Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 10, 2020 | Jun. 30, 2019 | |
Entity Information [Line Items] | |||
Entity Registrant Name | DUPONT DE NEMOURS, INC. | ||
Entity Central Index Key | 0001666700 | ||
Document Type | 10-K | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 001-38196 | ||
Entity Tax Identification Number | 81-1224539 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 974 Centre Road | ||
Entity Address, Address Line Two | Building 730 | ||
Entity Address, City or Town | Wilmington | ||
Entity Address, State or Province | DE | ||
Entity Address, Postal Zip Code | 19805 | ||
City Area Code | 302 | ||
Local Phone Number | 774-1000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 56.1 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Share Outstanding | 739,388,462 | ||
Entity Small Business | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | DD | ||
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Income Statement [Abstract] | |||||
Net sales | $ 21,512 | $ 22,594 | $ 11,672 | ||
Cost of sales | 14,056 | 15,302 | 9,558 | ||
Research and development expenses | 955 | 1,070 | 657 | ||
Selling, general and administrative expenses | 2,663 | 3,028 | 1,615 | ||
Amortization of intangibles | 1,050 | 1,044 | 505 | ||
Restructuring and asset related charges - net | 314 | [1] | 147 | [1] | 288 |
Goodwill impairment charges | 1,175 | 0 | 0 | ||
Integration and separation costs | 1,342 | 1,887 | 1,007 | ||
Equity in earnings of nonconsolidated affiliates | 84 | 447 | 367 | ||
Sundry income (expense) - net | 153 | 92 | 66 | ||
Interest expense | 668 | 55 | 0 | ||
(Loss) Income from continuing operations before income taxes | (474) | 600 | (1,525) | ||
Provision for (Benefit from) income taxes on continuing operations | 140 | 195 | (1,758) | ||
(Loss) Income from continuing operations, net of tax | (614) | 405 | 233 | ||
Income from discontinued operations, net of tax | 1,214 | 3,595 | 1,058 | ||
Net income | 600 | 4,000 | 1,291 | ||
Net income attributable to noncontrolling interests | 102 | 155 | 132 | ||
Net income available for DuPont common stockholders | $ 498 | $ 3,845 | $ 1,159 | ||
Per common share data: | |||||
(Loss) Earnings per common share from continuing operations - basic | $ (0.86) | [2] | $ 0.46 | [2] | $ 0.39 |
Earnings per common share from discontinued operations - basic | 1.53 | [2] | 4.54 | [2] | 1.79 |
Earnings per common share - basic | 0.67 | 4.99 | 2.18 | ||
(Loss) Earnings per common share from continuing operations - diluted | (0.86) | [2] | 0.45 | [2] | 0.38 |
Earnings per common share from discontinued operations - diluted | 1.53 | [2] | 4.51 | [2] | 1.77 |
Earnings per common share - diluted | $ 0.67 | $ 4.96 | $ 2.15 | ||
Weighted-average common shares outstanding - basic | 746.3 | 767 | 526.6 | ||
Weighted-average common shares outstanding - diluted | 746.3 | 771.8 | 532.7 | ||
[1] | See Note 6 for additional information. | ||||
[2] | Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters may not equal the earnings per share amount calculated for the year. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 600 | $ 4,000 | $ 1,291 |
Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Unrealized gains (losses) on investments | 67 | (67) | (46) |
Cumulative translation adjustments | (464) | (1,743) | 446 |
Pension and other post employment benefit plans | (65) | (626) | 466 |
Derivative instruments | (58) | 51 | (16) |
Total other comprehensive (loss) income | (520) | (2,385) | 850 |
Comprehensive income | 80 | 1,615 | 2,141 |
Comprehensive income attributable to noncontrolling interests, net of tax | 112 | 118 | 174 |
Comprehensive income attributable to DuPont | $ (32) | $ 1,497 | $ 1,967 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Current Assets | |||
Cash and cash equivalents | $ 1,540 | $ 8,548 | |
Marketable securities | 0 | 29 | |
Accounts and notes receivable - net | 3,802 | 3,391 | |
Inventories | 4,319 | 4,107 | |
Other current assets | 338 | 305 | |
Assets of discontinued operations | 0 | 110,275 | [1] |
Total current assets | 9,999 | 126,655 | |
Investments | |||
Investments in nonconsolidated affiliates | 1,204 | 1,745 | |
Other investments | 24 | 28 | |
Noncurrent receivables | 32 | 47 | |
Total investments | 1,260 | 1,820 | |
Property | |||
Property, Plant and Equipment | 15,112 | 14,116 | |
Accumulated depreciation | 4,969 | 4,199 | |
Property, plant and equipment | 10,143 | 9,917 | |
Other Assets | |||
Goodwill | 33,151 | 34,496 | [2] |
Other intangible assets | 13,593 | 14,655 | |
Deferred income tax assets | 236 | 178 | |
Deferred charges and other assets | 1,014 | 134 | [1] |
Total other assets | 47,994 | 49,463 | [1] |
Total Assets | 69,396 | 187,855 | [1] |
Current Liabilities | |||
Short-term borrowings and finance lease obligations | 3,830 | 15 | |
Accounts payable | 2,934 | 2,619 | |
Income taxes payable | 240 | 115 | |
Accrued and other current liabilities | 1,342 | 1,129 | [1] |
Liabilities of discontinued operations | 0 | 69,434 | [1] |
Total current liabilities | 8,346 | 73,312 | [1] |
Long-Term Debt | 13,617 | 12,624 | |
Other Noncurrent Liabilities | |||
Deferred income tax liabilities | 3,514 | 3,912 | |
Pension and other post employment benefits - noncurrent | 1,172 | 1,343 | |
Other noncurrent obligations | 1,191 | 764 | [1] |
Total other noncurrent liabilities | 5,877 | 6,019 | [1] |
Total Liabilities | 27,840 | 91,955 | [1] |
Stockholders' Equity | |||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2019: 738,564,728 shares; 2018: 784,143,433 shares) | 7 | 8 | |
Additional paid-in capital | 50,796 | 81,976 | |
(Accumulated deficit) Retained earnings | (8,400) | 30,257 | [1] |
Accumulated other comprehensive loss | (1,416) | (12,394) | |
Unearned ESOP shares | 0 | (134) | |
Treasury stock at cost (2019: 0 shares; 2018: 27,817,518 shares) | 0 | (5,421) | |
Total DuPont stockholders' equity | 40,987 | 94,292 | [1] |
Noncontrolling interests | 569 | 1,608 | |
Total equity | 41,556 | 95,900 | [1] |
Total Liabilities and Equity | $ 69,396 | $ 187,855 | [1] |
[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 prior year amounts have been revised for a reclassification of allocated goodwill between reporting units. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Shares Authorized | 1,666,666,667 | 1,666,666,667 |
Par Value | $ 0.01 | $ 0.01 |
Shares Issued | 738,564,728 | 784,143,433 |
Shares | 0 | 27,817,518 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Operating Activities | ||||
Net income | $ 600 | $ 4,000 | $ 1,291 | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||
Depreciation and amortization | 2,066 | 2,170 | 1,060 | |
Credit for deferred income tax and other tax related items | (478) | (667) | (1,473) | |
Goodwill impairment charges | 1,175 | 0 | 0 | |
Investing Activities | ||||
Capital expenditures | (1,492) | (1,244) | (551) | |
Financing Activities | ||||
Purchases of common stock | (750) | |||
Dividends paid to stockholders | (1,611) | (3,491) | (3,394) | [1] |
Cash reclassified as held for sale | 0 | 0 | 88 | |
Cash, cash equivalents and restricted cash at beginning of period | 14,022 | 14,015 | 6,624 | |
Cash, cash equivalents and restricted cash at end of period | 1,577 | 14,022 | 14,015 | |
Supplemental Cash Flow Information [Abstract] | ||||
Interest Paid, net of amounts capitalized | 969 | 2,116 | 1,254 | |
Income Taxes Paid, Net | 722 | 2,199 | 1,368 | |
Continuing Operations [Member] | ||||
Financing Activities | ||||
Cash, cash equivalents and restricted cash at beginning of period | 8,591 | 4,441 | 0 | |
Cash, cash equivalents and restricted cash at end of period | 1,577 | 8,591 | 4,441 | |
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 | 6,624 | |
Cash, cash equivalents and restricted cash at end of period | 0 | 5,431 | 9,574 | |
Total Company [Domain] | ||||
Operating Activities | ||||
Net income | 600 | 4,000 | 1,291 | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||||
Depreciation and amortization | 3,195 | 5,918 | 3,969 | |
Credit for deferred income tax and other tax related items | (768) | (366) | (2,131) | |
Earnings of nonconsolidated affiliates less than dividends received | 909 | 83 | 128 | |
Net periodic pension (credit) benefit cost | (55) | 58 | 1,026 | |
Pension contributions | (697) | (2,964) | (1,744) | |
Net gain on sales of assets, businesses and investments | (149) | (93) | (1,172) | |
Restructuring and asset related charges - net | 588 | 1,105 | 1,789 | |
Goodwill impairment charges | 1,175 | 0 | 1,491 | |
Amortization of merger-related inventory step-up | 253 | 1,628 | 1,573 | |
Other net loss | 338 | 720 | 470 | |
Changes in assets and Liabilities, net of effects of acquired and divested companies | ||||
Accounts and notes receivable | (2,227) | (1,611) | (9,782) | |
Inventories | 387 | (1,496) | (1,818) | |
Accounts payable | (1,049) | 201 | 2,631 | |
Other assets and liabilities, net | (1,091) | (2,452) | 1,514 | |
Cash provided by (used for) operating activities | 1,409 | 4,731 | (765) | |
Investing Activities | ||||
Capital expenditures | (2,472) | (3,837) | (3,570) | |
Investment in gas field developments | (25) | (114) | (121) | |
Purchases of previously leased assets | 0 | (26) | (187) | |
Proceeds from sales of property and businesses, net of cash divested | 278 | 202 | 2,959 | |
Acquisitions of property and businesses, net of cash acquired | (180) | (20) | 50 | |
Cash acquired in merger transaction | 0 | 0 | 4,005 | |
Investments in and loans to nonconsolidated affiliates | (1) | (26) | (754) | |
Distributions and loan repayments from nonconsolidated affiliates | 0 | 55 | 106 | |
Proceeds from sale of ownership interests in nonconsolidated affiliates | 21 | 4 | 64 | |
Purchases of investments | (197) | (2,787) | (1,690) | |
Proceeds from sales and maturities of investments | 242 | 3,402 | 4,101 | |
Proceeds from interests in trade accounts receivable conduits | 0 | 657 | 9,462 | |
Other investing activities, net | 21 | 28 | (100) | |
Cash (used for) provided by investing activities | (2,313) | (2,462) | 14,325 | |
Financing Activities | ||||
Changes in short-term borrowings | 2,735 | 223 | (2,248) | |
Proceeds from issuance of long-term debt | 4,005 | 15,455 | 499 | |
Payments on long-term debt | (6,900) | (9,009) | (663) | |
Purchases of common stock | (2,329) | (4,421) | (1,000) | |
Proceeds from issuance of Company stock | 85 | 197 | 66 | |
Proceeds from sale of common stock | 0 | 0 | 453 | |
Employee taxes paid for share-based payment arrangements | (84) | (128) | (99) | |
Distributions to noncontrolling interests | (27) | (195) | (136) | |
Dividends paid to stockholders | (1,611) | (3,491) | (3,394) | |
Cash held by Dow and Corteva at the respective Distributions | (7,315) | 0 | 0 | |
Debt extinguishment costs | (104) | (555) | 0 | |
Other financing activities, net | (5) | 6 | (32) | |
Cash used for financing activities | (11,550) | (1,918) | (6,554) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 9 | (344) | 297 | |
Decrease in cash, cash equivalents and restricted cash | $ (12,445) | $ 7 | $ 7,391 | |
[1] | Dividends declared consists of $1,673 million declared to Historical Dow common stockholders prior to the Merger and $885 million declared to DowDuPont common stockholders after the Merger. Dividends paid consists of $2,179 million paid to Historical Dow common stockholders and $330 million paid to Historical EID common stockholders for dividends declared prior to the Merger, and $885 million paid to DowDuPont common stockholders for dividends declared after the Merger. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | 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, 2016 | $ 27,250,000 | $ 1,036,000 | $ 6,333,000 | $ 30,359,000 | $ (9,822,000) | $ (239,000) | $ (1,659,000) | $ 1,242,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 1,291,000 | 1,159,000 | 132,000 | |||||||
Other comprehensive loss | 850,000 | 850,000 | 42,000 | $ 892,000 | ||||||
Dividends | (2,558,000) | [1] | (2,558,000) | |||||||
Common stock issued/sold | 1,243,000 | 519,000 | 724,000 | |||||||
Stock-based compensation and allocation of ESOP shares | (282,000) | (332,000) | 50,000 | |||||||
Distributions to non-controlling interests | (116,000) | (116,000) | ||||||||
Purchases of Treasury Stock | (1,000,000) | (1,000,000) | ||||||||
Stock Issued During Period, Value, Acquisitions | 75,097,000 | (1,028,000) | 74,773,000 | 935,000 | 417,000 | |||||
Other | 170,000 | (21,000) | (29,000) | (120,000) | ||||||
Ending balance at Dec. 31, 2017 | 101,647,000 | 8,000 | 81,272,000 | 28,931,000 | (8,972,000) | (189,000) | (1,000,000) | 1,597,000 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Adoption of Accounting Standard | (41,000) | 996,000 | (1,037,000) | |||||||
Net income | 4,000,000 | 3,845,000 | 155,000 | |||||||
Other comprehensive loss | (2,385,000) | (2,385,000) | (37,000) | (2,422,000) | ||||||
Dividends | (3,491,000) | (3,491,000) | ||||||||
Common stock issued/sold | 198,000 | 198,000 | ||||||||
Stock-based compensation and allocation of ESOP shares | 561,000 | 506,000 | 55,000 | |||||||
Distributions to non-controlling interests | (168,000) | (168,000) | ||||||||
Purchases of Treasury Stock | 4,421,000 | (4,421,000) | ||||||||
Other | 37,000 | (24,000) | 61,000 | |||||||
Ending balance at Dec. 31, 2018 | 95,900,000 | [2] | 8,000 | 81,976,000 | 30,257,000 | (12,394,000) | (134,000) | (5,421,000) | 1,608,000 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Adoption of Accounting Standard | (111,000) | (111,000) | ||||||||
Net income | 600,000 | 498,000 | 102,000 | |||||||
Other comprehensive loss | (520,000) | (520,000) | 10,000 | $ (510,000) | ||||||
Dividends | (1,611,000) | (446,000) | (1,165,000) | |||||||
Common stock issued/sold | 85,000 | 85,000 | ||||||||
Stock-based compensation and allocation of ESOP shares | 222,000 | 194,000 | (1,000) | 29,000 | ||||||
Distributions to non-controlling interests | (27,000) | (27,000) | ||||||||
Purchases of Treasury Stock | (2,329,000) | (2,329,000) | ||||||||
Retirement of Treasury Stock | 7,102,000 | (7,750,000) | 7,750,000 | |||||||
Spin-off of Dow and Corteva | (50,654,000) | (31,010,000) | (30,123,000) | 11,498,000 | 105,000 | (1,124,000) | ||||
Other | (9,000) | (1,000) | (3,000) | (5,000) | ||||||
Ending balance at Dec. 31, 2019 | $ 41,556,000 | $ 7,000 | $ 50,796,000 | $ (8,400,000) | $ (1,416,000) | $ 0 | $ 0 | $ 569,000 | ||
[1] | Dividends declared consists of $1,673 million declared to Historical Dow common stockholders prior to the Merger and $885 million declared to DowDuPont common stockholders after the Merger. Dividends paid consists of $2,179 million paid to Historical Dow common stockholders and $330 million paid to Historical EID common stockholders for dividends declared prior to the Merger, and $885 million paid to DowDuPont common stockholders for dividends declared after the Merger. | |||||||||
[2] | 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. |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||||||||||
Common stock dividends (in dollars per share) | $ 0.30 | $ 0 | $ 0.30 | $ 1.56 | $ 1.14 | $ 0 | $ 2.28 | $ 1.14 | $ 2.16 | $ 4.56 | $ 5.28 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements of DuPont de Nemours, Inc. ("DuPont” or “the Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The significant accounting policies described below, together with the other notes that follow, are an integral part of the Consolidated Financial Statements. 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 ("DWDP 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 DWDP Merger Agreement. For purposes of DowDuPont's financial statement presentation, Historical Dow was determined to be the accounting acquirer in the Merger and Historical EID's assets and liabilities are reflected at fair value as of the Merger Effectiveness Time. The financial statements of Historical Dow for periods prior to the Merger are considered to be the historical financial statements of the Company. Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical EID" includes Historical EID and its consolidated subsidiaries, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow. Distributions Effective as of 5:00 p.m. on April 1, 2019, the Company completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock (the “Dow Common Stock”), to holders of the Company’s common stock (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). Effective as of 12:01 a.m. on June 1, 2019, the Company completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock (the “Corteva Common Stock”), to holders of the Company’s common stock as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business as continuing operations. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD". These Consolidated Financial Statements present the financial position of DuPont as of December 31, 2019 and 2018 and the results of operations of DuPont for the years ended December 31, 2019, 2018 and 2017 giving effect to the Distributions, with the historical financial results of Dow and Corteva reflected as discontinued operations. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, amounts or activity of Dow and Corteva are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. On December 15, 2019, the Company entered into definitive agreements to separate and combine the Nutrition & Biosciences business segment (the "N&B Business") with International Flavors & Fragrances Inc. ("IFF") in a tax-efficient Reverse Morris Trust transaction, (the "Proposed N&B Transaction"). The transaction is expected to close by the end of the first quarter of 2021, subject to approval by IFF shareholders and other customary closing conditions, including regulatory approvals and receipt by DuPont of an opinion of tax counsel. The financial results of the N&B Business are included in continuing operations for the periods presented. The Consolidated Financial Statements include the accounts of the Company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the Company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The Company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The Company is not the primary beneficiary, as the nature of the Company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the Company becomes the primary beneficiary. At December 31, 2019 and 2018, the maximum exposure to loss related to the nonconsolidated VIEs is not considered material to the Consolidated Financial Statements. Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company’s Consolidated Financial Statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. 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 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 Consolidated Balance Sheets for all periods presented. Leases The Company adopted the Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)" in the first quarter of 2019. The Company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in "Deferred charges and other assets" on the Consolidated Balance Sheets. Operating lease liabilities are included in "Accrued and other current liabilities" and "Other noncurrent obligations" on the Consolidated Balance Sheets. Finance lease ROU assets are included in "Property, 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 Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide the lessor's implicit rate, the Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Additionally, for certain equipment leases, the portfolio approach is applied to account for the operating lease ROU assets and lease liabilities. In the Consolidated Statements of 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 17 for additional information regarding the Company's leases. Cash and Cash Equivalents Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. Restricted Cash Restricted cash represents trust assets of $37 million and $43 million as of December 31, 2019 and 2018, respectively, and is included within "Other current assets" on the Consolidated Balance Sheets. See Note 7 for further information. Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. Foreign Currency Translation The Company's worldwide operations utilize the U.S. dollar ("USD") or local currency as the functional currency, where applicable. The Company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent or foreign subsidiaries operating in a hyper-inflationary environment (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive loss in equity. Assets and liabilities denominated in other than the local currency are re-measured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. The Company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. Inventories The Company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. Prior to the Corteva Distribution, the Company recorded inventory under the last-in, first-out ("LIFO"), first-in, first-out ("FIFO") and average cost methods. During the second quarter of 2019, 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 11 for more information regarding the change in inventory accounting method. Approximately 17 percent and 83 percent of the Company's inventories were accounted for under the FIFO and the average cost methods, respectively, at both December 31, 2019 and December 31, 2018. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as certain food-ingredients and enzymes. The Company establishes allowances for obsolescence of inventory based upon quality considerations and assumptions about future demand and market conditions. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. In connection with the Merger, the fair value of property, plant and equipment was determined using a market approach and a replacement cost approach. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. Goodwill and Other Intangible Assets The Company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually during the fourth quarter, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. When testing goodwill for impairment, the Company has the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company chooses not to complete a qualitative assessment for a given reporting unit or if the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is required. The Company determines fair values for each of the reporting units using a combination of the income approach and/or market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. Under the market approach, the Company selected peer sets based on close competitors and reviewed the EBIT/EBITDA multiples to determine the fair value. See Note 14 for further information on goodwill. Indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The Company's fair value methodology is primarily based on discounted cash flow techniques. Definite-lived intangible assets are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from 1 to 26 years. The Company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. Impairment and Disposals of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The Company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value. Depreciation is recognized over the remaining useful life of the assets. Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The Company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the gain or loss is reported in "Accumulated other comprehensive loss" ("AOCL") until it is cleared to earnings during the same period in which the hedged item affects earnings. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, the net gain or loss in AOCL generally remains in AOCL until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. 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. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in "Accrued and other current liabilities" and "Other noncurrent obligations" at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the Consolidated Balance Sheets as "Accounts and notes receivable - net." Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 5 for additional information on revenue recognition. Cost of Sales Cost of sales primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects and other operational expenses. No amortization of intangibles is included within costs of sales. Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products and regulatory approval of new and existing products. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Integration and Separation Costs Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses, the Distributions, and beginning in the fourth quarter of 2019, the intended separation of the Nutrition & Biosciences business. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. Litigation Accruals for legal matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period incurred. Severance Costs Severance benefits are provided to employees under the Company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date. The Company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. The current portion of uncertain income tax positions is included in income taxes payable and the long-term portion is included in other noncurrent obligations in the Consolidated Balance Sheets. |
RECENT ACCOUNTING GUIDANCE (Not
RECENT ACCOUNTING GUIDANCE (Notes) | 12 Months Ended |
Dec. 31, 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 Consolidated Statement of Operations and had no impact on the Consolidated Statement of Cash Flows. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This amendment modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include the amounts in "Accumulated Other Comprehensive Income" expected to be recognized in net periodic benefit costs over the next fiscal year and the effects of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. New disclosures include the interest crediting rates for cash balance plans, and an explanation of significant gains and losses related to changes in benefit obligations. The new standard is effective for fiscal years beginning after December 15, 2020, and must be applied retrospectively for all periods presented. Early adoption is permitted. The Company early adopted the new guidance in the fourth quarter of 2019, and adoption did not have a material impact on the Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted at December 31, 2019 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and associated ASUs related to Topic 326. The new guidance introduces the current expected credit loss (“CECL”) model, which requires organizations to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption is permitted. The Company has a cross-functional team in place to evaluate and implement the new guidance and the Company has substantially completed the implementation of the standard to be in compliance with accounting and reporting requirements. The team continues to review existing financial instruments and update business processes and controls related to the new guidance for credit losses. Collectively, these activities are expected to facilitate the Company's ability to meet the new accounting and disclosure requirements upon adoption in the first quarter of 2020. The ASU requires a modified retrospective transition approach, applying the new standards cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is effective. Therefore, this cumulative-effect will be reflected as of January 1, 2020 and prior periods will not be restated. The Company is finalizing the evaluation of the January 1, 2020 impact and estimates that the impact to the Company’s Consolidated Balance Sheet will not be material. The impact to the Company's Consolidated Statements of Operations and Consolidated Statement of Cash Flows is expected not to be material. |
BUSINESS COMBINATION (Notes)
BUSINESS COMBINATION (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
BUSINESS COMBINATION [Abstract] | |
Business Combination Disclosure [Text Block] | BUSINESS COMBINATIONS Merger of Equals of Historical Dow and Historical EID At the effective time of the Merger, each share of common stock, par value $2.50 per share, of Historical Dow ("Historical Dow Common Stock") (excluding any shares of Historical Dow Common Stock that were held in treasury immediately prior to the effective time of the Merger, which were automatically canceled and retired for no consideration) was converted into the right to receive one fully paid and non-assessable share of common stock, par value $0.01 per share, of DowDuPont ("DowDuPont Common Stock"). Upon completion of the Merger, (i) each share of common stock, par value $0.30 per share, of Historical EID (“Historical EID Common Stock”) (excluding any shares of Historical EID Common Stock that were held in treasury immediately prior to the effective time of the Merger, which were automatically canceled and retired for no consideration) was converted into the right to receive 1.2820 fully paid and non-assessable shares of DowDuPont Common Stock, in addition to cash in lieu of any fractional shares of DowDuPont Common Stock, and (ii) each share of Historical EID Preferred Stock $4.50 Series and Historical EID Preferred Stock $3.50 Series (collectively, the “Historical EID Preferred Stock”) issued and outstanding immediately prior to the effective time of the Merger remains issued and outstanding and was unaffected by the Merger. The Historical EID Preferred Stock was separated from the Company at the time of the Corteva Distribution. As provided in the DWDP Merger Agreement, at the effective time of the Merger, Historical Dow stock options and other equity awards were generally automatically converted into stock options and equity awards with respect to DowDuPont Common Stock and Historical EID stock options and other equity awards, after giving effect to the exchange ratio, were converted into stock options and equity awards with respect to DowDuPont Common Stock, and otherwise generally on the same terms and conditions under the applicable plans and award agreements immediately prior to the effective time of the Merger. See Notes 18 and 21 for additional information. Allocation of Purchase Price Based on an evaluation of the provisions of Accounting Standards Codification ("ASC") 805, "Business Combinations" ("ASC 805"), Historical Dow was determined to be the accounting acquirer in the Merger. DowDuPont applied the acquisition method of accounting with respect to the assets and liabilities of Historical EID, which were measured at fair value as of the date of the Merger. Historical EID's assets and liabilities were measured at estimated fair values at August 31, 2017, primarily using Level 3 inputs. Estimates of fair value represent management's best estimate and require a complex series of judgments about future events and uncertainties. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. At the time of the Merger, the total fair value of consideration transferred was $74,680 million . Total consideration is comprised of the equity value of the DowDuPont shares at August 31, 2017, that were issued in exchange for Historical EID shares, the cash value for fractional shares, and the portion of Historical EID's share awards and share options earned at August 31, 2017. Share awards and share options converted to DowDuPont equity instruments, but not vested, were $144 million at August 31, 2017, which was expensed over the remaining future vesting period. The following table provides "Net sales" and "Loss from continuing operations before income taxes" related to Historical EID's specialty products business which are included in the Company's continuing operations results for the period September 1 through December 31, 2017. Included in the results from Historical EID was $92 million of "Restructuring and asset related charges - net", $1,320 million that was recognized in "Cost of sales" as inventory was sold related to the fair value step-up of inventories and $220 million of "Integration and separation costs" in the Consolidated Statement of Operations. Historical EID Results of Continuing Operations September 1 - In millions December 31, 2017 Net sales $ 4,911 Loss from continuing operations before income taxes $ 1,155 Unaudited Supplemental Pro Forma Information The unaudited pro forma results presented below were prepared pursuant to the requirements of ASC 805 and give effect to the Merger as if it had been consummated on January 1, 2016. The pro forma results do not necessarily represent what the revenue or results of operations would have been had the Merger been completed on January 1, 2016, are not intended to be a projection of future operating results and do not reflect synergies that might be achieved by the Company. In addition, amounts below have been revised to give effect to the discontinued operations of Dow and Corteva. The pro forma results include adjustments for the purchase accounting impact (including, but not limited to, depreciation and amortization associated with the acquired tangible and intangible assets, amortization of the fair value adjustment to investment in nonconsolidated affiliates, and reduction of interest expense related to the fair value adjustment to long-term debt, along with the related tax impacts), the alignment of accounting policies, and the elimination of transactions between Historical Dow and Historical EID. Costs incurred to prepare for the Merger have been excluded from the 2017 pro forma results presented below based on an assumption they were incurred in 2016. The costs incurred related to integration and to prepare for the Distributions are reflected in the pro forma results. In addition, the Company incurred an after-tax charge of $1,038 million in 2017 related to the fair value step-up of inventories acquired and sold. The 2017 pro forma results were adjusted to exclude this charge based on an assumption the charge was incurred in 2016. The unaudited pro forma results for all periods presented below exclude the results of operations of the businesses reflected as discontinued operations. DuPont Pro Forma Results of Operations 2017 In millions (except share amounts) Net sales $ 21,000 Income from continuing operations, net of tax $ 1,772 Earnings per common share from continuing operations - basic $ 2.23 Earnings per common share from continuing operations - diluted $ 2.21 Acquisition of H&N Business On March 31, 2017, Historical EID entered into a definitive agreement (the "FMC Transaction Agreement") with FMC Corporation ("FMC") for FMC to acquire the assets related to Historical EID's crop protection business and research and development ("R&D") organization (the "Divested Ag Business") that Historical EID was required to divest in order to obtain European Commission ("EC") approval of the Merger Transaction. In addition, under the FMC Transaction Agreement, Historical EID agreed to acquire certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products (the "H&N Business") (the sale of the Divested Ag Business and acquisition of the H&N Business referred to collectively as the "FMC Transactions"). See Note 4 for further discussion of the Divested Ag Business. On November 1, 2017, Historical EID completed the FMC Transactions through the acquisition of the H&N Business and the divestiture of the Divested Ag Business. The acquisition was integrated into Nutrition & Biosciences to enhance the Company’s position as a leading provider of sustainable, bio-based food ingredients and allow for expanded capabilities in the pharma excipients space. Historical EID accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. Total consideration of the H&N Business was $1,970 million . The Company evaluated the disclosure requirements under ASC 805 and determined the H&N Business was not considered a material business combination for purposes of disclosing the revenue and earnings of the H&N Business since the date of acquisition or supplemental pro forma information. 2019 Acquisitions During the fourth quarter of 2019, DuPont completed acquisitions of the following, all within the Safety & Construction segment: • inge GmbH, an ultrafiltration membrane business from BASF, • Memcor, the ultrafiltration and membrane bioreactor technologies division from Evoqua Water Technologies Corp., • OxyMem Limited, a company that develops and produces Membrane Aerated Biofilm Reactor technology. The aggregate purchase price of the above acquisitions was approximately $175 million |
DIVESTITURES (Notes)
DIVESTITURES (Notes) | 12 Months Ended |
Dec. 31, 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 16 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 8 for additional information on the Tax Matters Agreement and the Amended and Restated Tax Matters Agreement. Management has determined that certain internal distributions and reorganizations, and the distributions of Dow on April 1, 2019, and of Corteva on June 1, 2019, qualified as tax-free transactions under the applicable sections of the Internal Revenue Code. If the completed distribution of Corteva or Dow, in each case, together with certain related transactions, were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes, then the Company could be subject, under the Tax Matters Agreement, to significant tax and indemnification liability. To the extent that the Company is responsible for any liability under the Amended and Restated Tax Matters Agreement there could be a material adverse impact on the Company's business, financial condition, results of operations and cash flows in future reporting periods. 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: In millions 2019 2018 2017 Net sales $ 10,867 $ 49,224 $ 43,449 Cost of sales 8,917 40,187 35,434 Research and development expenses 163 670 669 Selling, general and administrative expenses 329 1,304 1,322 Amortization of intangibles 116 469 400 Restructuring and asset related charges - net 157 219 1,249 Goodwill impairment charges — — 1,491 Integration and separation costs 44 135 31 Equity in earnings of nonconsolidated affiliates (13 ) 554 394 Sundry income (expense) - net 48 242 28 Interest expense 240 1,062 915 Income from discontinued operations before income taxes 936 5,974 2,360 Provision for income taxes on discontinued operations 207 1,490 1,250 Income from discontinued operations, net of tax 729 4,484 1,110 Income from discontinued operations attributable to noncontrolling interests, net of tax 37 102 101 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 692 $ 4,382 $ 1,009 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division: In millions 2019 2018 2017 Depreciation and amortization $ 744 $ 2,835 $ 2,489 Capital expenditures $ 597 $ 2,062 $ 2,750 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: December 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: In millions 2019 2018 2017 Net sales $ 7,144 $ 14,159 $ 7,363 Cost of sales 4,218 9,838 5,199 Research and development expenses 470 1,320 815 Selling, general and administrative expenses 1,294 2,377 1,127 Amortization of intangibles 176 390 108 Restructuring and asset related charges - net 117 739 252 Integration and separation costs 430 441 63 Equity in earnings of nonconsolidated affiliates (4 ) — 3 Sundry income (expense) - net 40 258 323 Interest expense 91 387 167 Income from discontinued operations before income taxes 384 (1,075 ) (42 ) Provision for income taxes on discontinued operations 62 (191 ) (67 ) Income from discontinued operations, net of tax $ 322 $ (884 ) $ 25 Income from discontinued operations attributable to noncontrolling interests, net of tax 35 14 15 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 287 $ (898 ) $ 10 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: In millions 2019 2018 2017 Depreciation and amortization $ 385 $ 913 $ 420 Capital expenditures $ 383 $ 531 $ 269 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: December 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 1 (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 1. Amounts include a deferred tax jurisdictional netting adjustment of $975 million which was required to properly reflect the impact of the dispositions on the continuing operations balance sheet. Indemnifications In connection with the Distributions, Dow and Corteva indemnify the Company against, and DuPont indemnifies both Dow and Corteva against certain litigation, environmental, income taxes, workers' compensation and other liabilities that arose prior to the Distributions. The term of this indemnification is indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. At December 31, 2019, the indemnified assets were $133 million within "Accounts and notes receivable - net" and $146 million within "Deferred charges and other assets" and the indemnified liabilities were $77 million within "Accrued and other current liabilities" and $97 million within "Other noncurrent obligations" within the Consolidated Balance Sheets. For additional information regarding treatment of litigation and environmental related matters under the Separation and Distribution Agreement and the Letter Agreement refer to Note 16 . Other Discontinued Operations Activity For the year ended December 31, 2019, the Company recorded "Income from discontinued operations, net of tax" in the Company's Consolidated Statements of Operations 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. DuPont Sustainable Solutions Sale In the third quarter of 2019, the Company completed the sale of its Sustainable Solutions business unit, a part of the Non-Core segment, to Gyrus Capital. The sale resulted in a pre-tax gain of $ 28 million ($ 22 million net of tax). The gain was recorded in "Sundry income (expense) - net" in the Company's Consolidated Statements of Operations for the year ended December 31, 2019. Historical EID Merger Remedy - Divested Ag Business On November 1, 2017, Historical EID completed the FMC Transactions through the disposition of the Divested Ag Business and the acquisition of the H&N Business. The sale of the Divested Ag Business met the criteria for discontinued operations and as such, earnings were included within "Income from discontinued operations, net of tax" in periods subsequent to the Merger. Refer to Note 3 for further information on the H&N Business. The results of operations of Historical EID's Divested Ag Business were presented as discontinued operations as summarized below, representing activity subsequent to the Merger: Results of Operations of Historical EID's Divested Ag Business Period Ended In millions September 1 - December 31, 2017 1 Net sales $ 199 Cost of sales 194 Research and development expenses 30 Selling, general and administrative expenses 2 102 Restructuring and asset related charges - net (1 ) Sundry income (expense) - net (1 ) Income (loss) from discontinued operations before income taxes $ (127 ) Benefit from income taxes on discontinued operations (50 ) Income (loss) from discontinued operations, net of tax $ (77 ) 1. The Divested Ag Business was disposed of on November 1, 2017. 2. Includes $44 million of transaction costs associated with the disposal of the Divested Ag Business. 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, the Distributions, and beginning in the fourth quarter of 2019, the intended separation of the Nutrition & Biosciences business. The Company expects costs associated with the intended separation of the Nutrition & Biosciences business to be significant; however, the Company is unable to estimate such costs because there are many factors that could affect the amount and timing of these expenses. These costs are recorded within "Integration and separation costs" within the Consolidated Statements of Operations. (In millions) For the years ended December 31, 2019 2018 2017 Integration and separation costs $ 1,342 $ 1,887 $ 1,007 |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer [Text Block] | NOTE 5 - 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. Revenue from product sales is recognized when the customer obtains control of the Company’s product, which occurs at a point in time, usually upon shipment, with payment terms typically in the range of 30 to 60 days after invoicing depending on business and geographic region. The Company elected the practical expedient to not adjust the amount of consideration for the effects of a significant financing component for all instances in which the period between payment and transfer of the goods will be one year or less. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to shipment), these are considered fulfillment activities, and accordingly, the costs are accrued when the related revenue is recognized. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. The Company elected to use the practical expedient to expense cash and non-cash sales incentives as the amortization period for the costs to obtain the contract would have been one year or less. The transaction price includes estimates for reductions in revenue from customer rebates and rights of return on product sales. These amounts are estimated based upon the most likely amount of consideration to which the customer will be entitled. All estimates are based on historical experience, anticipated performance, and the Company’s best judgment at the time to the extent it is probable, that a significant reversal of revenue recognized will not occur. All estimates for variable consideration are reassessed periodically. For contracts with multiple performance obligations, the Company allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances. 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. Refer to Note 24 for the breakout of net sales by geographic region. 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 24 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. On October 1, 2019, Electronics & Imaging realigned its product lines as Image Solutions, Interconnect Solutions and Semiconductor Technologies. Net Trade Revenue by Segment and Business or Major Product Line 2019 2018 In millions Image Solutions $ 622 $ 629 Interconnect Solutions 1,187 1,174 Semiconductor Technologies 1,745 1,832 Electronics & Imaging $ 3,554 $ 3,635 Food & Beverage $ 2,945 $ 2,987 Health & Biosciences 2,317 2,405 Pharma Solutions 814 824 Nutrition & Biosciences $ 6,076 $ 6,216 Healthcare & Specialty $ 1,492 $ 1,581 Industrial & Consumer 1,138 1,309 Mobility Solutions 2,320 2,532 Transportation & Industrial $ 4,950 $ 5,422 Safety Solutions $ 2,549 $ 2,483 Shelter Solutions 1,535 1,796 Water Solutions 1,117 1,015 Safety & Construction $ 5,201 $ 5,294 Biomaterials $ 211 $ 284 Clean Technologies 278 301 DuPont Teijin Films 172 198 Photovoltaic & Advanced Materials 962 1,085 Sustainable Solutions 1 108 159 Non-Core $ 1,731 $ 2,027 Total $ 21,512 $ 22,594 1. The Sustainable Solutions business was divested in third quarter of 2019. Refer to Note 4 for additional information. 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 for the years ended December 31, 2019 and 2018 from amounts included in contract liabilities at the beginning of the period was $40 million and $37 million , respectively. 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 December 31, 2019 December 31, 2018 In millions Accounts and notes receivable - trade 1 $ 3,007 $ 2,960 Contract assets - current 2 $ 35 $ 48 Deferred revenue - current 3 $ 69 $ 71 Deferred revenue - noncurrent 4 $ 34 $ 7 1. Included in "Accounts and notes receivable - net" in the Consolidated Balance Sheets. 2. Included in "Other current assets" in the Consolidated Balance Sheets. 3. Included in "Accrued and other current liabilities" in the Consolidated Balance Sheets. 4. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Notes) | 12 Months Ended |
Dec. 31, 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 $314 million , $147 million and $288 million for the years ended December 31, 2019, 2018, and 2017, respectively. These charges were recorded in "Restructuring and asset related charges - net" in the Consolidated Statements of Operations and consist primarily of the following: 2019 Restructuring Program During the second quarter 2019 and in connection with the ongoing integration activities, DuPont approved restructuring actions to simplify and optimize certain organizational structures following the completion of the Distributions (the "2019 Restructuring Program"). The following tables summarize the charges incurred related to the 2019 Restructuring Program for the year ended December 31, 2019: In millions For the Year Ended Severance and related benefit costs $ 104 Asset related charges 34 Total restructuring and asset related charges - net $ 138 2019 Restructuring Program Charges by Segment For the Year Ended December 31, 2019 In millions Electronics & Imaging $ 47 Nutrition & Biosciences 20 Transportation & Industrial 19 Safety & Construction 25 Non-Core 4 Corporate 23 Total $ 138 The following table summarizes the activities related to the 2019 Restructuring Program. 2019 Restructuring Program Severance and Related Benefit Costs Asset Related Charges Total In millions Reserve balance at December 31, 2018 $ — $ — $ — 2019 restructuring charges 104 34 138 Charges against the reserve — (34 ) (34 ) Cash payments (18 ) — (18 ) Reserve balance at December 31, 2019 $ 86 $ — $ 86 At December 31, 2019, $86 million for severance and related benefit costs was included in "Accrued and other current liabilities" in the Consolidated Balance Sheets. The Company expects actions related to this program to be substantially complete by the second half of 2020. DowDuPont Cost Synergy Program In September and November 2017, the Company approved post-merger restructuring actions under the DowDuPont Cost Synergy Program, which was designed to integrate and optimize the organization following the Merger and in preparation for the Distributions 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 $485 million inception-to-date, consisting of severance and related benefit costs of $215 million , asset related charges of $209 million and contract termination charges of $61 million . The Company does not expect to incur further significant charges related to this program and the program is considered substantially complete at December 31, 2019. The following tables summarize the charges incurred related to the DowDuPont Cost Synergy Program: In millions 2019 2018 2017 Severance and related benefit costs $ 46 $ 97 $ 72 Contract termination charges 17 12 32 Asset related charges 54 42 113 Total restructuring and asset related charges - net 1 $ 117 $ 151 $ 217 1. The charge for the years ended December 31, 2019 and 2018 includes $113 million and $147 million which was recognized in "Restructuring and asset related charges - net" and $4 million and $4 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the Consolidated Statements of Operations. The charge for the year ended December 31, 2017 was recognized in "Restructuring and asset related charges - net". DowDuPont Cost Synergy Program Charges by Segment 2019 2018 2017 In millions Electronics & Imaging $ — $ 2 $ 85 Nutrition & Biosciences 39 29 2 Transportation & Industrial — 2 6 Safety & Construction 7 24 21 Non-Core — (8 ) 31 Corporate 1 71 102 72 Total $ 117 $ 151 $ 217 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 December 31, 2018 $ 126 $ 16 $ — $ 142 2019 restructuring charges 46 17 54 117 Charges against the reserve — — (54 ) (54 ) Cash payments (98 ) (31 ) — (129 ) Reserve balance at December 31, 2019 $ 74 $ 2 $ — $ 76 At December 31, 2019, $76 million was included in "Accrued and other current liabilities" in the Consolidated Balance Sheet. At December 31, 2018, $129 million was included in "Accrued and other current liabilities" and $13 million was included in "Other noncurrent obligations" in the Consolidated Balance Sheets. Equity Method Investment Impairment Related Charges During the second quarter of 2019, 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 second quarter of 2019. This impairment charge related to the Nutrition & Biosciences segment. See Notes 14 and 23 for additional information. Other Impairment Related Charges In the fourth quarter of 2017, the Company recognized other pretax impairment charges of $71 million , including charges related to manufacturing assets. The impairment charges were included in "Restructuring and asset related charges - net" in the Consolidated Statements of Operations and related to Electronics & Imaging ( $39 million ) and Safety & Construction ( $32 million ). |
SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY INFORMATION | SUPPLEMENTARY INFORMATION Sundry Income (Expense) - Net In millions 2019 2018 2017 Non-operating pension and other post employment benefit (credits) $ 74 $ 96 $ 35 Interest income 55 39 6 Net gain (loss) on sales of other assets and investments 1 157 8 65 Foreign exchange (losses) gains, net 2 (110 ) (93 ) (54 ) Net loss on divestiture and changes in joint venture ownership — (41 ) — Miscellaneous income (expenses) - net 3 (23 ) 83 14 Sundry income (expense) - net $ 153 $ 92 $ 66 1. The year ended December 31, 2019 includes income of $92 million , related to a sale of assets within the Electronics & Imaging segment and as well as a gain of $28 million related to the sale of the Sustainable Solutions business unit within the Non-Core segment. 2. Includes a $50 million foreign exchange loss for the year ended December 31, 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 year ended December 31, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement and a $74 million charge related to tax indemnifications, primarily associated with an adjustment to a one-time transition tax liability required by the Tax Cuts and Jobs Act of 2017, which were recorded in accordance with the Amended and Restated Tax Matters Agreement. These charges were offset by various indemnification and lease income amounts. The miscellaneous income for the year 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. 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 Corteva Distribution, the Trust assets related to Corteva employees were transferred to a new trust for Corteva (the "Corteva Trust"). As a result, the Trust currently held by DuPont relates to funding obligations to DuPont employees. At December 31, 2019, the Company had restricted cash of $37 million ( $43 million at December 31, 2018 ) included in "Other current assets" in the Consolidated Balance Sheets which was completely attributed to the Trust. Accrued and Other Current Liabilities "Accrued and other current liabilities" in the Consolidated Balance Sheets were $1,342 million at December 31, 2019 and $1,129 million at December 31, 2018. Accrued payroll, which is a component of "Accrued and other current liabilities," was $479 million at December 31, 2019 and $506 million |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 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 reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent , required companies to pay a one-time transition tax on earnings of foreign subsidiaries that were previously tax deferred, created 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 substantially completed its accounting for the tax effects of The Act. • As a result of The Act, the Company remeasured its U.S. federal deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent. In prior years, the Company recorded a cumulative benefit of $2,784 million ( $118 million benefit in 2018 and $2,666 million benefit in 2017) to “Provision (Credit) for income taxes on continuing operations” in the Consolidated Statements of Operations with respect to the remeasurement of the Company's deferred tax balances. • The Act required a mandatory deemed repatriation of post-1986 undistributed foreign earnings and profits (“E&P”), which results in a one-time transition tax. The Company recorded a cumulative net charge of $1,574 million ( $65 million benefit in 2019, $59 million charge in 2018, and $1,580 million charge in 2017) to "Provision (Credit) for income taxes on continuing operations" with respect to the one-time transition tax. • In the year ended December 31, 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." Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes 2019 2018 2017 (In millions) Income (Loss) from continuing operations before income taxes Domestic $ (2,007 ) $ (985 ) $ (1,682 ) Foreign 1,533 1,585 157 (Loss) Income from continuing operations before income taxes $ (474 ) $ 600 $ (1,525 ) Current tax expense (benefit) Federal $ 22 $ 401 $ (379 ) State and local 5 9 (52 ) Foreign 591 452 146 Total current tax expense $ 618 $ 862 $ (285 ) Deferred tax (benefit) expense Federal $ (598 ) $ (560 ) $ (1,385 ) State and local 172 (53 ) 36 Foreign (52 ) (54 ) (124 ) Total deferred tax expense (benefit) $ (478 ) $ (667 ) $ (1,473 ) Provision for (benefit from) income taxes on continuing operations 140 195 (1,758 ) Net income (loss) from continuing operations $ (614 ) $ 405 $ 233 Pre-tax loss from continuing operations for the year ended December 31, 2019 includes a non-deductible $1,175 million non-cash goodwill impairment charge associated with the Nutrition & Biosciences and Non-Core segments, of which $657 million related to the U.S. and the remaining $518 million related to foreign operations. In 2018, the domestic and foreign components of "(Loss) income from continuing operations before income taxes" included a $76 million and $1 million charge, respectively, recognized in "Cost of sales" related to the fair value step-up of inventories assumed in the Merger and the acquisition of the H&N Business. See Note 3 for additional information. In 2017, the domestic and foreign components of "(Loss) income from continuing operations before income taxes" included a $620 million and $735 million charge, respectively, recognized in "Cost of sales" related to the fair value step-up of inventories assumed in the Merger and the acquisition of the H&N Business. See Notes 3 for additional information. Additionally, global pre-tax earnings from continuing operations for the year ended December 31, 2019, 2018 and 2017 includes transaction costs associated with the Merger and Distributions of $1,342 million , $1,887 million , and $1,007 million , respectively. Reconciliation to U.S. Statutory Rate 2019 2018 2017 Statutory U.S. federal income tax rate 21.0 % 21.0 % 35.0 % Equity earning effect 1.3 (1.0 ) 0.2 Foreign income taxed at rates other than the statutory U.S. federal income tax rate 3.4 (5.2 ) 2.4 U.S. tax effect of foreign earnings and dividends (4.3 ) (3.4 ) (2.6 ) Unrecognized tax benefits (10.0 ) (0.8 ) — Acquisitions, divestitures and ownership restructuring activities 1, 2 30.3 6.2 16.6 Exchange gains/losses 3 (4.4 ) 0.9 (5.9 ) Impact of Enactment of U.S. Tax Reform 4 10.8 (0.5 ) 71.2 State and local income taxes (33.2 ) 4.1 2.5 Change in valuation allowance (6.8 ) 5.2 (0.6 ) Goodwill impairment (51.2 ) — — Excess tax benefits from stock-based compensation 0.1 (1.4 ) 0.2 Other - net 5 13.5 7.5 (3.7 ) Effective tax rate (29.5 )% 32.6 % 115.3 % 1. See Notes 3 and 4 for additional information. 2. Includes a net tax benefit of $102 million , a net tax charge of $25 million and a net tax benefit of $261 million related to internal entity restructuring for the years ended December 31, 2019, 2018 and 2017, respectively. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the Company's foreign currency hedging program is included in Note 22 under the heading Foreign Currency Risk. 4. Includes a net tax benefit of $65 million relating to the Company's change in estimate with respect to the portion of the one time transition tax for the taxable year ending December 31, 2018 for Historical Dow. 5. Includes a net tax benefit of $41 million in the year ended December 31, 2019 related to certain tax benefits for positions taken on items from prior years. Deferred Tax Balances at December 31, 2019 2018 (In millions) Deferred tax assets: Tax loss and credit carryforwards 1 $ 776 $ 678 Pension and postretirement benefit obligations 245 293 Other accruals and reserves 65 120 Other – net 169 20 Gross deferred tax assets $ 1,255 $ 1,111 Valuation allowances 1 (634 ) (593 ) Total deferred tax assets $ 621 $ 518 Deferred tax liabilities: Unrealized exchange gains (losses), net $ (1 ) $ (1 ) Inventory (9 ) (25 ) Investments (341 ) (457 ) Property (796 ) (792 ) Intangibles (2,752 ) (2,977 ) Total deferred tax liabilities $ (3,899 ) $ (4,252 ) Total net deferred tax liability $ (3,278 ) $ (3,734 ) 1. Primarily related to recorded tax benefits and the realization of tax loss and carryforwards from operations in the United States, Luxembourg and Asia Pacific. Included in the 2019 deferred tax asset and liability amounts above is $1,142 million of a net deferred tax liability related to the Company’s investment in DuPont Specialty Products USA, LLC, which is a partnership for U.S. federal income tax purposes. The Company and its subsidiaries own in aggregate 100% of DuPont Specialty Products USA, LLC and the assets and liabilities of DuPont Specialty Products USA, LLC are included in the Consolidated Financial Statements of the Company. Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2019 2018 Operating loss carryforwards Expire within 5 years $ 43 $ 22 Expire after 5 years or indefinite expiration 602 624 Total operating loss carryforwards $ 645 $ 646 Tax credit carryforwards Expire within 5 years $ 8 $ 3 Expire after 5 years or indefinite expiration 123 29 Total tax credit carryforwards $ 131 $ 32 Total Operating Loss and Tax Credit Carryforwards $ 776 $ 678 Total Gross Unrecognized Tax Benefits 2019 2018 2017 (In millions) Total unrecognized tax benefits at January 1, $ 1,062 $ 994 $ 231 Decreases related to positions taken on items from prior years (149 ) (51 ) (6 ) Increases related to positions taken on items from prior years 53 142 46 Increases related to positions taken in the current year 1 57 11 747 Settlement of uncertain tax positions with tax authorities — (13 ) (11 ) Decreases due to expiration of statutes of limitations — (6 ) (14 ) Exchange (gain) loss (3 ) (15 ) 1 Spin-offs of Dow and Corteva (652 ) — — Total unrecognized tax benefits at December 31, 2 $ 368 $ 1,062 $ 994 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate of continuing operations $ 196 $ 148 $ 210 Total amount of interest and penalties (benefit) recognized in "Provision for (benefit from) income taxes on continuing operations" $ 9 $ 1 $ 1 Total accrual for interest and penalties associated with unrecognized tax benefits $ 12 $ 154 $ 157 1. The 2017 balance includes $709 million assumed in the Merger. 2. Total unrecognized tax benefits at December 31, 2018 and 2017 include $758 million and $722 million of benefits related to discontinued operations. 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. Tax years that remain subject to examination for the Company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2019 Earliest Open Year Jurisdiction Brazil 2015 Canada 2015 China 2010 Denmark 2014 Germany 2010 Japan 2013 The Netherlands 2014 Switzerland 2015 United States: Federal income tax 1 2012 State and local income tax 2007 1. The U.S. Federal income tax jurisdiction is open back to 2012 with respect to Historical EID. Undistributed earnings of foreign subsidiaries and related companies that are deemed to be permanently invested amounted to $ 7,823 million at December 31, 2019. In addition, the U.S. federal tax imposed by The Act on all accumulated unrepatriated earnings through December 31, 2017, The Act introduced additional U.S. federal tax on foreign earnings, effective as of January 1, 2018. The undistributed foreign earnings at December 31, 2019 may still be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply. It is not practicable to calculate the unrecognized deferred tax liability on undistributed foreign earnings due to the complexity of the hypothetical calculation. |
EARNINGS PER SHARE CALCULATIONS
EARNINGS PER SHARE CALCULATIONS | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2019, 2018 and 2017: Net Income for Earnings Per Share Calculations - Basic & Diluted In millions 2019 2018 2017 (Loss) Income from continuing operations, net of tax $ (614 ) $ 405 $ 233 Net income from continuing operations attributable to noncontrolling interests 30 39 16 Net income from continuing operations attributable to participating securities 1 1 17 13 (Loss) Income from continuing operations attributable to common stockholders $ (645 ) $ 349 $ 204 Income from discontinued operations, net of tax 1,214 3,595 1,058 Net income from discontinued operations attributable to noncontrolling interests 72 116 116 Income from discontinued operations attributable to common stockholders 1,142 3,479 942 Net income attributable to common stockholders $ 497 $ 3,828 $ 1,146 Earnings Per Share Calculations - Basic Dollars per share 2019 2018 2017 (Loss) Income from continuing operations attributable to common stockholders $ (0.86 ) $ 0.46 $ 0.39 Income from discontinued operations attributable to common stockholders 1.53 4.54 1.79 Net income attributable to common stockholders 2 $ 0.67 $ 4.99 $ 2.18 Earnings Per Share Calculations - Diluted Dollars per share 2019 2018 2017 (Loss) Income from continuing operations attributable to common stockholders $ (0.86 ) $ 0.45 $ 0.38 Income from discontinued operations attributable to common stockholders 1.53 4.51 1.77 Net income attributable to common stockholders 2 $ 0.67 $ 4.96 $ 2.15 Share Count Information Shares in Millions 2019 2018 2017 Weighted-average common shares - basic 3 746.3 767.0 526.6 Plus dilutive effect of equity compensation plans 3 — 4.8 6.1 Weighted-average common shares - diluted 3 746.3 771.8 532.7 Stock options and restricted stock units excluded from EPS calculations 4 3.3 3.2 0.5 1. Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. 2. Earnings per share amounts are computed independently for income from continuing operations, income from discontinued operations and net income attributable to common stockholders. As a result, the per share amounts from continuing operations and discontinued operations may not equal the total per share amounts for net income attributable to common stockholders. 3. As a result of the Merger, the share amounts for the year ended December 31, 2017 reflect a weighted averaging effect of Historical Dow shares outstanding prior to August 31, 2017 and DowDuPont shares outstanding on and after August 31, 2017. 4. 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 December 31, 2018 Accounts receivable – trade 1 $ 2,954 $ 2,891 Notes receivable – trade 53 69 Other 2 795 431 Total accounts and notes receivable - net $ 3,802 $ 3,391 1. Accounts receivable – trade is net of allowances of $9 million at December 31, 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 | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES Inventories December 31, 2019 December 31, 2018 In millions Finished goods $ 2,621 $ 2,495 Work in process 855 833 Raw materials 599 560 Supplies 244 219 Total inventories $ 4,319 $ 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 increase to "(Accumulated Deficit) Retained Earnings" of $21 million as of January 1, 2017. In addition, certain financial statement line items in the Company’s Consolidated Statement of Operations for the year ended December 31, 2017 were adjusted as follows: Consolidated Statement of Operations For the Year Ended December 31, 2017 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Cost of sales $ 9,158 $ 9,558 $ 400 Benefit from income taxes on continuing operations $ (1,659 ) $ (1,758 ) $ (99 ) Income from continuing operations, net of tax $ 534 $ 233 $ (301 ) 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 for the year then ended December 31, 2018 and at December 31, 2018 : Consolidated Statement of Operations For the Year Ended December 31, 2018 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Cost of sales $ 15,308 $ 15,302 $ (6 ) Provision for income taxes on continuing operations $ 190 $ 195 $ 5 Income from continuing operations, net of tax $ 404 $ 405 $ 1 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 ) 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 for the year then ended December 31, 2019 and at December 31, 2019 : Consolidated Statement of Operations For the Year Ended December 31, 2019 In millions As Computed under LIFO As Reported under Average Cost Effect of Change Cost of sales $ 14,058 $ 14,056 $ (2 ) Provision for income taxes on continuing operations $ 139 $ 140 $ 1 Loss from continuing operations, net of tax $ (615 ) $ (614 ) $ 1 Consolidated Balance Sheet December 31, 2019 In millions As Computed under LIFO As Reported under Average Cost Effect of Change Inventories $ 4,702 $ 4,319 $ (383 ) Deferred income tax liabilities $ 3,604 $ 3,514 $ (90 ) Accumulated deficit $ (8,107 ) $ (8,400 ) $ (293 ) There was no impact on cash provided by (used from) operating activities for the years ended December 31, 2019 , December 31, 2018 and December 31, 2017 as a result of the above policy change. Basic and diluted earnings per share from continuing operations were not materially affected for the years ended December 31, 2019 and December 31, 2018 as a result of the above accounting policy change. The impact on basic and diluted earnings per share from continuing operations was $(0.57) for the year ended December 31, 2017 as a result of the above accounting policy change. |
PROPERTY, PLANT & EQUIPMENT (No
PROPERTY, PLANT & EQUIPMENT (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT, AND EQUIPMENT Estimated Useful Lives (Years) December 31, 2019 December 31, 2018 In millions Land and land improvements 1 - 25 $ 798 $ 944 Buildings 1 - 40 2,775 2,581 Machinery, equipment, and other 1 - 25 9,887 9,133 Construction in progress 1,652 1,458 Total property, plant and equipment $ 15,112 $ 14,116 Total accumulated depreciation $ 4,969 $ 4,199 Total property, plant and equipment - net $ 10,143 $ 9,917 In millions 2019 2018 2017 Depreciation expense $ 1,016 $ 1,126 $ 555 |
NONCONSOLIDATED AFFILIATES
NONCONSOLIDATED AFFILIATES | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
NONCONSOLIDATED AFFILIATES | NONCONSOLIDATED AFFILIATES The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the Consolidated Balance Sheets, and dividends received from nonconsolidated affiliates are shown in the following tables: Investments in Nonconsolidated Affiliates at December 31, 2019 2018 In millions Investment in nonconsolidated affiliates $ 1,204 $ 1,745 Accrued and other current liabilities (85 ) (81 ) Other noncurrent obligations (358 ) (495 ) Net investment in nonconsolidated affiliates $ 761 $ 1,169 Dividends Received from Nonconsolidated Affiliates 2019 2018 2017 In millions Dividends from nonconsolidated affiliates $ 191 $ 318 $ 237 Subsequent to the Distributions, the Company maintained an ownership interest in 22 nonconsolidated affiliates, with ownership interest (direct and indirect) ranging from 49 percent to 50.1 percent at December 31, 2019. The following table reflects the Company's principal nonconsolidated affiliates and its ownership interest (direct and indirect) for each at December 31, 2019: Country Ownership Interest 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 percent indirect ownership interest in Hemlock Semiconductor Operations LLC. Sales to nonconsolidated affiliates represented less than 3 percent of total net sales for the year ended December 31, 2019 and 2018, and approximately 4 percent of total net sales for the year ended December 31, 2017. Sales to nonconsolidated affiliates are primarily related to the sale of trichlorosilane, a raw material used in the production of polycrystalline silicon, to the HSC Group. Sales of this raw material to the HSC Group are reflected in Non-Core. Purchases from nonconsolidated affiliates represented less than 2 percent of “Cost of sales” in 2019, 2018, and 2017. HSC Group The carrying value of the Company's investments in the HSC Group, which represents 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 Company's investment in and equity earnings from the HSC Group are shown in the tables below: Investment in the HSC Group at December 31, Investment In millions Balance Sheet Classification 2019 2018 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (358 ) $ (495 ) DC HSC Holdings LLC Investment in nonconsolidated affiliates $ 87 $ 535 Equity Earnings in the HSC Group 2019 2018 2017 In millions Equity in earnings $ 29 $ 389 $ 354 The following is summarized financial information for the HSC Group: Summarized Balance Sheet Information at December 31, 2019 2018 In millions Current assets $ 1,011 $ 1,184 Noncurrent assets 420 1,424 Total assets $ 1,431 $ 2,608 Current liabilities $ 415 $ 543 Noncurrent liabilities 1,515 1,719 Total liabilities $ 1,930 $ 2,262 Noncontrolling interests $ 42 $ 259 Summarized Income Statement Information 2019 2018 2017 In millions Revenues 1 $ 779 $ 1,158 $ 1,716 Costs of sales 1 $ 512 $ 686 $ 1,247 (Loss) Income from continuing operations before income taxes 2 $ (116 ) $ 787 $ 771 Net income $ 51 $ 750 $ 744 1. Includes sales and cost of sales of $112 million , $206 million , and $312 million for 2019, 2018, and 2017, respectively, that have not been eliminated between Hemlock Semiconductor L.L.C and DC HSC Holdings in the presentation of the summarized income statement information above. 2. 2019 includes asset impairment charges of approximately $1,170 million , primarily related to fixed assets and inventory, offset partially by benefits associated with customer contract settlements of approximately $820 million recorded as other operating income/expense, net. 2018 and 2017 includes customer contract settlements of approximately $460 million and $430 million , respectively. Summarized financial information for the Company's other nonconsolidated equity method investments is presented below: Summarized Balance Sheet Information at December 31, 2019 2018 In millions Current assets $ 712 $ 743 Noncurrent assets 574 582 Total assets $ 1,286 $ 1,325 Current liabilities $ 586 $ 603 Noncurrent liabilities 54 56 Total liabilities $ 640 $ 659 Summarized Income Statement Information 2019 2018 2017 In millions Revenues $ 882 $ 1,285 $ 624 Costs of sales $ 680 $ 970 $ 473 Income from continuing operations before income taxes $ 110 $ 154 $ 73 Net income $ 93 $ 135 $ 64 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018. After the completion of the Distributions, the Company changed its reportable segments. Prior year data has been updated to conform with the current year presentation for changes in reportable segments discussed in Note 24 . Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Total In millions Balance at December 31, 2017 $ 7,100 $ 12,560 $ 6,870 $ 6,595 $ 1,695 $ 34,820 Measurement period adjustments - Merger 57 (115 ) 162 198 (86 ) 216 Measurement period adjustments - H&N Business 1 — 14 — — — 14 Currency Translation Adjustment (44 ) (350 ) (65 ) (85 ) — (544 ) Other — — — (10 ) — (10 ) Balance at December 31, 2018 2 $ 7,113 $ 12,109 $ 6,967 $ 6,698 $ 1,609 $ 34,496 Impairments — (933 ) — — (242 ) (1,175 ) Goodwill Recognized for S&C Acquisitions — — — 54 — 54 Currency Translation Adjustment (21 ) (127 ) (36 ) (41 ) — (225 ) Other — (37 ) — — 38 1 Balance at December 31, 2019 $ 7,092 $ 11,012 $ 6,931 $ 6,711 $ 1,405 $ 33,151 1. On November 1, 2017, Historical EID acquired FMC's H&N Business. The excess of the consideration for the H&N Business over the net fair value of assets acquired and liabilities assumed resulted in the recognition of $732 million of goodwill, of which $14 million was recorded in 2018 as a measurement period adjustment. 2. The prior year amounts have been revised for a reclassification of allocated goodwill between reporting units. 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 year ended December 31, 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 reflected 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. As a result of the impairment, these Non-Core reporting units' carrying value are indicative of fair value and are at risk to have impairment charges in future periods. The Company analyses above used 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, projected revenue, EBITDA margins, the weighted average cost of capital, the terminal growth rate, and tax rates. 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. In the fourth quarter of 2019, the Company performed quantitative testing on all of its reporting units and determined that no further impairments existed. The Company used a combination of discounted cash flow models (a form of the income approach) utilizing Level 3 unobservable inputs and the Guideline Public Company Method (a form of the market approach). The Company’s significant assumptions in these analyses include, but are not limited to, projected revenue, EBITDA margins, the weighted average cost of capital, the terminal growth rate, derived multiples from comparable market transactions and other market data. As of the fourth quarter testing date, a reporting unit within the Electronics & Imaging segment had limited headroom between the estimated fair value and the carrying value. Subsequent to the fourth quarter testing date, in connection with the Electronics & Imaging realignment of its product lines, this reporting unit is now a part of different reporting unit. The new reporting unit is not considered at risk for impairment. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: December 31, 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 $ 4,343 $ (1,361 ) $ 2,982 $ 4,362 $ (1,010 ) $ 3,352 Trademarks/tradenames 1 2,433 (455 ) 1,978 1,245 (328 ) 917 Customer-related 8,986 (2,229 ) 6,757 9,029 (1,720 ) 7,309 Other 303 (98 ) 205 306 (114 ) 192 Total other intangible assets with finite lives $ 16,065 $ (4,143 ) $ 11,922 $ 14,942 $ (3,172 ) $ 11,770 Intangible assets with indefinite lives: IPR&D $ — $ — $ — $ 15 $ — $ 15 Trademarks/tradenames 1 1,671 — 1,671 2,870 — 2,870 Total other intangible assets $ 1,671 $ — $ 1,671 $ 2,885 $ — $ 2,885 Total $ 17,736 $ (4,143 ) $ 13,593 $ 17,827 $ (3,172 ) $ 14,655 1. During the fourth quarter of 2019, the Company entered into a definitive agreement to separate the N&B Business. As a result of the announcement, the Company reclassified $1.2 billion of indefinite-lived tradenames to definite-lived tradenames. The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment December 31, 2019 December 31, 2018 1 In millions Electronics & Imaging $ 1,833 $ 2,046 Nutrition & Biosciences 4,377 4,771 Transportation & Industrial 3,590 3,833 Safety & Construction 3,082 3,244 Non-Core 711 761 Total $ 13,593 $ 14,655 1. The prior year amounts reflect a reclassification of allocated intangibles between reporting segments. The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense 2019 2018 2017 In millions Other intangible assets $ 1,050 $ 1,044 $ 505 Total estimated amortization expense for the next five fiscal years is as follows: Estimated Amortization Expense In millions 2020 $ 2,131 2021 $ 1,010 2022 $ 991 2023 $ 954 2024 $ 853 |
SHORT TERM BORROWINGS, LONG-TER
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | 12 Months Ended |
Dec. 31, 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 December 31, 2019 December 31, 2018 Commercial paper $ 1,829 $ — Notes payable to banks and other lenders — 4 Long-term debt due within one year 1,2 2,001 11 Total short-term borrowings and finance lease obligations $ 3,830 $ 15 1. Presented net of current portion of unamortized debt issuance costs. 2. Includes finance lease obligations of $1 million due within one year. The weighted-average interest rate on notes payable and commercial paper at December 31, 2019 and December 31, 2018 was 2.79 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 $1,829 million of commercial paper for the year ended December 31, 2019, of which approximately $1,400 million was issued in anticipation of the Corteva Distribution (the “Funding CP Issuance”). Long-Term Debt December 31, 2019 December 31, 2018 In millions Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Final maturity 2020 $ 2,000 3.48 % $ 2,000 3.68 % Final maturity 2023 2,800 4.08 % 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 2.86 % — — % Other loans 10 4.20 % 14 4.32 % Finance lease obligations 3 25 Less: Unamortized debt discount and issuance costs 95 104 Less: Long-term debt due within one year 1, 2 2,001 11 Total $ 13,617 $ 12,624 1. Presented net of current portion of unamortized debt issuance costs. 2. Includes finance lease obligations of $1 million due within one year. Principal payments of long-term debt for the five succeeding fiscal years is as follows: Maturities of Long-Term Debt for Next Five Years at December 31, 2019 Total In millions 2020 $ 2,005 2021 $ 5 2022 $ 3,003 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 23 . 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 $15,220 million and $13,080 million at December 31, 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 December 31, 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 2,978 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 $ 3,728 Senior Notes In contemplation of the 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"). The Company intends to renew the 364-Day Revolving Credit Facility on or prior to expiration. Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were $566 million at December 31, 2019. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were $127 million at December 31, 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. The Term Loan Facilities, the Five-Year Revolving Credit Facility and the 364-Day Revolving Credit Facility contain a financial covenant requiring that the ratio of Total Indebtedness to Total Capitalization for the Company and its consolidated subsidiaries not exceed 0.60 . At December 31, 2019, the Company was in compliance with this financial covenant. There were no material changes to the debt covenants and default provisions at December 31, 2019. Nutrition & Biosciences Financing In connection with the Proposed N&B Transaction, DuPont and Nutrition & Biosciences, Inc. (presently a wholly owned subsidiary of DuPont) (“N&B Inc.”) entered into a Bridge Commitment Letter (the “Bridge Letter”) in an aggregate principal amount of $7.5 billion (the “Bridge Loans”) to secure committed financing for the Special Cash Payment and related financing fees. The aggregate commitment under the Bridge Letter is reduced by, among other things, (1) the amount of net cash proceeds received by N&B Inc. from any issuance of senior unsecured notes pursuant to a Rule 144A offering or other private placement (the "N&B Notes Offering") and (2) certain qualifying term loan commitments under senior unsecured term loan facilities. In January 2020, N&B Inc. entered into a senior unsecured term loan agreement in the amount of $1.25 billion split evenly between three- and five-year facilities. As a result of entry into the term loan agreement, the commitments under the Bridge Commitment Letter were reduced to $6.25 billion . The remaining $6.25 billion is expected to be funded through the N&B Notes Offering and/or the Bridge Loans. The proceeds from drawdowns on the term loan facilities and the N&B Notes Offering, if any, and/or Bridge Loans would be used to make the Special Cash Payment and to pay the related transaction fees and expenses. The commitments under the Bridge Letter and the availability of funding under the term loan are subject to customary closing conditions including among others, the satisfaction of substantially all the conditions to the consummation of the proposed transaction with IFF. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NTS AND CONTINGENT LIABILITIES Litigation and Environmental Matters As of December 31, 2019, the Company had recorded liabilities of $20 million associated with litigation matters and $77 million associated with environmental matters. These recorded liabilities include the Company’s indemnification obligations to each of Dow and Corteva. Under the Separation and Distribution Agreement, liabilities, including cost and expenses, associated with litigation and environmental matters that primarily related to the materials science business, the agriculture business or the specialty products business were generally allocated to or retained by Dow, Corteva or the Company, respectively, through retention, assumption or indemnification. Related to the foregoing, at December 31, 2019, DuPont has recorded (i) a liability of $35 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 $3 million for retained or assumed litigation liabilities, and (iii) an indemnification liability related to legal and environmental matters of $58 million . Liabilities associated with discontinued and/or divested operations and businesses of Historical Dow generally were allocated to or retained by Dow. The allocation of liabilities associated with the discontinued and/or divested operations and businesses of Historical EID is discussed below. 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: 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: 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 December 31, 2019. Therefore, at December 31, 2019, DuPont has not recorded an accrual related to Non-PFAS Liabilities. PFAS Stray Liabilities DuPont expects to continue to incur costs and expenses such as attorneys’ fees and expenses and court costs in connection with the matters described below, which the Company will expense as incurred in accordance with its accounting policy for litigation matters. 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. If Historical EID were required to pay PFOA liabilities pursuant to the amended agreement, fifty percent of such obligation would be borne by the Company in accordance with the Letter Agreement. In connection with the foregoing, the Company has not recorded or paid a PFOA liability. At the end of the five-year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Chemours Separation Agreement will continue unchanged. On May 13, 2019, Chemours filed suit in the Delaware Court of Chancery against Historical EID, Corteva and the Company in an attempt to limit its responsibility for the litigation and environmental liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement. Chemours is asking the court to rewrite the Chemours Separation Agreement by either limiting Chemours’ liabilities or, alternatively, ordering the return to Chemours of all or a portion of a $3.91 billion dividend that Chemours paid to Historical EID, Chemours’ then-sole-shareholder, just prior to the spin of Chemours. DuPont and Corteva, acting jointly, 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. In December 2019, following argument, the Delaware Court of Chancery stayed arbitration pending resolution of the motion to dismiss. The court is expected to rule on the motion in the first quarter of 2020. Indemnifiable Losses related to the Chemours suit are PFAS Stray Liabilities subject to the sharing arrangement between DuPont and Corteva, described above. The Company believes the probability of a final unappealable judgment of liability with respect to the Chemours suit to be remote; the defendants continue to vigorously defend full indemnity rights as set forth in the Chemours Separation Agreement. PFAS Matters Historical EID is a party to legal proceedings relating to the use of PFOA and PFCs by its former Performance Chemicals segment. Indemnifiable Losses related to PFAS liabilities allocated to and assumed by Chemours under the Chemours Separation Agreement generally are PFAS Stray Liabilities subject to the sharing arrangement between DuPont and Corteva, described above. Generally, Chemours, with reservations, including as to alleged fraudulent conveyance and voidable transactions, is defending and indemnifying Historical EID in the PFAS Matters discussed below. Although Chemours has refused the tender of the Company’s defense in the 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. Personal Injury and Other PFAS Actions DuPont, which was formed after the spinoff of Chemours, is not named in the personal injury and other PFAS actions discussed below. Personal Injury In 2004, Historical EID settled a West Virginia state court class action, Leach v. DuPont, which alleged that PFOA from Historical EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. Historical EID has residual liabilities under the Leach settlement related to providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. Members of the Leach class have standing to pursue personal injury claims for just six health conditions that an expert panel appointed under the Leach settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. In 2017, Chemours and Historical EID each paid $335 million to settle the multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”), thereby resolving claims of about 3,550 plaintiffs alleging injury from exposure to PFOA in drinking water. The 2017 settlement did not resolve claims of Leach class members who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. To date several dozen claims alleging personal injury, including kidney and testicular cancer claims, have been filed since the 2017 settlement. These claims are currently pending in the Ohio MDL. Trial of a kidney cancer claim and a testicular cancer claim began in the first quarter of 2020 and trial of additional cancer claims are scheduled to begin in June 2020. Natural Resource Damage Claims and Other Claims for Environmental Damages In addition to the actions described above, there are about 100 cases alleging damages to natural resources, the environment and/or property as well as various other allegations. DuPont which is named in certain of these actions as discussed below, is increasingly named in suits filed since May 2019. Drinking Water Since May 2017, a number of municipal water districts and state attorneys general have filed lawsuits against Historical EID, Chemours, 3M, and others, claiming contamination of public water systems by certain PFAS compounds. Such actions are currently pending in Ohio, Michigan, New Jersey, New Hampshire, New York, and Vermont. Generally, the states seek economic impact damages for alleged harm to natural resources, punitive damages, and present and future costs to cleanup contamination from certain PFAS compounds and to abate the alleged nuisance. DuPont is a named party in the New Jersey suit related to its site in Parlin, New Jersey. In addition, the New Jersey Attorney General and New Jersey State Department of Environmental Protection filed two directives, one of which names DuPont. The directives seek information on the historical and current use of PFAS. DuPont is also a named party to the Vermont suit and the Michigan suit. The amended complaints in the New Jersey and Vermont cases and the complaint filed by Michigan include additional causes of action based on allegations that the transfer by Historical EID of certain PFAS liabilities to Chemours prior to spinning off Chemours resulted in a fraudulent conveyance or voidable transaction. Lawsuits have been filed by residents and several water districts 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 There are several actions pending in federal court against Historical EID and Chemours, relating to discharges of PFCs, including GenX, into the Cape Fear River. GenX is a polymerization processing aid and a replacement for PFOA introduced by Historical EID which Chemours continues to manufacture at its Fayetteville Works facility in Bladen County, North Carolina. One of these actions is a consolidated putative class action that asserts claims for damages and other relief on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. In addition, an action is pending in North Carolina state court on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. Aqueous Film Forming Foam As of January 2020, more than 200 cases have been filed in various federal and state courts alleging contamination of neighboring drinking and groundwater from the use of aqueous film forming foam to fight fires on military installations, air force bases, commercial airports and refineries. The majority of these cases have been transferred, or will be transferred, to a multi-district litigation docket in federal district court in South Carolina (the “SC MDL”). Historical EID and Chemours are named in about 150 of these cases, approximately 100 of which also name the Company. The number of cases filed that name as a defendant, the Company, among others including Historical EID and Chemours, has increased significantly since May 2019. In addition, most of these more recent cases were filed directly in the SC MDL and include allegations that exposure to PFAS caused kidney, testicular and other cancers principally in firefighters. 3M and several foam manufacturers are also named defendants in the SC MDL cases. 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 aqueous film forming foam, PFOS or PFOS containing products. Additionally, a case filed by a former firefighter is pending in the Southern District of Ohio seeking certification of a nationwide class of individuals who have detectable levels of PFAS in their blood serum. The suit was filed against 3M and several other defendants in addition to Chemours and Historical EID. The complaint specifically seeks, among other things, the creation of a “PFAS Science Panel” to study the effects of PFAS, but expressly states that the class does not seek compensatory damages for personal injuries. In February 2020, the court denied the defendants' motion to transfer this case to the SC MDL. Other Litigation Matters In addition to the specific matters described above, the Company is party to other claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, and other actions. Certain of these actions may purport to be class actions and seek damages in very large amounts. It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At December 31, 2019, the Company had accrued obligations of $77 million for probable environmental remediation and restoration costs, inclusive of $35 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 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 December 31, 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 is required to indemnify certain clean-up responsibilities and associated remediation costs. The accrued environmental obligations of $77 million as of December 31, 2019 includes amount for which the Company indemnifies Dow and Corteva. At December 31, 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 December 31, 2019 and December 31, 2018, the Company had directly guaranteed $187 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 19 percent of the $22 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 December 31, 2019 Final Expiration Year Maximum Future Payments In millions Obligations for customers 1 : Bank borrowings 2020 $ 22 Obligations for non-consolidated affiliates 2 : Bank borrowings 2020 165 Total guarantees $ 187 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, $22 million had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
LEASES (Notes)
LEASES (Notes) | 12 Months Ended |
Dec. 31, 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 in the Consolidated Balance Sheet other than certain finance leases that include the maximum residual value guarantee amount in the measurement of the related liability given the election to use the package of practical expedients at the date of adoption. At December 31, 2019, the Company has future maximum payments for residual value guarantees in operating leases of $19 million with final expirations through 2031. The Company's lease agreements do not contain any material restrictive covenants. The components of lease cost for operating and finance leases for the year ended December 31, 2019 were as follows: In millions 2019 Operating lease cost $ 182 Finance lease cost Amortization of right-of-use assets 4 Interest on lease liabilities — Total finance lease cost $ 4 Short-term lease cost 5 Variable lease cost 22 Less: Sublease income 23 Total lease cost $ 190 Supplemental cash flow information related to leases was as follows: In millions December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 184 Financing cash flows from finance leases $ 3 Gain on sale-leaseback transactions, net $ 17 New operating lease assets and liabilities entered into during the year ended December 31, 2019 were $117 million . Supplemental balance sheet information related to leases was as follows: In millions December 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 556 Current operating lease liabilities 2 138 Noncurrent operating lease liabilities 3 416 Total operating lease liabilities $ 554 Finance Leases Property, plant, and equipment, gross $ 13 Accumulated depreciation 6 Property, plant, and equipment, net $ 7 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 Consolidated Balance Sheet. 2. Included in "Accrued and other current liabilities" in the Consolidated Balance Sheet. 3. Included in "Other noncurrent obligations" in the Consolidated Balance Sheet. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide the lessor’s implicit rate, the Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease Term and Discount Rate December 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.18 Finance leases 4.52 Weighted average discount rate Operating leases 3.28 % Finance leases 3.35 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at December 31, 2019 Operating Leases Finance Leases In millions 2020 $ 148 $ 1 2021 121 1 2022 100 1 2023 58 — 2024 42 — 2025 and thereafter 146 1 Total lease payments $ 615 $ 4 Less: Interest 61 1 Present value of lease liabilities $ 554 $ 3 Supplemental Information for Comparative Periods As of December 31, 2018, prior to the adoption of Topic 842, future minimum payments under operating leases remaining non-cancelable lease terms in excess of one year 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 Rental expense under operating leases, net of sublease rental income, was $142 million in 2018 and $69 million |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 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. 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. For the year ended December 31, 2019 , the Company had repurchased and retired 10.8 million shares under this program at a total cost of $750 million . 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 Historical Dow Common Stock activity for the year ended December 31, 2017: Shares of Historical Dow Common Stock 1 Issued Held in Treasury In thousands Balance at January 1, 2017 414,265 10,554 Issued 2 — (4,732 ) Converted to DowDuPont shares or canceled on August 31, 2017 3 (414,265 ) (5,822 ) Balance at August 31, 2017 — — 1. Share amounts were adjusted to reflect the 1-for-3 reverse stock split. 2. Shares issued to employees and non-employee directors under Historical Dow's equity compensation plans. 3. Each share of Historical Dow Common Stock issued and outstanding immediately prior to the Merger was converted into one share of DuPont Common Stock; Treasury shares were canceled as a result of the Merger. The following table provides a reconciliation of DuPont Common Stock activity for the years ended December 31, 2019 , 2018 and 2017: Shares of DuPont Common Stock Issued Held in Treasury In thousands Balance at September 1, 2017 779,512 — Issued 973 — Repurchased — 4,708 Balance at December 31, 2017 780,485 4,708 Issued 3,658 — Repurchased — 23,110 Balance at December 31, 2018 784,143 27,818 Issued 2,656 — Repurchased — 20,416 Retired 1 (48,234 ) (48,234 ) Balance at December 31, 2019 738,565 — 1. Includes the June 2019 retirement of the outstanding treasury stock. Retained Earnings There are no significant restrictions limiting the Company's ability to pay dividends. Dividends declared and paid to common stockholders during the years ended December 31, 2019, 2018, and 2017 are summarized in the following table: Dividends Declared and Paid 2019 2018 2017 1 In millions Dividends declared to common stockholders $ 1,611 $ 3,491 $ 2,558 Dividends paid to common stockholders $ 1,611 $ 3,491 $ 3,394 1. Dividends declared consists of $1,673 million declared to Historical Dow common stockholders prior to the Merger and $885 million declared to DowDuPont common stockholders after the Merger. Dividends paid consists of $2,179 million paid to Historical Dow common stockholders and $330 million paid to Historical EID common stockholders for dividends declared prior to the Merger, and $885 million paid to DowDuPont common stockholders for dividends declared after the Merger. Undistributed earnings of nonconsolidated affiliates included in retained earnings were $790 million at December 31, 2019 and $1,760 million at December 31, 2018. Accumulated Other Comprehensive Loss The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the years ended December 31, 2019 , 2018 , and 2017: Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2017 Balance at January 1, 2017 $ 43 $ (2,381 ) $ (7,389 ) $ (95 ) $ (9,822 ) Other comprehensive income (loss) before reclassifications 25 454 52 (1 ) 530 Amounts reclassified from accumulated other comprehensive income (loss) (71 ) (8 ) 414 (15 ) 320 Net other comprehensive income (loss) $ (46 ) 446 466 (16 ) $ 850 Balance at December 31, 2017 $ (3 ) (1,935 ) (6,923 ) (111 ) $ (8,972 ) 2018 Balance at January 1, 2018 1 $ 17 $ (1,935 ) $ (6,923 ) $ (111 ) $ (8,952 ) Other comprehensive income (loss) before reclassifications (74 ) (1,739 ) (1,086 ) (15 ) (2,914 ) Amounts reclassified from accumulated other comprehensive income (loss) 7 (4 ) 460 66 529 Net other comprehensive income (loss) $ (67 ) $ (1,743 ) $ (626 ) $ 51 $ (2,385 ) Reclassification of stranded tax effects 2 $ (1 ) $ (107 ) $ (927 ) $ (22 ) $ (1,057 ) Balance at December 31, 2018 $ (51 ) $ (3,785 ) $ (8,476 ) $ (82 ) $ (12,394 ) 2019 Other comprehensive income (loss) before reclassifications 68 (446 ) (206 ) (43 ) (627 ) Amounts reclassified from accumulated other comprehensive income (loss) (1 ) (18 ) 141 (15 ) 107 Net other comprehensive income (loss) $ 67 $ (464 ) $ (65 ) $ (58 ) $ (520 ) Spin-offs of Dow and Corteva $ (16 ) $ 3,179 $ 8,196 $ 139 $ 11,498 Balance at December 31, 2019 $ — $ (1,070 ) $ (345 ) $ (1 ) $ (1,416 ) 1. At January 1, 2018 the balance of "Unrealized gains (losses) on investments" was increased by $20 million to reflect the impact of adoption of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which was adopted in the first quarter of 2018. 2. 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 years ended December 31, 2019 , 2018 , and 2017 were as follows: Tax Benefit (Expense) 2019 2018 2017 In millions Unrealized gains (losses) on investments $ (18 ) $ 17 $ 26 Cumulative translation adjustments (1 ) (6 ) (98 ) Pension and other post employment benefit plans 31 152 (235 ) Derivative instruments 16 (14 ) (2 ) Tax expense from income taxes related to other comprehensive income (loss) items $ 28 $ 149 $ (309 ) A summary of the reclassifications out of AOCL for the years ended December 31, 2019 , 2018, and 2017 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss 2019 2018 2017 Income Classification In millions Unrealized (gains) losses on investments $ (1 ) $ 9 $ (110 ) See (1) below Tax expense (benefit) — (2 ) 39 See (2) below After tax $ (1 ) $ 7 $ (71 ) Cumulative translation adjustments $ (18 ) $ (4 ) $ (8 ) See (3) below Pension and other post employment benefit plans $ 174 $ 599 $ 607 See (4) below Tax benefit (33 ) (139 ) (193 ) See (2) below After tax $ 141 $ 460 $ 414 Derivative Instruments $ (18 ) $ 83 $ (13 ) See (5) below Tax expense (benefit) 3 (17 ) (2 ) See (2) below After tax $ (15 ) $ 66 $ (15 ) Total reclassifications for the period, after tax $ 107 $ 529 $ 320 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 20 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense." |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Ownership interests in the Company's subsidiaries held by parties other than the Company are presented separately from the Company's equity in the Consolidated Balance Sheets as "Noncontrolling interests." The amount of consolidated net income attributable to the Company and the noncontrolling interests are both presented on the face of the Consolidated Statements of Operations. The following table summarizes the activity for equity attributable to noncontrolling interests in the years ended December 31, 2019 , 2018 , and 2017: Noncontrolling Interests In millions 2019 2018 2017 Balance at beginning of period $ 1,608 $ 1,597 $ 1,242 Net income attributable to noncontrolling interests 102 155 132 Distributions to noncontrolling interests 1 (27 ) (168 ) (116 ) Noncontrolling interests from Merger — 61 417 Deconsolidation of noncontrolling interests 2 — — (123 ) Cumulative translation adjustments 12 (39 ) 41 Spin-off of Dow and Corteva (1,124 ) — — Other (2 ) 2 4 Balance at end of period $ 569 $ 1,608 $ 1,597 1. Net of dividends paid to a joint venture, which were reclassified to "Equity in earnings of nonconsolidated affiliates" in the Consolidated Statements of Operations, totaled $27 million and $20 million for the years ended December 31, 2018 and 2017, respectively. 2. On June 30, 2017, Historical Dow sold its ownership interest in the SKC Haas Display Films group of companies. |
PENSION PLANS AND OTHER POSTRET
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS Historical Dow and Historical EID did not merge their defined benefit pension and other post employment benefit (OPEB) plans as a result of the Merger. See Note 3 for additional information on the Merger. 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 defined benefit pension plans that were related to Historical Dow that were not separated with Dow or Corteva were not merged with any Historical EID plans. The Company retained a portion of pension liabilities relating to foreign benefit plans for both Historical EID and Historical Dow. The Company retained select OPEB liabilities relating to foreign Historical EID benefit plans but did not retain any Historical Dow OPEB plans. 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 significant defined benefit pension and OPEB plans of Historical Dow and Historical EID are summarized below. Defined Benefit Pension Plans Historical Dow Historical Dow had both funded and unfunded defined benefit pension plans that covered employees in the United States and a number of other countries. The U.S. qualified plan covering the parent company was the largest plan. Benefits for employees hired before January 1, 2008, were based on length of service and the employee’s three highest consecutive years of compensation. Employees hired after January 1, 2008, earned benefits based on a set percentage of annual pay, plus interest. The Employee Matters Agreement with Dow provides that employees of Dow 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 Dow, as of the effective time of the Dow Distribution. The U.S. qualified plan is no longer an obligation of the Company, the fundings, maintenance and ultimate payout of the plan is the sole responsibility of Dow. Historical Dow's funding policy was to contribute to the plans when pension laws and/or economics either require or encourage funding. The Company has both funded and unfunded defined benefit pension plans that cover employees in a number of non-US countries. Historical EID Historical EID had both funded and unfunded noncontributory defined benefit pension plans covering a majority of the U.S. employees. The U.S. qualified plan was the largest pension plan held by Historical EID. Most employees hired on or after January 1, 2007, were not eligible to participate in the U.S. defined benefit pension plans. The benefits under these plans were based primarily on years of service and employees' pay near retirement. Historical EID froze the pay and service amounts used to calculate pension benefits for employees who participated in the U.S. pension plans as of November 30, 2018. Therefore, as of November 30, 2018, employees that participated in the U.S. pension plans no longer accrued additional benefits for future service and eligible compensation received. The Employee Matters Agreement with Corteva provides that employees of 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 Corteva, as of the effective time of the Corteva Distribution. The U.S. qualified plan is no longer an obligation of the Company; the fundings, maintenance and ultimate payout of the plan is the sole responsibility of Corteva Inc. The Company has both funded and unfunded defined benefit pension plans that cover executives in the United States and employees in a number of non-US countries. Historical EID's funding policy was consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of Historical EID's non-U.S. consolidated subsidiaries was provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. Total 2019 contributions also includes contributions to fund benefit payments for Historical EID's pension plans where funding is not customary. DuPont DuPont has both funded and unfunded defined benefit pension plans covering employees in a number of non-US countries that formerly relate to both Historical Dow and Historical EID. The United Kingdom qualified plan is the largest pension plan held by DuPont. DuPont's funding policy is consistent with the funding requirements of each country's laws and regulations. Pension coverage for employees of DuPont's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. During 2019 , the Company contributed $697 million to its pension plans, which included $139 million of contributions to plans that were separated in connection with the Distributions. DuPont expects to contribute approximately $85 million to its pension plans in 2020 . The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for all plans are summarized in the table below: Weighted-Average Assumptions for Pension Plans Benefit Obligations at December 31, Net Periodic Costs for the Years Ended 2019 2018 2019 1 2018 2017 2 Discount rate 1.21 % 3.80 % 3.80 % 3.26 % 3.50 % Interest crediting rate for applicable benefits 1.25 % 3.72 % 3.72 % 3.61 % 3.45 % Rate of compensation increase 3 3.14 % 3.42 % 3.42 % 3.95 % 3.88 % Expected return on plan assets — — 6.46 % 6.68 % 6.94 % 1. Includes three months of Dow activity (January - March), five months of Corteva activity (January - May) and twelve months of DuPont activity, all based on dates of the Distributions. 2. Includes Historical EID plans subsequent to the Merger date. 3. The December 31, 2018 rate did not include Historical EID's U.S. pension plans as employees of these plans no longer accrued additional benefits for future service and eligible compensation. Other Post employment Benefit Plans Historical Dow Historical Dow provided certain health care and life insurance benefits to retired employees and survivors. Historical Dow’s plans outside of the United States were not significant; therefore, this discussion relates to the U.S. plans only. The plans provide health care benefits, including hospital, physicians’ services, drug and major medical expense coverage, and life insurance benefits. In general, for employees hired before January 1, 1993, the plans provide benefits supplemental to Medicare when retirees are eligible for these benefits. Historical Dow and the retiree share the cost of these benefits, with the Historical Dow portion increasing as the retiree has increased years of credited service, although there was a cap on the Historical Dow portion. Historical Dow had the ability to change these benefits at any time. Employees hired after January 1, 2008, are not covered under the plans. The Employee Matters Agreement with Dow provides that employees of Dow 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 Dow, as of the effective time of the Dow Distribution. No Historical Dow other post-employment benefit plans were retained by the Company in connection with the Dow Distribution. All other post-employment benefit plans both those inside the US and those outside, are the sole responsibility of Dow. Historical EID Historical EID provided medical, dental and life insurance benefits to pensioners and survivors. The associated plans for retiree benefits were unfunded and the cost of the approved claims was paid from Historical EID company funds. Essentially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. benefit plans. The non-Medicare eligible retiree medical plan is contributory with pensioners and survivors' contributions adjusted annually to achieve a 50/50 target for sharing of cost increases between Historical EID and pensioners and survivors. In addition, limits were applied to Historical EID's portion of the retiree medical cost coverage. For Medicare eligible pensioners and survivors, Historical EID provided a funded Health Reimbursement Arrangement ("HRA"). In November 2016, Historical EID announced that OPEB eligible employees who will be under the age of 50 as of November 30, 2018, as defined above, will not receive post-employment medical, dental and life insurance benefits. Beginning January 1, 2015, eligible employees who retire on and after that date will receive the same life insurance benefit payment, regardless of the employee's age or pay. The majority of U.S. employees hired on or after January 1, 2007, are not eligible to participate in the post-employment medical, dental and life insurance plans. The Employee Matters Agreement with Corteva provides that employees of 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 Corteva, as of the effective time of the Corteva Distribution. The vast majority of U.S. other post employment benefit obligations are no longer the obligations of the Company; the fundings, maintenance and ultimate payout of the plans are the sole responsibility of Corteva Inc. DuPont The Company retained U.S. and foreign other post employment benefit obligations with the Canadian plan being the largest plan and accounting for the vast majority of the Company's total other post employment benefit obligations. In comparison to the Company's defined benefit pension plans, the Company's other post-employment benefit plans are not significant. The weighted-average assumptions used to determine other post-employment benefit obligations and net periodic benefit costs are provided below: Weighted-Average Assumptions for Other Postretirement Benefits Plans Benefit Obligations at December 31, Net Periodic Costs for the Year Ended 2019 2018 2019 1 2018 2017 2 Discount rate 3.10 % 4.23 % 4.23 % 3.54 % 3.76 % Health care cost trend rate assumed for next year N/A 7.15 % 7.15 % 6.52 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate health cost care trend rate) N/A 5.00 % 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate health care cost trend rate: Historical Dow plans N/A 2025 2025 2025 2025 Historical EID plans N/A 2028 2028 2023 2023 1. Includes three months of Dow activity (January - March), five months of Corteva activity (January - May) and twelve months of DuPont activity, all based on dates of the Distributions. 2. Includes Historical EID plans subsequent to the Merger date. Assumptions The Company determines the expected long-term rate of return on plan assets by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. Service cost and interest cost for all other plans are determined on the basis of the discount rates derived in determining those plan obligations.The discount rates utilized to measure the majority of pension and other postretirement obligations are based on the Aon AA corporate bond yield curves applicable to each country at the measurement date. DuPont utilizes the mortality tables and generational mortality improvement scales, where available, developed in each of the respective countries in which the Company holds plans. Summarized information on the Company's pension and other postretirement benefit plans is as follows: Change in Projected Benefit Obligations of All Plans Defined Benefit Pension Plans Other Post-Employment Benefits In millions 2019 2018 2019 2018 Change in projected benefit obligations: Benefit obligations at beginning of year $ 53,014 $ 57,401 $ 3,992 $ 4,377 Service cost 184 651 5 21 Interest cost 630 1,638 53 130 Plan participants' contributions 11 29 15 — Actuarial changes in assumptions and experience 515 (2,832 ) 116 (185 ) Benefits paid 1 (1,247 ) (3,223 ) (150 ) (339 ) Plan amendments (76 ) 34 — — Acquisitions/divestitures/other 20 (57 ) — — Effect of foreign exchange rates 31 (627 ) 1 (12 ) Termination benefits/curtailment cost/settlements (4 ) — — — Spin-off of Dow (29,285 ) — (1,462 ) — Spin-off of Corteva (19,009 ) — (2,548 ) — Benefit obligations at end of year $ 4,784 $ 53,014 $ 22 $ 3,992 Change in Plan Assets and Funded Status of All Plans Defined Benefit Pension Plans Other Post-Employment Benefits In millions 2019 2018 2019 2018 Change in plan assets: Fair value of plan assets at beginning of year $ 41,462 $ 43,685 $ — $ — Actual return on plan assets 1,191 (1,524 ) — — Employer contributions 697 2,964 135 — Plan participants' contributions 11 29 15 — Benefits paid (1,247 ) (3,223 ) (150 ) — Acquisitions/divestitures/other 1 10 (7 ) — — Effect of foreign exchange rates 60 (462 ) — — Settlements — — — — Spin-off of Dow (22,626 ) — — — Spin-off of Corteva (15,801 ) — — — Fair value of plan assets at end of year $ 3,757 $ 41,462 $ — $ — Funded status: U.S. plans with plan assets $ — $ (6,956 ) $ — $ — Non-U.S. plans with plan assets (315 ) (2,751 ) — — All other plans 2 (712 ) (1,845 ) (22 ) (3,992 ) Funded status at end of year $ (1,027 ) $ (11,552 ) $ (22 ) $ (3,992 ) 1. The 2018 impact includes the divestiture of a business with pension benefit obligations of $37 million . 2. Certain benefit obligations are supported by funding, $16 million as of December 31, 2019 and $349 million as of December 31, 2018, under the Trust agreement, defined in the "Trust Assets" section. The following tables summarize the amounts recognized in the consolidated balance sheets for all significant plans: Amounts Recognized in the Consolidated Balance Sheets for All Significant Plans Defined Benefit Pension Plans Other Post-Employment Benefits In millions December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Amounts recognized in the consolidated balance sheets: Deferred charges and other assets $ 171 $ 14 $ — $ — Assets of discontinued operations — 488 — — Accrued and other current liabilities (47 ) (69 ) (1 ) (1 ) Pension and other postretirement benefits - noncurrent $ (1,151 ) $ (1,319 ) $ (21 ) $ (25 ) Liabilities of discontinued operations $ — $ (10,666 ) $ — $ (3,966 ) Net amount recognized $ (1,027 ) $ (11,552 ) $ (22 ) $ (3,992 ) Pretax amounts recognized in accumulated other comprehensive loss: Net loss (gain) $ 485 $ 11,578 $ 2 $ (419 ) Prior service credit (47 ) (207 ) — — Pretax balance in accumulated other comprehensive loss at end of year $ 438 $ 11,371 $ 2 $ (419 ) A significant component of the overall decrease in the Company's actuarial losses for the year ended December 31, 2019 was due to the Distributions and the spins of the Company's main US plans. The increase in the Company's actuarial losses for the year ended December 31, 2018 was primarily due to the changes in weighted-average discount rates, which increased from 3.26 percent at December 31, 2017 to 3.80 at December 31, 2018 . The accumulated benefit obligation for all pension plans was $4.5 billion and $51.4 billion at December 31, 2019 and 2018 , respectively. Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2019 December 31, 2018 In millions Accumulated benefit obligations $ 1,731 $ 47,577 Fair value of plan assets $ 690 $ 36,803 Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2019 December 31, 2018 In millions Projected benefit obligations $ 2,320 $ 49,742 Fair value of plan assets $ 1,122 $ 37,687 Net Periodic Benefit Costs for All Significant Plans for the Year Ended December 31, Defined Benefit Pension Plans Other Post-Employment Benefits In millions 2019 2018 2017 2019 2018 2017 Net Periodic Benefit Costs: Service cost 1 $ 184 $ 651 $ 555 $ 5 $ 21 $ 17 Interest cost 2 630 1,638 1,130 53 130 80 Expected return on plan assets 3 (988 ) (2,846 ) (1,955 ) — — — Amortization of prior service credit 4 (9 ) (24 ) (25 ) — — — Amortization of unrecognized (gain) loss 5 128 649 638 (6 ) (24 ) (6 ) Curtailment/settlement/other 6 — (10 ) 683 — — — Net periodic benefit costs - Total $ (55 ) $ 58 $ 1,026 $ 52 $ 127 $ 91 Less: Net periodic benefit costs - discontinued operations (45 ) 90 1,033 50 126 92 Net periodic benefit costs - Continuing operations $ (10 ) $ (32 ) $ (7 ) $ 2 $ 1 $ (1 ) Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net (gain) loss $ 350 $ 1,490 $ 680 $ 2 $ (185 ) $ (131 ) Prior service cost (65 ) 34 14 — — — Amortization of prior service credit 3 24 25 — — — Amortization of unrecognized gain (loss) (7 ) (649 ) (638 ) — 24 6 Curtailment loss (2 ) — — — — — Settlement loss 2 (2 ) 2 (687 ) — — — Effect of foreign exchange rates (2 ) 1 — — — — Total recognized in other comprehensive (income) loss $ 275 $ 902 $ (606 ) $ 2 $ (161 ) $ (125 ) Noncontrolling interest $ — $ — $ — $ — $ — $ — Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 265 $ 870 $ (613 ) $ 4 $ (160 ) $ (126 ) 1. The service cost from continuing operations was $64 million , $64 million and $27 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 2. The interest cost from continuing operations was $79 million , $76 million and $25 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 3. The expected return on plan assets from continuing operations was $148 million , $178 million and $60 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. 4. The amortization of prior year service credit from continuing operations was $3 million for the year ended December 31, 2019 and immaterial for the years ended December 31, 2018 and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 5. The amortization of unrecognized gain/loss from continuing operations was a gain of $2 million for the year ended December 31, 2019 and losses of $7 million and $1 million for the years ended December 31, 2018 and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 6. The curtailment and settlement costs from continuing operations was immaterial for the years ended December 31, 2019 and December 31, 2017, respectively for pension plans. The curtailment and settlement gain from continuing operations was $1 million for the year ended December 31, 2018 for pension plans. The activity from OPEBs was immaterial for all years presented. Estimated Future Benefit Payments The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table: Estimated Future Benefit Payments at December 31, 2019 Defined Benefit Pension Plans Other Postretirement Benefits In millions 2020 $ 191 $ 1 2021 187 1 2022 186 1 2023 191 1 2024 195 1 Years 2025-2029 1,041 5 Total $ 1,991 $ 10 Plan Assets Historical Dow Plan assets consist primarily of equity and fixed income securities of U.S. and foreign issuers, and include alternative investments such as real estate, private market securities and absolute return strategies. At December 31, 2018 , plan assets totaled $22.5 billion and included no directly held common stock of DowDuPont. Historical Dow's investment strategy for the plan assets was to manage the assets in relation to the liability in order to pay retirement benefits to plan participants over the life of the plans. This was accomplished by identifying and managing the exposure to various market risks, diversifying investments across various asset classes and earning an acceptable long-term rate of return consistent with an acceptable amount of risk, while considering the liquidity needs of the plans. The plans were permitted to use derivative instruments for investment purposes, as well as for hedging the underlying asset and liability exposure and rebalancing the asset allocation. The plans used value-at-risk, stress testing, scenario analysis and Monte Carlo simulations to monitor and manage both the risk within the portfolios and the surplus risk of the plans. Equity securities primarily included investments in large- and small-cap companies located in both developed and emerging markets around the world. Fixed income securities included investment and non-investment grade corporate bonds of companies diversified across industries, U.S. treasuries, non-U.S. developed market securities, U.S. agency mortgage-backed securities, emerging market securities and fixed income related funds. Alternative investments primarily included investments in real estate, private equity limited partnerships and absolute return strategies. Other significant investment types included various insurance contracts and interest rate, equity, commodity and foreign exchange derivative investments and hedges. Historical Dow mitigated the credit risk of investments by establishing guidelines with investment managers that limit investment in any single issue or issuer to an amount that was not material to the portfolio being managed. These guidelines were monitored for compliance both by Historical Dow and external managers. Credit risk related to derivative activity was mitigated by utilizing multiple counterparties, collateral support agreements and centralized clearing, where appropriate. Historical EID Plan assets consisted primarily of equity and fixed income securities of U.S. and foreign issuers, and included alternative investments such as real estate and private market securities. At December 31, 2018 , plan assets totaled $18.9 billion and included directly held common stock of DowDuPont of $684 million . Historical EID established strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries were selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies were utilized in this process. U.S. plan assets and a portion of non-U.S. plan assets are managed by investment professionals employed by Historical EID. The remaining assets are managed by professional investment firms unrelated to Historical EID. Historical EID's pension investment professionals had discretion to manage the assets within established asset allocation ranges approved by management. Additionally, pension trust funds were permitted to enter into certain contractual arrangements generally described as derivative instruments. Derivatives were primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner. Global equity securities include varying market capitalization levels. U.S. equity investments are primarily large-cap companies. Global fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S fixed income securities. Other investments include cash and cash equivalents, hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships. DuPont Plan assets consist primarily of equity and fixed income securities of U.S. and foreign issuers, and alternative investments such as pooled investment vehicles and private market securities. At December 31, 2019, plan assets totaled $3.8 billion and included directly held common stock of DuPont of less than $1 million . The Company establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. The assets are managed by professional investment firms unrelated to the Company. Pension trust funds are permitted to enter into certain contractual arrangements generally described as derivative instruments. Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner. Equity securities primarily included investments in large- and small-cap companies located in both developed and emerging markets around the world. Global equity securities include varying market capitalization levels. U.S. equity investments are primarily large-cap companies. Fixed income securities included investment and non-investment grade corporate bonds of companies diversified across industries, U.S. treasuries, non-U.S. developed market securities, U.S. agency mortgage-backed securities, emerging market securities and fixed income related funds. Global fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S fixed income securities. Alternative investments primarily included investments in real estate, various insurance contracts and interest rate, equity, commodity and foreign exchange derivative investments and hedges. Other investments include cash and cash equivalents, pooled investment vehicles, hedge funds and private market securities such as interests in private equity and venture capital partnerships. The weighted-average target allocation for plan assets of DuPont's pension plans is summarized as follows: Target Allocation for Plan Assets at December 31, 2019 DuPont Asset Category Equity securities 25 % Fixed income securities 19 Alternative investments 10 Other investments 46 Total 100 % Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. For pension plan assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. For other pension plan assets for which observable inputs are used, fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models. For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Investment managers, fund managers or investment contract issuers provide valuations of the investment on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate. Certain pension plan assets are held in funds where fair value is based on an estimated net asset value per share (or its equivalent) as of the most recently available fund financial statements which are received on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate to arrive at an estimated net asset value per share at the measurement date. Where available, audited annual financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. These funds are not classified within the fair value hierarchy. The following table summarizes the bases used to measure the Company’s pension plan assets at fair value for the years ended December 31, 2019 and 2018 : Basis of Fair Value Measurements December 31, 2019 December 31, 2018 In millions Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 101 $ 101 $ — $ — $ 2,701 $ 2,642 $ 59 $ — Equity securities: U.S. equity securities 1 $ 297 $ 297 $ — $ — $ 7,030 $ 6,772 $ 243 $ 15 Non - U.S. equity securities 622 609 13 — 6,824 6,062 722 40 Total equity securities $ 919 $ 906 $ 13 $ — $ 13,854 $ 12,834 $ 965 $ 55 Fixed income securities: Debt - government-issued $ 468 $ 198 $ 270 $ — $ 8,410 $ 496 $ 7,914 $ — Debt - corporate-issued 99 12 87 — 5,966 664 5,288 14 Debt - asset-backed 1 — 1 — 811 39 771 1 Total fixed income securities $ 568 $ 210 $ 358 $ — $ 15,187 $ 1,199 $ 13,973 $ 15 Alternative investments: 2 Pooled Investment Vehicles $ 790 $ 790 $ — $ — $ 162 $ 162 $ — $ — Private market securities — — — — 2 — — 2 Real estate 72 6 — 66 355 262 — 93 Derivatives - asset position 6 — 6 — 461 18 443 — Derivatives - liability position (2 ) — (2 ) — (524 ) (19 ) (505 ) — Total alternative investments $ 866 $ 796 $ 4 $ 66 $ 456 $ 423 $ (62 ) $ 95 Other investments 2 $ 340 $ 6 $ 30 $ 304 $ 586 $ 47 $ 333 $ 206 Subtotal $ 2,794 $ 2,019 $ 405 $ 370 $ 32,784 $ 17,145 $ 15,268 $ 371 Investments measured at net asset value: 2 Debt - government-issued $ 152 $ 208 Hedge funds 745 2,315 Private market securities 107 4,057 Real estate — 2,192 Total investments measured at net asset value $ 1,004 $ 8,772 Items to reconcile to fair value of plan assets: Pension trust receivables 3 $ 15 $ 239 Pension trust payables 4 (56 ) (333 ) Total $ 3,757 $ 41,462 1. The Company's pension plans directly held less than $1 million ( 0 percent of total plan assets) of DuPont common stock at December 31, 2019. Historical EID's pension plans directly held $684 million ( 2 percent of total plan assets) at December 31, 2018 . 2. In 2018, the Company reviewed its fair value technique and elected to present assets valued at net asset value per share as a practical expedient outside of the fair value hierarchy. The assets are presented as "Investments measured at net asset value." 3. Primarily receivables for investment securities sold. 4. Primarily payables for investment securities purchased. The following table summarizes the changes in the fair value of Level 3 pension plan assets for the years ended December 31, 2019 and 2018 : Fair Value Measurement of Level 3 Pension Plan Assets Equity Securities Fixed Income Securities Alternative Investments Other |
STOCK-BASED COMPENSATION STOCK-
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [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. Effective with the Merger, on August 31, 2017, DowDuPont assumed all Historical Dow and Historical EID equity incentive compensation awards outstanding immediately prior to the Merger. The fair values of the converted awards were based on valuation assumptions developed by management and other information including, but not limited to, historical volatility and exercise trends of Historical Dow and Historical EID. All outstanding Historical Dow stock options and restricted stock unit ("RSU") (formerly termed deferred stock) awards were converted into stock options and RSU awards with respect to DowDuPont Common Stock. All outstanding and nonvested Historical Dow performance stock unit ("PSU") (formerly termed performance deferred stock) awards were converted into RSU awards with respect to DowDuPont Common Stock at the greater of the applicable performance target or the actual performance as of the effective time of the Merger. In addition, the Company also assumed sponsorship of each equity incentive compensation plan of Historical Dow and Historical EID. 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. Immediately following the Corteva Distribution, DuPont adopted the DuPont Omnibus Incentive Plan ("DuPont OIP") which provides for equity-based and cash incentive awards to certain employees, directors, independent contractors and consultants. Upon adoption of the DuPont OIP, the Historical Dow and Historical EID plans were maintained and rolled into the DuPont OIP as separate subplans. The equity awards under these subplans have the same terms and conditions that were applicable to the awards under the Historical Dow and Historical EID plans immediately prior to the Distributions. A description of the Company's stock-based compensation is discussed below followed by a description of Historical Dow and Historical EID stock-based compensation. Accounting for Stock-Based Compensation The Company grants stock-based compensation awards that vest over a specified period or upon employees meeting certain performance and/or retirement eligibility criteria. The fair value of equity instruments issued to employees is measured on the grant date. The fair value of liability instruments issued to employees is measured at the end of each quarter. The fair value of equity and liability instruments is expensed over the vesting period or, in the case of retirement, from the grant date to the date on which retirement eligibility provisions have been met and additional service is no longer required. The Company estimates expected forfeitures. DuPont recognized share-based compensation expense in continuing operations of $106 million , $92 million and $19 million during the years ended December 31, 2019, 2018 and 2017 , respectively. The income tax benefits related to stock-based compensation arrangements were $22 million , $19 million and $4 million for the years ended December 31, 2019, 2018 and 2017 , respectively. Total unrecognized pretax compensation cost related to nonvested stock option awards of $23 million at December 31, 2019, is expected to be recognized over a weighted-average period of 1.6 years. Total unrecognized pretax compensation cost related to RSUs and PSUs of $83 million at December 31, 2019, is expected to be recognized over a weighted average period of 2.0 years. The total fair value of RSUs and PSUs vested in the year ended December 31, 2019 was $37 million . The weighted average grant-date fair value of restricted stock units granted during 2019 was $72.67 . DuPont Omnibus Incentive Plan The Company grants stock-based compensation awards to certain employees, directors, independent contractors and consultants in the form of stock incentive plans, which include stock options, RSUs and PSUs. The DuPont OIP has two subplans that have the same terms and conditions of the Historical Dow and Historical EID plans immediately prior to the Distributions. Awards previously granted under those plans that were nonvested will now vest in each subplan. All new awards will be granted by the OIP. Under the DuPont OIP, a maximum of 14 million shares of common stock may be awarded. OIP Stock Options The exercise price of shares subject to option is equal to the market price of the Company's stock on the date of grant. Stock option awards expire 10 years after the grant date. The plan allows retirement-eligible employees of the Company to retain any granted awards upon retirement provided the employee has rendered at least six months of service following the grant date. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards and the assumptions set forth in the table below. The weighted-average grant-date fair value of options granted for the year ended December 31, 2019. The weighted-average assumptions used to calculate total stock-based compensation are included in the following table: OIP Weighted-Average Assumptions 2019 Dividend yield 1.8 % Expected volatility 21.1 % Risk-free interest rate 1.6 % Expected life of stock options granted during period (years) 6.1 The Company determines the dividend yield by dividing the annualized dividend on DuPont's common stock by the option exercise price. A historical daily measurement of volatility (using DowDuPont stock information after the Merger date and a weighted average of Historical Dow and Historical EID prior to Merger date) is determined based on the expected life of the option granted. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by reference to DuPont's historical experience, adjusted for expected exercise patterns of in-the-money options. The following table summarizes stock option activity for 2019 under the OIP: OIP Stock Options For the Year Ended December 31, 2019 Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2019 — $ — Granted 1,384 $ 66.06 Exercised — $ — Forfeited/Expired (17 ) $ 66.06 Outstanding at December 31, 2019 1,367 $ 66.06 9.6 $ — Exercisable at December 31, 2019 — $ — — $ — Additional Information about OIP Stock Options 1 In millions, except per share amounts 2019 Weighted-average fair value per share of options granted $ 11.85 Total compensation expense for stock options plans $ 5 Related tax benefit $ 1 1. No awards have vested under the OIP as of December 31, 2019. The aggregate intrinsic values in the table above represent the total pretax intrinsic value (the difference between the closing stock price on the last trading day of 2019 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at year end. OIP Restricted Stock Units and Performance Deferred Stock The Company grants RSUs to certain employees that serially vested over a three-year period and, upon vesting, convert one-for-one to DuPont common stock. A retirement eligible employee retains any granted awards upon retirement provided the employee has rendered at least six months of service following the grant date. The fair value of all stock-settled RSUs is based upon the market price of the underlying common stock as of the grant date. The Company grants PSUs to senior leadership under a subplan of the DuPont OIP. Vesting for PSUs granted is based upon achieving certain adjusted operating EBITDA targets and certain return on invested capital ("ROIC") targets, weighted evenly between the metrics. Performance and payouts are determined independently for each metric. The actual award, delivered as DuPont common stock, can range from zero percent to two-hundred percent of the original grant. The weighted-average grant-date fair value of the PSUs is based upon the market price of the underlying common stock as of the grant date. Nonvested awards of RSUs and PSUs are shown below. OIP RSUs and PSUs 2019 Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at January 1, 2019 — $ — Granted 566 $ 66.55 Vested — $ — Forfeited (5 ) $ 66.06 Nonvested at December 31, 2019 561 $ 66.56 Historical Dow Plans Historical Dow granted stock-based compensation to employees and non-employee directors in the form of stock incentive plans, which include stock options, RSUs and restricted stock. Historical Dow also provided stock-based compensation in the form of PSUs and the Employee Stock Purchase Plan ("ESPP"), which grants eligible employees the right to purchase shares of Historical Dow Common Stock at a discounted price. Historical Dow Valuation Methods and Assumptions Historical Dow previously used a lattice-based option valuation model to estimate the fair value of stock options and used a Monte Carlo simulation for the market portion of PSU awards. Effective with the first quarter of 2018 grant, Historical Dow began using the Black-Scholes option valuation model to estimate the fair value of stock options. This valuation methodology was adopted as a result of the Merger to align valuation methodologies with Historical EID and better align with industry practice. Historical Dow used the Black-Scholes option valuation model for subscriptions to purchase shares under the ESPP. The weighted-average assumptions used to calculate total stock-based compensation are included in the following table: Historical Dow Weighted-Average Assumptions 1 2018 2017 Dividend yield 2.13 % 3.01 % Expected volatility 23.34 % 23.71 % Risk-free interest rate 2.83 % 1.28 % Expected life of stock options granted during period (years) 6.2 7.5 Life of Employee Stock Purchase Plan (months) — 3 1. No awards were granted by the Company out of the Historical Dow plan during 2019. The dividend yield assumption was equal to the dividend yield on the grant date, which reflected the most recent DowDuPont quarterly dividend payment of $0.38 per share in 2018 ( $0.46 per share in 2017 on Historical Dow Common Stock). The expected volatility assumptions for the 2017 stock options and ESPP were based on an equal weighting of the historical daily volatility for the contractual term of the awards and current implied volatility from exchange-traded options. The expected volatility assumptions for the 2018 stock options were based on an equal weighting of the historical daily volatility for the expected term of the awards and current implied volatility from exchange-traded options. The expected volatility assumption for the market portion of the 2017 PSU awards were based on historical daily volatility for the term of the award. The risk-free interest rate was based on the weighted-average of U.S. Treasury strip rates over the contractual term of the 2017 options. The risk-free interest rate was based on the U.S. Treasury strip rates over the expected life of the 2018 options. The expected life of stock options granted was based on an analysis of historical exercise patterns. Historical Dow Stock Incentive Plan Historical Dow previously granted equity awards under various plans (the "Prior Plans"). On February 9, 2012, Historical Dow's Board of Directors authorized The Dow Chemical Company 2012 Stock Incentive Plan (the "2012 Plan"), which was approved by stockholders at Historical Dow's annual meeting on May 10, 2012 ("Original Effective Date") and became effective on that date. On February 13, 2014, Historical Dow's Board of Directors adopted The Dow Chemical Company Amended and Restated 2012 Stock Incentive Plan (the "2012 Restated Plan"). The 2012 Restated Plan was approved by stockholders at Historical Dow's annual meeting on May 15, 2014, and became effective on that date. The Prior Plans were superseded by the 2012 Plan and the 2012 Restated Plan (collectively, the "2012 Plan"). Under the 2012 Plan, Historical Dow may grant options, RSUs, PSUs, restricted stock, stock appreciation rights and stock units to employees and non-employee directors until the tenth anniversary of the Original Effective Date, subject to an aggregate limit and annual individual limits. The terms of the grants are fixed at the grant date. Historical Dow's stock-based compensation programs were assumed by DowDuPont and continue in place with the ability to grant and issue DowDuPont common stock. In connection with the Merger, on August 31, 2017 ("Conversion Date") all outstanding Historical Dow stock options and RSU awards were converted into stock options and RSU awards with respect to DowDuPont Common Stock. The stock options and RSU awards have the same terms and conditions under the applicable plans and award agreements prior to the Merger. All outstanding and nonvested PSU awards were converted into RSU awards with respect to DowDuPont Common Stock at the greater of the applicable performance target or the actual performance as of the effective time of the Merger. Changes in the fair value of liability instruments are recognized as compensation expense each quarter. Upon the adoption of the OIP, the 2012 Plan became an inactive sub plan of the OIP and no longer grants new awards. All previously granted awards still vest under the 2012 Plan with the same terms and conditions that were applicable to the awards immediately prior to the Distributions. Historical Dow Stock Options Historical Dow granted stock options to certain employees, subject to certain annual and individual limits, with terms of the grants fixed at the grant date. The exercise price of each stock option equals the market price of Historical Dow’s stock on the grant date. Options vest from one year to three years , and had a maximum term of 10 years. The following table summarizes stock option activity for 2019 : Historical Dow Stock Options 2019 Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2019 28,846 $ 46.70 Granted 1 — $ — Exercised (34 ) $ 46.48 Forfeited/Expired (9 ) $ 67.71 Canceled and assigned (28,114 ) $ 46.70 Outstanding at December 31, 2019 689 $ 58.21 3.17 $ 59 Exercisable at December 31, 2019 554 $ 54.44 2.38 $ 59 1. No awards were granted by the Company out of the Historical Dow plan during 2019. Additional Information about Historical Dow Stock Options 1 In millions, except per share amounts 2019 2018 2017 Weighted-average fair value per share of options granted $ — $ 15.38 $ 14.44 Total compensation expense for stock options plans $ 1 $ 68 $ 37 Related tax benefit $ — $ 15 $ 14 Total amount of cash received from the exercise of options $ 2 $ 112 $ 310 Total intrinsic value of options exercised 2 $ 1 $ 160 $ 286 Related tax benefit $ — $ 36 $ 106 1. No awards were granted by the Company out of the Historical Dow plan during 2019. 2. Difference between the market price at exercise and the price paid by the employee to exercise the options. Historical Dow Restricted Stock Units Historical Dow granted restricted stock units to certain employees. The grants vest after a designated period of time, generally one to five years. The following table shows changes in nonvested RSUs: Historical Dow RSU Awards 2019 Shares in thousands Shares Grant Date Fair Value 1 Nonvested at January 1, 2019 9,735 $ 57.41 Granted 2 — $ — Vested (7 ) $ 69.05 Forfeited (9,392 ) $ 57.43 Nonvested at December 31, 2019 336 $ 81.12 1. Weighted-average per share. 2. No awards were granted by the Company out of the Historical Dow plan during 2019. Additional Information about Historical Dow RSUs 1 In millions, except per share amounts 2019 2018 2017 Weighted-average fair value per share of RSUs granted $ — $ 71.46 $ 61.29 Total fair value of RSUs vested $ 1 $ 382 $ 179 Related tax benefit $ — $ 86 $ 66 Total compensation expense for RSU awards $ 4 $ 144 $ 178 Related tax benefit $ 1 $ 32 $ 66 1. No awards were granted out of the Historical Dow plan during 2019. In 2018 , Historical Dow paid $45 million in cash, equal to the value of the stock award on the date of delivery, to certain executive employees to settle approximately 625,000 RSUs (there were no RSUs settled in cash in 2017 ). Total incremental pretax compensation expense resulting from the conversion of PSU awards into RSU awards was $25 million ( $20 million was recognized in the second half of 2017 and $5 million to be recognized over the remaining service period). Approximately 5,000 employees were impacted by the conversion. Historical Dow Performance Stock Units Historical Dow granted performance stock units to certain employees. The grants vest when specified performance targets are attained, such as return on capital and relative total shareholder return, over a predetermined period, generally one year to three years . In November 2017, DowDuPont granted PSUs to senior leadership measured on the realization of cost savings in connection with cost synergy commitments, as well as the Company’s ability to complete the Intended Business Separations. Performance and payouts are determined independently for each metric. Compensation expense related to PSU awards is recognized over the lesser of the service or performance period. Changes in the fair value of liability instruments are recognized as compensation expense each quarter. The following table shows the PSU awards granted: Historical Dow PSU Awards Target Shares Granted 1 Grant Date Fair Value 2 Shares in thousands Year Performance Period 2017 Sep 1, 2017 - Aug 31, 2019 232 $ 71.16 2017 3 Jan 1, 2017 - Dec 31, 2019 1,728 $ 81.99 1. At the end of the performance period, the actual number of shares issued can range from zero to 200 percent of the target shares granted. 2. Weighted-average per share. 3. Converted to RSU awards at Conversion Date. Additional Information about Historical Dow PSUs In millions, except share amounts 2018 2017 Total fair value of PSUs vested and delivered 1 $ — $ 202 Related tax benefit $ — $ 75 Total compensation expense for PSU awards $ 12 $ 106 Related tax benefit $ 3 $ 39 Shares of PSUs settled in cash (in thousands) 2 — 616 Total cash paid to settle PSU awards 3 $ — $ 38 1. Includes the fair value of shares vested in prior years and delivered in the reporting year. 2. PSU awards vested in prior years and delivered in the reporting year. 3. Cash paid to certain executive employees for PSU awards vested in prior periods and delivered in the reporting year, equal to the value of the stock award on the date of delivery. Historical Dow Restricted Stock Under the 2012 Plan, Historical Dow had the option to grant shares (including options, stock appreciation rights, stock units and restricted stock) to non-employee directors over the 10 -year duration of the program, subject to the plan's aggregate limit as well as annual individual limits. The restricted stock issued under this plan cannot be sold, assigned, pledged or otherwise transferred by the non-employee director, until retirement or termination of service to Historical Dow. The following table shows the restricted stock issued under this plan: Historical Dow Restricted Stock 1 Shares Issued (in thousands) Weighted-Average Fair Value Year 2018 36 $ 62.82 2017 33 $ 62.04 1. No awards were granted out of the Historical Dow plan during 2019. Historical Dow Employee Stock Purchase Plan On February 9, 2012, Historical Dow's Board of Directors authorized The Dow Chemical Company 2012 Employee Stock Purchase Plan (the "2012 ESPP") which was approved by stockholders at Historical Dow’s annual meeting on May 10, 2012. When offered, most employees are eligible to purchase shares of common stock of Historical Dow valued at up to 10 percent of their annual base salary. The value is determined using the plan price multiplied by the number of shares subscribed to by the employee. The plan price of the stock is set at an amount equal to at least 85 percent of the fair market value (closing price) of the common stock on a date during the fourth quarter of the year prior to the offering, or the average fair market value (closing price) of the common stock over a period during the fourth quarter of the year prior to the offering, in each case, specified by Historical Dow's Executive Vice President of Human Resources. The last offering of Historical Dow's 2012 ESPP closed on July 15, 2017. The ESPP was not offered in 2019 or 2018 and no current offerings remain outstanding. Additional Information about Historical Dow Employee Stock Purchase Plan In millions, except per share amounts 2017 Weighted-average fair value per share of purchase rights granted $ 10.70 Total compensation expense for ESPP $ 38 Related tax benefit $ 14 Total amount of cash received from the exercise of purchase rights $ 179 Total intrinsic value of purchase rights exercised 1 $ 48 Related tax benefit $ 18 1. Difference between the market price at exercise and the price paid by the employee to exercise the purchase rights. Historical EID Plans Prior to the Merger, Historical EID provided share-based compensation to its employees through grants of stock options, RSUs and PSUs. Most of these awards have been granted annually in the first quarter of each calendar year. Subsequent to the Merger, DowDuPont assumed sponsorship of the equity incentive compensation plan of Historical EID. Historical EID Equity Incentive Plan Historical EID's Equity Incentive Plan ("Historical EID EIP"), as amended and restated effective August 31, 2017, provides for equity-based and cash incentive awards to certain employees, directors and consultants. Under the Historical EID EIP, the maximum number of shares reserved for the grant or settlement of awards was 110 million shares, provided that each share in excess of 30 million that was issued with respect to any award that was not an option or stock appreciation right be counted against the 110 million share limit as four and one-half shares. Historical EID satisfied stock option exercises and vesting of RSUs and PSUs with shares of DowDuPont Common Stock. Upon the adoption of the OIP, Historical EID EIP became an inactive sub plan of the OIP and no longer grants new awards. All previously granted awards still vest under the Historical EID EIP with the same terms and conditions that were applicable to the awards immediately prior to the Distributions. Historical EID Stock Options The exercise price of shares subject to option is equal to the market price of Historical EID's stock on the date of grant. When converted into the right to receive 1.282 shares of DowDuPont Common Stock, the exercise price was also adjusted by the 1.282 conversion factor. All options vest serially over a three-year period. Stock option awards granted between 2010 and 2015 expire seven years after the grant date and options granted between 2016 and 2018 expire ten years after the grant date. The plan allowed retirement-eligible employees of Historical EID to retain any granted awards upon retirement provided the employee has rendered at least six months of service following the grant date. The awards have the same terms and conditions as were applicable to such equity awards immediately prior to the Merger closing date. Historical EID used the Black-Scholes option pricing model to determine the fair value of stock option awards and the assumptions set forth in the table below. The weighted-average grant-date fair value of options granted for the years ended December 31, 2019, December 31, 2018 and December 31, 2017 was $15.69 , $15.46 and $28.56 , respectively. The weighted-average assumptions used to calculate total stock-based compensation are included in the following table: Historical EID Weighted-Average Assumptions 2019 2018 2017 Dividend yield 1.6 % 2.1 % 2.2 % Expected volatility 19.8 % 23.3 % 23.59 % Risk-free interest rate 2.4 % 2.8 % 2.1 % Expected life of stock options granted during period (years) 6.1 6.2 7.2 Historical EID determined the dividend yield by dividing the annualized dividend on DowDuPont's Common Stock by the option exercise price. A historical daily measurement of volatility (using DowDuPont stock information after the Merger date and a weighted average of Historical Dow and Historical EID prior to Merger date) is determined based on the expected life of the option granted. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by reference to Historical EID's historical experience, adjusted for expected exercise patterns of in-the-money options. The following table summarizes stock option activity for 2019 under Historical EID's EIP: Historical EID Stock Options 2019 Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2019 17,079 $ 53.26 Granted 121 $ 80.29 Exercised (354 ) $ 43.12 Forfeited/Expired (46 ) $ 72.53 Canceled and assigned (11,139 ) $ 53.28 Outstanding at December 31, 2019 5,661 $ 67.60 5.14 3,476 Exercisable at December 31, 2019 4,024 $ 65.35 4.04 3,289 1. Weighted-average per share. Historical EID RSUs and PSUs Historical EID issued RSUs that serially vested over a three-year period and, upon vesting, convert one -for- one to DowDuPont Common Stock. A retirement eligible employee retains any granted awards upon retirement provided the employee has rendered at least six months of service following the grant date. Additional RSUs were also granted periodically to key senior management employees. These RSUs generally vested over periods ranging from three years to five years . The fair value of all stock-settled RSUs is based upon the market price of the underlying common stock as of the grant date. The awards have the same terms and conditions as were applicable to such equity awards immediately prior to the Merger closing date. Historical EID granted PSUs to senior leadership. Upon a change in control, Historical EID's EIP provisions required PSUs to be converted into RSUs based on the number of PSUs that would vest by assuming that target levels of performance are achieved. Service requirements for vesting in the RSUs replicate those inherent in the exchanged PSUs. Vesting for PSUs granted in 2016 and for the period January 1 through August 31, 2017 is based upon total shareholder return ("TSR") relative to peer companies. Vesting for PSUs granted in 2015 is equally based upon change in operating net income relative to target and TSR relative to peer companies. Operating net income is net income attributable to Historical EID excluding income from discontinued operations after taxes, significant after-tax benefits (charges), and non-operating pension and other postretirement benefit costs. Performance and payouts are determined independently for each metric. The actual award, delivered as DowDuPont Common Stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant-date fair value of the PSUs granted for the period January 1 through August 31, 2017, subject to the TSR metric, was $91.56 , and estimated using a Monte Carlo simulation. The weighted-average grant-date fair value of the PSUs, subject to the revenue metric, was based upon the market price of the underlying common stock as of the grant date. In accordance with the DWDP Merger Agreement, PSUs converted to RSU awards based on an assessment of the underlying market conditions in the PSUs at the greater of target or actual performance levels as of the closing date. As the actual performance levels were not in excess of target as of the closing date, all PSUs converted to RSUs based on target and there was no incremental benefit from the DWDP Merger Agreement when compared with Historical EID’s EIP. In November 2017, DowDuPont granted PSUs to senior leadership that vest partially based on the realization of cost savings in connection with cost synergy commitments, as well as DowDuPont’s ability to complete the Intended Business Separations. Performance and payouts are determined independently for each metric. The actual award, delivered in DowDuPont Common Stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant date fair value of the PSUs granted in November 2017 of $71.16 was based upon the market price of the underlying common stock as of the grant date. There were no PSUs granted in the years ended December 31, 2019 and December 31, 2018. Nonvested awards of RSUs and PSUs are shown below. Historical EID RSUs and PSUs 2019 Shares in thousands Shares Grant Date Fair Value 1 Nonvested at January 1, 2019 3,147 $ 68.18 Granted 1,180 $ 70.69 Vested (1,175 ) $ 70.30 Forfeited (1,452 ) $ 68.24 Nonvested at December 31, 2019 1,700 $ 74.14 1. Weighted-average per share. The weighted average grant-date fair value of stock units granted during 2019, 2018 and 2017 was $70.69 , $70.37 and $70.02 , respectively. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at December 31, 2019 and December 31, 2018 : Fair Value of Financial Instruments December 31, 2019 December 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 417 $ — $ — $ 417 $ 8,226 $ — $ — $ 8,226 Restricted cash equivalents 1 $ 37 $ — $ — $ 37 $ 43 $ — $ — $ 43 Marketable securities $ — $ — $ — $ — $ 29 $ — $ — $ 29 Equity securities 2 $ 1 $ — $ — $ 1 $ 2 $ — $ — $ 2 Total cash equivalents and restricted cash, marketable securities and other investments $ 455 $ — $ — $ 455 $ 8,300 $ — $ — $ 8,300 Long-term debt including debt due within one year $ (15,618 ) $ — $ (1,633 ) $ (17,251 ) $ (12,635 ) $ 5 $ (461 ) $ (13,091 ) Derivatives relating to: Foreign currency 3 — 6 (7 ) (1 ) — 37 (6 ) 31 Total derivatives $ — $ 6 $ (7 ) $ (1 ) $ — $ 37 $ (6 ) $ 31 1. Classified as "Other current assets" in the Consolidated Balance Sheets. See Note 7 for more information on Restricted Cash. 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. At December 31, 2019, the Company had $417 million ( $8,226 million at December 31, 2018) of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents, as these securities had maturities of three months or less at the time of purchase. At December 31, 2018, the Company had $29 million of held-to-maturity securities (primarily time deposits) classified as marketable securities as these securities had maturities of more than three months to less than 1 year at the time of purchase. The Company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. These securities are included in "Cash and cash equivalents," "Marketable securities," and "Other current assets" in the Consolidated Balance Sheets. 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 December 31, 2019 December 31, 2018 In millions Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ 26 $ 2,057 Commodity contracts $ 11 $ 9 1. Presented net of contracts bought and sold. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The Company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The Company 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 Consolidated Balance Sheets. The presentation of the Company's derivative assets and liabilities is as follows: Fair Value of Derivative Instruments at December 31, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 16 (10 ) 6 Total asset derivatives $ 16 $ (10 ) $ 6 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 17 $ (10 ) $ 7 Total liability derivatives $ 17 $ (10 ) $ 7 Fair Value of Derivative Instruments at 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. The Company held cash collateral of $20 million as of December 31, 2018. Effect of Derivative Instruments Foreign currency derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency-denominated assets and liabilities. The amount charged on a pretax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) - net” in the Consolidated Statements of Operations, was a loss of $62 million for the year ended December 31, 2019 ( $94 million gain for the year ended December 31, 2018 and $91 million gain for the year ended December 31, 2017). 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2019 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 454 Derivatives relating to: 2 Foreign currency contracts 16 Total assets at fair value $ 470 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 17,251 Derivatives relating to: 3 Foreign currency contracts 17 Total liabilities at fair value $ 17,268 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 22 for the classification of derivatives in the Consolidated Balance Sheets. 3. See Note 22 for information on fair value measurements of long-term debt. Basis of Fair Value Measurements on a Recurring Basis at December 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 Derivatives relating to: 3 Foreign currency contracts 72 Total assets at fair value $ 8,370 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 13,091 Derivatives relating to: 3 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 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. See Note 22 for the classification of derivatives in the Consolidated Balance Sheets 4. See Note 22 for information on fair value measurements of long-term debt. The Company has equity securities of $1 million and $2 million as of December 31, 2019 and December 31, 2018, respectively, classified as level 1 measurements. The Company’s investments in equity securities are included in “Other investments” in the Consolidated Balance Sheets. For assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For assets and liabilities classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability, or by using observable market data points of similar, more liquid securities to imply the price. For time deposits classified as held-to-maturity investments and reported at amortized cost, fair value is based on an observable interest rate for similar securities. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks. For all other assets and liabilities for which observable inputs are used, fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models. There were no transfers between Levels 1 and 2 during the year ended December 31, 2019 and December 31, 2018. Fair Value Measurements on a Nonrecurring Basis The following table summarizes the basis used to measure certain assets at fair value on a nonrecurring basis: Basis of Fair Value Measurements on a Nonrecurring Basis Significant Other Unobservable Inputs (Level 3) Total Losses In millions 2019 Assets at fair value: Long-lived assets, intangible assets, and equity method investments $ 3 $ (63 ) 2018 Assets at fair value: Long-lived assets and other assets $ — $ (32 ) 2017 Assets at fair value: Long-lived assets, intangible assets, and other assets $ — $ (177 ) 2019 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 14 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 during the second quarter of 2019. The impairment charge of $63 million was recorded in "Restructuring and asset related charges - net" in the Consolidated Statements of Operations. See Note 6 for further discussion of these fair value measurements. 2018 & 2017 Fair Value Measurements on a Nonrecurring Basis The Company has or will shut down a number of manufacturing, R&D, other non-manufacturing facilities and corporate facilities around the world as part of its restructuring programs. Certain inventory, corporate facilities and manufacturing facilities and related assets, were written down to zero. The related charges totaled $32 million and $177 million for the year ended December 31, 2018 and 2017, respectively, and were included in "Restructuring and asset related charges - net" in the Consolidated Statements of Operations. See Note 6 for additional information on the Company's restructuring activities. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHIC REGIONS | SEGMENTS AND GEOGRAPHIC REGIONS The new segments are aligned with the market verticals they serve, while maintaining integration and innovation strengths within strategic value chains. DuPont is comprised of five operating segments: Electronics & Imaging; Nutrition & Biosciences; Safety & Construction; Transportation & Industrial; and Non-Core. Corporate contains the reconciliation between the totals for the reportable segments and the Company’s totals. The above reflects the following changes: 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. Effective October 1, 2019, Electronics & Imaging realigned its product lines as Image Solutions, Interconnect Solutions and Semiconductor Technologies. These reporting changes have been retrospectively reflected in the segment results for all periods presented. Major products by segment include: Electronics & Imaging (printing and packaging materials, photopolymers and electronic materials); Nutrition & Biosciences (probiotics, cultures, emulsifiers, texturants, natural sweeteners and soy-based food ingredients, enzymes, bio-based materials, cellulosics and process technologies); Transportation & Industrial (engineering resins, adhesives, silicones, lubricants and parts); Safety and Construction (nonwovens, aramids, construction materials, water filtration and purification resins, elements and membranes) and Non-Core (specialty biotechnology materials, alkylation technology, sulfuric acid technology, hydroprocessing technology, polyester films, metallization pastes, polyvinyl fluoromaterials, silicone encapsulants and adhesives, polycrystalline silicon, and sustainable materials and services.) The Company operates globally in substantially all of its product lines. Transfers of products between operating segments are generally valued at cost. 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. 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 Merger, the Distributions, and the Term Loan Facilities, the 2018 Senior Notes and the Funding CP Issuance (together, the "Financings"), including the use of proceeds from such Financings (collectively the "Transactions"). The historical consolidated financial information has been adjusted to give effect to pro forma events that are (1) directly attributable to the Transactions, (2) factually supportable and (3) with respect to the statements of operations, expected to have a continuing impact on the results. Events that are not expected to have a continuing impact on the combined results are excluded from the pro forma adjustments. Those pro forma adjustments include the impact of various supply agreements entered into in connection with the Dow Distribution ("supply agreements") and are adjustments to "Cost of sales". 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. Sales are attributed to geographic regions based on customer location; long-lived assets are attributed to geographic regions based on asset location. Net Trade Revenue by Geographic Region - As Reported 2019 2018 2017 In millions United States $ 6,688 $ 6,764 $ 3,485 Canada 434 465 245 EMEA 1 5,027 5,610 2,654 Asia Pacific 2 8,113 8,458 4,728 Latin America 1,250 1,297 560 Total $ 21,512 $ 22,594 $ 11,672 1. Europe, Middle East and Africa. 2. Net sales attributed to China for the years ended December 31, 2019, 2018 and 2017 were $3,297 million , $3,338 million and $1,697 million , respectively. Net Trade Revenue by Geographic Region - Pro Forma 2017 In millions United States $ 6,392 Canada 416 EMEA 1 5,061 Asia Pacific 2 7,913 Latin America 1,218 Total $ 21,000 1. Europe, Middle East and Africa. 2. Pro forma net sales attributed to China for the year ended December 31, 2017 was $3,092 million . Long-lived Assets by Geographic Region December 31, In millions 2019 2018 2017 United States $ 5,583 $ 5,506 $ 5,608 Canada 69 56 64 EMEA 1 2,809 2,715 2,786 Asia Pacific 1,525 1,494 1,431 Latin America 157 146 140 Total $ 10,143 $ 9,917 $ 10,029 1. Europe, Middle East and Africa. Segment Information Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corporate Total In millions For the Year Ended December 31, 2019 Net sales $ 3,554 $ 6,076 $ 4,950 $ 5,201 $ 1,731 $ — $ 21,512 Pro forma operating EBITDA 1 1,147 1,427 1,313 1,419 491 (157 ) 5,640 Equity in earnings (losses) of nonconsolidated affiliates 2 24 (1 ) 4 27 258 — 312 Restructuring and asset related charges - net 3 47 122 19 32 — 94 314 Depreciation and amortization 339 675 423 503 127 (1 ) 2,066 Assets of continuing operations 12,042 21,553 14,336 15,060 3,738 2,667 69,396 Investment in nonconsolidated affiliates 510 34 75 326 259 — 1,204 Capital expenditures 298 445 284 408 57 — 1,492 For the Year Ended December 31, 2018 Net sales $ 3,635 $ 6,216 $ 5,422 $ 5,294 $ 2,027 $ — $ 22,594 Pro forma operating EBITDA 1 1,210 1,445 1,518 1,283 677 (228 ) 5,905 Equity in earnings (losses) of nonconsolidated affiliates 23 (1 ) 1 24 400 — 447 Restructuring asset related charges - net 3 2 29 2 24 (12 ) 102 147 Depreciation and amortization 390 643 456 549 124 8 2,170 Assets of continuing operations 12,212 22,716 14,363 14,749 4,366 9,174 77,580 Investment in nonconsolidated affiliates 519 103 75 328 720 — 1,745 Capital expenditures 230 404 199 342 69 — 1,244 For the Year Ended December 31, 2017 Net sales $ 2,713 $ 2,580 $ 2,463 $ 2,958 $ 958 $ — $ 11,672 Pro forma net sales 3,592 5,389 4,958 5,003 2,058 — 21,000 Pro forma operating EBITDA 1 1,190 1,162 1,235 1,178 661 (257 ) 5,169 Equity in earnings (losses) of nonconsolidated affiliates 2 7 1 1 356 — 367 Pro forma equity in earnings (losses) of nonconsolidated affiliates 20 (2 ) 5 18 369 — 410 Restructuring and asset related charges - net 3 124 2 6 53 31 72 288 Depreciation and amortization 283 239 204 267 67 — 1,060 Pro forma depreciation and amortization 394 562 456 562 132 25 2,131 Assets of continuing operations 12,277 23,659 14,431 14,839 4,660 5,755 75,621 Investment in nonconsolidated affiliates 530 100 75 351 840 — 1,896 Capital expenditures 101 156 78 184 32 — 551 1. A reconciliation of "Income (loss) from continuing operations, net of tax" to pro forma Operating EBITDA, is provided in the table on the following page. 2. Represents equity in earnings (losses) of nonconsolidated affiliates included in pro forma Operating EBITDA, the Company's measure of profit/loss for segment reporting purposes, which excludes significant items. Accordingly, the Non-Core segment presented above excludes a net charge of $224 million related to a joint venture and a restructuring charge of $4 million which are presented in "Equity in earnings of nonconsolidated affiliates" in the Company's Consolidated Statement of Operations. 3. See Note 6 for information regarding the Company's restructuring programs and asset related charges. Segment Information Reconciliation to Consolidated Financial Statements Segment Totals Corteva Distribution Dow Distribution Total In millions For the Year Ended December 31, 2019 Capital expenditures $ 1,492 $ 383 $ 597 $ 2,472 Depreciation and amortization 2,066 385 744 3,195 For the Year Ended December 31, 2018 Capital expenditures $ 1,244 $ 531 $ 2,062 $ 3,837 Depreciation and amortization 2,170 913 2,835 5,918 For the Year Ended December 31, 2017 Capital expenditures $ 551 $ 269 $ 2,750 $ 3,570 Depreciation and amortization 1,060 420 2,489 3,969 Total Asset Reconciliation at December 31, 2019 2018 2017 In millions Assets of continuing operations $ 69,396 $ 77,580 $ 75,621 Assets of discontinued operations — 110,275 116,286 Total assets $ 69,396 $ 187,855 $ 191,907 Reconciliation of "(Loss) Income from continuing operations, net of tax" to Pro Forma Operating EBITDA 2019 2018 2017 In millions (Loss) Income from continuing operations, net of tax $ (614 ) $ 405 $ 233 + Provision for income taxes on continuing operations 140 195 (1,758 ) (Loss) Income from continuing operations before income taxes $ (474 ) $ 600 $ (1,525 ) + Pro forma adjustments 1 122 (210 ) (320 ) + Depreciation and amortization 2,066 2,170 2,131 - Interest income 2 55 39 22 + Interest expense 3 697 684 684 - Non-operating pension/OPEB benefit 2 74 96 57 - Foreign exchange gains (losses), net 2, 4 (110 ) (43 ) (493 ) + Costs historically allocated to the materials science and agriculture businesses 5 256 1,044 1,192 - Adjusted significant items (2,992 ) (1,709 ) (2,593 ) Pro Forma Operating EBITDA $ 5,640 $ 5,905 $ 5,169 1. Reflects the net pro forma impact of items directly attributable to the Transactions, as applicable. Reconciling items between "(Loss) Income from continuing operations before income taxes" and pro forma operating EBTIDA for the year ended December 31, 2017 are presented on a pro forma basis giving effect to the Merger. 2. Included in "Sundry income (expense) - net." 3. Presented on a pro forma basis giving effect to the Financings. 4. 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 for the year ended December 31, 2018 . 5. 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. The adjusted significant items for the years ended December 31, 2019, 2018 and 2017 are presented on a pro forma basis. The following tables summarize the pretax impact of adjusted significant items by segment that are excluded from pro forma Operating EBITDA above: Adjusted Significant Items by Segment for the Year Ended December 31, 2019 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (1,169 ) $ (1,169 ) Restructuring and asset related charges - net 2 (47 ) (122 ) (19 ) (32 ) (4 ) (94 ) (318 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Net charge related to a joint venture 4 — — — — (208 ) — (208 ) Income tax related items 5 — — — (48 ) — (74 ) (122 ) Total $ (47 ) $ (1,055 ) $ (19 ) $ (80 ) $ (454 ) $ (1,337 ) $ (2,992 ) 1. Integration and separation costs related to the Merger, post-Merger integration, the Distributions and, beginning in the fourth quarter of 2019, the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 6 for additional information. 3. See Note 14 for additional information. 4. Reflects the Company’s share of net charges related to its investment in the HSC Group, consisting of $456 million in asset impairment charges, primarily fixed assets, partially offset by benefits associated with certain customer contract settlements of $248 million deemed non-recurring in nature. 5. Includes a $48 million charge which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement and a $74 million charge related to tax indemnifications, primarily associated with an adjustment to a one-time transition tax liability required by the Tax Cuts and Jobs Act of 2017, which were recorded in accordance with the Amended and Restated Tax Matters Agreement. Both charges were recorded in "Sundry income (expense) - net" in the Consolidated Statements of Operations. Adjusted Significant Items by Segment for the Year Ended December 31, 2018 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Merger-related inventory step-up amortization 1 $ — $ (68 ) $ — $ (9 ) $ — $ — $ (77 ) Net (gain) loss on divestitures and changes in joint venture ownership 2 — — — (14 ) (27 ) — (41 ) Integration and separation costs 3 — — — — — (1,394 ) (1,394 ) Restructuring and asset related charges - net 4 (2 ) (29 ) (2 ) (24 ) 12 (102 ) (147 ) Income tax related item 5 — — — — — (50 ) (50 ) Total $ (2 ) $ (97 ) $ (2 ) $ (47 ) $ (15 ) $ (1,546 ) $ (1,709 ) 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 the Distributions. 4. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 6 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. Adjusted Significant Items by Segment for the Year Ended December 31, 2017 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Merger-related inventory step-up amortization 1 $ (105 ) $ (386 ) $ (335 ) $ (407 ) $ (122 ) $ — $ (1,355 ) Net gain on divestitures and changes in joint venture ownership 2 — 162 — — — — 162 Integration and separation costs 3 — — — — — (810 ) (810 ) Restructuring and asset related charges - net 4 (129 ) (7 ) (5 ) (318 ) (31 ) (100 ) (590 ) Total $ (234 ) $ (231 ) $ (340 ) $ (725 ) $ (153 ) $ (910 ) $ (2,593 ) 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 the Distributions. 4. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 6 for additional information. |
QUARTERLY FINANCIAL DATA (Notes
QUARTERLY FINANCIAL DATA (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Selected Quarterly Financial Data 2019 In millions, except per share amounts (Unaudited) First 1 Second Third Fourth Year Net sales $ 5,414 $ 5,468 $ 5,426 $ 5,204 $ 21,512 Cost of sales $ 3,621 $ 3,496 $ 3,531 $ 3,408 $ 14,056 Restructuring and asset related charges - net 2 $ 71 $ 137 $ 82 $ 24 $ 314 Goodwill impairment charges $ — $ 1,175 $ — $ — $ 1,175 Integration and separation costs $ 611 $ 347 $ 191 $ 193 $ 1,342 (Loss) Income from continuing operations, net of tax 3 $ (74 ) $ (1,103 ) $ 372 $ 191 $ (614 ) Income (Loss) from discontinued operations, net of tax $ 646 $ 566 $ 5 $ (3 ) $ 1,214 Net income (loss) $ 572 $ (537 ) $ 377 $ 188 $ 600 Net income (loss) available for DuPont common shareholders $ 521 $ (571 ) $ 372 $ 176 $ 498 (Loss) Earnings per common share from continuing operations - basic 4 $ (0.11 ) $ (1.48 ) $ 0.49 $ 0.24 $ (0.86 ) Earnings per common share from discontinued operations - basic 4 $ 0.80 $ 0.72 $ 0.01 $ — $ 1.53 (Loss) Earnings per common share from continuing operations - diluted 4 $ (0.11 ) $ (1.48 ) $ 0.49 $ 0.24 $ (0.86 ) Earnings per common share from discontinued operations - diluted 4 $ 0.80 $ 0.72 $ 0.01 $ — $ 1.53 Dividends declared per share of common stock $ 1.56 $ 0.30 $ — $ 0.30 $ 2.16 2018 1 In millions, except per share amounts (Unaudited) First Second Third Fourth Year Net sales $ 5,597 $ 5,857 $ 5,683 $ 5,457 $ 22,594 Cost of sales $ 3,805 $ 4,085 $ 3,770 $ 3,642 $ 15,302 Restructuring and asset related charges - net 2 $ 53 $ 46 $ 11 $ 37 $ 147 Integration and separation costs $ 365 $ 428 $ 519 $ 575 $ 1,887 (Loss) Income from continuing operations, net of tax 5 $ (73 ) $ 31 $ 131 $ 316 $ 405 Income from discontinued operations, net of tax $ 1,210 $ 1,773 $ 408 $ 204 $ 3,595 Net income $ 1,137 $ 1,804 $ 539 $ 520 $ 4,000 Net income available for DuPont common shareholders $ 1,093 $ 1,769 $ 501 $ 482 $ 3,845 (Loss) Earnings per common share from continuing operations - basic 4 $ (0.12 ) $ 0.03 $ 0.15 $ 0.40 $ 0.46 Earnings per common share from discontinued operations - basic 4 $ 1.53 $ 2.26 $ 0.50 $ 0.24 $ 4.54 (Loss) Earnings per common share from continuing operations - diluted 4, 6 $ (0.12 ) $ 0.03 $ 0.15 $ 0.39 $ 0.45 Earnings per common share from discontinued operations - diluted 4, 6 $ 1.53 $ 2.24 $ 0.50 $ 0.23 $ 4.51 Dividends declared per share of common stock $ 1.14 $ 2.28 $ — $ 1.14 $ 4.56 1. Amounts differ from those disclosed in our Quarterly Report on form 10-Q for the quarter ended March 31, 2019 and in our Annual report on Form 10-K for the year ended December 31, 2018 due to the Distributions being reflected as discontinued operations. 2. See Note 6 for additional information. 3. See Notes 4, 6, 7, and 14 for information on additional items impacting "Income (loss) from continuing operations, net of tax." The fourth of 2019 included integration and separation costs, restructuring charges, an income tax item, and a net charge related to a joint venture. Third quarter of 2019 included integration and separation costs and restructuring charges. Second quarter of 2019 included integration and separation costs, restructuring charges, an income tax item, and goodwill impairment charges. First quarter of 2019 included integration and separation costs and restructuring charges. 4. Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters may not equal the earnings per share amount calculated for the year. 5. See Notes 3, 8 and 15 for information on additional items impacting "Income from continuing operations, net of tax." The fourth quarter of 2018 included Merger-related amortization of the fair value step-up of inventories, integration and separation costs, restructuring charges, a loss on a divestiture / change in joint venture ownership, and tax adjustments related to The Act. Third and second quarter of 2018 included integration and separation costs, restructuring charges, and loss on divestiture / change in joint venture ownership. First quarter of 2018 included Merger-related amortization of the fair value step-up of inventories, integration and separation costs, restructuring charges, and tax adjustments related to The Act. 6. "Earnings (loss) per common share from continuing operations - diluted" for the three month period ended March 31, 2018, March 31, 2019, June 30, 2019 and the year ended December 31, 2019 was calculated using "Weighted average common shares outstanding - basic" due to a net loss reported in the period. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | (In millions) for the years ended December 31, 2019 2018 2017 Accounts Receivable—Allowance for Doubtful Receivables Balance at beginning of period $ 10 $ 1 $ — Additions charged to expenses — 10 1 Deductions from reserves 1 (1 ) (1 ) — Balance at end of period $ 9 $ 10 $ 1 Inventory—Obsolescence Reserve Balance at beginning of period $ 43 $ 40 $ 12 Additions charged to expenses 45 44 40 Deductions from reserves 2 (47 ) (41 ) (12 ) Balance at end of period $ 41 $ 43 $ 40 Deferred Tax Assets—Valuation Allowance Balance at beginning of period $ 593 $ 741 $ 22 Merger impact — — 737 Additions charged to expenses 91 13 9 Deductions from reserves 3 (50 ) (161 ) (27 ) Balance at end of period $ 634 $ 593 $ 741 1. Deductions include write-offs, recoveries and currency translation adjustments. 2. Deductions include disposals and currency translation adjustments. 3. Deductions include currency translation adjustments. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements of DuPont de Nemours, Inc. ("DuPont” or “the Company”) were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The significant accounting policies described below, together with the other notes that follow, are an integral part of the Consolidated Financial Statements. 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 ("DWDP 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 DWDP Merger Agreement. For purposes of DowDuPont's financial statement presentation, Historical Dow was determined to be the accounting acquirer in the Merger and Historical EID's assets and liabilities are reflected at fair value as of the Merger Effectiveness Time. The financial statements of Historical Dow for periods prior to the Merger are considered to be the historical financial statements of the Company. 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. |
Consolidation, Policy | The Consolidated Financial Statements include the accounts of the Company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the Company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the Company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The Company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The Company is not the primary beneficiary, as the nature of the Company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the Company becomes the primary beneficiary. At December 31, 2019 and 2018, the maximum exposure to loss related to the nonconsolidated VIEs is not considered material to the Consolidated Financial Statements. |
Discontinued Operations | Distributions Effective as of 5:00 p.m. on April 1, 2019, the Company completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock (the “Dow Common Stock”), to holders of the Company’s common stock (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). Effective as of 12:01 a.m. on June 1, 2019, the Company completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock (the “Corteva Common Stock”), to holders of the Company’s common stock as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”). Following the Corteva Distribution, DuPont holds the specialty products business as continuing operations. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD". These Consolidated Financial Statements present the financial position of DuPont as of December 31, 2019 and 2018 and the results of operations of DuPont for the years ended December 31, 2019, 2018 and 2017 giving effect to the Distributions, with the historical financial results of Dow and Corteva reflected as discontinued operations. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, amounts or activity of Dow and Corteva are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. On December 15, 2019, the Company entered into definitive agreements to separate and combine the Nutrition & Biosciences business segment (the "N&B Business") with International Flavors & Fragrances Inc. ("IFF") in a tax-efficient Reverse Morris Trust transaction, (the "Proposed N&B Transaction"). The transaction is expected to close by the end of the first quarter of 2021, subject to approval by IFF shareholders and other customary closing conditions, including regulatory approvals and receipt by DuPont of an opinion of tax counsel. The financial results of the N&B Business are included in continuing operations for the periods presented. |
Use of Estimates | Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The Company’s Consolidated Financial Statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. |
Reverse Stock Split | 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 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 Consolidated Balance Sheets for all periods presented. |
Lessee, Leases | Leases The Company adopted the Accounting Standards Update ("ASU") 2016-02, "Leases (Topic 842)" in the first quarter of 2019. The Company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the Company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in "Deferred charges and other assets" on the Consolidated Balance Sheets. Operating lease liabilities are included in "Accrued and other current liabilities" and "Other noncurrent obligations" on the Consolidated Balance Sheets. Finance lease ROU assets are included in "Property, 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 Consolidated Balance Sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide the lessor's implicit rate, the Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and lease expense is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. Additionally, for certain equipment leases, the portfolio approach is applied to account for the operating lease ROU assets and lease liabilities. In the Consolidated Statements of 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 17 for additional information regarding the Company's leases. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. |
Restricted Cash | Restricted Cash Restricted cash represents trust assets of $37 million and $43 million as of December 31, 2019 and 2018, respectively, and is included within "Other current assets" on the Consolidated Balance Sheets. See Note 7 for further information. |
Marketable Securities | Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. |
Fair Value Measurements | Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. |
Foreign Currency Transactions and Translations | Foreign Currency Translation The Company's worldwide operations utilize the U.S. dollar ("USD") or local currency as the functional currency, where applicable. The Company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent or foreign subsidiaries operating in a hyper-inflationary environment (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive loss in equity. Assets and liabilities denominated in other than the local currency are re-measured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. The Company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. |
Inventories | Inventories The Company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. Prior to the Corteva Distribution, the Company recorded inventory under the last-in, first-out ("LIFO"), first-in, first-out ("FIFO") and average cost methods. During the second quarter of 2019, 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 11 for more information regarding the change in inventory accounting method. Approximately 17 percent and 83 percent of the Company's inventories were accounted for under the FIFO and the average cost methods, respectively, at both December 31, 2019 and December 31, 2018. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as certain food-ingredients and enzymes. The Company establishes allowances for obsolescence of inventory based upon quality considerations and assumptions about future demand and market conditions. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. In connection with the Merger, the fair value of property, plant and equipment was determined using a market approach and a replacement cost approach. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually during the fourth quarter, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. When testing goodwill for impairment, the Company has the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company chooses not to complete a qualitative assessment for a given reporting unit or if the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is required. The Company determines fair values for each of the reporting units using a combination of the income approach and/or market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. Under the market approach, the Company selected peer sets based on close competitors and reviewed the EBIT/EBITDA multiples to determine the fair value. See Note 14 for further information on goodwill. Indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The Company's fair value methodology is primarily based on discounted cash flow techniques. Definite-lived intangible assets are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from 1 to 26 years. The Company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. |
Impairment and Disposals of Long-Lived Assets | Impairment and Disposals of Long-Lived Assets The Company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The Company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value. Depreciation is recognized over the remaining useful life of the assets. |
Derivative Instruments | Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The Company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the gain or loss is reported in "Accumulated other comprehensive loss" ("AOCL") until it is cleared to earnings during the same period in which the hedged item affects earnings. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, the net gain or loss in AOCL generally remains in AOCL until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. |
Environmental Matters | 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. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in "Accrued and other current liabilities" and "Other noncurrent obligations" at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the Consolidated Balance Sheets as "Accounts and notes receivable - net." Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the Company determines are within the scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), the Company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 5 for additional information on revenue recognition. |
Cost of Sales | Cost of Sales Cost of sales primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects and other operational expenses. No amortization of intangibles is included within costs of sales. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products and regulatory approval of new and existing products. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. |
Integration and Separation Costs | Integration and Separation Costs Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses, the Distributions, and beginning in the fourth quarter of 2019, the intended separation of the Nutrition & Biosciences business. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. |
Litigation | Litigation Accruals for legal matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period incurred. |
Severance Costs | Severance Costs Severance benefits are provided to employees under the Company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date. The Company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The Company accrues for other tax contingencies when it is probable that a liability to a taxing authority has been incurred and the amount of the contingency can be reasonably estimated. The current portion of uncertain income tax positions is included in income taxes payable and the long-term portion is included in other noncurrent obligations in the Consolidated Balance Sheets. |
RECENT ACCOUNTING GUIDANCE (Pol
RECENT ACCOUNTING GUIDANCE (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Recent Accounting Guidance [Abstract] | |
New Accounting Pronouncements, Policy | 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 Consolidated Statement of Operations and had no impact on the Consolidated Statement of Cash Flows. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20), Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. This amendment modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing and adding certain disclosures for these plans. The eliminated disclosures include the amounts in "Accumulated Other Comprehensive Income" expected to be recognized in net periodic benefit costs over the next fiscal year and the effects of a one-percentage-point change in assumed health care cost trend rates on the net periodic benefit costs and the benefit obligation for postretirement health care benefits. New disclosures include the interest crediting rates for cash balance plans, and an explanation of significant gains and losses related to changes in benefit obligations. The new standard is effective for fiscal years beginning after December 15, 2020, and must be applied retrospectively for all periods presented. Early adoption is permitted. The Company early adopted the new guidance in the fourth quarter of 2019, and adoption did not have a material impact on the Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted at December 31, 2019 In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and associated ASUs related to Topic 326. The new guidance introduces the current expected credit loss (“CECL”) model, which requires organizations to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption is permitted. The Company has a cross-functional team in place to evaluate and implement the new guidance and the Company has substantially completed the implementation of the standard to be in compliance with accounting and reporting requirements. The team continues to review existing financial instruments and update business processes and controls related to the new guidance for credit losses. Collectively, these activities are expected to facilitate the Company's ability to meet the new accounting and disclosure requirements upon adoption in the first quarter of 2020. The ASU requires a modified retrospective transition approach, applying the new standards cumulative-effect adjustment as of the beginning of the first reporting period in which the guidance is effective. Therefore, this cumulative-effect will be reflected as of January 1, 2020 and prior periods will not be restated. The Company is finalizing the evaluation of the January 1, 2020 impact and estimates that the impact to the Company’s Consolidated Balance Sheet will not be material. The impact to the Company's Consolidated Statements of Operations and Consolidated Statement of Cash Flows is expected not to be material. |
RECENT ACCOUNTING GUIDANCE (Tab
RECENT ACCOUNTING GUIDANCE (Tables) | 12 Months Ended |
Dec. 31, 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. |
BUSINESS COMBINATION (Tables)
BUSINESS COMBINATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | DuPont Pro Forma Results of Operations 2017 In millions (except share amounts) Net sales $ 21,000 Income from continuing operations, net of tax $ 1,772 Earnings per common share from continuing operations - basic $ 2.23 Earnings per common share from continuing operations - diluted $ 2.21 Historical EID Results of Continuing Operations September 1 - In millions December 31, 2017 Net sales $ 4,911 Loss from continuing operations before income taxes $ 1,155 |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Integration and Separation Costs [Table Text Block] | (In millions) For the years ended December 31, 2019 2018 2017 Integration and separation costs $ 1,342 $ 1,887 $ 1,007 |
Materials Science Division [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The results of operations of the Materials Science Division are presented as discontinued operations as summarized below: In millions 2019 2018 2017 Net sales $ 10,867 $ 49,224 $ 43,449 Cost of sales 8,917 40,187 35,434 Research and development expenses 163 670 669 Selling, general and administrative expenses 329 1,304 1,322 Amortization of intangibles 116 469 400 Restructuring and asset related charges - net 157 219 1,249 Goodwill impairment charges — — 1,491 Integration and separation costs 44 135 31 Equity in earnings of nonconsolidated affiliates (13 ) 554 394 Sundry income (expense) - net 48 242 28 Interest expense 240 1,062 915 Income from discontinued operations before income taxes 936 5,974 2,360 Provision for income taxes on discontinued operations 207 1,490 1,250 Income from discontinued operations, net of tax 729 4,484 1,110 Income from discontinued operations attributable to noncontrolling interests, net of tax 37 102 101 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 692 $ 4,382 $ 1,009 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: December 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 following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division: In millions 2019 2018 2017 Depreciation and amortization $ 744 $ 2,835 $ 2,489 Capital expenditures $ 597 $ 2,062 $ 2,750 |
Agriculture Division [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The results of operations of the Agriculture Division are presented as discontinued operations as summarized below: In millions 2019 2018 2017 Net sales $ 7,144 $ 14,159 $ 7,363 Cost of sales 4,218 9,838 5,199 Research and development expenses 470 1,320 815 Selling, general and administrative expenses 1,294 2,377 1,127 Amortization of intangibles 176 390 108 Restructuring and asset related charges - net 117 739 252 Integration and separation costs 430 441 63 Equity in earnings of nonconsolidated affiliates (4 ) — 3 Sundry income (expense) - net 40 258 323 Interest expense 91 387 167 Income from discontinued operations before income taxes 384 (1,075 ) (42 ) Provision for income taxes on discontinued operations 62 (191 ) (67 ) Income from discontinued operations, net of tax $ 322 $ (884 ) $ 25 Income from discontinued operations attributable to noncontrolling interests, net of tax 35 14 15 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 287 $ (898 ) $ 10 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: December 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 1 (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 1. Amounts include a deferred tax jurisdictional netting adjustment of $975 million which was required to properly reflect the impact of the dispositions on the continuing operations balance sheet. The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division: In millions 2019 2018 2017 Depreciation and amortization $ 385 $ 913 $ 420 Capital expenditures $ 383 $ 531 $ 269 |
Historical EID Crop Protection and R&D [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Results of Operations of Historical EID's Divested Ag Business Period Ended In millions September 1 - December 31, 2017 1 Net sales $ 199 Cost of sales 194 Research and development expenses 30 Selling, general and administrative expenses 2 102 Restructuring and asset related charges - net (1 ) Sundry income (expense) - net (1 ) Income (loss) from discontinued operations before income taxes $ (127 ) Benefit from income taxes on discontinued operations (50 ) Income (loss) from discontinued operations, net of tax $ (77 ) 1. The Divested Ag Business was disposed of on November 1, 2017. 2. Includes $44 million of transaction costs associated with the disposal of the Divested Ag Business. |
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 2019 2018 In millions Image Solutions $ 622 $ 629 Interconnect Solutions 1,187 1,174 Semiconductor Technologies 1,745 1,832 Electronics & Imaging $ 3,554 $ 3,635 Food & Beverage $ 2,945 $ 2,987 Health & Biosciences 2,317 2,405 Pharma Solutions 814 824 Nutrition & Biosciences $ 6,076 $ 6,216 Healthcare & Specialty $ 1,492 $ 1,581 Industrial & Consumer 1,138 1,309 Mobility Solutions 2,320 2,532 Transportation & Industrial $ 4,950 $ 5,422 Safety Solutions $ 2,549 $ 2,483 Shelter Solutions 1,535 1,796 Water Solutions 1,117 1,015 Safety & Construction $ 5,201 $ 5,294 Biomaterials $ 211 $ 284 Clean Technologies 278 301 DuPont Teijin Films 172 198 Photovoltaic & Advanced Materials 962 1,085 Sustainable Solutions 1 108 159 Non-Core $ 1,731 $ 2,027 Total $ 21,512 $ 22,594 1. The Sustainable Solutions business was divested in third quarter of 2019. Refer to Note 4 for additional information. |
Contract with Customer, Asset and Liability [Table Text Block] | Contract Balances December 31, 2019 December 31, 2018 In millions Accounts and notes receivable - trade 1 $ 3,007 $ 2,960 Contract assets - current 2 $ 35 $ 48 Deferred revenue - current 3 $ 69 $ 71 Deferred revenue - noncurrent 4 $ 34 $ 7 1. Included in "Accounts and notes receivable - net" in the Consolidated Balance Sheets. 2. Included in "Other current assets" in the Consolidated Balance Sheets. 3. Included in "Accrued and other current liabilities" in the Consolidated Balance Sheets. 4. Included in "Other noncurrent obligations" in the Consolidated Balance Sheets. |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
2019 Restructuring Program [Domain] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | 2019 Restructuring Program Charges by Segment For the Year Ended December 31, 2019 In millions Electronics & Imaging $ 47 Nutrition & Biosciences 20 Transportation & Industrial 19 Safety & Construction 25 Non-Core 4 Corporate 23 Total $ 138 In millions For the Year Ended Severance and related benefit costs $ 104 Asset related charges 34 Total restructuring and asset related charges - net $ 138 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the activities related to the 2019 Restructuring Program. 2019 Restructuring Program Severance and Related Benefit Costs Asset Related Charges Total In millions Reserve balance at December 31, 2018 $ — $ — $ — 2019 restructuring charges 104 34 138 Charges against the reserve — (34 ) (34 ) Cash payments (18 ) — (18 ) Reserve balance at December 31, 2019 $ 86 $ — $ 86 |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Charges | DowDuPont Cost Synergy Program Charges by Segment 2019 2018 2017 In millions Electronics & Imaging $ — $ 2 $ 85 Nutrition & Biosciences 39 29 2 Transportation & Industrial — 2 6 Safety & Construction 7 24 21 Non-Core — (8 ) 31 Corporate 1 71 102 72 Total $ 117 $ 151 $ 217 1. Severance and related benefit costs were recorded at Corporate. In millions 2019 2018 2017 Severance and related benefit costs $ 46 $ 97 $ 72 Contract termination charges 17 12 32 Asset related charges 54 42 113 Total restructuring and asset related charges - net 1 $ 117 $ 151 $ 217 |
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 December 31, 2018 $ 126 $ 16 $ — $ 142 2019 restructuring charges 46 17 54 117 Charges against the reserve — — (54 ) (54 ) Cash payments (98 ) (31 ) — (129 ) Reserve balance at December 31, 2019 $ 74 $ 2 $ — $ 76 |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of sundry income (expense), net | Sundry Income (Expense) - Net In millions 2019 2018 2017 Non-operating pension and other post employment benefit (credits) $ 74 $ 96 $ 35 Interest income 55 39 6 Net gain (loss) on sales of other assets and investments 1 157 8 65 Foreign exchange (losses) gains, net 2 (110 ) (93 ) (54 ) Net loss on divestiture and changes in joint venture ownership — (41 ) — Miscellaneous income (expenses) - net 3 (23 ) 83 14 Sundry income (expense) - net $ 153 $ 92 $ 66 1. The year ended December 31, 2019 includes income of $92 million , related to a sale of assets within the Electronics & Imaging segment and as well as a gain of $28 million related to the sale of the Sustainable Solutions business unit within the Non-Core segment. 2. Includes a $50 million foreign exchange loss for the year ended December 31, 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 year ended December 31, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement and a $74 million charge related to tax indemnifications, primarily associated with an adjustment to a one-time transition tax liability required by the Tax Cuts and Jobs Act of 2017, which were recorded in accordance with the Amended and Restated Tax Matters Agreement. These charges were offset by various indemnification and lease income amounts. The miscellaneous income for the year ended 2018 primarily relates to legal settlements. |
INCOME TAXES Income Taxes (Tabl
INCOME TAXES Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes 2019 2018 2017 (In millions) Income (Loss) from continuing operations before income taxes Domestic $ (2,007 ) $ (985 ) $ (1,682 ) Foreign 1,533 1,585 157 (Loss) Income from continuing operations before income taxes $ (474 ) $ 600 $ (1,525 ) Current tax expense (benefit) Federal $ 22 $ 401 $ (379 ) State and local 5 9 (52 ) Foreign 591 452 146 Total current tax expense $ 618 $ 862 $ (285 ) Deferred tax (benefit) expense Federal $ (598 ) $ (560 ) $ (1,385 ) State and local 172 (53 ) 36 Foreign (52 ) (54 ) (124 ) Total deferred tax expense (benefit) $ (478 ) $ (667 ) $ (1,473 ) Provision for (benefit from) income taxes on continuing operations 140 195 (1,758 ) Net income (loss) from continuing operations $ (614 ) $ 405 $ 233 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation to U.S. Statutory Rate 2019 2018 2017 Statutory U.S. federal income tax rate 21.0 % 21.0 % 35.0 % Equity earning effect 1.3 (1.0 ) 0.2 Foreign income taxed at rates other than the statutory U.S. federal income tax rate 3.4 (5.2 ) 2.4 U.S. tax effect of foreign earnings and dividends (4.3 ) (3.4 ) (2.6 ) Unrecognized tax benefits (10.0 ) (0.8 ) — Acquisitions, divestitures and ownership restructuring activities 1, 2 30.3 6.2 16.6 Exchange gains/losses 3 (4.4 ) 0.9 (5.9 ) Impact of Enactment of U.S. Tax Reform 4 10.8 (0.5 ) 71.2 State and local income taxes (33.2 ) 4.1 2.5 Change in valuation allowance (6.8 ) 5.2 (0.6 ) Goodwill impairment (51.2 ) — — Excess tax benefits from stock-based compensation 0.1 (1.4 ) 0.2 Other - net 5 13.5 7.5 (3.7 ) Effective tax rate (29.5 )% 32.6 % 115.3 % 1. See Notes 3 and 4 for additional information. 2. Includes a net tax benefit of $102 million , a net tax charge of $25 million and a net tax benefit of $261 million related to internal entity restructuring for the years ended December 31, 2019, 2018 and 2017, respectively. 3. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the Company's foreign currency hedging program is included in Note 22 under the heading Foreign Currency Risk. 4. Includes a net tax benefit of $65 million relating to the Company's change in estimate with respect to the portion of the one time transition tax for the taxable year ending December 31, 2018 for Historical Dow. 5. Includes a net tax benefit of $41 million in the year ended December 31, 2019 related to certain tax benefits for positions taken on items from prior years. |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred Tax Balances at December 31, 2019 2018 (In millions) Deferred tax assets: Tax loss and credit carryforwards 1 $ 776 $ 678 Pension and postretirement benefit obligations 245 293 Other accruals and reserves 65 120 Other – net 169 20 Gross deferred tax assets $ 1,255 $ 1,111 Valuation allowances 1 (634 ) (593 ) Total deferred tax assets $ 621 $ 518 Deferred tax liabilities: Unrealized exchange gains (losses), net $ (1 ) $ (1 ) Inventory (9 ) (25 ) Investments (341 ) (457 ) Property (796 ) (792 ) Intangibles (2,752 ) (2,977 ) Total deferred tax liabilities $ (3,899 ) $ (4,252 ) Total net deferred tax liability $ (3,278 ) $ (3,734 ) 1. Primarily related to recorded tax benefits and the realization of tax loss and carryforwards from operations in the United States, Luxembourg and Asia Pacific. |
Summary of Operating Loss and Tax Credit Carryforwards [Table Text Block] | Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2019 2018 Operating loss carryforwards Expire within 5 years $ 43 $ 22 Expire after 5 years or indefinite expiration 602 624 Total operating loss carryforwards $ 645 $ 646 Tax credit carryforwards Expire within 5 years $ 8 $ 3 Expire after 5 years or indefinite expiration 123 29 Total tax credit carryforwards $ 131 $ 32 Total Operating Loss and Tax Credit Carryforwards $ 776 $ 678 |
Summary of Income Tax Examinations [Table Text Block] | Tax years that remain subject to examination for the Company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at December 31, 2019 Earliest Open Year Jurisdiction Brazil 2015 Canada 2015 China 2010 Denmark 2014 Germany 2010 Japan 2013 The Netherlands 2014 Switzerland 2015 United States: Federal income tax 1 2012 State and local income tax 2007 1. The U.S. Federal income tax jurisdiction is open back to 2012 with respect to Historical EID. |
EARNINGS PER SHARE CALCULATIO_2
EARNINGS PER SHARE CALCULATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the years ended December 31, 2019, 2018 and 2017: Net Income for Earnings Per Share Calculations - Basic & Diluted In millions 2019 2018 2017 (Loss) Income from continuing operations, net of tax $ (614 ) $ 405 $ 233 Net income from continuing operations attributable to noncontrolling interests 30 39 16 Net income from continuing operations attributable to participating securities 1 1 17 13 (Loss) Income from continuing operations attributable to common stockholders $ (645 ) $ 349 $ 204 Income from discontinued operations, net of tax 1,214 3,595 1,058 Net income from discontinued operations attributable to noncontrolling interests 72 116 116 Income from discontinued operations attributable to common stockholders 1,142 3,479 942 Net income attributable to common stockholders $ 497 $ 3,828 $ 1,146 Earnings Per Share Calculations - Basic Dollars per share 2019 2018 2017 (Loss) Income from continuing operations attributable to common stockholders $ (0.86 ) $ 0.46 $ 0.39 Income from discontinued operations attributable to common stockholders 1.53 4.54 1.79 Net income attributable to common stockholders 2 $ 0.67 $ 4.99 $ 2.18 Earnings Per Share Calculations - Diluted Dollars per share 2019 2018 2017 (Loss) Income from continuing operations attributable to common stockholders $ (0.86 ) $ 0.45 $ 0.38 Income from discontinued operations attributable to common stockholders 1.53 4.51 1.77 Net income attributable to common stockholders 2 $ 0.67 $ 4.96 $ 2.15 Share Count Information Shares in Millions 2019 2018 2017 Weighted-average common shares - basic 3 746.3 767.0 526.6 Plus dilutive effect of equity compensation plans 3 — 4.8 6.1 Weighted-average common shares - diluted 3 746.3 771.8 532.7 Stock options and restricted stock units excluded from EPS calculations 4 3.3 3.2 0.5 1. Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares. 2. Earnings per share amounts are computed independently for income from continuing operations, income from discontinued operations and net income attributable to common stockholders. As a result, the per share amounts from continuing operations and discontinued operations may not equal the total per share amounts for net income attributable to common stockholders. 3. As a result of the Merger, the share amounts for the year ended December 31, 2017 reflect a weighted averaging effect of Historical Dow shares outstanding prior to August 31, 2017 and DowDuPont shares outstanding on and after August 31, 2017. 4. 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_2
ACCOUNTS AND NOTES RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | In millions December 31, 2019 December 31, 2018 Accounts receivable – trade 1 $ 2,954 $ 2,891 Notes receivable – trade 53 69 Other 2 795 431 Total accounts and notes receivable - net $ 3,802 $ 3,391 1. Accounts receivable – trade is net of allowances of $9 million at December 31, 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) | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of Inventory, Current [Table Text Block] | Inventories December 31, 2019 December 31, 2018 In millions Finished goods $ 2,621 $ 2,495 Work in process 855 833 Raw materials 599 560 Supplies 244 219 Total inventories $ 4,319 $ 4,107 |
PriorPrior_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 Statement of Operations For the Year Ended December 31, 2017 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Cost of sales $ 9,158 $ 9,558 $ 400 Benefit from income taxes on continuing operations $ (1,659 ) $ (1,758 ) $ (99 ) Income from continuing operations, net of tax $ 534 $ 233 $ (301 ) |
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 For the Year Ended December 31, 2018 In millions As Computed under LIFO As Computed under Average Cost Effect of Change Cost of sales $ 15,308 $ 15,302 $ (6 ) Provision for income taxes on continuing operations $ 190 $ 195 $ 5 Income from continuing operations, net of tax $ 404 $ 405 $ 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 December 31, 2019 In millions As Computed under LIFO As Reported under Average Cost Effect of Change Inventories $ 4,702 $ 4,319 $ (383 ) Deferred income tax liabilities $ 3,604 $ 3,514 $ (90 ) Accumulated deficit $ (8,107 ) $ (8,400 ) $ (293 ) |
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 For the Year Ended December 31, 2019 In millions As Computed under LIFO As Reported under Average Cost Effect of Change Cost of sales $ 14,058 $ 14,056 $ (2 ) Provision for income taxes on continuing operations $ 139 $ 140 $ 1 Loss from continuing operations, net of tax $ (615 ) $ (614 ) $ 1 |
PROPERTY, PLANT & EQUIPMENT (Ta
PROPERTY, PLANT & EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Estimated Useful Lives (Years) December 31, 2019 December 31, 2018 In millions Land and land improvements 1 - 25 $ 798 $ 944 Buildings 1 - 40 2,775 2,581 Machinery, equipment, and other 1 - 25 9,887 9,133 Construction in progress 1,652 1,458 Total property, plant and equipment $ 15,112 $ 14,116 Total accumulated depreciation $ 4,969 $ 4,199 Total property, plant and equipment - net $ 10,143 $ 9,917 In millions 2019 2018 2017 Depreciation expense $ 1,016 $ 1,126 $ 555 |
NONCONSOLIDATED AFFILIATES (Tab
NONCONSOLIDATED AFFILIATES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Nonconsolidated Affiliates - Investments and Dividends [Table Text Block] | The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the Consolidated Balance Sheets, and dividends received from nonconsolidated affiliates are shown in the following tables: Investments in Nonconsolidated Affiliates at December 31, 2019 2018 In millions Investment in nonconsolidated affiliates $ 1,204 $ 1,745 Accrued and other current liabilities (85 ) (81 ) Other noncurrent obligations (358 ) (495 ) Net investment in nonconsolidated affiliates $ 761 $ 1,169 Dividends Received from Nonconsolidated Affiliates 2019 2018 2017 In millions Dividends from nonconsolidated affiliates $ 191 $ 318 $ 237 |
Schedule of nonconsolidated affiliates | The Company's investment in and equity earnings from the HSC Group are shown in the tables below: Investment in the HSC Group at December 31, Investment In millions Balance Sheet Classification 2019 2018 Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (358 ) $ (495 ) DC HSC Holdings LLC Investment in nonconsolidated affiliates $ 87 $ 535 Equity Earnings in the HSC Group 2019 2018 2017 In millions Equity in earnings $ 29 $ 389 $ 354 Country Ownership Interest 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 percent indirect ownership interest in Hemlock Semiconductor Operations LLC. Summarized financial information for the Company's other nonconsolidated equity method investments is presented below: Summarized Balance Sheet Information at December 31, 2019 2018 In millions Current assets $ 712 $ 743 Noncurrent assets 574 582 Total assets $ 1,286 $ 1,325 Current liabilities $ 586 $ 603 Noncurrent liabilities 54 56 Total liabilities $ 640 $ 659 Summarized Income Statement Information 2019 2018 2017 In millions Revenues $ 882 $ 1,285 $ 624 Costs of sales $ 680 $ 970 $ 473 Income from continuing operations before income taxes $ 110 $ 154 $ 73 Net income $ 93 $ 135 $ 64 The following is summarized financial information for the HSC Group: Summarized Balance Sheet Information at December 31, 2019 2018 In millions Current assets $ 1,011 $ 1,184 Noncurrent assets 420 1,424 Total assets $ 1,431 $ 2,608 Current liabilities $ 415 $ 543 Noncurrent liabilities 1,515 1,719 Total liabilities $ 1,930 $ 2,262 Noncontrolling interests $ 42 $ 259 Summarized Income Statement Information 2019 2018 2017 In millions Revenues 1 $ 779 $ 1,158 $ 1,716 Costs of sales 1 $ 512 $ 686 $ 1,247 (Loss) Income from continuing operations before income taxes 2 $ (116 ) $ 787 $ 771 Net income $ 51 $ 750 $ 744 1. Includes sales and cost of sales of $112 million , $206 million , and $312 million for 2019, 2018, and 2017, respectively, that have not been eliminated between Hemlock Semiconductor L.L.C and DC HSC Holdings in the presentation of the summarized income statement information above. 2. 2019 includes asset impairment charges of approximately $1,170 million , primarily related to fixed assets and inventory, offset partially by benefits associated with customer contract settlements of approximately $820 million recorded as other operating income/expense, net. 2018 and 2017 includes customer contract settlements of approximately $460 million and $430 million , respectively. |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of other finite intangible assets | December 31, 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 $ 4,343 $ (1,361 ) $ 2,982 $ 4,362 $ (1,010 ) $ 3,352 Trademarks/tradenames 1 2,433 (455 ) 1,978 1,245 (328 ) 917 Customer-related 8,986 (2,229 ) 6,757 9,029 (1,720 ) 7,309 Other 303 (98 ) 205 306 (114 ) 192 Total other intangible assets with finite lives $ 16,065 $ (4,143 ) $ 11,922 $ 14,942 $ (3,172 ) $ 11,770 Intangible assets with indefinite lives: IPR&D $ — $ — $ — $ 15 $ — $ 15 Trademarks/tradenames 1 1,671 — 1,671 2,870 — 2,870 Total other intangible assets $ 1,671 $ — $ 1,671 $ 2,885 $ — $ 2,885 Total $ 17,736 $ (4,143 ) $ 13,593 $ 17,827 $ (3,172 ) $ 14,655 1. During the fourth quarter of 2019, the Company entered into a definitive agreement to separate the N&B Business. As a result of the announcement, the Company reclassified $1.2 billion of indefinite-lived tradenames to definite-lived tradenames. |
Intangible Assets Disclosure [Text Block] | The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment December 31, 2019 December 31, 2018 1 In millions Electronics & Imaging $ 1,833 $ 2,046 Nutrition & Biosciences 4,377 4,771 Transportation & Industrial 3,590 3,833 Safety & Construction 3,082 3,244 Non-Core 711 761 Total $ 13,593 $ 14,655 1. The prior year amounts reflect a reclassification of allocated intangibles between reporting segments. |
Schedule of other indefinite intangible assets | December 31, 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 $ 4,343 $ (1,361 ) $ 2,982 $ 4,362 $ (1,010 ) $ 3,352 Trademarks/tradenames 1 2,433 (455 ) 1,978 1,245 (328 ) 917 Customer-related 8,986 (2,229 ) 6,757 9,029 (1,720 ) 7,309 Other 303 (98 ) 205 306 (114 ) 192 Total other intangible assets with finite lives $ 16,065 $ (4,143 ) $ 11,922 $ 14,942 $ (3,172 ) $ 11,770 Intangible assets with indefinite lives: IPR&D $ — $ — $ — $ 15 $ — $ 15 Trademarks/tradenames 1 1,671 — 1,671 2,870 — 2,870 Total other intangible assets $ 1,671 $ — $ 1,671 $ 2,885 $ — $ 2,885 Total $ 17,736 $ (4,143 ) $ 13,593 $ 17,827 $ (3,172 ) $ 14,655 1. During the fourth quarter of 2019, the Company entered into a definitive agreement to separate the N&B Business. As a result of the announcement, the Company reclassified $1.2 billion of indefinite-lived tradenames to definite-lived tradenames. |
Schedule of goodwill | Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Total In millions Balance at December 31, 2017 $ 7,100 $ 12,560 $ 6,870 $ 6,595 $ 1,695 $ 34,820 Measurement period adjustments - Merger 57 (115 ) 162 198 (86 ) 216 Measurement period adjustments - H&N Business 1 — 14 — — — 14 Currency Translation Adjustment (44 ) (350 ) (65 ) (85 ) — (544 ) Other — — — (10 ) — (10 ) Balance at December 31, 2018 2 $ 7,113 $ 12,109 $ 6,967 $ 6,698 $ 1,609 $ 34,496 Impairments — (933 ) — — (242 ) (1,175 ) Goodwill Recognized for S&C Acquisitions — — — 54 — 54 Currency Translation Adjustment (21 ) (127 ) (36 ) (41 ) — (225 ) Other — (37 ) — — 38 1 Balance at December 31, 2019 $ 7,092 $ 11,012 $ 6,931 $ 6,711 $ 1,405 $ 33,151 1. On November 1, 2017, Historical EID acquired FMC's H&N Business. The excess of the consideration for the H&N Business over the net fair value of assets acquired and liabilities assumed resulted in the recognition of $732 million of goodwill, of which $14 million was recorded in 2018 as a measurement period adjustment. 2. The prior year amounts have been revised for a reclassification of allocated goodwill between reporting units. |
Schedule of amortization expense | The following table provides information regarding amortization expense related to other intangible assets: Amortization Expense 2019 2018 2017 In millions Other intangible assets $ 1,050 $ 1,044 $ 505 |
Schedule of estimated future amortization expense | Total estimated amortization expense for the next five fiscal years is as follows: Estimated Amortization Expense In millions 2020 $ 2,131 2021 $ 1,010 2022 $ 991 2023 $ 954 2024 $ 853 |
SHORT TERM BORROWINGS, LONG-T_2
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | 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 December 31, 2019 December 31, 2018 Commercial paper $ 1,829 $ — Notes payable to banks and other lenders — 4 Long-term debt due within one year 1,2 2,001 11 Total short-term borrowings and finance lease obligations $ 3,830 $ 15 1. Presented net of current portion of unamortized debt issuance costs. 2. Includes finance lease obligations of $1 million due within one year. |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt December 31, 2019 December 31, 2018 In millions Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures: Final maturity 2020 $ 2,000 3.48 % $ 2,000 3.68 % Final maturity 2023 2,800 4.08 % 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 2.86 % — — % Other loans 10 4.20 % 14 4.32 % Finance lease obligations 3 25 Less: Unamortized debt discount and issuance costs 95 104 Less: Long-term debt due within one year 1, 2 2,001 11 Total $ 13,617 $ 12,624 1. Presented net of current portion of unamortized debt issuance costs. 2. Includes finance lease obligations of $1 million due within one year. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of Long-Term Debt for Next Five Years at December 31, 2019 Total In millions 2020 $ 2,005 2021 $ 5 2022 $ 3,003 2023 $ 2,800 2024 $ — |
Schedule of Line of Credit Facilities [Table Text Block] | The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at December 31, 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 2,978 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 $ 3,728 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | Guarantees at December 31, 2019 Final Expiration Year Maximum Future Payments In millions Obligations for customers 1 : Bank borrowings 2020 $ 22 Obligations for non-consolidated affiliates 2 : Bank borrowings 2020 165 Total guarantees $ 187 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, $22 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) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | The components of lease cost for operating and finance leases for the year ended December 31, 2019 were as follows: In millions 2019 Operating lease cost $ 182 Finance lease cost Amortization of right-of-use assets 4 Interest on lease liabilities — Total finance lease cost $ 4 Short-term lease cost 5 Variable lease cost 22 Less: Sublease income 23 Total lease cost $ 190 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | Supplemental cash flow information related to leases was as follows: In millions December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 184 Financing cash flows from finance leases $ 3 Gain on sale-leaseback transactions, net $ 17 |
Schedule of Lease Assets and Liabilities [Table Text Block] | Supplemental balance sheet information related to leases was as follows: In millions December 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 556 Current operating lease liabilities 2 138 Noncurrent operating lease liabilities 3 416 Total operating lease liabilities $ 554 Finance Leases Property, plant, and equipment, gross $ 13 Accumulated depreciation 6 Property, plant, and equipment, net $ 7 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 Consolidated Balance Sheet. 2. Included in "Accrued and other current liabilities" in the Consolidated Balance Sheet. 3. Included in "Other noncurrent obligations" in the Consolidated Balance Sheet. |
Lease Terms and Discount Rates [Table Text Block] | Lease Term and Discount Rate December 31, 2019 Weighted-average remaining lease term (years) Operating leases 7.18 Finance leases 4.52 Weighted average discount rate Operating leases 3.28 % Finance leases 3.35 % |
Leases - Maturity of Lease Liabilities [Table Text Block] | Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at December 31, 2019 Operating Leases Finance Leases In millions 2020 $ 148 $ 1 2021 121 1 2022 100 1 2023 58 — 2024 42 — 2025 and thereafter 146 1 Total lease payments $ 615 $ 4 Less: Interest 61 1 Present value of lease liabilities $ 554 $ 3 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2018, prior to the adoption of Topic 842, future minimum payments under operating leases remaining non-cancelable lease terms in excess of one year 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 (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Common Stock and Treasury Stock o/s roll forward [Table Text Block] | The following table provides a reconciliation of Historical Dow Common Stock activity for the year ended December 31, 2017: Shares of Historical Dow Common Stock 1 Issued Held in Treasury In thousands Balance at January 1, 2017 414,265 10,554 Issued 2 — (4,732 ) Converted to DowDuPont shares or canceled on August 31, 2017 3 (414,265 ) (5,822 ) Balance at August 31, 2017 — — 1. Share amounts were adjusted to reflect the 1-for-3 reverse stock split. 2. Shares issued to employees and non-employee directors under Historical Dow's equity compensation plans. 3. Each share of Historical Dow Common Stock issued and outstanding immediately prior to the Merger was converted into one share of DuPont Common Stock; Treasury shares were canceled as a result of the Merger. The following table provides a reconciliation of DuPont Common Stock activity for the years ended December 31, 2019 , 2018 and 2017: Shares of DuPont Common Stock Issued Held in Treasury In thousands Balance at September 1, 2017 779,512 — Issued 973 — Repurchased — 4,708 Balance at December 31, 2017 780,485 4,708 Issued 3,658 — Repurchased — 23,110 Balance at December 31, 2018 784,143 27,818 Issued 2,656 — Repurchased — 20,416 Retired 1 (48,234 ) (48,234 ) Balance at December 31, 2019 738,565 — 1. Includes the June 2019 retirement of the outstanding treasury stock. |
Dividends Declared [Table Text Block] | Dividends declared and paid to common stockholders during the years ended December 31, 2019, 2018, and 2017 are summarized in the following table: Dividends Declared and Paid 2019 2018 2017 1 In millions Dividends declared to common stockholders $ 1,611 $ 3,491 $ 2,558 Dividends paid to common stockholders $ 1,611 $ 3,491 $ 3,394 1. Dividends declared consists of $1,673 million declared to Historical Dow common stockholders prior to the Merger and $885 million declared to DowDuPont common stockholders after the Merger. Dividends paid consists of $2,179 million paid to Historical Dow common stockholders and $330 million paid to Historical EID common stockholders for dividends declared prior to the Merger, and $885 million paid to DowDuPont common stockholders for dividends declared after the Merger. |
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 years ended December 31, 2019 , 2018 , and 2017: Accumulated Other Comprehensive Loss Unrealized Gains (Losses) on Investments Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2017 Balance at January 1, 2017 $ 43 $ (2,381 ) $ (7,389 ) $ (95 ) $ (9,822 ) Other comprehensive income (loss) before reclassifications 25 454 52 (1 ) 530 Amounts reclassified from accumulated other comprehensive income (loss) (71 ) (8 ) 414 (15 ) 320 Net other comprehensive income (loss) $ (46 ) 446 466 (16 ) $ 850 Balance at December 31, 2017 $ (3 ) (1,935 ) (6,923 ) (111 ) $ (8,972 ) 2018 Balance at January 1, 2018 1 $ 17 $ (1,935 ) $ (6,923 ) $ (111 ) $ (8,952 ) Other comprehensive income (loss) before reclassifications (74 ) (1,739 ) (1,086 ) (15 ) (2,914 ) Amounts reclassified from accumulated other comprehensive income (loss) 7 (4 ) 460 66 529 Net other comprehensive income (loss) $ (67 ) $ (1,743 ) $ (626 ) $ 51 $ (2,385 ) Reclassification of stranded tax effects 2 $ (1 ) $ (107 ) $ (927 ) $ (22 ) $ (1,057 ) Balance at December 31, 2018 $ (51 ) $ (3,785 ) $ (8,476 ) $ (82 ) $ (12,394 ) 2019 Other comprehensive income (loss) before reclassifications 68 (446 ) (206 ) (43 ) (627 ) Amounts reclassified from accumulated other comprehensive income (loss) (1 ) (18 ) 141 (15 ) 107 Net other comprehensive income (loss) $ 67 $ (464 ) $ (65 ) $ (58 ) $ (520 ) Spin-offs of Dow and Corteva $ (16 ) $ 3,179 $ 8,196 $ 139 $ 11,498 Balance at December 31, 2019 $ — $ (1,070 ) $ (345 ) $ (1 ) $ (1,416 ) 1. At January 1, 2018 the balance of "Unrealized gains (losses) on investments" was increased by $20 million to reflect the impact of adoption of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which was adopted in the first quarter of 2018. 2. 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 years ended December 31, 2019 , 2018 , and 2017 were as follows: Tax Benefit (Expense) 2019 2018 2017 In millions Unrealized gains (losses) on investments $ (18 ) $ 17 $ 26 Cumulative translation adjustments (1 ) (6 ) (98 ) Pension and other post employment benefit plans 31 152 (235 ) Derivative instruments 16 (14 ) (2 ) Tax expense from income taxes related to other comprehensive income (loss) items $ 28 $ 149 $ (309 ) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | A summary of the reclassifications out of AOCL for the years ended December 31, 2019 , 2018, and 2017 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss 2019 2018 2017 Income Classification In millions Unrealized (gains) losses on investments $ (1 ) $ 9 $ (110 ) See (1) below Tax expense (benefit) — (2 ) 39 See (2) below After tax $ (1 ) $ 7 $ (71 ) Cumulative translation adjustments $ (18 ) $ (4 ) $ (8 ) See (3) below Pension and other post employment benefit plans $ 174 $ 599 $ 607 See (4) below Tax benefit (33 ) (139 ) (193 ) See (2) below After tax $ 141 $ 460 $ 414 Derivative Instruments $ (18 ) $ 83 $ (13 ) See (5) below Tax expense (benefit) 3 (17 ) (2 ) See (2) below After tax $ (15 ) $ 66 $ (15 ) Total reclassifications for the period, after tax $ 107 $ 529 $ 320 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 20 for additional information. 5. "Cost of sales," "Sundry income (expense) - net" and "Interest expense." |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule Of Noncontrolling Interest | The following table summarizes the activity for equity attributable to noncontrolling interests in the years ended December 31, 2019 , 2018 , and 2017: Noncontrolling Interests In millions 2019 2018 2017 Balance at beginning of period $ 1,608 $ 1,597 $ 1,242 Net income attributable to noncontrolling interests 102 155 132 Distributions to noncontrolling interests 1 (27 ) (168 ) (116 ) Noncontrolling interests from Merger — 61 417 Deconsolidation of noncontrolling interests 2 — — (123 ) Cumulative translation adjustments 12 (39 ) 41 Spin-off of Dow and Corteva (1,124 ) — — Other (2 ) 2 4 Balance at end of period $ 569 $ 1,608 $ 1,597 1. Net of dividends paid to a joint venture, which were reclassified to "Equity in earnings of nonconsolidated affiliates" in the Consolidated Statements of Operations, totaled $27 million and $20 million for the years ended December 31, 2018 and 2017, respectively. 2. On June 30, 2017, Historical Dow sold its ownership interest in the SKC Haas Display Films group of companies. |
PENSION PLANS AND OTHER POSTR_2
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of weighted-average assumptions used | The weighted-average assumptions used to determine other post-employment benefit obligations and net periodic benefit costs are provided below: Weighted-Average Assumptions for Other Postretirement Benefits Plans Benefit Obligations at December 31, Net Periodic Costs for the Year Ended 2019 2018 2019 1 2018 2017 2 Discount rate 3.10 % 4.23 % 4.23 % 3.54 % 3.76 % Health care cost trend rate assumed for next year N/A 7.15 % 7.15 % 6.52 % 7.00 % Rate to which the cost trend rate is assumed to decline (the ultimate health cost care trend rate) N/A 5.00 % 5.00 % 5.00 % 5.00 % Year that the rate reaches the ultimate health care cost trend rate: Historical Dow plans N/A 2025 2025 2025 2025 Historical EID plans N/A 2028 2028 2023 2023 1. Includes three months of Dow activity (January - March), five months of Corteva activity (January - May) and twelve months of DuPont activity, all based on dates of the Distributions. 2. Includes Historical EID plans subsequent to the Merger date. The weighted-average assumptions used to determine pension plan obligations and net periodic benefit costs for all plans are summarized in the table below: Weighted-Average Assumptions for Pension Plans Benefit Obligations at December 31, Net Periodic Costs for the Years Ended 2019 2018 2019 1 2018 2017 2 Discount rate 1.21 % 3.80 % 3.80 % 3.26 % 3.50 % Interest crediting rate for applicable benefits 1.25 % 3.72 % 3.72 % 3.61 % 3.45 % Rate of compensation increase 3 3.14 % 3.42 % 3.42 % 3.95 % 3.88 % Expected return on plan assets — — 6.46 % 6.68 % 6.94 % 1. Includes three months of Dow activity (January - March), five months of Corteva activity (January - May) and twelve months of DuPont activity, all based on dates of the Distributions. 2. Includes Historical EID plans subsequent to the Merger date. 3. The December 31, 2018 rate did not include Historical EID's U.S. pension plans as employees of these plans no longer accrued additional benefits for future service and eligible compensation. |
Schedule of pension plans and other postretirement benefits | Summarized information on the Company's pension and other postretirement benefit plans is as follows: Change in Projected Benefit Obligations of All Plans Defined Benefit Pension Plans Other Post-Employment Benefits In millions 2019 2018 2019 2018 Change in projected benefit obligations: Benefit obligations at beginning of year $ 53,014 $ 57,401 $ 3,992 $ 4,377 Service cost 184 651 5 21 Interest cost 630 1,638 53 130 Plan participants' contributions 11 29 15 — Actuarial changes in assumptions and experience 515 (2,832 ) 116 (185 ) Benefits paid 1 (1,247 ) (3,223 ) (150 ) (339 ) Plan amendments (76 ) 34 — — Acquisitions/divestitures/other 20 (57 ) — — Effect of foreign exchange rates 31 (627 ) 1 (12 ) Termination benefits/curtailment cost/settlements (4 ) — — — Spin-off of Dow (29,285 ) — (1,462 ) — Spin-off of Corteva (19,009 ) — (2,548 ) — Benefit obligations at end of year $ 4,784 $ 53,014 $ 22 $ 3,992 Change in Plan Assets and Funded Status of All Plans Defined Benefit Pension Plans Other Post-Employment Benefits In millions 2019 2018 2019 2018 Change in plan assets: Fair value of plan assets at beginning of year $ 41,462 $ 43,685 $ — $ — Actual return on plan assets 1,191 (1,524 ) — — Employer contributions 697 2,964 135 — Plan participants' contributions 11 29 15 — Benefits paid (1,247 ) (3,223 ) (150 ) — Acquisitions/divestitures/other 1 10 (7 ) — — Effect of foreign exchange rates 60 (462 ) — — Settlements — — — — Spin-off of Dow (22,626 ) — — — Spin-off of Corteva (15,801 ) — — — Fair value of plan assets at end of year $ 3,757 $ 41,462 $ — $ — Funded status: U.S. plans with plan assets $ — $ (6,956 ) $ — $ — Non-U.S. plans with plan assets (315 ) (2,751 ) — — All other plans 2 (712 ) (1,845 ) (22 ) (3,992 ) Funded status at end of year $ (1,027 ) $ (11,552 ) $ (22 ) $ (3,992 ) 1. The 2018 impact includes the divestiture of a business with pension benefit obligations of $37 million . 2. Certain benefit obligations are supported by funding, $16 million as of December 31, 2019 and $349 million as of December 31, 2018, under the Trust agreement, defined in the "Trust Assets" section. The following tables summarize the amounts recognized in the consolidated balance sheets for all significant plans: Amounts Recognized in the Consolidated Balance Sheets for All Significant Plans Defined Benefit Pension Plans Other Post-Employment Benefits In millions December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Amounts recognized in the consolidated balance sheets: Deferred charges and other assets $ 171 $ 14 $ — $ — Assets of discontinued operations — 488 — — Accrued and other current liabilities (47 ) (69 ) (1 ) (1 ) Pension and other postretirement benefits - noncurrent $ (1,151 ) $ (1,319 ) $ (21 ) $ (25 ) Liabilities of discontinued operations $ — $ (10,666 ) $ — $ (3,966 ) Net amount recognized $ (1,027 ) $ (11,552 ) $ (22 ) $ (3,992 ) Pretax amounts recognized in accumulated other comprehensive loss: Net loss (gain) $ 485 $ 11,578 $ 2 $ (419 ) Prior service credit (47 ) (207 ) — — Pretax balance in accumulated other comprehensive loss at end of year $ 438 $ 11,371 $ 2 $ (419 ) |
Schedule of accumulated benefit obligations in excess of plan assets | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2019 December 31, 2018 In millions Accumulated benefit obligations $ 1,731 $ 47,577 Fair value of plan assets $ 690 $ 36,803 |
Schedule of pension plans with projected benefit obligations in excess of plan assets | Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2019 December 31, 2018 In millions Projected benefit obligations $ 2,320 $ 49,742 Fair value of plan assets $ 1,122 $ 37,687 |
Schedule of net periodic benefit costs | Net Periodic Benefit Costs for All Significant Plans for the Year Ended December 31, Defined Benefit Pension Plans Other Post-Employment Benefits In millions 2019 2018 2017 2019 2018 2017 Net Periodic Benefit Costs: Service cost 1 $ 184 $ 651 $ 555 $ 5 $ 21 $ 17 Interest cost 2 630 1,638 1,130 53 130 80 Expected return on plan assets 3 (988 ) (2,846 ) (1,955 ) — — — Amortization of prior service credit 4 (9 ) (24 ) (25 ) — — — Amortization of unrecognized (gain) loss 5 128 649 638 (6 ) (24 ) (6 ) Curtailment/settlement/other 6 — (10 ) 683 — — — Net periodic benefit costs - Total $ (55 ) $ 58 $ 1,026 $ 52 $ 127 $ 91 Less: Net periodic benefit costs - discontinued operations (45 ) 90 1,033 50 126 92 Net periodic benefit costs - Continuing operations $ (10 ) $ (32 ) $ (7 ) $ 2 $ 1 $ (1 ) Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net (gain) loss $ 350 $ 1,490 $ 680 $ 2 $ (185 ) $ (131 ) Prior service cost (65 ) 34 14 — — — Amortization of prior service credit 3 24 25 — — — Amortization of unrecognized gain (loss) (7 ) (649 ) (638 ) — 24 6 Curtailment loss (2 ) — — — — — Settlement loss 2 (2 ) 2 (687 ) — — — Effect of foreign exchange rates (2 ) 1 — — — — Total recognized in other comprehensive (income) loss $ 275 $ 902 $ (606 ) $ 2 $ (161 ) $ (125 ) Noncontrolling interest $ — $ — $ — $ — $ — $ — Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 265 $ 870 $ (613 ) $ 4 $ (160 ) $ (126 ) 1. The service cost from continuing operations was $64 million , $64 million and $27 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 2. The interest cost from continuing operations was $79 million , $76 million and $25 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 3. The expected return on plan assets from continuing operations was $148 million , $178 million and $60 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. 4. The amortization of prior year service credit from continuing operations was $3 million for the year ended December 31, 2019 and immaterial for the years ended December 31, 2018 and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 5. The amortization of unrecognized gain/loss from continuing operations was a gain of $2 million for the year ended December 31, 2019 and losses of $7 million and $1 million for the years ended December 31, 2018 and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 6. The curtailment and settlement costs from continuing operations was immaterial for the years ended December 31, 2019 and December 31, 2017, respectively for pension plans. The curtailment and settlement gain from continuing operations was $1 million for the year ended December 31, 2018 for pension plans. The activity from OPEBs was immaterial for all years presented. |
Schedule of changes in plan assets and benefit obligations recognized in other comprehensive (income) loss | Net Periodic Benefit Costs for All Significant Plans for the Year Ended December 31, Defined Benefit Pension Plans Other Post-Employment Benefits In millions 2019 2018 2017 2019 2018 2017 Net Periodic Benefit Costs: Service cost 1 $ 184 $ 651 $ 555 $ 5 $ 21 $ 17 Interest cost 2 630 1,638 1,130 53 130 80 Expected return on plan assets 3 (988 ) (2,846 ) (1,955 ) — — — Amortization of prior service credit 4 (9 ) (24 ) (25 ) — — — Amortization of unrecognized (gain) loss 5 128 649 638 (6 ) (24 ) (6 ) Curtailment/settlement/other 6 — (10 ) 683 — — — Net periodic benefit costs - Total $ (55 ) $ 58 $ 1,026 $ 52 $ 127 $ 91 Less: Net periodic benefit costs - discontinued operations (45 ) 90 1,033 50 126 92 Net periodic benefit costs - Continuing operations $ (10 ) $ (32 ) $ (7 ) $ 2 $ 1 $ (1 ) Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net (gain) loss $ 350 $ 1,490 $ 680 $ 2 $ (185 ) $ (131 ) Prior service cost (65 ) 34 14 — — — Amortization of prior service credit 3 24 25 — — — Amortization of unrecognized gain (loss) (7 ) (649 ) (638 ) — 24 6 Curtailment loss (2 ) — — — — — Settlement loss 2 (2 ) 2 (687 ) — — — Effect of foreign exchange rates (2 ) 1 — — — — Total recognized in other comprehensive (income) loss $ 275 $ 902 $ (606 ) $ 2 $ (161 ) $ (125 ) Noncontrolling interest $ — $ — $ — $ — $ — $ — Total recognized in net periodic benefit cost and other comprehensive (income) loss $ 265 $ 870 $ (613 ) $ 4 $ (160 ) $ (126 ) 1. The service cost from continuing operations was $64 million , $64 million and $27 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 2. The interest cost from continuing operations was $79 million , $76 million and $25 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 3. The expected return on plan assets from continuing operations was $148 million , $178 million and $60 million for the years ended December 31, 2019, December 31, 2018, and December 31, 2017, respectively for pension plans. 4. The amortization of prior year service credit from continuing operations was $3 million for the year ended December 31, 2019 and immaterial for the years ended December 31, 2018 and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 5. The amortization of unrecognized gain/loss from continuing operations was a gain of $2 million for the year ended December 31, 2019 and losses of $7 million and $1 million for the years ended December 31, 2018 and December 31, 2017, respectively for pension plans. The activity from OPEBs was immaterial for all years presented. 6. The curtailment and settlement costs from continuing operations was immaterial for the years ended December 31, 2019 and December 31, 2017, respectively for pension plans. The curtailment and settlement gain from continuing operations was $1 million for the year ended December 31, 2018 for pension plans. The activity from OPEBs was immaterial for all years presented. |
Schedule of estimated future benefit payments | The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table: Estimated Future Benefit Payments at December 31, 2019 Defined Benefit Pension Plans Other Postretirement Benefits In millions 2020 $ 191 $ 1 2021 187 1 2022 186 1 2023 191 1 2024 195 1 Years 2025-2029 1,041 5 Total $ 1,991 $ 10 |
Schedule of target allocation for plan assets | The weighted-average target allocation for plan assets of DuPont's pension plans is summarized as follows: Target Allocation for Plan Assets at December 31, 2019 DuPont Asset Category Equity securities 25 % Fixed income securities 19 Alternative investments 10 Other investments 46 Total 100 % Basis of Fair Value Measurements December 31, 2019 December 31, 2018 In millions Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 101 $ 101 $ — $ — $ 2,701 $ 2,642 $ 59 $ — Equity securities: U.S. equity securities 1 $ 297 $ 297 $ — $ — $ 7,030 $ 6,772 $ 243 $ 15 Non - U.S. equity securities 622 609 13 — 6,824 6,062 722 40 Total equity securities $ 919 $ 906 $ 13 $ — $ 13,854 $ 12,834 $ 965 $ 55 Fixed income securities: Debt - government-issued $ 468 $ 198 $ 270 $ — $ 8,410 $ 496 $ 7,914 $ — Debt - corporate-issued 99 12 87 — 5,966 664 5,288 14 Debt - asset-backed 1 — 1 — 811 39 771 1 Total fixed income securities $ 568 $ 210 $ 358 $ — $ 15,187 $ 1,199 $ 13,973 $ 15 Alternative investments: 2 Pooled Investment Vehicles $ 790 $ 790 $ — $ — $ 162 $ 162 $ — $ — Private market securities — — — — 2 — — 2 Real estate 72 6 — 66 355 262 — 93 Derivatives - asset position 6 — 6 — 461 18 443 — Derivatives - liability position (2 ) — (2 ) — (524 ) (19 ) (505 ) — Total alternative investments $ 866 $ 796 $ 4 $ 66 $ 456 $ 423 $ (62 ) $ 95 Other investments 2 $ 340 $ 6 $ 30 $ 304 $ 586 $ 47 $ 333 $ 206 Subtotal $ 2,794 $ 2,019 $ 405 $ 370 $ 32,784 $ 17,145 $ 15,268 $ 371 Investments measured at net asset value: 2 Debt - government-issued $ 152 $ 208 Hedge funds 745 2,315 Private market securities 107 4,057 Real estate — 2,192 Total investments measured at net asset value $ 1,004 $ 8,772 Items to reconcile to fair value of plan assets: Pension trust receivables 3 $ 15 $ 239 Pension trust payables 4 (56 ) (333 ) Total $ 3,757 $ 41,462 1. The Company's pension plans directly held less than $1 million ( 0 percent of total plan assets) of DuPont common stock at December 31, 2019. Historical EID's pension plans directly held $684 million ( 2 percent of total plan assets) at December 31, 2018 . 2. In 2018, the Company reviewed its fair value technique and elected to present assets valued at net asset value per share as a practical expedient outside of the fair value hierarchy. The assets are presented as "Investments measured at net asset value." 3. Primarily receivables for investment securities sold. 4. Primarily payables for investment securities purchased. |
Schedule of fair value measurement of Level 3 plan assets | The following table summarizes the changes in the fair value of Level 3 pension plan assets for the years ended December 31, 2019 and 2018 : Fair Value Measurement of Level 3 Pension Plan Assets Equity Securities Fixed Income Securities Alternative Investments Other Investments Total In millions Balance at Jan 1, 2018 $ 60 $ 45 $ 112 $ — $ 217 Actual return on assets: Relating to assets sold during 2018 (5 ) (76 ) 1 1 (79 ) Relating to assets held at Dec 31, 2018 (4 ) 83 (3 ) (11 ) 65 Purchases, sales and settlements, net 5 (30 ) (1 ) 216 190 Transfers out of Level 3, net (1 ) (7 ) (14 ) — (22 ) Balance at Dec 31, 2018 $ 55 $ 15 $ 95 $ 206 $ 371 Actual return on assets: Relating to assets sold during 2019 — — 2 — 2 Relating to assets held at Dec 31, 2019 — — 10 11 21 Purchases, sales and settlements, net — — — — — Transfers into Level 3, net — — 1 87 88 Transfers out of Level 3, spin related (55 ) (15 ) (42 ) — (112 ) Balance at Dec 31, 2019 $ — $ — $ 66 $ 304 $ 370 |
STOCK-BASED COMPENSATION STOC_2
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | The ESPP was not offered in 2019 or 2018 and no current offerings remain outstanding. Additional Information about Historical Dow Employee Stock Purchase Plan In millions, except per share amounts 2017 Weighted-average fair value per share of purchase rights granted $ 10.70 Total compensation expense for ESPP $ 38 Related tax benefit $ 14 Total amount of cash received from the exercise of purchase rights $ 179 Total intrinsic value of purchase rights exercised 1 $ 48 Related tax benefit $ 18 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table shows the restricted stock issued under this plan: Historical Dow Restricted Stock 1 Shares Issued (in thousands) Weighted-Average Fair Value Year 2018 36 $ 62.82 2017 33 $ 62.04 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted-average assumptions used to calculate total stock-based compensation are included in the following table: OIP Weighted-Average Assumptions 2019 Dividend yield 1.8 % Expected volatility 21.1 % Risk-free interest rate 1.6 % Expected life of stock options granted during period (years) 6.1 Historical EID Weighted-Average Assumptions 2019 2018 2017 Dividend yield 1.6 % 2.1 % 2.2 % Expected volatility 19.8 % 23.3 % 23.59 % Risk-free interest rate 2.4 % 2.8 % 2.1 % Expected life of stock options granted during period (years) 6.1 6.2 7.2 Historical Dow Weighted-Average Assumptions 1 2018 2017 Dividend yield 2.13 % 3.01 % Expected volatility 23.34 % 23.71 % Risk-free interest rate 2.83 % 1.28 % Expected life of stock options granted during period (years) 6.2 7.5 Life of Employee Stock Purchase Plan (months) — 3 1. No awards were granted by the Company out of the Historical Dow plan during 2019. |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | The weighted-average assumptions used to calculate total stock-based compensation are included in the following table: OIP Weighted-Average Assumptions 2019 Dividend yield 1.8 % Expected volatility 21.1 % Risk-free interest rate 1.6 % Expected life of stock options granted during period (years) 6.1 Historical Dow Weighted-Average Assumptions 1 2018 2017 Dividend yield 2.13 % 3.01 % Expected volatility 23.34 % 23.71 % Risk-free interest rate 2.83 % 1.28 % Expected life of stock options granted during period (years) 6.2 7.5 Life of Employee Stock Purchase Plan (months) — 3 1. No awards were granted by the Company out of the Historical Dow plan during 2019. Historical EID Weighted-Average Assumptions 2019 2018 2017 Dividend yield 1.6 % 2.1 % 2.2 % Expected volatility 19.8 % 23.3 % 23.59 % Risk-free interest rate 2.4 % 2.8 % 2.1 % Expected life of stock options granted during period (years) 6.1 6.2 7.2 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | The following table summarizes stock option activity for 2019 : Historical Dow Stock Options 2019 Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2019 28,846 $ 46.70 Granted 1 — $ — Exercised (34 ) $ 46.48 Forfeited/Expired (9 ) $ 67.71 Canceled and assigned (28,114 ) $ 46.70 Outstanding at December 31, 2019 689 $ 58.21 3.17 $ 59 Exercisable at December 31, 2019 554 $ 54.44 2.38 $ 59 1. No awards were granted by the Company out of the Historical Dow plan during 2019. Additional Information about Historical Dow Stock Options 1 In millions, except per share amounts 2019 2018 2017 Weighted-average fair value per share of options granted $ — $ 15.38 $ 14.44 Total compensation expense for stock options plans $ 1 $ 68 $ 37 Related tax benefit $ — $ 15 $ 14 Total amount of cash received from the exercise of options $ 2 $ 112 $ 310 Total intrinsic value of options exercised 2 $ 1 $ 160 $ 286 Related tax benefit $ — $ 36 $ 106 1. No awards were granted by the Company out of the Historical Dow plan during 2019. 2. Difference between the market price at exercise and the price paid by the employee to exercise the options. The following table summarizes stock option activity for 2019 under the OIP: OIP Stock Options For the Year Ended December 31, 2019 Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2019 — $ — Granted 1,384 $ 66.06 Exercised — $ — Forfeited/Expired (17 ) $ 66.06 Outstanding at December 31, 2019 1,367 $ 66.06 9.6 $ — Exercisable at December 31, 2019 — $ — — $ — Additional Information about OIP Stock Options 1 In millions, except per share amounts 2019 Weighted-average fair value per share of options granted $ 11.85 Total compensation expense for stock options plans $ 5 Related tax benefit $ 1 1. No awards have vested under the OIP as of December 31, 2019. The following table summarizes stock option activity for 2019 under Historical EID's EIP: Historical EID Stock Options 2019 Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at January 1, 2019 17,079 $ 53.26 Granted 121 $ 80.29 Exercised (354 ) $ 43.12 Forfeited/Expired (46 ) $ 72.53 Canceled and assigned (11,139 ) $ 53.28 Outstanding at December 31, 2019 5,661 $ 67.60 5.14 3,476 Exercisable at December 31, 2019 4,024 $ 65.35 4.04 3,289 1. Weighted-average per share. |
Schedule of Nonvested Share Activity [Table Text Block] | The following table shows the PSU awards granted: Historical Dow PSU Awards Target Shares Granted 1 Grant Date Fair Value 2 Shares in thousands Year Performance Period 2017 Sep 1, 2017 - Aug 31, 2019 232 $ 71.16 2017 3 Jan 1, 2017 - Dec 31, 2019 1,728 $ 81.99 1. At the end of the performance period, the actual number of shares issued can range from zero to 200 percent of the target shares granted. 2. Weighted-average per share. 3. Converted to RSU awards at Conversion Date. Additional Information about Historical Dow PSUs In millions, except share amounts 2018 2017 Total fair value of PSUs vested and delivered 1 $ — $ 202 Related tax benefit $ — $ 75 Total compensation expense for PSU awards $ 12 $ 106 Related tax benefit $ 3 $ 39 Shares of PSUs settled in cash (in thousands) 2 — 616 Total cash paid to settle PSU awards 3 $ — $ 38 1. Includes the fair value of shares vested in prior years and delivered in the reporting year. 2. PSU awards vested in prior years and delivered in the reporting year. 3. Cash paid to certain executive employees for PSU awards vested in prior periods and delivered in the reporting year, equal to the value of the stock award on the date of delivery. Nonvested awards of RSUs and PSUs are shown below. Historical EID RSUs and PSUs 2019 Shares in thousands Shares Grant Date Fair Value 1 Nonvested at January 1, 2019 3,147 $ 68.18 Granted 1,180 $ 70.69 Vested (1,175 ) $ 70.30 Forfeited (1,452 ) $ 68.24 Nonvested at December 31, 2019 1,700 $ 74.14 1. Weighted-average per share. Nonvested awards of RSUs and PSUs are shown below. OIP RSUs and PSUs 2019 Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at January 1, 2019 — $ — Granted 566 $ 66.55 Vested — $ — Forfeited (5 ) $ 66.06 Nonvested at December 31, 2019 561 $ 66.56 Historical Dow RSU Awards 2019 Shares in thousands Shares Grant Date Fair Value 1 Nonvested at January 1, 2019 9,735 $ 57.41 Granted 2 — $ — Vested (7 ) $ 69.05 Forfeited (9,392 ) $ 57.43 Nonvested at December 31, 2019 336 $ 81.12 1. Weighted-average per share. 2. No awards were granted by the Company out of the Historical Dow plan during 2019. Additional Information about Historical Dow RSUs 1 In millions, except per share amounts 2019 2018 2017 Weighted-average fair value per share of RSUs granted $ — $ 71.46 $ 61.29 Total fair value of RSUs vested $ 1 $ 382 $ 179 Related tax benefit $ — $ 86 $ 66 Total compensation expense for RSU awards $ 4 $ 144 $ 178 Related tax benefit $ 1 $ 32 $ 66 1. No awards were granted out of the Historical Dow plan during 2019. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of the fair value of financial instruments | The following table summarizes the fair value of financial instruments at December 31, 2019 and December 31, 2018 : Fair Value of Financial Instruments December 31, 2019 December 31, 2018 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 417 $ — $ — $ 417 $ 8,226 $ — $ — $ 8,226 Restricted cash equivalents 1 $ 37 $ — $ — $ 37 $ 43 $ — $ — $ 43 Marketable securities $ — $ — $ — $ — $ 29 $ — $ — $ 29 Equity securities 2 $ 1 $ — $ — $ 1 $ 2 $ — $ — $ 2 Total cash equivalents and restricted cash, marketable securities and other investments $ 455 $ — $ — $ 455 $ 8,300 $ — $ — $ 8,300 Long-term debt including debt due within one year $ (15,618 ) $ — $ (1,633 ) $ (17,251 ) $ (12,635 ) $ 5 $ (461 ) $ (13,091 ) Derivatives relating to: Foreign currency 3 — 6 (7 ) (1 ) — 37 (6 ) 31 Total derivatives $ — $ 6 $ (7 ) $ (1 ) $ — $ 37 $ (6 ) $ 31 1. Classified as "Other current assets" in the Consolidated Balance Sheets. See Note 7 for more information on Restricted Cash. 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] | The notional amounts of the Company's derivative instruments were as follows: Notional Amounts December 31, 2019 December 31, 2018 In millions Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ 26 $ 2,057 Commodity contracts $ 11 $ 9 1. Presented net of contracts bought and sold. |
Schedule of fair value of derivative instruments using Level 2 inputs | The presentation of the Company's derivative assets and liabilities is as follows: Fair Value of Derivative Instruments at December 31, 2019 In millions Balance Sheet Classification Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 16 (10 ) 6 Total asset derivatives $ 16 $ (10 ) $ 6 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 17 $ (10 ) $ 7 Total liability derivatives $ 17 $ (10 ) $ 7 Fair Value of Derivative Instruments at 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. The Company held cash collateral of $20 million as of December 31, 2018. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Nonrecurring [Table Text Block] | The following table summarizes the basis used to measure certain assets at fair value on a nonrecurring basis: Basis of Fair Value Measurements on a Nonrecurring Basis Significant Other Unobservable Inputs (Level 3) Total Losses In millions 2019 Assets at fair value: Long-lived assets, intangible assets, and equity method investments $ 3 $ (63 ) 2018 Assets at fair value: Long-lived assets and other assets $ — $ (32 ) 2017 Assets at fair value: Long-lived assets, intangible assets, and other assets $ — $ (177 ) |
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 December 31, 2019 Significant Other Observable Inputs (Level 2) In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 454 Derivatives relating to: 2 Foreign currency contracts 16 Total assets at fair value $ 470 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 17,251 Derivatives relating to: 3 Foreign currency contracts 17 Total liabilities at fair value $ 17,268 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Other current assets" in the Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 22 for the classification of derivatives in the Consolidated Balance Sheets. 3. See Note 22 for information on fair value measurements of long-term debt. Basis of Fair Value Measurements on a Recurring Basis at December 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 Derivatives relating to: 3 Foreign currency contracts 72 Total assets at fair value $ 8,370 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 13,091 Derivatives relating to: 3 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 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. See Note 22 for the classification of derivatives in the Consolidated Balance Sheets 4. See Note 22 for information on fair value measurements of long-term debt. |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS Schedule of Revenues from External Customers by Geographical Areas Table Text Block (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Net Trade Revenue by Geographic Region - Pro Forma 2017 In millions United States $ 6,392 Canada 416 EMEA 1 5,061 Asia Pacific 2 7,913 Latin America 1,218 Total $ 21,000 1. Europe, Middle East and Africa. 2. Pro forma net sales attributed to China for the year ended December 31, 2017 was $3,092 million . Long-lived Assets by Geographic Region December 31, In millions 2019 2018 2017 United States $ 5,583 $ 5,506 $ 5,608 Canada 69 56 64 EMEA 1 2,809 2,715 2,786 Asia Pacific 1,525 1,494 1,431 Latin America 157 146 140 Total $ 10,143 $ 9,917 $ 10,029 1. Europe, Middle East and Africa. Net Trade Revenue by Geographic Region - As Reported 2019 2018 2017 In millions United States $ 6,688 $ 6,764 $ 3,485 Canada 434 465 245 EMEA 1 5,027 5,610 2,654 Asia Pacific 2 8,113 8,458 4,728 Latin America 1,250 1,297 560 Total $ 21,512 $ 22,594 $ 11,672 1. Europe, Middle East and Africa. 2. Net sales attributed to China for the years ended December 31, 2019, 2018 and 2017 were $3,297 million , $3,338 million and $1,697 million , respectively. |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total Asset Reconciliation at December 31, 2019 2018 2017 In millions Assets of continuing operations $ 69,396 $ 77,580 $ 75,621 Assets of discontinued operations — 110,275 116,286 Total assets $ 69,396 $ 187,855 $ 191,907 |
Schedule of Operating Segment Information | Segment Information Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Corporate Total In millions For the Year Ended December 31, 2019 Net sales $ 3,554 $ 6,076 $ 4,950 $ 5,201 $ 1,731 $ — $ 21,512 Pro forma operating EBITDA 1 1,147 1,427 1,313 1,419 491 (157 ) 5,640 Equity in earnings (losses) of nonconsolidated affiliates 2 24 (1 ) 4 27 258 — 312 Restructuring and asset related charges - net 3 47 122 19 32 — 94 314 Depreciation and amortization 339 675 423 503 127 (1 ) 2,066 Assets of continuing operations 12,042 21,553 14,336 15,060 3,738 2,667 69,396 Investment in nonconsolidated affiliates 510 34 75 326 259 — 1,204 Capital expenditures 298 445 284 408 57 — 1,492 For the Year Ended December 31, 2018 Net sales $ 3,635 $ 6,216 $ 5,422 $ 5,294 $ 2,027 $ — $ 22,594 Pro forma operating EBITDA 1 1,210 1,445 1,518 1,283 677 (228 ) 5,905 Equity in earnings (losses) of nonconsolidated affiliates 23 (1 ) 1 24 400 — 447 Restructuring asset related charges - net 3 2 29 2 24 (12 ) 102 147 Depreciation and amortization 390 643 456 549 124 8 2,170 Assets of continuing operations 12,212 22,716 14,363 14,749 4,366 9,174 77,580 Investment in nonconsolidated affiliates 519 103 75 328 720 — 1,745 Capital expenditures 230 404 199 342 69 — 1,244 For the Year Ended December 31, 2017 Net sales $ 2,713 $ 2,580 $ 2,463 $ 2,958 $ 958 $ — $ 11,672 Pro forma net sales 3,592 5,389 4,958 5,003 2,058 — 21,000 Pro forma operating EBITDA 1 1,190 1,162 1,235 1,178 661 (257 ) 5,169 Equity in earnings (losses) of nonconsolidated affiliates 2 7 1 1 356 — 367 Pro forma equity in earnings (losses) of nonconsolidated affiliates 20 (2 ) 5 18 369 — 410 Restructuring and asset related charges - net 3 124 2 6 53 31 72 288 Depreciation and amortization 283 239 204 267 67 — 1,060 Pro forma depreciation and amortization 394 562 456 562 132 25 2,131 Assets of continuing operations 12,277 23,659 14,431 14,839 4,660 5,755 75,621 Investment in nonconsolidated affiliates 530 100 75 351 840 — 1,896 Capital expenditures 101 156 78 184 32 — 551 1. A reconciliation of "Income (loss) from continuing operations, net of tax" to pro forma Operating EBITDA, is provided in the table on the following page. 2. Represents equity in earnings (losses) of nonconsolidated affiliates included in pro forma Operating EBITDA, the Company's measure of profit/loss for segment reporting purposes, which excludes significant items. Accordingly, the Non-Core segment presented above excludes a net charge of $224 million related to a joint venture and a restructuring charge of $4 million which are presented in "Equity in earnings of nonconsolidated affiliates" in the Company's Consolidated Statement of Operations. 3. See Note 6 for information regarding the Company's restructuring programs and asset related charges. Segment Information Reconciliation to Consolidated Financial Statements Segment Totals Corteva Distribution Dow Distribution Total In millions For the Year Ended December 31, 2019 Capital expenditures $ 1,492 $ 383 $ 597 $ 2,472 Depreciation and amortization 2,066 385 744 3,195 For the Year Ended December 31, 2018 Capital expenditures $ 1,244 $ 531 $ 2,062 $ 3,837 Depreciation and amortization 2,170 913 2,835 5,918 For the Year Ended December 31, 2017 Capital expenditures $ 551 $ 269 $ 2,750 $ 3,570 Depreciation and amortization 1,060 420 2,489 3,969 |
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 Pro Forma Operating EBITDA 2019 2018 2017 In millions (Loss) Income from continuing operations, net of tax $ (614 ) $ 405 $ 233 + Provision for income taxes on continuing operations 140 195 (1,758 ) (Loss) Income from continuing operations before income taxes $ (474 ) $ 600 $ (1,525 ) + Pro forma adjustments 1 122 (210 ) (320 ) + Depreciation and amortization 2,066 2,170 2,131 - Interest income 2 55 39 22 + Interest expense 3 697 684 684 - Non-operating pension/OPEB benefit 2 74 96 57 - Foreign exchange gains (losses), net 2, 4 (110 ) (43 ) (493 ) + Costs historically allocated to the materials science and agriculture businesses 5 256 1,044 1,192 - Adjusted significant items (2,992 ) (1,709 ) (2,593 ) Pro Forma Operating EBITDA $ 5,640 $ 5,905 $ 5,169 1. Reflects the net pro forma impact of items directly attributable to the Transactions, as applicable. Reconciling items between "(Loss) Income from continuing operations before income taxes" and pro forma operating EBTIDA for the year ended December 31, 2017 are presented on a pro forma basis giving effect to the Merger. 2. Included in "Sundry income (expense) - net." 3. Presented on a pro forma basis giving effect to the Financings. 4. 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 for the year ended December 31, 2018 . 5. 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. |
Schedule of Certain Items by Segment | The following tables summarize the pretax impact of adjusted significant items by segment that are excluded from pro forma Operating EBITDA above: Adjusted Significant Items by Segment for the Year Ended December 31, 2019 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Integration and separation costs 1 $ — $ — $ — $ — $ — $ (1,169 ) $ (1,169 ) Restructuring and asset related charges - net 2 (47 ) (122 ) (19 ) (32 ) (4 ) (94 ) (318 ) Goodwill impairment charges 3 — (933 ) — — (242 ) — (1,175 ) Net charge related to a joint venture 4 — — — — (208 ) — (208 ) Income tax related items 5 — — — (48 ) — (74 ) (122 ) Total $ (47 ) $ (1,055 ) $ (19 ) $ (80 ) $ (454 ) $ (1,337 ) $ (2,992 ) 1. Integration and separation costs related to the Merger, post-Merger integration, the Distributions and, beginning in the fourth quarter of 2019, the intended separation of the N&B Business. 2. Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 6 for additional information. 3. See Note 14 for additional information. 4. Reflects the Company’s share of net charges related to its investment in the HSC Group, consisting of $456 million in asset impairment charges, primarily fixed assets, partially offset by benefits associated with certain customer contract settlements of $248 million deemed non-recurring in nature. 5. Includes a $48 million charge which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement and a $74 million charge related to tax indemnifications, primarily associated with an adjustment to a one-time transition tax liability required by the Tax Cuts and Jobs Act of 2017, which were recorded in accordance with the Amended and Restated Tax Matters Agreement. Both charges were recorded in "Sundry income (expense) - net" in the Consolidated Statements of Operations. Adjusted Significant Items by Segment for the Year Ended December 31, 2018 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Merger-related inventory step-up amortization 1 $ — $ (68 ) $ — $ (9 ) $ — $ — $ (77 ) Net (gain) loss on divestitures and changes in joint venture ownership 2 — — — (14 ) (27 ) — (41 ) Integration and separation costs 3 — — — — — (1,394 ) (1,394 ) Restructuring and asset related charges - net 4 (2 ) (29 ) (2 ) (24 ) 12 (102 ) (147 ) Income tax related item 5 — — — — — (50 ) (50 ) Total $ (2 ) $ (97 ) $ (2 ) $ (47 ) $ (15 ) $ (1,546 ) $ (1,709 ) 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 the Distributions. 4. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 6 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. Adjusted Significant Items by Segment for the Year Ended December 31, 2017 (Pro Forma) Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Construction Non-Core Corporate Total In millions Merger-related inventory step-up amortization 1 $ (105 ) $ (386 ) $ (335 ) $ (407 ) $ (122 ) $ — $ (1,355 ) Net gain on divestitures and changes in joint venture ownership 2 — 162 — — — — 162 Integration and separation costs 3 — — — — — (810 ) (810 ) Restructuring and asset related charges - net 4 (129 ) (7 ) (5 ) (318 ) (31 ) (100 ) (590 ) Total $ (234 ) $ (231 ) $ (340 ) $ (725 ) $ (153 ) $ (910 ) $ (2,593 ) 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 the Distributions. 4. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 6 for additional information. |
QUARTERLY FINANCIAL DATA (Table
QUARTERLY FINANCIAL DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Table Text Block] | Selected Quarterly Financial Data 2019 In millions, except per share amounts (Unaudited) First 1 Second Third Fourth Year Net sales $ 5,414 $ 5,468 $ 5,426 $ 5,204 $ 21,512 Cost of sales $ 3,621 $ 3,496 $ 3,531 $ 3,408 $ 14,056 Restructuring and asset related charges - net 2 $ 71 $ 137 $ 82 $ 24 $ 314 Goodwill impairment charges $ — $ 1,175 $ — $ — $ 1,175 Integration and separation costs $ 611 $ 347 $ 191 $ 193 $ 1,342 (Loss) Income from continuing operations, net of tax 3 $ (74 ) $ (1,103 ) $ 372 $ 191 $ (614 ) Income (Loss) from discontinued operations, net of tax $ 646 $ 566 $ 5 $ (3 ) $ 1,214 Net income (loss) $ 572 $ (537 ) $ 377 $ 188 $ 600 Net income (loss) available for DuPont common shareholders $ 521 $ (571 ) $ 372 $ 176 $ 498 (Loss) Earnings per common share from continuing operations - basic 4 $ (0.11 ) $ (1.48 ) $ 0.49 $ 0.24 $ (0.86 ) Earnings per common share from discontinued operations - basic 4 $ 0.80 $ 0.72 $ 0.01 $ — $ 1.53 (Loss) Earnings per common share from continuing operations - diluted 4 $ (0.11 ) $ (1.48 ) $ 0.49 $ 0.24 $ (0.86 ) Earnings per common share from discontinued operations - diluted 4 $ 0.80 $ 0.72 $ 0.01 $ — $ 1.53 Dividends declared per share of common stock $ 1.56 $ 0.30 $ — $ 0.30 $ 2.16 2018 1 In millions, except per share amounts (Unaudited) First Second Third Fourth Year Net sales $ 5,597 $ 5,857 $ 5,683 $ 5,457 $ 22,594 Cost of sales $ 3,805 $ 4,085 $ 3,770 $ 3,642 $ 15,302 Restructuring and asset related charges - net 2 $ 53 $ 46 $ 11 $ 37 $ 147 Integration and separation costs $ 365 $ 428 $ 519 $ 575 $ 1,887 (Loss) Income from continuing operations, net of tax 5 $ (73 ) $ 31 $ 131 $ 316 $ 405 Income from discontinued operations, net of tax $ 1,210 $ 1,773 $ 408 $ 204 $ 3,595 Net income $ 1,137 $ 1,804 $ 539 $ 520 $ 4,000 Net income available for DuPont common shareholders $ 1,093 $ 1,769 $ 501 $ 482 $ 3,845 (Loss) Earnings per common share from continuing operations - basic 4 $ (0.12 ) $ 0.03 $ 0.15 $ 0.40 $ 0.46 Earnings per common share from discontinued operations - basic 4 $ 1.53 $ 2.26 $ 0.50 $ 0.24 $ 4.54 (Loss) Earnings per common share from continuing operations - diluted 4, 6 $ (0.12 ) $ 0.03 $ 0.15 $ 0.39 $ 0.45 Earnings per common share from discontinued operations - diluted 4, 6 $ 1.53 $ 2.24 $ 0.50 $ 0.23 $ 4.51 Dividends declared per share of common stock $ 1.14 $ 2.28 $ — $ 1.14 $ 4.56 1. Amounts differ from those disclosed in our Quarterly Report on form 10-Q for the quarter ended March 31, 2019 and in our Annual report on Form 10-K for the year ended December 31, 2018 due to the Distributions being reflected as discontinued operations. 2. See Note 6 for additional information. 3. See Notes 4, 6, 7, and 14 for information on additional items impacting "Income (loss) from continuing operations, net of tax." The fourth of 2019 included integration and separation costs, restructuring charges, an income tax item, and a net charge related to a joint venture. Third quarter of 2019 included integration and separation costs and restructuring charges. Second quarter of 2019 included integration and separation costs, restructuring charges, an income tax item, and goodwill impairment charges. First quarter of 2019 included integration and separation costs and restructuring charges. 4. Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters may not equal the earnings per share amount calculated for the year. 5. See Notes 3, 8 and 15 for information on additional items impacting "Income from continuing operations, net of tax." The fourth quarter of 2018 included Merger-related amortization of the fair value step-up of inventories, integration and separation costs, restructuring charges, a loss on a divestiture / change in joint venture ownership, and tax adjustments related to The Act. Third and second quarter of 2018 included integration and separation costs, restructuring charges, and loss on divestiture / change in joint venture ownership. First quarter of 2018 included Merger-related amortization of the fair value step-up of inventories, integration and separation costs, restructuring charges, and tax adjustments related to The Act. 6. "Earnings (loss) per common share from continuing operations - diluted" for the three month period ended March 31, 2018, March 31, 2019, June 30, 2019 and the year ended December 31, 2019 was calculated using "Weighted average common shares outstanding - basic" due to a net loss reported in the period. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Jun. 01, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |||
Percentage of FIFO Inventory | 17.00% | 17.00% | |
Percentage of Weighted Average Cost Inventory | 83.00% | 83.00% | |
Restricted Cash | $ 37 | $ 43 | |
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 | ||
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Definite-Lived Intangible Asset, Useful Life | 1 year | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Definite-Lived Intangible Asset, Useful Life | 26 years |
RECENT ACCOUNTING GUIDANCE Leas
RECENT ACCOUNTING GUIDANCE Leasing ASU - Balance Sheet Impact (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | Dec. 31, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Deferred charges and other assets | $ 1,014 | $ 134 | |||||
Total other assets | 47,994 | 49,463 | |||||
Assets of discontinued operations | 0 | 110,275 | |||||
Total Assets | 69,396 | 187,855 | $ 191,907 | ||||
Accrued and other current liabilities | 1,342 | 1,129 | |||||
Total current liabilities | 8,346 | 73,312 | |||||
Other noncurrent obligations | 1,191 | 764 | |||||
Total other noncurrent liabilities | 5,877 | 6,019 | |||||
Liabilities of discontinued operations | 0 | 69,434 | |||||
Total Liabilities | 27,840 | 91,955 | |||||
Retained Earnings (Accumulated Deficit) | (8,400) | 30,257 | |||||
Total DuPont's stockholders' equity | 40,987 | 94,292 | |||||
Total equity | 41,556 | 95,900 | $ 101,647 | $ 27,250 | |||
Total Liabilities and Equity | $ 69,396 | $ 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) | [2] | 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 | ||||||
[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. |
BUSINESS COMBINATION Merger of
BUSINESS COMBINATION Merger of Dow DuPont (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2019 | Aug. 31, 2017 | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||||||||||
Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Conversion Ratio | $ 1.2820 | |||||||||||||||||||||||
Business Combination, Consideration Transferred | 74,680,000,000 | |||||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Converted But Not Yet Earned | $ 144,000,000 | |||||||||||||||||||||||
Net sales | $ 5,204,000,000 | $ 5,426,000,000 | $ 5,468,000,000 | $ 5,414,000,000 | $ 5,457,000,000 | $ 5,683,000,000 | $ 5,857,000,000 | $ 5,597,000,000 | $ 21,512,000,000 | $ 22,594,000,000 | $ 11,672,000,000 | |||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (474,000,000) | 600,000,000 | (1,525,000,000) | |||||||||||||||||||||
Restructuring and asset related charges - net 2 | 24,000,000 | [1] | 82,000,000 | [1] | 137,000,000 | [1] | 71,000,000 | [1] | 37,000,000 | [1] | 11,000,000 | [1] | 46,000,000 | [1] | 53,000,000 | [1] | 314,000,000 | [1] | 147,000,000 | [1] | 288,000,000 | |||
Integration and separation costs | $ 193,000,000 | $ 191,000,000 | $ 347,000,000 | $ 611,000,000 | $ 575,000,000 | $ 519,000,000 | $ 428,000,000 | $ 365,000,000 | $ 1,342,000,000 | $ 1,887,000,000 | $ 1,007,000,000 | |||||||||||||
Dow And DuPont Merger | ||||||||||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||||||||||
Net sales | $ 4,911,000,000 | |||||||||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1,155,000,000 | |||||||||||||||||||||||
Restructuring and asset related charges - net 2 | 92,000,000 | |||||||||||||||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Sales | 1,320,000,000 | |||||||||||||||||||||||
Integration and separation costs | $ 220,000,000 | |||||||||||||||||||||||
Dow | ||||||||||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||||||||||
Par Value | $ 2.50 | |||||||||||||||||||||||
DowDuPont Common Stock [Member] | ||||||||||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||||||||||
Par Value | 0.01 | |||||||||||||||||||||||
Historical EID | ||||||||||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||||||||||
Par Value | 0.30 | |||||||||||||||||||||||
Preferred Stock, $4.50 Series [Member] | ||||||||||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||||||||||
Preferred Stock, Par Value | 4.50 | |||||||||||||||||||||||
Preferred Stock, $3.50 Series [Member] | ||||||||||||||||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ||||||||||||||||||||||||
Preferred Stock, Par Value | $ 3.50 | |||||||||||||||||||||||
[1] | See Note 6 for additional information. |
BUSINESS COMBINATION DuPont Pro
BUSINESS COMBINATION DuPont Pro Forma Results (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ (474) | $ 600 | $ (1,525) | |||||||||||||||||||
Net sales | $ 5,204 | $ 5,426 | $ 5,468 | $ 5,414 | $ 5,457 | $ 5,683 | $ 5,857 | $ 5,597 | 21,512 | 22,594 | 11,672 | |||||||||||
(Loss) Income from continuing operations, net of tax | $ 191 | $ 372 | $ (1,103) | $ (74) | $ 316 | $ 131 | $ 31 | $ (73) | $ (614) | $ 405 | $ 233 | |||||||||||
Earnings Per Share, Basic | $ 0.24 | [1] | $ 0.49 | [1] | $ (1.48) | [1] | $ (0.11) | [1] | $ 0.40 | [1] | $ 0.15 | [1] | $ 0.03 | [1] | $ (0.12) | [1] | $ (0.86) | [1] | $ 0.46 | [1] | $ 0.39 | |
(Loss) Earnings per common share from continuing operations - diluted | $ 0.24 | [1] | $ 0.49 | [1] | $ (1.48) | [1] | $ (0.11) | [1] | $ 0.39 | [1] | $ 0.15 | [1] | $ 0.03 | [1] | $ (0.12) | [1] | $ (0.86) | [1] | $ 0.45 | [1] | $ 0.38 | |
Dow And DuPont Merger | ||||||||||||||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||||||||||||||||
Pro Forma, Net Sales | $ 21,000 | |||||||||||||||||||||
Pro Forma, Income from continuing operations, net of tax | $ 1,772 | |||||||||||||||||||||
Pro Forma, Earnings per common share from continuing operations - basic | $ 2.23 | |||||||||||||||||||||
Pro Forma, Earnings per common share from continuing operations - diluted | $ 2.21 | |||||||||||||||||||||
Business Combination, Pro Forma Information, Inventory Adjustment | $ 1,038 | |||||||||||||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 1,155 | |||||||||||||||||||||
Net sales | $ 4,911 | |||||||||||||||||||||
[1] | Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters may not equal the earnings per share amount calculated for the year. |
BUSINESS COMBINATION Other Acqu
BUSINESS COMBINATION Other Acquistions (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2019 | Nov. 01, 2017 | |
H&N Acquisition | ||
Business Acquisition [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 1,970 | |
S&C Water Acquisition | ||
Business Acquisition [Line Items] | ||
Payments to Acquire Businesses, Gross | $ 175 |
DIVESTITURES DIVESTITURES - Mat
DIVESTITURES DIVESTITURES - Material Sciences Components of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations, net of tax | $ (3) | $ 5 | $ 566 | $ 646 | $ 204 | $ 408 | $ 1,773 | $ 1,210 | $ 1,214 | $ 3,595 | $ 1,058 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | (72) | (116) | (116) | ||||||||
Materials Science Division [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net Sales, Discontinued Operations | 10,867 | 49,224 | 43,449 | ||||||||
Cost of Sales, Discontinued Operations | 8,917 | 40,187 | 35,434 | ||||||||
Research and Development Expenses, Discontinued Operations | 163 | 670 | 669 | ||||||||
Selling, General and Administrative Expense, Discontinued Operations | 329 | 1,304 | 1,322 | ||||||||
Amortization of Intangibles, Discontinued Operations | 116 | 469 | 400 | ||||||||
Restructuring and asset related charges, Discontinued Operations | 157 | 219 | 1,249 | ||||||||
Goodwill Impairment Charges, Discontinued Operations | 0 | 0 | 1,491 | ||||||||
Integration and Separation Costs, Discontinued Operations | 44 | 135 | 31 | ||||||||
Equity in Earnings on Nonconsolidated Affiliates, Discontinued Operations | (13) | 554 | 394 | ||||||||
Sundry Income (expense), Discontinued Operations | 48 | 242 | 28 | ||||||||
Interest Expense, Discontinued Operations | 240 | 1,062 | 915 | ||||||||
Income (Loss) from Discontinued Operation, before Income Tax | 936 | 5,974 | 2,360 | ||||||||
Provision for Income Taxes, Discontinued Operations | 207 | 1,490 | 1,250 | ||||||||
Income from discontinued operations, net of tax | 729 | 4,484 | 1,110 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 37 | 102 | 101 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 692 | $ 4,382 | $ 1,009 |
DIVESTITURES DIVESTITURES - M_2
DIVESTITURES DIVESTITURES - Materials Science Components of Cash Flows & Other (Details) - USD ($) $ in Millions | Apr. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
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] | ||||
Depreciation and Amortization, Discontinued Operations | $ 744 | $ 2,835 | $ 2,489 | |
Capital Expenditure, Discontinued Operations | $ 597 | $ 2,062 | $ 2,750 |
DIVESTITURES DIVESTITURES - M_3
DIVESTITURES DIVESTITURES - Materials Science Carrying Amount of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash reclassified as held for sale | $ 0 | $ 0 | $ 88 |
Materials Science Division [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Cash reclassified as held for sale | 2,723 | ||
Marketable Securities, Discontinued Operations | 100 | ||
Accounts and notes receivable, Discontinued Operations | 8,839 | ||
Inventories, Discontinued Operations | 6,891 | ||
Other current assets, Discontinued Operations | 722 | ||
Investment in Nonconsolidated Affiliates, Discontinued Operations | 3,321 | ||
Other Investments, Discontinued Operations | 2,646 | ||
Noncurrent Receivables, Discontinued Operations | 358 | ||
Property, Plant and Equipment, Discontinued Operations | 21,418 | ||
Goodwill, Discontinued Operations | 9,845 | ||
Other Intangible Assets, Discontinued Operations | 4,225 | ||
Deferred Tax Assets, Discontinued Operations | 2,197 | ||
Other Assets, Discontinued Operations | 742 | ||
Total Assets of Discontinued Operations | 64,027 | ||
Short-term borrowings and finance lease obligations, Discontinued Operations | 636 | ||
Accounts Payable, Discontinued Operations | 6,867 | ||
Income Tax Payable, Current, Discontinued Operations | 557 | ||
Other Liabilities, Current, Discontinued Operations | 2,931 | ||
Long-Term Debt, Discontinued Operations | 19,254 | ||
Deferred Tax Liabilities, Discontinued Operations | 917 | ||
Pension and other post employment benefits, noncurrent, Discontinued Operations | 8,929 | ||
Asbestos Related Liabilities, Noncurrent, Discontinued Operations | 1,142 | ||
Other Liabilities, Noncurrent, Discontinued Operations | 4,706 | ||
Total Liabilities of Discontinued Operations | $ 45,939 |
DIVESTITURES DIVESTITURES - Agr
DIVESTITURES DIVESTITURES - Agriculture Division Components of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Income from discontinued operations, net of tax | $ (3) | $ 5 | $ 566 | $ 646 | $ 204 | $ 408 | $ 1,773 | $ 1,210 | $ 1,214 | $ 3,595 | $ 1,058 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | (72) | (116) | (116) | ||||||||
Agriculture Division [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net Sales, Discontinued Operations | 7,144 | 14,159 | 7,363 | ||||||||
Cost of Sales, Discontinued Operations | 4,218 | 9,838 | 5,199 | ||||||||
Research and Development Expenses, Discontinued Operations | 470 | 1,320 | 815 | ||||||||
Selling, General and Administrative Expense, Discontinued Operations | 1,294 | 2,377 | 1,127 | ||||||||
Amortization of Intangibles, Discontinued Operations | 176 | 390 | 108 | ||||||||
Restructuring and asset related charges, Discontinued Operations | 117 | 739 | 252 | ||||||||
Integration and Separation Costs, Discontinued Operations | 430 | 441 | 63 | ||||||||
Equity in Earnings on Nonconsolidated Affiliates, Discontinued Operations | (4) | 0 | 3 | ||||||||
Sundry Income (expense), Discontinued Operations | 40 | 258 | 323 | ||||||||
Interest Expense, Discontinued Operations | 91 | 387 | 167 | ||||||||
Income (Loss) from Discontinued Operation, before Income Tax | 384 | (1,075) | (42) | ||||||||
Provision for Income Taxes, Discontinued Operations | 62 | (191) | (67) | ||||||||
Income from discontinued operations, net of tax | 322 | (884) | 25 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 35 | 14 | 15 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 287 | $ (898) | $ 10 |
DIVESTITURES DIVESTITURES - A_2
DIVESTITURES DIVESTITURES - Agriculture Division Components of Cash Flows & Other (Details) - USD ($) $ in Millions | Jun. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
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] | ||||
Depreciation and Amortization, Discontinued Operations | $ 385 | $ 913 | $ 420 | |
Capital Expenditure, Discontinued Operations | $ 383 | $ 531 | $ 269 |
DIVESTITURES DIVESTITURES - A_3
DIVESTITURES DIVESTITURES - Agriculture Division Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash reclassified as held for sale | $ 0 | $ 0 | $ 88 | |
Deferred Tax Jurisdictional Netting Adjustment | 975 | |||
Agriculture Division [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash reclassified as held for sale | 2,211 | |||
Marketable Securities, Discontinued Operations | 5 | |||
Accounts and notes receivable, Discontinued Operations | 5,109 | |||
Inventories, Discontinued Operations | 5,259 | |||
Other current assets, Discontinued Operations | 1,000 | |||
Investment in Nonconsolidated Affiliates, Discontinued Operations | 138 | |||
Other Investments, Discontinued Operations | 27 | |||
Noncurrent Receivables, Discontinued Operations | 72 | |||
Property, Plant and Equipment, Discontinued Operations | 4,543 | |||
Goodwill, Discontinued Operations | 14,691 | |||
Other Intangible Assets, Discontinued Operations | 12,055 | |||
Deferred Tax Assets, Discontinued Operations | [1] | (651) | ||
Other Assets, Discontinued Operations | 1,789 | |||
Total Assets of Discontinued Operations | 46,248 | |||
Short-term borrowings and finance lease obligations, Discontinued Operations | 2,151 | |||
Accounts Payable, Discontinued Operations | 3,627 | |||
Income Tax Payable, Current, Discontinued Operations | 185 | |||
Other Liabilities, Current, Discontinued Operations | 3,883 | |||
Long-Term Debt, Discontinued Operations | 5,784 | |||
Deferred Tax Liabilities, Discontinued Operations | 520 | |||
Pension and other post employment benefits, noncurrent, Discontinued Operations | 5,637 | |||
Other Liabilities, Noncurrent, Discontinued Operations | 1,708 | |||
Total Liabilities of Discontinued Operations | $ 23,495 | |||
[1] | Amounts include a deferred tax jurisdictional netting adjustment of $975 million which was required to properly reflect the impact of the dispositions on the continuing operations balance sheet. |
DIVESTITURES Historical EID Mer
DIVESTITURES Historical EID Merger Remedy - Divested Ag Business (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Income from discontinued operations, net of tax | $ (3) | $ 5 | $ 566 | $ 646 | $ 204 | $ 408 | $ 1,773 | $ 1,210 | $ 1,214 | $ 3,595 | $ 1,058 | ||
Historical EID Crop Protection and R&D [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net Sales, Discontinued Operations | $ 199 | ||||||||||||
Cost of Sales, Discontinued Operations | 194 | ||||||||||||
Research and Development Expenses, Discontinued Operations | 30 | ||||||||||||
Selling, General and Administrative Expense, Discontinued Operations | [1] | 102 | |||||||||||
Restructuring and asset related charges, Discontinued Operations | (1) | ||||||||||||
Sundry Income (expense), Discontinued Operations | (1) | ||||||||||||
Income (Loss) from Discontinued Operation, before Income Tax | (127) | ||||||||||||
Benefit from Income Taxes, Discontinued Operations | (50) | ||||||||||||
Income from discontinued operations, net of tax | (77) | $ 80 | |||||||||||
Transaction Costs, Discontinued Operations | $ 44 | ||||||||||||
[1] | Includes $44 million of transaction costs associated with the disposal of the Divested Ag Business. |
DIVESTITURES Indemnifications (
DIVESTITURES Indemnifications (Details) $ in Millions | Dec. 31, 2019USD ($) |
Accounts And Notes Receivable, Other | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Asset | $ 133 |
Deferred Charges And Other Assets [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Asset | 146 |
Accrued and other current liabilities | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Liabilities | 77 |
Other noncurrent obligations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Liabilities | $ 97 |
DIVESTITURES Oher Discontinued
DIVESTITURES Oher Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income from discontinued operations, net of tax | $ (3) | $ 5 | $ 566 | $ 646 | $ 204 | $ 408 | $ 1,773 | $ 1,210 | $ 1,214 | $ 3,595 | $ 1,058 | |
Historical EID - Other [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income from discontinued operations, net of tax | 86 | |||||||||||
Historical EID Crop Protection and R&D [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Income from discontinued operations, net of tax | $ (77) | 80 | ||||||||||
Non-core [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Gain (Loss) on Disposition of Business | 28 | |||||||||||
Gain (Loss) on Disposition of Business, Net of Tax | $ 22 |
DIVESTITURES Integration and Se
DIVESTITURES Integration and Separation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Integration and Separation Costs [Abstract] | |||||||||||
Integration and separation costs | $ 193 | $ 191 | $ 347 | $ 611 | $ 575 | $ 519 | $ 428 | $ 365 | $ 1,342 | $ 1,887 | $ 1,007 |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net sales | $ 5,204 | $ 5,426 | $ 5,468 | $ 5,414 | $ 5,457 | $ 5,683 | $ 5,857 | $ 5,597 | $ 21,512 | $ 22,594 | $ 11,672 | |
Contract with Customer, Liability, Revenue Recognized | 40 | 37 | ||||||||||
Accounts and notes receivable - Trade | [1] | 3,007 | 2,960 | 3,007 | 2,960 | |||||||
Contract assets - current | [2] | 35 | 48 | 35 | 48 | |||||||
Contract liabilities - current | [3] | 69 | 71 | 69 | 71 | |||||||
Contract liabilities - noncurrent | [4] | $ 34 | $ 7 | 34 | 7 | |||||||
Image Solutions [Member] | ||||||||||||
Net sales | 622 | 629 | ||||||||||
Interconnect Solutions | ||||||||||||
Net sales | 1,187 | 1,174 | ||||||||||
Semiconductor Technologies | ||||||||||||
Net sales | 1,745 | 1,832 | ||||||||||
Food & Beverage | ||||||||||||
Net sales | 2,945 | 2,987 | ||||||||||
Nutrition & Biosciences | ||||||||||||
Net sales | 2,317 | 2,405 | ||||||||||
Pharma Solutions [Member] | ||||||||||||
Net sales | 814 | 824 | ||||||||||
Mobility Solutions [Member] | ||||||||||||
Net sales | 2,320 | 2,532 | ||||||||||
Healthcare & Specialty [Member] | ||||||||||||
Net sales | 1,492 | 1,581 | ||||||||||
Industrial & Consumer [Member] | ||||||||||||
Net sales | 1,138 | 1,309 | ||||||||||
Safety Solutions | ||||||||||||
Net sales | 2,549 | 2,483 | ||||||||||
Shelter Solutions [Member] | ||||||||||||
Net sales | 1,535 | 1,796 | ||||||||||
Water Solutions [Member] | ||||||||||||
Net sales | 1,117 | 1,015 | ||||||||||
Biomaterials [Member] | ||||||||||||
Net sales | 211 | 284 | ||||||||||
Clean Technologies [Member] | ||||||||||||
Net sales | 278 | 301 | ||||||||||
DuPont Teijin Films [Member] | ||||||||||||
Net sales | 172 | 198 | ||||||||||
Photovoltaic & Advanced Materials [Member] | ||||||||||||
Net sales | 962 | 1,085 | ||||||||||
Sustainable Solutions [Member] | ||||||||||||
Net sales | [5] | 108 | 159 | |||||||||
Electronics & Imaging | ||||||||||||
Net sales | 3,554 | 3,635 | 2,713 | |||||||||
Nutrition & Biosciences | ||||||||||||
Net sales | 6,076 | 6,216 | 2,580 | |||||||||
Transportation & Industrial | ||||||||||||
Net sales | 4,950 | 5,422 | 2,463 | |||||||||
Safety & Construction | ||||||||||||
Net sales | 5,201 | 5,294 | 2,958 | |||||||||
Non-core [Member] | ||||||||||||
Net sales | $ 1,731 | $ 2,027 | $ 958 | |||||||||
[1] | Included in "Accounts and notes receivable - net" in the Consolidated Balance Sheets. | |||||||||||
[2] | Included in "Other current assets" in the Consolidated Balance Sheets. | |||||||||||
[3] | Included in "Accrued and other current liabilities" in the Consolidated Balance Sheets. | |||||||||||
[4] | Included in "Other noncurrent obligations" in the Consolidated Balance Sheets. | |||||||||||
[5] | The Sustainable Solutions business was divested in third quarter of 2019. Refer to Note 4 for additional information. |
RESTRUCTURING AND ASSET RELAT_3
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | ||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||
Restructuring and asset related charges - net 2 | $ 24 | $ 82 | $ 137 | $ 71 | $ 37 | $ 11 | $ 46 | $ 53 | $ 314 | [1] | $ 147 | $ 288 | |||||||||
Fair Value, Nonrecurring [Member] | Manufacturing Assets [Domain] | |||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||
Asset Impairment Charges | 71 | ||||||||||||||||||||
Fair Value, Nonrecurring [Member] | Manufacturing Assets [Domain] | Electronics & Imaging | |||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||
Asset Impairment Charges | 39 | ||||||||||||||||||||
Fair Value, Nonrecurring [Member] | Manufacturing Assets [Domain] | Safety & Construction | |||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||
Asset Impairment Charges | $ 32 | ||||||||||||||||||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Equity Method Investments | |||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||
Asset Impairment Charges | $ 63 | ||||||||||||||||||||
[1] | See Note 6 for additional information. |
RESTRUCTURING AND ASSET RELAT_4
RESTRUCTURING AND ASSET RELATED CHARGES - NET 2019 Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | [2] | Jun. 30, 2019 | [2] | Mar. 31, 2019 | [2] | Dec. 31, 2018 | Sep. 30, 2018 | [2] | Jun. 30, 2018 | [2] | Mar. 31, 2018 | [2] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [1] | $ 314 | $ 147 | $ 288 | ||||||||||||||||||
Restructuring and asset related charges - net 2 | $ 24 | [2] | $ 82 | $ 137 | $ 71 | $ 37 | [2] | $ 11 | $ 46 | $ 53 | 314 | [2] | 147 | [2] | 288 | |||||||
Electronics & Imaging | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [1] | 47 | 2 | 124 | ||||||||||||||||||
Nutrition & Biosciences | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [1] | 122 | 29 | 2 | ||||||||||||||||||
Transportation & Industrial | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [1] | 19 | 2 | 6 | ||||||||||||||||||
Safety & Construction | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [1] | 32 | 24 | 53 | ||||||||||||||||||
Non-core [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [1] | 0 | (12) | 31 | ||||||||||||||||||
Corporate | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [1] | 94 | 102 | $ 72 | ||||||||||||||||||
2019 Restructuring Program [Domain] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [3] | 138 | ||||||||||||||||||||
Restructuring Reserve | 86 | 0 | 86 | 0 | ||||||||||||||||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | (34) | |||||||||||||||||||||
Payments for Restructuring | (18) | |||||||||||||||||||||
2019 Restructuring Program [Domain] | Accrued and other current liabilities | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Reserve | 86 | 86 | ||||||||||||||||||||
2019 Restructuring Program [Domain] | Employee Severance [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | 104 | |||||||||||||||||||||
Restructuring Reserve | 86 | 0 | 86 | 0 | ||||||||||||||||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | 0 | |||||||||||||||||||||
Payments for Restructuring | (18) | |||||||||||||||||||||
2019 Restructuring Program [Domain] | Asset Related Charges And Other [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | 34 | |||||||||||||||||||||
Restructuring Reserve | $ 0 | $ 0 | 0 | $ 0 | ||||||||||||||||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | (34) | |||||||||||||||||||||
Payments for Restructuring | 0 | |||||||||||||||||||||
2019 Restructuring Program [Domain] | Electronics & Imaging | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | 47 | |||||||||||||||||||||
2019 Restructuring Program [Domain] | Nutrition & Biosciences | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | 20 | |||||||||||||||||||||
2019 Restructuring Program [Domain] | Transportation & Industrial | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | 19 | |||||||||||||||||||||
2019 Restructuring Program [Domain] | Safety & Construction | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | 25 | |||||||||||||||||||||
2019 Restructuring Program [Domain] | Non-core [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | 4 | |||||||||||||||||||||
2019 Restructuring Program [Domain] | Corporate | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring Charges | [4] | $ 23 | ||||||||||||||||||||
[1] | See Note 6 for information regarding the Company's restructuring programs and asset related charges. | |||||||||||||||||||||
[2] | See Note 6 for additional information. | |||||||||||||||||||||
[3] | The charge for the years ended December 31, 2019 and 2018 includes $113 million and $147 million which was recognized in "Restructuring and asset related charges - net" and $4 million and $4 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the Consolidated Statements of Operations. The charge for the year ended December 31, 2017 was recognized in "Restructuring and asset related charges - net". | |||||||||||||||||||||
[4] | Severance and related benefit costs were recorded at Corporate. |
RESTRUCTURING AND ASSET RELAT_5
RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 28 Months Ended | ||||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | ||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and asset related charges - net 2 | $ 24 | [1] | $ 82 | $ 137 | $ 71 | $ 37 | [1] | $ 11 | $ 46 | $ 53 | $ 314 | [1] | $ 147 | [1] | $ 288 | ||||||||
Restructuring Charges | [2] | 314 | 147 | 288 | |||||||||||||||||||
Electronics & Imaging | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | [2] | 47 | 2 | 124 | |||||||||||||||||||
Nutrition & Biosciences | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | [2] | 122 | 29 | 2 | |||||||||||||||||||
Transportation & Industrial | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | [2] | 19 | 2 | 6 | |||||||||||||||||||
Safety & Construction | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | [2] | 32 | 24 | 53 | |||||||||||||||||||
Non-core [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | [2] | 0 | (12) | 31 | |||||||||||||||||||
Corporate | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | [2] | 94 | 102 | 72 | |||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and asset related charges - net 2 | $ 485 | ||||||||||||||||||||||
Restructuring Reserve | 76 | 142 | 76 | 142 | 76 | ||||||||||||||||||
Restructuring Charges | 117 | [3] | 151 | [3] | 217 | ||||||||||||||||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | (54) | ||||||||||||||||||||||
Payments for Restructuring | (129) | ||||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Restructuring Settlement And Impairment Provisions [Domain] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | 113 | 147 | |||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Income (Loss) From Equity Method Investments [Domain] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | 4 | 4 | |||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Accrued and other current liabilities | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Reserve | 76 | 129 | 76 | 129 | 76 | ||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Other noncurrent obligations | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Reserve | 13 | 13 | |||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and asset related charges - net 2 | 215 | ||||||||||||||||||||||
Restructuring Reserve | 74 | 126 | 74 | 126 | 74 | ||||||||||||||||||
Restructuring Charges | 46 | 97 | 72 | ||||||||||||||||||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | 0 | ||||||||||||||||||||||
Payments for Restructuring | (98) | ||||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Contract Termination [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and asset related charges - net 2 | 61 | ||||||||||||||||||||||
Restructuring Reserve | 2 | 16 | 2 | 16 | 2 | ||||||||||||||||||
Restructuring Charges | 17 | 12 | 32 | ||||||||||||||||||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | 0 | ||||||||||||||||||||||
Payments for Restructuring | (31) | ||||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges And Other [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and asset related charges - net 2 | 209 | ||||||||||||||||||||||
Restructuring Reserve | $ 0 | $ 0 | 0 | 0 | $ 0 | ||||||||||||||||||
Restructuring Charges | 54 | 42 | 113 | ||||||||||||||||||||
Restructuring Reserve, Settled Without Cash, Charges Against Reserve | (54) | ||||||||||||||||||||||
Payments for Restructuring | 0 | ||||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Electronics & Imaging | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | 0 | 2 | 85 | ||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Nutrition & Biosciences | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | 39 | 29 | 2 | ||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Transportation & Industrial | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | 0 | 2 | 6 | ||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Safety & Construction | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | 7 | 24 | 21 | ||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Non-core [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | 0 | (8) | 31 | ||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Corporate | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring Charges | [4] | $ 71 | $ 102 | $ 72 | |||||||||||||||||||
[1] | See Note 6 for additional information. | ||||||||||||||||||||||
[2] | See Note 6 for information regarding the Company's restructuring programs and asset related charges. | ||||||||||||||||||||||
[3] | The charge for the years ended December 31, 2019 and 2018 includes $113 million and $147 million which was recognized in "Restructuring and asset related charges - net" and $4 million and $4 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the Consolidated Statements of Operations. The charge for the year ended December 31, 2017 was recognized in "Restructuring and asset related charges - net". | ||||||||||||||||||||||
[4] | Severance and related benefit costs were recorded at Corporate. |
SUPPLEMENTARY INFORMATION - Sum
SUPPLEMENTARY INFORMATION - Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||
Non-operating pension and other post employment benefit (credits) | $ 74 | [1] | $ 96 | [1] | $ 35 | |
Interest income | 55 | [1] | 39 | [1] | 6 | |
Net gain (loss) on sales of other assets and investments 1 | [2] | 157 | 8 | 65 | ||
Foreign exchange gains (losses), net | [3] | (110) | (93) | (54) | ||
Net loss on divestiture and changes in joint venture ownership | 0 | (41) | 0 | |||
Miscellaneous Income (Expense) - Net | [4] | (23) | 83 | 14 | ||
Sundry income (expense) - net | 153 | 92 | $ 66 | |||
Income Tax Related Items | 48 | |||||
Historical EID | Foreign Exchange Contract | ||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||
Foreign exchange gains (losses), net | $ 50 | |||||
Electronics & Imaging | ||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||
Net gain (loss) on sales of other assets and investments 1 | 92 | |||||
Non-core [Member] | ||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||
Gain (Loss) on Disposition of Business | 28 | |||||
Indemnification Agreement [Member] | Dow | ||||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||||
Income Tax Related Items | $ (74) | |||||
[1] | Included in "Sundry income (expense) - net." | |||||
[2] | The year ended December 31, 2019 includes income of $92 million , related to a sale of assets within the Electronics & Imaging segment and as well as a gain of $28 million related to the sale of the Sustainable Solutions business unit within the Non-Core segment. | |||||
[3] | Includes a $50 million foreign exchange loss for the year ended December 31, 2018 related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform. | |||||
[4] | Miscellaneous income and expenses - net, for the year ended December 31, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement and a $74 million charge related to tax indemnifications, primarily associated with an adjustment to a one-time transition tax liability required by the Tax Cuts and Jobs Act of 2017, which were recorded in accordance with the Amended and Restated Tax Matters Agreement. These charges were offset by various indemnification and lease income amounts. The miscellaneous income for the year ended 2018 primarily relates to legal settlements. |
SUPPLEMENTARY INFORMATION - Cas
SUPPLEMENTARY INFORMATION - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplementary Information | |||
Restricted Cash | $ 37 | $ 43 | |
Accrued and other current liabilities | 1,342 | 1,129 | [1] |
Accrued Payroll | $ 479 | $ 506 | |
[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. |
INCOME TAXES INCOME TAXES - Nar
INCOME TAXES INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | ||||||||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | 21.00% | ||||||||
Undistributed Earnings of Foreign Subsidiaries | $ 7,823 | $ 7,823 | $ 7,823 | |||||||||
Goodwill impairment charges | 0 | $ 0 | $ 1,175 | $ 0 | 1,175 | $ 0 | $ 0 | |||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Indirect Impact on Inventory, Provisional Income Tax Expense | 54 | |||||||||||
Integration and separation costs | $ 193 | $ 191 | $ 347 | $ 611 | $ 575 | $ 519 | $ 428 | $ 365 | 1,342 | 1,887 | 1,007 | |
Geographic Distribution, Domestic [Member] | ||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||
Goodwill impairment charges | 657 | |||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Sales | 76 | 620 | ||||||||||
Geographic Distribution, Foreign [Member] | ||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||
Goodwill impairment charges | $ 518 | |||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Sales | $ 1 | $ 735 |
INCOME TAXES Reconciliation to
INCOME TAXES Reconciliation to US Statutory Rate (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | ||||
Income Tax Disclosure [Abstract] | |||||||
Tax Benefit Charge Related to an Internal Entity Restructuring | $ 102 | $ (25) | $ 261 | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | 21.00% | |||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | (4.30%) | (3.40%) | (2.60%) | ||||
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent | (10.00%) | (0.80%) | 0.00% | ||||
Effective Tax Rate Reconciliation, Acquisition, Divestitures, Percent | [1],[2] | 30.30% | 6.20% | 16.60% | |||
Effective Income Tax Rate Reconciliation, Foreign Currency Gains (Losses), Percent | [3] | (4.40%) | 0.90% | (5.90%) | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | 0.108 | (0.005) | [4] | 0.712 | |||
Effective Income Tax Rate Reconciliation, Equity in Earnings (Losses) of Unconsolidated Subsidiary, Percent | 1.30% | (1.00%) | 0.20% | ||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (33.20%) | 4.10% | 2.50% | ||||
Effective Tax Rate Reconciliation, Change In Valuation Allowance, Percent | (6.80%) | 5.20% | (0.60%) | ||||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent | 3.40% | (5.20%) | 2.40% | ||||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent | (51.20%) | 0.00% | 0.00% | ||||
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent | 0.10% | (1.40%) | 0.20% | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 13.50% | [5] | 7.50% | (3.70%) | |||
Effective Income Tax Rate Reconciliation, Percent | (29.50%) | 32.60% | 115.30% | ||||
Tax Benefit Related to a Change in Estimate, net | $ 65 | ||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 41 | $ 142 | $ 46 | ||||
[1] | See Notes 3 and 4 for additional information. | ||||||
[2] | ncludes a net tax benefit of $102 million , a net tax charge of $25 million and a net tax benefit of $261 million related to internal entity restructuring for the years ended December 31, 2019, 2018 and 2017, respectively. | ||||||
[3] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the Company's foreign currency hedging program is included in Note 22 under the heading Foreign Currency Risk. | ||||||
[4] | Includes a net tax benefit of $65 million relating to the Company's change in estimate with respect to the portion of the one time transition tax for the taxable year ending December 31, 2018 for Historical Dow. | ||||||
[5] | Includes a net tax benefit of $41 million in the year ended December 31, 2019 related to certain tax benefits for positions taken on items from prior years. |
INCOME TAXES Income Taxes - Geo
INCOME TAXES Income Taxes - Geographic Allocation of Income and Provision for Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ (2,007) | $ (985) | $ (1,682) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 1,533 | 1,585 | 157 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (474) | 600 | (1,525) | ||||||||
Current Federal Tax Expense (Benefit) | 22 | 401 | (379) | ||||||||
Current State and Local Tax Expense (Benefit) | 5 | 9 | (52) | ||||||||
Current Foreign Tax Expense (Benefit) | 591 | 452 | 146 | ||||||||
Deferred Foreign Income Tax Expense (Benefit) | (52) | (54) | (124) | ||||||||
Credit for deferred income tax and other tax related items | (478) | (667) | (1,473) | ||||||||
Current Income Tax Expense (Benefit) | 618 | 862 | (285) | ||||||||
Deferred Federal Income Tax Expense (Benefit) | (598) | (560) | (1,385) | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | 172 | (53) | 36 | ||||||||
Provision for (Benefit from) income taxes on continuing operations | 140 | 195 | (1,758) | ||||||||
(Loss) Income from continuing operations, net of tax | $ 191 | $ 372 | $ (1,103) | $ (74) | $ 316 | $ 131 | $ 31 | $ (73) | $ (614) | $ 405 | $ 233 |
INCOME TAXES Gross Unrecognized
INCOME TAXES Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Income Tax Disclosure [Abstract] | ||||||
Unrecognized Tax Benefits | $ 368 | $ 1,062 | [1] | $ 994 | [1] | $ 231 |
Decreases related to positions taken on items from prior years | (149) | (51) | (6) | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 41 | 142 | 46 | |||
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 57 | 11 | 747 | [2] | ||
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | (13) | (11) | |||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | (6) | (14) | |||
Unrecognized Tax Benefits, Increase Resulting from Foreign Currency Translation | (3) | (15) | 1 | |||
Unrecognized Tax Benefits, Decrease Resulting from Divestiture | (652) | 0 | 0 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 196 | 148 | 210 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 9 | 1 | 1 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 12 | 154 | 157 | |||
Unrecognized Tax Benefit related to Discontinued Operations | $ 758 | $ 722 | ||||
[1] | Total unrecognized tax benefits at December 31, 2018 and 2017 include $758 million and $722 million of benefits related to discontinued operations. | |||||
[2] | The 2017 balance includes $709 million assumed in the Merger. |
INCOME TAXES Deferred Tax Balan
INCOME TAXES Deferred Tax Balances (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | ||
Income Tax Disclosure [Abstract] | ||||
Deferred Tax Assets, Operating Loss And Tax Credit Carryforwards | [1] | $ 776,000,000 | $ 678,000,000 | |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 245,000,000 | 293,000,000 | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | 65,000,000 | 120,000,000 | ||
Deferred Tax Assets/Liabilities, Other - Net | 169,000,000 | 20,000,000 | ||
Deferred Tax Assets, Gross | 1,255,000,000 | [2] | 1,111,000,000 | |
Deferred Tax Assets, Valuation Allowance | [1] | (634,000,000) | (593,000,000) | |
Deferred Tax Assets, Net of Valuation Allowance | 621,000,000 | 518,000,000 | ||
Deferred Tax Liabilities, Unrealized Currency Transaction Gains | (1,000,000) | (1,000,000) | ||
Deferred Tax Liabilities, Inventory | (9,000,000) | (25,000,000) | ||
Deferred Tax Liabilities, Investments | (341,000,000) | (457,000,000) | ||
Deferred Tax Liabilities, Property, Plant and Equipment | (796,000,000) | (792,000,000) | ||
Deferred Tax Liabilities, Goodwill and Intangible Assets | (2,752,000,000) | (2,977,000,000) | ||
Deferred Tax Liabilities, Gross | (3,899,000,000) | (4,252,000,000) | ||
Deferred Tax Liabilities, Net | $ (3,278,000,000) | $ (3,734,000,000) | ||
[1] | Primarily related to recorded tax benefits and the realization of tax loss and carryforwards from operations in the United States, Luxembourg and Asia Pacific. | |||
[2] | Cash paid to certain executive employees for PSU awards vested in prior periods and delivered in the reporting year, equal to the value of the stock award on the date of delivery. |
INCOME TAXES Income Taxes - Tax
INCOME TAXES Income Taxes - Tax Reform (Details) - USD ($) $ in Millions | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Tax Cuts and Jobs Act, Change in Tax Rate, Deferred Tax Liability, Income Tax Benefit | $ 118 | $ 2,666 | $ 2,784 | |
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense | $ (65) | $ 59 | $ 1,580 | $ 1,574 |
INCOME TAXES Operating Loss and
INCOME TAXES Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | $ 645 | $ 646 |
Deferred Tax Assets, Tax Credit Carryforwards | 131 | 32 |
Total Operating Loss and Tax Credit Carryforwards | 776 | 678 |
Expiring within Five Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 43 | 22 |
Deferred Tax Assets, Tax Credit Carryforwards | 8 | 3 |
Expiring after Five Years or Indefinite Expiration [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Operating Loss Carryforwards | 602 | 624 |
Deferred Tax Assets, Tax Credit Carryforwards | $ 123 | $ 29 |
EARNINGS PER SHARE CALCULATIO_3
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2019 | ||
Earnings Per Share [Abstract] | |||||||||||||
Par Value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
(Loss) Income from continuing operations, net of tax | $ 191 | $ 372 | $ (1,103) | $ (74) | $ 316 | $ 131 | $ 31 | $ (73) | $ (614) | $ 405 | $ 233 | ||
Net income from continuing operations attributable to noncontrolling interests | 30 | 39 | 16 | ||||||||||
Net income from continuing operations attributable to participating securities | [1] | 1 | 17 | 13 | |||||||||
(Loss) Income from continuing operations attributable to common stockholders | (645) | 349 | 204 | ||||||||||
Income from discontinued operations, net of tax | $ (3) | $ 5 | $ 566 | $ 646 | $ 204 | $ 408 | $ 1,773 | $ 1,210 | 1,214 | 3,595 | 1,058 | ||
Net income from discontinued operations attributable to noncontrolling interests | 72 | 116 | 116 | ||||||||||
Income from discontinued operations attributable to common stockholders | 1,142 | 3,479 | 942 | ||||||||||
Net income attributable to common stockholders | $ 497 | $ 3,828 | $ 1,146 | ||||||||||
[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 | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Earnings Per Share [Abstract] | |||||||||||||||||||||
(Loss) Earnings per common share from continuing operations - basic | $ 0.24 | $ 0.49 | $ (1.48) | $ (0.11) | $ 0.40 | $ 0.15 | $ 0.03 | $ (0.12) | $ (0.86) | [1] | $ 0.46 | [1] | $ 0.39 | ||||||||
Income from discontinued operations attributable to common stockholders | $ 0 | $ 0.01 | $ 0.72 | $ 0.80 | $ 0.24 | $ 0.50 | $ 2.26 | $ 1.53 | 1.53 | [1] | 4.54 | [1] | 1.79 | ||||||||
Net income attributable to common stockholders | $ 0.67 | $ 4.99 | $ 2.18 | ||||||||||||||||||
[1] | Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters may not equal the earnings per share amount calculated for the year. |
EARNINGS PER SHARE CALCULATIO_5
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Diluted (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Earnings Per Share [Abstract] | |||||||||||||||||||||
(Loss) Earnings per common share from continuing operations - diluted | $ 0.24 | $ 0.49 | $ (1.48) | $ (0.11) | $ 0.39 | $ 0.15 | $ 0.03 | $ (0.12) | $ (0.86) | [1] | $ 0.45 | [1] | $ 0.38 | ||||||||
Income from discontinued operations attributable to common stockholders | $ 0 | $ 0.01 | $ 0.72 | $ 0.80 | $ 0.23 | $ 0.50 | $ 2.24 | $ 1.53 | 1.53 | [1] | 4.51 | [1] | 1.77 | ||||||||
Net income attributable to common stockholders | $ 0.67 | $ 4.96 | $ 2.15 | ||||||||||||||||||
[1] | Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters may not equal the earnings per share amount calculated for the year. |
EARNINGS PER SHARE CALCULATIO_6
EARNINGS PER SHARE CALCULATIONS - Summary of Count Information (Details) - shares shares in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Earnings Per Share [Abstract] | |||||
Weighted-average common shares - basic (in shares) | 746.3 | 767 | 526.6 | ||
Plus dilutive effect of equity compensation plans (in shares) | 0 | 4.8 | 6.1 | ||
Weighted-average common shares outstanding - diluted | 746.3 | 771.8 | 532.7 | ||
Stock options and restricted stock units excluded from EPS calculations (in shares) | 3.3 | 3.2 | [1] | 0.5 | [1] |
[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 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts Receivable - trade | [1] | $ 2,954 | $ 2,891 |
Notes receivable - trade | 53 | 69 | |
Other Receivables | [2] | 795 | 431 |
Accounts and notes receivables - net | 3,802 | 3,391 | |
Accounts and Notes Receivables - trade, allowance | $ 9 | $ 10 | |
[1] | Accounts receivable – trade is net of allowances of $9 million at December 31, 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Change in Accounting Estimate [Line Items] | ||
Finished goods | $ 2,621 | $ 2,495 |
Work in process | 855 | 833 |
Raw materials | 599 | 560 |
Supplies | 244 | 219 |
Total inventories | $ 4,319 | $ 4,107 |
INVENTORIES Effect of Change -
INVENTORIES Effect of Change - Schedule of Operations (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Accounting Estimate [Line Items] | |||||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.57) | ||||||||||
Cost of sales | $ 3,408 | $ 3,531 | $ 3,496 | $ 3,621 | $ 3,642 | $ 3,770 | $ 4,085 | $ 3,805 | $ 14,056 | $ 15,302 | $ 9,558 |
Provision for (Benefit from) income taxes on continuing operations | 140 | 195 | (1,758) | ||||||||
Net income available for DuPont common stockholders | $ 176 | $ 372 | $ (571) | $ 521 | $ 482 | $ 501 | $ 1,769 | $ 1,093 | 498 | 3,845 | 1,159 |
As if Under LIFO [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Cost of sales | 14,058 | 15,308 | 9,158 | ||||||||
Provision for (Benefit from) income taxes on continuing operations | 139 | 190 | (1,659) | ||||||||
Net income available for DuPont common stockholders | (615) | 404 | 534 | ||||||||
Under Average Cost [Member] [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Cost of sales | 14,056 | 15,302 | 9,558 | ||||||||
Provision for (Benefit from) income taxes on continuing operations | 140 | 195 | (1,758) | ||||||||
Net income available for DuPont common stockholders | (614) | 405 | 233 | ||||||||
Effect of Change [Member] [Member] | |||||||||||
Change in Accounting Estimate [Line Items] | |||||||||||
Cost of sales | (2) | (6) | 400 | ||||||||
Provision for (Benefit from) income taxes on continuing operations | 1 | 5 | (99) | ||||||||
Net income available for DuPont common stockholders | $ 1 | $ 1 | $ (301) |
INVENTORIES Effect of Change _2
INVENTORIES Effect of Change - Schedule of Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2017 | |
Change in Accounting Estimate [Line Items] | ||||
Inventories | $ 4,319 | $ 4,107 | ||
Deferred income tax liabilities | 3,514 | 3,912 | ||
Retained Earnings (Accumulated Deficit) | (8,400) | 30,257 | [1] | |
As if Under LIFO [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Inventories | 4,702 | 4,472 | ||
Deferred income tax liabilities | 3,604 | 3,998 | ||
Retained Earnings (Accumulated Deficit) | (8,107) | 30,536 | ||
Under Average Cost [Member] [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Inventories | 4,319 | 4,107 | ||
Deferred income tax liabilities | 3,514 | 3,912 | ||
Retained Earnings (Accumulated Deficit) | (8,400) | 30,257 | ||
Effect of Change [Member] [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Inventories | (383) | (365) | ||
Deferred income tax liabilities | (90) | (86) | ||
Retained Earnings (Accumulated Deficit) | $ (293) | $ (279) | $ 21 | |
[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. |
PROPERTY, PLANT & EQUIPMENT (De
PROPERTY, PLANT & EQUIPMENT (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Land and Land Improvements [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 1 year |
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 | 40 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land and Land Improvements | $ 798 | $ 944 |
Buildings and Improvements, Gross | 2,775 | 2,581 |
Machinery and Equipment, Gross | 9,887 | 9,133 |
Construction in Progress, Gross | 1,652 | 1,458 |
Property, Plant and Equipment | 15,112 | 14,116 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 4,969 | 4,199 |
Property, Plant and Equipment, Net | $ 10,143 | $ 9,917 |
PROPERTY, PLANT & EQUIPMENT S_2
PROPERTY, PLANT & EQUIPMENT Schedule of Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 1,016 | $ 1,126 | $ 555 |
NONCONSOLIDATED AFFILIATES - Pr
NONCONSOLIDATED AFFILIATES - Principal Nonconsolidated (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity in Earnings | $ 84 | $ 447 | $ 367 | |
HSC group [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in Earnings | $ 29 | $ 389 | $ 354 | |
Deferred Tax Asset [Domain] | Accounting Standards Update 2014-09 [Member] | HSC group [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 56 | |||
Retained Earnings (Accumulated Deficit) | Accounting Standards Update 2014-09 [Member] | HSC group [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 183 | |||
Equity Method Investments | Accounting Standards Update 2014-09 [Member] | HSC group [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 71 | |||
Other noncurrent obligations | Accounting Standards Update 2014-09 [Member] | HSC group [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 168 |
NONCONSOLIDATED AFFILIATES - Ad
NONCONSOLIDATED AFFILIATES - Additional Information (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)entity | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Investment [Line Items] | |||
Proceeds from Equity Method Investment, Distribution | $ 191 | $ 318 | $ 237 |
Equity Method Investment Ownership Interest Number Of Affiliates | entity | 22 | ||
Other noncurrent liabilities | $ (358) | (495) | |
Investments in nonconsolidated affiliates | 1,204 | 1,745 | $ 1,896 |
Accrued and other current liabilities | (85) | (81) | |
Net Investment in nonconsolidated affiliates | $ 761 | 1,169 | |
DC HSC Holdings LLC [Member] | |||
Investment [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | ||
Investments in nonconsolidated affiliates | $ 87 | 535 | |
Hemlock Semiconductor L.L.C. | |||
Investment [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.10% | ||
Other noncurrent liabilities | $ (358) | $ (495) | |
Maximum | |||
Investment [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.10% | ||
Minimum | |||
Investment [Line Items] | |||
Equity Method Investment, Ownership Percentage | 49.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Equity Method Investee [Member] | |||
Investment [Line Items] | |||
Concentration Risk, Percentage | 3.00% | 3.00% | 4.00% |
Cost of Sales [Member] | Supplier Concentration Risk [Member] | Equity Method Investee [Member] | |||
Investment [Line Items] | |||
Concentration Risk, Percentage | 2.00% | 2.00% | 2.00% |
DC HSC Holdings LLC [Member] | Hemlock Semiconductor L.L.C. | |||
Investment [Line Items] | |||
Equity Method Investment, Ownership Percentage | 80.50% |
NONCONSOLIDATED AFFILIATES Summ
NONCONSOLIDATED AFFILIATES Summarized Balance Sheet and Income Statement Information - Nonconsolidated Affiliates (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Benefit from Contract Settlements | $ 248,000,000 | |||
nonconsolidated affiliates [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Revenue | 882,000,000 | $ 1,285,000,000 | $ 624,000,000 | |
Equity Method Investment, Summarized Financial Information, Cost of Sales | 680,000,000 | 970,000,000 | 473,000,000 | |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations | 110,000,000 | 154,000,000 | 73,000,000 | |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 93,000,000 | 135,000,000 | 64,000,000 | |
Equity Method Investment, Summarized Financial Information, Current Assets | 712,000,000 | 743,000,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 574,000,000 | 582,000,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 1,286,000,000 | 1,325,000,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 586,000,000 | 603,000,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 54,000,000 | 56,000,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 640,000,000 | 659,000,000 | ||
HSC group [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Summarized Financial Information, Revenue | [1] | 779,000,000 | 1,158,000,000 | 1,716,000,000 |
Equity Method Investment, Summarized Financial Information, Cost of Sales | [1] | 512,000,000 | 686,000,000 | 1,247,000,000 |
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations | [2] | (116,000,000) | 787,000,000 | 771,000,000 |
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 51,000,000 | 750,000,000 | 744,000,000 | |
Asset Impairment Charges | 1,170,000,000 | |||
Equity Method Investment, Summarized Financial Information, Intercompany Revenue and Cost of Sales | [1] | 112,000,000 | 206,000,000 | 312,000,000 |
Equity Method Investment, Summarized Financial Information, Current Assets | 1,011,000,000 | 1,184,000,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Assets | 420,000,000 | 1,424,000,000 | ||
Equity Method Investment, Summarized Financial Information, Assets | 1,431,000,000 | 2,608,000,000 | ||
Equity Method Investment, Summarized Financial Information, Current Liabilities | 415,000,000 | 543,000,000 | ||
Equity Method Investment, Summarized Financial Information, Noncurrent Liabilities | 1,515,000,000 | 1,719,000,000 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 1,930,000,000 | 2,262,000,000 | ||
Equity Method Investment, Summarized Financial Information, Noncontrolling Interest | 42,000,000 | 259,000,000 | ||
Benefit from Contract Settlements | $ 820,000,000 | $ 460,000,000 | $ 430,000,000 | |
[1] | Includes sales and cost of sales of $112 million , $206 million , and $312 million for 2019, 2018, and 2017, respectively, that have not been eliminated between Hemlock Semiconductor L.L.C and DC HSC Holdings in the presentation of the summarized income statement information above. | |||
[2] | 2019 includes asset impairment charges of approximately $1,170 million , primarily related to fixed assets and inventory, offset partially by benefits associated with customer contract settlements of approximately $820 million recorded as other operating income/expense, net. 2018 and 2017 includes customer contract settlements of approximately $460 million and $430 million , respectively. |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||||||
Goodwill impairment charge | $ 0 | $ 0 | $ (1,175) | $ 0 | $ (1,175) | $ 0 | $ 0 |
Nutrition & Biosciences | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charge | (933) | ||||||
Non-core [Member] | |||||||
Goodwill [Line Items] | |||||||
Goodwill impairment charge | $ (242) |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | 14 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | ||||||
Goodwill [Roll Forward] | |||||||||||||
Net goodwill, beginning of period | $ 34,496 | [1] | $ 34,496 | [1] | $ 34,820 | ||||||||
Goodwill impairment charge | $ 0 | $ 0 | $ (1,175) | 0 | (1,175) | 0 | $ 0 | ||||||
Goodwill, Acquired During Period | $ 732 | ||||||||||||
Foreign currency impact | (225) | (544) | |||||||||||
Goodwill, Other Increase (Decrease) | 1 | (10) | |||||||||||
Net goodwill, end of period | 33,151 | 33,151 | 34,496 | [1] | 34,820 | 34,496 | [1] | ||||||
Dow And DuPont Merger | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Measurement period adjustments | 216 | ||||||||||||
H&N Business | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Measurement period adjustments | [2] | 14 | |||||||||||
S&C Water Acquisition | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Goodwill, Acquired During Period | 54 | ||||||||||||
Electronics & Imaging | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Net goodwill, beginning of period | 7,113 | [1] | 7,113 | [1] | 7,100 | ||||||||
Foreign currency impact | (21) | (44) | |||||||||||
Net goodwill, end of period | 7,092 | 7,092 | 7,113 | [1] | 7,100 | 7,113 | [1] | ||||||
Electronics & Imaging | Dow And DuPont Merger | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Measurement period adjustments | 57 | ||||||||||||
Nutrition & Biosciences | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Net goodwill, beginning of period | 12,109 | [1] | 12,109 | [1] | 12,560 | ||||||||
Goodwill impairment charge | (933) | ||||||||||||
Foreign currency impact | (127) | (350) | |||||||||||
Goodwill, Other Increase (Decrease) | (37) | ||||||||||||
Net goodwill, end of period | 11,012 | 11,012 | 12,109 | [1] | 12,560 | 12,109 | [1] | ||||||
Nutrition & Biosciences | Dow And DuPont Merger | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Measurement period adjustments | (115) | ||||||||||||
Nutrition & Biosciences | H&N Business | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Measurement period adjustments | [2] | 14 | |||||||||||
Transportation & Industrial | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Net goodwill, beginning of period | 6,967 | [1] | 6,967 | [1] | 6,870 | ||||||||
Foreign currency impact | (36) | (65) | |||||||||||
Net goodwill, end of period | 6,931 | 6,931 | 6,967 | [1] | 6,870 | 6,967 | [1] | ||||||
Transportation & Industrial | Dow And DuPont Merger | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Measurement period adjustments | 162 | ||||||||||||
Safety & Construction | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Net goodwill, beginning of period | 6,698 | [1] | 6,698 | [1] | 6,595 | ||||||||
Foreign currency impact | (41) | (85) | |||||||||||
Goodwill, Other Increase (Decrease) | (10) | ||||||||||||
Net goodwill, end of period | 6,711 | 6,711 | 6,698 | [1] | 6,595 | 6,698 | [1] | ||||||
Safety & Construction | Dow And DuPont Merger | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Measurement period adjustments | 198 | ||||||||||||
Safety & Construction | S&C Water Acquisition | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Goodwill, Acquired During Period | 54 | ||||||||||||
Non-core [Member] | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Net goodwill, beginning of period | $ 1,609 | [1] | 1,609 | [1] | 1,695 | ||||||||
Goodwill impairment charge | (242) | ||||||||||||
Foreign currency impact | 0 | 0 | |||||||||||
Goodwill, Other Increase (Decrease) | 38 | ||||||||||||
Net goodwill, end of period | $ 1,405 | $ 1,405 | 1,609 | [1] | $ 1,695 | $ 1,609 | [1] | ||||||
Non-core [Member] | Dow And DuPont Merger | |||||||||||||
Goodwill [Roll Forward] | |||||||||||||
Measurement period adjustments | $ (86) | ||||||||||||
[1] | The prior year amounts have been revised for a reclassification of allocated goodwill between reporting units. | ||||||||||||
[2] | On November 1, 2017, Historical EID acquired FMC's H&N Business. The excess of the consideration for the H&N Business over the net fair value of assets acquired and liabilities assumed resulted in the recognition of $732 million of goodwill, of which $14 million was recorded in 2018 as a measurement period adjustment. |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 16,065 | $ 14,942 | ||
Finite other intangible assets, accumulated amortization | (4,143) | (3,172) | ||
Finite other intangible assets, net | 11,922 | 11,770 | ||
Indefinite-lived Intangible Assets [Line Items] | ||||
Indefinite other intangible asset, carrying amount | 1,671 | 2,885 | ||
Other intangible assets, gross carrying amount | 17,736 | 17,827 | ||
Other intangible assets, net | 13,593 | 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 | 1,671 | [1] | 2,870 | |
Developed technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 4,343 | 4,362 | ||
Finite other intangible assets, accumulated amortization | (1,361) | (1,010) | ||
Finite other intangible assets, net | 2,982 | 3,352 | ||
Trademarks / tradenames | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 2,433 | [1] | 1,245 | |
Finite-Lived Intangible Assets, Gross | [1] | 1,200 | ||
Finite other intangible assets, accumulated amortization | (455) | (328) | ||
Finite other intangible assets, net | 1,978 | 917 | ||
Customer-related | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 8,986 | 9,029 | ||
Finite other intangible assets, accumulated amortization | (2,229) | (1,720) | ||
Finite other intangible assets, net | 6,757 | 7,309 | ||
Other Intangible Assets | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 303 | 306 | ||
Finite other intangible assets, accumulated amortization | (98) | (114) | ||
Finite other intangible assets, net | $ 205 | $ 192 | ||
[1] | 1. During the fourth quarter of 2019, the Company entered into a definitive agreement to separate the N&B Business. As a result of the announcement, the Company reclassified $1.2 billion of indefinite-lived tradenames to definite-lived tradenames. |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Amortization Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 1,050 | $ 1,044 | $ 505 |
Other Intangible Assets [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangibles | $ 1,050 | $ 1,044 | $ 505 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Future Amortization Expense (Details) $ in Millions | Dec. 31, 2019USD ($) |
Estimated Amortization Expense for Next Five Years | |
2020 | $ 2,131 |
2021 | 1,010 |
2022 | 991 |
2023 | 954 |
2024 | $ 853 |
GOODWILL AND OTHER INTANGIBLE_8
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangibles by Segment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 13,593 | $ 14,655 |
Electronics & Imaging | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 1,833 | 2,046 |
Nutrition & Biosciences | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 4,377 | 4,771 |
Transportation & Industrial | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,590 | 3,833 |
Safety & Construction | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,082 | 3,244 |
Non-core [Member] | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 711 | $ 761 |
SHORT TERM BORROWINGS, LONG-T_3
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | |||
Ratio of Indebtedness to Net Capital | 0.60 | ||
Finance lease obligations due within one year | $ 1 | ||
Debt Instrument, Face Amount | $ 12,700 | ||
Stock Repurchase Program, Authorized Amount | $ 2,000 | $ 3,000 | |
Contribution to Corteva | $ 7,139 | ||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.79% | 8.25% | |
Short-term borrowings and finance lease obligations | $ 3,830 | $ 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 | $ 1,829 | $ 0 |
SHORT TERM BORROWINGS, LONG-T_4
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Schedule of Short Term Borrowings (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | |||
Short-term borrowings and finance lease obligations | $ 3,830 | $ 15 | |
Commercial Paper [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings and finance lease obligations | 1,829 | 0 | |
Notes Payable to Banks [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings and finance lease obligations | 0 | 4 | |
Long-term debt due within one year [Member] | |||
Short-term Debt [Line Items] | |||
Long-term Debt and Lease Obligation, Current | [1],[2],[3] | $ 2,001 | $ 11 |
[1] | Includes finance lease obligations of $1 million due within one year. | ||
[2] | Presented net of current portion of unamortized debt issuance costs. | ||
[3] | Includes finance lease obligations of $1 million due within one year. |
Short Term Borrowings, Long-T_5
Short Term Borrowings, Long-Term Debt and Credit Facilities - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Finance Lease Obligations | $ 3 | $ 25 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 95 | 104 | |
Line of Credit Facility, Maximum Borrowing Capacity | 6,750 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 3,728 | ||
Long-Term Debt | 13,617 | 12,624 | |
Loans Payable | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 10 | $ 14 | |
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.20% | 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 | 3.48% | 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 | 4.08% | 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 | 2.86% | ||
Long-term debt due within one year [Member] | |||
Debt Instrument [Line Items] | |||
Short-term borrowings and finance lease obligations | [1],[2],[3] | $ 2,001 | $ 11 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Fair Value | $ 15,220 | $ 13,080 | |
[1] | Includes finance lease obligations of $1 million due within one year. | ||
[2] | Presented net of current portion of unamortized debt issuance costs. | ||
[3] | Includes finance lease obligations of $1 million due within one year. |
Term Loan and Revolving Credit
Term Loan and Revolving Credit Facilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 6,750 |
Line of Credit Facility, Remaining Borrowing Capacity | 3,728 |
Line Of Credit Facility, Remaining Borrowing Capacity, Uncommitted Amount | 566 |
Letters of Credit Outstanding, Amount | 127 |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | 3,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 2,978 |
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_6
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Maturities of Long-Term Debt for Next Five Years (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 2,005 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 5 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,003 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 2,800 |
SHORT TERM BORROWINGS, LONG-T_7
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Nutrition & Biosciences Financing (Details) - USD ($) $ in Millions | Jan. 17, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,750 | |
N&B Bridge Loan [Member] | ||
Debt Instrument [Line Items] | ||
Bridge Loan | $ 7,500 | |
Subsequent Event [Member] | N&B Bridge Loan [Member] | ||
Debt Instrument [Line Items] | ||
Bridge Loan | $ 6,250 | |
Subsequent Event [Member] | N&B senior unsecured term loan facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,250 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Loss Contingencies [Line Items] | |||
Estimated Litigation Liability | $ 20 | ||
Accrual for Environmental Loss Contingencies | 77 | $ 51 | |
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 170 | ||
Non-PFAS Stray Liabilities Threshold | 200 | ||
Stray Liabilities Threshold related to PFAS- Total | 300 | ||
Stray Liabilities Threshold related to PFAS - Per Party | 150 | ||
Retained and Assumed at Divestiture [Domain] | |||
Loss Contingencies [Line Items] | |||
Estimated Litigation Liability | 3 | ||
Accrual for Environmental Loss Contingencies | 35 | ||
Accrual For Environmental Loss Contingencies, Potential Exposure In Excess Of Accrual | 108 | ||
Indemnification Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Liabilities | $ 58 | ||
DuPont and Corteva | |||
Loss Contingencies [Line Items] | |||
Percentage Split of PFAS Liabilities under the Separation Agreement | 50.00% | ||
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 ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019 | Dec. 31, 2004USD ($) | |
PFOA Multi-District Litigation (MDL) | Chemours | ||||
Loss Contingencies [Line Items] | ||||
Additional annual PFOA liabilities paid by Chemours | $ 25 | |||
PFOA Multi-District Litigation (MDL) | Historical EID | ||||
Loss Contingencies [Line Items] | ||||
Additional annual PFOA liabilities paid by Historical EID | 25 | |||
DuPont and Corteva | Chemours Suit | ||||
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 | 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] | Dec. 31, 2019 |
Loss Contingencies [Line Items] | |
Loss Contingency, Number Of Additional Plaintiffs | 200 |
Historical EID And Chemours | |
Loss Contingencies [Line Items] | |
Number of lawsuits | 150 |
DuPont | |
Loss Contingencies [Line Items] | |
Number of lawsuits | 100 |
COMMITMENTS AND CONTINGENT LI_6
COMMITMENTS AND CONTINGENT LIABILITIES - Environmental Matters (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Site Contingency [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 77 | $ 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 | 35 | |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 187 | $ 199 | |
Customer and Supplier Guarantee Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | [1] | $ 22 | |
Guarantor Obligations, Liquidation Proceeds, Percentage | 19.00% | ||
Equity Affiliates Guarantee Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 165 | ||
Current Portion [Member] | Customer and Supplier Guarantee Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 22 | ||
[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, $22 million had terms less than a year. |
LEASES Components of Lease Expe
LEASES Components of Lease Expense (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Cost | $ 182 |
Finance Lease, Right-of-Use Asset, Amortization | 4 |
Finance Lease, Interest Expense | 0 |
Finance Lease, Cost | 4 |
Short-term Lease, Cost | 5 |
Variable Lease, Cost | 22 |
Sublease Income | 23 |
Lease, Cost | $ 190 |
LEASES (Details)
LEASES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 187,000,000 | $ 199,000,000 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 2 months 4 days | |
Finance Lease, Weighted Average Remaining Lease Term | 4 years 6 months 7 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.28% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.35% | |
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 | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 184 |
Finance Lease, Principal Payments | 3 |
Sale Leaseback Transaction, Rent Expense | $ 17 |
LEASES Schedule of Leases (Deta
LEASES Schedule of Leases (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | ||
Leases [Abstract] | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 117 | |
Operating Lease, Right-of-Use Asset | 556 | [1] |
Operating Lease, Liability, Current | 138 | [2] |
Operating Lease, Liability, Noncurrent | 416 | [3] |
Operating Lease, Liability | 554 | |
Finance Lease, Right-of-Use Asset, Gross | 13 | |
Finance Lease, Right-of-Use Asset, Accumulated Depreciation | 6 | |
Finance Lease, Right-of-Use Asset | 7 | |
Finance Lease, Liability, Current | 1 | |
Finance Lease, Liability, Noncurrent | 2 | |
Finance Lease, Liability | $ 3 | |
[1] | Included in "Deferred charges and other assets" in the Consolidated Balance Sheet. | |
[2] | Included in "Accrued and other current liabilities" in the Consolidated Balance Sheet. | |
[3] | Included in "Other noncurrent obligations" in the Consolidated Balance Sheet. |
LEASES Maturities of Lease Liab
LEASES Maturities of Lease Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Lessor, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 148 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 121 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 100 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 58 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 42 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 146 |
Lessee, Operating Lease, Liability, Payments, Due | 615 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 61 |
Operating Lease, Liability | 554 |
Finance Lease, Liability, Payments, Remainder of Fiscal Year | 1 |
Finance Lease, Liability, Payments, Due Year Two | 1 |
Finance Lease, Liability, Payments, Due Year Three | 1 |
Finance Lease, Liability, Payments, Due Year Four | 0 |
Finance Lease, Liability, Payments, Due Year Five | 0 |
Finance Lease, Liability, Payments, Due after Year Five | 1 |
Finance Lease, Liability, Payment, Due | 4 |
Finance Lease, Liability, Undiscounted Excess Amount | 1 |
Finance Lease, Liability | $ 3 |
LEASES Supplemental Information
LEASES Supplemental Information for Comparative Periods (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Leases, Rent Expense, Net | $ 142 | $ 69 |
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year | 654 | |
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] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Leases, Future Minimum Payments Due | 2,980 | |
Continuing Operations [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Leases, Future Minimum Payments Due | $ 312 |
STOCKHOLDERS' EQUITY Stockholde
STOCKHOLDERS' EQUITY Stockholders' Equity Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 25, 2019 | Dec. 31, 2019 | Dec. 31, 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) | (48,234) | [1] | |||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | $ 3,000,000 | ||||
Stock Repurchased and Retired During Period, Shares | 10,800 | (48,234) | [1] | |||
Payments for Repurchase of Common Stock | $ 750,000 | |||||
Retained Earnings, Appropriated [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock Repurchased and Retired During Period, Value | $ 40 | |||||
[1] | Includes the June 2019 retirement of the outstanding treasury stock. |
STOCKHOLDERS' EQUITY Shares of
STOCKHOLDERS' EQUITY Shares of DuPont Common Stock (Details) - shares | Jun. 25, 2019 | Aug. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2019 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 01, 2017 | Jan. 01, 2017 | [1] | ||
Class of Stock [Line Items] | ||||||||||||
Stock conversion ratio (in shares) | one | |||||||||||
Common Stock, Shares, Outstanding | 780,485,000 | 738,565,000 | 738,565,000 | 784,143,000 | 779,512,000 | 414,265,000 | ||||||
Shares | 4,708,000 | 0 | 0 | 27,817,518 | 0 | 10,554,000 | ||||||
Treasury stock issued (in shares) | [1],[2] | (4,732,000) | ||||||||||
Common stock issued (in shares) | 973,000 | 2,656,000 | 3,658,000 | |||||||||
Treasury stock repurchased (in shares) | 4,708,000 | 20,416,000 | 23,110,000 | |||||||||
Common stock retired (in shares) | 10,800,000 | (48,234,000) | [3] | |||||||||
Treasury Stock, Shares, Retired | (37,000,000) | (48,234,000) | [3] | |||||||||
Converted to DowDuPont shares or canceled on August 31, 2017 | [1],[4] | (414,265,000) | ||||||||||
Treasury Stock | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Converted to DowDuPont shares or canceled on August 31, 2017 | [1],[4] | (5,822,000) | ||||||||||
[1] | Share amounts were adjusted to reflect the 1-for-3 reverse stock split. | |||||||||||
[2] | Shares issued to employees and non-employee directors under Historical Dow's equity compensation plans. | |||||||||||
[3] | Includes the June 2019 retirement of the outstanding treasury stock. | |||||||||||
[4] | Each share of Historical Dow Common Stock issued and outstanding immediately prior to the Merger was converted into one share of DuPont Common Stock; Treasury shares were canceled as a result of the Merger. |
STOCKHOLDERS' EQUITY Dividends
STOCKHOLDERS' EQUITY Dividends Declared and Paid (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | |
Class of Stock [Line Items] | ||||||
Dividends declared to common stockholders | $ 885 | $ 1,611 | $ 3,491 | $ 2,558 | ||
Dividends paid to common stockholders | $ 885 | $ 1,611 | $ 3,491 | $ 3,394 | ||
Dow | ||||||
Class of Stock [Line Items] | ||||||
Dividends declared to common stockholders | $ 1,673 | |||||
Dividends paid to common stockholders | 2,179 | |||||
Historical EID | ||||||
Class of Stock [Line Items] | ||||||
Dividends paid to common stockholders | $ 330 | |||||
[1] | Dividends declared consists of $1,673 million declared to Historical Dow common stockholders prior to the Merger and $885 million declared to DowDuPont common stockholders after the Merger. Dividends paid consists of $2,179 million paid to Historical Dow common stockholders and $330 million paid to Historical EID common stockholders for dividends declared prior to the Merger, and $885 million paid to DowDuPont common stockholders for dividends declared after the Merger. |
STOCKHOLDERS' EQUITY - Summary
STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 31, 2016 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 41,556 | $ 95,900 | [1] | $ 101,647 | $ 27,250 | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||
Tax expense from income taxes related to other comprehensive income (loss) items | (28) | (149) | 309 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (627) | (2,914) | 530 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 107 | 529 | 320 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (520) | (2,385) | 850 | ||||||
Reclassification of Stranded Tax Effects | [2] | (1,057) | |||||||
Noncontrolling Interest, Decrease from spin-off of Dow and Corteva | (1,124) | 0 | 0 | ||||||
Stockholders' Equity Note, Spinoff Transaction | (50,654) | ||||||||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | (51) | (3) | $ 17 | [3] | $ 43 | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||
Tax expense from income taxes related to other comprehensive income (loss) items | (18) | 17 | 26 | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 68 | (74) | 25 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1) | 7 | (71) | ||||||
Other Comprehensive Income (Loss), Net of Tax | 67 | (67) | (46) | ||||||
Reclassification of Stranded Tax Effects | [2] | (1) | |||||||
Noncontrolling Interest, Decrease from spin-off of Dow and Corteva | (16) | ||||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,070) | (3,785) | (1,935) | (1,935) | (2,381) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||
Tax expense from income taxes related to other comprehensive income (loss) items | (1) | (6) | (98) | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (446) | (1,739) | 454 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (18) | (4) | (8) | ||||||
Other Comprehensive Income (Loss), Net of Tax | (464) | (1,743) | 446 | ||||||
Reclassification of Stranded Tax Effects | [2] | (107) | |||||||
Noncontrolling Interest, Decrease from spin-off of Dow and Corteva | 3,179 | ||||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (345) | (8,476) | (6,923) | (6,923) | (7,389) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||
Tax expense from income taxes related to other comprehensive income (loss) items | 31 | 152 | (235) | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (206) | (1,086) | 52 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 141 | 460 | 414 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (65) | (626) | 466 | ||||||
Reclassification of Stranded Tax Effects | [2] | (927) | |||||||
Noncontrolling Interest, Decrease from spin-off of Dow and Corteva | 8,196 | ||||||||
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 | [2] | (22) | |||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1) | (82) | (111) | (111) | (95) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||
Tax expense from income taxes related to other comprehensive income (loss) items | 16 | (14) | (2) | ||||||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (43) | (15) | (1) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (15) | 66 | (15) | ||||||
Other Comprehensive Income (Loss), Net of Tax | (58) | 51 | (16) | ||||||
Noncontrolling Interest, Decrease from spin-off of Dow and Corteva | 139 | ||||||||
AOCI Attributable to Parent [Member] | |||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,416) | (12,394) | (8,972) | $ (8,952) | $ (9,822) | $ (9,822) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (520) | $ (2,385) | $ 850 | ||||||
Stockholders' Equity Note, Spinoff Transaction | $ 11,498 | ||||||||
[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] | 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. | ||||||||
[3] | At January 1, 2018 the balance of "Unrealized gains (losses) on investments" was increased by $20 million to reflect the impact of adoption of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which was adopted in the first quarter of 2018. |
STOCKHOLDERS' EQUITY - Summar_2
STOCKHOLDERS' EQUITY - Summary of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | Jan. 01, 2017 | Dec. 31, 2016 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 41,556 | $ 95,900 | [1] | $ 101,647 | $ 27,250 | ||||
Total reclassifications for the period (net of tax) | 107 | 529 | 320 | ||||||
Sundry income (expense) - net | 153 | 92 | 66 | ||||||
Unrealized (gains) losses on investments | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | (51) | (3) | $ 17 | [2] | $ 43 | |||
Total reclassifications for the period (net of tax) | (1) | 7 | (71) | ||||||
Cumulative translation adjustments | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1,070) | (3,785) | (1,935) | (1,935) | (2,381) | ||||
Total reclassifications for the period (net of tax) | (18) | (4) | (8) | ||||||
Pension and other post employment benefit plans | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (345) | (8,476) | (6,923) | (6,923) | (7,389) | ||||
Total reclassifications for the period (net of tax) | 141 | 460 | 414 | ||||||
Derivative Instruments | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1) | (82) | (111) | (111) | $ (95) | ||||
Total reclassifications for the period (net of tax) | (15) | 66 | (15) | ||||||
Reclassification out of Accumulated Other Comprehensive Loss | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Total reclassifications for the period (net of tax) | 107 | 529 | 320 | ||||||
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 | [3] | (1) | 9 | (110) | |||||
Tax benefit | [4] | 0 | (2) | 39 | |||||
Total reclassifications for the period (net of tax) | (1) | 7 | (71) | ||||||
Reclassification out of Accumulated Other Comprehensive Loss | Cumulative translation adjustments | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Sundry income (expense) - net | [5] | (18) | (4) | (8) | |||||
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 | [6] | 174 | 599 | 607 | |||||
Tax benefit | [4] | (33) | (139) | (193) | |||||
Total reclassifications for the period (net of tax) | 141 | 460 | 414 | ||||||
Reclassification out of Accumulated Other Comprehensive Loss | Derivative Instruments | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Total before tax | [7] | (18) | 83 | (13) | |||||
Tax benefit | [4] | 3 | (17) | (2) | |||||
Total reclassifications for the period (net of tax) | $ (15) | $ 66 | $ (15) | ||||||
Accounting Standards Update 2016-01 [Member] | Unrealized (gains) losses on investments | |||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 20 | ||||||||
[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] | At January 1, 2018 the balance of "Unrealized gains (losses) on investments" was increased by $20 million to reflect the impact of adoption of ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which was adopted in the first quarter of 2018. | ||||||||
[3] | "Net sales" and "Sundry income (expense) - net." | ||||||||
[4] | "Provision for income taxes on continuing operations." | ||||||||
[5] | "Sundry income (expense) - net." | ||||||||
[6] | These AOCL components are included in the computation of net periodic benefit cost of the Company's defined benefit pension and other post employment benefit plans. See Note 20 for additional information. | ||||||||
[7] | "Cost of sales," "Sundry income (expense) - net" and "Interest expense." |
STOCKHOLDERS' EQUITY Summary of
STOCKHOLDERS' EQUITY Summary of Retained Earnings (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of Retained Earnings [Abstract] | ||
Undistributed Earnings of nonconsolidated affiliates included in retained earnings | $ 790 | $ 1,760 |
NONCONTROLLING INTERESTS - Summ
NONCONTROLLING INTERESTS - Summary of Noncontrolling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Decrease From Dividends To Joint Venture | $ 27 | $ 20 | ||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Balance at beginning of period | $ 1,608 | 1,597 | 1,242 | |
Net income attributable to noncontrolling interests | 102 | 155 | 132 | |
Distributions to noncontrolling interests 1 | [1] | (27) | (168) | (116) |
Deconsolidation of noncontrolling interests 2 | (123) | |||
Cumulative translation adjustments | 12 | (39) | 41 | |
Spin-off of Dow and Corteva | (1,124) | 0 | 0 | |
Other | (2) | 2 | 4 | |
Balance at end of period | 569 | 1,608 | 1,597 | |
Dow And DuPont Merger | ||||
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||
Noncontrolling interests from Merger | $ 0 | $ 61 | $ 417 | |
[1] | Net of dividends paid to a joint venture, which were reclassified to "Equity in earnings of nonconsolidated affiliates" in the Consolidated Statements of Operations, totaled $27 million and $20 million for the years ended December 31, 2018 and 2017, respectively. |
PENSION PLANS AND OTHER POSTR_3
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Defined Benefit Pension Plans (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 85 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 697 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 139 |
PENSION PLANS AND OTHER POSTR_4
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Weighted-Average Assumptions (Details) - Pension Plan [Member] | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.21% | 3.80% | 3.26% | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 1.25% | 3.72% | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.14% | 3.42% | ||||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 3.80% | [1] | 3.26% | 3.50% | [2] | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Weighted-Average Interest Crediting Rate | 3.72% | [1] | 3.61% | 3.45% | [2] | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.42% | [1] | 3.95% | [3] | 3.88% | [2] |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 6.46% | [1] | 6.68% | 6.94% | [2] | |
[1] | Includes three months of Dow activity (January - March), five months of Corteva activity (January - May) and twelve months of DuPont activity | |||||
[2] | Includes Historical EID plans subsequent to the Merger date. | |||||
[3] | The December 31, 2018 rate did not include Historical EID's U.S. pension plans as employees of these plans no longer accrued additional benefits for future service and eligible compensation. |
PENSION PLANS AND OTHER POSTR_5
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Other Post employment Benefit Plans (Details) - Other Postretirement Benefits Plan [Member] | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.10% | 4.23% | ||
Defined Benefit Plan, Health Care Cost Trend Rate Assumed, Next Fiscal Year | 7.15% | |||
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | [1] | 4.23% | 3.54% | 3.76% |
Defined Benefit Plan, Health Care Cost Trend Rate Assumed To Calculate Net Periodic Benefit Cost, Next Fiscal Year | 7.15% | 6.52% | 7.00% | |
Defined Benefit Plan Ultimate Health Care Cost Trend Rate To Calculate Net Period Benefit Cost | 5.00% | 5.00% | 5.00% | |
Dow Pension Plans [Domain] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2025 | 2025 | 2025 | |
DuPont Other Postretirement Benefit Plans [Domain] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2028 | 2023 | 2023 | |
DuPont Other Postretirement Benefit Plans [Domain] | Obligations [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate | 2028 | |||
[1] | Includes three months of Dow activity (January - March), five months of Corteva activity (January - May) and twelve months of DuPont activity |
PENSION PLANS AND OTHER POSTR_6
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Change in Projected Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 697 | ||
Defined Benefit Plan Benefit Obligation Trust Assets | 16 | $ 349 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 4,784 | 53,014 | $ 57,401 |
Service cost | 184 | 651 | 555 |
Defined Benefit Plan, Interest Cost | 630 | 1,638 | 1,130 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 11 | 29 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 515 | (2,832) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (1,247) | (3,223) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (76) | 34 | |
Defined Benefit Plan Business Combinations And Acquisitions And Divestitures Benefit Obligation | 20 | (57) | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 31 | (627) | |
Defined Benefit Plan Benefit Obligation Increase Decrease For Termination Benefits Curtailment And Settlements | (4) | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 3,757 | 41,462 | 43,685 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 1,191 | (1,524) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 697 | 2,964 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 11 | 29 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (1,247) | (3,223) | |
Defined Benefit Plan Business Combinations And Acquisitions And Divestitures Plan Assets | 10 | (7) | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 60 | (462) | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (1,027) | (11,552) | |
Pension Plan [Member] | KOREA, REPUBLIC OF | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Business Combinations And Acquisitions And Divestitures Benefit Obligation | 37 | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | 22 | 3,992 | 4,377 |
Service cost | 5 | 21 | 17 |
Defined Benefit Plan, Interest Cost | 53 | 130 | 80 |
Defined Benefit Plan, Benefit Obligation, Contributions by Plan Participant | 15 | 0 | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 116 | (185) | |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (150) | (339) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Defined Benefit Plan Business Combinations And Acquisitions And Divestitures Benefit Obligation | 0 | 0 | |
Defined Benefit Plan, Benefit Obligation, Foreign Currency Translation Gain (Loss) | 1 | (12) | |
Defined Benefit Plan Benefit Obligation Increase Decrease For Termination Benefits Curtailment And Settlements | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | $ 0 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 135 | 0 | |
Defined Benefit Plan, Plan Assets, Contributions by Plan Participant | 15 | 0 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (150) | 0 | |
Defined Benefit Plan Business Combinations And Acquisitions And Divestitures Plan Assets | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Foreign Currency Translation Gain (Loss) | 0 | 0 | |
Defined Benefit Plan, Plan Assets, Payment for Settlement | 0 | 0 | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (22) | (3,992) | |
Pension Plan with Plan Assets [Domain] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 0 | (6,956) | |
Pension Plan with Plan Assets [Domain] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (315) | (2,751) | |
Other Postretirement Benefit Plans with Plan Assets [Domain] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 0 | 0 | |
Other Postretirement Benefit Plans with Plan Assets [Domain] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 0 | 0 | |
Pension Plan Excluding Plans With Plan Assets [Domain] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (712) | (1,845) | |
Other Postretirement Benefit Plans Excluding Plans With Plan Assets [Domain] | Foreign Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | (22) | (3,992) | |
Materials Science Division [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | (29,285) | 0 | |
Defined Benefit Plan, Plan Assets, Amount | (22,626) | 0 | |
Materials Science Division [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | (1,462) | 0 | |
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Agriculture Division [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | (19,009) | 0 | |
Defined Benefit Plan, Plan Assets, Amount | (15,801) | 0 | |
Agriculture Division [Member] | Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | (2,548) | 0 | |
Defined Benefit Plan, Plan Assets, Amount | $ 0 | $ 0 |
PENSION PLANS AND OTHER POSTR_7
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Amounts Recognized in the Consolidated Balance Sheets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 697 | ||
Assets for Plan Benefits, Defined Benefit Plan | 3,800 | ||
Pension and other post employment benefits - noncurrent | 1,172 | $ 1,343 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 697 | 2,964 | |
Assets for Plan Benefits, Defined Benefit Plan | 171 | 14 | |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 488 | |
Liability, Defined Benefit Plan, Current | (47) | (69) | |
Pension and other post employment benefits - noncurrent | (1,151) | (1,319) | |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | (10,666) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (1,027) | (11,552) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 485 | 11,578 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | (47) | (207) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 438 | $ 11,371 | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 1.21% | 3.80% | 3.26% |
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 135 | $ 0 | |
Assets for Plan Benefits, Defined Benefit Plan | 0 | 0 | |
Disposal Group, Including Discontinued Operation, Assets, Noncurrent | 0 | 0 | |
Liability, Defined Benefit Plan, Current | (1) | (1) | |
Pension and other post employment benefits - noncurrent | (21) | (25) | |
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent | 0 | (3,966) | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | (22) | (3,992) | |
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | 2 | (419) | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 0 | 0 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ 2 | $ (419) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.10% | 4.23% | |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 139 |
PENSION PLANS AND OTHER POSTR_8
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Pension Plans with Accumulated and Projected Benefit Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 4,500 | $ 51,400 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | 1,731 | 47,577 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 690 | 36,803 |
Defined Benefit Plan, Plan With Benefit Obligation In Excess of Plan Assets, Projected Benefit Obligation | 2,320 | 49,742 |
Defined Benefit Plan, Pension Plan With Benefit Obligation In Excess of Plan Assets, Plan Assets | $ 1,122 | $ 37,687 |
Net Periodic Benefit Costs (Det
Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit (credit) cost - total | $ 74 | [1] | $ 96 | [1] | $ 35 |
Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 184 | 651 | 555 | ||
Interest cost | 630 | 1,638 | 1,130 | ||
Expected return on plan assets | (988) | (2,846) | (1,955) | ||
Amortization of prior service credit | (9) | (24) | (25) | ||
Amortization of net gain (loss) | 128 | 649 | 638 | ||
Curtailment/settlement 1 | 0 | (10) | 683 | ||
Net periodic benefit (credit) cost - total | (55) | 58 | 1,026 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 350 | 1,490 | 680 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (65) | 34 | 14 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 3 | 24 | 25 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | (7) | (649) | (638) | ||
Other Comprehensive Income (Loss), Finalization Of Pension And Other Postretirement Benefit Plan Valuation, Curtailment Gain (Loss), Before Tax | (2) | 0 | 0 | ||
Other Comprehensive Income (Loss), Finalization Of Pension And Other Postretirement Benefit Plan Valuation, Settlement Gain (Loss), Before Tax | (2) | 2 | (687) | ||
Other Comprehensive Income (Loss), Pension And Other Postretirement Benefit Plans, Foreign Currency Translation, Before Tax | (2) | 1 | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 275 | 902 | (606) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | 265 | 870 | (613) | ||
Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 5 | 21 | 17 | ||
Interest cost | 53 | 130 | 80 | ||
Expected return on plan assets | 0 | 0 | 0 | ||
Amortization of prior service credit | 0 | 0 | 0 | ||
Amortization of net gain (loss) | (6) | (24) | (6) | ||
Curtailment/settlement 1 | 0 | 0 | 0 | ||
Net periodic benefit (credit) cost - total | 52 | 127 | 91 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 2 | (185) | (131) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 0 | 24 | 6 | ||
Other Comprehensive Income (Loss), Finalization Of Pension And Other Postretirement Benefit Plan Valuation, Curtailment Gain (Loss), Before Tax | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Finalization Of Pension And Other Postretirement Benefit Plan Valuation, Settlement Gain (Loss), Before Tax | 0 | 0 | 0 | ||
Other Comprehensive Income (Loss), Pension And Other Postretirement Benefit Plans, Foreign Currency Translation, Before Tax | 0 | 0 | 0 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | 2 | (161) | (125) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax | 4 | (160) | (126) | ||
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 | (45) | 90 | 1,033 | ||
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 | 50 | 126 | 92 | ||
Continuing Operations [Member] | Pension Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 64 | 64 | 27 | ||
Interest cost | 79 | 76 | 25 | ||
Expected return on plan assets | (148) | (178) | (60) | ||
Amortization of prior service credit | (3) | ||||
Amortization of net gain (loss) | (2) | 7 | 1 | ||
Curtailment/settlement 1 | (1) | ||||
Net periodic benefit (credit) cost - total | (10) | (32) | (7) | ||
Continuing Operations [Member] | Other Postretirement Benefits Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit (credit) cost - total | $ 2 | $ 1 | $ (1) | ||
[1] | Included in "Sundry income (expense) - net." |
PENSION PLANS AND OTHER POSTR_9
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 191 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 187 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 186 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 191 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 195 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 1,041 |
Defined Benefit Plan, Expected Future Benefit Payment, Total | 1,991 |
Other Postretirement Benefits Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1 |
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1 |
Defined Benefit Plan, Expected Future Benefit Payment, Five Fiscal Years Thereafter | 5 |
Defined Benefit Plan, Expected Future Benefit Payment, Total | $ 10 |
PENSION PLANS AND OTHER POST_10
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 3,800 | |
Dow Pension Plans [Domain] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | $ 22,500 | |
DuPont Pension Plans [Domain] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 18,900 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Assets for Plan Benefits, Defined Benefit Plan | 171 | 14 |
Common Stock | UNITED STATES | Pension Plan [Member] | DuPont Pension Plans [Domain] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan Assets, Employer, Related Party, Amount | $ 1 | $ 684 |
PENSION PLANS AND OTHER POST_11
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Target Allocation for Plan Assets (Details) - Pension Plan [Member] | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 25.00% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 19.00% |
Alternative Investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% |
Other Investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 46.00% |
PENSION PLANS AND OTHER POST_12
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Basis of Fair Value Measurements (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Fair Value of Plan Assets Excluding Net Asset Value Investments | $ 2,794 | $ 32,784 | |
Defined Benefit Plan Fair Value Of Plan Assets Reconciling Items Pension Trust Receivables | 15 | 239 | |
Defined Benefit Plan Fair Value Of Plan Assets Reconciling Items Pension Trust Payables | (56) | (333) | |
Defined Benefit Plan, Plan Assets, Amount | 3,757 | 41,462 | $ 43,685 |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,019 | 17,145 | |
Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 405 | 15,268 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 370 | 371 | 217 |
Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,004 | 8,772 | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 101 | 2,701 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 101 | 2,642 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 59 | |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 919 | 13,854 | |
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 906 | 12,834 | |
Equity Securities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 13 | 965 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 55 | 60 |
Equity Securities [Member] | UNITED STATES | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 297 | 7,030 | |
Equity Securities [Member] | UNITED STATES | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 297 | 6,772 | |
Equity Securities [Member] | UNITED STATES | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 243 | |
Equity Securities [Member] | UNITED STATES | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 15 | |
Equity Securities [Member] | Non-US [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 622 | 6,824 | |
Equity Securities [Member] | Non-US [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 609 | 6,062 | |
Equity Securities [Member] | Non-US [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 13 | 722 | |
Equity Securities [Member] | Non-US [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 40 | |
US Treasury and Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 468 | 8,410 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 198 | 496 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 270 | 7,914 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
US Treasury and Government [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 152 | 208 | |
Corporate Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 99 | 5,966 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 12 | 664 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 87 | 5,288 | |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 14 | |
Asset-backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1 | 811 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 39 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1 | 771 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 1 | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 568 | 15,187 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 210 | 1,199 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 358 | 13,973 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 15 | 45 |
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 790 | 162 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 790 | 162 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Hedge Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 745 | 2,315 | |
Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 2 | |
Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Private Equity Funds [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 2 | |
Private Equity Funds [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 107 | 4,057 | |
Real Estate Properties [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 72 | 355 | |
Real Estate Properties [Domain] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6 | 262 | |
Real Estate Properties [Domain] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Real Estate Properties [Domain] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 66 | 93 | |
Real Estate Properties [Domain] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 2,192 | |
Derivative Financial Instruments, Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6 | 461 | |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 18 | |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6 | 443 | |
Derivative Financial Instruments, Assets [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Derivative Financial Instruments, Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2) | (524) | |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | (19) | |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2) | (505) | |
Derivative Financial Instruments, Liabilities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Alternative Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 866 | 456 | |
Alternative Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 796 | 423 | |
Alternative Investments [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4 | (62) | |
Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 66 | 95 | 112 |
Other Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 340 | 586 | |
Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6 | 47 | |
Other Investments [Member] | Fair Value, Inputs, Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 30 | 333 | |
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 304 | 206 | $ 0 |
Common Stock | Equity Securities [Member] | UNITED STATES | DuPont Pension Plans [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Employer, Related Party, Amount | $ 1 | $ 684 | |
Defined Benefit Plan, Amount Of Employer And Related Party Securities Included In Plan Assets, Percent | 0.00% | 2.00% |
PENSION PLANS AND OTHER POST_13
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Fair Value Measurement of Level 3 Pension Plan Assets (Details) - Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 3,757 | $ 41,462 | $ 43,685 |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 370 | 371 | 217 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 2 | (79) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 21 | 65 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | 0 | 190 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 88 | (22) | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 919 | 13,854 | |
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 55 | 60 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | (5) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 0 | (4) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | 0 | 5 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | (1) | |
Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 568 | 15,187 | |
Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 15 | 45 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | (76) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 0 | 83 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | 0 | (30) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 0 | (7) | |
Alternative Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 866 | 456 | |
Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 66 | 95 | 112 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 2 | 1 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 10 | (3) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | 0 | (1) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 1 | (14) | |
Other Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 340 | 586 | |
Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 304 | 206 | $ 0 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold | 0 | 1 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | 11 | (11) | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Purchase, Sale, and Settlement | 0 | 216 | |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | 87 | $ 0 | |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | (112) | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | (55) | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Fixed Income Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | (15) | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Alternative Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | (42) | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Assets Transferred into (out of) Level 3 | $ 0 |
PENSION PLANS AND OTHER POST_14
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Trust Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Restricted Cash | $ 37 | $ 43 |
PENSION PLANS AND OTHER POST_15
PENSION PLANS AND OTHER POSTRETIREMENT BENEFITS Defined Contribution Plans (Details) - USD ($) $ in Millions | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 697 | |||
Dow Employee Savings Plan or 401(k) Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 242 | $ 367 | ||
DuPont U.S. Retirement Savings Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 53 | $ 82 | $ 183 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 6.00% | |||
Defined Contribution Plan Employer Discretionary Contribution Percent | 3.00% | 3.00% | ||
Defined Contribution Plan Employers Discretionary Contribution Vesting Period | 3 years | 3 years | ||
DuPont Other Contribution Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 17 | $ 24 | $ 51 |
STOCK-BASED COMPENSATION OIP Ad
STOCK-BASED COMPENSATION OIP Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions | 8 Months Ended | 12 Months Ended | |||
Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 106,000,000 | $ 92,000,000 | $ 19,000,000 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | 22,000,000 | $ 19,000,000 | $ 4,000,000 | ||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 23,000,000 | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 83,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 91.56 | ||||
Par Value | $ 0.01 | $ 0.01 | $ 0.01 | ||
DuPont Omnibus Incentive Plan [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 14 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 7 months 6 days | ||||
Share-based Payment Arrangement, Option [Member] | DuPont Omnibus Incentive Plan [Domain] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 5,000,000 | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1,000,000 | ||||
Restricted Stock Units and Preferred Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||||
Restricted Stock Units and Preferred Stock Units [Member] | DuPont Omnibus Incentive Plan [Domain] | |||||
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, Vested in Period, Fair Value | $ 37,000,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 66.55 | ||||
Deferred Compensation, Share-based Payments [Member] | DuPont Omnibus Incentive Plan [Domain] | |||||
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, Weighted Average Grant Date Fair Value | $ 72.67 |
STOCK-BASED COMPENSATION Dow 20
STOCK-BASED COMPENSATION Dow 2012 Additional Information (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.38 | $ 0.46 |
Share-based Payment Arrangement, Option [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.13% | 3.01% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.34% | 23.71% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.83% | 1.28% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 2 months 12 days | 7 years 6 months |
Employee Stock [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 months |
STOCK-BASED COMPENSATION EIP Ad
STOCK-BASED COMPENSATION EIP Additional Information (Details) - DuPont Equity And Incentive Plan [Member] - shares shares in Millions | 4 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 110 | |
Common Stock, Capital Shares Reserved for Future Issuance, Conversion Threshold | 30 |
STOCK-BASED COMPENSATION OIP St
STOCK-BASED COMPENSATION OIP Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 106,000,000 | $ 92,000,000 | $ 19,000,000 |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 22,000,000 | $ 19,000,000 | $ 4,000,000 |
DuPont Omnibus Incentive Plan [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,367 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.80% | ||
Share-based Compensation Arrangements by Share-based Payment Award Program Duration | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.10% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.60% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 66.06 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,384 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 66.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (17) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 66.06 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 9 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | ||
Share-based Payment Arrangement, Option [Member] | DuPont Omnibus Incentive Plan [Domain] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.85 | ||
Share-based Payment Arrangement, Expense | $ 5,000,000 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1,000,000 |
STOCK-BASED COMPENSATION Dow _2
STOCK-BASED COMPENSATION Dow 2012 Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Payment Arrangement, Expense | $ 106,000 | $ 92,000 | $ 19,000 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 22,000 | $ 19,000 | $ 4,000 | ||
The Dow Chemical Company 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 554,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 689 | 28,846 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 58.21 | $ 46.70 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | [1] | 0 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | [1] | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (34) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 46.48 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (9) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 67.71 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | (28,114) | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 46.70 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 54.44 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 2 months 1 day | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 59 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 4 months 17 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 59 | ||||
Share-based Payment Arrangement, Option [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0 | [2] | $ 15.38 | $ 14.44 | |
Share-based Compensation Arrangements by Share-based Payment Award Program Duration | 10 years | ||||
Share-based Payment Arrangement, Expense | $ 1,000 | $ 68,000 | $ 37,000 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | 0 | 15,000 | 14,000 | ||
Proceeds from Stock Options Exercised | 2,000 | 112,000 | 310,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | [3] | 1,000 | 160,000 | 286,000 | |
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 0 | $ 36,000 | $ 106,000 | ||
Share-based Payment Arrangement, Option [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Share-based Payment Arrangement, Option [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
[1] | No awards were granted by the Company out of the Historical Dow plan during 2019. | ||||
[2] | No awards were granted by the Company out of the Historical Dow plan during 2019. | ||||
[3] | Difference between the market price at exercise and the price paid by the employee to exercise the options. |
STOCK-BASED COMPENSATION EIP St
STOCK-BASED COMPENSATION EIP Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands | 4 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Conversion Ratio | $ 1.2820 | |||||
DuPont Equity And Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 4,024,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,661 | 17,079 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 1.60% | 2.10% | 2.20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 19.80% | 23.30% | 23.59% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.40% | 2.80% | 2.10% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 1 month 6 days | 6 years 2 months 12 days | 7 years 2 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 67.60 | $ 53.26 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | [1] | 121 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | [1] | $ 80.29 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (354) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 43.12 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (46) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 72.53 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Increases (Decreases) in Period | (11,139) | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Other Share Increase (Decrease) in Period, Weighted Average Exercise Price | $ 53.28 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 65.35 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 1 month 20 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,476,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 14 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 3,289,000 | |||||
Share-based Payment Arrangement, Option [Member] | DuPont Equity And Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.69 | $ 15.46 | $ 28.56 | |||
Share-based Payment Arrangement, Option [Member] | Grants Between 2010 and 2015 [Member] | DuPont Equity And Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||||
Share-based Payment Arrangement, Option [Member] | Grants Between 2016 and 2017 [Member] [Member] | DuPont Equity And Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||||
Dow And DuPont Merger | Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable, Conversion Ratio | $ 1.282 | |||||
[1] | Weighted-average per share. |
STOCK-BASED COMPENSATION OIP _2
STOCK-BASED COMPENSATION OIP Stock Units (Details) - $ / shares shares in Thousands | 8 Months Ended | 12 Months Ended | |
Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
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, Weighted Average Grant Date Fair Value | $ 91.56 | ||
Restricted Stock Units and Preferred Stock Units [Member] | DuPont Omnibus Incentive Plan [Domain] | |||
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, Nonvested, Number | 561 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 66.56 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 566 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 66.55 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (5) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 66.06 |
STOCK-BASED COMPENSATION Dow _3
STOCK-BASED COMPENSATION Dow 2012 Stock Units (Details) $ / shares in Units, employee in Thousands | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017USD ($) | Aug. 31, 2017$ / shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)employee$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 83,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 91.56 | ||||||
Share-based Payment Arrangement, Expense | 106,000,000 | $ 92,000,000 | $ 19,000,000 | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 22,000,000 | $ 19,000,000 | $ 4,000,000 | ||||
Deferred Compensation, Share-based Payments [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | |||||||
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, Nonvested, Number | shares | 336,000,000 | 9,735,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | [1] | $ 81.12 | $ 57.41 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | [2] | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0 | [1],[2],[3] | $ 71.46 | $ 61.29 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | (7,000,000) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | [1] | $ 69.05 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | shares | (9,392,000,000) | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | [1] | $ 57.43 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,000,000 | $ 382,000,000 | $ 179,000,000 | ||||
Employee Service Share-based Compensation, Tax Benefit Realized From Deferred Stock Vested And Delivered | 0 | 86,000,000 | 66,000,000 | ||||
Share-based Payment Arrangement, Expense | 4,000,000 | 144,000,000 | 178,000,000 | ||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1,000,000 | 32,000,000 | 66,000,000 | ||||
Share-based Payment Arrangement, Plan Modification, Incremental Cost | 25,000,000 | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Plan Modification, Incremental Allocated Share-Based Compensation Expense | $ 20,000,000 | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Plan Modification, Incremental Allocation Of Recognized Period Costs, Capitalized Amount | $ 5,000,000 | ||||||
Share-based Payment Arrangement, Plan Modification, Number of Grantees Affected | employee | 5 | ||||||
Performance Deferred Compensation [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | |||||||
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, Vested in Period, Fair Value | [4] | $ 0 | 202,000,000 | ||||
Employee Service Share-based Compensation, Tax Benefit Realized From Deferred Stock Vested And Delivered | 0 | 75,000,000 | |||||
Share-based Payment Arrangement, Expense | 12,000,000 | 106,000,000 | |||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 3,000,000 | $ 39,000,000 | |||||
Employee Service Share-based Compensation, Shares Settled in Cash | shares | [5] | 0 | 616,000 | ||||
Share-based Payment Arrangement, Cash Used to Settle Award | [6] | $ 0 | $ 38,000,000 | ||||
Performance Deferred Compensation [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | Minimum | |||||||
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, Actual Award Granted, Percentage Of Performance Target | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Performance Deferred Compensation [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | Maximum | |||||||
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, Actual Award Granted, Percentage Of Performance Target | 200.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Executive Officer [Member] | Deferred Compensation, Share-based Payments [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 45,000,000 | ||||||
Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | shares | 625,000 | ||||||
Share-Based Compensation Award, Performance Period Two [Member] | Performance Deferred Compensation [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | |||||||
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 | shares | [7] | 232,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | [8] | $ 71.16 | |||||
Share-Based Compensation Award, Performance Period One [Member] | Performance Deferred Compensation [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | |||||||
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 | shares | [7],[9] | 1,728,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | [8],[9] | $ 81.99 | |||||
[1] | Weighted-average per share. | ||||||
[2] | No awards were granted by the Company out of the Historical Dow plan during 2019. | ||||||
[3] | No awards were granted out of the Historical Dow plan during 2019. | ||||||
[4] | Includes the fair value of shares vested in prior years and delivered in the reporting year. | ||||||
[5] | PSU awards vested in prior years and delivered in the reporting year. | ||||||
[6] | Cash paid to certain executive employees for PSU awards vested in prior periods and delivered in the reporting year, equal to the value of the stock award on the date of delivery. | ||||||
[7] | At the end of the performance period, the actual number of shares issued can range from zero to 200 percent of the target shares granted. | ||||||
[8] | Weighted-average per share. | ||||||
[9] | Converted to RSU awards at Conversion Date. |
STOCK-BASED COMPENSATION EIP _2
STOCK-BASED COMPENSATION EIP Stock Units (Details) - $ / shares | 1 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||
Nov. 30, 2017 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | [1] | ||||
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, Weighted Average Grant Date Fair Value | $ 91.56 | |||||||||
DuPont Equity And Incentive Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Award Conversion Ratio | 1 | |||||||||
Restricted Stock Units and Preferred Stock Units [Member] | DuPont Equity And Incentive Plan [Member] | ||||||||||
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, Nonvested, Number | 1,700,000 | 3,147,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 6 months | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 71.16 | $ 70.69 | [1] | $ 70.37 | [1] | $ 70.02 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | [1] | $ 74.14 | $ 68.18 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,180,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,175,000) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | [1] | $ 70.30 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,452,000) | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | [1] | $ 68.24 | ||||||||
Restricted Stock Units and Preferred Stock Units [Member] | DuPont Equity And Incentive Plan [Member] | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Actual Award Granted, Percentage Of Performance Target | 0.00% | |||||||||
Restricted Stock Units and Preferred Stock Units [Member] | DuPont Equity And Incentive Plan [Member] | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Actual Award Granted, Percentage Of Performance Target | 200.00% | |||||||||
[1] | Weighted-average per share. |
STOCK-BASED COMPENSATION Dow _4
STOCK-BASED COMPENSATION Dow 2012 Restricted Stock (Details) - $ / shares shares in Thousands | 8 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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, Weighted Average Grant Date Fair Value | $ 91.56 | |||
Restricted Stock [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award Program Duration | 10 years | |||
Non-Employee Director [Member] | Restricted Stock [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | ||||
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 | 36 | 33 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 62.82 | $ 62.04 |
STOCK-BASED COMPENSATION Dow _5
STOCK-BASED COMPENSATION Dow 2012 ESPP (Details) - USD ($) | 12 Months Ended | 65 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 15, 2017 | Feb. 09, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 106,000,000 | $ 92,000,000 | $ 19,000,000 | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 22,000,000 | $ 19,000,000 | $ 4,000,000 | |||
Employee Stock [Member] | The Dow Chemical Company 2012 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Grants In Period, Weighted Average Grant Date Fair Value | $ 10.70 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate | 10.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||
Share-based Payment Arrangement, Expense | $ 38,000,000 | |||||
Share-based Payment Arrangement, Expense, Tax Benefit | 14,000,000 | |||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Excluding Option Exercised | 179,000,000 | |||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Non-Option Equity Instruments, Aggregate Intrinsic Value, Exercised | [1] | 48,000,000 | ||||
Employee Service Share-Based Compensation, Tax Benefit Realized From Exercise Of Non-Option Equity Instruments | $ 18,000,000 | |||||
[1] | Difference between the market price at exercise and the price paid by the employee to exercise the purchase rights. |
FINANCIAL INSTRUMENTS (Summary
FINANCIAL INSTRUMENTS (Summary of Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Cash Equivalents, Cost | $ 417 | $ 8,226 | |
Cash Equivalents, Gain | 0 | 0 | |
Cash Equivalents, Loss | 0 | 0 | |
Cash Equivalents, Fair Value | 417 | 8,226 | |
Restricted Cash, Cost | [1] | 37 | 43 |
Restricted Cash, Gain | [1] | 0 | 0 |
Restricted Cash, Loss | [1] | 0 | 0 |
Restricted Cash, Fair Value | [1] | 37 | 43 |
Marketable Securities, Cost | 0 | 29 | |
Marketable Securities Gain | 0 | 0 | |
Marketable Securities Loss | 0 | 0 | |
Marketable Securities, Fair Value | 0 | 29 | |
Equity Securities, Cost | [2] | 1 | 2 |
Equity Securities, Gain | [2] | 0 | 0 |
Equity Securities, Loss | [2] | 0 | 0 |
Equity Securities, Fair Value | [2] | 1 | 2 |
Total cash equivalents and restricted cash, marketable securities and other investments, Cost | 455 | 8,300 | |
Total cash equivalents and restricted cash, marketable securities and other investments, Gain | 0 | 0 | |
Total cash equivalents and restricted cash, marketable securities and other investments, Loss | 0 | 0 | |
Total cash equivalents and restricted cash, marketable securities and other investments, Fair Value | 455 | 8,300 | |
Long-term debt including debt due within one year, Cost | (15,618) | (12,635) | |
Long Term Debt including debt due within one year, Gain | 0 | 5 | |
Long Term Debt including debt due within one year, Loss | (1,633) | (461) | |
Long Term Debt, Including Debt Due within one year, Fair Value | (17,251) | (13,091) | |
Derivative Assets (Liabilities), Gain | 6 | 37 | |
Derivative Assets (Liabilities), Loss | (7) | (6) | |
Derivative Assets (Liabilities), Fair Value | (1) | 31 | |
Foreign Exchange Contract | |||
Debt Securities, Available-for-sale [Line Items] | |||
Derivative Assets (Liabilities), Gain | [3] | 6 | 37 |
Derivative Assets (Liabilities), Loss | [3] | (7) | (6) |
Derivative Assets (Liabilities), Fair Value | [3] | $ (1) | $ 31 |
[1] | Classified as "Other current assets" in the Consolidated Balance Sheets. See Note 7 for more information on Restricted Cash. | ||
[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 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Gross | $ 16 | $ 72 | |
Derivative Asset, counterparty and cash collateral netting | (10) | (35) | |
Derivative Asset, net amounts included in the consolidated balance sheet | 6 | 37 | |
Derivative Liability, Gross | 17 | 21 | |
Derivative Liability, Counterparty and cash collateral netting | (10) | (15) | |
Derivative Liability, net amounts included in the consolidated balance sheet | 7 | 6 | |
Other Current Assets [Member] | Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Gross | 16 | 72 | |
Derivative Asset, counterparty and cash collateral netting | [1] | (10) | (35) |
Derivative Asset, net amounts included in the consolidated balance sheet | 6 | 37 | |
Accrued and other current liabilities | Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Gross | 17 | 21 | |
Derivative Liability, Counterparty and cash collateral netting | [1] | (10) | (15) |
Derivative Liability, net amounts included in the consolidated balance sheet | $ 7 | $ 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. The Company held cash collateral of $20 million as of December 31, 2018. |
FINANCIAL INSTRUMENTS Effect of
FINANCIAL INSTRUMENTS Effect of Derivative Instrument (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $ 20 | ||
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 | $ 62 | $ 94 | $ 91 |
FINANCIAL INSTRUMENTS Notional
FINANCIAL INSTRUMENTS Notional Amounts (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 26 | $ 2,057 |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 11 | $ 9 |
FAIR VALUE MEASUREMENTS - Summa
FAIR VALUE MEASUREMENTS - Summary of Recurring Measured Fair Values (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Long Term Debt, Including Debt Due within one year, Fair Value | $ (17,251) | $ (13,091) | |
Recurring | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 1 | 2 | |
Recurring | Level 2 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash equivalents and restricted cash equivalents | [1] | 454 | 8,269 |
Marketable securities | 29 | ||
Total assets at fair value | 470 | 8,370 | |
Liabilities, Fair Value Disclosure [Abstract] | |||
Long Term Debt, Including Debt Due within one year, Fair Value | [2] | 17,251 | 13,091 |
Total liabilities at fair value | 17,268 | 13,112 | |
Recurring | Level 2 | Foreign currency | |||
Assets, Fair Value Disclosure [Abstract] | |||
Foreign Currency Contracts | [3] | 16 | 72 |
Liabilities, Fair Value Disclosure [Abstract] | |||
Foreign Currency Contracts | [3] | $ 17 | $ 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 Consolidated Balance Sheets and held at amortized cost, which approximates fair value. | ||
[2] | See Note 22 for information on fair value measurements of long-term debt. | ||
[3] | See Note 22 for the classification of derivatives in the Consolidated Balance Sheets. |
FAIR VALUE MEASUREMENTS FAIR VA
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS - Summary of Nonrecurring Measured Fair Values (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Charges | [1] | $ 314 | $ 147 | $ 288 |
Fair Value, Nonrecurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Restructuring Charges | 32 | 177 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | 3 | |||
Fair Value, Nonrecurring [Member] | Equity Method Investments | Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset Impairment Charges | 63 | |||
Fair Value, Nonrecurring [Member] | Changes Measurement [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets, Fair Value Disclosure | $ (63) | $ (32) | $ (177) | |
[1] | See Note 6 for information regarding the Company's restructuring programs and asset related charges. |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS Schedule of Revenue from External Customers (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | $ 5,204 | $ 5,426 | $ 5,468 | $ 5,414 | $ 5,457 | $ 5,683 | $ 5,857 | $ 5,597 | $ 21,512 | $ 22,594 | $ 11,672 | |
U.S. | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 6,688 | 6,764 | 3,485 | |||||||||
Canada [Domain] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 434 | 465 | 245 | |||||||||
Europe, Middle East and Africa [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | [1] | 5,027 | 5,610 | 2,654 | ||||||||
Asia Pacific | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | [2] | 8,113 | 8,458 | 4,728 | ||||||||
Latin America | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 1,250 | 1,297 | 560 | |||||||||
CHINA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | $ 3,297 | $ 3,338 | 1,697 | |||||||||
Pro Forma | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 21,000 | |||||||||||
Pro Forma | Canada [Domain] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 416 | |||||||||||
Pro Forma | Europe, Middle East and Africa [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | [3] | 5,061 | ||||||||||
Pro Forma | Asia Pacific | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | [4] | 7,913 | ||||||||||
Pro Forma | Latin America | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 1,218 | |||||||||||
Pro Forma | CHINA | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | 3,092 | |||||||||||
Pro Forma | U.S. | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net sales | $ 6,392 | |||||||||||
[1] | Europe, Middle East and Africa. | |||||||||||
[2] | Net sales attributed to China for the years ended December 31, 2019, 2018 and 2017 were $3,297 million , $3,338 million and $1,697 million , respectively. | |||||||||||
[3] | Europe, Middle East and Africa. | |||||||||||
[4] | Pro forma net sales attributed to China for the year ended December 31, 2017 was $3,092 million . |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS Schedule of Long Lived Assets by Geographical Areas (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Assets | $ 10,143 | $ 9,917 | $ 10,029 | |
U.S. | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Assets | 5,583 | 5,506 | 5,608 | |
Canada [Domain] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Assets | 69 | 56 | 64 | |
Pro Forma | Europe, Middle East and Africa [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Assets | [1] | 2,809 | 2,715 | 2,786 |
Pro Forma | Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Assets | 1,525 | 1,494 | 1,431 | |
Pro Forma | Latin America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Assets | $ 157 | $ 146 | $ 140 | |
[1] | Europe, Middle East and Africa. |
Summary of Operating Segment In
Summary of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net charge related to a joint venture | [1] | $ (208) | |||||||||||||
Net sales | $ 5,204 | $ 5,426 | $ 5,468 | $ 5,414 | $ 5,457 | $ 5,683 | $ 5,857 | $ 5,597 | 21,512 | $ 22,594 | $ 11,672 | ||||
Equity in earnings of nonconsolidated affiliates | 84 | 447 | 367 | ||||||||||||
Income (Loss) from Equity Method Investments Included in Pro Forma Operating EBITDA | [2] | 312 | |||||||||||||
Restructuring Charges | [3] | 314 | 147 | 288 | |||||||||||
Depreciation and amortization | 2,066 | 2,170 | 1,060 | ||||||||||||
Total Assets | 69,396 | 187,855 | [4] | 69,396 | 187,855 | [4] | 191,907 | ||||||||
Investments in nonconsolidated affiliates | 1,204 | 1,745 | 1,204 | 1,745 | 1,896 | ||||||||||
Capital expenditures | (1,492) | (1,244) | (551) | ||||||||||||
Electronics & Imaging | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 3,554 | 3,635 | 2,713 | ||||||||||||
Equity in earnings of nonconsolidated affiliates | 24 | [2] | 23 | 2 | |||||||||||
Restructuring Charges | [3] | 47 | 2 | 124 | |||||||||||
Depreciation and amortization | 339 | 390 | 283 | ||||||||||||
Total Assets | 12,042 | 12,212 | 12,042 | 12,212 | 12,277 | ||||||||||
Investments in nonconsolidated affiliates | 510 | 519 | 510 | 519 | 530 | ||||||||||
Capital expenditures | (298) | (230) | (101) | ||||||||||||
Nutrition & Biosciences | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 6,076 | 6,216 | 2,580 | ||||||||||||
Equity in earnings of nonconsolidated affiliates | (1) | [2] | (1) | 7 | |||||||||||
Restructuring Charges | [3] | 122 | 29 | 2 | |||||||||||
Depreciation and amortization | 675 | 643 | 239 | ||||||||||||
Total Assets | 21,553 | 22,716 | 21,553 | 22,716 | 23,659 | ||||||||||
Investments in nonconsolidated affiliates | 34 | 103 | 34 | 103 | 100 | ||||||||||
Capital expenditures | (445) | (404) | (156) | ||||||||||||
Transportation & Industrial | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 4,950 | 5,422 | 2,463 | ||||||||||||
Equity in earnings of nonconsolidated affiliates | 4 | [2] | 1 | 1 | |||||||||||
Restructuring Charges | [3] | 19 | 2 | 6 | |||||||||||
Depreciation and amortization | 423 | 456 | 204 | ||||||||||||
Total Assets | 14,336 | 14,363 | 14,336 | 14,363 | 14,431 | ||||||||||
Investments in nonconsolidated affiliates | 75 | 75 | 75 | 75 | 75 | ||||||||||
Capital expenditures | (284) | (199) | (78) | ||||||||||||
Safety & Construction | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 5,201 | 5,294 | 2,958 | ||||||||||||
Equity in earnings of nonconsolidated affiliates | 27 | [2] | 24 | 1 | |||||||||||
Restructuring Charges | [3] | 32 | 24 | 53 | |||||||||||
Depreciation and amortization | 503 | 549 | 267 | ||||||||||||
Total Assets | 15,060 | 14,749 | 15,060 | 14,749 | 14,839 | ||||||||||
Investments in nonconsolidated affiliates | 326 | 328 | 326 | 328 | 351 | ||||||||||
Capital expenditures | (408) | (342) | (184) | ||||||||||||
Non-core [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net charge related to a joint venture | [1] | 208 | |||||||||||||
Net sales | 1,731 | 2,027 | 958 | ||||||||||||
Equity in earnings of nonconsolidated affiliates | 400 | 356 | |||||||||||||
Income (Loss) from Equity Method Investments Included in Pro Forma Operating EBITDA | [2] | 258 | |||||||||||||
Restructuring Charges | [3] | 0 | (12) | 31 | |||||||||||
Depreciation and amortization | 127 | 124 | 67 | ||||||||||||
Total Assets | 3,738 | 4,366 | 3,738 | 4,366 | 4,660 | ||||||||||
Investments in nonconsolidated affiliates | 259 | 720 | 259 | 720 | 840 | ||||||||||
Capital expenditures | (57) | (69) | (32) | ||||||||||||
Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 0 | 0 | 0 | ||||||||||||
Equity in earnings of nonconsolidated affiliates | 0 | [2] | 0 | 0 | |||||||||||
Restructuring Charges | [3] | 94 | 102 | 72 | |||||||||||
Depreciation and amortization | (1) | 8 | 0 | ||||||||||||
Total Assets | 2,667 | 9,174 | 2,667 | 9,174 | 5,755 | ||||||||||
Investments in nonconsolidated affiliates | 0 | 0 | 0 | 0 | 0 | ||||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||||||
Pro Forma | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Pro Forma Operating EBITDA | 5,640 | [5] | 5,905 | [5] | 5,169 | ||||||||||
Depreciation and amortization | 2,131 | ||||||||||||||
Pro Forma | Electronics & Imaging | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Pro Forma Operating EBITDA | [5] | 1,147 | 1,210 | ||||||||||||
Pro Forma | Nutrition & Biosciences | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Pro Forma Operating EBITDA | [5] | 1,427 | 1,445 | ||||||||||||
Pro Forma | Transportation & Industrial | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Pro Forma Operating EBITDA | [5] | 1,313 | 1,518 | ||||||||||||
Pro Forma | Safety & Construction | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Pro Forma Operating EBITDA | [5] | 1,419 | 1,283 | ||||||||||||
Pro Forma | Non-core [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Pro Forma Operating EBITDA | [5] | 491 | 677 | ||||||||||||
Pro Forma | Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Pro Forma Operating EBITDA | [5] | (157) | (228) | ||||||||||||
Pro Forma | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 21,000 | ||||||||||||||
Pro Forma Operating EBITDA | [5] | 5,169 | |||||||||||||
Equity in earnings of nonconsolidated affiliates | 410 | ||||||||||||||
Depreciation and amortization | 2,131 | ||||||||||||||
Pro Forma | Electronics & Imaging | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 3,592 | ||||||||||||||
Pro Forma Operating EBITDA | [5] | 1,190 | |||||||||||||
Equity in earnings of nonconsolidated affiliates | 20 | ||||||||||||||
Depreciation and amortization | 394 | ||||||||||||||
Pro Forma | Nutrition & Biosciences | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 5,389 | ||||||||||||||
Pro Forma Operating EBITDA | [5] | 1,162 | |||||||||||||
Equity in earnings of nonconsolidated affiliates | (2) | ||||||||||||||
Depreciation and amortization | 562 | ||||||||||||||
Pro Forma | Transportation & Industrial | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 4,958 | ||||||||||||||
Pro Forma Operating EBITDA | [5] | 1,235 | |||||||||||||
Equity in earnings of nonconsolidated affiliates | 5 | ||||||||||||||
Depreciation and amortization | 456 | ||||||||||||||
Pro Forma | Safety & Construction | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 5,003 | ||||||||||||||
Pro Forma Operating EBITDA | [5] | 1,178 | |||||||||||||
Equity in earnings of nonconsolidated affiliates | 18 | ||||||||||||||
Depreciation and amortization | 562 | ||||||||||||||
Pro Forma | Non-core [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 2,058 | ||||||||||||||
Pro Forma Operating EBITDA | [5] | 661 | |||||||||||||
Equity in earnings of nonconsolidated affiliates | 369 | ||||||||||||||
Depreciation and amortization | 132 | ||||||||||||||
Pro Forma | Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | 0 | ||||||||||||||
Pro Forma Operating EBITDA | [5] | (257) | |||||||||||||
Equity in earnings of nonconsolidated affiliates | 0 | ||||||||||||||
Depreciation and amortization | 25 | ||||||||||||||
Income (Loss) From Equity Method Investments [Domain] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net charge related to a joint venture | 224 | ||||||||||||||
DowDuPont Cost Synergy Program [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring Charges | 117 | [6] | 151 | [6] | 217 | ||||||||||
DowDuPont Cost Synergy Program [Member] | Electronics & Imaging | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring Charges | 0 | 2 | 85 | ||||||||||||
DowDuPont Cost Synergy Program [Member] | Nutrition & Biosciences | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring Charges | 39 | 29 | 2 | ||||||||||||
DowDuPont Cost Synergy Program [Member] | Transportation & Industrial | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring Charges | 0 | 2 | 6 | ||||||||||||
DowDuPont Cost Synergy Program [Member] | Safety & Construction | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring Charges | 7 | 24 | 21 | ||||||||||||
DowDuPont Cost Synergy Program [Member] | Non-core [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring Charges | 0 | (8) | 31 | ||||||||||||
DowDuPont Cost Synergy Program [Member] | Corporate | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring Charges | [7] | 71 | 102 | 72 | |||||||||||
DowDuPont Cost Synergy Program [Member] | Income (Loss) From Equity Method Investments [Domain] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Restructuring Charges | 4 | 4 | |||||||||||||
Continuing Operations [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total Assets | $ 69,396 | $ 77,580 | $ 69,396 | $ 77,580 | $ 75,621 | ||||||||||
[1] | Reflects the Company’s share of net charges related to its investment in the HSC Group, consisting of $456 million in asset impairment charges, primarily fixed assets, partially offset by benefits associated with certain customer contract settlements of $248 million deemed non-recurring in nature. | ||||||||||||||
[2] | Represents equity in earnings (losses) of nonconsolidated affiliates included in pro forma Operating EBITDA, the Company's measure of profit/loss for segment reporting purposes, which excludes significant items. Accordingly, the Non-Core segment presented above excludes a net charge of $224 million related to a joint venture and a restructuring charge of $4 million which are presented in "Equity in earnings of nonconsolidated affiliates" in the Company's Consolidated Statement of Operations. | ||||||||||||||
[3] | See Note 6 for information regarding the Company's restructuring programs and asset related charges. | ||||||||||||||
[4] | 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. | ||||||||||||||
[5] | A reconciliation of "Income (loss) from continuing operations, net of tax" to pro forma Operating EBITDA, is provided in the table on the following page. | ||||||||||||||
[6] | The charge for the years ended December 31, 2019 and 2018 includes $113 million and $147 million which was recognized in "Restructuring and asset related charges - net" and $4 million and $4 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the Consolidated Statements of Operations. The charge for the year ended December 31, 2017 was recognized in "Restructuring and asset related charges - net". | ||||||||||||||
[7] | Severance and related benefit costs were recorded at Corporate. |
SEGMENTS AND GEOGRAPHIC REGIO_6
SEGMENTS AND GEOGRAPHIC REGIONS Segment Information Reconciliation to Consolidated Financial Statements (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total Assets | $ 69,396 | $ 187,855 | [1] | $ 191,907 |
Capital expenditures | (1,492) | (1,244) | (551) | |
Depreciation and amortization | 2,066 | 2,170 | 1,060 | |
Agriculture Division [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Capital Expenditure, Discontinued Operations | 383 | 531 | 269 | |
Depreciation and Amortization, Discontinued Operations | 385 | 913 | 420 | |
Materials Science Division [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Capital Expenditure, Discontinued Operations | 597 | 2,062 | 2,750 | |
Depreciation and Amortization, Discontinued Operations | 744 | 2,835 | 2,489 | |
Total Company [Domain] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Capital expenditures | (2,472) | (3,837) | (3,570) | |
Depreciation and amortization | 3,195 | 5,918 | 3,969 | |
Continuing Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total Assets | 69,396 | 77,580 | 75,621 | |
Discontinued Operations [Member] | ||||
Segment Reporting, Asset Reconciling Item [Line Items] | ||||
Total Assets | $ 0 | $ 110,275 | $ 116,286 | |
[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. |
Summary of Reconciliation of Op
Summary of Reconciliation of Operating EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
(Loss) Income from continuing operations, net of tax | $ 191 | $ 372 | $ (1,103) | $ (74) | $ 316 | $ 131 | $ 31 | $ (73) | $ (614) | $ 405 | $ 233 | |||
Provision for (Benefit from) income taxes on continuing operations | 140 | 195 | (1,758) | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (474) | 600 | (1,525) | |||||||||||
Depreciation and amortization | 2,066 | 2,170 | 1,060 | |||||||||||
Interest income | 55 | [1] | 39 | [1] | 6 | |||||||||
Interest expense | 668 | 55 | 0 | |||||||||||
Non-operating pension and other postretirement benefit plan net credit | 74 | [1] | 96 | [1] | 35 | |||||||||
Foreign exchange gains (losses), net | [2] | (110) | (93) | (54) | ||||||||||
Foreign exchange losses | [1],[3] | (110) | (43) | |||||||||||
Foreign Exchange Contract | Historical EID | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Foreign exchange gains (losses), net | 50 | |||||||||||||
Pro Forma | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Depreciation and amortization | 2,131 | |||||||||||||
Interest income | [1] | 22 | ||||||||||||
Interest expense | [4] | 697 | 684 | 684 | ||||||||||
Non-operating pension and other postretirement benefit plan net credit | [1] | 57 | ||||||||||||
Foreign exchange losses | [1],[3] | (493) | ||||||||||||
Costs Historically Allocated to the Materials Science and Agriculture Businesses | [5] | 256 | 1,044 | 1,192 | ||||||||||
Pro Forma Adjustments | [6] | 122 | (210) | (320) | ||||||||||
Significant items | (2,992) | (1,709) | (2,593) | |||||||||||
Pro Forma Operating EBITDA | $ 5,640 | [7] | $ 5,905 | [7] | $ 5,169 | |||||||||
[1] | Included in "Sundry income (expense) - net." | |||||||||||||
[2] | Includes a $50 million foreign exchange loss for the year ended December 31, 2018 related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform. | |||||||||||||
[3] | Excludes a $50 million pretax foreign exchange loss significant item related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform for the year ended December 31, 2018 . | |||||||||||||
[4] | Presented on a pro forma basis giving effect to the Financings. | |||||||||||||
[5] | Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205. | |||||||||||||
[6] | Reflects the net pro forma impact of items directly attributable to the Transactions, as applicable. Reconciling items between "(Loss) Income from continuing operations before income taxes" and pro forma operating EBTIDA for the year ended December 31, 2017 are presented on a pro forma basis giving effect to the Merger. | |||||||||||||
[7] | A reconciliation of "Income (loss) from continuing operations, net of tax" to pro forma Operating EBITDA, is provided in the table on the following page. |
Summary of Certain Items by Seg
Summary of Certain Items by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Equity Method Investment, Other than Temporary Impairment | $ 456 | ||||||||||
Proceeds from Legal Settlements | 248 | ||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | $ 41 | $ 0 | ||||||||
Goodwill impairment charge | $ 0 | $ 0 | $ (1,175) | $ 0 | (1,175) | 0 | 0 | ||||
Net charge related to a joint venture | [1] | 208 | |||||||||
Income Tax Related Items | (48) | ||||||||||
Nutrition & Biosciences | |||||||||||
Goodwill impairment charge | (933) | ||||||||||
Non-core [Member] | |||||||||||
Goodwill impairment charge | (242) | ||||||||||
Net charge related to a joint venture | [1] | (208) | |||||||||
Pro Forma | |||||||||||
Business Combination, Integration And Separation Related Costs Including Adjustments | 1,169 | [2] | 1,394 | 810 | |||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 41 | (162) | |||||||||
Goodwill impairment charge | [3] | (1,175) | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | 318 | [4] | 147 | 590 | |||||||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | 77 | 1,355 | |||||||||
Income Tax Related Items | 122 | [5] | 50 | ||||||||
Other Nonrecurring (Income) Expense | 2,992 | 1,709 | 2,593 | ||||||||
Pro Forma | Electronics & Imaging | |||||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (47) | [4] | (2) | [6] | (129) | [7] | |||||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | [8] | (105) | |||||||||
Other Nonrecurring (Income) Expense | 47 | 2 | 234 | ||||||||
Pro Forma | Nutrition & Biosciences | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | [9] | 162 | |||||||||
Goodwill impairment charge | [3] | (933) | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (122) | [4] | (29) | [6] | (7) | [7] | |||||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | (68) | [10] | (386) | [8] | |||||||
Other Nonrecurring (Income) Expense | 1,055 | 97 | 231 | ||||||||
Pro Forma | Transportation & Advanced Polymers Segment [Member] | |||||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (19) | [4] | (2) | [6] | (5) | [7] | |||||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | [8] | (335) | |||||||||
Other Nonrecurring (Income) Expense | 19 | 2 | 340 | ||||||||
Pro Forma | Safety & Construction Segment [Member] | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | [11] | (14) | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (32) | [4] | (24) | [6] | (318) | [7] | |||||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | (9) | [10] | (407) | [8] | |||||||
Income Tax Related Items | [5] | (48) | |||||||||
Other Nonrecurring (Income) Expense | 80 | 47 | 725 | ||||||||
Pro Forma | Non-core [Member] | |||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | [11] | 27 | |||||||||
Goodwill impairment charge | [3] | (242) | |||||||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (4) | [4] | 12 | [6] | (31) | [7] | |||||
Business Combination, Fair Value Step-Up And Amortization Of A Basis Difference Of Acquired Inventory | [8] | (122) | |||||||||
Income Tax Related Items | [5] | (74) | |||||||||
Other Nonrecurring (Income) Expense | (454) | 15 | (153) | ||||||||
Pro Forma | Corporate | |||||||||||
Business Combination, Integration And Separation Related Costs Including Adjustments | (1,169) | [2] | (1,394) | [12] | (810) | [13] | |||||
Restructuring, Settlement and Impairment Provisions, Including Adjustments | (94) | [4] | (102) | [6] | (100) | [7] | |||||
Income Tax Related Items | [14] | (50) | |||||||||
Other Nonrecurring (Income) Expense | 1,337 | $ 1,546 | $ 910 | ||||||||
Dow | Indemnification Agreement [Member] | |||||||||||
Income Tax Related Items | $ 74 | ||||||||||
[1] | Reflects the Company’s share of net charges related to its investment in the HSC Group, consisting of $456 million in asset impairment charges, primarily fixed assets, partially offset by benefits associated with certain customer contract settlements of $248 million deemed non-recurring in nature. | ||||||||||
[2] | Integration and separation costs related to the Merger, post-Merger integration, the Distributions and, beginning in the fourth quarter of 2019, the intended separation of the N&B Business. | ||||||||||
[3] | See Note 14 for additional information. | ||||||||||
[4] | Includes Board approved restructuring plans and asset related charges, which include other asset impairments. See Note 6 for additional information. | ||||||||||
[5] | Includes a $48 million charge which reflects a reduction in gross proceeds from lower withholding taxes related to a prior year legal settlement and a $74 million charge related to tax indemnifications, primarily associated with an adjustment to a one-time transition tax liability required by the Tax Cuts and Jobs Act of 2017, which were recorded in accordance with the Amended and Restated Tax Matters Agreement. Both charges were recorded in "Sundry income (expense) - net" in the Consolidated Statements of Operations. | ||||||||||
[6] | Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 6 for additional information. | ||||||||||
[7] | Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 6 for additional information. | ||||||||||
[8] | Includes the fair value step-up in Historical EID's inventories as a result of the Merger and the acquisition of FMC Corporation's Health and Nutrition business in November 2017. | ||||||||||
[9] | Reflected in "Sundry income (expense) - net." | ||||||||||
[10] | Includes the fair value step-up in Historical EID's inventories as a result of the Merger and the acquisition of FMC Corporation's Health and Nutrition business in November 2017. | ||||||||||
[11] | Reflected in "Sundry income (expense) - net." | ||||||||||
[12] | Integration and separation costs related to the Merger, post-Merger integration and the Distributions. | ||||||||||
[13] | Integration and separation costs related to the Merger, post-Merger integration and the Distributions. | ||||||||||
[14] | Includes a foreign exchange loss related to adjustments to Historical EID's foreign currency exchange contracts as a result of U.S. tax reform. |
QUARTERLY FINANCIAL DATA (Detai
QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||
Net sales | $ 5,204 | $ 5,426 | $ 5,468 | $ 5,414 | $ 5,457 | $ 5,683 | $ 5,857 | $ 5,597 | $ 21,512 | $ 22,594 | $ 11,672 | ||||||||||
Cost of sales | 3,408 | 3,531 | 3,496 | 3,621 | 3,642 | 3,770 | 4,085 | 3,805 | 14,056 | 15,302 | 9,558 | ||||||||||
Restructuring and asset related charges - net 2 | 24 | [1] | 82 | [1] | 137 | [1] | 71 | [1] | 37 | [1] | 11 | [1] | 46 | [1] | 53 | [1] | 314 | [1] | 147 | [1] | 288 |
Goodwill impairment charges | 0 | 0 | 1,175 | 0 | 1,175 | 0 | 0 | ||||||||||||||
Integration and separation costs | 193 | 191 | 347 | 611 | 575 | 519 | 428 | 365 | 1,342 | 1,887 | 1,007 | ||||||||||
(Loss) Income from continuing operations, net of tax | 191 | 372 | (1,103) | (74) | 316 | 131 | 31 | (73) | (614) | 405 | 233 | ||||||||||
Income from discontinued operations, net of tax | (3) | 5 | 566 | 646 | 204 | 408 | 1,773 | 1,210 | 1,214 | 3,595 | 1,058 | ||||||||||
Net income | 188 | 377 | (537) | 572 | 520 | 539 | 1,804 | 1,137 | 600 | 4,000 | 1,291 | ||||||||||
Net income available for DuPont common stockholders | $ 176 | $ 372 | $ (571) | $ 521 | $ 482 | $ 501 | $ 1,769 | $ 1,093 | $ 498 | $ 3,845 | $ 1,159 | ||||||||||
(Loss) Earnings per common share from continuing operations - basic | $ 0.24 | [2] | $ 0.49 | [2] | $ (1.48) | [2] | $ (0.11) | [2] | $ 0.40 | [2] | $ 0.15 | [2] | $ 0.03 | [2] | $ (0.12) | [2] | $ (0.86) | [2] | $ 0.46 | [2] | $ 0.39 |
Earnings per common share from discontinued operations - basic | 0 | [2] | 0.01 | [2] | 0.72 | [2] | 0.80 | [2] | 0.24 | [2] | 0.50 | [2] | 2.26 | [2] | 1.53 | [2] | 1.53 | [2] | 4.54 | [2] | 1.79 |
(Loss) Earnings per common share from continuing operations - diluted | 0.24 | [2] | 0.49 | [2] | (1.48) | [2] | (0.11) | [2] | 0.39 | [2] | 0.15 | [2] | 0.03 | [2] | (0.12) | [2] | (0.86) | [2] | 0.45 | [2] | 0.38 |
Earnings per common share from discontinued operations - diluted | 0 | [2] | 0.01 | [2] | 0.72 | [2] | 0.80 | [2] | 0.23 | [2] | 0.50 | [2] | 2.24 | [2] | 1.53 | [2] | 1.53 | [2] | 4.51 | [2] | 1.77 |
Common stock dividends (in dollars per share) | $ 0.30 | $ 0 | $ 0.30 | $ 1.56 | $ 1.14 | $ 0 | $ 2.28 | $ 1.14 | $ 2.16 | $ 4.56 | $ 5.28 | ||||||||||
[1] | See Note 6 for additional information. | ||||||||||||||||||||
[2] | Due to quarterly changes in the share count and the allocation of income to participating securities, the sum of the four quarters may not equal the earnings per share amount calculated for the year. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
SEC Schedule, 12-09, Allowance, Notes Receivable [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 9 | $ 10 | $ 1 | $ 0 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 0 | 10 | 1 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [1] | (1) | (1) | 0 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 41 | 43 | 40 | 12 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 45 | 44 | 40 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [2] | (47) | (41) | (12) | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | 634 | 593 | 741 | $ 22 | |
SEC Schedule, 12-09, Valuation Allowances and Reserves, Business Acquired | 0 | 0 | 737 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Additions, Charge to Cost and Expense | 91 | 13 | 9 | ||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Deduction | [3] | $ (50) | $ (161) | $ (27) | |
[1] | Deductions include write-offs, recoveries and currency translation adjustments. | ||||
[2] | Deductions include disposals and currency translation adjustments. | ||||
[3] | Deductions include currency translation adjustments. |