |
Cash used for investing activities | (1,657) | (390) |
Financing Activities | ||
Changes in short-term notes payable | 2,517 | 800 |
Proceeds from issuance of long-term debt | 4,005 | 254 |
Payments on long-term debt | (6,892) | (842) |
Purchases of treasury stock | (1,681) | (2,000) |
Proceeds from issuance of Company stock | 67 | 142 |
Employee taxes paid for share-based payment arrangements | 76 | 118 |
Distributions to noncontrolling interests | (12) | (79) |
Dividends paid to stockholders | 1,165 | 1,755 |
Cash held by Dow and Corteva at the respective Distributions | (7,315) | 0 |
Payment for Debt Extinguishment or Debt Prepayment Cost | (104) | 0 |
Other financing activities, net | (5) | (4) |
Cash used for financing activities | (10,661) | (3,602) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 48 | (171) |
Decrease in cash, cash equivalents and restricted cash | $ (12,321) | $ (4,210) |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Add'l Paid in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comp Loss | Unearned ESOP | Treasury Stock | Non-controlling Interests | Total Company [Domain] |
Beginning balance at Dec. 31, 2017 | $ 101,647 | $ 8 | $ 81,272 | $ 28,931 | $ (8,972) | $ (189) | $ (1,000) | $ 1,597 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adoption of Accounting Standard | (41) | 996 | (1,037) | ||||||
Net (loss) income | 2,941 | 2,862 | 79 | ||||||
Other comprehensive loss | (723) | (723) | (39) | $ (762) | |||||
Dividends | (2,629) | (2,629) | |||||||
Common stock issued/sold | 142 | 142 | 0 | ||||||
Stock-based compensation and allocation of ESOP shares | 329 | 285 | 44 | ||||||
Distributions to non-controlling interests | (73) | (73) | |||||||
Purchases of Treasury Stock | (2,000) | (2,000) | |||||||
Other | 38 | (18) | 56 | ||||||
Ending balance at Jun. 30, 2018 | 99,592 | 8 | 81,699 | 30,142 | (10,732) | (145) | (3,000) | 1,620 | |
Beginning balance at Mar. 31, 2018 | 102,633 | 8 | 81,533 | 29,075 | (7,497) | (150) | (2,000) | 1,664 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adoption of Accounting Standard | 1,057 | (1,057) | |||||||
Net (loss) income | 1,804 | 1,769 | 35 | ||||||
Other comprehensive loss | (2,178) | (2,178) | (33) | (2,211) | |||||
Dividends | (1,749) | (1,749) | |||||||
Common stock issued/sold | 34 | 34 | 0 | ||||||
Stock-based compensation and allocation of ESOP shares | 137 | 132 | 5 | ||||||
Distributions to non-controlling interests | (46) | (46) | |||||||
Purchases of Treasury Stock | (1,000) | (1,000) | |||||||
Other | (10) | (10) | |||||||
Ending balance at Jun. 30, 2018 | 99,592 | 8 | 81,699 | 30,142 | (10,732) | (145) | (3,000) | 1,620 | |
Beginning balance at Dec. 31, 2018 | 95,900 | 8 | 81,976 | 30,257 | (12,394) | (134) | (5,421) | 1,608 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Adoption of Accounting Standard | (111) | (111) | |||||||
Net (loss) income | 35 | (50) | 85 | ||||||
Other comprehensive loss | 65 | 65 | 13 | 78 | |||||
Dividends | (1,389) | (224) | (1,165) | ||||||
Common stock issued/sold | 67 | 67 | |||||||
Stock-based compensation and allocation of ESOP shares | 182 | 153 | 29 | ||||||
Distributions to non-controlling interests | (12) | (12) | |||||||
Purchases of Treasury Stock | (1,681) | (1,681) | |||||||
Retirement of Treasury Stock | 7,102 | (7,102) | 7,102 | ||||||
Spin-off of Dow and Corteva | (50,487) | (30,843) | (30,123) | 11,498 | 105 | (1,124) | |||
Other | (6) | (1) | (5) | ||||||
Ending balance at Jun. 30, 2019 | 42,576 | 7 | 51,129 | (8,299) | (831) | 0 | 0 | 570 | |
Beginning balance at Mar. 31, 2019 | 93,820 | 8 | 82,141 | 29,486 | (12,364) | (105) | (7,000) | 1,654 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net (loss) income | (537) | (571) | 34 | ||||||
Other comprehensive loss | 35 | 35 | 7 | $ 42 | |||||
Dividends | (213) | (224) | 11 | ||||||
Common stock issued/sold | 4 | 4 | |||||||
Stock-based compensation and allocation of ESOP shares | 51 | 51 | |||||||
Distributions to non-controlling interests | (1) | (1) | |||||||
Purchases of Treasury Stock | (102) | (102) | |||||||
Retirement of Treasury Stock | (7,102) | 7,102 | |||||||
Spin-off of Dow and Corteva | (50,487) | (30,843) | (30,123) | 11,498 | 105 | (1,124) | |||
Other | 1 | (1) | |||||||
Ending balance at Jun. 30, 2019 | $ 42,576 | $ 7 | $ 51,129 | $ (8,299) | $ (831) | $ 0 | $ 0 | $ 570 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common stock dividends (in dollars per share) | $ 0.30 | $ 1.14 | $ 1.86 | $ 2.27 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, collectively referred to as the “2018 Annual Report.” The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. Basis of Presentation Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 ("Merger Agreement"), The Dow Chemical Company ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, Historical Dow and Historical EID became subsidiaries of DowDuPont (the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Dow was determined to be the accounting acquirer in the Merger. Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical EID" includes Historical EID and its consolidated subsidiaries, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow. Spin-Offs Effective as of 5:00 p.m. on April 1, 2019, the Company completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share (the “Dow Common Stock”), to holders of the Company’s common stock, par value $0.01 per share (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). Effective as of 12:01 a.m. on June 1, 2019, the Company completed the previously announced separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock, par value $0.01 per share (the “Corteva Common Stock”), to holders of the Company’s common stock, par value $0.01 per share, as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD". These interim Consolidated Financial Statements present the financial position of DuPont as of June 30, 2019 and December 31, 2018 and the results of operations of DuPont for the three and six months ended June 30, 2019 and 2018 giving effect to the Distributions, with the historical financial results of Dow and Corteva reflected as discontinued operations. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the interim Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of Dow or Corteva. Reverse Stock Split On June 1, 2019, immediately following the Corteva Distribution, the Company completed a 1-for-3 reverse stock split of DuPont's outstanding common stock (the "Reverse Stock Split") and as a result, DuPont common stockholders now hold one share of common stock of DuPont for every three shares held prior to the Reverse Stock Split. The authorized number of shares of common stock was reduced from 5,000,000,000 shares to 1,666,666,667 shares, par value remained $0.01 per share. Stockholders entitled to fractional shares as a result of the Reverse Stock Split received a cash payment in lieu of receiving fractional shares. All share and share-related information presented in these interim Consolidated Financial Statements have been retroactively adjusted in all periods presented to reflect the decreased number of shares resulting from the Reverse Stock Split. The retroactive adjustments resulted in the reclassification of $16 million from "Common stock" to "Additional paid-in capital" in the interim Condensed Consolidated Balance Sheets for all periods presented. Significant Accounting Policies The Company updated its accounting policy for leases since the issuance of its 2018 Annual Report as a result of the adoption of Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)" in the first quarter of 2019. After the completion of the Distributions, the Company updated its accounting policy for inventories. See Note 1, "Summary of Significant Accounting Policies," to the 2018 Annual Report for more information on DuPont'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 interim Condensed Consolidated Balance Sheets. Operating lease liabilities are included in "Accrued and other current liabilities" and "Other noncurrent obligations" on the interim Condensed Consolidated Balance Sheets. Finance lease ROU assets are included in "Property, plant and equipment - net" and the corresponding lease liabilities are included in "Short-term borrowings and finance lease obligations" and "Long-term debt" on the interim Condensed 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 interim Consolidated Statements of Operations, 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. See Notes 2 and 16 for additional information regarding the Company's leases. Inventories Prior to the Corteva Distribution, the Company recorded inventory under the last-in, first-out ("LIFO"), first-in, first-out and average cost methods. During the second quarter, effective after the Corteva Distribution, DuPont elected to change the method of accounting for inventories of the specialty products business recorded under the LIFO method to the average cost method. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented. See Note 10 |
RECENT ACCOUNTING GUIDANCE (Not
RECENT ACCOUNTING GUIDANCE (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Recent Accounting Guidance [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 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 depends on whether the lease is classified 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 previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance, referred to as "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 1 Effect of Adoption of ASU 2016-02 Updated Jan 1, 2019 In millions Assets Deferred charges and other assets $ 134 $ 584 $ 718 Total other assets $ 49,463 $ 584 $ 50,047 Assets of discontinued operations $ 110,275 $ 2,787 $ 113,062 Total Assets $ 187,855 $ 3,371 $ 191,226 Liabilities Accrued and other current liabilities $ 1,129 $ 156 $ 1,285 Total current liabilities $ 73,312 $ 156 $ 73,468 Other noncurrent obligations $ 764 $ 428 $ 1,192 Total other noncurrent liabilities $ 6,019 $ 428 $ 6,447 Liabilities of discontinued operations $ 69,434 $ 2,715 $ 72,149 Total Liabilities $ 91,955 $ 3,299 $ 95,254 Stockholders' Equity Retained earnings 2 $ 30,257 $ 72 $ 30,329 DuPont's stockholders' equity $ 94,292 $ 72 $ 94,364 Total equity $ 95,900 $ 72 $ 95,972 Total Liabilities and Equity $ 187,855 $ 3,371 $ 191,226 1.The as reported December 31, 2018 information has been updated to reflect the impact of the reverse stock split and the change in accounting policy discussed in Note 1. 2. 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 interim Consolidated Statement of Operations and had no impact on the interim Consolidated Statement of Cash Flows. Accounting Guidance Issued But Not Adopted at June 30, 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. This new standard 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 and does not expect there to be a significant impact. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which was further updated in November 2018 and May 2019. The new guidance introduces the current expected credit loss (CECL) model, which will require an entity to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update will be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the Consolidated Financial Statements and related disclosures. |
DIVESTITURES (Notes)
DIVESTITURES (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES Separation Agreements In connection with the Dow Distribution and the Corteva Distribution, the Company has entered into certain agreements that, among other things, effect the separations, provide for the allocation of assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among DuPont, Dow, and Corteva (together, the “Parties” and each a “Party”), and provide a framework for DuPont’s relationship with Dow and Corteva following the 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 Agreement - DuPont entered into an Intellectual Property Cross-License Agreement with Dow (the “DuPont-Dow IP Cross-License Agreement”). The DuPont-Dow IP Cross-License Agreement sets 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, software, and certain patents and standards, allocated to another Party pursuant to the Separation and Distribution Agreement. In addition to the agreements above, DuPont has entered into certain various supply agreements with Dow. These agreements provide for different pricing than the historical intercompany and intracompany practices prior to the Distributions. Effective June 1, 2019, in connection with the Corteva Distribution, DuPont and Corteva entered into the following agreements: • Intellectual Property Cross-License Agreement - DuPont and Corteva entered into an Intellectual Property Cross-License Agreement (the “DuPont-Corteva IP Cross-License Agreement”). The DuPont-Corteva IP Cross-License Agreement sets forth the terms and conditions under which the applicable parties may use in their respective businesses, following the Corteva Distribution, certain know-how (including trade secrets), copyrights, software, and certain patents and standards, allocated to another Party pursuant to the Separation and Distribution Agreement. • Letter Agreement - The Company entered into a letter agreement (the "Letter Agreement") with Corteva that sets forth certain additional terms and conditions related to the Corteva Distribution, including certain limitations on DuPont’s and Corteva's ability to transfer certain businesses and assets to third parties without assigning certain of such Party’s indemnification obligations under the Separation and Distribution Agreement to the other Party to the transferee of such businesses and assets or meeting certain other alternative conditions. The Letter Agreement further outlines the allocation between DuPont and Corteva of liabilities associated with certain legal and environmental matters, including liabilities associated with discontinued and/or divested operations and businesses of Historical EID. See Note 15 for more information regarding the allocation. • Amended and Restated Tax Matters Agreement - The Parties entered into an amendment and restatement of the Tax Matters Agreement, between DuPont, Corteva and Dow, effective as of April 1, 2019 (as so amended and restated, the “Amended and Restated Tax Matters Agreement”). The Amended and Restated Tax Matters Agreement governs the Parties’ rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. The Parties amended and restated the Tax Matters Agreement in connection with the Corteva Distribution in order to allocate between DuPont and Corteva certain rights and obligations of the Company provided in the original form of the Tax Matters Agreement. See Note 7 for additional information on the Tax Matters Agreement and the Amended and Restated Tax Matters Agreement. Materials Science Division On April 1, 2019, DowDuPont completed the separation of its Materials Science businesses, including the businesses and operations that comprised the Company's former Performance Materials & Coating, Industrial Intermediates & Infrastructure and the Packaging & Specialty Plastics segments, (the "Materials Science Division") through the consummation of the Dow Distribution. On April 1, 2019, prior to the Dow Distribution, the Company contributed $2,024 million in cash to Dow. The results of operations of the Materials Science Division are presented as discontinued operations as summarized below: Three Months Ended Six Months Ended In millions June 30, 2018 June 30, 2019 June 30, 2018 Net sales $ 12,750 $ 10,867 $ 24,890 Cost of sales 10,266 8,917 20,055 Research and development expenses 188 163 361 Selling, general and administrative expenses 370 329 704 Amortization of intangibles 116 116 235 Restructuring and asset related charges - net 42 157 128 Integration and separation costs 32 44 53 Equity in earnings of nonconsolidated affiliates 194 (13 ) 395 Sundry income (expense) - net 21 99 117 Interest expense 263 240 524 Income from discontinued operations before income taxes 1,688 987 3,342 Provision for income taxes on discontinued operations 369 261 686 Income from discontinued operations, net of tax 1,319 726 2,656 Income from discontinued operations attributable to noncontrolling interests, net of tax 29 37 48 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 1,290 $ 689 $ 2,608 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division: Three Months Ended Six Months Ended In millions June 30, 2018 June 30, 2019 June 30, 2018 Depreciation and amortization $ 698 $ 743 $ 1,407 Capital expenditures $ 482 $ 597 $ 868 The carrying amount of major classes of assets and liabilities classified that were included in discontinued operations at December 31, 2018 related to the Material Science Division consist of the following: Dec 31, 2018 In millions Assets Cash and cash equivalents $ 2,723 Marketable securities 100 Accounts and notes receivable - net 8,839 Inventories 6,891 Other current assets 722 Investment in nonconsolidated affiliates 3,321 Other investments 2,646 Noncurrent receivables 358 Property, plant, and equipment - net 21,418 Goodwill 9,845 Other intangible assets - net 4,225 Deferred income tax assets 2,197 Deferred charges and other assets 742 Total assets of discontinued operations $ 64,027 Liabilities Short-term borrowings and finance lease obligations $ 636 Accounts payable 6,867 Income taxes payable 557 Accrued and other current liabilities 2,931 Long-Term Debt 19,254 Deferred income tax liabilities 917 Pension and other post employment benefits - noncurrent 8,929 Asbestos-related liabilities - noncurrent 1,142 Other noncurrent obligations 4,706 Total liabilities of discontinued operations $ 45,939 Agriculture Division On June 1, 2019, the Company completed the separation of its Agriculture business, including the businesses and operations that comprised the Company's former Agriculture segment (the "Agriculture Division"), through the consummation of the Corteva Distribution. In 2019, prior to the distribution of Corteva, the Company contributed $7,139 million in cash to Corteva, a portion of which was used to retire indebtedness of Historical EID. The results of operations of the Agriculture Division are presented as discontinued operations as summarized below: Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net sales $ 3,776 $ 5,638 $ 7,144 $ 9,411 Cost of sales 2,026 3,622 4,218 6,352 Research and development expenses 183 345 470 666 Selling, general and administrative expenses 677 795 1,294 1,373 Amortization of intangibles 74 106 176 196 Restructuring and asset related charges - net 58 101 117 224 Integration and separation costs 272 98 430 169 Equity in earnings of nonconsolidated affiliates (3 ) 2 (4 ) 1 Sundry income (expense) - net (7 ) 75 58 192 Interest expense 28 97 91 186 Income from discontinued operations before income taxes 448 551 402 438 Provision for income taxes on discontinued operations 48 97 82 106 Income from discontinued operations, net of tax $ 400 $ 454 $ 320 $ 332 Income from discontinued operations attributable to noncontrolling interests, net of tax 25 8 35 20 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 375 $ 446 $ 285 $ 312 Restructuring Charges related to the Agriculture Division Restructuring charges associated with the Agriculture Division were designed to integrate and optimize the organization following the Merger and in preparation for the Distributions. The complete DowDuPont Agriculture Division Restructuring Program is included in the results of operations of the Agriculture Division within discontinued operations, as well as restructuring charges related to the DowDuPont Cost Synergy Program related to the Agriculture Division. The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division: Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Depreciation and amortization $ 136 $ 246 $ 385 $ 470 Capital expenditures $ 161 $ 94 $ 383 $ 207 The carrying amount of major classes of assets and liabilities classified that were included in discontinued operations at December 31, 2018 related to the Agriculture Division consist of the following: Dec 31, 2018 In millions Assets Cash and cash equivalents $ 2,211 Marketable securities 5 Accounts and notes receivable - net 5,109 Inventories 5,259 Other current assets 1,000 Investment in nonconsolidated affiliates 138 Other investments 27 Noncurrent receivables 72 Property, plant and equipment - net 4,543 Goodwill 14,691 Other intangible assets - net 12,055 Deferred income tax assets (651 ) Deferred charges and other assets 1,789 Total assets of discontinued operations $ 46,248 Liabilities Short-term borrowings and finance lease obligations $ 2,151 Accounts payable 3,627 Income taxes payable 185 Accrued and other current liabilities 3,883 Long-Term Debt 5,784 Deferred income tax liabilities 520 Pension and other post employment benefits - noncurrent 5,637 Other noncurrent obligations 1,708 Total liabilities of discontinued operations $ 23,495 Indemnifications Pursuant to the Separation and Distribution Agreement and the Letter Agreement, DuPont indemnifies both Dow and Corteva against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. The term of this indemnification is indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. At June 30, 2019, the indemnified assets are $172 million within "Accounts and notes receivable, net" and $166 million within "Deferred charges and other assets" offset by the corresponding liabilities of $127 million within "Accrued and other current liabilities" and $96 million within "Other noncurrent obligations." For additional information regarding treatment of litigation and environmental related matters under the Separation and Distribution Agreement and the Letter Agreement refer to Note 15 . Other Discontinued Operations Activity For the three and six months ended June 30, 2019, the Company recorded "Income from discontinued operations, net of tax" of $86 million related to the adjustment of certain unrecognized tax benefits for positions taken on items from prior years from previously divested businesses and $80 million related to changes in accruals for certain prior year tax positions related to the divested crop protection business and research and development assets of Historical EID. Integration and Separation Costs Integration and separation costs for continuing operations to date primarily have consisted of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of activities related to the Merger and the Distributions. These costs are recorded within "Integration and separation costs" within the interim Consolidated Statements of Operations. Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Integration and separation costs $ 347 $ 428 $ 958 $ 793 |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 4 - REVENUE Revenue Recognition Products Substantially all of DuPont's revenue is derived from product sales. Product sales consist of sales of DuPont's products to supply manufacturers and distributors. DuPont considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by segment and business or major product line and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. On June 1, 2019, the Company realigned certain businesses resulting in changes to its management and reporting structure, including the creation of a new Non-Core segment ("Second Quarter Segment Realignment") (refer to Note 23 for additional details). In conjunction with the Second Quarter Segment Realignment, DuPont made the following changes to its major product lines: • Realigned its product lines within Nutrition & Biosciences as Food & Beverage, Health & Biosciences, and Pharma Solutions; • Renamed its product lines within Transportation & Industrial (formerly known as Transportation & Advanced Polymers) as Mobility Solutions, Healthcare & Specialty, and Industrial & Consumer (formerly known as Engineering Polymers, Performance Solutions, and Performance Resins, respectively); and • Realigned and renamed its product lines within Safety & Construction as Safety Solutions, Shelter Solutions, and Water Solutions. Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Advanced Printing $ 121 $ 136 $ 240 $ 258 Display Technologies 74 82 159 142 Interconnect Solutions 282 298 520 579 Semiconductor Technologies 381 405 764 806 Electronics & Imaging $ 858 $ 921 $ 1,683 $ 1,785 Food & Beverage $ 746 $ 783 $ 1,501 $ 1,527 Health & Biosciences 604 618 1,174 1,236 Pharma Solutions 208 220 418 435 Nutrition & Biosciences $ 1,558 $ 1,621 $ 3,093 $ 3,198 Mobility Solutions $ 588 $ 648 $ 1,213 $ 1,269 Healthcare & Specialty 388 424 772 830 Industrial & Consumer 293 345 601 696 Transportation & Industrial $ 1,269 $ 1,417 $ 2,586 $ 2,795 Safety Solutions $ 657 $ 639 $ 1,322 $ 1,251 Shelter Solutions 398 471 755 894 Water Solutions 286 262 547 491 Safety & Construction $ 1,341 $ 1,372 $ 2,624 $ 2,636 Biomaterials $ 53 $ 74 $ 112 $ 144 Clean Technologies 76 79 141 153 DuPont Teijin Films 42 51 79 98 Photovoltaic & Advanced Materials 230 283 484 571 Sustainable Solutions 41 39 80 74 Non-Core $ 442 $ 526 $ 896 $ 1,040 Total $ 5,468 $ 5,857 $ 10,882 $ 11,454 Net Trade Revenue by Geographic Region Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 U.S. & Canada $ 1,826 $ 1,857 3,602 3,643 EMEA 1 1,291 1,492 2,671 2,957 Asia Pacific 2,034 2,178 3,979 4,211 Latin America 317 330 630 643 Total $ 5,468 $ 5,857 $ 10,882 $ 11,454 1. Europe, Middle East and Africa. Contract Balances From time to time, the Company enters into arrangements in which it receives payments from customers based upon contractual billing schedules. The Company records accounts receivables when the right to consideration becomes unconditional. Contract assets include amounts related to the Company’s contractual right to consideration for completed performance obligations not yet invoiced. Contract liabilities primarily reflect deferred revenue from advance payment for product that the Company has received from customers. The Company classifies deferred revenue as current or noncurrent based on the timing of when the Company expects to recognize revenue. Revenue recognized in the first six months of 2019 from amounts included in contract liabilities at the beginning of the period was approximately $25 million (approximately $23 million in the first six months of 2018). The amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant. The Company did not recognize any asset impairment charges related to contract assets during the period. Contract Balances June 30, 2019 Dec 31, 2018 In millions Accounts and notes receivable - trade 1 $ 3,346 $ 2,960 Contract assets - current 2 $ 38 $ 48 Deferred revenue - current 3 $ 106 $ 71 Deferred revenue - noncurrent 4 $ 15 $ 7 1. Included in "Accounts and notes receivable - net" in the Condensed Consolidated Balance Sheets. 2. Included in "Other current assets" in the Condensed Consolidated Balance Sheets. 3. Included in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. 4. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and other asset related charges, which includes other asset impairments, were $137 million and $208 million in the three and six months ended June 30, 2019 ( $46 million and $99 million for the three and six months ended June 30, 2018). These charges were recorded in "Restructuring and asset related charges - net" in the interim Consolidated Statements of Operations and consist primarily of the following: 2019 Restructuring Program During the second quarter of 2019 and in connection with the ongoing integration activities, DuPont approved restructuring actions to simplify and optimize certain organizational structures following the completion of the Distributions (the "2019 Restructuring Program"). As a result of these actions, the Company expects to record total pre-tax restructuring charges of $85 million to $130 million , comprised of approximately $55 million to $80 million of severance and related benefits costs; $30 million to $45 million of asset related charges; and up to $5 million of costs related to contract terminations. For the three and six months ended June 30, 2019, DuPont recorded a pre-tax charge of $53 million , recognized in "Restructuring and asset related charges - net" in the Company's interim Consolidated Statement of Operations comprised of $50 million of severance and related benefit costs and $3 million of asset related charges. The Company expects actions related to this program to be substantially complete by mid-2020. At June 30, 2019, total liabilities related to the program were $50 million for severance and related benefit costs. The following table details restructuring charges recorded at our reportable segments for the three and six months ended June 30, 2019: 2019 Restructuring Program Charges by Segment Three and Six Months Ended June 30, 2019 In millions Electronics & Imaging $ 7 Nutrition & Biosciences 14 Transportation & Industrial 12 Safety & Construction 17 Non-Core — Corporate 3 Total $ 53 DowDuPont Cost Synergy Program In September and November 2017, the Company approved post-merger restructuring actions under the DowDuPont Cost Synergy Program, which was designed to integrate and optimize the organization following the Merger and in preparation for the Distributions of Dow and Corteva. The portions of the charges, costs and expenses attributable to integration and optimization within the Agriculture and Materials Sciences Divisions are reflected in discontinued operations. The Company has recorded pretax restructuring charges attributable to the continuing operations of DuPont of $466 million inception-to-date, consisting of severance and related benefit costs of $222 million , asset related charges of $184 million and contract termination charges of $60 million related to charges. The Company does not expect to incur further significant charges related to this program and the program is considered substantially complete at June 30, 2019. The following tables summarize the charges incurred related to the DowDuPont Cost Synergy Program for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Severance and related benefit costs $ 6 $ 37 $ 49 $ 77 Contract termination charges — 3 16 15 Asset related charges 16 6 29 7 Total restructuring and asset related charges - net 1 $ 22 $ 46 $ 94 $ 99 1. The charge for the three and six months ended June 30, 2019 includes $21 million and $92 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $2 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations. DowDuPont Cost Synergy Program Charges by Segment Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Electronics & Imaging $ — $ 1 $ — $ 2 Nutrition & Biosciences 8 — 35 — Transportation & Industrial — — — (1 ) Safety & Construction 3 12 5 19 Non-Core 1 (5 ) — (6 ) Corporate 1 10 38 54 85 Total $ 22 $ 46 $ 94 $ 99 1. Severance and related benefit costs were recorded at Corporate. The following table summarized the activities related to the DowDuPont Cost Synergy Program. DowDuPont Cost Synergy Program Severance and Related Benefit Costs Contract Termination Charges Asset Related Charges Total In millions Reserve balance at Dec 31, 2018 $ 126 $ 16 $ — $ 142 2019 restructuring charges 49 16 29 94 Charges against the reserve — — (29 ) (29 ) Cash payments (55 ) (28 ) — (83 ) Reserve balance at June 30, 2019 $ 120 $ 4 $ — $ 124 At June 30, 2019, $107 million was included in "Accrued and other current liabilities" ( $129 million at December 31, 2018) and $17 million was included in "Other noncurrent obligations" ( $13 million at December 31, 2018) in the interim Condensed Consolidated Balance Sheets. Equity Method Investment Impairment Related Charges In preparation for the Corteva Distribution, Historical EID completed the separation of the assets and liabilities related to its specialty products businesses into separate legal entities (the “SP Legal Entities”) and on May 1, 2019, Historical EID distributed the SP Legal Entities to DowDuPont (the “Internal SP Distribution”). The Internal SP Distribution served as a triggering event requiring the Company to perform an impairment analysis related to equity method investments held by the Company as of May 1, 2019. The Company applied the net asset value method under the cost approach to determine the fair value of the equity method investments in the Nutrition & Biosciences segment. Based on updated projections, the Company determined the fair value of the equity method investment was below the carrying value and had no expectation the fair value would recover in the short-term due to the current economic environment. As a result, management concluded the impairment was other-than-temporary and recorded an impairment charge of $63 million in “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations related to the Nutrition & Biosciences segment. See Notes 13 and 22 for additional information. |
SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY INFORMATION | SUPPLEMENTARY INFORMATION Sundry Income (Expense) - Net Three Months Ended Six Months Ended In millions 2019 2018 2019 2018 Non-operating pension and other post employment benefit credits $ 18 $ 28 $ 39 $ 55 Interest income 9 11 49 21 Net gain on sales of other assets and investments 1 10 — 63 6 Foreign exchange (losses) gains, net 2 (17 ) 53 (78 ) (122 ) Net loss on divestiture and changes in joint venture ownership — (21 ) — (21 ) Miscellaneous income (expenses) - net 3 (39 ) 11 (8 ) 45 Sundry income (expense) - net $ (19 ) $ 82 $ 65 $ (16 ) 1. The six months ended June 30, 2019 includes a $51 million gain related to a sale of assets within the Electronics & Imaging product lines. 2. Includes a $50 million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform. 3. Miscellaneous income and expenses - net, for the three months and six months ended June 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. The miscellaneous income for the three month and six month ended 2018 primarily relates to legal settlements. 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, 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. Historical EID entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring Historical EID to fund a trust (the "Trust") for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. After the distribution of Corteva, DuPont continues to be responsible for funding the portion of the Trust related to the DuPont employees. At June 30, 2019, the Company had restricted cash of $40 million ( $43 million at December 31, 2018) included in "Other current assets" in the interim Condensed Consolidated Balance Sheets which was completely attributed to the Trust. Accrued and Other Current Liabilities "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets were $1,652 million at June 30, 2019 and $1,129 million at December 31, 2018. Accrued payroll, which is a component of "Accrued and other current liabilities," was $366 million at June 30, 2019 and $506 million |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For periods between the Merger and the Distributions, DuPont's consolidated federal income tax group and consolidated tax return included the Dow and Corteva entities. Generally, the consolidated tax liability of the DuPont U.S. tax group for each year was apportioned among the members of the consolidated group in accordance with the terms of the Amended and Restated Tax Matters Agreement. DuPont, Corteva and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with the Amended and Restated Tax Matters Agreement. 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. For the three and six months ended June 30, 2018, the Company recorded a charge of $7 million and $24 million , respectively, to “Provision for income taxes on continuing operations" in the interim Consolidated Statements of Operations to adjust the provisional amount related to the remeasurement of the Company's deferred tax balance. • For the six months ended June 30, 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 Distributions, the Company repatriated certain funds from its foreign subsidiaries that were not needed to finance local operations or separation activities. For the first quarter of 2019, the Company recorded a tax charge of $10 million , associated with these repatriation activities to "Provision for income taxes on continuing operations." There were no charges associated with these repatriation activities in the second quarter of 2019. Beyond these repatriations, the Company continues to assert indefinite reinvestment related to certain investments in foreign subsidiaries. The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attribute. The effective tax rate on continuing operations for the second quarter of 2019 was (16.4) percent , compared with an effective tax rate of 76.2 percent for the second quarter of 2018. For the first six months of 2019, the effective tax rate on continuing operations was (5.8) percent , compared with 134.4 percent for the first six months of 2018. The negative tax rate in the second quarter of 2019 and for the first six months of 2019, was principally the result of the non-tax-deductible goodwill impairments impacting the Nutrition & Biosciences and Non-Core segments. Each year the Company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's results of operations. |
EARNINGS PER SHARE CALCULATIONS
EARNINGS PER SHARE CALCULATIONS | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS On May 23, 2019, stockholders of DowDuPont approved a reverse stock split of the Company's common stock at a ratio of not less than 2-for-5 and not greater than 1-for-3, with the exact ratio determined by and subject to final approval of the Company’s board of directors. The board of directors approved the Reverse Stock Split with a ratio of 1 new share of DowDuPont common stock for 3 shares of current DowDuPont common stock with par value of $0.01 per share. The Reverse Stock Split became effective immediately following the Corteva Distribution on June 1, 2019. All comparable periods presented have been retrospectively revised to reflect this change. The following tables provide earnings per share calculations for the three and six months ended June 30, 2019 and 2018 : Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 (Loss) income from continuing operations, net of tax $ (1,103 ) $ 31 $ (1,177 ) $ (42 ) Net income (loss) from continuing operations attributable to noncontrolling interests 9 (2 ) 13 11 Net income from continuing operations attributable to participating securities 1 — 7 1 13 (Loss) income from continuing operations attributable to common stockholders $ (1,112 ) $ 26 $ (1,191 ) $ (66 ) Income from discontinued operations, net of tax 566 1,773 1,212 2,983 Net income from discontinued operations attributable to noncontrolling interests 25 37 72 68 Income from discontinued operations attributable to common stockholders 541 1,736 1,140 2,915 Net (loss) income attributable to common stockholders $ (571 ) $ 1,762 $ (51 ) $ 2,849 Earnings Per Share Calculations - Basic Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Dollars per share (Loss) income from continuing operations attributable to common stockholders $ (1.48 ) $ 0.03 $ (1.59 ) $ (0.09 ) Income from discontinued operations, net of tax 0.72 2.26 1.52 3.78 Net (loss) income attributable to common stockholders $ (0.76 ) $ 2.29 $ (0.07 ) $ 3.69 Earnings Per Share Calculations - Diluted Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Dollars per share (Loss) income from continuing operations attributable to common stockholders $ (1.48 ) $ 0.03 $ (1.59 ) $ (0.09 ) Income from discontinued operations, net of tax 0.72 2.24 1.52 3.78 Net (loss) income attributable to common stockholders $ (0.76 ) $ 2.27 $ (0.07 ) $ 3.69 Share Count Information Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Shares in millions Weighted-average common shares - basic 749.0 769.6 749.6 771.0 Plus dilutive effect of equity compensation plans — 4.9 — — Weighted-average common shares - diluted 749.0 774.5 749.6 771.0 Stock options and restricted stock units excluded from EPS calculations 2 2.5 3.2 2.4 2.5 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. |
ACCOUNTS AND NOTES RECEIVABLE (
ACCOUNTS AND NOTES RECEIVABLE (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS AND NOTES RECEIVABLE - NET In millions June 30, Dec 31, Accounts receivable – trade 1 $ 3,288 $ 2,891 Notes receivable – trade 58 69 Other 2 868 431 Total accounts and notes receivable - net $ 4,214 $ 3,391 1. Accounts receivable – trade is net of allowances of $9 million at June 30, 2019 and $10 million at December 31, 2018 . Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Other includes receivables in relation to value added tax, fair value of derivative instruments, indemnification assets, and general sales tax and other taxes. No individual group represents more than ten percent of total receivables. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories June 30, 2019 Dec 31, 2018 In millions Finished goods $ 2,645 $ 2,599 Work in process 888 833 Raw materials 623 560 Supplies 234 115 Total inventories $ 4,390 $ 4,107 Effective June 1, 2019, after the Corteva Distribution, the Company changed its method of valuing certain inventories of the specialty products business from the LIFO method to the average cost method. Management believes that the change in accounting is preferable as it results in a consistent method to value inventory across all regions of the business, it improves comparability with industry peers, and it more closely resembles the physical flow of inventory. The effects of the change in accounting principle from LIFO to average cost have been retrospectively applied to all periods presented. This change resulted in an unfavorable adjustment to "(Accumulated Deficit) Retained Earnings" of $280 million as of January 1, 2018. In addition, certain financial statement line items in the Company’s interim Consolidated Statement of Operations for the three and six months ended June 30, 2018 and interim Condensed Consolidated Balance Sheet as of December 31, 2018 were adjusted as follows: Consolidated Statement of Operations Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 In millions As Computed under LIFO As Computed under Average Cost Effect of Change As Computed under LIFO As Computed under Average Cost Effect of Change Cost of sales $ 4,086 $ 4,085 $ (1 ) $ 7,882 $ 7,890 $ 8 Provision for income taxes on continuing operations $ 99 $ 99 $ — $ 162 $ 164 $ 2 Net income $ 1,803 $ 1,804 $ 1 $ 2,951 $ 2,941 $ (10 ) Consolidated Balance Sheet December 31, 2018 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Inventories $ 4,472 $ 4,107 $ (365 ) Deferred income tax liabilities $ 3,998 $ 3,912 $ (86 ) Retained earnings $ 30,536 $ 30,257 $ (279 ) Basic and diluted earnings per share from continuing operations were not materially effected for the three and six months ended June 30, 2018, as a result of the above accounting policy change. There was no impact on cash used by operating activities for prior year periods as a result of the above policy change. The following table compares the amounts that would have been reported under LIFO with the amounts recorded under the average cost method in the Consolidated Financial Statements as of March 31, 2019 and for the three months then ended: Consolidated Statement of Operations Three Months Ended March 31, 2019 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Cost of sales $ 3,617 $ 3,621 $ 4 Benefit from income taxes on continuing operations $ (86 ) $ (91 ) $ (5 ) Net income $ 571 $ 572 $ 1 Consolidated Balance Sheet March 31, 2019 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Inventories $ 4,717 $ 4,348 $ (369 ) Deferred income tax liabilities $ 3,679 $ 3,588 $ (91 ) Retained earnings $ 29,764 $ 29,486 $ (278 ) The following table compares the amounts that would have been reported under LIFO with the amounts recorded under the average cost method in the Consolidated Financial Statements as of June 30, 2019 and for the three and six months then ended: Consolidated Statement of Operations Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 In millions As Computed under LIFO As Reported under Average Cost Effect of Change As Computed under LIFO As Reported under Average Cost Effect of Change Cost of sales $ 3,498 $ 3,496 $ (2 ) $ 7,115 $ 7,117 $ 2 Provision for income taxes on continuing operations $ 152 $ 155 $ 3 $ 66 $ 64 $ (2 ) Net (loss) income $ (536 ) $ (537 ) $ (1 ) $ 35 $ 35 $ — Consolidated Balance Sheet June 30, 2019 In millions As Computed under LIFO As Reported under Average Cost Effect of Change Inventories $ 4,763 $ 4,390 $ (373 ) Deferred income tax liabilities $ 3,750 $ 3,662 $ (88 ) Accumulated deficit $ (8,014 ) $ (8,299 ) $ (285 ) Basic and diluted earnings per share from continuing operations were not materially effected for the three months ended March 31, 2019 nor for either the three or six months ended June 30, 2019, as a result of the above accounting policy change. There was no impact on cash used by operating activities for current year periods as a result of the above policy change. |
PROPERTY, PLANT & EQUIPMENT (No
PROPERTY, PLANT & EQUIPMENT (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT, AND EQUIPMENT Estimated Useful Lives (Years) June 30, 2019 Dec 31, 2018 In millions Land and land improvements 0 - 25 $ 795 $ 944 Buildings 1 - 50 2,656 2,581 Machinery, equipment, and other 1 - 25 9,580 9,133 Construction in progress 1,442 1,458 Total property, plant and equipment $ 14,473 $ 14,116 Total accumulated depreciation $ 4,667 $ 4,199 Total property, plant and equipment - net $ 9,806 $ 9,917 Three Months Ended Six Months Ended In millions 2019 2018 2019 2018 Depreciation expense $ 255 $ 285 $ 526 $ 571 |
NONCONSOLIDATED AFFILIATES
NONCONSOLIDATED AFFILIATES | 6 Months Ended |
Jun. 30, 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 Condensed Consolidated Balance Sheets, are shown in the following table: Investments in Nonconsolidated Affiliates June 30, 2019 Dec 31, 2018 In millions Investment in nonconsolidated affiliates $ 1,653 $ 1,745 Accrued and other current liabilities (81 ) (81 ) Other noncurrent obligations (635 ) (495 ) Net investment in nonconsolidated affiliates $ 937 $ 1,169 Subsequent to the Distributions, the Company maintained an ownership interest in 22 nonconsolidated affiliates at June 30, 2019. The following table reflects the Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at June 30, 2019: Country Ownership Interest 6/30/2019 The HSC Group: DC HSC Holdings LLC 1 United States 50.0 % Hemlock Semiconductor L.L.C. United States 50.1 % 1. DC HSC Holdings LLC holds an 80.5 percent indirect ownership interest in Hemlock Semiconductor Operations LLC. 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 on January 1, 2019 in accordance with the effective date of Topic 606 for non-public companies. 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 "(Accumulated Deficit) 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 June 30, 2019 and December 31, 2018: Investment in the HSC Group Investment In millions Balance Sheet Classification June 30, 2019 Dec 31, 2018 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (635 ) $ (495 ) DC HSC Holdings LLC Investment in nonconsolidated affiliates $ 495 $ 535 The following is summarized financial information for the Company's significant nonconsolidated equity method investments. The amounts shown below represent 100 percent of these equity method investment’s results of operations: Results of Operations Six Months Ended In millions June 30, 2019 June 30, 2018 Revenues $ 312 $ 400 Costs of good sold $ 167 $ 258 Income from continuing operations $ 135 $ 164 Net income attributed to entities $ 119 $ 145 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amounts of goodwill during the six months ended June 30, 2019 were as follows: Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Total In millions Balance at December 31, 2018 1 $ 6,960 $ 12,109 $ 6,967 $ 6,698 $ 1,762 $ 34,496 Impairments — (933 ) — — (242 ) (1,175 ) Currency Translation Adjustment (1 ) (17 ) 8 (6 ) — (16 ) Other Goodwill Adjustments — (13 ) — — 38 25 Balance at June 30, 2019 $ 6,959 $ 11,146 $ 6,975 $ 6,692 $ 1,558 $ 33,330 1. Updated for changes in reportable segments effective in the second quarter of 2019. Refer to Note 23 for additional information. The Company tests goodwill for impairment annually during the fourth quarter, or more frequently when events or changes in circumstances indicate that the fair value is below its carrying value. As a result of the related acquisition method of accounting in connection with the Merger, Historical EID’s assets and liabilities were measured at fair value resulting in increases to the Company’s goodwill and other intangible assets. The fair value valuation increased the risk that any declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the Company’s reporting units and assets, and therefore could result in an impairment. In preparation for the Corteva Distribution, Historical EID completed the separation of the assets and liabilities related to its specialty products businesses into separate legal entities (the “SP Legal Entities”) and on May 1, 2019, Historical EID completed the Internal SP Distribution. The Internal SP Distribution served as a triggering event requiring the Company to perform an impairment analysis related to goodwill carried by its Historical EID existing reporting units as of May 1, 2019. Subsequent to the Corteva Distribution, on June 1, 2019, the Company realigned certain businesses resulting in changes to its management and reporting structure, including the creation of a new Non-Core segment. As part of the Second Quarter Segment Realignment, the Company assessed and re-defined certain reporting units effective June 1, 2019, including reallocation of goodwill on a relative fair value basis as applicable to new reporting units identified. Goodwill impairment analyses were then performed for reporting units impacted by the Second Quarter Segment Realignment. In connection with the analyses described above, the Company recorded aggregate, pre-tax, non-cash impairment charges of $1,175 million for the three and six months ended June 30, 2019 impacting the Nutrition & Biosciences and Non-Core segments. As part of this analysis, the Company determined that the fair value of its Industrial Biosciences reporting unit was below carrying value resulting in a pre-tax, non-cash goodwill impairment charge of $933 million . The Industrial Biosciences reporting unit, part of the Nutrition & Biosciences segment prior to the Second Quarter Segment Realignment, was comprised solely of Historical EID assets and liabilities, the carrying values of which were measured at fair value in connection with the Merger, and thus considered at risk for impairment. Revised financial projections of the Industrial Biosciences reporting unit reflect unfavorable market conditions, driven by slowed demand in the biomaterials business unit which was realigned to the new Non-Core segment effective June 1, 2019, coupled with challenging conditions in U.S. bioethanol markets. These revised financial projections resulted in a reduction in the long-term forecasts of sales and profitability as compared to prior projections. The $242 million in goodwill impairment charges impacting the Non-Core segment also relates to multiple reporting units comprised solely of Historical EID assets and liabilities, the carrying values of which were measured at fair value in connection with the Merger, and thus considered at risk for impairment. The impairment charges impacting Non-Core were determined through utilization of the market approach which was considered most appropriate as the Company continues to evaluate strategic options for these businesses. The Company analyses above using discounted cash flow models (a form of the income approach) utilizing Level 3 unobservable inputs. The Company’s significant assumptions in these analyses include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The Company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company’s estimates. If the Company’s ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future periods. As referenced, the Company also uses a form of the market approach (utilizes Level 3 unobservable inputs), which is derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. As such, the Company believes the current assumptions and estimates utilized are both reasonable and appropriate. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2019 December 31, 2018 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 4,342 $ (1,179 ) $ 3,163 $ 4,362 $ (1,010 ) $ 3,352 Trademarks/tradenames 1,244 (369 ) 875 1,245 (328 ) 917 Customer-related 9,007 (1,973 ) 7,034 9,029 (1,720 ) 7,309 Other 329 (120 ) 209 306 (114 ) 192 Total other intangible assets with finite lives $ 14,922 $ (3,641 ) $ 11,281 $ 14,942 $ (3,172 ) $ 11,770 Intangible assets with indefinite lives: IPR&D $ — $ — $ — $ 15 $ — $ 15 Trademarks/tradenames 2,869 — 2,869 2,870 — 2,870 Total other intangible assets 2,869 — 2,869 2,885 — 2,885 Total $ 17,791 $ (3,641 ) $ 14,150 $ 17,827 $ (3,172 ) $ 14,655 The following table provides the net value of other intangible assets by segment: Net Intangibles by Segment June 30, 2019 Dec 31, 2018 In millions Electronics & Imaging $ 1,925 $ 2,037 Nutrition & Biosciences 4,664 4,823 Transportation & Industrial 3,722 3,833 Safety & Construction 3,145 3,244 Non-Core 694 718 Total $ 14,150 $ 14,655 The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Other intangible assets $ 252 $ 266 $ 508 $ 531 Total estimated amortization expense for the remainder of 2019 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2019 $ 512 2020 $ 1,015 2021 $ 1,007 2022 $ 993 2023 $ 961 2024 $ 856 |
SHORT TERM BORROWINGS, LONG-TER
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | The following tables summarize the Company's short-term borrowings and finance lease obligations and long-term debt: Short-term borrowings and finance lease obligations In millions June 30, 2019 Dec 31, 2018 Commercial paper $ 1,610 $ — Notes payable to banks and other lenders 5 4 Long-term debt due within one year 1 6 11 Total short-term borrowings and finance lease obligations $ 1,621 $ 15 1. Includes finance lease obligations due within one year. The weighted-average interest rate on notes payable and commercial paper at June 30, 2019 and December 31, 2018 was 2.72 percent and 8.25 percent, respectively. The decrease in the interest rate from 2018 is primarily due to commercial paper issuance at lower interest rates. The Company issued $1,610 million of commercial paper in the second quarter of 2019, of which approximately $1,400 million was issued in anticipation of the Corteva Distribution (the “Funding CP Issuance”). Long-Term Debt June 30, 2019 December 31, 2018 In millions Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Final maturity 2020 $ 2,000 3.63 % $ 2,000 3.68 % Final maturity 2023 2,800 4.14 % 2,800 4.16 % Final maturity 2024 and thereafter 7,900 4.98 % 7,900 4.98 % Other facilities: Term loan due 2022 3,000 3.51 % — — % Other loans 14 4.18 % 14 4.32 % Finance lease obligations 3 25 Less: Unamortized debt discount and issuance costs 103 104 Less: Long-term debt due within one year 1, 2 6 11 Total $ 15,608 $ 12,624 1. Presented net of current portion of unamortized debt issuance costs. 2. Includes finance lease obligations due within one year. Principal payments of long-term debt for the remainder of 2019 and the five succeeding fiscal years is as follows: Maturities of Long-Term Debt for Next Five Years at June 30, 2019 Total In millions Remainder of 2019 $ 4 2020 $ 2,005 2021 $ 6 2022 $ 3,001 2023 $ 2,800 2024 $ — The estimated fair value of the Company's long-term borrowings was determined using Level 2 inputs within the fair value hierarchy, as described in Note 22 . Based on quoted market prices for the same or similar issues, or on current rates offered to the Company for debt of the same remaining maturities, the fair value of the Company's long-term borrowings, not including long-term debt due within one year, was $17,163 million and $13,080 million at June 30, 2019 and December 31, 2018, respectively. Available Committed Credit Facilities The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at June 30, 2019 In millions Effective Date Committed Credit Credit Available Maturity Date Interest Term Loan Facility May 2019 $ 3,000 $ — May 2022 Floating Rate Revolving Credit Facility, Five-year May 2019 3,000 2,982 May 2024 Floating Rate 364-day Revolving Credit Facility June 2019 750 750 June 2020 Floating Rate Total Committed and Available Credit Facilities $ 6,750 $ 3,732 Senior 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, the Company consummated a public underwritten offer of eight series of senior unsecured notes (the "2018 Senior Notes") in an aggregate principal amount of $12.7 billion . The 2018 Senior 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 billion share buyback program, which expired on March 31, 2019. In the first quarter of 2019, proceeds from the 2018 Senior Notes were used to purchase $1.6 billion of shares. As a result, the share buyback program was complete at March 31, 2019. Term Loan and Revolving Credit Facilities In May 2019, the Company fully drew the two term loan facilities it entered into in the fourth quarter of 2018 (the “Term Loan Facilities”) in the aggregate principal amount of $3,000 million . In May 2019, the Company amended its $3,000 million five-year revolving credit facility (the “Five-Year Revolver”) entered into in the fourth quarter of 2018 to become effective and available as of the amendment. In addition, in June 2019, the Company entered into a $750 million , 364-day revolving credit facility (the "364-day Revolving Credit Facility"). Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were $597 million at June 30, 2019. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were $133 million at June 30, 2019. These letters of credit support commitments made in the ordinary course of business. Debt Covenants and Default Provisions The Company's indenture covenants include customary limitations on liens, sale and leaseback transactions, and mergers and consolidations, subject to certain limitations. The 2018 Senior Notes also contain customary default provisions. There were no material changes to the debt covenants and default provisions. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NTS AND CONTINGENT LIABILITIES Litigation and Environmental Matters Under the Separation and Distribution Agreement, liabilities, including cost and expenses, associated with litigation and environmental matters that primarily related to the materials science business, the agriculture business or the specialty products business were generally allocated to or retained by Dow, Corteva or the Company, respectively, through retention, assumption or indemnification. Related to the foregoing, at June 30, 2019, DuPont has recorded (i) a liability of $36 million (although it is reasonably possible that the ultimate cost could range up to $108 million above the amount accrued) for retained or assumed environmental liabilities, (ii) a liability of $2 million for retained or assumed litigation liabilities, and (iii) an indemnification liability related to legal and environmental matters of $64 million . Liabilities associated with discontinued and/or divested operations and businesses of Historical Dow generally were allocated to or retained by Dow. The allocation of liabilities associated with the discontinued and/or divested operations and businesses of Historical EID is discussed below. The liabilities allocated to and assumed by Dow and Corteva are reflected as discontinued operations of the Company at December 31, 2018. Such liabilities assumed by Dow as of the consummation of the Dow Distribution on April 1, 2019, include the following matters discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, (the “Annual Report”) and Quarterly Report on Form 10-Q for the three-month period ended March 31, 2019, (the “First Quarterly Report”): Asbestos-Related Matters of Union Carbide Corporation, Urethane Matters, Rocky Flats Matter, Dow Silicones Chapter 11 Related Matters, Midland Off-Site Environmental Matters, Dow Silicones Midland, Michigan, Freeport, Texas, Plaquemine, Louisiana and St. Charles, Louisiana Steam-Assisted Flares Matters, Freeport, Texas, Facility Matter, Mt. Meigs, Alabama Matter, Union Carbide Matter and Union Carbide - Seadrift, Texas and, with indemnity from DuPont and Corteva, the Sabine Plant, Orange Texas-EPA Multimedia Inspection. Such liabilities assumed by Corteva as of the consummation of the Corteva Distribution on June 1, 2019, include the following matters discussed in the Company’s Annual Report and the First Quarterly Report: La Porte Plant, La Porte, Texas - Crop Protection-Release Incident Investigation and La Porte Plant, La Porte, Texas - EPA Multimedia Inspection. Discontinued and/or Divested Operations and Businesses ("DDOB") Liabilities of Historical EID Under the Separation and Distribution Agreement and the Letter Agreement between Corteva and DuPont, DDOB liabilities of Historical EID primarily related to Historical EID’s agriculture business were allocated to or retained by Corteva and those primarily related to Historical EID’s specialty products business were allocated to or retained by the Company. Historical EID DDOB liabilities not primarily related to Historical EID’s agriculture business or specialty products business (“Stray Liabilities”), are allocated as follows • Generally, indemnifiable losses as defined in the Separation and Distribution Agreement, (“Indemnifiable Losses”) for Stray Liabilities, to the extent they do not arise out of actions related to or resulting from the development, testing, manufacture or sale of PFAS, defined below, (“Non-PFAS Stray Liabilities”) that are known as of April 1, 2019 are borne by Corteva up to a specified amount set forth in the schedules to the Separation and Distribution Agreement and/or Letter Agreement. Non-PFAS Stray Liabilities in excess of such specified amounts and any Non-PFAS Stray Liabilities not listed in the schedules to the Separation and Distribution Agreement or Letter Agreement are borne by Corteva and/or DuPont up to separate, aggregate thresholds of $200 million each to the extent Corteva or DuPont, as applicable, incurs an Indemnifiable Loss. Once Corteva’s or DuPont’s $200 million threshold is met, the other would generally bear all Non-PFAS Stray Liabilities until meeting its $200 million threshold. After the respective $200 million thresholds are met, DuPont will bear 71 percent of such losses and Corteva will bear 29 percent of such losses. • Generally, Corteva and the Company will each bear 50 percent of the first $300 million (up to $150 million each) for Indemnifiable Losses arising out of actions to the extent related to or resulting from the development, testing, manufacture or sale of per- or polyfluoroalkyl substances, which include collectively perfluorooctanoic acids and its salts (“PFOA”), perfluorooctanesulfonic acid (“PFOS”) and perfluorinated chemicals and compounds (“PFCs”) (all such substances, “PFAS” and such Stray Liabilities referred to as “PFAS Stray Liabilities”). Indemnifiable Losses to the extent related to PFAS Stray Liabilities in excess of $300 million generally will be borne 71 percent by the Company and 29 percent by Corteva, unless either Corteva or DuPont has met its $200 million threshold. In that event, the other company would bear all PFAS Stray Liabilities until that company meets its $200 million threshold, at which point DuPont will bear 71 percent of such losses and Corteva will bear 29 percent of such losses. • Indemnifiable Losses incurred by the companies in relation to PFAS Stray Liabilities up to $300 million (e.g., up to $150 million each) will be applied to each company’s respective $200 million threshold. Non-PFAS Stray Liabilities While DuPont believes it is probable that it will incur a liability related to Non-PFAS Stray Liabilities, such liability is not reasonably estimable at June 30, 2019. Therefore, at June 30, 2019, DuPont has not recorded an accrual related to Non-PFAS Liabilities. PFAS Stray Liabilities DuPont expects to incur costs and expenses such as attorneys’ fees and expenses and court costs in connection with the Chemours suit, described below. While such costs and expenses are Indemnifiable Losses, the Company will expense them as incurred in accordance with its accounting policy for litigation matters. The Company believes the probability of ultimate liability with respect to the Chemours suit is remote. Generally, The Chemours Company (“Chemours”), with reservations, including as to alleged fraudulent conveyance and voidable transactions, is defending and indemnifying Historical EID in the PFAS Matters discussed below. Although Chemours has refused the tender of the Company’s defense in the limited actions in which the Company has been named, DuPont believes it is remote that it will ultimately incur a liability in connection with these PFAS Matters. However, in the highly improbable event that Chemours is unable to pay or is successful in limiting its obligations under the Chemours Separation Agreement, defined below, it could impact the Company’s business, financial condition, results of operations and cash flows. Chemours Suit On July 1, 2015, Historical EID completed the separation of Historical EID’s Performance Chemicals segment through the spinoff of all the issued and outstanding stock of The Chemours Company (“Chemours”) to holders of Historical EID common stock. In connection with the spin, Historical EID and Chemours entered into a Separation Agreement (as amended, the "Chemours Separation Agreement"). Pursuant to the Chemours Separation Agreement, Chemours is obligated to indemnify Historical EID, including its current or former affiliates, against certain litigation, environmental and other liabilities that arose prior to the Chemours Separation. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In 2017, Historical EID and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future PFOA liabilities for a five-year period that began on July 6, 2017. The amended agreement provides that during that five-year period, Chemours will annually pay the first $25 million of future PFOA liabilities and, if that amount is exceeded, Historical EID will pay any excess amount up to the next $25 million , with Chemours annually bearing any excess liabilities above that amount. At the end of the five-year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Chemours Separation Agreement will continue unchanged. On May 13, 2019, Chemours filed suit in the Delaware Court of Chancery against Historical EID, Corteva and the Company in an attempt to limit its responsibility for the litigation and environmental liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement. Chemours is asking the court to rewrite the Chemours Separation Agreement by either limiting Chemours’ liabilities or, alternatively, ordering the return to Chemours of all or a portion of a $3.91 billion dividend that Chemours paid to Historical EID, Chemours’ then-sole-shareholder, just prior to the spin of Chemours. DuPont and Corteva, acting jointly, have filed a motion to dismiss the lawsuit for lack of subject matter jurisdiction and have initiated an arbitration of the dispute as required under the Chemours Separation Agreement. Indemnifiable Losses related to the Chemours suit are PFAS Stray Liabilities subject to the sharing arrangement between DuPont and Corteva, described above. PFAS Matters Historical EID is a party to legal proceedings relating to the use of PFOA and PFCs by its former Performance Chemicals segment. Indemnifiable Losses related to PFAS liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement generally are PFAS Stray Liabilities subject to the sharing arrangement between DuPont and Corteva, described above. Personal Injury and Other PFAS Actions DuPont, which was formed after the spinoff of Chemours as a subsidiary of Historical EID and Historical Dow, is not named in the personal injury and other PFAS actions discussed below. Personal Injury In 2004. Historical EID settled a West Virginia state court class action, Leach v. DuPont, which alleged that PFOA from Historical EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. Historical EID has residual liabilities under the Leach settlement related to providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. Members of the Leach class have standing to pursue personal injury claims for just six health conditions that an expert panel appointed under the Leach settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. In 2017, Chemours and Historical EID each paid $335 million to settle the multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”), thereby resolving claims of about 3,550 plaintiffs alleging injury from exposure to PFOA in drinking water. The Ohio MDL settlement did not resolve claims of plaintiffs who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. There are several dozen claims pending in the Ohio MDL. Lawsuits have been filed against Historical EID and Chemours in New York federal and state courts, including a putative class action, alleging exposure to PFOA from third-party defendant manufacturing operations and seeking compensatory, consequential and punitive damages, medical monitoring and attorneys’ fees, expenses and interest. Other PFAS Actions A case is pending in the Southern District of Ohio seeking certification of a nationwide class of individuals who have detectable levels of PFAS in their blood serum. The suit was filed against several defendants in addition to Chemours and Historical EID. The complaint specifically seeks, among other things, the creation of a “PFAS Science Panel” to study the effects of PFAS, but expressly states that the class does not seek compensatory damages for personal injuries. There are several actions pending in federal court against Historical EID and Chemours, relating to discharges of PFCs, including GenX, into the Cape Fear River. GenX is a polymerization processing aid and a replacement for PFOA introduced by Historical EID which Chemours continues to manufacture at its Fayetteville Works facility in Bladen County, North Carolina. One of these actions is a consolidated putative class action that asserts claims for damages and other relief on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. In addition, an action is pending in North Carolina state court on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. Natural Resource Damage Claims and Other Claims for Environmental Damages DuPont, which was formed after the spinoff of Chemours as a subsidiary of Historical EID and Historical Dow, is named in certain of the actions discussed below. Drinking Water Since May 2017, a number of municipal water districts and state attorneys general have filed lawsuits against Historical EID, Chemours, 3M, and others, claiming contamination of public water systems by certain PFAS compounds. Such actions are currently pending in Alabama, Ohio, New Jersey, New Hampshire, South Dakota and Vermont. Generally, the states seek economic impact damages for alleged harm to natural resources, punitive damages, and present and future costs to cleanup contamination from certain PFAS compounds and to abate the alleged nuisance. DuPont is a named party in the New Jersey suit related to its site in Parlin, New Jersey. In addition, the New Jersey Attorney General and New Jersey State Department of Environmental Protection filed two directives, one of which names DuPont. The directives seek information on the historical and current use of PFAS. DuPont is also a named party to the Vermont suit. The complaints filed in New Jersey and Vermont were recently amended to introduce additional causes of action based on allegations that the transfer by Historical EID of certain PFAS liabilities to Chemours prior to spinning off Chemours resulted in a fraudulent conveyance or voidable transaction. Firefighting Foam Historical EID and Chemours are named in about 20 cases originally filed in Louisiana, Michigan, New Hampshire, New Jersey, New Mexico, New York, Ohio, Oklahoma, South Dakota, Tennessee and Texas. The Company is named in the New Hampshire action. These cases were transferred to a multi-district litigation docket in federal district court in South Carolina (the “SC MDL”), which includes approximately 150 cases. The suits allege contamination of neighboring drinking and groundwater from the use of aqueous firefighting foams on military installations, air force bases, commercial airports and refineries. The claims against Historical EID and Chemours involve alleged sales of PFOA and PFOS products to foam manufacturers, including 3M, who are also defendants in the SC MDL. Historical EID and the Company have never made or sold firefighting foam, PFOS or PFOS containing products. Other Litigation Matters In addition to the specific matters described above, the Company is party to other claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, and other actions. Certain of these actions may purport to be class actions and seek damages in very large amounts. It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At June 30, 2019, the Company had accrued obligations of $78 million for probable environmental remediation and restoration costs, inclusive of $36 million retained and assumed following the Distributions and $42 million of indemnified liabilities. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to $170 million above the amount accrued at June 30, 2019. 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 $51 million for probable environmental remediation and restoration costs. Pursuant to the Separation and Distribution Agreement, the Company's is required to indemnify certain clean-up responsibilities and associated remediation costs. The accrued environmental obligations of $78 million as of June 30, 2019 includes amount for which the Company indemnifies Dow and Corteva. At June 30, 2019, the Company has indemnified Dow and Corteva $8 million and $34 million , respectively. Guarantees Obligations for Equity Affiliates & Others The Company has directly guaranteed various debt obligations under agreements with third parties related to equity affiliates, and customers. At June 30, 2019 and December 31, 2018, the Company had directly guaranteed $185 million and $199 million , respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the Company could be required to make under the guarantees. The Company would be required to perform on these guarantees in the event of default by the guaranteed party. The Company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. In certain cases, the Company has recourse to assets held as collateral, as well as personal guarantees from customers. Assuming liquidation, these assets are estimated to cover approximately 11 percent of the $19 million of guaranteed obligations of customers. The following table provides a summary of the final expiration year and maximum future payments for each type of guarantee: Guarantees at June 30, 2019 Final Expiration Year Maximum Future Payments In millions Obligations for customers 1 : Bank borrowings 2020 $ 19 Obligations for non-consolidated affiliates 2 : Bank borrowings 2019 $ 166 Total guarantees $ 185 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. Of the total maximum future payments, $18 million had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
LEASES (Notes)
LEASES (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The Company has operating and finance leases for real estate, an airplane, railcars, fleet, certain machinery and equipment, and information technology assets. The Company’s leases have remaining lease terms of approximately 1 year to 40 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 that option. 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. Certain of the Company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee declines over the course of the lease term. The portion of residual value guarantees that are probable of payment is included in the related lease liability on the accompanying 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. At June 30, 2019, the Company has future maximum payments for residual value guarantees in operating leases of $19 million with final expirations through 2024. 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 and six months ended June 30, 2019 were as follows: In millions Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 46 $ 90 Finance lease cost Amortization of right-of-use assets (3 ) 3 Interest on lease liabilities — — Total finance lease cost (3 ) 3 Short-term lease cost 1 2 Variable lease cost 2 3 Sublease income 5 12 Total lease cost $ 41 $ 86 New leases entered into during the six months ended June 30, 2019 were not considered material. Supplemental cash flow information related to leases was as follows: In millions Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 92 Operating cash flows from finance leases $ — Financing cash flows from finance leases $ 3 Supplemental balance sheet information related to leases was as follows: In millions June 30, 2019 Operating Leases Operating lease right-of-use assets 1 $ 539 Current operating lease liabilities 2 144 Noncurrent operating lease liabilities 3 394 Total operating lease liabilities $ 538 Finance Leases Property, plant, and equipment, gross $ 13 Accumulated depreciation 5 Property, plant, and equipment, net $ 8 Short-term borrowings and finance lease obligations $ 1 Long-Term Debt 2 Total finance lease liabilities $ 3 1. Included in "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheet. 2. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheet. 3. Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheet. DuPont 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 June 30, 2019 Weighted-average remaining lease term (years) Operating leases 5.12 Finance leases 4.72 Weighted average discount rate Operating leases 3.40 % Finance leases 3.32 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at June 30, 2019 Operating Leases Finance Leases In millions 2019 $ 92 $ 1 2020 126 1 2021 95 1 2022 77 — 2023 43 — 2024 and thereafter 179 1 Total lease payments $ 612 $ 4 Less: Interest 74 1 Present value of lease liabilities $ 538 $ 3 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 December 31, 2018 In millions 2019 $ 654 2020 497 2021 418 2022 363 2023 297 2024 and thereafter 1,063 Total $ 3,292 Total minimum lease commitments from discontinued operations 2,980 Total minimum lease commitments from continuing operations $ 312 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE LOSS | STOCKHOLDERS' EQUITY On May 23, 2019, stockholders of DowDuPont approved a 1-for-3 reverse stock split of DowDuPont shares of common stock with par value of $0.01 per share, which became effective immediately following the Corteva Distribution on June 1, 2019. All comparable periods presented have been retrospectively revised to reflect this change. Treasury Stock On June 25, 2019, the Company retired 37 million shares of its common stock held in treasury. The shares were returned to the status of authorized but unissued shares. As a result, the treasury stock balance decreased by $7,102 million . As a part of the retirement, the Company reduced "Common stock" and "(Accumulated Deficit) Retained Earnings" by $0.04 million and $7,102 million , respectively. The following table provides a reconciliation of DuPont Common Stock activity for the six months ended June 30, 2019: Shares of DuPont Common Stock Issued Held in Treasury In thousands Balance at December 31, 2018 784,143 27,818 Issued 2,112 — Repurchased — 10,993 Retired (38,811 ) (38,811 ) Balance at June 30, 2019 747,444 — Share Repurchase Program On June 1, 2019, the Company's Board of Directors approved a new $2 billion share buyback program, which expires on June 1, 2021. At June 30, 2019, the Company had repurchased and retired 1.4 million shares under this program at a total cost of $102 million . Accumulated Other Comprehensive Loss The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the six months ended June 30, 2019 and 2018 : Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2018 Balance at January 1, 2018 $ 17 $ (1,935 ) $ (6,923 ) $ (111 ) $ (8,952 ) Other comprehensive income (loss) before reclassifications (41 ) (1,058 ) 9 75 (1,015 ) Amounts reclassified from accumulated other comprehensive income (loss) 2 (2 ) 248 44 292 Net other comprehensive income (loss) $ (39 ) $ (1,060 ) $ 257 $ 119 $ (723 ) Reclassification of stranded tax effects 1 $ (1 ) $ (107 ) $ (927 ) $ (22 ) $ (1,057 ) Balance at June 30, 2018 $ (23 ) $ (3,102 ) $ (7,593 ) $ (14 ) $ (10,732 ) 2019 Balance at January 1, 2019 $ (51 ) $ (3,785 ) $ (8,476 ) $ (82 ) $ (12,394 ) Other comprehensive income (loss) before reclassifications 68 (117 ) 49 (43 ) (43 ) Amounts reclassified from accumulated other comprehensive income (loss) (1 ) (18 ) 142 (15 ) 108 Net other comprehensive income (loss) $ 67 $ (135 ) $ 191 $ (58 ) $ 65 Spin-offs of Dow and Corteva $ (16 ) $ 3,179 $ 8,196 $ 139 $ 11,498 Balance at June 30, 2019 $ — $ (741 ) $ (89 ) $ (1 ) $ (831 ) 1. Amounts reclassified to retained earnings as a result of the adoption of ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which was adopted April 1, 2018. The ASU allowed a reclassification from AOCL to retained earnings for stranded tax effects resulting from The Act. The tax effects on the net activity related to each component of other comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018 were as follows: Tax Benefit (Expense) 1 Three Months Ended Six Months Ended In millions 2019 2018 2019 2018 Unrealized gains (losses) on investments $ — $ 3 $ (18 ) $ 9 Cumulative translation adjustments — (25 ) (1 ) (20 ) Pension and other post employment benefit plans 34 (34 ) 2 (64 ) Derivative instruments (8 ) (7 ) 16 (8 ) Tax expense from income taxes related to other comprehensive income items $ 26 $ (63 ) $ (1 ) $ (83 ) 1. Prior period amounts were updated to conform with the current year presentation. A summary of the reclassifications out of AOCL for the three and six months ended June 30, 2019 and 2018 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended Income Classification In millions 2019 2018 2019 2018 Unrealized (gains) losses on investments $ — $ 1 $ (1 ) $ 3 See (1) below Tax expense (benefit) — — — (1 ) See (2) below After tax $ — $ 1 $ (1 ) $ 2 Cumulative translation adjustments $ — $ (2 ) $ (18 ) $ (2 ) See (3) below Pension and other post employment benefit plans $ (25 ) $ 156 $ 142 $ 310 See (4) below Tax benefit 25 (34 ) — (62 ) See (2) below After tax $ — $ 122 $ 142 $ 248 Derivative Instruments $ (7 ) $ 26 $ (18 ) $ 52 See (5) below Tax benefit 2 (3 ) 3 (8 ) See (2) below After tax $ (5 ) $ 23 $ (15 ) $ 44 Total reclassifications for the period, after tax $ (5 ) $ 144 $ 108 $ 292 1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes on continuing operations." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other post employment benefit plans. See Note 19 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense". |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 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 Condensed 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 interim Consolidated Statements of Operations. The following table summarizes the activity for equity attributable to noncontrolling interests for the three and six months ended June 30, 2019 and 2018 : Noncontrolling Interests Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Balance at beginning of period $ 1,654 $ 1,664 $ 1,608 $ 1,597 Net income attributable to noncontrolling interests 34 35 85 79 Distributions to noncontrolling interests 1 (1 ) (46 ) (12 ) (73 ) Noncontrolling interests from Merger — — — 56 Cumulative translation adjustments 9 (34 ) 16 (40 ) Spin-off of Dow and Corteva (1,124 ) — (1,124 ) — Other (2 ) 1 (3 ) 1 Balance at end of period $ 570 $ 1,620 $ 570 $ 1,620 1. Net of dividends paid to a joint venture, which were reclassified to "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations, totaled zero for the three months ended June 30, 2019 ( $6 million for the three months ended June 30, 2018 ) and zero for the six months ended June 30, 2019 ( $6 million for the six months ended June 30, 2018 ). |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS In connection with the Distributions, the Historical Dow U.S. qualified defined benefit plan and the Historical EID U.S. principal qualified defined benefit plan were separated from the Company to Dow and Corteva, respectively. The Company retained a portion of pension liabilities and select other post employment benefit plans relating to foreign benefit plans for both Historical EID and Historical Dow. The Company also retained an immaterial portion of the non-qualified US pension liabilities and other post employment benefit plans relating to Historical EID US benefit plans. The Employee Matters Agreement with Dow and Corteva provides that employees of Dow and Corteva no longer participate in benefit plans sponsored or maintained by the Company, and that employees of the Company no longer participate in benefit plans sponsored or maintained by either Dow or Corteva, as of the effective time of the Dow Distribution and Corteva Distribution, respectively. At June 30, 2019, the Company's pension and other post employment benefit plans retained an underfunded status of $980 million after certain assets and obligations were separated from the Company to Dow and Corteva plans effective as of the Dow Distribution and Corteva Distribution, respectively. The following sets forth the components of the Company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits: Net Periodic Benefit (Credit) Cost for All Plans Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Defined Benefit Pension Plans: Service cost $ 18 $ 165 $ 149 $ 332 Interest cost 144 406 591 814 Expected return on plan assets (206 ) (705 ) (919 ) (1,414 ) Amortization of prior service credit (1 ) (6 ) (7 ) (12 ) Amortization of net loss 2 169 135 340 Curtailment/settlement 1 (2 ) (4 ) (2 ) (4 ) Net periodic benefit (credit) cost - total $ (45 ) $ 25 $ (53 ) $ 56 Less: discontinued operations 41 (35 ) 45 (73 ) Net periodic benefit credit - continuing operations $ (4 ) $ (10 ) $ (8 ) $ (17 ) Other Post Employment Benefits: Service cost $ 1 $ 5 $ 5 $ 10 Interest cost 15 33 52 65 Amortization of net gain — (6 ) (6 ) (12 ) Net periodic benefit cost - total $ 16 $ 32 $ 51 $ 63 Less: discontinued operations (16 ) (32 ) (50 ) (63 ) Net periodic benefit cost - continuing operations $ — $ — $ 1 $ — 1. The 2018 impact relates to the curtailment and settlement of pension plans in the U.S. and Australia all of which have been transferred to Corteva and included in Discontinued Operations. The 2019 impact relates to the curtailment of pension plans in Canada which have been retained by DuPont and included in Continuing Operations. Net periodic benefit (credit) cost, other than the service cost component, is included in "Sundry income (expense) - net" in the interim Consolidated Statements of Operations. DuPont expects to make additional contributions in the aggregate of approximately $240 million by year-end 2019 to certain non-US pension and other post employment benefit plans. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION On May 23, 2019, stockholders of DowDuPont approved a reverse stock split of DowDuPont shares of common stock. DowDuPont's Board of Directors established a reverse stock split ratio of 1 new share of DowDuPont common stock for every 3 shares of current DowDuPont common stock with par value of $0.01 per share. The stock split became effective immediately following the Corteva Distribution on June 1, 2019. All comparable periods presented have been retrospectively revised to reflect this change. Historical Dow and Historical EID did not merge their equity incentive plans as a result of the Merger. The Historical Dow and Historical EID stock-based compensation plans were assumed by DowDuPont and remained in place with the ability to grant and issue DowDuPont common stock until the Distributions. There was minimal grant activity in the first five months of 2019 under the Dow Chemical Company 2012 Stock Incentive Plan (the "2012 Plan"). In the first quarter of 2019, Historical EID granted 1.1 million restricted stock units ("RSUs") with a weighted-average fair value of $70.52 per share under the E. I. du Pont de Nemours and Company Equity and Incentive Plan (the "DuPont EIP"). There was minimal grant activity in April and May of 2019 under the DuPont EIP. Effect of the Distributions on Equity Awards In accordance with the Employee Matters Agreement between DuPont, Dow and Corteva, certain executives and employees were entitled to receive equity compensation awards of DuPont in replacement of previously outstanding awards granted under Historical Dow and Historical EID equity incentive plans. At the time of the Dow Distribution, equity awards denominated in DowDuPont common stock held by DuPont employees were adjusted using a formula designed to preserve the intrinsic value of the awards immediately prior to the Dow Distribution, and either remained denominated in DowDuPont common stock, or were adjusted into a combination of equity awards denominated in both DowDuPont common stock and Dow common stock. For employees of Dow Inc., outstanding share-based compensation awards denominated in DowDuPont common stock were adjusted to equity awards denominated in either Dow common stock, or into a combination of equity awards denominated in both DowDuPont common stock and Dow common stock using a formula designed to preserve the intrinsic value of the awards immediately prior to the Dow Distribution. At the time of the Corteva Distribution, equity awards denominated in DowDuPont common stock held by DuPont employees were adjusted using a formula designed to preserve the intrinsic value of the awards immediately prior to the Corteva Distribution, and were either adjusted into DuPont common stock, or were adjusted into a combination of equity awards denominated in both DuPont common stock and Corteva common stock. For Corteva employees, outstanding share-based compensation awards denominated in DowDuPont common stock were adjusted to equity awards denominated in either Corteva common stock, or into a combination of equity awards denominated in both DuPont common and Corteva common stock using a formula designed to preserve the intrinsic value of the awards immediately prior to the Corteva Distribution. For Dow employees, outstanding DowDuPont equity awards at the time of the Corteva Distribution were adjusted into a combination of equity awards denominated in both DuPont common stock and Corteva common stock using a formula designed to preserve the intrinsic value of the awards immediately prior to the Corteva Distribution. Immediately following the Corteva Distribution, on June 1, 2019, DuPont adopted the Dupont Omnibus Incentive Plan ("DuPont OIP") which grants stock-based compensation to certain employees, directors, independent contractors and consultants through grants of stock options, RSUs, and other stock-based awards. The DuPont OIP has two subplans to reflect the DuPont EIP and the 2012 Plan. The equity awards under these subplans have the same terms and conditions that were applicable to the awards under the DuPont EIP and 2012 Plan immediately prior to the Distributions. Under the DuPont OIP, a maximum of 15 million shares of common stock may be awarded. From the period June 1 to June 30, 2019, there was minimal grant activity under the DuPont OIP. DuPont recognized share-based compensation expense in continuing operations of $34 million and $32 million during the three months ended June 30, 2019 and 2018 , respectively, and $55 million and $52 million during the six months ended June 30, 2019 and 2018 , respectively. The income tax benefits related to stock-based compensation arrangements were $7 million and $12 million for the three and six months ended June 30, 2019 , respectively, and $7 million and $11 million for the three and six months ended June 30, 2018 , respectively. Performance Stock Units |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at June 30, 2019 and December 31, 2018 : Fair Value of Financial Instruments June 30, 2019 December 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 532 $ — $ — $ 532 $ 8,226 $ — $ — $ 8,226 Restricted cash equivalents 1 $ 40 $ — $ — $ 40 $ 43 $ — $ — $ 43 Marketable securities $ 8 $ — $ — $ 8 $ 29 $ — $ — $ 29 Equity securities 2 $ 4 $ — $ — $ 4 $ 2 $ — $ — $ 2 Total cash and restricted cash equivalents, marketable securities and other investments $ 584 $ — $ — $ 584 $ 8,300 $ — $ — $ 8,300 Long-term debt including debt due within one year $ (15,614 ) $ — $ (1,555 ) $ (17,169 ) $ (12,635 ) $ 5 $ (461 ) $ (13,091 ) Derivatives relating to: Foreign currency 3 — 11 (6 ) 5 — 37 (6 ) 31 Total derivatives $ — $ 11 $ (6 ) $ 5 $ — $ 37 $ (6 ) $ 31 1. Classified as "Other current assets" in the Condensed Consolidated Balance Sheets. 2. Equity securities with a readily determinable fair value. Presented in accordance with ASU 2016-01. "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." 3. Presented net of cash collateral where master netting arrangements allow. Derivative Instruments Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, the Company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The Company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the Company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The Company has not designated any derivatives or non-derivatives as hedging instruments. The Company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. The notional amounts of the Company's derivative instruments were as follows: Notional Amounts June 30, 2019 Dec 31, 2018 In millions Derivatives not designated as hedging instruments: Foreign currency contracts $ (80 ) $ 2,057 Commodity contracts $ 8 $ 9 Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The Company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The Company also uses foreign currency exchange contracts to offset a portion of the Company's exposure to certain foreign currency-denominated revenues so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated revenues. Commodity Contracts The Company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as soybeans, soybean oil and soybean meal. Fair Value of Derivative Instruments Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Condensed Consolidated Balance Sheets. The presentation of the Company's derivative assets and liabilities is as follows: June 30, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 27 (16 ) 11 Total asset derivatives $ 27 $ (16 ) $ 11 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 20 $ (14 ) $ 6 Total liability derivatives $ 20 $ (14 ) $ 6 December 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 not designated as hedging instruments: Foreign currency contracts Other current assets $ 72 $ (35 ) $ 37 Total asset derivatives $ 72 $ (35 ) $ 37 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 21 $ (15 ) $ 6 Total liability derivatives $ 21 $ (15 ) $ 6 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Effect of Derivative Instruments Foreign currency derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency-denominated assets and liabilities. The amount charged on a pretax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) - net” in the interim Consolidated Statements of Operations, was a loss of $13 million for the three months ended June 30, 2019 ( $177 million gain for the three months ended June 30, 2018) and a loss of $60 million for the six months ended June 30, 2019 ( $4 million loss for the six months ended June 30, 2018). The income statement effects of other derivatives were immaterial. Reclassification from AOCL The Company does not expect to reclassify gains related to foreign currency contracts from AOCL to income within the next 12 months. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at June 30, 2019 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 572 Marketable securities 2 8 Equity securities 3 4 Derivatives relating to: 4 Foreign currency contracts 27 Total assets at fair value $ 611 Liabilities at fair value: Long-term debt including debt due within one year 5 $ 17,169 Derivatives relating to: 4 Foreign currency contracts 20 Total liabilities at fair value $ 17,189 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. Primarily time deposits with maturities of greater than three months at time of acquisition. 3. The Company’s investments in equity securities are included in “Other investments” in the interim Condensed Consolidated Balance Sheets. 4. See Note 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 5. See Note 21 for information on fair value measurements of long-term debt. Basis of Fair Value Measurements on a Recurring Basis at Dec 31, 2018 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 8,269 Marketable securities 2 29 Equity securities 3 2 Derivatives relating to: 4 Foreign currency contracts 72 Total assets at fair value $ 8,372 Liabilities at fair value: Long-term debt including debt due within one year 5 $ 13,091 Derivatives relating to: 4 Foreign currency contracts 21 Total liabilities at fair value $ 13,112 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. Primarily time deposits with maturities of greater than three months at time of acquisition. 3. The Company’s investments in equity securities are included in “Other investments” in the interim Condensed Consolidated Balance Sheets. 4. See Note 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets 5. See Note 21 for information on fair value measurements of long-term debt. Fair Value Measurements on a Nonrecurring Basis During the second quarter of 2019, the Company recorded goodwill impairment charges related to the Nutrition & Biosciences and the Non-Core segments. See Note 13 for further discussion of these fair value measurements. The Internal SP Distribution served as a triggering event to assess equity method investments for impairment. The Company recorded an other-than-temporary impairment, classified as Level 3 measurements, on an equity method investment for the three and six months ended June 30, 2019. The impairment charge of $63 million was recorded in "Restructuring and asset related charges - net" in the interim Consolidated Statements of Operations. See Note 5 for further discussion of these fair value measurements. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHIC REGIONS | SEGMENTS AND GEOGRAPHIC REGIONS Effective June 1, 2019, DuPont changed its management and reporting structure resulting in the creation of a new Non-Core segment ("Second Quarter Segment Realignment"). • The Second Quarter Segment Realignment resulted in the following being realigned to Non-Core: ◦ Photovoltaic and Advanced Materials business unit (including the HSC Group joint ventures: DC HSC Holdings LLC and Hemlock Semiconductor L.L.C) from the Electronics & Imaging segment; ◦ Biomaterials and Clean Technologies business units from the Nutrition & Biosciences segment; ◦ DuPont Teijin Films joint venture from the Transportation & Industrial (formerly known as Transportation & Advanced Polymers) segment; and ◦ Sustainable Solutions business unit from the Safety & Construction segment. • In addition, the following changes have occurred: ◦ Consolidation of the Nutrition & Health business with the Industrial Biosciences business within the Nutrition & Biosciences reportable segment. Previously, Nutrition & Health and Industrial Biosciences were separate operating segments which did not meet the quantitative thresholds. ◦ Pre-commercial activities related to the Biomaterials business unit was realigned from Corporate to Non‑Core, with the remaining pre-commercial activities realigned to the Nutrition & Biosciences segment. The reporting changes have been retrospectively reflected in the segment results for all periods presented. Prior to April 1, 2019, the Company's measure of profit/loss for segment reporting purposes is pro forma Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assessed performance and allocates resources. The Company defines pro forma Operating EBITDA as pro forma earnings (i.e. pro forma "Income (loss) from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / other post employment benefits (“OPEB”) / charges, and foreign exchange gains/losses, excluding the impact of costs historically allocated to the materials science and agriculture businesses that did not meet the criteria to be recorded as discontinued operations and adjusted for significant items. Effective April 1, 2019, the Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, adjusted for significant items. Reconciliations of these measures are provided on the following pages. Pro forma adjustments were determined in accordance with Article 11 of Regulation S-X. Pro forma financial information is based on the Consolidated Financial Statements of DuPont, adjusted to give effect to the impact of certain items directly attributable to the Distributions, and the Term Loan Facilities, the 2018 Senior Notes and the Funding CP Issuance (together, the "Financings"), including the use of proceeds from such Financings (collectively the "Transactions"). The historical consolidated financial information has been adjusted to give effect to pro forma events that are (1) directly attributable to the Transactions, (2) factually supportable and (3) with respect to the statements of operations, expected to have a continuing impact on the results. Events that are not expected to have a continuing impact on the combined results are excluded from the pro forma adjustments. Pro forma adjustments impacting consolidated results are outlined in the Supplemental Unaudited Pro Forma Combined Financial Information section contained in Management's Discussion and Analysis ("MD&A"). Those pro forma adjustments include the impact of various supply agreements entered into in connection with the Dow Distribution ("supply agreements") and are outlined in the Supplemental Unaudited Pro Forma Combined Information section of the MD&A as adjustments to "Cost of sales". The impact of these supply agreements are reflected in pro forma Operating EBITDA for the periods noted above as they are included in the measure of profit/loss reviewed by the CODM in order to show meaningful comparability among periods while assessing performance and making resource allocation decisions. There were no pro forma adjustments for the three months ended June 30, 2019. Segment Information Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Three months ended June 30, 2019 Net sales $ 858 $ 1,558 $ 1,269 $ 1,341 $ 442 $ — $ 5,468 Operating EBITDA 1 $ 246 $ 391 $ 357 $ 382 $ 99 $ (53 ) $ 1,422 Equity in earnings (losses) of nonconsolidated affiliates $ 5 $ — $ 2 $ 7 $ 35 $ — $ 49 Three months ended June 30, 2018 Net sales $ 921 $ 1,621 $ 1,417 $ 1,372 $ 526 $ — $ 5,857 Pro forma operating EBITDA 1 $ 290 $ 383 $ 402 $ 296 $ 123 $ (72 ) $ 1,422 Equity in earnings (losses) of nonconsolidated affiliates $ 6 $ — $ 1 $ 8 $ 39 $ — $ 54 Six months ended June 30, 2019 Net sales $ 1,683 $ 3,093 $ 2,586 $ 2,624 $ 896 $ — $ 10,882 Pro forma operating EBITDA 1 $ 534 $ 744 $ 730 $ 756 $ 193 $ (105 ) $ 2,852 Equity in earnings (losses) of nonconsolidated affiliates $ 8 $ — $ 2 $ 15 $ 64 $ — $ 89 Six months ended June 30, 2018 Net sales $ 1,785 $ 3,198 $ 2,795 $ 2,636 $ 1,040 $ — $ 11,454 Pro forma operating EBITDA 1 $ 567 $ 751 $ 791 $ 622 $ 233 $ (136 ) $ 2,828 Equity in earnings (losses) of nonconsolidated affiliates $ 13 $ 1 $ 3 $ 13 $ 81 $ — $ 111 1. A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA and pro forma Operating EBITDA, as applicable, is provided below. Reconciliation of "(Loss) Income from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended June 30, 2019 and 2018 Three Months Ended In millions June 30, 2019 June 30, 2018 (Loss) Income from continuing operations, net of tax $ (1,103 ) $ 31 + Provision for income taxes on continuing operations 155 99 (Loss) income from continuing operations before income taxes $ (948 ) $ 130 + Depreciation and amortization 507 551 - Interest income 1 9 11 + Interest expense 165 171 - Non-operating pension/OPEB benefit 1 18 28 - Foreign exchange gains (losses), net 1 (17 ) 53 + Costs historically allocated to the materials science and agriculture businesses 2 — 352 + Pro forma adjustments 3 — (52 ) - Adjusted significant items (1,708 ) (362 ) Operating EBITDA 3 $ 1,422 $ 1,422 1. Included in Sundry income (expense) - net. 2. Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. 3. For the three months ended June 30, 2018, operating EBITDA is on a pro forma basis. Refer to the Supplemental Unaudited Pro Forma Combined Financial Information contained in the MD&A for additional information related to the pro forma adjustments. Reconciliation of "(Loss) Income from continuing operations, net of tax" to Pro Forma Operating EBITDA for the Six months Ended June 30, 2019 and 2018 Six Months Ended In millions June 30, 2019 June 30, 2018 Loss from continuing operations, net of tax $ (1,177 ) $ (42 ) + Provision for income taxes on continuing operations 64 164 (Loss) Income from continuing operations before income taxes $ (1,113 ) $ 122 + Depreciation and amortization 1,034 1,102 - Interest income 1 49 21 + Interest expense 345 342 - Non-operating pension/OPEB benefit 39 55 - Foreign exchange gains (losses), net 1, 2 (78 ) (72 ) + Costs historically allocated to the materials science and agriculture businesses 3 256 608 + Pro forma adjustments 4 122 (150 ) - Adjusted significant items (2,218 ) (808 ) Pro Forma Operating EBITDA 4 $ 2,852 $ 2,828 1. Included in "Sundry income (expense) - net." 2. Excludes a $50 million pretax foreign exchange loss significant item related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform during the six months ended June 30, 2018. 3. Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. 4. Refer to the Supplemental Unaudited Pro Forma Combined Financial Information contained in the MD&A section for additional information related to the pro forma adjustments. The significant items for the three months ended June 30, 2019, are presented on an as reported basis. The adjusted significant items for the six months ended June 30, 2019 and for the three and six months ended June 30, 2018, are presented on a pro forma basis. The following tables summarize the pretax impact of adjusted significant items by segment that are excluded from Operating EBITDA and pro forma Operating EBITDA above: Significant Items by Segment for the Three Months Ended June 30, 2019 Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (347 ) $ (347 ) Restructuring and asset related charges - net 2 (7 ) (85 ) (12 ) (20 ) (1 ) (13 ) (138 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Income tax related items 4 — — — (48 ) — — (48 ) Total $ (7 ) $ (1,018 ) $ (12 ) $ (68 ) $ (243 ) $ (360 ) $ (1,708 ) 1. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. 3. See Note 13 for additional information. 4. $48 million charge included in "Sundry income (expense) - net" reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. Adjusted Significant Items by Segment for the Three Months Ended June 30, 2018 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Merger-related inventory step-up amortization 1 $ — $ (4 ) $ — $ — $ — $ — $ (4 ) Net loss on divestitures and changes in joint venture ownership 2 — — — — (21 ) — (21 ) Integration and separation costs 3 — — — — — (291 ) (291 ) Restructuring and asset related charges - net 4 (1 ) — — (12 ) 5 (38 ) (46 ) Total $ (1 ) $ (4 ) $ — $ (12 ) $ (16 ) $ (329 ) $ (362 ) 1. Includes the fair value step-up in Historical EID's inventories as a result of the Merger and the acquisition of FMC Corporation's Health and Nutrition business in November 2017. 2. Reflected in "Sundry income (expense) - net." 3. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 4. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 5 for additional information. Adjusted Significant Items by Segment for the Six Months Ended June 30, 2019 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (785 ) $ (785 ) Restructuring and asset related charges - net 2 (7 ) (112 ) (12 ) (22 ) — (57 ) (210 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Income tax related items 4 — — — (48 ) — — (48 ) Total $ (7 ) $ (1,045 ) $ (12 ) $ (70 ) $ (242 ) $ (842 ) $ (2,218 ) 1. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. 3. See Note 13 for additional information. 4. $48 million charge included in "Sundry income (expense) - net" reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. Adjusted Significant Items by Segment for the Six Months Ended June 30, 2018 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Merger-related inventory step-up amortization 1 $ — $ (68 ) $ — $ (5 ) $ — $ — $ (73 ) Net loss on divestitures and changes in joint venture ownership 2 — — — — (21 ) — (21 ) Integration and separation costs 3 — — — — — (565 ) (565 ) Restructuring and asset related charges - net 4 (2 ) — 1 (19 ) 6 (85 ) (99 ) Income tax related item 5 — — — — — (50 ) (50 ) Total $ (2 ) $ (68 ) $ 1 $ (24 ) $ (15 ) $ (700 ) $ (808 ) 1. Includes the fair value step-up in Historical EID's inventories as a result of the Merger and the acquisition of FMC Corporation's Health and Nutrition business in November 2017. 2. Reflected in "Sundry income (expense) - net". 3. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 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 EID's foreign currency exchange contracts as a result of U.S. tax reform. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 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 depends on whether the lease is classified 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 previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance, referred to as "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 1 Effect of Adoption of ASU 2016-02 Updated Jan 1, 2019 In millions Assets Deferred charges and other assets $ 134 $ 584 $ 718 Total other assets $ 49,463 $ 584 $ 50,047 Assets of discontinued operations $ 110,275 $ 2,787 $ 113,062 Total Assets $ 187,855 $ 3,371 $ 191,226 Liabilities Accrued and other current liabilities $ 1,129 $ 156 $ 1,285 Total current liabilities $ 73,312 $ 156 $ 73,468 Other noncurrent obligations $ 764 $ 428 $ 1,192 Total other noncurrent liabilities $ 6,019 $ 428 $ 6,447 Liabilities of discontinued operations $ 69,434 $ 2,715 $ 72,149 Total Liabilities $ 91,955 $ 3,299 $ 95,254 Stockholders' Equity Retained earnings 2 $ 30,257 $ 72 $ 30,329 DuPont's stockholders' equity $ 94,292 $ 72 $ 94,364 Total equity $ 95,900 $ 72 $ 95,972 Total Liabilities and Equity $ 187,855 $ 3,371 $ 191,226 1.The as reported December 31, 2018 information has been updated to reflect the impact of the reverse stock split and the change in accounting policy discussed in Note 1. 2. 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 interim Consolidated Statement of Operations and had no impact on the interim Consolidated Statement of Cash Flows. Accounting Guidance Issued But Not Adopted at June 30, 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. This new standard 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 and does not expect there to be a significant impact. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which was further updated in November 2018 and May 2019. The new guidance introduces the current expected credit loss (CECL) model, which will require an entity to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update will be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the Consolidated Financial Statements and related disclosures. |
Basis of Presentation | Interim Financial Statements The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018, collectively referred to as the “2018 Annual Report.” The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 ("Merger Agreement"), The Dow Chemical Company ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, Historical Dow and Historical EID became subsidiaries of DowDuPont (the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Dow was determined to be the accounting acquirer in the Merger. Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical EID" includes Historical EID and its consolidated subsidiaries, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow. |
Discontinued Operations, Policy [Policy Text Block] | Spin-Offs Effective as of 5:00 p.m. on April 1, 2019, the Company completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share (the “Dow Common Stock”), to holders of the Company’s common stock, par value $0.01 per share (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). Effective as of 12:01 a.m. on June 1, 2019, the Company completed the previously announced separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock, par value $0.01 per share (the “Corteva Common Stock”), to holders of the Company’s common stock, par value $0.01 per share, as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD". These interim Consolidated Financial Statements present the financial position of DuPont as of June 30, 2019 and December 31, 2018 and the results of operations of DuPont for the three and six months ended June 30, 2019 and 2018 giving effect to the Distributions, with the historical financial results of Dow and Corteva reflected as discontinued operations. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the interim Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of Dow or Corteva. |
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 interim Condensed Consolidated Balance Sheets. Operating lease liabilities are included in "Accrued and other current liabilities" and "Other noncurrent obligations" on the interim Condensed Consolidated Balance Sheets. Finance lease ROU assets are included in "Property, plant and equipment - net" and the corresponding lease liabilities are included in "Short-term borrowings and finance lease obligations" and "Long-term debt" on the interim Condensed 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 interim Consolidated Statements of Operations, 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. See Notes 2 and 16 for additional information regarding the Company's leases. |
Inventory, Policy [Policy Text Block] | Inventories Prior to the Corteva Distribution, the Company recorded inventory under the last-in, first-out ("LIFO"), first-in, first-out and average cost methods. During the second quarter, effective after the Corteva Distribution, DuPont elected to change the method of accounting for inventories of the specialty products business recorded under the LIFO method to the average cost method. The effects of the change in accounting principle have been retrospectively applied to all prior periods presented. See Note 10 for more information regarding the change in inventory accounting method. |
RECENT ACCOUNTING GUIDANCE (Tab
RECENT ACCOUNTING GUIDANCE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Standards Update 2016-02 [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 1 Effect of Adoption of ASU 2016-02 Updated Jan 1, 2019 In millions Assets Deferred charges and other assets $ 134 $ 584 $ 718 Total other assets $ 49,463 $ 584 $ 50,047 Assets of discontinued operations $ 110,275 $ 2,787 $ 113,062 Total Assets $ 187,855 $ 3,371 $ 191,226 Liabilities Accrued and other current liabilities $ 1,129 $ 156 $ 1,285 Total current liabilities $ 73,312 $ 156 $ 73,468 Other noncurrent obligations $ 764 $ 428 $ 1,192 Total other noncurrent liabilities $ 6,019 $ 428 $ 6,447 Liabilities of discontinued operations $ 69,434 $ 2,715 $ 72,149 Total Liabilities $ 91,955 $ 3,299 $ 95,254 Stockholders' Equity Retained earnings 2 $ 30,257 $ 72 $ 30,329 DuPont's stockholders' equity $ 94,292 $ 72 $ 94,364 Total equity $ 95,900 $ 72 $ 95,972 Total Liabilities and Equity $ 187,855 $ 3,371 $ 191,226 1.The as reported December 31, 2018 information has been updated to reflect the impact of the reverse stock split and the change in accounting policy discussed in Note 1. 2. The net impact to retained earnings was primarily a result of the recognition of a deferred gain associated with a prior sale-leaseback transaction. |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Integration and Separation Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Integration and separation costs $ 347 $ 428 $ 958 $ 793 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division: Three Months Ended Six Months Ended In millions June 30, 2018 June 30, 2019 June 30, 2018 Depreciation and amortization $ 698 $ 743 $ 1,407 Capital expenditures $ 482 $ 597 $ 868 The carrying amount of major classes of assets and liabilities classified that were included in discontinued operations at December 31, 2018 related to the Agriculture Division consist of the following: Dec 31, 2018 In millions Assets Cash and cash equivalents $ 2,211 Marketable securities 5 Accounts and notes receivable - net 5,109 Inventories 5,259 Other current assets 1,000 Investment in nonconsolidated affiliates 138 Other investments 27 Noncurrent receivables 72 Property, plant and equipment - net 4,543 Goodwill 14,691 Other intangible assets - net 12,055 Deferred income tax assets (651 ) Deferred charges and other assets 1,789 Total assets of discontinued operations $ 46,248 Liabilities Short-term borrowings and finance lease obligations $ 2,151 Accounts payable 3,627 Income taxes payable 185 Accrued and other current liabilities 3,883 Long-Term Debt 5,784 Deferred income tax liabilities 520 Pension and other post employment benefits - noncurrent 5,637 Other noncurrent obligations 1,708 Total liabilities of discontinued operations $ 23,495 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division: Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Depreciation and amortization $ 136 $ 246 $ 385 $ 470 Capital expenditures $ 161 $ 94 $ 383 $ 207 The results of operations of the Agriculture Division are presented as discontinued operations as summarized below: Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net sales $ 3,776 $ 5,638 $ 7,144 $ 9,411 Cost of sales 2,026 3,622 4,218 6,352 Research and development expenses 183 345 470 666 Selling, general and administrative expenses 677 795 1,294 1,373 Amortization of intangibles 74 106 176 196 Restructuring and asset related charges - net 58 101 117 224 Integration and separation costs 272 98 430 169 Equity in earnings of nonconsolidated affiliates (3 ) 2 (4 ) 1 Sundry income (expense) - net (7 ) 75 58 192 Interest expense 28 97 91 186 Income from discontinued operations before income taxes 448 551 402 438 Provision for income taxes on discontinued operations 48 97 82 106 Income from discontinued operations, net of tax $ 400 $ 454 $ 320 $ 332 Income from discontinued operations attributable to noncontrolling interests, net of tax 25 8 35 20 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 375 $ 446 $ 285 $ 312 The carrying amount of major classes of assets and liabilities classified that were included in discontinued operations at December 31, 2018 related to the Material Science Division consist of the following: Dec 31, 2018 In millions Assets Cash and cash equivalents $ 2,723 Marketable securities 100 Accounts and notes receivable - net 8,839 Inventories 6,891 Other current assets 722 Investment in nonconsolidated affiliates 3,321 Other investments 2,646 Noncurrent receivables 358 Property, plant, and equipment - net 21,418 Goodwill 9,845 Other intangible assets - net 4,225 Deferred income tax assets 2,197 Deferred charges and other assets 742 Total assets of discontinued operations $ 64,027 Liabilities Short-term borrowings and finance lease obligations $ 636 Accounts payable 6,867 Income taxes payable 557 Accrued and other current liabilities 2,931 Long-Term Debt 19,254 Deferred income tax liabilities 917 Pension and other post employment benefits - noncurrent 8,929 Asbestos-related liabilities - noncurrent 1,142 Other noncurrent obligations 4,706 Total liabilities of discontinued operations $ 45,939 The results of operations of the Materials Science Division are presented as discontinued operations as summarized below: Three Months Ended Six Months Ended In millions June 30, 2018 June 30, 2019 June 30, 2018 Net sales $ 12,750 $ 10,867 $ 24,890 Cost of sales 10,266 8,917 20,055 Research and development expenses 188 163 361 Selling, general and administrative expenses 370 329 704 Amortization of intangibles 116 116 235 Restructuring and asset related charges - net 42 157 128 Integration and separation costs 32 44 53 Equity in earnings of nonconsolidated affiliates 194 (13 ) 395 Sundry income (expense) - net 21 99 117 Interest expense 263 240 524 Income from discontinued operations before income taxes 1,688 987 3,342 Provision for income taxes on discontinued operations 369 261 686 Income from discontinued operations, net of tax 1,319 726 2,656 Income from discontinued operations attributable to noncontrolling interests, net of tax 29 37 48 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 1,290 $ 689 $ 2,608 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue [Table Text Block] | Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Advanced Printing $ 121 $ 136 $ 240 $ 258 Display Technologies 74 82 159 142 Interconnect Solutions 282 298 520 579 Semiconductor Technologies 381 405 764 806 Electronics & Imaging $ 858 $ 921 $ 1,683 $ 1,785 Food & Beverage $ 746 $ 783 $ 1,501 $ 1,527 Health & Biosciences 604 618 1,174 1,236 Pharma Solutions 208 220 418 435 Nutrition & Biosciences $ 1,558 $ 1,621 $ 3,093 $ 3,198 Mobility Solutions $ 588 $ 648 $ 1,213 $ 1,269 Healthcare & Specialty 388 424 772 830 Industrial & Consumer 293 345 601 696 Transportation & Industrial $ 1,269 $ 1,417 $ 2,586 $ 2,795 Safety Solutions $ 657 $ 639 $ 1,322 $ 1,251 Shelter Solutions 398 471 755 894 Water Solutions 286 262 547 491 Safety & Construction $ 1,341 $ 1,372 $ 2,624 $ 2,636 Biomaterials $ 53 $ 74 $ 112 $ 144 Clean Technologies 76 79 141 153 DuPont Teijin Films 42 51 79 98 Photovoltaic & Advanced Materials 230 283 484 571 Sustainable Solutions 41 39 80 74 Non-Core $ 442 $ 526 $ 896 $ 1,040 Total $ 5,468 $ 5,857 $ 10,882 $ 11,454 Net Trade Revenue by Geographic Region Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 U.S. & Canada $ 1,826 $ 1,857 3,602 3,643 EMEA 1 1,291 1,492 2,671 2,957 Asia Pacific 2,034 2,178 3,979 4,211 Latin America 317 330 630 643 Total $ 5,468 $ 5,857 $ 10,882 $ 11,454 1. Europe, Middle East and Africa. |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Balances June 30, 2019 Dec 31, 2018 In millions Accounts and notes receivable - trade 1 $ 3,346 $ 2,960 Contract assets - current 2 $ 38 $ 48 Deferred revenue - current 3 $ 106 $ 71 Deferred revenue - noncurrent 4 $ 15 $ 7 1. Included in "Accounts and notes receivable - net" in the Condensed Consolidated Balance Sheets. 2. Included in "Other current assets" in the Condensed Consolidated Balance Sheets. 3. Included in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. 4. |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | DowDuPont Cost Synergy Program Severance and Related Benefit Costs Contract Termination Charges Asset Related Charges Total In millions Reserve balance at Dec 31, 2018 $ 126 $ 16 $ — $ 142 2019 restructuring charges 49 16 29 94 Charges against the reserve — — (29 ) (29 ) Cash payments (55 ) (28 ) — (83 ) Reserve balance at June 30, 2019 $ 120 $ 4 $ — $ 124 |
2019 Restructuring Program [Domain] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 2019 Restructuring Program Charges by Segment Three and Six Months Ended June 30, 2019 In millions Electronics & Imaging $ 7 Nutrition & Biosciences 14 Transportation & Industrial 12 Safety & Construction 17 Non-Core — Corporate 3 Total $ 53 |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Severance and related benefit costs $ 6 $ 37 $ 49 $ 77 Contract termination charges — 3 16 15 Asset related charges 16 6 29 7 Total restructuring and asset related charges - net 1 $ 22 $ 46 $ 94 $ 99 DowDuPont Cost Synergy Program Charges by Segment Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Electronics & Imaging $ — $ 1 $ — $ 2 Nutrition & Biosciences 8 — 35 — Transportation & Industrial — — — (1 ) Safety & Construction 3 12 5 19 Non-Core 1 (5 ) — (6 ) Corporate 1 10 38 54 85 Total $ 22 $ 46 $ 94 $ 99 1. Severance and related benefit costs were recorded at Corporate. |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of sundry income (expense), net | Sundry Income (Expense) - Net Three Months Ended Six Months Ended In millions 2019 2018 2019 2018 Non-operating pension and other post employment benefit credits $ 18 $ 28 $ 39 $ 55 Interest income 9 11 49 21 Net gain on sales of other assets and investments 1 10 — 63 6 Foreign exchange (losses) gains, net 2 (17 ) 53 (78 ) (122 ) Net loss on divestiture and changes in joint venture ownership — (21 ) — (21 ) Miscellaneous income (expenses) - net 3 (39 ) 11 (8 ) 45 Sundry income (expense) - net $ (19 ) $ 82 $ 65 $ (16 ) 1. The six months ended June 30, 2019 includes a $51 million gain related to a sale of assets within the Electronics & Imaging product lines. 2. Includes a $50 million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform. 3. Miscellaneous income and expenses - net, for the three months and six months ended June 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. The miscellaneous income for the three month and six month ended 2018 primarily relates to legal settlements. |
EARNINGS PER SHARE CALCULATIO_2
EARNINGS PER SHARE CALCULATIONS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the three and six months ended June 30, 2019 and 2018 : Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 (Loss) income from continuing operations, net of tax $ (1,103 ) $ 31 $ (1,177 ) $ (42 ) Net income (loss) from continuing operations attributable to noncontrolling interests 9 (2 ) 13 11 Net income from continuing operations attributable to participating securities 1 — 7 1 13 (Loss) income from continuing operations attributable to common stockholders $ (1,112 ) $ 26 $ (1,191 ) $ (66 ) Income from discontinued operations, net of tax 566 1,773 1,212 2,983 Net income from discontinued operations attributable to noncontrolling interests 25 37 72 68 Income from discontinued operations attributable to common stockholders 541 1,736 1,140 2,915 Net (loss) income attributable to common stockholders $ (571 ) $ 1,762 $ (51 ) $ 2,849 Earnings Per Share Calculations - Basic Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Dollars per share (Loss) income from continuing operations attributable to common stockholders $ (1.48 ) $ 0.03 $ (1.59 ) $ (0.09 ) Income from discontinued operations, net of tax 0.72 2.26 1.52 3.78 Net (loss) income attributable to common stockholders $ (0.76 ) $ 2.29 $ (0.07 ) $ 3.69 Earnings Per Share Calculations - Diluted Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Dollars per share (Loss) income from continuing operations attributable to common stockholders $ (1.48 ) $ 0.03 $ (1.59 ) $ (0.09 ) Income from discontinued operations, net of tax 0.72 2.24 1.52 3.78 Net (loss) income attributable to common stockholders $ (0.76 ) $ 2.27 $ (0.07 ) $ 3.69 Share Count Information Three Months Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Shares in millions Weighted-average common shares - basic 749.0 769.6 749.6 771.0 Plus dilutive effect of equity compensation plans — 4.9 — — Weighted-average common shares - diluted 749.0 774.5 749.6 771.0 Stock options and restricted stock units excluded from EPS calculations 2 2.5 3.2 2.4 2.5 |
ACCOUNTS AND NOTES RECEIVABLE_2
ACCOUNTS AND NOTES RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | In millions June 30, Dec 31, Accounts receivable – trade 1 $ 3,288 $ 2,891 Notes receivable – trade 58 69 Other 2 868 431 Total accounts and notes receivable - net $ 4,214 $ 3,391 1. Accounts receivable – trade is net of allowances of $9 million at June 30, 2019 and $10 million at December 31, 2018 . Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Other includes receivables in relation to value added tax, fair value of derivative instruments, indemnification assets, and general sales tax and other taxes. No individual group represents more than ten percent of total receivables. |
INVENTORIES Inventories (Tables
INVENTORIES Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | Inventories June 30, 2019 Dec 31, 2018 In millions Finished goods $ 2,645 $ 2,599 Work in process 888 833 Raw materials 623 560 Supplies 234 115 Total inventories $ 4,390 $ 4,107 |
Prior_Period [Domain] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Consolidated Balance Sheet December 31, 2018 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Inventories $ 4,472 $ 4,107 $ (365 ) Deferred income tax liabilities $ 3,998 $ 3,912 $ (86 ) Retained earnings $ 30,536 $ 30,257 $ (279 ) |
Prior_Period [Domain] | Income_Statement [Domain] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Consolidated Statement of Operations Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 In millions As Computed under LIFO As Computed under Average Cost Effect of Change As Computed under LIFO As Computed under Average Cost Effect of Change Cost of sales $ 4,086 $ 4,085 $ (1 ) $ 7,882 $ 7,890 $ 8 Provision for income taxes on continuing operations $ 99 $ 99 $ — $ 162 $ 164 $ 2 Net income $ 1,803 $ 1,804 $ 1 $ 2,951 $ 2,941 $ (10 ) |
CurrentYear_PriorPeriod [Domain] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Consolidated Balance Sheet March 31, 2019 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Inventories $ 4,717 $ 4,348 $ (369 ) Deferred income tax liabilities $ 3,679 $ 3,588 $ (91 ) Retained earnings $ 29,764 $ 29,486 $ (278 ) |
CurrentYear_PriorPeriod [Domain] | Income_Statement [Domain] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Consolidated Statement of Operations Three Months Ended March 31, 2019 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Cost of sales $ 3,617 $ 3,621 $ 4 Benefit from income taxes on continuing operations $ (86 ) $ (91 ) $ (5 ) Net income $ 571 $ 572 $ 1 |
Current_Period [Domain] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Consolidated Balance Sheet June 30, 2019 In millions As Computed under LIFO As Reported under Average Cost Effect of Change Inventories $ 4,763 $ 4,390 $ (373 ) Deferred income tax liabilities $ 3,750 $ 3,662 $ (88 ) Accumulated deficit $ (8,014 ) $ (8,299 ) $ (285 ) |
Current_Period [Domain] | Income_Statement [Domain] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | Consolidated Statement of Operations Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 In millions As Computed under LIFO As Reported under Average Cost Effect of Change As Computed under LIFO As Reported under Average Cost Effect of Change Cost of sales $ 3,498 $ 3,496 $ (2 ) $ 7,115 $ 7,117 $ 2 Provision for income taxes on continuing operations $ 152 $ 155 $ 3 $ 66 $ 64 $ (2 ) Net (loss) income $ (536 ) $ (537 ) $ (1 ) $ 35 $ 35 $ — |
PROPERTY, PLANT & EQUIPMENT (Ta
PROPERTY, PLANT & EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Lives (Years) June 30, 2019 Dec 31, 2018 In millions Land and land improvements 0 - 25 $ 795 $ 944 Buildings 1 - 50 2,656 2,581 Machinery, equipment, and other 1 - 25 9,580 9,133 Construction in progress 1,442 1,458 Total property, plant and equipment $ 14,473 $ 14,116 Total accumulated depreciation $ 4,667 $ 4,199 Total property, plant and equipment - net $ 9,806 $ 9,917 Three Months Ended Six Months Ended In millions 2019 2018 2019 2018 Depreciation expense $ 255 $ 285 $ 526 $ 571 |
NONCONSOLIDATED AFFILIATES (Tab
NONCONSOLIDATED AFFILIATES (Tables) | 6 Months Ended |
Jun. 30, 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 Condensed Consolidated Balance Sheets, are shown in the following table: Investments in Nonconsolidated Affiliates June 30, 2019 Dec 31, 2018 In millions Investment in nonconsolidated affiliates $ 1,653 $ 1,745 Accrued and other current liabilities (81 ) (81 ) Other noncurrent obligations (635 ) (495 ) Net investment in nonconsolidated affiliates $ 937 $ 1,169 |
Schedule of nonconsolidated affiliates | Subsequent to the Distributions, the Company maintained an ownership interest in 22 nonconsolidated affiliates at June 30, 2019. The following table reflects the Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at June 30, 2019: Country Ownership Interest 6/30/2019 The HSC Group: DC HSC Holdings LLC 1 United States 50.0 % Hemlock Semiconductor L.L.C. United States 50.1 % 1. DC HSC Holdings LLC holds an 80.5 percent indirect ownership interest in Hemlock Semiconductor Operations LLC. 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 on January 1, 2019 in accordance with the effective date of Topic 606 for non-public companies. 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 "(Accumulated Deficit) 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 June 30, 2019 and December 31, 2018: Investment in the HSC Group Investment In millions Balance Sheet Classification June 30, 2019 Dec 31, 2018 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (635 ) $ (495 ) DC HSC Holdings LLC Investment in nonconsolidated affiliates $ 495 $ 535 The following is summarized financial information for the Company's significant nonconsolidated equity method investments. The amounts shown below represent 100 percent of these equity method investment’s results of operations: Results of Operations Six Months Ended In millions June 30, 2019 June 30, 2018 Revenues $ 312 $ 400 Costs of good sold $ 167 $ 258 Income from continuing operations $ 135 $ 164 Net income attributed to entities $ 119 $ 145 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of other finite intangible assets | June 30, 2019 December 31, 2018 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 4,342 $ (1,179 ) $ 3,163 $ 4,362 $ (1,010 ) $ 3,352 Trademarks/tradenames 1,244 (369 ) 875 1,245 (328 ) 917 Customer-related 9,007 (1,973 ) 7,034 9,029 (1,720 ) 7,309 Other 329 (120 ) 209 306 (114 ) 192 Total other intangible assets with finite lives $ 14,922 $ (3,641 ) $ 11,281 $ 14,942 $ (3,172 ) $ 11,770 Intangible assets with indefinite lives: IPR&D $ — $ — $ — $ 15 $ — $ 15 Trademarks/tradenames 2,869 — 2,869 2,870 — 2,870 Total other intangible assets 2,869 — 2,869 2,885 — 2,885 Total $ 17,791 $ (3,641 ) $ 14,150 $ 17,827 $ (3,172 ) $ 14,655 |
Intangible Assets Disclosure [Text Block] | The following table provides the net value of other intangible assets by segment: Net Intangibles by Segment June 30, 2019 Dec 31, 2018 In millions Electronics & Imaging $ 1,925 $ 2,037 Nutrition & Biosciences 4,664 4,823 Transportation & Industrial 3,722 3,833 Safety & Construction 3,145 3,244 Non-Core 694 718 Total $ 14,150 $ 14,655 |
Schedule of other indefinite intangible assets | June 30, 2019 December 31, 2018 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 4,342 $ (1,179 ) $ 3,163 $ 4,362 $ (1,010 ) $ 3,352 Trademarks/tradenames 1,244 (369 ) 875 1,245 (328 ) 917 Customer-related 9,007 (1,973 ) 7,034 9,029 (1,720 ) 7,309 Other 329 (120 ) 209 306 (114 ) 192 Total other intangible assets with finite lives $ 14,922 $ (3,641 ) $ 11,281 $ 14,942 $ (3,172 ) $ 11,770 Intangible assets with indefinite lives: IPR&D $ — $ — $ — $ 15 $ — $ 15 Trademarks/tradenames 2,869 — 2,869 2,870 — 2,870 Total other intangible assets 2,869 — 2,869 2,885 — 2,885 Total $ 17,791 $ (3,641 ) $ 14,150 $ 17,827 $ (3,172 ) $ 14,655 |
Schedule of goodwill | Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Total In millions Balance at December 31, 2018 1 $ 6,960 $ 12,109 $ 6,967 $ 6,698 $ 1,762 $ 34,496 Impairments — (933 ) — — (242 ) (1,175 ) Currency Translation Adjustment (1 ) (17 ) 8 (6 ) — (16 ) Other Goodwill Adjustments — (13 ) — — 38 25 Balance at June 30, 2019 $ 6,959 $ 11,146 $ 6,975 $ 6,692 $ 1,558 $ 33,330 |
Schedule of amortization expense | The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Other intangible assets $ 252 $ 266 $ 508 $ 531 |
Schedule of estimated future amortization expense | Total estimated amortization expense for the remainder of 2019 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2019 $ 512 2020 $ 1,015 2021 $ 1,007 2022 $ 993 2023 $ 961 2024 $ 856 |
SHORT TERM BORROWINGS, LONG-T_2
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | Committed and Available Credit Facilities at June 30, 2019 In millions Effective Date Committed Credit Credit Available Maturity Date Interest Term Loan Facility May 2019 $ 3,000 $ — May 2022 Floating Rate Revolving Credit Facility, Five-year May 2019 3,000 2,982 May 2024 Floating Rate 364-day Revolving Credit Facility June 2019 750 750 June 2020 Floating Rate Total Committed and Available Credit Facilities $ 6,750 $ 3,732 |
SHORT TERM BORROWINGS, LONG-T_3
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Short Term Borrowings, Long-Term Debt and Available Credit Facilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Short-term Debt [Line Items] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings and finance lease obligations In millions June 30, 2019 Dec 31, 2018 Commercial paper $ 1,610 $ — Notes payable to banks and other lenders 5 4 Long-term debt due within one year 1 6 11 Total short-term borrowings and finance lease obligations $ 1,621 $ 15 1. Includes finance lease obligations due within one year. |
SHORT TERM BORROWINGS, LONG-T_4
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Schedule of Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt June 30, 2019 December 31, 2018 In millions Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Final maturity 2020 $ 2,000 3.63 % $ 2,000 3.68 % Final maturity 2023 2,800 4.14 % 2,800 4.16 % Final maturity 2024 and thereafter 7,900 4.98 % 7,900 4.98 % Other facilities: Term loan due 2022 3,000 3.51 % — — % Other loans 14 4.18 % 14 4.32 % Finance lease obligations 3 25 Less: Unamortized debt discount and issuance costs 103 104 Less: Long-term debt due within one year 1, 2 6 11 Total $ 15,608 $ 12,624 1. Presented net of current portion of unamortized debt issuance costs. 2. Includes finance lease obligations due within one year. |
SHORT TERM BORROWINGS, LONG-T_5
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Schedule of Debt Maturities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of Long-Term Debt for Next Five Years at June 30, 2019 Total In millions Remainder of 2019 $ 4 2020 $ 2,005 2021 $ 6 2022 $ 3,001 2023 $ 2,800 2024 $ — |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | Guarantees at June 30, 2019 Final Expiration Year Maximum Future Payments In millions Obligations for customers 1 : Bank borrowings 2020 $ 19 Obligations for non-consolidated affiliates 2 : Bank borrowings 2019 $ 166 Total guarantees $ 185 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. Of the total maximum future payments, $18 million had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
LEASES Schedule of Leases (Tabl
LEASES Schedule of Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease cost for operating and finance leases for the three and six months ended June 30, 2019 were as follows: In millions Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 46 $ 90 Finance lease cost Amortization of right-of-use assets (3 ) 3 Interest on lease liabilities — — Total finance lease cost (3 ) 3 Short-term lease cost 1 2 Variable lease cost 2 3 Sublease income 5 12 Total lease cost $ 41 $ 86 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | New leases entered into during the six months ended June 30, 2019 were not considered material. Supplemental cash flow information related to leases was as follows: In millions Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 92 Operating cash flows from finance leases $ — Financing cash flows from finance leases $ 3 |
Schedule of Lease Assets and Liabilities [Table Text Block] | Supplemental balance sheet information related to leases was as follows: In millions June 30, 2019 Operating Leases Operating lease right-of-use assets 1 $ 539 Current operating lease liabilities 2 144 Noncurrent operating lease liabilities 3 394 Total operating lease liabilities $ 538 Finance Leases Property, plant, and equipment, gross $ 13 Accumulated depreciation 5 Property, plant, and equipment, net $ 8 Short-term borrowings and finance lease obligations $ 1 Long-Term Debt 2 Total finance lease liabilities $ 3 1. Included in "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheet. 2. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheet. 3. Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheet. |
Lease Terms and Discount Rates [Table Text Block] | DuPont 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 June 30, 2019 Weighted-average remaining lease term (years) Operating leases 5.12 Finance leases 4.72 Weighted average discount rate Operating leases 3.40 % Finance leases 3.32 % |
Leases - Maturity of Lease Liabilities [Table Text Block] | Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at June 30, 2019 Operating Leases Finance Leases In millions 2019 $ 92 $ 1 2020 126 1 2021 95 1 2022 77 — 2023 43 — 2024 and thereafter 179 1 Total lease payments $ 612 $ 4 Less: Interest 74 1 Present value of lease liabilities $ 538 $ 3 |
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 December 31, 2018 In millions 2019 $ 654 2020 497 2021 418 2022 363 2023 297 2024 and thereafter 1,063 Total $ 3,292 Total minimum lease commitments from discontinued operations 2,980 Total minimum lease commitments from continuing operations $ 312 |
STOCKHOLDERS' EQUITY Shares of
STOCKHOLDERS' EQUITY Shares of DuPont Common Stock (Tables) - shares | Jun. 25, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | |||
Common Stock, Shares, Outstanding | 747,444,000 | 784,143,000 | |
Shares | 0 | 27,817,518 | |
Issued | 2,112,000 | ||
Repurchased | 10,993,000 | ||
Stock Repurchased and Retired During Period, Shares | (38,811,000) | ||
Treasury Stock, Shares, Retired | (37,000,000) | (38,811,000) |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Common Stock and Treasury Stock o/s roll forward [Table Text Block] | The following table provides a reconciliation of DuPont Common Stock activity for the six months ended June 30, 2019: Shares of DuPont Common Stock Issued Held in Treasury In thousands Balance at December 31, 2018 784,143 27,818 Issued 2,112 — Repurchased — 10,993 Retired (38,811 ) (38,811 ) Balance at June 30, 2019 747,444 — |
Schedule of Components of Other Comprehensive Income (Loss) | The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the six months ended June 30, 2019 and 2018 : Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2018 Balance at January 1, 2018 $ 17 $ (1,935 ) $ (6,923 ) $ (111 ) $ (8,952 ) Other comprehensive income (loss) before reclassifications (41 ) (1,058 ) 9 75 (1,015 ) Amounts reclassified from accumulated other comprehensive income (loss) 2 (2 ) 248 44 292 Net other comprehensive income (loss) $ (39 ) $ (1,060 ) $ 257 $ 119 $ (723 ) Reclassification of stranded tax effects 1 $ (1 ) $ (107 ) $ (927 ) $ (22 ) $ (1,057 ) Balance at June 30, 2018 $ (23 ) $ (3,102 ) $ (7,593 ) $ (14 ) $ (10,732 ) 2019 Balance at January 1, 2019 $ (51 ) $ (3,785 ) $ (8,476 ) $ (82 ) $ (12,394 ) Other comprehensive income (loss) before reclassifications 68 (117 ) 49 (43 ) (43 ) Amounts reclassified from accumulated other comprehensive income (loss) (1 ) (18 ) 142 (15 ) 108 Net other comprehensive income (loss) $ 67 $ (135 ) $ 191 $ (58 ) $ 65 Spin-offs of Dow and Corteva $ (16 ) $ 3,179 $ 8,196 $ 139 $ 11,498 Balance at June 30, 2019 $ — $ (741 ) $ (89 ) $ (1 ) $ (831 ) 1. Amounts reclassified to retained earnings as a result of the adoption of ASU 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which was adopted April 1, 2018. The ASU allowed a reclassification from AOCL to retained earnings for stranded tax effects resulting from The Act. The tax effects on the net activity related to each component of other comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018 were as follows: Tax Benefit (Expense) 1 Three Months Ended Six Months Ended In millions 2019 2018 2019 2018 Unrealized gains (losses) on investments $ — $ 3 $ (18 ) $ 9 Cumulative translation adjustments — (25 ) (1 ) (20 ) Pension and other post employment benefit plans 34 (34 ) 2 (64 ) Derivative instruments (8 ) (7 ) 16 (8 ) Tax expense from income taxes related to other comprehensive income items $ 26 $ (63 ) $ (1 ) $ (83 ) 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 and six months ended June 30, 2019 and 2018 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended Six Months Ended Income Classification In millions 2019 2018 2019 2018 Unrealized (gains) losses on investments $ — $ 1 $ (1 ) $ 3 See (1) below Tax expense (benefit) — — — (1 ) See (2) below After tax $ — $ 1 $ (1 ) $ 2 Cumulative translation adjustments $ — $ (2 ) $ (18 ) $ (2 ) See (3) below Pension and other post employment benefit plans $ (25 ) $ 156 $ 142 $ 310 See (4) below Tax benefit 25 (34 ) — (62 ) See (2) below After tax $ — $ 122 $ 142 $ 248 Derivative Instruments $ (7 ) $ 26 $ (18 ) $ 52 See (5) below Tax benefit 2 (3 ) 3 (8 ) See (2) below After tax $ (5 ) $ 23 $ (15 ) $ 44 Total reclassifications for the period, after tax $ (5 ) $ 144 $ 108 $ 292 1. "Net sales" and "Sundry income (expense) - net." 2. "Provision for income taxes on continuing operations." 3. "Sundry income (expense) - net." 4. These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other post employment benefit plans. See Note 19 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense". |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule Of Noncontrolling Interest | The following table summarizes the activity for equity attributable to noncontrolling interests for the three and six months ended June 30, 2019 and 2018 : Noncontrolling Interests Three Months Ended June 30, Six Months Ended June 30, In millions 2019 2018 2019 2018 Balance at beginning of period $ 1,654 $ 1,664 $ 1,608 $ 1,597 Net income attributable to noncontrolling interests 34 35 85 79 Distributions to noncontrolling interests 1 (1 ) (46 ) (12 ) (73 ) Noncontrolling interests from Merger — — — 56 Cumulative translation adjustments 9 (34 ) 16 (40 ) Spin-off of Dow and Corteva (1,124 ) — (1,124 ) — Other (2 ) 1 (3 ) 1 Balance at end of period $ 570 $ 1,620 $ 570 $ 1,620 1. Net of dividends paid to a joint venture, which were reclassified to "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations, totaled zero for the three months ended June 30, 2019 ( $6 million for the three months ended June 30, 2018 ) and zero for the six months ended June 30, 2019 ( $6 million for the six months ended June 30, 2018 ). |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of net periodic benefit costs | Net Periodic Benefit (Credit) Cost for All Plans Three Months Ended Six Months Ended In millions June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Defined Benefit Pension Plans: Service cost $ 18 $ 165 $ 149 $ 332 Interest cost 144 406 591 814 Expected return on plan assets (206 ) (705 ) (919 ) (1,414 ) Amortization of prior service credit (1 ) (6 ) (7 ) (12 ) Amortization of net loss 2 169 135 340 Curtailment/settlement 1 (2 ) (4 ) (2 ) (4 ) Net periodic benefit (credit) cost - total $ (45 ) $ 25 $ (53 ) $ 56 Less: discontinued operations 41 (35 ) 45 (73 ) Net periodic benefit credit - continuing operations $ (4 ) $ (10 ) $ (8 ) $ (17 ) Other Post Employment Benefits: Service cost $ 1 $ 5 $ 5 $ 10 Interest cost 15 33 52 65 Amortization of net gain — (6 ) (6 ) (12 ) Net periodic benefit cost - total $ 16 $ 32 $ 51 $ 63 Less: discontinued operations (16 ) (32 ) (50 ) (63 ) Net periodic benefit cost - continuing operations $ — $ — $ 1 $ — 1. The 2018 impact relates to the curtailment and settlement of pension plans in the U.S. and Australia all of which have been transferred to Corteva and included in Discontinued Operations. The 2019 impact relates to the curtailment of pension plans in Canada which have been retained by DuPont and included in Continuing Operations. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2019 and December 31, 2018 : Fair Value of Financial Instruments June 30, 2019 December 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 532 $ — $ — $ 532 $ 8,226 $ — $ — $ 8,226 Restricted cash equivalents 1 $ 40 $ — $ — $ 40 $ 43 $ — $ — $ 43 Marketable securities $ 8 $ — $ — $ 8 $ 29 $ — $ — $ 29 Equity securities 2 $ 4 $ — $ — $ 4 $ 2 $ — $ — $ 2 Total cash and restricted cash equivalents, marketable securities and other investments $ 584 $ — $ — $ 584 $ 8,300 $ — $ — $ 8,300 Long-term debt including debt due within one year $ (15,614 ) $ — $ (1,555 ) $ (17,169 ) $ (12,635 ) $ 5 $ (461 ) $ (13,091 ) Derivatives relating to: Foreign currency 3 — 11 (6 ) 5 — 37 (6 ) 31 Total derivatives $ — $ 11 $ (6 ) $ 5 $ — $ 37 $ (6 ) $ 31 1. Classified as "Other current assets" in the Condensed Consolidated Balance Sheets. 2. Equity securities with a readily determinable fair value. Presented in accordance with ASU 2016-01. "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." 3. Presented net of cash collateral where master netting arrangements allow. |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Notional Amounts June 30, 2019 Dec 31, 2018 In millions Derivatives not designated as hedging instruments: Foreign currency contracts $ (80 ) $ 2,057 Commodity contracts $ 8 $ 9 |
Schedule of fair value of derivative instruments using Level 2 inputs | June 30, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 27 (16 ) 11 Total asset derivatives $ 27 $ (16 ) $ 11 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 20 $ (14 ) $ 6 Total liability derivatives $ 20 $ (14 ) $ 6 December 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 not designated as hedging instruments: Foreign currency contracts Other current assets $ 72 $ (35 ) $ 37 Total asset derivatives $ 72 $ (35 ) $ 37 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 21 $ (15 ) $ 6 Total liability derivatives $ 21 $ (15 ) $ 6 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of the fair value of assets and liabilities measured on a recurring basis | The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at June 30, 2019 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 572 Marketable securities 2 8 Equity securities 3 4 Derivatives relating to: 4 Foreign currency contracts 27 Total assets at fair value $ 611 Liabilities at fair value: Long-term debt including debt due within one year 5 $ 17,169 Derivatives relating to: 4 Foreign currency contracts 20 Total liabilities at fair value $ 17,189 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. Primarily time deposits with maturities of greater than three months at time of acquisition. 3. The Company’s investments in equity securities are included in “Other investments” in the interim Condensed Consolidated Balance Sheets. 4. See Note 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 5. See Note 21 for information on fair value measurements of long-term debt. Basis of Fair Value Measurements on a Recurring Basis at Dec 31, 2018 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 8,269 Marketable securities 2 29 Equity securities 3 2 Derivatives relating to: 4 Foreign currency contracts 72 Total assets at fair value $ 8,372 Liabilities at fair value: Long-term debt including debt due within one year 5 $ 13,091 Derivatives relating to: 4 Foreign currency contracts 21 Total liabilities at fair value $ 13,112 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. Primarily time deposits with maturities of greater than three months at time of acquisition. 3. The Company’s investments in equity securities are included in “Other investments” in the interim Condensed Consolidated Balance Sheets. 4. See Note 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets 5. See Note 21 for information on fair value measurements of long-term debt. |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |
Schedule of Operating Segment Information | Segment Information Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Three months ended June 30, 2019 Net sales $ 858 $ 1,558 $ 1,269 $ 1,341 $ 442 $ — $ 5,468 Operating EBITDA 1 $ 246 $ 391 $ 357 $ 382 $ 99 $ (53 ) $ 1,422 Equity in earnings (losses) of nonconsolidated affiliates $ 5 $ — $ 2 $ 7 $ 35 $ — $ 49 Three months ended June 30, 2018 Net sales $ 921 $ 1,621 $ 1,417 $ 1,372 $ 526 $ — $ 5,857 Pro forma operating EBITDA 1 $ 290 $ 383 $ 402 $ 296 $ 123 $ (72 ) $ 1,422 Equity in earnings (losses) of nonconsolidated affiliates $ 6 $ — $ 1 $ 8 $ 39 $ — $ 54 Six months ended June 30, 2019 Net sales $ 1,683 $ 3,093 $ 2,586 $ 2,624 $ 896 $ — $ 10,882 Pro forma operating EBITDA 1 $ 534 $ 744 $ 730 $ 756 $ 193 $ (105 ) $ 2,852 Equity in earnings (losses) of nonconsolidated affiliates $ 8 $ — $ 2 $ 15 $ 64 $ — $ 89 Six months ended June 30, 2018 Net sales $ 1,785 $ 3,198 $ 2,795 $ 2,636 $ 1,040 $ — $ 11,454 Pro forma operating EBITDA 1 $ 567 $ 751 $ 791 $ 622 $ 233 $ (136 ) $ 2,828 Equity in earnings (losses) of nonconsolidated affiliates $ 13 $ 1 $ 3 $ 13 $ 81 $ — $ 111 1. A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA and pro forma Operating EBITDA, as applicable, is provided below. |
Reconciliation of Income from Continuing Operations, net of tax to Pro Forma Operating EBITDA | Reconciliation of "(Loss) Income from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended June 30, 2019 and 2018 Three Months Ended In millions June 30, 2019 June 30, 2018 (Loss) Income from continuing operations, net of tax $ (1,103 ) $ 31 + Provision for income taxes on continuing operations 155 99 (Loss) income from continuing operations before income taxes $ (948 ) $ 130 + Depreciation and amortization 507 551 - Interest income 1 9 11 + Interest expense 165 171 - Non-operating pension/OPEB benefit 1 18 28 - Foreign exchange gains (losses), net 1 (17 ) 53 + Costs historically allocated to the materials science and agriculture businesses 2 — 352 + Pro forma adjustments 3 — (52 ) - Adjusted significant items (1,708 ) (362 ) Operating EBITDA 3 $ 1,422 $ 1,422 1. Included in Sundry income (expense) - net. 2. Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. 3. For the three months ended June 30, 2018, operating EBITDA is on a pro forma basis. Refer to the Supplemental Unaudited Pro Forma Combined Financial Information contained in the MD&A for additional information related to the pro forma adjustments. Reconciliation of "(Loss) Income from continuing operations, net of tax" to Pro Forma Operating EBITDA for the Six months Ended June 30, 2019 and 2018 Six Months Ended In millions June 30, 2019 June 30, 2018 Loss from continuing operations, net of tax $ (1,177 ) $ (42 ) + Provision for income taxes on continuing operations 64 164 (Loss) Income from continuing operations before income taxes $ (1,113 ) $ 122 + Depreciation and amortization 1,034 1,102 - Interest income 1 49 21 + Interest expense 345 342 - Non-operating pension/OPEB benefit 39 55 - Foreign exchange gains (losses), net 1, 2 (78 ) (72 ) + Costs historically allocated to the materials science and agriculture businesses 3 256 608 + Pro forma adjustments 4 122 (150 ) - Adjusted significant items (2,218 ) (808 ) Pro Forma Operating EBITDA 4 $ 2,852 $ 2,828 1. Included in "Sundry income (expense) - net." 2. |
Schedule of Certain Items by Segment | The following tables summarize the pretax impact of adjusted significant items by segment that are excluded from Operating EBITDA and pro forma Operating EBITDA above: Significant Items by Segment for the Three Months Ended June 30, 2019 Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (347 ) $ (347 ) Restructuring and asset related charges - net 2 (7 ) (85 ) (12 ) (20 ) (1 ) (13 ) (138 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Income tax related items 4 — — — (48 ) — — (48 ) Total $ (7 ) $ (1,018 ) $ (12 ) $ (68 ) $ (243 ) $ (360 ) $ (1,708 ) 1. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. 3. See Note 13 for additional information. 4. $48 million charge included in "Sundry income (expense) - net" reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. Adjusted Significant Items by Segment for the Three Months Ended June 30, 2018 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Merger-related inventory step-up amortization 1 $ — $ (4 ) $ — $ — $ — $ — $ (4 ) Net loss on divestitures and changes in joint venture ownership 2 — — — — (21 ) — (21 ) Integration and separation costs 3 — — — — — (291 ) (291 ) Restructuring and asset related charges - net 4 (1 ) — — (12 ) 5 (38 ) (46 ) Total $ (1 ) $ (4 ) $ — $ (12 ) $ (16 ) $ (329 ) $ (362 ) 1. Includes the fair value step-up in Historical EID's inventories as a result of the Merger and the acquisition of FMC Corporation's Health and Nutrition business in November 2017. 2. Reflected in "Sundry income (expense) - net." 3. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 4. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 5 for additional information. Adjusted Significant Items by Segment for the Six Months Ended June 30, 2019 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (785 ) $ (785 ) Restructuring and asset related charges - net 2 (7 ) (112 ) (12 ) (22 ) — (57 ) (210 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Income tax related items 4 — — — (48 ) — — (48 ) Total $ (7 ) $ (1,045 ) $ (12 ) $ (70 ) $ (242 ) $ (842 ) $ (2,218 ) 1. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 2. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. 3. See Note 13 for additional information. 4. $48 million charge included in "Sundry income (expense) - net" reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. Adjusted Significant Items by Segment for the Six Months Ended June 30, 2018 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corp. Total In millions Merger-related inventory step-up amortization 1 $ — $ (68 ) $ — $ (5 ) $ — $ — $ (73 ) Net loss on divestitures and changes in joint venture ownership 2 — — — — (21 ) — (21 ) Integration and separation costs 3 — — — — — (565 ) (565 ) Restructuring and asset related charges - net 4 (2 ) — 1 (19 ) 6 (85 ) (99 ) Income tax related item 5 — — — — — (50 ) (50 ) Total $ (2 ) $ (68 ) $ 1 $ (24 ) $ (15 ) $ (700 ) $ (808 ) 1. Includes the fair value step-up in Historical EID's inventories as a result of the Merger and the acquisition of FMC Corporation's Health and Nutrition business in November 2017. 2. Reflected in "Sundry income (expense) - net". 3. Integration and separation costs related to the Merger, post-Merger integration and business separation activities. 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 EID's foreign currency exchange contracts as a result of U.S. tax reform. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Reverse Stock Split (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 30, 2019 | Jun. 01, 2019 | Dec. 31, 2018 |
Reverse Stock Split [Abstract] | |||
Common Stock Shares Authorized Prior to Reverse Stock Split | 5,000,000,000 | ||
Shares Authorized | 1,666,666,667 | 1,666,666,667 | 1,666,666,667 |
Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock Reclassed to Additional Paid In Capital | $ 16 |
RECENT ACCOUNTING GUIDANCE Leas
RECENT ACCOUNTING GUIDANCE Leasing ASU - Balance Sheet Impact (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Deferred charges and other assets | $ 997 | $ 134 | |||||
Total other assets | 48,696 | 49,463 | |||||
Assets of discontinued operations | 0 | 110,275 | |||||
Total Assets | 70,843 | 187,855 | |||||
Accrued and other current liabilities | 1,652 | 1,129 | |||||
Total current liabilities | 6,457 | 73,312 | |||||
Other noncurrent obligations | 1,438 | 764 | |||||
Total other noncurrent liabilities | 6,202 | 6,019 | |||||
Liabilities of discontinued operations | 0 | 69,434 | |||||
Total Liabilities | 28,267 | 91,955 | |||||
Retained Earnings (Accumulated Deficit) | (8,299) | 30,257 | |||||
Total DuPont's stockholders' equity | 42,006 | 94,292 | |||||
Total equity | 42,576 | $ 93,820 | 95,900 | $ 99,592 | $ 102,633 | $ 101,647 | |
Total Liabilities and Equity | $ 70,843 | $ 187,855 | |||||
Accounting Standards Update 2016-02 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Deferred charges and other assets | $ 584 | ||||||
Total other assets | 584 | ||||||
Assets of discontinued operations | 2,787 | ||||||
Total Assets | 3,371 | ||||||
Accrued and other current liabilities | 156 | ||||||
Total current liabilities | 156 | ||||||
Other noncurrent obligations | 428 | ||||||
Total other noncurrent liabilities | 428 | ||||||
Liabilities of discontinued operations | 2,715 | ||||||
Total Liabilities | 3,299 | ||||||
Retained Earnings (Accumulated Deficit) | 72 | ||||||
Total DuPont'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] | |||||||
Deferred charges and other assets | 718 | ||||||
Total other assets | 50,047 | ||||||
Assets of discontinued operations | 113,062 | ||||||
Total Assets | 191,226 | ||||||
Accrued and other current liabilities | 1,285 | ||||||
Total current liabilities | 73,468 | ||||||
Other noncurrent obligations | 1,192 | ||||||
Total other noncurrent liabilities | 6,447 | ||||||
Liabilities of discontinued operations | 72,149 | ||||||
Total Liabilities | 95,254 | ||||||
Retained Earnings (Accumulated Deficit) | 30,329 | ||||||
Total DuPont's stockholders' equity | 94,364 | ||||||
Total equity | 95,972 | ||||||
Total Liabilities and Equity | $ 191,226 |
DIVESTITURES DIVESTITURES - Mat
DIVESTITURES DIVESTITURES - Material Sciences Components of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 566 | $ 1,773 | $ 1,212 | $ 2,983 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | $ (25) | 37 | 72 | 68 |
Materials Science Division [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Sales, Discontinued Operation | 12,750 | 10,867 | 24,890 | |
Cost of Sales, Discontinued Operations | 10,266 | 8,917 | 20,055 | |
Research and Development Expense, Discontinued Operations | 188 | 163 | 361 | |
Selling, General and Administrative Expense, Discontinued Operations | 370 | 329 | 704 | |
Amortization of Intangibles, Discontinued Operations | 116 | 116 | 235 | |
Disposal Group, Including Discontinued Operation, Restructuring, Settlement And Impairment Provisions | 42 | 157 | 128 | |
Integration and Separation Costs, Discontinued Operations | 32 | 44 | 53 | |
Equity in Earnings on Nonconsolidated Affiliates, Discontinued Operations | 194 | (13) | 395 | |
Sundry Income (expense), Discontinued Operations | 21 | 99 | 117 | |
Interest Expense, Discontinued Operations | 263 | 240 | 524 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 1,688 | 987 | 3,342 | |
Provision for Income Taxes, Discontinued Operations | 369 | 261 | 686 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1,319 | 726 | 2,656 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 29 | 37 | 48 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 1,290 | $ 689 | $ 2,608 |
DIVESTITURES DIVESTITURES - M_2
DIVESTITURES DIVESTITURES - Materials Science Components of Cash Flows & Other (Details) - USD ($) $ in Millions | Apr. 01, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Contributions to Dow | $ 2,024 | |||
Materials Science Division [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 698 | $ 743 | $ 1,407 | |
Capital Expenditure, Discontinued Operations | $ 482 | $ 597 | $ 868 |
DIVESTITURES DIVESTITURES - M_3
DIVESTITURES DIVESTITURES - Materials Science Carrying Amount of Assets and Liabilities (Details) - Materials Science Division [Member] $ in Millions | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 2,723 |
Disposal Group, Including Discontinued Operation, Marketable Securities | 100 |
Disposal Group, Including Discontinued Operation, Accounts and notes receivable | 8,839 |
Disposal Group, Including Discontinued Operation, Inventory | 6,891 |
Disposal Group, Including Discontinued Operation, Other Assets, Current | 722 |
Disposal Group, Including Discontinued Operation, Equity Method Investments | 3,321 |
Disposal Group, Including Discontinued Operation, Other Investments | 2,646 |
Disposal Group, Including Discontinued Operation, Noncurrent Receivables | 358 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 21,418 |
Disposal Group, Including Discontinued Operation, Goodwill | 9,845 |
Disposal Group, Including Discontinued Operation, Intangible Assets | 4,225 |
Disposal Group, Including Discontinued Operation, Deferred Tax Assets | 2,197 |
Disposal Group, Including Discontinued Operation, Other Assets | 742 |
Disposal Group, Including Discontinued Operation, Assets | 64,027 |
Disposal Group, Including Discontinued Operation, Debt Current | 636 |
Disposal Group, Including Discontinued Operation, Accounts Payable | 6,867 |
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable, Current | 557 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 2,931 |
Disposal Group, Including Discontinued Operation, Debt Noncurrent | 19,254 |
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 917 |
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation, Noncurrent | 8,929 |
Disposal Group, Including Discontinued Operation, Asbestos Related Liabilities, Noncurrent | 1,142 |
Disposal Group, Including Discontinued Operation, Other Liabilities | 4,706 |
Disposal Group, Including Discontinued Operation, Liabilities | $ 45,939 |
DIVESTITURES DIVESTITURES - Agr
DIVESTITURES DIVESTITURES - Agriculture Division Components of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 566 | $ 1,773 | $ 1,212 | $ 2,983 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | (25) | 37 | 72 | 68 |
Agriculture Division [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net Sales, Discontinued Operation | 3,776 | 5,638 | 7,144 | 9,411 |
Cost of Sales, Discontinued Operations | 2,026 | 3,622 | 4,218 | 6,352 |
Research and Development Expense, Discontinued Operations | 183 | 345 | 470 | 666 |
Selling, General and Administrative Expense, Discontinued Operations | 677 | 795 | 1,294 | 1,373 |
Amortization of Intangibles, Discontinued Operations | 74 | 106 | 176 | 196 |
Disposal Group, Including Discontinued Operation, Restructuring, Settlement And Impairment Provisions | 58 | 101 | 117 | 224 |
Integration and Separation Costs, Discontinued Operations | 272 | 98 | 430 | 169 |
Equity in Earnings on Nonconsolidated Affiliates, Discontinued Operations | (3) | 2 | (4) | 1 |
Sundry Income (expense), Discontinued Operations | (7) | 75 | 58 | 192 |
Interest Expense, Discontinued Operations | 28 | 97 | 91 | 186 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 448 | 551 | 402 | 438 |
Provision for Income Taxes, Discontinued Operations | 48 | 97 | 82 | 106 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 400 | 454 | 320 | 332 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 25 | 8 | 35 | 20 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 375 | $ 446 | $ 285 | $ 312 |
DIVESTITURES DIVESTITURES - A_2
DIVESTITURES DIVESTITURES - Agriculture Division Components of Cash Flows & Other (Details) - USD ($) $ in Millions | Jun. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Contribution to Corteva | $ 7,139 | ||||
Agriculture Division [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Disposal Group, Including Discontinued Operation, Depreciation and Amortization | $ 136 | $ 246 | $ 385 | $ 470 | |
Capital Expenditure, Discontinued Operations | $ 161 | $ 94 | $ 383 | $ 207 |
DIVESTITURES DIVESTITURES - A_3
DIVESTITURES DIVESTITURES - Agriculture Division Carrying Amounts of Assets and Liabilities (Details) - Agriculture Division [Member] $ in Millions | Dec. 31, 2018USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 2,211 |
Disposal Group, Including Discontinued Operation, Marketable Securities | 5 |
Disposal Group, Including Discontinued Operation, Accounts and notes receivable | 5,109 |
Disposal Group, Including Discontinued Operation, Inventory | 5,259 |
Disposal Group, Including Discontinued Operation, Other Assets, Current | 1,000 |
Disposal Group, Including Discontinued Operation, Equity Method Investments | 138 |
Disposal Group, Including Discontinued Operation, Other Investments | 27 |
Disposal Group, Including Discontinued Operation, Noncurrent Receivables | 72 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 4,543 |
Disposal Group, Including Discontinued Operation, Goodwill | 14,691 |
Disposal Group, Including Discontinued Operation, Intangible Assets | 12,055 |
Disposal Group, Including Discontinued Operation, Deferred Tax Assets | (651) |
Disposal Group, Including Discontinued Operation, Other Assets | 1,789 |
Disposal Group, Including Discontinued Operation, Assets | 46,248 |
Disposal Group, Including Discontinued Operation, Debt Current | 2,151 |
Disposal Group, Including Discontinued Operation, Accounts Payable | 3,627 |
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable, Current | 185 |
Disposal Group, Including Discontinued Operation, Other Liabilities, Current | 3,883 |
Disposal Group, Including Discontinued Operation, Debt Noncurrent | 5,784 |
Disposal Group, Including Discontinued Operation, Deferred Tax Liabilities | 520 |
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation, Noncurrent | 5,637 |
Disposal Group, Including Discontinued Operation, Other Liabilities | 1,708 |
Disposal Group, Including Discontinued Operation, Liabilities | $ 23,495 |
DIVESTITURES Indemnifications (
DIVESTITURES Indemnifications (Details) $ in Millions | Jun. 30, 2019USD ($) |
Accounts And Notes Receivable, Other | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Asset | $ 172 |
Deferred Charges And Other Assets [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Asset | 166 |
Accrued and other current liabilities | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Liabilities | 127 |
Other noncurrent obligations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Liabilities | $ 96 |
DIVESTITURES Previously Diveste
DIVESTITURES Previously Divested Businesses (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 566 | $ 1,773 | $ 1,212 | $ 2,983 |
Historical EID - Other [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 86 | |||
Historical EID Crop Protection and R&D [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 80 |
DIVESTITURES Integration and Se
DIVESTITURES Integration and Separation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Integration and Separation Costs [Abstract] | ||||
Integration and separation costs | $ 347 | $ 428 | $ 958 | $ 793 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Net sales | $ 5,468 | $ 5,857 | $ 10,882 | $ 11,454 | ||
Contract with Customer, Liability, Revenue Recognized | 25 | 23 | ||||
Accounts and notes receivable - Trade | [1] | 3,346 | 3,346 | $ 2,960 | ||
Contract assets - current 1 | [2] | 38 | 38 | 48 | ||
Contract liabilities - current 3 | [3] | 106 | 106 | 71 | ||
Contract liabilities - noncurrent 4 | [4] | 15 | 15 | $ 7 | ||
Advanced Printing | ||||||
Net sales | 121 | 136 | 240 | 258 | ||
Display Technologies | ||||||
Net sales | 74 | 82 | 159 | 142 | ||
Interconnect Solutions | ||||||
Net sales | 282 | 298 | 520 | 579 | ||
Semiconductor Technologies | ||||||
Net sales | 381 | 405 | 764 | 806 | ||
Food & Beverage | ||||||
Net sales | 746 | 783 | 1,501 | 1,527 | ||
Nutrition & Biosciences | ||||||
Net sales | 604 | 618 | 1,174 | 1,236 | ||
Pharma Solutions [Member] | ||||||
Net sales | 208 | 220 | 418 | 435 | ||
Mobility Solutions [Member] | ||||||
Net sales | 588 | 648 | 1,213 | 1,269 | ||
Healthcare & Specialty [Member] | ||||||
Net sales | 388 | 424 | 772 | 830 | ||
Industrial & Consumer [Member] | ||||||
Net sales | 293 | 345 | 601 | 696 | ||
Safety Solutions | ||||||
Net sales | 657 | 639 | 1,322 | 1,251 | ||
Shelter Solutions [Member] | ||||||
Net sales | 398 | 471 | 755 | 894 | ||
Water Solutions [Member] | ||||||
Net sales | 286 | 262 | 547 | 491 | ||
Biomaterials [Member] | ||||||
Net sales | 53 | 74 | 112 | 144 | ||
Clean Technologies [Member] | ||||||
Net sales | 76 | 79 | 141 | 153 | ||
DuPont Teijin Films [Member] | ||||||
Net sales | 42 | 51 | 79 | 98 | ||
Photovoltaic & Advanced Materials [Member] | ||||||
Net sales | 230 | 283 | 484 | 571 | ||
Sustainable Solutions [Member] | ||||||
Net sales | 41 | 39 | 80 | 74 | ||
Electronics & Imaging | ||||||
Net sales | 858 | 921 | 1,683 | 1,785 | ||
Nutrition & Biosciences | ||||||
Net sales | 1,558 | 1,621 | 3,093 | 3,198 | ||
Transportation & Industrial | ||||||
Net sales | 1,269 | 1,417 | 2,586 | 2,795 | ||
Safety & Construction | ||||||
Net sales | 1,341 | 1,372 | 2,624 | 2,636 | ||
Non-core [Member] | ||||||
Net sales | 442 | 526 | 896 | 1,040 | ||
U.S. & Canada | ||||||
Net sales | 1,826 | 1,857 | 3,602 | 3,643 | ||
EMEA 1 | ||||||
Net sales | [5] | 1,291 | 1,492 | 2,671 | 2,957 | |
Asia Pacific | ||||||
Net sales | 2,034 | 2,178 | 3,979 | 4,211 | ||
Latin America | ||||||
Net sales | $ 317 | $ 330 | $ 630 | $ 643 | ||
[1] | Included in "Accounts and notes receivable - net" in the Condensed Consolidated Balance Sheets. | |||||
[2] | Included in "Other current assets" in the Condensed Consolidated Balance Sheets. | |||||
[3] | Included in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. | |||||
[4] | Included in "Other noncurrent obligations" in the Condensed Consolidated Balance Sheets. | |||||
[5] | Europe, Middle East and Africa. |
RESTRUCTURING AND ASSET RELAT_3
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring, Settlement and Impairment Provisions | $ 137 | $ 46 | $ 208 | $ 99 |
Fair Value, Measurements, Nonrecurring [Member] | Equity Method Investments | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Asset Impairment Charges | $ 63 |
RESTRUCTURING AND ASSET RELAT_4
RESTRUCTURING AND ASSET RELATED CHARGES - NET 2019 Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Nov. 01, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring, Settlement and Impairment Provisions | $ 137 | $ 46 | $ 208 | $ 99 | |
2019 Restructuring Program [Domain] | Restructuring Settlement And Impairment Provisions [Domain] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 53 | ||||
2019 Restructuring Program [Domain] | Restructuring Settlement And Impairment Provisions [Domain] | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 50 | ||||
2019 Restructuring Program [Domain] | Restructuring Settlement And Impairment Provisions [Domain] | Asset Related Charges And Other [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 3 | ||||
2019 Restructuring Program [Domain] | Accrued and other current liabilities | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 50 | $ 50 | |||
2019 Restructuring Program [Domain] | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 85 | ||||
2019 Restructuring Program [Domain] | Minimum | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 55 | ||||
2019 Restructuring Program [Domain] | Minimum | Asset Related Charges And Other [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 30 | ||||
2019 Restructuring Program [Domain] | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 130 | ||||
2019 Restructuring Program [Domain] | Maximum | Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 80 | ||||
2019 Restructuring Program [Domain] | Maximum | Contract Termination [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | 5 | ||||
2019 Restructuring Program [Domain] | Maximum | Asset Related Charges And Other [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Related Cost, Expected Cost | $ 45 | ||||
2019 Restructuring Program [Domain] | Electronics & Imaging | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 7 | ||||
2019 Restructuring Program [Domain] | Nutrition & Biosciences | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 14 | ||||
2019 Restructuring Program [Domain] | Transportation & Industrial | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 12 | ||||
2019 Restructuring Program [Domain] | Safety & Construction | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 17 | ||||
2019 Restructuring Program [Domain] | Non-core [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | 0 | ||||
2019 Restructuring Program [Domain] | Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges | $ 3 |
RESTRUCTURING AND ASSET RELAT_5
RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 22 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | ||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, Settlement and Impairment Provisions | $ 137 | $ 46 | $ 208 | $ 99 | |||||
DowDuPont Cost Synergy Program [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, Settlement and Impairment Provisions | $ 466 | ||||||||
Restructuring Reserve | 124 | 124 | 124 | $ 142 | |||||
Restructuring Charges | 22 | [1] | 46 | 94 | [1] | 99 | |||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | (29) | ||||||||
Payments for Restructuring | (83) | ||||||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, Settlement and Impairment Provisions | 222 | ||||||||
Restructuring Reserve | 120 | 120 | 120 | 126 | |||||
Restructuring Charges | 6 | 37 | 49 | 77 | |||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | 0 | ||||||||
Payments for Restructuring | (55) | ||||||||
DowDuPont Cost Synergy Program [Member] | Contract Termination [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, Settlement and Impairment Provisions | 60 | ||||||||
Restructuring Reserve | 4 | 4 | 4 | 16 | |||||
Restructuring Charges | 0 | 3 | 16 | 15 | |||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | 0 | ||||||||
Payments for Restructuring | (28) | ||||||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges And Other [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring, Settlement and Impairment Provisions | 184 | ||||||||
Restructuring Reserve | 0 | 0 | 0 | 0 | |||||
Restructuring Charges | 16 | 6 | 29 | 7 | |||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | (29) | ||||||||
Payments for Restructuring | 0 | ||||||||
DowDuPont Cost Synergy Program [Member] | Restructuring Settlement And Impairment Provisions [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 21 | 92 | |||||||
DowDuPont Cost Synergy Program [Member] | Income (Loss) From Equity Method Investments [Domain] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 1 | 2 | |||||||
DowDuPont Cost Synergy Program [Member] | Accrued and other current liabilities | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Reserve | 107 | 107 | 107 | 129 | |||||
DowDuPont Cost Synergy Program [Member] | Other noncurrent obligations | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Reserve | 17 | 17 | $ 17 | $ 13 | |||||
DowDuPont Cost Synergy Program [Member] | Electronics & Imaging | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 0 | 1 | 0 | 2 | |||||
DowDuPont Cost Synergy Program [Member] | Nutrition & Biosciences | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 8 | 0 | 35 | 0 | |||||
DowDuPont Cost Synergy Program [Member] | Transportation & Industrial | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 0 | 0 | 0 | (1) | |||||
DowDuPont Cost Synergy Program [Member] | Safety & Construction | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 3 | 12 | 5 | 19 | |||||
DowDuPont Cost Synergy Program [Member] | Non-core [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | 1 | (5) | 0 | (6) | |||||
DowDuPont Cost Synergy Program [Member] | Corporate | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring Charges | [2] | $ 10 | $ 38 | $ 54 | $ 85 | ||||
[1] | The charge for the three and six months ended June 30, 2019 includes $21 million and $92 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $2 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations. | ||||||||
[2] | Severance and related benefit costs were recorded at Corporate. |
SUPPLEMENTARY INFORMATION - Sum
SUPPLEMENTARY INFORMATION - Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||
Income Tax Related Items | $ (48) | [1] | $ (48) | |||
Nonoperating Income (Expense) | (19) | $ 82 | 65 | $ (16) | ||
Non-operating pension and other postretirement benefit plan net credit 1 | 18 | [2] | 28 | 39 | 55 | |
Interest income | 9 | [2] | 11 | 49 | 21 | |
Net gain on sales of other assets and investments 1 | [3] | 10 | 0 | 63 | 6 | |
Foreign exchange gains (losses), net | [4] | (17) | 53 | (78) | (122) | |
Other Operating Income (Expense), Net | [5] | $ (39) | $ 11 | (8) | 45 | |
Historical EID | Foreign Exchange Contract | ||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||
Foreign exchange gains (losses), net | $ 50 | 50 | ||||
Electronics & Imaging | ||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||
Net gain on sales of other assets and investments 1 | $ 51 | |||||
[1] | $48 million charge included in "Sundry income (expense) - net" reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. | |||||
[2] | Included in Sundry income (expense) - net. | |||||
[3] | The six months ended June 30, 2019 includes a $51 million gain related to a sale of assets within the Electronics & Imaging product lines. | |||||
[4] | Includes a $50 million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform. | |||||
[5] | Miscellaneous income and expenses - net, for the three months and six months ended June 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. The miscellaneous income for the three month and six month ended 2018 primarily relates to legal settlements. |
SUPPLEMENTARY INFORMATION - Cas
SUPPLEMENTARY INFORMATION - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Supplementary Information | ||
Restricted cash and cash equivalents 1 | $ 40 | $ 43 |
Accrued and other current liabilities | 1,652 | 1,129 |
Employee-related Liabilities | $ 366 | $ 506 |
INCOME TAXES INCOME TAXES - Nar
INCOME TAXES INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Contingency [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax (Expense) Benefit | $ 7 | $ 24 | ||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Indirect Impact on Inventory, Provisional Income Tax Expense | $ 54 | |||
Other Tax Expense (Benefit) | $ 0 | $ 10 |
INCOME TAXES Effective Income T
INCOME TAXES Effective Income Tax Rate (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Contingency [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Percent | (16.40%) | 76.20% | (5.80%) | 134.40% |
EARNINGS PER SHARE CALCULATIO_3
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Basic (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share [Abstract] | |||||
(Loss) income from continuing operations, net of tax | $ (1,103) | $ 31 | $ (1,177) | $ (42) | |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Noncontrolling Interest | (9) | (2) | 13 | 11 | |
Net (loss) income from continuing operations attributable to noncontrolling interests | 25 | (37) | (72) | (68) | |
Net income attributable to participating securities | [1] | 0 | 7 | 1 | 13 |
Net income attributable to DowDuPont Inc. | (1,112) | 26 | (1,191) | (66) | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 566 | 1,773 | 1,212 | 2,983 | |
Income from discontinued operations attributable to common stockholders | 541 | 1,736 | 1,140 | 2,915 | |
Net income available for DowDuPont Inc. common stockholders | $ (571) | $ 1,762 | $ (51) | $ 2,849 | |
[1] | Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. |
EARNINGS PER SHARE CALCULATIO_4
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Basic (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Earnings per common share from continuing operations - basic (in dollars per share) | $ (1.48) | $ 0.03 | $ (1.59) | $ (0.09) |
Earnings per common share from discontinued operations - basic (in dollars per share) | 0.72 | 2.26 | 1.52 | 3.78 |
Net income attributable to common stockholders, basic (in dollars per share) | $ (0.76) | $ 2.29 | $ (0.07) | $ 3.69 |
EARNINGS PER SHARE CALCULATIO_5
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Diluted (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
(Loss) income from continuing operations, net of tax | $ (1,103) | $ 31 | $ (1,177) | $ (42) |
Net (loss) income from continuing operations attributable to noncontrolling interests | $ (34) | $ (35) | $ (85) | $ (79) |
EARNINGS PER SHARE CALCULATIO_6
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Diluted (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Earnings per common share from continuing operations - diluted (in dollars per share) | $ (1.48) | $ 0.03 | $ (1.59) | $ (0.09) |
Earnings per common share from discontinued operations - diluted (in dollars per share) | 0.72 | 2.24 | 1.52 | 3.78 |
Net income attributable to common stockholders, diluted (in dollars per share) | $ (0.76) | $ 2.27 | $ (0.07) | $ 3.69 |
EARNINGS PER SHARE CALCULATIO_7
EARNINGS PER SHARE CALCULATIONS - Summary of Count Information (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Earnings Per Share [Abstract] | |||||
Weighted-average common shares - basic (in shares) | 749 | 769.6 | 749.6 | 771 | |
Plus dilutive effect of equity compensation plans (in shares) | 0 | 4.9 | 0 | 0 | |
Weighted-average common shares - diluted (in shares) | 749 | 774.5 | 749.6 | 771 | |
Stock options and deferred stock awards excluded from EPS calculations (in shares) | [1] | 2.5 | 3.2 | 2.4 | 2.5 |
[1] | These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive. |
ACCOUNTS AND NOTES RECEIVABLE_3
ACCOUNTS AND NOTES RECEIVABLE (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable - trade | [1] | $ 3,288 | $ 2,891 |
Notes receivable - trade | 58 | 69 | |
Other Receivables | [2] | 868 | 431 |
Accounts and notes receivables - net | 4,214 | 3,391 | |
Accounts and Notes Receivables - trade, allowance | $ 9 | $ 10 | |
[1] | Accounts receivable – trade is net of allowances of $9 million at June 30, 2019 and $10 million at December 31, 2018 . Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. | ||
[2] | Other includes receivables in relation to value added tax, fair value of derivative instruments, indemnification assets, and general sales tax and other taxes. No individual group represents more than ten percent of total receivables. |
INVENTORIES (Summary of Invento
INVENTORIES (Summary of Inventory) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 2,645 | $ 2,599 |
Work in process | 888 | 833 |
Raw materials | 623 | 560 |
Supplies | 234 | 115 |
Total inventories | $ 4,390 | $ 4,107 |
INVENTORIES Effect of Change -
INVENTORIES Effect of Change - Schedule of Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Change in Accounting Estimate [Line Items] | |||||
Cost of sales | $ 3,496 | $ 4,085 | $ 7,117 | $ 7,890 | |
Provision for income taxes on continuing operations | 155 | 99 | 64 | 164 | |
Net (loss) income available for DuPont common stockholders | (571) | 1,769 | (50) | 2,862 | |
As if Under LIFO [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Cost of sales | 3,498 | $ 3,617 | 4,086 | 7,115 | 7,882 |
Provision for income taxes on continuing operations | 152 | (86) | 99 | 66 | 162 |
Net (loss) income available for DuPont common stockholders | (536) | 571 | 1,803 | 35 | 2,951 |
Under Average Cost [Member] [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Cost of sales | 3,496 | 3,621 | 4,085 | 7,117 | 7,890 |
Provision for income taxes on continuing operations | 155 | (91) | 99 | 164 | |
Net (loss) income available for DuPont common stockholders | (537) | 572 | 1,804 | 35 | 2,941 |
Effect of Change [Member] [Member] | |||||
Change in Accounting Estimate [Line Items] | |||||
Cost of sales | (2) | 4 | (1) | 2 | 8 |
Provision for income taxes on continuing operations | 3 | (5) | 0 | (2) | 2 |
Net (loss) income available for DuPont common stockholders | $ (1) | $ 1 | $ 1 | $ 0 | $ (10) |
INVENTORIES Effect of Change _2
INVENTORIES Effect of Change - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Change in Accounting Estimate [Line Items] | ||||
Inventories | $ 4,390 | $ 4,107 | ||
Deferred income tax liabilities | 3,662 | 3,912 | ||
Retained Earnings (Accumulated Deficit) | (8,299) | 30,257 | ||
As if Under LIFO [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Inventories | 4,763 | $ 4,717 | 4,472 | |
Deferred income tax liabilities | 3,750 | 3,679 | 3,998 | |
Retained Earnings (Accumulated Deficit) | (8,014) | 29,764 | 30,536 | |
Under Average Cost [Member] [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Inventories | 4,390 | 4,348 | 4,107 | |
Deferred income tax liabilities | 3,662 | 3,588 | 3,912 | |
Retained Earnings (Accumulated Deficit) | (8,299) | 29,486 | 30,257 | |
Effect of Change [Member] [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Inventories | (373) | (369) | (365) | |
Deferred income tax liabilities | (88) | (91) | (86) | |
Retained Earnings (Accumulated Deficit) | $ (285) | $ (278) | $ (279) | $ 280 |
PROPERTY, PLANT & EQUIPMENT (De
PROPERTY, PLANT & EQUIPMENT (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Land and Land Improvements [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 0 years |
Land and Land Improvements [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Building [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Building [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 50 years |
Machinery and Equipment [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
Machinery and Equipment [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
PROPERTY, PLANT & EQUIPMENT Sch
PROPERTY, PLANT & EQUIPMENT Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land and Land Improvements | $ 795 | $ 944 |
Buildings and Improvements, Gross | 2,656 | 2,581 |
Machinery and Equipment, Gross | 9,580 | 9,133 |
Construction in Progress, Gross | 1,442 | 1,458 |
Property, Plant and Equipment, Gross | 14,473 | 14,116 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 4,667 | 4,199 |
Property, Plant and Equipment, Net | $ 9,806 | $ 9,917 |
PROPERTY, PLANT & EQUIPMENT S_2
PROPERTY, PLANT & EQUIPMENT Schedule of Depreciation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 255 | $ 285 | $ 526 | $ 571 |
NONCONSOLIDATED AFFILIATES - Pr
NONCONSOLIDATED AFFILIATES - Principal Nonconsolidated Affiliates (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Investments in nonconsolidated affiliates | $ 1,653 | $ 1,745 |
Accrued and Other Current Liabilities | (81) | (81) |
Other noncurrent liabilities | (635) | (495) |
Net Investment in Consolidated Affiliates | $ 937 | $ 1,169 |
NONCONSOLIDATED AFFILIATES - Ad
NONCONSOLIDATED AFFILIATES - Additional Information (Details) $ in Millions | 6 Months Ended | |||
Jun. 30, 2019USD ($)entity | Jun. 30, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) | |
Investment [Line Items] | ||||
Other noncurrent liabilities | $ (635) | $ (495) | ||
Equity Method Investment Ownership Interest Number Of Affiliates | entity | 22 | |||
Investments in nonconsolidated affiliates | $ 1,653 | 1,745 | ||
principal nonconsolidated affiliate [Member] | ||||
Investment [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Revenue | 312 | $ 400 | ||
Equity Method Investment, Summarized Financial Information, Cost of Sales | 167 | 258 | ||
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations | 135 | 164 | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | $ 119 | $ 145 | ||
DC HSC Holdings LLC [Member] | ||||
Investment [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Investments in nonconsolidated affiliates | $ 495 | 535 | ||
Hemlock Semiconductor L.L.C. | ||||
Investment [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.10% | |||
Other noncurrent liabilities | $ (635) | $ (495) | ||
Equity Method Investments | Accounting Standards Update 2014-09 [Member] | HSC group [Member] | ||||
Investment [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 71 | |||
Other noncurrent obligations | Accounting Standards Update 2014-09 [Member] | HSC group [Member] | ||||
Investment [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 168 | |||
Deferred Tax Asset [Domain] | Accounting Standards Update 2014-09 [Member] | HSC group [Member] | ||||
Investment [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 56 | |||
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member] | HSC group [Member] | ||||
Investment [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 GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | [1] | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill [Line Items] | |||||
Goodwill impairment charge | $ (1,175) | $ 0 | $ (1,175) | $ 0 | |
Nutrition & Biosciences | |||||
Goodwill [Line Items] | |||||
Goodwill impairment charge | (933) | (933) | |||
Non-core [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill impairment charge | $ (242) | $ (242) | |||
[1] | See Note 13 for additional information. |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Goodwill [Roll Forward] | |||||
Net goodwill, beginning of period | $ 34,496 | ||||
Goodwill impairment charge | $ (1,175) | [1] | $ 0 | (1,175) | $ 0 |
Foreign currency impact | (16) | ||||
Goodwill, Other Increase (Decrease) | 25 | ||||
Net goodwill, end of period | 33,330 | 33,330 | |||
Electronics & Imaging | |||||
Goodwill [Roll Forward] | |||||
Net goodwill, beginning of period | 6,960 | ||||
Foreign currency impact | (1) | ||||
Net goodwill, end of period | 6,959 | 6,959 | |||
Nutrition & Biosciences | |||||
Goodwill [Roll Forward] | |||||
Net goodwill, beginning of period | 12,109 | ||||
Goodwill impairment charge | (933) | [1] | (933) | ||
Foreign currency impact | (17) | ||||
Goodwill, Other Increase (Decrease) | (13) | ||||
Net goodwill, end of period | 11,146 | 11,146 | |||
Transportation & Industrial | |||||
Goodwill [Roll Forward] | |||||
Net goodwill, beginning of period | 6,967 | ||||
Foreign currency impact | 8 | ||||
Net goodwill, end of period | 6,975 | 6,975 | |||
Safety & Construction | |||||
Goodwill [Roll Forward] | |||||
Net goodwill, beginning of period | 6,698 | ||||
Foreign currency impact | (6) | ||||
Net goodwill, end of period | 6,692 | 6,692 | |||
Non-core [Member] | |||||
Goodwill [Roll Forward] | |||||
Net goodwill, beginning of period | 1,762 | ||||
Goodwill impairment charge | (242) | [1] | (242) | ||
Foreign currency impact | 0 | ||||
Goodwill, Other Increase (Decrease) | 38 | ||||
Net goodwill, end of period | $ 1,558 | $ 1,558 | |||
[1] | See Note 13 for additional information. |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Document Period End Date | Jun. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | $ 14,922 | $ 14,942 |
Finite other intangible assets, accumulated amortization | (3,641) | (3,172) |
Finite other intangible assets, net | 11,281 | 11,770 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite other intangible asset, carrying amount | 2,869 | 2,885 |
Other intangible assets, gross carrying amount | 17,791 | 17,827 |
Other intangible assets, net | 14,150 | 14,655 |
In-process research and development | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite other intangible asset, carrying amount | 0 | 15 |
Trademarks / tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite other intangible asset, carrying amount | 2,869 | 2,870 |
Restructuring and asset related charges - net | In-process research and development | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 85 | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 4,342 | 4,362 |
Finite other intangible assets, accumulated amortization | (1,179) | (1,010) |
Finite other intangible assets, net | 3,163 | 3,352 |
Trademarks / tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 1,244 | 1,245 |
Finite other intangible assets, accumulated amortization | (369) | (328) |
Finite other intangible assets, net | 875 | 917 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 9,007 | 9,029 |
Finite other intangible assets, accumulated amortization | (1,973) | (1,720) |
Finite other intangible assets, net | 7,034 | 7,309 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite other intangible assets, gross carrying amount | 329 | 306 |
Finite other intangible assets, accumulated amortization | (120) | (114) |
Finite other intangible assets, net | $ 209 | $ 192 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 252 | $ 266 | $ 508 | $ 531 |
Other Intangible Assets [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 252 | $ 266 | $ 508 | $ 531 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Future Amortization Expense (Details) $ in Millions | Jun. 30, 2019USD ($) |
Estimated Amortization Expense for Next Five Years | |
Remainder of 2019 | $ 512 |
2020 | 1,015 |
2021 | 1,007 |
2022 | 993 |
2023 | 961 |
2024 | $ 856 |
GOODWILL AND OTHER INTANGIBLE_8
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangibles by Segment (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 14,150 | $ 14,655 |
Electronics & Imaging | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 1,925 | 2,037 |
Nutrition & Biosciences | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 4,664 | 4,823 |
Transportation & Industrial | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,722 | 3,833 |
Safety & Construction | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,145 | 3,244 |
Non-core [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 694 | $ 718 |
SHORT TERM BORROWINGS, LONG-T_6
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Short Term Borrowings, Long-Term Debt and Credit Facilities - Narrative (Details) - USD ($) $ in Millions | Jun. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | ||||
Debt Instrument, Face Amount | $ 12,700 | $ 12,700 | ||
Stock Repurchase Program, Authorized Amount | $ 2,000 | $ 2,000 | $ 3,000 | |
Contribution to Corteva | $ 7,139 | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.72% | 2.72% | 8.25% | |
Short-term borrowings and finance lease obligations | $ 1,621 | $ 1,621 | $ 15 | |
Stock Repurchased During Period, Value | 1,600 | |||
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Contribution to Corteva | 1,400 | |||
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings and finance lease obligations | $ 1,610 | $ 1,610 | $ 0 |
SHORT TERM BORROWINGS, LONG-T_7
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Schedule of Short Term Borrowings (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | |||
Short-term borrowings and finance lease obligations | $ 1,621 | $ 15 | |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings and finance lease obligations | 1,610 | 0 | |
Notes Payable to Banks [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings and finance lease obligations | 5 | 4 | |
Long-term debt due within one year [Member] | |||
Short-term Debt [Line Items] | |||
Long-term Debt and Capital Lease Obligations, Current | [1],[2],[3] | $ 6 | $ 11 |
[1] | Includes finance lease obligations due within one year. | ||
[2] | Includes finance lease obligations due within one year. | ||
[3] | Presented net of current portion of unamortized debt issuance costs. |
Short Term Borrowings, Long-T_8
Short Term Borrowings, Long-Term Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Finance Lease Obligations | $ 3 | $ 25 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 103 | 104 | |
Line of Credit Facility, Maximum Borrowing Capacity | 6,750 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 3,732 | ||
Long-Term Debt | 15,608 | 12,624 | |
Loans Payable | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 14 | $ 14 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.18% | 4.32% | |
Loans Payable | Promissory Notes And Debentures, Final Maturity, Year One [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 2,000 | $ 2,000 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.63% | 3.68% | |
Loans Payable | Promissory Notes And Debentures, Final Maturity, Year Two [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 2,800 | $ 2,800 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.14% | 4.16% | |
Loans Payable | Promissory Notes And Debentures, Final Maturity, Year Three [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 7,900 | $ 7,900 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.98% | 4.98% | |
Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 3,000 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.51% | ||
Long-term debt due within one year [Member] | |||
Debt Instrument [Line Items] | |||
Short-term borrowings and finance lease obligations | [1],[2],[3] | $ 6 | $ 11 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Fair Value | $ 17,163 | $ 13,080 | |
[1] | Includes finance lease obligations due within one year. | ||
[2] | Includes finance lease obligations due within one year. | ||
[3] | Presented net of current portion of unamortized debt issuance costs. |
Term Loan and Revolving Credit
Term Loan and Revolving Credit Facilities (Details) $ in Millions | Jun. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 6,750 |
Line of Credit Facility, Remaining Borrowing Capacity | 3,732 |
Line Of Credit Facility, Remaining Borrowing Capacity, Uncommitted Amount | 597 |
Letters of Credit Outstanding, Amount | 133 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 3,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 2,982 |
Term Loan Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 3,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 0 |
364-day Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 750 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 750 |
SHORT TERM BORROWINGS, LONG-T_9
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Maturities of Long-Term Debt for Next Five Years (Details) $ in Millions | Jun. 30, 2019USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 4 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,005 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 6 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,001 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 2,800 |
TRANSFERS OF FINANCIAL ASSETS (
TRANSFERS OF FINANCIAL ASSETS (Summary of Cash Proceeds) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Transfers and Servicing [Abstract] | ||||
Interests in conduits | $ 0 | $ 0 | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 78 | $ 51 |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 170 | |
Non-PFAS Stray Liabilities Threshold | 200 | |
Indemnifiable Losses Threshold related to PFAS Stray Liabilities - Total | 300 | |
Indemnifiable Losses Threshold related to PFAS Stray Liabilities - Per Party | 150 | |
Retained and Assumed at Divestiture [Domain] | ||
Loss Contingencies [Line Items] | ||
Estimated Litigation Liability | 2 | |
Accrual for Environmental Loss Contingencies | 36 | |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 108 | |
Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Liabilities | $ 64 | |
DuPont and Corteva [Member] | ||
Loss Contingencies [Line Items] | ||
Percentage Split of PFAS Liabilities under the Separation Agreement | 50.00% | |
Corteva | ||
Loss Contingencies [Line Items] | ||
Non-PFAS Stray Liabilities percent split after Threshold | 29.00% | |
DuPont | ||
Loss Contingencies [Line Items] | ||
Non-PFAS Stray Liabilities percent split after Threshold | 71.00% | |
DuPont | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 42 | |
DuPont | Corteva | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 34 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - PFOA (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2004USD ($) | |
Chemours | |||
Loss Contingencies [Line Items] | |||
Additional annual PFOA liabilities paid by Chemours | $ 25 | ||
PFOA Multi-District Litigation (MDL) | Historical EID | |||
Loss Contingencies [Line Items] | |||
Additional annual PFOA liabilities paid by Historical EID | 25 | ||
DuPont and Corteva [Member] | Chemours Suit [Member] | |||
Loss Contingencies [Line Items] | |||
Claim related to pending litigation | $ 3,910 | ||
Historical EID | PFOA Matters | Leach v. DuPont | |||
Loss Contingencies [Line Items] | |||
Medical monitoring program escrow disbursements to date (less than $1 million) | $ 235 | ||
Historical EID | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||
Loss Contingencies [Line Items] | |||
Lawsuits alleging personal injury filed | 3,550 | ||
Historical EID And Chemours [Member] | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 335 |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITIES COMMITMENTS AND CONTINGENT LIABILITIES - Natural Resources (Details) - Firefighter Foam [Domain] | Jun. 30, 2019 |
Loss Contingencies [Line Items] | |
Number of lawsuits | 20 |
SOUTH CAROLINA | |
Loss Contingencies [Line Items] | |
Loss Contingency, Number Of Additional Plaintiffs | 150 |
COMMITMENTS AND CONTINGENT LI_6
COMMITMENTS AND CONTINGENT LIABILITIES - Environmental Matters (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 78 | $ 51 |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 170 | |
Retained and Assumed at Divestiture [Domain] | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 36 | |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 108 | |
Indemnification Agreement [Member] | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 42 | |
Indemnification Agreement [Member] | Dow | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | 8 | |
Indemnification Agreement [Member] | Corteva | DuPont | ||
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 34 |
COMMITMENTS AND CONTINGENT LI_7
COMMITMENTS AND CONTINGENT LIABILITIES - Summary of Guarantees (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | ||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 185 | $ 199 | |
Customer and Supplier Guarantee Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | [1] | $ 19 | |
Guarantor Obligations, Liquidation Proceeds, Percentage | 11.00% | ||
Equity Affiliates Guarantee Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | [2] | $ 166 | |
Current Portion [Member] | Customer and Supplier Guarantee Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 18 | ||
[1] | 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. Of the total maximum future payments, $18 million had terms less than a year. | ||
[2] | 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
LEASES Components of Lease Expe
LEASES Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 46 | $ 90 |
Finance Lease, Right-of-Use Asset, Amortization | (3) | 3 |
Finance Lease, Interest Expense | 0 | 0 |
Finance Lease, Cost | (3) | 3 |
Short-term Lease, Cost | 1 | 2 |
Variable Lease, Cost | 2 | 3 |
Sublease Income | 5 | 12 |
Lease, Cost | $ 41 | $ 86 |
LEASES (Details)
LEASES (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 185,000,000 | $ 199,000,000 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 1 month 13 days | |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 8 months 19 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.32% | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Remaining Lease Term | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Remaining Lease Term | 40 years | |
Residual value guarantees | ||
Lessee, Lease, Description [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 19,000,000 |
LEASES Supplemental Cash Flow I
LEASES Supplemental Cash Flow Information Related to Leases (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 92 |
Finance Lease, Interest Payment on Liability | 0 |
Finance Lease, Principal Payments | $ 3 |
LEASES Schedule of Leases (Deta
LEASES Schedule of Leases (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Lease, Right-of-Use Asset | $ 539 |
Operating Lease, Liability, Current | 144 |
Operating Lease, Liability, Noncurrent | 394 |
Operating Lease, Liability | 538 |
Finance Lease, Right-of-Use Asset, Gross | 13 |
Finance Lease, Right-of-Use Asset, Accumulated Depreciation | 5 |
Finance Lease, Right-of-Use Asset | 8 |
Finance Lease, Liability, Current | 1 |
Finance Lease, Liability, Noncurrent | 2 |
Finance Lease, Liability | $ 3 |
LEASES Maturities of Lease Liab
LEASES Maturities of Lease Liabilities (Details) $ in Millions | Jun. 30, 2019USD ($) |
Lessor, Lease, Description [Line Items] | |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 654 |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 92 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 1 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 126 |
Finance Lease, Liability, Payments, Due Year Two | 1 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 95 |
Finance Lease, Liability, Payments, Due Year Three | 1 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 77 |
Finance Lease, Liability, Payments, Due Year Four | 0 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 43 |
Finance Lease, Liability, Payments, Due Year Five | 0 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 179 |
Finance Lease, Liability, Payments, Due after Year Five | 1 |
Lessee, Operating Lease, Liability, Payments, Due | 612 |
Finance Lease, Liability, Payments, Due | 4 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 74 |
Finance Lease, Liability, Undiscounted Excess Amount | 1 |
Operating Lease, Liability | 538 |
Finance Lease, Liability | 3 |
Operating Leases, Future Minimum Payments, Due in Two Years | 497 |
Operating Leases, Future Minimum Payments, Due in Three Years | 418 |
Operating Leases, Future Minimum Payments, Due in Four Years | 363 |
Operating Leases, Future Minimum Payments, Due in Five Years | 297 |
Operating Leases, Future Minimum Payments, Due Thereafter | 1,063 |
Operating Leases, Future Minimum Payments Due | 3,292 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | |
Lessor, Lease, Description [Line Items] | |
Operating Leases, Future Minimum Payments Due | 2,980 |
Continuing Operations [Member] | |
Lessor, Lease, Description [Line Items] | |
Operating Leases, Future Minimum Payments Due | $ 312 |
STOCKHOLDERS' EQUITY - Summary
STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (831) | $ (12,394) | |||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | $ 42,576 | $ 99,592 | $ 42,576 | $ 99,592 | 42,576 | $ 93,820 | 95,900 | $ 102,633 | $ 101,647 | ||
Other comprehensive income (loss) before reclassifications | (43) | (1,015) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 108 | 292 | |||||||||
Total other comprehensive income (loss) | 35 | (2,178) | 65 | (723) | |||||||
Reclassification of Stranded Tax Effects | (1,057) | ||||||||||
Spin-offs of Dow and Corteva | (1,124) | 0 | (1,124) | 0 | |||||||
Spin-off of Dow and Corteva | (50,487) | (50,487) | |||||||||
Ending balance | 42,576 | 99,592 | 42,576 | 99,592 | |||||||
Tax expense from income taxes related to other comprehensive income items | 26 | (63) | (1) | (83) | |||||||
Unrealized Gains (Losses) on Investments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | 0 | (23) | 0 | (23) | 0 | $ (51) | $ 17 | ||||
Other comprehensive income (loss) before reclassifications | 68 | (41) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1) | 2 | |||||||||
Total other comprehensive income (loss) | 67 | (39) | |||||||||
Reclassification of Stranded Tax Effects | (1) | ||||||||||
Spin-offs of Dow and Corteva | (16) | ||||||||||
Ending balance | 0 | (23) | 0 | (23) | |||||||
Tax expense from income taxes related to other comprehensive income items | 0 | 3 | (18) | 9 | |||||||
Cumulative translation adjustments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (741) | (3,102) | (741) | (3,102) | (741) | (3,785) | (1,935) | ||||
Other comprehensive income (loss) before reclassifications | (117) | (1,058) | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (18) | (2) | |||||||||
Total other comprehensive income (loss) | (135) | (1,060) | |||||||||
Reclassification of Stranded Tax Effects | (107) | ||||||||||
Spin-offs of Dow and Corteva | 3,179 | ||||||||||
Ending balance | (741) | (3,102) | (741) | (3,102) | |||||||
Tax expense from income taxes related to other comprehensive income items | 0 | (25) | (1) | (20) | |||||||
Pension and other post employment benefit plans | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (89) | (7,593) | (89) | (7,593) | (89) | (8,476) | (6,923) | ||||
Other comprehensive income (loss) before reclassifications | 49 | 9 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 142 | 248 | |||||||||
Total other comprehensive income (loss) | 191 | 257 | |||||||||
Reclassification of Stranded Tax Effects | (927) | ||||||||||
Spin-offs of Dow and Corteva | 8,196 | ||||||||||
Ending balance | (89) | (7,593) | (89) | (7,593) | |||||||
Tax expense from income taxes related to other comprehensive income items | 34 | (34) | 2 | (64) | |||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Reclassification of Stranded Tax Effects | (22) | ||||||||||
Derivative Instruments | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (1) | (14) | (1) | (14) | (1) | (82) | (111) | ||||
Other comprehensive income (loss) before reclassifications | (43) | 75 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (15) | 44 | |||||||||
Total other comprehensive income (loss) | (58) | 119 | |||||||||
Spin-offs of Dow and Corteva | 139 | ||||||||||
Ending balance | (1) | (14) | (1) | (14) | |||||||
Tax expense from income taxes related to other comprehensive income items | (8) | (7) | 16 | (8) | |||||||
Total | |||||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (831) | (10,732) | (831) | (10,732) | $ (831) | $ (12,364) | $ (12,394) | $ (12,394) | $ (7,497) | $ (8,952) | $ (8,972) |
Total other comprehensive income (loss) | 35 | (2,178) | 65 | (723) | |||||||
Spin-off of Dow and Corteva | 11,498 | 11,498 | |||||||||
Ending balance | $ (831) | $ (10,732) | $ (831) | $ (10,732) |
STOCKHOLDERS' EQUITY - Summar_2
STOCKHOLDERS' EQUITY - Summary of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period (net of tax) | $ 108 | $ 292 | ||
Sundry income (expense) - net | $ (19) | $ 82 | 65 | (16) |
Unrealized (gains) losses on investments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period (net of tax) | (1) | 2 | ||
Cumulative translation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period (net of tax) | (18) | (2) | ||
Pension and other post employment benefit plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period (net of tax) | 142 | 248 | ||
Derivative Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period (net of tax) | (15) | 44 | ||
Reclassification out of Accumulated Other Comprehensive Loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications for the period (net of tax) | (5) | 144 | 108 | 292 |
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 | 0 | 1 | (1) | 3 |
Tax benefit | 0 | 0 | 0 | (1) |
Total reclassifications for the period (net of tax) | 0 | 1 | (1) | 2 |
Reclassification out of Accumulated Other Comprehensive Loss | Cumulative translation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Sundry income (expense) - net | 0 | (2) | (18) | (2) |
Reclassification out of Accumulated Other Comprehensive Loss | Pension and other post employment benefit plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (25) | 156 | 142 | 310 |
Tax benefit | 25 | (34) | 0 | (62) |
Total reclassifications for the period (net of tax) | 0 | 122 | 142 | 248 |
Reclassification out of Accumulated Other Comprehensive Loss | Derivative Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (7) | 26 | (18) | 52 |
Tax benefit | 2 | (3) | 3 | (8) |
Total reclassifications for the period (net of tax) | $ (5) | $ 23 | $ (15) | $ 44 |
STOCKHOLDERS' EQUITY Stockholde
STOCKHOLDERS' EQUITY Stockholders' Equity Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 25, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 01, 2019 | Dec. 31, 2018 |
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Value | $ 7,102,000 | ||||
Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Treasury Stock, Shares, Retired | 37,000 | 38,811 | |||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | $ 2,000,000 | $ 3,000,000 | ||
Stock Repurchased and Retired During Period, Shares | 1,400 | ||||
Payments for Repurchase of Common Stock | $ 102,000 | ||||
Retained Earnings, Appropriated [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Value | 40 | ||||
Treasury Stock | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Value | 7,102,000 | 7,102,000 | |||
Retained Earnings [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock Repurchased and Retired During Period, Value | $ (7,102,000) | $ (7,102,000) |
NONCONTROLLING INTERESTS - Summ
NONCONTROLLING INTERESTS - Summary of Noncontrolling Interests (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling Interest, Decrease From Dividends To Joint Venture | $ 0 | $ 6 | $ 6 | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Balance at beginning of period | 1,654 | 1,664 | $ 1,608 | 1,597 | |
Net income attributable to noncontrolling interests | 34 | 35 | 85 | 79 | |
Distributions to noncontrolling interests 1 | [1] | (1) | (46) | (12) | (73) |
Cumulative translation adjustments | 9 | (34) | 16 | (40) | |
Spin-off of Dow and Corteva | (1,124) | 0 | (1,124) | 0 | |
Other | (2) | 1 | (3) | 1 | |
Balance at end of period | 570 | 1,620 | 570 | 1,620 | |
Merger | |||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | |||||
Noncontrolling interests from Merger | $ 0 | $ 0 | $ 0 | $ 56 | |
[1] | Net of dividends paid to a joint venture, which were reclassified to "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations, totaled zero for the three months ended June 30, 2019 ( $6 million for the three months ended June 30, 2018 ) and zero for the six months ended June 30, 2019 ( $6 million for the six months ended June 30, 2018 ). |
PENSION PLANS AND OTHER POSTR_3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Summary of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 240 | $ 240 | ||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 980 | 980 | ||||
Net periodic benefit (credit) cost - total | 18 | [1] | $ 28 | 39 | $ 55 | |
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 18 | 165 | 149 | 332 | ||
Interest cost | 144 | 406 | 591 | 814 | ||
Expected return on plan assets | 206 | 705 | 919 | 1,414 | ||
Amortization of prior service credit | (1) | (6) | (7) | (12) | ||
Amortization of net gain (loss) | (2) | (169) | (135) | (340) | ||
Curtailment/settlement 1 | [2] | 2 | 4 | 2 | 4 | |
Net periodic benefit (credit) cost - total | (45) | 25 | (53) | 56 | ||
Other Postretirement Benefits Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 1 | 5 | 5 | 10 | ||
Interest cost | 15 | 33 | 52 | 65 | ||
Amortization of net gain (loss) | 0 | 6 | 6 | 12 | ||
Net periodic benefit (credit) cost - total | 16 | 32 | 51 | 63 | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit (credit) cost - total | 41 | (35) | 45 | (73) | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Other Postretirement Benefits Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit (credit) cost - total | (16) | (32) | (50) | (63) | ||
Continuing Operations [Member] | Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit (credit) cost - total | (4) | (10) | (8) | (17) | ||
Continuing Operations [Member] | Other Postretirement Benefits Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit (credit) cost - total | $ 0 | $ 0 | $ 1 | $ 0 | ||
[1] | Included in Sundry income (expense) - net. | |||||
[2] | The 2018 impact relates to the curtailment and settlement of pension plans in the U.S. and Australia all of which have been transferred to Corteva and included in Discontinued Operations. The 2019 impact relates to the curtailment of pension plans in Canada which have been retained by DuPont and included in Continuing Operations. |
STOCK-BASED COMPENSATION (DuPon
STOCK-BASED COMPENSATION (DuPont) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 01, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||
Allocated Share-based Compensation Expense | $ 34 | $ 32 | $ 55 | $ 52 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 7 | $ 7 | $ 12 | $ 11 | |||
DuPont Equity And Incentive Plan [Member] | RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1.1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 70.52 | ||||||
DuPont Omnibus Incentive Plan [Domain] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance | 15 | 15 |
FINANCIAL INSTRUMENTS (Summary
FINANCIAL INSTRUMENTS (Summary of Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Cash Equivalents, at Carrying Value | $ 532 | $ 8,226 | |
Cash Equivalents, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 | |
Cash Equivalents, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 | |
Cash Equivalents, Fair Value | 532 | 8,226 | |
Restricted Cash, at Carrying Value | [1] | 40 | 43 |
Restricted Cash, Accumulated Gross Unrealized Gain, Before Tax | [1] | 0 | 0 |
Restricted Cash, Accumulated Gross Unrealized Loss, Before Tax | [1] | 0 | 0 |
Restricted Cash, Fair Value | [1] | 40 | 43 |
Marketable Securities | 8 | 29 | |
Marketable Securities Gain | 0 | 0 | |
Marketable Securities Loss | 0 | 0 | |
Marketable Securities, Current | 8 | 29 | |
Equity Securities, Amortized Cost Basis | [2] | 4 | 2 |
Equity Securities, Accumulated Gross Unrealized Gain, Before Tax | [2] | 0 | 0 |
Equity Securities, Accumulated Gross Unrealized Loss, Before Tax | [2] | 0 | 0 |
Equity Securities, Fair Value | [2] | 4 | 2 |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Amortized Cost Basis | 584 | 8,300 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Accumulated Gross Unrealized Gain, Before Tax | 0 | 0 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Accumulated Gross Unrealized Loss, Before Tax | 0 | 0 | |
Cash and Restricted Cash Equivalents, Marketable Securities and Other Investments, Fair Value | 584 | 8,300 | |
Long-term debt including debt due within one year | (15,614) | (12,635) | |
Long Term Debt including debt due within one year, Accumulated Gross Unrealized Gain, Before Tax | 0 | 5 | |
Long Term Debt including debt due within one year, Accumulated Gross Unrealized Loss, Before Tax | (1,555) | (461) | |
Long Term Debt, Including Debt Due within one year, Fair Value | (17,169) | (13,091) | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | 11 | 37 | |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | (6) | (6) | |
Derivative Assets (Liabilities), at Fair Value, Net | 5 | 31 | |
Foreign Exchange Contract | |||
Debt Securities, Available-for-sale [Line Items] | |||
Derivative Assets (Liabilities), Accumulated Gross Unrealized Gain, Before Tax | [3] | 11 | 37 |
Derivative Assets (Liabilities), Accumulated Gross Unrealized Loss, Before Tax | [3] | (6) | (6) |
Derivative Assets (Liabilities), at Fair Value, Net | [3] | $ 5 | $ 31 |
[1] | Classified as "Other current assets" in the Condensed Consolidated Balance Sheets. | ||
[2] | Equity securities with a readily determinable fair value. Presented in accordance with ASU 2016-01. "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities." | ||
[3] | Presented net of cash collateral where master netting arrangements allow. |
FINANCIAL INSTRUMENTS (Derivati
FINANCIAL INSTRUMENTS (Derivatives) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 27 | $ 72 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (16) | (35) | |
Derivative Asset | 11 | 37 | |
Derivative Liability, Fair Value, Gross Liability | 20 | 21 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (14) | (15) | |
Derivative Liability | 6 | 6 | |
Other Current Assets [Member] | Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | 27 | 72 | |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | [1] | (16) | (35) |
Derivative Asset | 11 | 37 | |
Accrued and other current liabilities | Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | 20 | 21 | |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | [1] | (14) | (15) |
Derivative Liability | $ 6 | $ 6 | |
[1] | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the Company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
FINANCIAL INSTRUMENTS Effect of
FINANCIAL INSTRUMENTS Effect of Derivative Instrument (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Nonoperating Income (Expense) [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (13) | $ 177 | $ (60) | $ 4 |
FINANCIAL INSTRUMENTS Notional
FINANCIAL INSTRUMENTS Notional Amounts (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ (80) | $ 2,057 |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 8 | $ 9 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Recurring Measured Fair Values (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | |
Assets, Fair Value Disclosure [Abstract] | |||
Long Term Debt, Including Debt Due within one year, Fair Value | $ (17,169) | $ (13,091) | |
Recurring | Level 2 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash equivalents and restricted cash equivalents | [1] | 572 | 8,269 |
Marketable securities | [2] | 8 | 29 |
Equity Securities | [3] | 4 | 2 |
Total assets at fair value | 611 | 8,372 | |
Long Term Debt, Including Debt Due within one year, Fair Value | [4] | 17,169 | 13,091 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Long-term debt including debt due within one year | 17,163 | 13,080 | |
Total liabilities at fair value | 17,189 | 13,112 | |
Recurring | Level 2 | Foreign currency | |||
Assets, Fair Value Disclosure [Abstract] | |||
Foreign Currency Contracts | [5] | 27 | 72 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Foreign Currency Contracts | [5] | $ 20 | $ 21 |
[1] | Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the interim Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. | ||
[2] | Primarily time deposits with maturities of greater than three months at time of acquisition. | ||
[3] | The Company’s investments in equity securities are included in “Other investments” in the interim Condensed Consolidated Balance Sheets. | ||
[4] | See Note 21 for information on fair value measurements of long-term debt. | ||
[5] | See Note 21 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS - Fair Value Measurements on a Nonrecurring Basis (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Equity Method Investments | Fair Value, Measurements, Nonrecurring [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Asset Impairment Charges | $ 63 |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Segment Reporting Information [Line Items] | |||||||
Net sales | $ 5,468 | $ 5,857 | $ 10,882 | $ 11,454 | |||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [1] | 1,422 | 2,852 | ||||
Pro forma Operating EBITDA | [1] | 1,422 | 2,828 | ||||
Equity in earnings (losses) of nonconsolidated affiliates | 49 | 54 | 89 | 111 | |||
Goodwill impairment charge | (1,175) | [2] | 0 | (1,175) | 0 | ||
Electronics & Imaging | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 858 | 921 | 1,683 | 1,785 | |||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [1] | 246 | 534 | ||||
Pro forma Operating EBITDA | [1] | 290 | 567 | ||||
Equity in earnings (losses) of nonconsolidated affiliates | 5 | 6 | 8 | 13 | |||
Nutrition & Biosciences | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,558 | 1,621 | 3,093 | 3,198 | |||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [1] | 391 | 744 | ||||
Pro forma Operating EBITDA | [1] | 383 | 751 | ||||
Equity in earnings (losses) of nonconsolidated affiliates | 0 | 0 | 0 | 1 | |||
Goodwill impairment charge | (933) | [2] | (933) | ||||
Transportation & Industrial | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,269 | 1,417 | 2,586 | 2,795 | |||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [1] | 357 | 730 | ||||
Pro forma Operating EBITDA | [1] | 402 | 791 | ||||
Equity in earnings (losses) of nonconsolidated affiliates | 2 | 1 | 2 | 3 | |||
Safety & Construction | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 1,341 | 1,372 | 2,624 | 2,636 | |||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [1] | 382 | 756 | ||||
Pro forma Operating EBITDA | [1] | 296 | 622 | ||||
Equity in earnings (losses) of nonconsolidated affiliates | 7 | 8 | 15 | 13 | |||
Non-core [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 442 | 526 | 896 | 1,040 | |||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [1] | 99 | 193 | ||||
Pro forma Operating EBITDA | [1] | 123 | 233 | ||||
Equity in earnings (losses) of nonconsolidated affiliates | 35 | 39 | 64 | 81 | |||
Goodwill impairment charge | (242) | [2] | (242) | ||||
Corporate | |||||||
Segment Reporting Information [Line Items] | |||||||
Net sales | 0 | 0 | 0 | 0 | |||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | [1] | (53) | (105) | ||||
Pro forma Operating EBITDA | [1] | (72) | (136) | ||||
Equity in earnings (losses) of nonconsolidated affiliates | $ 0 | 0 | 0 | 0 | |||
Pro Forma | |||||||
Segment Reporting Information [Line Items] | |||||||
Operating Income (Loss) Before Interest, Taxes, Depreciation,Amortization, Foreign Exchange Gains (Losses), And Significant Items | $ 1,422 | 2,852 | [3] | ||||
Pro forma Operating EBITDA | [3] | $ 2,828 | |||||
Goodwill impairment charge | [4] | (1,175) | |||||
Pro Forma | Nutrition & Biosciences | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill impairment charge | [4] | (933) | |||||
Pro Forma | Non-core [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Goodwill impairment charge | [4] | $ (242) | |||||
[1] | A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA and pro forma Operating EBITDA, as applicable, is provided below. | ||||||
[2] | See Note 13 for additional information. | ||||||
[3] | Refer to the Supplemental Unaudited Pro Forma Combined Financial Information contained in the MD&A section for additional information related to the pro forma adjustments. | ||||||
[4] | See Note 13 for additional information. |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Reconciliation of Operating EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||
Segment Reporting Information [Line Items] | |||||||||
(Loss) income from continuing operations, net of tax | $ (1,103) | $ 31 | $ (1,177) | $ (42) | |||||
Provision for income taxes on continuing operations | 155 | 99 | 64 | 164 | |||||
Income from continuing operations before income taxes | (948) | 130 | (1,113) | 122 | |||||
Depreciation and amortization | 507 | ||||||||
Interest income | 9 | [1] | 11 | 49 | 21 | ||||
Interest expense | 165 | 0 | 316 | 0 | |||||
Non-operating pension and other postretirement benefit plan net credit | 18 | [1] | 28 | 39 | 55 | ||||
Foreign exchange gains (losses), net | [2] | (17) | 53 | (78) | (122) | ||||
Foreign exchange losses | [1] | (17) | |||||||
Significant items | (1,708) | ||||||||
Operating EBITDA 3 | [3] | $ 1,422 | 2,852 | ||||||
Pro Forma Operating EBITDA 4 | [3] | 1,422 | 2,828 | ||||||
Foreign Exchange Contract | Historical EID | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Foreign exchange gains (losses), net | 50 | 50 | |||||||
Pro Forma | |||||||||
Segment Reporting Information [Line Items] | |||||||||
(Loss) income from continuing operations, net of tax | 31 | (1,177) | (42) | ||||||
Provision for income taxes on continuing operations | 99 | 64 | 164 | ||||||
Income from continuing operations before income taxes | 130 | (1,113) | 122 | ||||||
Depreciation and amortization | 551 | 1,034 | 1,102 | ||||||
Interest income | 11 | [1] | 49 | [4] | 21 | [4] | |||
Interest expense | 171 | 345 | 342 | ||||||
Non-operating pension and other postretirement benefit plan net credit | 28 | [1] | 39 | 55 | |||||
Foreign exchange gains (losses), net | [4],[5] | (72) | |||||||
Foreign exchange losses | 53 | [1] | (78) | [4],[5] | |||||
Costs Historically Allocated to the Materials Science and Agriculture Businesses | 352 | [6] | 256 | [7] | 608 | [7] | |||
Pro Forma Adjustments | (52) | [8] | 122 | [9] | (150) | [9] | |||
Significant items | (362) | (2,218) | (808) | ||||||
Operating EBITDA 3 | $ 1,422 | $ 2,852 | [9] | ||||||
Pro Forma Operating EBITDA 4 | [9] | $ 2,828 | |||||||
[1] | Included in Sundry income (expense) - net. | ||||||||
[2] | Includes a $50 million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||
[3] | A reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA and pro forma Operating EBITDA, as applicable, is provided below. | ||||||||
[4] | Included in "Sundry income (expense) - net." | ||||||||
[5] | Excludes a $50 million pretax foreign exchange loss significant item related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform during the six months ended June 30, 2018. | ||||||||
[6] | Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. | ||||||||
[7] | Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. | ||||||||
[8] | For the three months ended June 30, 2018, operating EBITDA is on a pro forma basis. Refer to the Supplemental Unaudited Pro Forma Combined Financial Information contained in the MD&A for additional information related to the pro forma adjustments. | ||||||||
[9] | Refer to the Supplemental Unaudited Pro Forma Combined Financial Information contained in the MD&A section for additional information related to the pro forma adjustments. |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Certain Items by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||
Business Combination, Integration And Separation Related Costs Including Adjustments | [1] | $ 347 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (21) | $ (21) | |||||||
Goodwill impairment charge | (1,175) | [2] | 0 | $ (1,175) | 0 | ||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | [3] | 138 | |||||||
Income Tax Related Items | 48 | [4] | 48 | ||||||
Other Nonrecurring (Income) Expense | (1,708) | ||||||||
Electronics & Imaging | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | [3] | (7) | |||||||
Other Nonrecurring (Income) Expense | 7 | ||||||||
Nutrition & Biosciences | |||||||||
Goodwill impairment charge | (933) | [2] | (933) | ||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | [3] | (85) | |||||||
Other Nonrecurring (Income) Expense | 1,018 | ||||||||
Transportation & Advanced Polymers Segment [Member] | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | [3] | (12) | |||||||
Other Nonrecurring (Income) Expense | 12 | ||||||||
Safety & Construction Segment [Member] | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | [3] | (20) | |||||||
Income Tax Related Items | [4] | 48 | |||||||
Other Nonrecurring (Income) Expense | 68 | ||||||||
Non-core [Member] | |||||||||
Goodwill impairment charge | (242) | [2] | (242) | ||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | [3] | (1) | |||||||
Other Nonrecurring (Income) Expense | 243 | ||||||||
Corporate | |||||||||
Business Combination, Integration And Separation Related Costs Including Adjustments | [1] | (347) | |||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | [3] | (13) | |||||||
Other Nonrecurring (Income) Expense | $ 360 | ||||||||
Pro Forma | |||||||||
Business Combination, Integration And Separation Related Costs Including Adjustments | (291) | [5] | 785 | [6] | (565) | [7] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (21) | [8] | 21 | [9] | |||||
Goodwill impairment charge | [10] | (1,175) | |||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (46) | [11] | 210 | [12] | (99) | [13] | |||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | (4) | [14] | (73) | [13] | |||||
Income Tax Related Items | 48 | [15] | (50) | [16] | |||||
Other Nonrecurring (Income) Expense | (362) | (2,218) | (808) | ||||||
Pro Forma | Electronics & Imaging | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (1) | [11] | (7) | [12] | (2) | [13] | |||
Other Nonrecurring (Income) Expense | (1) | 7 | (2) | ||||||
Pro Forma | Nutrition & Biosciences | |||||||||
Goodwill impairment charge | [10] | (933) | |||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | [12] | (112) | |||||||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | (4) | [14] | (68) | [13] | |||||
Other Nonrecurring (Income) Expense | (4) | 1,045 | (68) | ||||||
Pro Forma | Transportation & Advanced Polymers Segment [Member] | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (12) | [12] | 1 | [13] | |||||
Other Nonrecurring (Income) Expense | 12 | 1 | |||||||
Pro Forma | Safety & Construction Segment [Member] | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (12) | [11] | (22) | [12] | (19) | [13] | |||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | [13] | (5) | |||||||
Income Tax Related Items | [15] | (48) | |||||||
Other Nonrecurring (Income) Expense | (12) | 70 | (24) | ||||||
Pro Forma | Non-core [Member] | |||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | (21) | (21) | [9] | ||||||
Goodwill impairment charge | [10] | (242) | |||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 5 | [11] | 6 | [13] | |||||
Other Nonrecurring (Income) Expense | (16) | (242) | (15) | ||||||
Pro Forma | Corporate | |||||||||
Business Combination, Integration And Separation Related Costs Including Adjustments | (291) | [5] | 785 | [6] | (565) | [7] | |||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (38) | [11] | (57) | [12] | (85) | [13] | |||
Income Tax Related Items | [16] | (50) | |||||||
Other Nonrecurring (Income) Expense | $ (329) | $ 842 | $ (700) | ||||||
[1] | Integration and separation costs related to the Merger, post-Merger integration and business separation activities. | ||||||||
[2] | See Note 13 for additional information. | ||||||||
[3] | Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. | ||||||||
[4] | $48 million charge included in "Sundry income (expense) - net" reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. | ||||||||
[5] | Integration and separation costs related to the Merger, post-Merger integration and business separation activities. | ||||||||
[6] | Integration and separation costs related to the Merger, post-Merger integration and business separation activities. | ||||||||
[7] | Integration and separation costs related to the Merger, post-Merger integration and business separation activities. | ||||||||
[8] | Reflected in "Sundry income (expense) - net." | ||||||||
[9] | Reflected in "Sundry income (expense) - net". | ||||||||
[10] | See Note 13 for additional information. | ||||||||
[11] | Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 5 for additional information. | ||||||||
[12] | Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 5 for additional information. | ||||||||
[13] | Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 5 for additional information. | ||||||||
[14] | Includes the fair value step-up in Historical EID's inventories as a result of the Merger and the acquisition of FMC Corporation's Health and Nutrition business in November 2017. | ||||||||
[15] | $48 million charge included in "Sundry income (expense) - net" reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement. | ||||||||
[16] | Includes a foreign exchange loss related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform. |