Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-38196 | |
Entity Registrant Name | DUPONT DE NEMOURS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-1224539 | |
Entity Address, Address Line One | 974 Centre Road | |
Entity Address, Address Line Two | Building 730 | |
Entity Address, City or Town | Wilmington | |
Entity Address, State or Province | DE | |
Entity Address, Postal Zip Code | 19805 | |
City Area Code | 302 | |
Local Phone Number | 774-3034 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | DD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Share Outstanding | 500,901,913 | |
Entity Central Index Key | 0001666700 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 3,322 | $ 3,104 | $ 6,596 | $ 6,121 |
Cost of sales | 2,149 | 1,959 | 4,259 | 3,820 |
Research and development expenses | 141 | 133 | 284 | 272 |
Selling, general and administrative expenses | 385 | 395 | 774 | 790 |
Amortization of intangibles | 148 | 127 | 301 | 252 |
Restructuring and asset related charges - net | 0 | 5 | 101 | 7 |
Acquisition, integration and separation costs | 13 | 23 | 21 | 29 |
Equity in earnings of nonconsolidated affiliates | 20 | 20 | 46 | 43 |
Sundry income (expense) - net | 94 | 135 | 97 | 154 |
Interest expense | 122 | 129 | 242 | 275 |
Income from continuing operations before income taxes | 478 | 488 | 757 | 873 |
Provision for income taxes on continuing operations | 113 | 93 | 160 | 92 |
Income from continuing operations, net of tax | 365 | 395 | 597 | 781 |
Income from discontinued operations, net of tax | 430 | 92 | 706 | 5,104 |
Net income | 795 | 487 | 1,303 | 5,885 |
Net income attributable to noncontrolling interests | 8 | 9 | 28 | 13 |
Net income available for DuPont common stockholders | $ 787 | $ 478 | $ 1,275 | $ 5,872 |
Per common share data: | ||||
Earnings per common share from continuing operations - basic (in usd per share) | $ 0.71 | $ 0.74 | $ 1.12 | $ 1.37 |
Earnings per common share from discontinued operations - basic (in usd per share) | 0.85 | 0.17 | 1.38 | 8.98 |
Earnings per common share - basic (in usd per share) | 1.56 | 0.91 | 2.51 | 10.35 |
Earnings per common share from continuing operations - diluted (in usd per share) | 0.71 | 0.73 | 1.12 | 1.37 |
Earnings per common share from discontinued operations - diluted (in usd per share) | 0.85 | 0.17 | 1.38 | 8.96 |
Earnings per common share - diluted (in usd per share) | $ 1.55 | $ 0.90 | $ 2.50 | $ 10.33 |
Weighted-average common shares outstanding - basic (in shares) | 505.4 | 529.6 | 508.7 | 567 |
Weighted-average common shares outstanding - diluted (in shares) | 506.3 | 531.2 | 510.2 | 568.5 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 795 | $ 487 | $ 1,303 | $ 5,885 |
Other comprehensive (loss) income, net of tax | ||||
Cumulative translation adjustments | (693) | 119 | (965) | (365) |
Pension and other post-employment benefit plans | (1) | (1) | (8) | 11 |
Derivative instruments | 56 | 18 | 67 | 18 |
Split-off of N&B | 0 | 0 | 0 | 258 |
Total other comprehensive (loss) income | (638) | 136 | (906) | (78) |
Comprehensive income | 157 | 623 | 397 | 5,807 |
Comprehensive (loss) income attributable to noncontrolling interests, net of tax | (5) | 8 | 8 | 5 |
Comprehensive income attributable to DuPont | $ 162 | $ 615 | $ 389 | $ 5,802 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 1,439 | $ 1,972 |
Accounts and notes receivable - net | 2,267 | 2,159 |
Inventories | 2,356 | 2,086 |
Prepaid and other current assets | 187 | 177 |
Assets held for sale | 0 | 245 |
Assets of discontinued operations | 7,757 | 7,664 |
Total current assets | 14,006 | 14,303 |
Property, plant and equipment - net of accumulated depreciation (June 30, 2022 - $4,253; December 31, 2021 - $4,142) | 5,564 | 5,753 |
Other Assets | ||
Goodwill | 16,610 | 16,981 |
Other intangible assets | 5,805 | 6,222 |
Restricted cash and cash equivalents | 53 | 53 |
Investments and noncurrent receivables | 836 | 919 |
Deferred income tax assets | 137 | 116 |
Deferred charges and other assets | 1,429 | 1,360 |
Total other assets | 24,870 | 25,651 |
Total Assets | 44,440 | 45,707 |
Current Liabilities | ||
Short-term borrowings | 661 | 150 |
Accounts payable | 2,135 | 2,102 |
Income taxes payable | 352 | 201 |
Accrued and other current liabilities | 1,004 | 1,040 |
Liabilities related to assets held for sale | 0 | 25 |
Liabilities of discontinued operations | 1,342 | 1,413 |
Total current liabilities | 5,494 | 4,931 |
Long-Term Debt | 10,625 | 10,632 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 590 | 1,459 |
Pension and other post-employment benefits - noncurrent | 694 | 762 |
Other noncurrent obligations | 900 | 873 |
Total other noncurrent liabilities | 2,184 | 3,094 |
Total Liabilities | 18,303 | 18,657 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2022: 500,896,434 shares; 2021: 511,792,785 shares) | 5 | 5 |
Additional paid-in capital | 49,176 | 49,574 |
Accumulated deficit | (22,808) | (23,187) |
Accumulated other comprehensive (loss) income | (845) | 41 |
Total DuPont stockholders' equity | 25,528 | 26,433 |
Noncontrolling interests | 609 | 617 |
Total equity | 26,137 | 27,050 |
Total Liabilities and Equity | $ 44,440 | $ 45,707 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 4,253 | $ 4,142 |
Shares authorized (in shares) | 1,666,666,667 | 1,666,666,667 |
Par value (in usd per share) | $ 0.01 | $ 0.01 |
Shares issued (in shares) | 500,896,434 | 511,792,785 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | |
Operating Activities | |||||
Net income | $ 795 | $ 487 | $ 1,303 | $ 5,885 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 623 | 724 | |||
Credit for deferred income tax and other tax related items | (922) | (157) | |||
Earnings of nonconsolidated affiliates less than (in excess of) dividends received | 6 | (38) | |||
Net periodic benefit (credit) cost | (3) | 4 | |||
Periodic benefit plan contributions | (39) | (46) | |||
Net gain on sales and split-offs of assets, businesses and investments | (67) | (5,118) | |||
Restructuring and asset related charges - net | 101 | 14 | |||
Other net loss | 37 | 92 | |||
Changes in assets and liabilities, net of effects of acquired and divested companies: | |||||
Accounts and notes receivable | (283) | (346) | |||
Inventories | (537) | (337) | |||
Accounts payable | 217 | 232 | |||
Other assets and liabilities, net | (141) | (91) | |||
Cash provided by operating activities | 295 | 818 | |||
Investing Activities | |||||
Capital expenditures | (386) | (499) | |||
Proceeds from sales of property and businesses, net of cash divested | 300 | 172 | |||
Acquisitions of property and businesses, net of cash acquired | 5 | (11) | |||
Purchases of investments | (15) | (2,001) | |||
Proceeds from sales and maturities of investments | 0 | 2,001 | |||
Other investing activities, net | 6 | 9 | |||
Cash used for investing activities | (90) | (329) | |||
Financing Activities | |||||
Changes in short-term borrowings | 511 | 0 | |||
Proceeds from issuance of long-term debt transferred to IFF at split-off | 0 | 1,250 | |||
Payments on long-term debt | 0 | (5,000) | |||
Purchases of common stock | (875) | (1,143) | |||
Proceeds from issuance of Company stock | 83 | 108 | |||
Employee taxes paid for share-based payment arrangements | (23) | (25) | |||
Distributions to noncontrolling interests | (20) | (24) | |||
Dividends paid to stockholders | (335) | (319) | |||
Cash transferred to IFF and subsequent adjustments | (11) | (100) | |||
Other financing activities, net | (4) | (3) | |||
Cash used for financing activities | (674) | (5,256) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (78) | (28) | |||
Decrease in cash, cash equivalents and restricted cash | (547) | (4,795) | |||
Cash, cash equivalents and restricted cash from continuing operations, beginning of period | 2,037 | 8,733 | $ 8,733 | ||
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | 39 | 42 | 42 | ||
Cash, cash equivalents and restricted cash at beginning of period | 2,076 | 8,775 | 8,775 | ||
Cash, cash equivalents and restricted cash from continuing operations, end of period | 1,500 | 3,942 | 1,500 | 3,942 | 1,500 |
Cash, cash equivalents and restricted cash from discontinued operations, end of period | 29 | 38 | 29 | 38 | 29 |
Cash, cash equivalents and restricted cash at end of period | $ 1,529 | $ 3,980 | $ 1,529 | $ 3,980 | $ 1,529 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comp Loss | Treasury Stock | Non-controlling Interests |
Beginning balance at Dec. 31, 2020 | $ 39,070 | $ 7 | $ 50,039 | $ (11,586) | $ 44 | $ 0 | $ 566 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 5,885 | 5,872 | 13 | ||||
Other comprehensive income (loss) | (78) | (70) | (8) | ||||
Dividends | (476) | (476) | |||||
Common stock issued/sold | 108 | 108 | |||||
Stock-based compensation | 13 | 13 | |||||
Contributions from non-controlling interests | 67 | 67 | |||||
Distributions to noncontrolling interests | (24) | (24) | |||||
Purchases of treasury stock | (1,143) | (1,143) | |||||
Retirement of treasury stock | 0 | (1,143) | 1,143 | ||||
Split-off of N&B | (15,955) | (2) | (15,926) | (27) | |||
Other | (3) | (3) | |||||
Ending balance at Jun. 30, 2021 | 27,464 | 5 | 49,681 | (22,783) | (26) | 0 | 587 |
Beginning balance at Mar. 31, 2021 | 27,705 | 5 | 49,964 | (22,618) | (163) | 0 | 517 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 487 | 478 | 9 | ||||
Other comprehensive income (loss) | 136 | 137 | (1) | ||||
Dividends | (315) | (315) | |||||
Common stock issued/sold | 18 | 18 | |||||
Stock-based compensation | 17 | 17 | |||||
Contributions from non-controlling interests | 67 | 67 | |||||
Distributions to noncontrolling interests | (5) | (5) | |||||
Purchases of treasury stock | (643) | (643) | |||||
Retirement of treasury stock | 0 | (643) | 643 | ||||
Other | (3) | (3) | |||||
Ending balance at Jun. 30, 2021 | 27,464 | 5 | 49,681 | (22,783) | (26) | 0 | 587 |
Beginning balance at Dec. 31, 2021 | 27,050 | 5 | 49,574 | (23,187) | 41 | 0 | 617 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,303 | 1,275 | 28 | ||||
Other comprehensive income (loss) | (906) | (886) | (20) | ||||
Dividends | (500) | (500) | |||||
Common stock issued/sold | 83 | 83 | |||||
Stock-based compensation | 19 | 19 | |||||
Contributions from non-controlling interests | 2 | 2 | |||||
Distributions to noncontrolling interests | (20) | (20) | |||||
Purchases of treasury stock | (875) | (875) | |||||
Retirement of treasury stock | 0 | (875) | 875 | ||||
Other | (19) | (21) | 2 | ||||
Ending balance at Jun. 30, 2022 | 26,137 | 5 | 49,176 | (22,808) | (845) | 0 | 609 |
Beginning balance at Mar. 31, 2022 | 26,791 | 5 | 49,487 | (23,096) | (220) | 0 | 615 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 795 | 787 | 8 | ||||
Other comprehensive income (loss) | (638) | (625) | (13) | ||||
Dividends | (331) | (331) | |||||
Stock-based compensation | 20 | 20 | |||||
Distributions to noncontrolling interests | (2) | (2) | |||||
Purchases of treasury stock | (500) | (500) | |||||
Retirement of treasury stock | 0 | (500) | 500 | ||||
Other | 2 | 1 | 1 | ||||
Ending balance at Jun. 30, 2022 | $ 26,137 | $ 5 | $ 49,176 | $ (22,808) | $ (845) | $ 0 | $ 609 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in usd per share) | $ 0.66 | $ 0.60 | $ 0.99 | $ 0.90 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation In these notes, the terms "DuPont" or "Company" used herein mean DuPont de Nemours, Inc. and its consolidated subsidiaries. The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should also be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, collectively referred to as the "2021 Annual Report." The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. Mobility & Materials Intended Divestitures On February 17, 2022, DuPont entered into a Transaction Agreement (the "Transaction Agreement") with Celanese Corporation ("Celanese") to divest a majority of the historic Mobility & Materials segment, including the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines (the “M&M Divestiture”). The transaction is expected to close around the end of 2022, subject to customary closing conditions and regulatory approvals. In addition, on February 18, 2022, the Company announced it is advancing the process to divest its Delrin® acetal homopolymer (H-POM) business, subject to entry into a definitive agreement and satisfaction of customary closing conditions. The Delrin® divestiture together with the M&M Divestiture discussed above (the "M&M Divestitures") represent a strategic shift that will have a major impact on DuPont's operations and results. See Note 4 for more information. The financial position of DuPont as of June 30, 2022 and December 31, 2021 present the businesses to be divested as part of the M&M Divestiture and the divestiture of Delrin® (the "M&M Businesses") as discontinued operations. The results of operations for the three and six months ended June 30, 2022 and 2021 present the financial results of the M&M Businesses as discontinued operations. The cash flows and comprehensive income of the M&M Businesses have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of the M&M Businesses. See Note 4 to the interim Consolidated Financial Statements for additional information. The Auto Adhesives & Fluids, Multibase TM and Tedlar® product lines, previously reported within the historic Mobility & Materials segment, (the "Retained Businesses") are not included in the scope of the M&M Divestitures. Effective with the signing of the Transaction Agreement, the Retained Businesses were realigned to Corporate & Other. The reporting changes have been retrospectively applied for all periods presented N&B Transaction On February 1, 2021, DuPont completed the separation and distribution of the Nutrition & Biosciences business segment (the "N&B Business"), and the merger of Nutrition & Biosciences, Inc. (“N&B”), a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of International Flavors & Fragrances Inc. ("IFF"). The distribution was effected through an exchange offer (the “Exchange Offer”) and the consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). See Note 4 for more information. The results of operations of DuPont for the three and six months ended June 30, 2021 present the historical financial results of N&B as discontinued operations. The cash flows and comprehensive income related to N&B have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable periods. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of N&B. |
RECENT ACCOUNTING GUIDANCE
RECENT ACCOUNTING GUIDANCE | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE Accounting Guidance Issued But Not Adopted at June 30, 2022 In October 2021, the FASB issued Accounting Standards Update No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which requires contract assets and contract liabilities (i.e., unearned revenue) acquired in a business combination to be recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. Historically, the Company has recognized contract assets and contract liabilities at the acquisition date based on fair value estimates in accordance with ASC 805, Business Combinations. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 on a prospective basis, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2021-08 to its Consolidated Financial Statements in connection with any future anticipated business combinations. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS Intended Rogers Corporation Acquisition On November 2, 2021, the Company announced that it had entered into a definitive agreement to acquire all the outstanding shares of Rogers Corporation (“Rogers”) for about $5.2 billion (the “Intended Rogers Acquisition”). The acquisition is expected to close in the third quarter of 2022, pending receipt of regulatory approvals and satisfaction of customary closing conditions. Laird Performance Materials Acquisition On July 1, 2021, DuPont completed the acquisition (the "Laird PM Acquisition") of 100% of the ownership interest of Laird Performance Materials (“Laird PM”) from Advent International for aggregate, adjusted cash consideration of approximately $2,404 million. The cash consideration paid included a net upward adjustment of approximately $100 million for acquired cash and net working capital, amongst other items. Laird PM is reported within the Interconnect Solutions business of the Electronics & Industrial segment. The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. There were no material updates to the purchase accounting and the purchase price allocation is considered final. For additional information regarding the acquisition of Laird PM, see Note 3, "Acquisitions," in the 2021 Annual Report. Acquisition, Integration and Separation Costs Acquisition, integration and separation costs primarily consist of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees. For the three and six months ended June 30, 2022 these costs were primarily related to costs associated with the divestiture of the Biomaterials business unit, the prior year acquisition of Laird PM and the Intended Rogers Acquisition. Comparatively, for the three and six months ended June 30, 2021 these costs were primarily associated with the execution of activities related to strategic initiatives including the divestiture of the Biomaterials business unit in May 2022, the prior year acquisition of Laird PM and the divestitures of the Clean Technologies and Solamet ® business units. These costs are recorded within "Acquisition, integration and separation costs" within the interim Consolidated Statements of Operations. Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Acquisition, integration and separation costs $ 13 $ 23 $ 21 $ 29 |
DIVESTITURES
DIVESTITURES | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | DIVESTITURES Mobility & Materials Intended Divestitures On February 17, 2022, DuPont entered into the Transaction Agreement to divest a majority of its historic Mobility & Materials segment, specifically the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines, to Celanese for $11.0 billion in cash, subject to customary transaction adjustments in accordance with the Transaction Agreement. Closing is expected around the end of 2022, subject to customary closing conditions and regulatory approvals. The Company also announced on February 18, 2022 that its Board of Directors approved the divestiture of the Delrin® acetal homopolymer (H-POM) business, subject to entry into a definitive agreement and satisfaction of customary closing conditions. As of June 30, 2022, the Company anticipates a closing date for the sale of Delrin® within a year. The Company has determined that the M&M Businesses meet the criteria to be classified as held for sale and that the sale represents a strategic shift that will have a major effect on the Company’s operations and results. The results of operations of the M&M Businesses are presented as discontinued operations as summarized below: Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Net sales $ 1,070 $ 1,031 $ 2,112 $ 1,990 Cost of sales 804 696 1,586 1,347 Research and development expenses 14 15 29 32 Selling, general and administrative expenses 34 64 85 125 Amortization of intangibles — 40 28 82 Restructuring and asset related charges - net — 5 — 5 Acquisition, integration and separation costs 126 — 222 — Equity in (losses) earnings of nonconsolidated affiliates (1) 5 (2) 8 Sundry income (expense) - net (7) 11 (7) 8 Income from discontinued operations before income taxes 84 227 153 415 (Benefit from) provision for income taxes on discontinued operations (409) 58 (628) 91 Income from discontinued operations, net of tax 493 169 781 324 Net income from discontinued operations attributable to noncontrolling interests — 4 2 10 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 493 $ 165 $ 779 $ 314 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the M&M Businesses: Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Depreciation and amortization $ — $ 71 $ 45 $ 144 Capital expenditures 1 $ 15 $ 8 $ 42 $ 24 1. Total capital expenditures are presented on a cash basis. The following table summarizes the major classes of assets and liabilities of the M&M Businesses classified as held for sale presented as discontinued operations at June 30, 2022 and December 31, 2021: In millions June 30, 2022 December 31, 2021 Assets Cash and cash equivalents $ 29 $ 39 Accounts and notes receivable - net 631 552 Inventories 993 776 Other current assets 57 59 Property, plant and equipment - net 1,205 1,213 Goodwill 2,496 2,597 Other intangible assets 2,152 2,220 Investments and noncurrent receivables 55 62 Deferred income tax assets 22 27 Deferred charges and other assets 117 119 Total assets of discontinued operations $ 7,757 $ 7,664 Liabilities Accounts payable $ 537 $ 510 Income taxes payable 37 77 Accrued and other current liabilities 129 157 Deferred income tax liabilities 495 515 Pension and other post employment benefits - noncurrent 91 90 Other noncurrent liabilities 53 64 Total liabilities of discontinued operations $ 1,342 $ 1,413 M&M Divestiture to Celanese Transaction Agreement In accordance with Transaction Agreement, consummation of the transaction is subject to the satisfaction or waiver of certain customary mutual closing conditions, including (i) the absence of an injunction in certain agreed jurisdictions that would prohibit consummation of the Transaction and (ii) the expiration or termination of the required waiting, notice or review periods and approvals or clearances under the Hart-Scott-Rodino Act, as amended, and certain other approvals under non-U.S. regulatory laws, as applicable, including, without limitation, the European Union, China, Brazil, Mexico, South Korea and Turkey. The Transaction Agreement contains certain termination rights, including, among others, for each of DuPont and Celanese, if the Transaction is not consummated on or before February 17, 2023, subject to two extensions of three months each if all closing conditions have been satisfied other than those related to the receipt of regulatory approvals and those to be satisfied at closing. N&B Transaction On February 1, 2021, DuPont completed the separation and distribution of the N&B Business, and merger of N&B, a subsidiary DuPont formed to hold the N&B Business, with a subsidiary of IFF. The distribution was effected through an exchange offer where, on the terms and subject to the conditions of the Exchange Offer, eligible participating DuPont stockholders had the option to tender all, some or none of their shares of common stock, par value $0.01 per share, of DuPont (the “DuPont Common Stock”) for a number of shares of common stock, par value $0.01 per share, of N&B (the “N&B Common Stock”) and which resulted in all shares of N&B Common Stock being distributed to DuPont stockholders that participated in the Exchange Offer. The consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). The N&B Transaction was subject to IFF shareholder approval, customary regulatory approvals, tax authority rulings including a favorable private letter ruling from the U.S. Internal Revenue Service which confirms the N&B Transaction to be free of U.S. federal income tax, and expiration of the public exchange offer. DuPont does not have an ownership interest in IFF as a result of the N&B Transaction. In the Exchange Offer, DuPont accepted approximately 197.4 million shares of its common stock in exchange for about 141.7 million shares of N&B Common Stock as of the date of the N&B Transaction. As a result, DuPont reduced its common stock outstanding by 197.4 million shares of DuPont Common Stock. In the N&B Merger, each share of N&B Common Stock was automatically converted into the right to receive one share of IFF common stock, par value $0.125 per share, based on the terms of the N&B Merger Agreement. The results of operations of N&B are presented as discontinued operations as summarized below: Six Months Ended June 30, 2021 In millions Net sales $ 507 Cost of sales 352 Research and development expenses 21 Selling, general and administrative expenses 46 Amortization of intangibles 38 Restructuring and asset related charges - net 1 Acquisition, integration and separation costs 172 Sundry income (expense) - net 8 Interest expense 13 Loss from discontinued operations before income taxes (128) Benefit from income taxes on discontinued operations (26) Loss from discontinued operations, net of tax (102) Non-taxable gain on split-off 4,950 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 4,848 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to N&B: Six Months Ended June 30, 2021 In millions Depreciation and amortization $ 63 Capital expenditures $ 27 In connection with and in accordance with the terms of the N&B Transaction, prior to consummation of the Exchange Offer and the N&B Merger, DuPont received a one-time cash payment of approximately $7.3 billion, (the "Special Cash Payment"). The Company recognized a non-taxable gain of approximately $4,950 million on the N&B Transaction. The gain is recorded in "Income from discontinued operations, net of tax" in the Company's interim Consolidated Statements of Operations for the six months ended June 30, 2021. N&B Transaction Agreements In connection with the N&B Transaction, effective December 15, 2019, the Company, as previously discussed, entered into the following agreements: N&B Separation and Distribution Agreement, N&B Merger Agreement, and N&B Employee Matters Agreement. In connection with the closing of the N&B Transaction, and effective February 1, 2021, the Company entered into the following agreements: N&B IP Cross-License Agreement and N&B Tax Matters Agreement. Discontinued Operations Activity The Company recorded income from discontinued operations, net of tax of $430 million and $92 million for the three months ended June 30, 2022 and 2021, respectively, and $706 million and $5,104 million for the six months ended June 30, 2022 and 2021, respectively. Discontinued operations activity consists of the following: Income from discontinued operations, net of tax Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 M&M Divestitures $ 493 $ 169 $ 781 $ 324 N&B Transaction — (14) — 4,848 Other 1 (63) (63) (75) (68) Income from discontinued operations, net of tax $ 430 $ 92 $ 706 $ 5,104 1. Primarily related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, E. I. du Pont de Nemours and Company ("EID") and the Company. For additional information on these matters, refer to Note 16. Biomaterials In May 2022, the Company completed the sale of its Biomaterials business unit, which included the Company's equity method investment in DuPont Tate & Lyle Bio Products, to the Huafon Group. Total consideration received related to the sale was approximately $240 million. For the three months and six months ended June 30, 2022, a pre-tax gain of $26 million ($21 million net of tax) was recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations. The results of operations of the Biomaterials business unit are reported in Corporate & Other. The following table summarizes the carrying value of the major assets and liabilities of the Biomaterials business unit reflected as held for sale at December 31, 2021: In millions December 31, 2021 Assets Accounts and notes receivable - net $ 27 Inventories 48 Investments and noncurrent receivables 158 Property, plant and equipment - net 12 Assets held for sale $ 245 Liabilities Accounts payable $ 21 Accrued and other current liabilities 3 Other noncurrent obligations 1 Liabilities related to assets held for sale $ 25 |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE Revenue Recognition Products Substantially all of DuPont's revenue is derived from product sales. Product sales consist of sales of DuPont's products to supply manufacturers and distributors. DuPont considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. Disaggregation of Revenue The Company disaggregates its revenue from contracts with customers by segment and business or major product line and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows. Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Industrial Solutions $ 503 $ 480 $ 1,003 $ 938 Interconnect Solutions 465 339 925 669 Semiconductor Technologies 559 501 1,135 1,013 Electronics & Industrial $ 1,527 $ 1,320 $ 3,063 $ 2,620 Safety Solutions $ 663 $ 650 $ 1,317 $ 1,287 Shelter Solutions 487 419 909 779 Water Solutions 347 343 700 674 Water & Protection $ 1,497 $ 1,412 $ 2,926 $ 2,740 Retained Businesses 1 $ 266 $ 239 $ 532 $ 495 Other 2 32 133 75 266 Corporate & Other $ 298 $ 372 $ 607 $ 761 Total $ 3,322 $ 3,104 $ 6,596 $ 6,121 1. Retained Businesses includes the Auto Adhesives & Fluids, Multibase TM and Tedlar ® businesses. 2. Net sales reflected in Other include activity of previously divested businesses. Net Trade Revenue by Geographic Region Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 U.S. & Canada $ 1,095 $ 972 $ 2,144 $ 1,864 EMEA 1 565 552 1,142 1,110 Asia Pacific 1,553 1,486 3,098 2,961 Latin America 109 94 212 186 Total $ 3,322 $ 3,104 $ 6,596 $ 6,121 1. Europe, Middle East and Africa. Contract Balances From time to time, the Company enters into arrangements in which it receives payments from customers based upon contractual billing schedules. The Company records accounts receivables when the right to consideration becomes unconditional. Contract liabilities primarily reflect deferred revenue from advance payment for product that the Company has received from customers. The Company classifies deferred revenue as current or noncurrent based on the timing of when the Company expects to recognize revenue. Revenue recognized in the first six months of 2022 and 2021 from amounts included in contract liabilities at the beginning of the period was insignificant. Contract Balances June 30, 2022 December 31, 2021 In millions Accounts and notes receivable - trade 1 $ 1,767 $ 1,643 Deferred revenue - current 2, 3 $ 23 $ 25 1. Included in "Accounts and notes receivable - net" in the Condensed Consolidated Balance Sheets. 2. Included in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. 3. Noncurrent deferred revenue balances in the current and comparative periods were not material. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET | 6 Months Ended |
Jun. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND ASSET RELATED CHARGES - NET | RESTRUCTURING AND ASSET RELATED CHARGES - NET Charges for restructuring programs and asset related charges, which include asset impairments and other net charges, were zero and $101 million for the three and six months ended June 30, 2022 and $5 million and $7 million for the three and six months ended June 30, 2021. These charges were recorded in "Restructuring and asset related charges - net" in the interim Consolidated Statements of Operations. The total liability related to restructuring programs was $25 million at June 30, 2022 and $43 million at December 31, 2021, recorded in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. Restructuring activity consists of the following programs: 2021 Restructuring Actions In October 2021, the Company approved targeted restructuring actions to capture near-term cost reductions (the "2021 Restructuring Actions"). The Company recorded pre-tax restructuring charges of $55 million inception-to-date, consisting of severance and related benefit costs of $33 million and asset related charges of $22 million. Total liabilities related to the 2021 Restructuring Actions were $19 million at June 30, 2022 and $25 million at December 31, 2021 and recorded in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. Actions related to the 2021 Restructuring Program are substantially complete. 2020 Restructuring Program In the first quarter of 2020, the Company approved restructuring actions designed to capture near-term cost reductions and to further simplify certain organizational structures in anticipation of the N&B Transaction (the "2020 Restructuring Program"). The Company recorded pre-tax restructuring charges of $159 million inception-to-date, consisting of severance and related benefit costs of $107 million and asset related charges of $52 million. Total liabilities related to the 2020 Restructuring Program were $3 million at June 30, 2022 and $11 million at December 31, 2021 and recorded in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. Actions related to the 2020 Restructuring Program are substantially complete. Equity Method Investment Impairment Related Charges In connection with the M&M Divestitures described in Note 4, in the first quarter of 2022 a portion of an equity method investment was reclassified to “Assets of discontinued operations” within the Condensed Consolidated Balance Sheet. The reclassification served as a triggering event requiring the Company to perform an impairment analysis on the retained portion of the equity method investment held within “Investments and noncurrent receivables” on the Condensed Consolidated Balance Sheet. The fair value of the retained equity method investment was estimated using a discounted cash flow model (a form of the income approach). The Company's assumptions in estimating fair value utilize Level 3 inputs and include, but are not limited to, projected revenue, gross margins, EBITDA margins, the weighted average costs of capital, and terminal growth rates. The Company determined the fair value of the retained 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, in March 2022, recorded an impairment charge of $94 million in “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the six months ended June 30, 2022 related to the Electronics & Industrial segment. No impairment was required to be recorded for the portion of the equity method investment included within “Assets of discontinued operations.” |
SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY INFORMATION | SUPPLEMENTARY INFORMATION Sundry Income (Expense) - Net Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Non-operating pension and other post-employment benefit ("OPEB") credits $ 6 $ 7 $ 13 $ 13 Interest income 2 5 3 9 Net gain on divestiture and sales of other assets and investments 1, 2, 3 70 140 69 167 Foreign exchange gains (losses), net 9 (10) 4 (16) Miscellaneous income (expenses) - net 4 7 (7) 8 (19) Sundry income (expense) - net $ 94 $ 135 $ 97 $ 154 1. The three and six months ended June 30, 2022 primarily reflects income of $26 million related to the gain on sale of the Biomaterials business unit and $37 million related to the sale of a land use right within the Water & Protection segment. 2. The three and six months ended June 30, 2021 primarily reflects income of $140 million related to the gain on sale of assets within Corporate & Other. 3. The six months ended June 30, 2021 reflects income of $24 million related to the gain on sale of assets within the Electronics & Industrial segment. 4. The six months ended June 30, 2021 includes an impairment charge of approximately $15 million related to an asset sale. Cash, Cash Equivalents and Restricted Cash In connection with the cost sharing arrangement entered into as part of the MOU, the Company is contractually obligated to make deposits into an escrow account to address potential future PFAS costs. At June 30, 2022, the Company had restricted cash of $53 million included within non-current “Restricted cash and cash equivalents” in the Condensed Consolidated Balance Sheets, the majority of which is attributable to the MOU cost sharing arrangement. Additional information regarding the MOU and the escrow account can be found in Note 16 . Accrued and Other Current Liabilities "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets were $1,004 million at June 30, 2022 and $1,040 million at December 31, 2021. Accrued payroll, which is a component of "Accrued and other current liabilities," was $285 million at June 30, 2022 and $436 million at December 31, 2021. No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at June 30, 2022 and at December 31, 2021. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Each year the Company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's results of operations. The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate on continuing operations for the second quarter of 2022 was 23.6 percent, compared with an effective tax rate of 19.1 percent for the second quarter of 2021. The effective tax rate differential for the second quarter of 2022 was principally the result of a $9 million tax expense due to a change in valuation allowance associated with forecasted U.S. branch foreign tax credit utilization. The effective tax rate differential for the second quarter of 2021 included a $12 million tax benefit relating to the impact of changes in tax law enacted during the quarter. For the first six months of 2022, the effective tax rate on continuing operations was 21.1 percent, compared with 10.5 percent for the first six months of 2021. The effective tax rate for the second quarter and for the first six months of 2021 was principally the result of a $59 million tax benefit related to the step-up in tax basis in the goodwill of the Company's European regional headquarters legal entity. In connection with the integration of Laird PM, the Company completed certain internal restructurings that were determined to be tax free under the applicable sections of the Internal Revenue Code. If the aforementioned transactions were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes, then the Company could be subject to significant tax liability. Certain internal distributions and reorganizations that occurred during 2021 and 2020 in preparation for the N&B Transaction and the external distribution in 2021 qualified as tax-free transactions under the applicable sections of the Internal Revenue Code. If the aforementioned transactions were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes, then the Company could be subject to significant tax liability. Under the N&B Tax Matters Agreement, the Company would generally be allocated such liability and not be indemnified, unless certain non-qualifying actions are undertaken by N&B or IFF. To the extent that the Company is responsible for any such liability, there could be a material adverse impact on the Company's business, financial condition, results of operations and cash flows in future reporting periods. As a result of the M&M Businesses meeting the held for sale criteria in the first quarter of 2022, the Company recorded a net tax benefit of $428 million and $667 million for the three and six months ended June 30, 2022 in connection with certain internal restructurings. These restructurings involve both legal entities within the M&M Businesses and legal entities which are expected to remain with DuPont, and in certain instances relied upon legal entity valuations. The aforementioned net tax benefit is included in “Income from discontinued operations, net of tax” in the interim Consolidated Statements of Operations. See Note 4 for additional information on the M&M Divestitures. |
EARNINGS PER SHARE CALCULATIONS
EARNINGS PER SHARE CALCULATIONS | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for the three and six months ended June 30, 2022 and 2021: Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Income from continuing operations, net of tax $ 365 $ 395 $ 597 $ 781 Net income from continuing operations attributable to noncontrolling interests 8 5 26 3 Income from continuing operations attributable to common stockholders $ 357 $ 390 $ 571 $ 778 Income from discontinued operations, net of tax 430 92 706 5,104 Net income from discontinued operations attributable to noncontrolling interests — 4 2 10 Income from discontinued operations attributable to common stockholders 430 88 704 5,094 Net income attributable to common stockholders $ 787 $ 478 $ 1,275 $ 5,872 Earnings Per Share Calculations - Basic Three Months Ended June 30, Six Months Ended June 30, Dollars per share 2022 2021 2022 2021 Earnings from continuing operations attributable to common stockholders $ 0.71 $ 0.74 $ 1.12 $ 1.37 Earnings from discontinued operations, net of tax 0.85 0.17 1.38 8.98 Earnings attributable to common stockholders 1 $ 1.56 $ 0.91 $ 2.51 $ 10.35 Earnings Per Share Calculations - Diluted Three Months Ended June 30, Six Months Ended June 30, Dollars per share 2022 2021 2022 2021 Earnings from continuing operations attributable to common stockholders $ 0.71 $ 0.73 $ 1.12 $ 1.37 Earnings from discontinued operations, net of tax 0.85 0.17 1.38 8.96 Earnings attributable to common stockholders 1 $ 1.55 $ 0.90 $ 2.50 $ 10.33 Share Count Information Three Months Ended June 30, Six Months Ended June 30, Shares in millions 2022 2021 2022 2021 Weighted-average common shares - basic 505.4 529.6 508.7 567.0 Plus dilutive effect of equity compensation plans 0.9 1.6 1.5 1.5 Weighted-average common shares - diluted 506.3 531.2 510.2 568.5 Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations 2 4.3 2.3 3.0 2.4 1. 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. 2. These outstanding options to purchase shares of common stock, restricted stock units, and performance-based 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 - NET | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
ACCOUNTS AND NOTES RECEIVABLE - NET | ACCOUNTS AND NOTES RECEIVABLE - NET In millions June 30, 2022 December 31, 2021 Accounts receivable – trade 1 $ 1,741 $ 1,612 Other 2 526 547 Total accounts and notes receivable - net $ 2,267 $ 2,159 1. Accounts receivable – trade is net of allowances of $37 million at June 30, 2022 and $28 million at December 31, 2021. Allowances are equal to the estimated uncollectible amounts and current expected credit loss. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Other includes receivables in relation to value added tax, indemnification assets, general sales tax and other taxes, and other receivables. No individual group represents more than ten percent of total receivables. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES In millions June 30, 2022 December 31, 2021 Finished goods $ 1,312 $ 1,201 Work in process 526 446 Raw materials 405 323 Supplies 113 116 Total inventories $ 2,356 $ 2,086 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT, AND EQUIPMENT | PROPERTY, PLANT, AND EQUIPMENT Estimated Useful Lives (Years) June 30, 2022 December 31, 2021 In millions Land and land improvements 1 - 25 $ 412 $ 440 Buildings 1 - 50 1,931 1,954 Machinery, equipment, and other 1 - 25 6,530 6,467 Construction in progress 944 1,034 Total property, plant and equipment $ 9,817 $ 9,895 Total accumulated depreciation $ 4,253 $ 4,142 Total property, plant and equipment - net $ 5,564 $ 5,753 Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Depreciation expense $ 133 $ 135 $ 277 $ 265 |
NONCONSOLIDATED AFFILIATES
NONCONSOLIDATED AFFILIATES | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
NONCONSOLIDATED AFFILIATES | NONCONSOLIDATED AFFILIATES The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates") are recorded in "Investments and noncurrent receivables" in the Condensed Consolidated Balance Sheets. The Company's net investment in nonconsolidated affiliates at June 30, 2022 and December 31, 2021 is $731 million and $817 million, respectively. In the first quarter of 2022, the Company recorded an other-than-temporary impairment on an equity method investment. See Note 6 for more information. The Company maintained an ownership interest in six nonconsolidated affiliates at June 30, 2022. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amounts of goodwill during the six months ended June 30, 2022 were as follows: In millions Electronics & Industrial Water & Protection Corporate & Other Total Balance at December 31, 2021 $ 9,583 $ 6,801 $ 597 $ 16,981 Currency Translation Adjustment (175) (188) (8) (371) Balance at June 30, 2022 $ 9,408 $ 6,613 $ 589 $ 16,610 The Company tests goodwill for impairment annually during the fourth quarter, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. During the first quarter of 2022, in conjunction with the announcement of the M&M Divestitures, the Company realigned the Retained Businesses, previously within the historic Mobility & Materials segment, to Corporate & Other (the "2022 Realignment"). The announcement of the M&M Divestitures and 2022 Realignment served as triggering events requiring the Company to perform impairment analyses related to goodwill carried by the impacted reporting units as of March 1, 2022. Goodwill impairment analyses were performed for reporting units impacted in the historic Mobility & Materials segment prior to the realignment, and no impairments were identified. As part of the 2022 Realignment, the Company assessed and re-defined certain reporting units effective March 1, 2022, including a reallocation of goodwill on a relative fair value basis, as applicable, to the newly identified reporting units and M&M Divestitures disposal groups. Goodwill impairment analyses were performed for the new reporting units reported within Corporate & Other and no impairments were identified. The fair value of the reporting units and the M&M Divestitures disposal groups were estimated using a combination of a discounted cash flow model and/or market approach. The Company's assumptions in estimating fair value include, but are not limited to, projected revenue, gross margins, EBITDA margins, the weighted average costs of capital, the terminal growth rates, and derived multiples from comparable market transactions. During the first quarter of 2021, in conjunction with the closing of the N&B Transaction, the Company changed its management and reporting structure (the “2021 Segment Realignment”), which served as a triggering event requiring the Company to perform an impairment analysis related to goodwill carried by certain reporting units as of February 1, 2021, prior to the realignment. As part of the 2021 Segment Realignment, the Company assessed and re-defined certain reporting units effective February 1, 2021, including reallocation of goodwill on a relative fair value basis, as applicable, to reporting units impacted. Goodwill impairment analyses were then performed for reporting units impacted and no impairments were identified. The fair value of each reporting unit tested was estimated using a combination of a discounted cash flow model and market approach. The Company's assumptions in estimating fair value include, but are not limited to, projected revenue, gross margins, EBITDA margins, the weighted average costs of capital, the terminal growth rates, and derived multiples from comparable market transactions. The Company's analyses used the discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs. The Company’s significant assumptions in these analyses include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and 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. As such, the Company believes the current assumptions and estimates utilized are both reasonable and appropriate. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2022 December 31, 2021 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 2,353 $ (1,203) $ 1,150 $ 2,374 $ (1,124) $ 1,250 Trademarks/tradenames 1,119 (529) 590 1,125 (500) 625 Customer-related 5,598 (2,369) 3,229 5,806 (2,296) 3,510 Other 109 (77) 32 113 (80) 33 Total other intangible assets with finite lives $ 9,179 $ (4,178) $ 5,001 $ 9,418 $ (4,000) $ 5,418 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets with indefinite lives 804 — 804 804 — 804 Total $ 9,983 $ (4,178) $ 5,805 $ 10,222 $ (4,000) $ 6,222 As part of the 2022 Realignment, the Company reallocated its intangible assets with indefinite lives to align with the new segment structure. This served as a triggering event requiring the Company to perform an impairment analysis related to intangible assets with indefinite lives carried by its historic Mobility & Materials segment as of March 1, 2022, prior to the realignment. Subsequent to the realignment, impairment analyses were then performed for the intangible assets with indefinite lives reported in Corporate & Other. No impairments were identified as a result of the analyses described above. As part of the 2021 Segment Realignment, the Company reallocated its intangible assets with indefinite lives to align with the new segment structure. This served as a triggering event requiring the Company to perform an impairment analysis related to intangible assets with indefinite lives carried by its segments as of February 1, 2021, prior to the realignment. Subsequent to the realignment, the Company realigned intangible assets with indefinite lives as applicable to align the intangible assets with indefinite lives with the new segment structure. Impairment analyses were then performed for the intangible assets with indefinite lives carried by the segments after the realignment. No impairments were identified as a result of the analyses described above. The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment June 30, 2022 December 31, 2021 In millions Electronics & Industrial $ 3,170 $ 3,429 Water & Protection 2,535 2,686 Corporate & Other 100 107 Total $ 5,805 $ 6,222 Total estimated amortization expense for the remainder of 2022 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2022 $ 292 2023 $ 580 2024 $ 551 2025 $ 510 2026 $ 482 2027 $ 434 |
SHORT TERM BORROWINGS, LONG-TER
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The Company's short-term borrowings consist of commercial paper. At June 30, 2022 and December 31, 2021, the Company's short-term borrowings were $661 million and $150 million, respectively. The weighted-average interest rate on commercial paper was 1.77 percent at June 30, 2022 and 0.34 percent at December 31, 2021. The following table summarizes the Company's long-term debt: Long-Term Debt June 30, 2022 December 31, 2021 In millions Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures 1 Final maturity 2023 $ 2,800 4.02 % $ 2,800 3.89 % Final maturity 2025 1,850 4.49 % 1,850 4.49 % Final maturity 2026 and thereafter 2 6,039 5.13 % 6,050 5.13 % Other facilities: Finance lease obligations 2 2 Less: Unamortized debt discount and issuance costs 66 70 Total $ 10,625 $ 10,632 1. Represents senior unsecured notes (the "2018 Senior Notes"), which are senior unsecured obligations of the Company. 2. Includes fair value hedging adjustment of $11 million related to the Company's interest rate swap agreements. See Note 21 for additional information. Principal Payments of long-term debt for the remainder of 2022 and the five succeeding fiscal years are as follows: Maturities of Long-Term Debt for Next Five Years at June 30, 2022 Total In millions Remainder of 2022 $ — 2023 $ 2,800 2024 $ — 2025 $ 1,850 2026 $ — 2027 $ — The estimated fair value of the Company's long-term borrowings was determined using Level 2 inputs within the fair value hierarchy, as described in Note 22. Based on quoted market prices for the same or similar issues, or on current rates offered to the Company for debt of the same remaining maturities, the fair value of the Company's long-term borrowings, not including long-term debt due within one year, was $10,680 million and $12,595 million at June 30, 2022 and December 31, 2021, respectively. Available Committed Credit Facilities The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at June 30, 2022 In millions Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility, Five April 2022 $ 2,500 $ 2,488 April 2027 Floating Rate 364-day Revolving Credit Facility April 2022 1,000 1,000 April 2023 Floating Rate Total Committed and Available Credit Facilities $ 3,500 $ 3,488 In July 2022, the Company drew down $600 million under the 364-day Revolving Credit Facility in order to facilitate certain intercompany internal restructuring steps related to the M&M Divestiture. The Company expects the borrowing to be repaid by the end of 2022. Intended Rogers Acquisition On November 22, 2021, the Company entered into a two-year senior unsecured committed term loan agreement in the amount of $5.2 billion (the "2021 Term Loan Facility"). The 2021 Term Loan Facility is intended to fund the Intended Rogers Acquisition. The debt covenants and default provisions in the 2021 Term Loan Facility are consistent with those of the Five-Year Revolving Credit Facility and the $1 billion Revolving Credit Facility. May 2020 Debt Offering On May 1, 2020, the Company completed an underwritten public offering of senior unsecured notes (the “May 2020 Notes”) in the aggregate principal amount of $2 billion of 2.169 percent fixed rate Notes due May 1, 2023 (the “May 2020 Debt Offering”). The consummation of the N&B Transaction triggered the special mandatory redemption feature of the May 2020 Debt Offering. The Company redeemed the May 2020 Notes on May 13, 2021 and funded the redemption with proceeds from the Special Cash Payment. Term Loan Facilities On February 1, 2021, the Company terminated its fully drawn $3 billion term loan facilities. The termination triggered the repayment of the aggregate outstanding principal amount of $3 billion, plus accrued and unpaid interest through and including January 31, 2021. The Company funded the repayment with proceeds from the Special Cash Payment. Revolving Credit Facilities On April 12, 2022, the Company entered into a new $2.5 billion five-year revolving credit facility (the "2022 Five-Year Revolving Credit Facility"). The 2022 Five-Year Revolving Credit Facility is generally expected to remain undrawn and serve as a backstop to the Company's commercial paper and letter of credit issuance. On April 12, 2022, the Company entered into an updated $1 billion 364-day revolving credit facility (the "2022 $1B Revolving Credit Facility"). Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were approximately $745 million at June 30, 2022. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were approximately $138 million at June 30, 2022. 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 2021 Term Loan Facility, the Five-Year Revolving Credit Facility and the 2022 $1B Revolving Credit Facility contain a financial covenant requiring that the ratio of Total Indebtedness to Total Capitalization for the Company and its consolidated subsidiaries not exceed 0.60. At June 30, 2022, the Company was in compliance with this financial covenant. There were no material changes to the debt covenants and default provisions at June 30, 2022. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation, Environmental Matters, and Indemnifications The Company and certain subsidiaries are involved in various lawsuits, claims and environmental actions that have arisen in the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain substances at various sites. In addition, in connection with divestitures and the related transactions, the Company from time to time has indemnified and has been indemnified by third parties against certain liabilities that may arise in connection with, among other things, business activities prior to the completion of the respective transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. The Company records liabilities for ongoing and indemnification matters when the information available indicates that it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. As of June 30, 2022, the Company has recorded indemnification assets of $18 million within "Accounts and notes receivable - net" and $232 million within "Deferred charges and other assets" and indemnification liabilities of $129 million within "Accrued and other current liabilities" and $215 million within "Other noncurrent obligations" within the Condensed Consolidated Balance Sheets. The Company’s accruals discussed below for indemnification liabilities related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EID and the Company and to the DowDuPont ("DWDP") Separation and Distribution Agreement and the Letter Agreement between the Company and Corteva (together the “Agreements”), are included in the balances above. PFAS Stray Liabilities: Future Eligible PFAS Costs On July 1, 2015, EID, a Corteva subsidiary since June 1, 2019, completed the separation of EID’s Performance Chemicals segment through the spin-off of Chemours to holders of EID common stock (the “Chemours Separation”). On June 1, 2019, the Company completed the separation of its agriculture business through the spin-off of Corteva, Inc. (“Corteva”), including Corteva’s subsidiary EID. On January 22, 2021, the Company, Corteva, EID and Chemours entered into the MOU pursuant to which the parties have agreed to release certain claims that had been raised by Chemours including any claims arising out of or resulting from the process and manner in which EID structured or conducted the Chemours Separation, and any other claims that challenge the Chemours Separation or the assumption of Chemours Liabilities (as defined in the Chemours Separation Agreement) by Chemours and the allocation thereof, subject in each case to certain exceptions set forth in the MOU. In connection with the MOU, the confidential arbitration process regarding certain claims by Chemours was terminated in February 2021. The parties have further agreed not to bring any future, additional claims regarding the Chemours Separation Agreement or the MOU outside of arbitration. Pursuant to the MOU, the parties have agreed to share certain costs associated with potential future liabilities related to alleged historical releases of certain PFAS out of pre-July 1, 2015 conduct (“eligible PFAS costs”) until the earlier to occur of (i) December 31, 2040, (ii) the day on which the aggregate amount of Qualified Spend, as defined in the MOU, is equal to $4 billion or (iii) a termination in accordance with the terms of the MOU. PFAS refers to per- or polyfluoroalkyl substances, which include perfluorooctanoic acids and its ammonium salts (“PFOA”). The parties have agreed that, during the term of this sharing arrangement, Qualified Spend up to $4 billion will be borne 50 percent by Chemours and 50 percent, up to a cap of $2 billion, by the Company and Corteva. The Company and Corteva will split their 50 percent of Qualified Spend in accordance with the Agreements. After the term of this arrangement, Chemours’ indemnification obligations under the Chemours Separation Agreement would continue unchanged, subject in each case to certain exceptions set forth in the MOU. In order to support and manage any potential future eligible PFAS costs, the parties also agreed to establish an escrow account. The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million into an escrow account and DuPont and Corteva shall together deposit $100 million in the aggregate into an escrow account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million into an escrow account and DuPont and Corteva shall together deposit $50 million in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, Chemours will make 50 percent of the deposits and DuPont and Corteva together will make 50 percent of the deposits necessary to restore the balance of the escrow account to $700 million. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. As of September 30, 2021, the initial escrow deposit was completed by all parties in accordance with the MOU. At June 30, 2022 and December 31, 2021, DuPont's $50 million deposit into the escrow account is reflected in "Restricted cash and cash equivalents" on the Condensed Consolidated Balance Sheet. Under the Agreements, Divested Operations and Businesses ("DDOB") liabilities of EID not allocated to or retained by Corteva or the Company are categorized as relating to either (i) PFAS Stray Liabilities, if they arise out of actions related to or resulting from the development, testing, manufacture or sale of PFAS; or (ii) Non-PFAS Stray Liabilities, (and together with PFAS Stray Liabilities, the “EID Stray Liabilities”). The Agreements provide that the Company and Corteva will each bear specified amounts plus an additional $200 million of Indemnifiable Losses, described below, in relation to certain EID Stray Liabilities. The Agreements further provide that the Company and Corteva will each bear 50 percent, $150 million each, of the first $300 million of total Indemnifiable Losses related to PFAS Stray Liabilities. When the companies meet their respective $150 million threshold, Indemnifiable Losses related to PFAS Stray Liabilities will be borne 71 percent by DuPont and 29 percent by Corteva. Indemnifiable Losses up to $150 million incurred for PFAS Stray Liabilities are credited against each company’s $200 million threshold. Whenever Corteva or DuPont meets its $200 million threshold, the other would generally bear all Non-PFAS Stray Liabilities until meeting its $200 million threshold. Thereafter, DuPont will bear 71 percent and Corteva will bear 29 percent of Indemnifiable Losses related to Non-PFAS Stray Liabilities. Indemnifiable Losses, as defined in the DWDP Separation and Distribution Agreement, include, among other things, attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense of EID Stray Liabilities. In connection with the MOU and the Agreements, the Company has recognized the following indemnification liabilities related to eligible PFAS costs: Indemnified Liabilities Related to the MOU In millions Jun 30, 2022 Dec 31, 2021 Balance Sheet Classification Current indemnified liabilities $ 62 $ 37 Accrued and other current liabilities Long-term indemnified liabilities $ 124 $ 89 Other noncurrent obligations Total indemnified liabilities accrued under the MOU 1, 2 $ 186 $ 126 1. As of June 30, 2022 and December 31, 2021, total indemnified liabilities accrued include $171 million and $112 million, respectively, related to Chemours environmental remediation activities at their site in Fayetteville, North Carolina under the Consent Order between Chemours and the North Carolina Department of Environmental Quality (the "NC DEQ"). 2. In addition to the above, as of December 31, 2021, the Company had recognized a liability of $12.5 million related to the settlement agreement between Chemours, Corteva and DuPont and Delaware's Attorney General, discussed below. Future charges associated with the MOU would be recognized over the term of the agreement as a component of income from discontinued operations to the extent liabilities become probable and estimable. In 2004, EID settled a West Virginia state court class action, Leach v. E. I. du Pont de Nemours and Company, which alleged that PFOA from EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. Members of the Leach class have standing to pursue personal injury claims for just six health conditions that an expert panel appointed under the Leach settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. In 2017, Chemours and EID each paid $335 million to settle the multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”), thereby resolving claims of about 3,550 plaintiffs alleging injury from exposure to PFOA in drinking water. The 2017 settlement did not resolve claims of Leach class members who did not have claims in the Ohio MDL or whose claims are based on diseases first diagnosed after February 11, 2017. Since the 2017 settlement about 100 additional cases alleging personal injury, including kidney and testicular cancer claims, were filed or noticed and pending in the Ohio MDL. On January 21, 2021, EID and Chemours entered into settlement agreements with plaintiffs’ counsel representing the Ohio MDL plaintiffs providing for a settlement of cases and claims in the Ohio MDL, except as noted below (the “Settlement”). The total settlement amount was $83 million in cash with each of the Company and EID contributing $27 million and Chemours contributing $29 million. At June 30, 2021 the Company had paid in full its $27 million contribution. The Settlement was entered into solely by way of compromise and settlement and is not in any way an admission of liability or fault by the Company, Corteva, EID or Chemours. In connection with the Settlement, in April 2021 the plaintiffs filed a motion to terminate the Ohio MDL. The case captioned “Abbott v. E. I. du Pont de Nemours and Company” is a personal injury action that is not included in the Settlement of the Ohio MDL. DuPont was not named party in the Leach case or the Ohio MDL and is not a named party in the Abbott case. As of June 30, 2022, there are various cases alleging damages due to PFAS which are discussed below. Such actions often include additional claims based on allegations that the transfer by EID of certain PFAS liabilities to Chemours resulted in a fraudulent conveyance or voidable transaction. With the exception of the fraudulent conveyance claims, which are excluded from the MOU, legal fees, expenses, costs, and any potential liabilities for eligible PFAS costs presented by the following matters will be shared as defined in the MOU between Chemours, EID, Corteva and DuPont. Beginning in April 2019, several dozen lawsuits alleging water contamination from the use of PFAS-containing aqueous firefighting foams (“AFFF”) were filed against EID and Chemours, in addition to 3M and other AFFF manufacturers. The majority of these lawsuits were consolidated in a multi-district litigation docket in federal court in South Carolina (the “SC MDL”). Since then, the SC MDL has grown and contains approximately 2,630 cases. Most of the actions in the SC MDL identify DuPont as a defendant only for fraudulent transfer claims related to the Chemours Separation and the DowDuPont separations. Generally, the SC MDL contains multiple types of lawsuits including, but not limited to, approximately 2,380 personal injury cases, state attorneys general natural resource damages cases, and water provider contamination cases. Three of the water provider contamination cases have been selected by the court as bellwether cases. The court has encouraged all parties to discuss resolution of the water provider category of cases. Consistent with the court’s instruction and under the mutual obligations of the MOU, Chemours, Corteva/EID and DuPont, together, are engaged with plaintiffs’ counsel on these cases. DuPont has never made or sold AFFF, perfluorooctanesulfonic acid ("PFOS") or PFOS containing products. There are also state attorneys general lawsuits against DuPont, outside of the SC MDL. These also claim environmental contamination by certain PFAS compounds but distinct from AFFF. Generally, the states raise common law tort claims and seek economic impact damages for alleged harm to natural resources, punitive damages, present and future costs to cleanup contamination from certain PFAS compounds, and to abate the alleged nuisance. Most of these actions include fraudulent transfer claims related to the Chemours Separation and the DowDuPont separations. In July 2021, Chemours, Corteva (for itself and EID) and DuPont reached a resolution with the State of Delaware that avoids litigation and addresses potential natural resources damages from known historical and current releases by the companies in or affecting Delaware. The resolution releases these potential state claims arising from the environmental impacts of various chemicals, including PFAS, across all current and historical locations. Consistent with the MOU, Chemours will bear 50 percent or $25 million of the $50 million settlement and Corteva and DuPont will each bear $12.5 million. The Company paid its portion of the settlement in January 2022. The settlement also calls for a potential Supplemental Payment to Delaware up to a total of $25 million funded 50 percent by Chemours and 50 percent by Corteva and DuPont, jointly, under certain circumstances which are not deemed probable. Chemours, Corteva, DuPont and certain of their respective Dutch entities, received a civil summons filed before the Court of Rotterdam, the Netherlands, on behalf of four municipalities neighboring the Chemours Dordrecht facility. The municipalities are seeking liability declarations relating to the Dordrecht site’s current and historical PFAS operations and emissions. In addition to the above matters, the Company is a named party in various other legal matters that make claims related to PFAS, for which the costs of litigation and future liabilities, if any, are eligible PFAS costs under the MOU and Indemnification Losses under the Agreements. These matters include lawsuits filed by water districts and private water companies in New Jersey and California generally alleging contamination of water systems. There are pending cases that make claims related to PFAS that have been filed against Chemours and Corteva/EID in which the Company is not a named party, but for which the costs of litigation and future liabilities, if any, are or may be eligible PFAS costs under the MOU and Indemnification Losses under the Agreements. While Management believes it has appropriately estimated the liability associated with eligible PFAS matters and Indemnifiable Losses as of the date of this report, it is reasonably possible that the Company could incur additional eligible PFAS costs and Indemnifiable Losses in excess of the amounts accrued. These additional costs could have a significant effect on the Company’s financial condition and/or cash flows in the period in which they occur; however, costs qualifying as Qualified Spend are limited by the terms of the MOU. Other Litigation Matters In addition to the matters described above, the Company is party to claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, and other actions. Certain of these actions may purport to be class actions and seek damages in very large amounts. As of June 30, 2022, the Company has liabilities of $25 million associated with these other litigation matters. It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company. In accordance with its accounting policy for litigation matters, the Company will expense litigation defense costs as incurred, which could be significant to the Company’s financial condition and/or cash flows in the period. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At June 30, 2022, the Company had accrued obligations of $261 million for probable environmental remediation and restoration costs. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the Condensed Consolidated Balance Sheets. It is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. In June of 2022, the EPA announced updated health advisories for various PFAS compounds in drinking water. Chemours received notice from the NC DEQ that its obligations under the Consent Order could be enlarged as a result of EPA’s announcement. At June 30, 2022, the Company recorded an incremental liability related to its indemnification obligations under the MOU. The increase primarily relates to incremental costs associated with activities at Chemours' site in Fayetteville, North Carolina under the Consent Order with the NC DEQ. The accrued environmental obligations include the following: Environmental Accrued Obligations In millions Jun 30, 2022 Dec 31, 2021 Potential exposure above the amount accrued 1 Environmental remediation liabilities not subject to indemnity $ 40 $ 43 $ 102 Environmental remediation indemnified liabilities: Indemnifications related to Dow and Corteva 2 45 46 66 MOU related obligations (discussed above) 3 175 116 85 Other Environmental Indemnifications 1 — 2 Total environmental related liabilities $ 261 $ 205 $ 255 1. The environmental accrual represents management’s best estimate of the costs for remediation and restoration with respect to environmental matters, although it is reasonably possible that the ultimate cost with respect to these particular matters could range above the amount accrued. 2. Pursuant to the DWDP Separation and Distribution Agreement, the Company is required to indemnify Dow and Corteva for certain Non-PFAS clean-up responsibilities and associated remediation costs. 3. The MOU related obligations at June 30, 2022 include the Company's estimate, (based on the limited information available to the Company as of the date of this report given the early stage of the process), of the impact of the June 2022 EPA announcement and related NC DEQ communication to Chemours on DuPont's indemnification liability. Chemours has informed the Company that it is continuing to estimate the impact of the EPA health advisories. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
LEASES | LEASES The lease cost for operating leases were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Operating lease costs $ 28 $ 26 $ 55 $ 53 Operating cash flows from operating leases were $56 million and $52 million for the six months ended June 30, 2022 and 2021, respectively. New operating lease assets and liabilities entered into during the six months ended June 30, 2022 and 2021 were $59 million and $23 million, respectively. Supplemental balance sheet information related to leases was as follows: In millions June 30, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets 1 $ 430 $ 422 Current operating lease liabilities 2 90 92 Noncurrent operating lease liabilities 3 343 337 Total operating lease liabilities $ 433 $ 429 1. Included in " Deferred charges and other assets 2. Included in " Accrued and other current liabilities 3. Included in " Other noncurrent obligations Operating lease right-of-use ("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 for Operating Leases June 30, 2022 December 31, 2021 Weighted-average remaining lease term (years) 8.32 8.50 Weighted average discount rate 2.14 % 2.01 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at June 30, 2022 Operating Leases In millions Remainder of 2022 $ 55 2023 90 2024 76 2025 54 2026 40 2027 and thereafter 168 Total lease payments $ 483 Less: Interest 50 Present value of lease liabilities $ 433 The Company has leases in which it is the lessor, with the largest being a result of the N&B transaction. In connection with the N&B Transaction, DuPont entered into leasing agreements with IFF, whereby DuPont is leasing certain properties, including office spaces and R&D laboratories to IFF. These leases are classified as operating leases and lessor income and related expenses are not significant to the Company's Condensed Consolidated Balance Sheet or interim Consolidated Statement of Operations. Lease agreements where the Company is the lessor have final expirations through 2036. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Share Repurchase Program In February 2022, the Company's Board of Directors authorized a $1.0 billion share buyback program which expires on March 31, 2023, (the "2022 Share Buyback Program"). As of June 30, 2022, the Company repurchased and retired a total of 7.6 million shares for $0.5 billion under the 2022 Share Buyback Program. In the first quarter of 2021, the Company's Board of Directors authorized a $1.5 billion share buyback program, which expired on June 30, 2022 ("2021 Share Buyback Program"). At the expiry of the 2021 Share Buyback Program, the Company had repurchased and retired a total of 19.6 million shares for $1.5 billion. On June 1, 2019, the Company's Board of Directors approved a $2 billion share buyback program ("2019 Share Buyback Program"), which expired on June 1, 2021. At the expiry of the 2019 Share Buyback Program, the Company had repurchased and retired a total of 29.9 million shares at a cost of $2 billion. Accumulated Other Comprehensive Loss The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the six months ended June 30, 2022 and 2021: Accumulated Other Comprehensive Loss Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2021 Balance at January 1, 2021 $ 470 $ (425) $ (1) $ 44 Other comprehensive (loss) income before reclassifications (357) 5 18 (334) Amounts reclassified from accumulated other comprehensive loss — 6 — 6 Split-off of N&B reclassification adjustment 184 73 1 258 Net other comprehensive (loss) income $ (173) $ 84 $ 19 $ (70) Balance at June 30, 2021 $ 297 $ (341) $ 18 $ (26) 2022 Balance at January 1, 2022 $ (88) $ 73 $ 56 $ 41 Other comprehensive (loss) income before reclassifications (945) (7) 67 (885) Amounts reclassified from accumulated other comprehensive loss — (1) — (1) Net other comprehensive (loss) income $ (945) $ (8) $ 67 $ (886) Balance at June 30, 2022 $ (1,033) $ 65 $ 123 $ (845) The tax effects on the net activity related to each component of other comprehensive (loss) income were not significant for the three and six months ended June 30, 2022 and 2021. A summary of the reclassifications out of AOCL for the three and six months ended June 30, 2022 and 2021 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended June 30, Six Months Ended June 30, Income Classification In millions 2022 2021 2022 2021 Cumulative translation adjustments $ — $ — $ — $ 184 See (1) below Pension and other post-employment benefit plans $ (1) $ 2 $ (2) $ 108 See (1) below Tax expense (benefit) 1 — 1 (29) See (1) below After tax $ — $ 2 $ (1) $ 79 Derivative instruments $ — $ — $ — $ 1 See (1) below Total reclassifications for the period, after tax $ — $ 2 $ (1) $ 264 1. The activity for the three and six months ended June 30, 2022 is classified within the "Sundry income (expense) - net". The activity for the three and six months ended June 30, 2021 is classified almost entirely within "Income from discontinued operations, net of tax" as part of the N&B Transaction, with a portion classified within "Sundry income (expense) - net" and "(Benefit from) provision for income taxes on continuing operations" as part of continuing operations. |
PENSION PLANS AND OTHER POST-EM
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS | PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS A summary of the Company's pension plans and other post-employment benefits can be found in Note 19 to the Consolidated Financial Statements included in the Company’s 2021 Annual Report. The following sets forth the components of the Company's net periodic benefit (credit) cost for defined benefit pension plans and other post-employment benefits: Net Periodic Benefit (Credit) Cost for All Plans Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Service cost 1 $ 11 $ 14 $ 23 $ 29 Interest cost 2 13 10 27 21 Expected return on plan assets 3 (25) (26) (52) (54) Amortization of prior service credit 4 (2) (1) (3) (2) Amortization of unrecognized net loss 5 — 4 1 7 Curtailment/settlement 6 1 1 1 3 Net periodic benefit (credit) cost - total $ (2) $ 2 $ (3) $ 4 Less: Net periodic benefit credit - discontinued operations (2) (2) (5) (2) Net periodic benefit cost - continuing operations $ — $ 4 $ 2 $ 6 1. The service cost from continuing operations was $6 million and $15 million for the three and six months ended June 30, 2022, respectively, compared with $11 million and $19 million for the three and six months ended June 30, 2021, respectively. 2. The interest cost from continuing operations was $11 million and $24 million for the three and six months ended June 30, 2022, respectively, compared with $9 million and $19 million for the three and six months ended June 30, 2021, respectively. 3. The expected return on plan assets from continuing operations was $17 million and $38 million for the three and six months ended June 30, 2022, respectively, compared with $20 million and $40 million for the three and six months ended June 30, 2021. 4. The amortization of prior service credit from continuing operations was $2 million for the three and six months ended June 30, 2022, respectively, compared with $1 million and $2 million for the three and six months ended June 30, 2021, respectively. 5. The amortization of unrecognized net loss from continuing operations was $1 million and $2 million or the three and six months ended June 30, 2022, respectively, compared with $4 million and $7 million for the three and six months ended June 30, 2021, respectively. 6. The curtailment and settlement loss from continuing operations was $1 million for the three and six months ended June 30, 2022 and $1 million and $3 million for the three and six months ended June 30, 2021, respectively. The continuing operations portion of the net periodic benefit (credit) cost, other than the service cost component, is included in "Sundry income (expense) - net" in the interim Consolidated Statements of Operations. DuPont expects to make additional contributions in the aggregate of approximately $45 million by year-end 2022. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION A summary of the Company's stock-based compensation plans can be found in Note 20 to the Consolidated Financial Statements included in the Company's 2021 Annual Report. In the second quarter of 2020, the stockholders of DuPont approved the DuPont 2020 Equity and Incentive Plan (the "2020 Plan") which allows the Company to grant options, share appreciation rights, restricted shares, restricted stock units ("RSUs"), share bonuses, other share-based awards, cash awards, or any combination of the foregoing. Under the 2020 Plan, a maximum of 17 million shares of common stock are available for award as of June 30, 2022. DuPont recognized share-based compensation expense in continuing operations of $19 million for the three months ended June 30, 2022 and 2021, and $38 million and $34 million for the six months ended June 30, 2022 and 2021, respectively. The income tax benefits related to stock-based compensation arrangements were $4 million for the three months ended June 30, 2022 and 2021, and $8 million and $7 million for the six months ended June 30, 2022 and 2021, respectively. In the first quarter of 2022, the Company granted 0.7 million RSUs, 0.5 million stock options and 0.3 million performance based stock units ("PSUs"). The weighted-average fair values per share associated with the grants were $75.12 per RSU, $17.41 per stock option and $81.55 per PSU. The stock options had a weighted-average exercise price per share of $75.05. There was minimal activity in the second quarter of 2022. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at June 30, 2022 and December 31, 2021: Fair Value of Financial Instruments June 30, 2022 December 31, 2021 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 322 $ — $ — $ 322 $ 841 $ — $ — $ 841 Restricted cash equivalents 1 $ 61 $ — $ — $ 61 $ 65 $ — $ — $ 65 Marketable securities 2 $ 8 $ — $ — $ 8 $ — $ — $ — $ — Total cash and restricted cash equivalents and marketable securities $ 391 $ — $ — $ 391 $ 906 $ — $ — $ 906 Long-term debt including debt due within one year $ (10,636) $ 56 $ (100) $ (10,680) $ (10,632) $ — $ (1,963) $ (12,595) Derivatives relating to: Net investment hedge 3 — 157 — 157 — 74 — 74 Foreign currency 4,5 — 6 (24) (18) — 5 (10) (5) Interest rate swap agreements 6 — — (11) (11) — — — — Total derivatives $ — $ 163 $ (35) $ 128 $ — $ 79 $ (10) $ 69 1. At June 30, 2022 there was $8 million of restricted cash classified as "Prepaid and other current assets" and $53 million classified as "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheets. At December 31, 2021 there was $12 million of restricted cash classified as "Prepaid and other current assets" and $53 million classified as "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheet. See Note 7 for more information on restricted cash. 2. Classified as "Prepaid and other current assets" in the Condensed Consolidated Balance Sheets. 3. Classified as "Deferred charges and other assets" in the Condensed Consolidated Balance Sheets. 4. Classified as "Prepaid and other current assets" and "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. 5. Presented net of cash collateral where master netting arrangements allow. 6. Classified as "Other noncurrent obligations" in the Condensed 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'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 monitored and reported to management. The notional amounts of the Company's derivative instruments were as follows: Notional Amounts June 30, 2022 December 31, 2021 In millions Derivatives designated as hedging instruments: Net investment hedge $ 1,000 $ 1,000 Interest rate swap agreements $ 1,000 $ — Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ (262) $ (625) 1. Presented net of contracts bought and sold. Derivatives Designated in Hedging Relationships Net Foreign Investment Hedge In the second quarter of 2021, the Company entered into fixed-for-fixed cross currency swaps with an aggregate notional amount totaling $1 billion to hedge the variability of exchange rate impacts between the U.S. Dollar and Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $1 billion at an interest rate of 4.73% for €819 million at a weighted average interest rate of 3.26%. The cross-currency swap is designated as a net investment hedge and expires on November 15, 2028. The Company has made an accounting policy election to account for the net investment hedge using the spot method. The Company has also elected to amortize the excluded components in interest expense in the related quarterly accounting period that such interest is accrued. The cross-currency swap is marked to market at each reporting date and any unrealized gains or losses are included in unrealized currency translation adjustments within AOCL, net of amounts associated with excluded components which are recognized in interest expense in the interim Consolidated Statements of Operations. Interest Rate Swap Agreements In the second quarter of 2022, the Company entered into fixed-to-floating interest rate swap agreements with an aggregate notional principal amount totaling $1 billion to hedge changes in the fair value of the Company’s long-term debt due to interest rate change movements. These swaps converted $1 billion of the Company’s $1.65 billion principal amount of fixed rate notes due 2038 into floating rate debt for the portion of their terms through 2032 with an interest rate based on the Secured Overnight Financing Rate ("SOFR"). Under the terms of the agreements, the Company agrees to exchange, at specified intervals, fixed for floating interest amounts based on the agreed upon notional principal amount. The interest rate swaps are designated as fair value hedges and expire on November 15, 2032. The interest rate swaps are carried at fair value. Fair value hedge accounting has been applied and thus, changes in the fair value of these swaps and changes in the fair value of the related hedged portion of long-term debt will be presented and will net to zero in Sundry income (expense) – net in the interim Consolidated Statements of Operations. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The Company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The Company may use foreign currency exchange contracts to offset a portion of the Company's exposure to certain foreign currency-denominated revenues so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated revenues. Effect of Derivative Instruments Foreign currency derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency-denominated assets and liabilities. The amount charged on a pre-tax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) - net” in the interim Consolidated Statements of Operations, was a loss of $20 million and $7 million for the three months ended June 30, 2022 and 2021, respectively. There was a loss of $49 million and $27 million for the six months ended June 30, 2022 and 2021, respectively. The income statement effects of other derivatives were immaterial. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at June 30, 2022 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 383 Marketable securities 2 8 Derivatives relating to: 3 Net investment hedge 157 Foreign currency contracts 4 19 Total assets at fair value $ 567 Liabilities at fair value: Long-term debt including debt due within one year 5 $ 10,680 Derivatives relating to: 3 Interest rate swap agreements 11 Foreign currency contracts 4 37 Total liabilities at fair value $ 10,728 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Prepaid and other current assets" in the Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. Time deposits with maturities of greater than three months at time of acquisition. 3. See Note 21 for the classification of derivatives in the Condensed Consolidated Balance Sheets. 4. Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the Condensed Consolidated Balance Sheets. The offsetting counterparty and cash collateral netting amounts for foreign currency contracts were $13 million for both assets and liabilities as of June 30, 2022. 5. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Fair value includes fair value hedging adjustments related to the Company's interest rate swap agreements. Basis of Fair Value Measurements on a Recurring Basis at December 31, 2021 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 906 Derivatives relating to: 2 Net investment hedge 74 Foreign currency contracts 3 11 Total assets at fair value $ 991 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 12,595 Derivatives relating to: 2 Foreign currency contracts 3 16 Total liabilities at fair value $ 12,611 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Prepaid and other current assets" in the Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 21 for the classification of derivatives in the Condensed Consolidated Balance Sheets. 3. Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the Condensed Consolidated Balance Sheets. The offsetting counterparty and cash collateral netting amounts were $6 million for both assets and liabilities as of December 31, 2021. 4. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Fair Value Measurements on a Nonrecurring Basis In the first quarter of 2022, the Company recorded an other-than-temporary impairment, classified as Level 3 measurements, on an equity method investment. See Note 6 for further discussion of these fair value measurements. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHIC REGIONS | SEGMENTS AND GEOGRAPHIC REGIONS Effective February 2022, the revenues and certain expenses of the M&M Businesses are classified as discontinued operations in the current and historical periods. In addition, the Retained Businesses previously reported in the historic Mobility & Materials segment are reported in Corporate & Other. These reporting changes have been retrospectively applied for all periods presented. The historic Mobility & Material segment costs that are classified as discontinued operations include only direct operating expenses incurred by the M&M Businesses which the Company will cease to incur upon the close of the M&M Divestitures. Indirect costs, such as those related to corporate and shared service functions previously allocated to the M&M Businesses, do not meet the criteria for discontinued operations and remain reported within continuing operations. A portion of these indirect costs include costs related to activities the Company will continue to undertake post-closing of the M&M Divestiture, and for which it will be reimbursed (“Future Reimbursable Indirect Costs”). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs is not subject to future reimbursement (“Stranded Costs”). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA. The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages. The reporting changes have been retrospectively reflected in the segment results for all periods presented. Segment Information Electronics. & Industrial Water & Protection Corporate & Other 1 Total In millions Three Months Ended June 30, 2022 Net sales $ 1,527 $ 1,497 $ 298 $ 3,322 Operating EBITDA 2 $ 480 $ 348 $ 1 $ 829 Equity in earnings of nonconsolidated affiliates $ 9 $ 8 $ 3 $ 20 Three Months Ended June 30, 2021 Net sales $ 1,320 $ 1,412 $ 372 $ 3,104 Operating EBITDA 2 $ 424 $ 352 $ 4 $ 780 Equity in earnings of nonconsolidated affiliates $ 10 $ 8 $ 2 $ 20 Six Months Ended June 30, 2022 Net sales $ 3,063 $ 2,926 $ 607 $ 6,596 Operating EBITDA 2 $ 956 $ 689 $ 2 $ 1,647 Equity in earnings of nonconsolidated affiliates $ 19 $ 22 $ 5 $ 46 Six Months Ended June 30, 2021 Net sales $ 2,620 $ 2,740 $ 761 $ 6,121 Operating EBITDA 2 $ 860 $ 707 $ 16 $ 1,583 Equity in earnings of nonconsolidated affiliates $ 19 $ 20 $ 4 $ 43 1. Corporate & Other includes activities of the Retained Businesses and previously divested businesses. 2. A reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA is provided below. Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended June 30, 2022 and 2021 Three Months Ended June 30, In millions 2022 2021 Income from continuing operations, net of tax $ 365 $ 395 + Provision for income taxes on continuing operations 113 93 Income from continuing operations before income taxes $ 478 $ 488 + Depreciation and amortization 281 262 - Interest income 1 2 5 + Interest expense 120 129 - Non-operating pension/OPEB benefit 1 6 7 - Foreign exchange gains (losses), net 1 9 (10) + Future reimbursable indirect costs 15 15 - Significant items 48 112 Operating EBITDA $ 829 $ 780 1. Included in "Sundry income (expense) - net." Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Six Months Ended June 30, 2022 and 2021 Six Months Ended June 30, In millions 2022 2021 Income from continuing operations, net of tax $ 597 $ 781 + Provision for income taxes on continuing operations 160 92 Income from continuing operations before income taxes $ 757 $ 873 + Depreciation and amortization 578 517 - Interest income 1 3 9 + Interest expense 238 275 - Non-operating pension/OPEB benefit 1 13 13 - Foreign exchange gains (losses), net 1 4 (16) + Future reimbursable indirect costs 31 31 - Significant items (63) 107 Operating EBITDA $ 1,647 $ 1,583 1. Included in "Sundry income (expense) - net." The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended June 30, 2022 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (13) $ (13) Gain on divestiture 2 — 37 26 63 Intended Rogers Acquisition financing fees 3 — — (2) (2) Total $ — $ 37 $ 11 $ 48 1. Acquisition, integration and separation costs related to strategic initiatives including the sale of the Biomaterials business unit, the acquisition of Laird PM and the Intended Rogers Acquisition. 2. Reflected in "Sundry income (expense) - net." 3. Includes acquisition costs associated with the Intended Rogers Acquisition related to the financing agreements, specifically the structuring fees and the amortization of the commitment fees reflected in "Interest Expense." Significant Items by Segment for the Three Months Ended June 30, 2021 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (23) $ (23) Restructuring and asset related charges - net 2 (2) — (3) (5) Gain on divestiture 3 — — 140 140 Total $ (2) $ — $ 114 $ 112 1. Acquisition, integration and separation costs related to strategic initiatives, which primarily includes the acquisition of Laird PM and the sale of the Solamet®, Biomaterials, and Clean Technologies business units. 2. Includes Board approved restructuring plans and asset related charges. See Note 6 for additional information. 3. Reflected in "Sundry income (expense) - net." Significant Items by Segment for the Six Months Ended June 30, 2022 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (21) $ (21) Restructuring and asset related charges - net 2 (1) (3) (3) (7) Asset impairment charges 3 (94) — — (94) Gain on divestiture 4 — 37 26 63 Intended Rogers Acquisition financing fees 5 — — (4) (4) Total $ (95) $ 34 $ (2) $ (63) 1. Acquisition, integration and separation costs related to strategic initiatives including the sale of the Biomaterials business unit, the acquisition of Laird PM and the Intended Rogers Acquisition. 2. Includes restructuring actions and asset related charges. See Note 6 for additional information. 3. Relates to an impairment of an equity method investment. See Note 6 for additional information. 4. Reflected in "Sundry income (expense) - net." 5. Includes acquisition costs associated with the Intended Rogers Acquisition related to the financing agreements, specifically the structuring fees and the amortization of the commitment fees reflected in "Interest Expense." Significant Items by Segment for the Six Months Ended June 30, 2021 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (29) $ (29) Restructuring and asset related charges - net 2 (2) — (5) (7) Gain on divestiture 3 2 — 141 143 Total $ — $ — $ 107 $ 107 1. Acquisition, integration and separation costs related to strategic initiatives, which primarily includes the acquisition of Laird PM and the sale of the Solamet®, Biomaterials, and Clean Technologies business units. 2. Includes Board approved restructuring plans and asset related charges. See Note 6 for additional information. 3. Reflected in "Sundry income (expense) - net." |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In these notes, the terms "DuPont" or "Company" used herein mean DuPont de Nemours, Inc. and its consolidated subsidiaries. The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should also be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, collectively referred to as the "2021 Annual Report." The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained. Mobility & Materials Intended Divestitures On February 17, 2022, DuPont entered into a Transaction Agreement (the "Transaction Agreement") with Celanese Corporation ("Celanese") to divest a majority of the historic Mobility & Materials segment, including the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines (the “M&M Divestiture”). The transaction is expected to close around the end of 2022, subject to customary closing conditions and regulatory approvals. In addition, on February 18, 2022, the Company announced it is advancing the process to divest its Delrin® acetal homopolymer (H-POM) business, subject to entry into a definitive agreement and satisfaction of customary closing conditions. The Delrin® divestiture together with the M&M Divestiture discussed above (the "M&M Divestitures") represent a strategic shift that will have a major impact on DuPont's operations and results. See Note 4 for more information. The financial position of DuPont as of June 30, 2022 and December 31, 2021 present the businesses to be divested as part of the M&M Divestiture and the divestiture of Delrin® (the "M&M Businesses") as discontinued operations. The results of operations for the three and six months ended June 30, 2022 and 2021 present the financial results of the M&M Businesses as discontinued operations. The cash flows and comprehensive income of the M&M Businesses have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of the M&M Businesses. See Note 4 to the interim Consolidated Financial Statements for additional information. The Auto Adhesives & Fluids, Multibase TM and Tedlar® product lines, previously reported within the historic Mobility & Materials segment, (the "Retained Businesses") are not included in the scope of the M&M Divestitures. Effective with the signing of the Transaction Agreement, the Retained Businesses were realigned to Corporate & Other. The reporting changes have been retrospectively applied for all periods presented N&B Transaction On February 1, 2021, DuPont completed the separation and distribution of the Nutrition & Biosciences business segment (the "N&B Business"), and the merger of Nutrition & Biosciences, Inc. (“N&B”), a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of International Flavors & Fragrances Inc. ("IFF"). The distribution was effected through an exchange offer (the “Exchange Offer”) and the consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). See Note 4 for more information. The results of operations of DuPont for the three and six months ended June 30, 2021 present the historical financial results of N&B as discontinued operations. The cash flows and comprehensive income related to N&B have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable periods. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of N&B. |
Accounting Guidance Issued But Not Adopted at March 31, 2022 | Accounting Guidance Issued But Not Adopted at June 30, 2022 In October 2021, the FASB issued Accounting Standards Update No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which requires contract assets and contract liabilities (i.e., unearned revenue) acquired in a business combination to be recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. Historically, the Company has recognized contract assets and contract liabilities at the acquisition date based on fair value estimates in accordance with ASC 805, Business Combinations. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 on a prospective basis, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2021-08 to its Consolidated Financial Statements in connection with any future anticipated business combinations. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Integration And Separation Costs | These costs are recorded within "Acquisition, integration and separation costs" within the interim Consolidated Statements of Operations. Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Acquisition, integration and separation costs $ 13 $ 23 $ 21 $ 29 |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations | The results of operations of the M&M Businesses are presented as discontinued operations as summarized below: Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Net sales $ 1,070 $ 1,031 $ 2,112 $ 1,990 Cost of sales 804 696 1,586 1,347 Research and development expenses 14 15 29 32 Selling, general and administrative expenses 34 64 85 125 Amortization of intangibles — 40 28 82 Restructuring and asset related charges - net — 5 — 5 Acquisition, integration and separation costs 126 — 222 — Equity in (losses) earnings of nonconsolidated affiliates (1) 5 (2) 8 Sundry income (expense) - net (7) 11 (7) 8 Income from discontinued operations before income taxes 84 227 153 415 (Benefit from) provision for income taxes on discontinued operations (409) 58 (628) 91 Income from discontinued operations, net of tax 493 169 781 324 Net income from discontinued operations attributable to noncontrolling interests — 4 2 10 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 493 $ 165 $ 779 $ 314 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the M&M Businesses: Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Depreciation and amortization $ — $ 71 $ 45 $ 144 Capital expenditures 1 $ 15 $ 8 $ 42 $ 24 1. Total capital expenditures are presented on a cash basis. The following table summarizes the major classes of assets and liabilities of the M&M Businesses classified as held for sale presented as discontinued operations at June 30, 2022 and December 31, 2021: In millions June 30, 2022 December 31, 2021 Assets Cash and cash equivalents $ 29 $ 39 Accounts and notes receivable - net 631 552 Inventories 993 776 Other current assets 57 59 Property, plant and equipment - net 1,205 1,213 Goodwill 2,496 2,597 Other intangible assets 2,152 2,220 Investments and noncurrent receivables 55 62 Deferred income tax assets 22 27 Deferred charges and other assets 117 119 Total assets of discontinued operations $ 7,757 $ 7,664 Liabilities Accounts payable $ 537 $ 510 Income taxes payable 37 77 Accrued and other current liabilities 129 157 Deferred income tax liabilities 495 515 Pension and other post employment benefits - noncurrent 91 90 Other noncurrent liabilities 53 64 Total liabilities of discontinued operations $ 1,342 $ 1,413 The results of operations of N&B are presented as discontinued operations as summarized below: Six Months Ended June 30, 2021 In millions Net sales $ 507 Cost of sales 352 Research and development expenses 21 Selling, general and administrative expenses 46 Amortization of intangibles 38 Restructuring and asset related charges - net 1 Acquisition, integration and separation costs 172 Sundry income (expense) - net 8 Interest expense 13 Loss from discontinued operations before income taxes (128) Benefit from income taxes on discontinued operations (26) Loss from discontinued operations, net of tax (102) Non-taxable gain on split-off 4,950 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 4,848 The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to N&B: Six Months Ended June 30, 2021 In millions Depreciation and amortization $ 63 Capital expenditures $ 27 Discontinued operations activity consists of the following: Income from discontinued operations, net of tax Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 M&M Divestitures $ 493 $ 169 $ 781 $ 324 N&B Transaction — (14) — 4,848 Other 1 (63) (63) (75) (68) Income from discontinued operations, net of tax $ 430 $ 92 $ 706 $ 5,104 1. Primarily related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, E. I. du Pont de Nemours and Company ("EID") and the Company. For additional information on these matters, refer to Note 16. The following table summarizes the carrying value of the major assets and liabilities of the Biomaterials business unit reflected as held for sale at December 31, 2021: In millions December 31, 2021 Assets Accounts and notes receivable - net $ 27 Inventories 48 Investments and noncurrent receivables 158 Property, plant and equipment - net 12 Assets held for sale $ 245 Liabilities Accounts payable $ 21 Accrued and other current liabilities 3 Other noncurrent obligations 1 Liabilities related to assets held for sale $ 25 |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Trade Revenue | Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Industrial Solutions $ 503 $ 480 $ 1,003 $ 938 Interconnect Solutions 465 339 925 669 Semiconductor Technologies 559 501 1,135 1,013 Electronics & Industrial $ 1,527 $ 1,320 $ 3,063 $ 2,620 Safety Solutions $ 663 $ 650 $ 1,317 $ 1,287 Shelter Solutions 487 419 909 779 Water Solutions 347 343 700 674 Water & Protection $ 1,497 $ 1,412 $ 2,926 $ 2,740 Retained Businesses 1 $ 266 $ 239 $ 532 $ 495 Other 2 32 133 75 266 Corporate & Other $ 298 $ 372 $ 607 $ 761 Total $ 3,322 $ 3,104 $ 6,596 $ 6,121 1. Retained Businesses includes the Auto Adhesives & Fluids, Multibase TM and Tedlar ® businesses. 2. Net sales reflected in Other include activity of previously divested businesses. Net Trade Revenue by Geographic Region Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 U.S. & Canada $ 1,095 $ 972 $ 2,144 $ 1,864 EMEA 1 565 552 1,142 1,110 Asia Pacific 1,553 1,486 3,098 2,961 Latin America 109 94 212 186 Total $ 3,322 $ 3,104 $ 6,596 $ 6,121 1. Europe, Middle East and Africa. |
Schedule of Contract Balances | Contract Balances June 30, 2022 December 31, 2021 In millions Accounts and notes receivable - trade 1 $ 1,767 $ 1,643 Deferred revenue - current 2, 3 $ 23 $ 25 1. Included in "Accounts and notes receivable - net" in the Condensed Consolidated Balance Sheets. 2. Included in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. 3. Noncurrent deferred revenue balances in the current and comparative periods were not material. |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Sundry Income (Expense), Net | Sundry Income (Expense) - Net Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Non-operating pension and other post-employment benefit ("OPEB") credits $ 6 $ 7 $ 13 $ 13 Interest income 2 5 3 9 Net gain on divestiture and sales of other assets and investments 1, 2, 3 70 140 69 167 Foreign exchange gains (losses), net 9 (10) 4 (16) Miscellaneous income (expenses) - net 4 7 (7) 8 (19) Sundry income (expense) - net $ 94 $ 135 $ 97 $ 154 1. The three and six months ended June 30, 2022 primarily reflects income of $26 million related to the gain on sale of the Biomaterials business unit and $37 million related to the sale of a land use right within the Water & Protection segment. 2. The three and six months ended June 30, 2021 primarily reflects income of $140 million related to the gain on sale of assets within Corporate & Other. 3. The six months ended June 30, 2021 reflects income of $24 million related to the gain on sale of assets within the Electronics & Industrial segment. 4. The six months ended June 30, 2021 includes an impairment charge of approximately $15 million related to an asset sale. |
EARNINGS PER SHARE CALCULATIO_2
EARNINGS PER SHARE CALCULATIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the three and six months ended June 30, 2022 and 2021: Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Income from continuing operations, net of tax $ 365 $ 395 $ 597 $ 781 Net income from continuing operations attributable to noncontrolling interests 8 5 26 3 Income from continuing operations attributable to common stockholders $ 357 $ 390 $ 571 $ 778 Income from discontinued operations, net of tax 430 92 706 5,104 Net income from discontinued operations attributable to noncontrolling interests — 4 2 10 Income from discontinued operations attributable to common stockholders 430 88 704 5,094 Net income attributable to common stockholders $ 787 $ 478 $ 1,275 $ 5,872 Earnings Per Share Calculations - Basic Three Months Ended June 30, Six Months Ended June 30, Dollars per share 2022 2021 2022 2021 Earnings from continuing operations attributable to common stockholders $ 0.71 $ 0.74 $ 1.12 $ 1.37 Earnings from discontinued operations, net of tax 0.85 0.17 1.38 8.98 Earnings attributable to common stockholders 1 $ 1.56 $ 0.91 $ 2.51 $ 10.35 Earnings Per Share Calculations - Diluted Three Months Ended June 30, Six Months Ended June 30, Dollars per share 2022 2021 2022 2021 Earnings from continuing operations attributable to common stockholders $ 0.71 $ 0.73 $ 1.12 $ 1.37 Earnings from discontinued operations, net of tax 0.85 0.17 1.38 8.96 Earnings attributable to common stockholders 1 $ 1.55 $ 0.90 $ 2.50 $ 10.33 Share Count Information Three Months Ended June 30, Six Months Ended June 30, Shares in millions 2022 2021 2022 2021 Weighted-average common shares - basic 505.4 529.6 508.7 567.0 Plus dilutive effect of equity compensation plans 0.9 1.6 1.5 1.5 Weighted-average common shares - diluted 506.3 531.2 510.2 568.5 Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations 2 4.3 2.3 3.0 2.4 1. 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. 2. These outstanding options to purchase shares of common stock, restricted stock units, and performance-based 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 - NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | In millions June 30, 2022 December 31, 2021 Accounts receivable – trade 1 $ 1,741 $ 1,612 Other 2 526 547 Total accounts and notes receivable - net $ 2,267 $ 2,159 1. Accounts receivable – trade is net of allowances of $37 million at June 30, 2022 and $28 million at December 31, 2021. Allowances are equal to the estimated uncollectible amounts and current expected credit loss. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Other includes receivables in relation to value added tax, indemnification assets, general sales tax and other taxes, and other receivables. No individual group represents more than ten percent of total receivables. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Current Inventory | In millions June 30, 2022 December 31, 2021 Finished goods $ 1,312 $ 1,201 Work in process 526 446 Raw materials 405 323 Supplies 113 116 Total inventories $ 2,356 $ 2,086 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Estimated Useful Lives (Years) June 30, 2022 December 31, 2021 In millions Land and land improvements 1 - 25 $ 412 $ 440 Buildings 1 - 50 1,931 1,954 Machinery, equipment, and other 1 - 25 6,530 6,467 Construction in progress 944 1,034 Total property, plant and equipment $ 9,817 $ 9,895 Total accumulated depreciation $ 4,253 $ 4,142 Total property, plant and equipment - net $ 5,564 $ 5,753 Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Depreciation expense $ 133 $ 135 $ 277 $ 265 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amounts of goodwill during the six months ended June 30, 2022 were as follows: In millions Electronics & Industrial Water & Protection Corporate & Other Total Balance at December 31, 2021 $ 9,583 $ 6,801 $ 597 $ 16,981 Currency Translation Adjustment (175) (188) (8) (371) Balance at June 30, 2022 $ 9,408 $ 6,613 $ 589 $ 16,610 |
Schedule of Other Finite Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2022 December 31, 2021 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 2,353 $ (1,203) $ 1,150 $ 2,374 $ (1,124) $ 1,250 Trademarks/tradenames 1,119 (529) 590 1,125 (500) 625 Customer-related 5,598 (2,369) 3,229 5,806 (2,296) 3,510 Other 109 (77) 32 113 (80) 33 Total other intangible assets with finite lives $ 9,179 $ (4,178) $ 5,001 $ 9,418 $ (4,000) $ 5,418 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets with indefinite lives 804 — 804 804 — 804 Total $ 9,983 $ (4,178) $ 5,805 $ 10,222 $ (4,000) $ 6,222 |
Schedule of Other Indefinite Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2022 December 31, 2021 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 2,353 $ (1,203) $ 1,150 $ 2,374 $ (1,124) $ 1,250 Trademarks/tradenames 1,119 (529) 590 1,125 (500) 625 Customer-related 5,598 (2,369) 3,229 5,806 (2,296) 3,510 Other 109 (77) 32 113 (80) 33 Total other intangible assets with finite lives $ 9,179 $ (4,178) $ 5,001 $ 9,418 $ (4,000) $ 5,418 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets with indefinite lives 804 — 804 804 — 804 Total $ 9,983 $ (4,178) $ 5,805 $ 10,222 $ (4,000) $ 6,222 |
Schedule of Net Intangibles by Segment | The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment June 30, 2022 December 31, 2021 In millions Electronics & Industrial $ 3,170 $ 3,429 Water & Protection 2,535 2,686 Corporate & Other 100 107 Total $ 5,805 $ 6,222 |
Schedule of Estimated Future Amortization Expense | Total estimated amortization expense for the remainder of 2022 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2022 $ 292 2023 $ 580 2024 $ 551 2025 $ 510 2026 $ 482 2027 $ 434 |
SHORT TERM BORROWINGS, LONG-T_2
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the Company's long-term debt: Long-Term Debt June 30, 2022 December 31, 2021 In millions Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures 1 Final maturity 2023 $ 2,800 4.02 % $ 2,800 3.89 % Final maturity 2025 1,850 4.49 % 1,850 4.49 % Final maturity 2026 and thereafter 2 6,039 5.13 % 6,050 5.13 % Other facilities: Finance lease obligations 2 2 Less: Unamortized debt discount and issuance costs 66 70 Total $ 10,625 $ 10,632 1. Represents senior unsecured notes (the "2018 Senior Notes"), which are senior unsecured obligations of the Company. 2. Includes fair value hedging adjustment of $11 million related to the Company's interest rate swap agreements. See Note 21 for additional information. |
Schedule of Maturities of Long-term Debt | Principal Payments of long-term debt for the remainder of 2022 and the five succeeding fiscal years are as follows: Maturities of Long-Term Debt for Next Five Years at June 30, 2022 Total In millions Remainder of 2022 $ — 2023 $ 2,800 2024 $ — 2025 $ 1,850 2026 $ — 2027 $ — |
Schedule of Line of Credit Facilities | The following table summarizes the Company's credit facilities: Committed and Available Credit Facilities at June 30, 2022 In millions Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility, Five April 2022 $ 2,500 $ 2,488 April 2027 Floating Rate 364-day Revolving Credit Facility April 2022 1,000 1,000 April 2023 Floating Rate Total Committed and Available Credit Facilities $ 3,500 $ 3,488 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Loss Contingencies by Contingency | In connection with the MOU and the Agreements, the Company has recognized the following indemnification liabilities related to eligible PFAS costs: Indemnified Liabilities Related to the MOU In millions Jun 30, 2022 Dec 31, 2021 Balance Sheet Classification Current indemnified liabilities $ 62 $ 37 Accrued and other current liabilities Long-term indemnified liabilities $ 124 $ 89 Other noncurrent obligations Total indemnified liabilities accrued under the MOU 1, 2 $ 186 $ 126 1. As of June 30, 2022 and December 31, 2021, total indemnified liabilities accrued include $171 million and $112 million, respectively, related to Chemours environmental remediation activities at their site in Fayetteville, North Carolina under the Consent Order between Chemours and the North Carolina Department of Environmental Quality (the "NC DEQ"). |
Schedule of Environmental Loss Contingencies by Site | The accrued environmental obligations include the following: Environmental Accrued Obligations In millions Jun 30, 2022 Dec 31, 2021 Potential exposure above the amount accrued 1 Environmental remediation liabilities not subject to indemnity $ 40 $ 43 $ 102 Environmental remediation indemnified liabilities: Indemnifications related to Dow and Corteva 2 45 46 66 MOU related obligations (discussed above) 3 175 116 85 Other Environmental Indemnifications 1 — 2 Total environmental related liabilities $ 261 $ 205 $ 255 1. The environmental accrual represents management’s best estimate of the costs for remediation and restoration with respect to environmental matters, although it is reasonably possible that the ultimate cost with respect to these particular matters could range above the amount accrued. 2. Pursuant to the DWDP Separation and Distribution Agreement, the Company is required to indemnify Dow and Corteva for certain Non-PFAS clean-up responsibilities and associated remediation costs. 3. The MOU related obligations at June 30, 2022 include the Company's estimate, (based on the limited information available to the Company as of the date of this report given the early stage of the process), of the impact of the June 2022 EPA announcement and related NC DEQ communication to Chemours on DuPont's indemnification liability. Chemours has informed the Company that it is continuing to estimate the impact of the EPA health advisories. |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Lease Term and Discount Rates | The lease cost for operating leases were as follows: Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Operating lease costs $ 28 $ 26 $ 55 $ 53 Lease Term and Discount Rate for Operating Leases June 30, 2022 December 31, 2021 Weighted-average remaining lease term (years) 8.32 8.50 Weighted average discount rate 2.14 % 2.01 % |
Schedule of Operating Lease Assets and Liabilities | Supplemental balance sheet information related to leases was as follows: In millions June 30, 2022 December 31, 2021 Operating Leases Operating lease right-of-use assets 1 $ 430 $ 422 Current operating lease liabilities 2 90 92 Noncurrent operating lease liabilities 3 343 337 Total operating lease liabilities $ 433 $ 429 1. Included in " Deferred charges and other assets 2. Included in " Accrued and other current liabilities 3. Included in " Other noncurrent obligations |
Schedule of Maturity of Lease Liabilities | Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at June 30, 2022 Operating Leases In millions Remainder of 2022 $ 55 2023 90 2024 76 2025 54 2026 40 2027 and thereafter 168 Total lease payments $ 483 Less: Interest 50 Present value of lease liabilities $ 433 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the six months ended June 30, 2022 and 2021: Accumulated Other Comprehensive Loss Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2021 Balance at January 1, 2021 $ 470 $ (425) $ (1) $ 44 Other comprehensive (loss) income before reclassifications (357) 5 18 (334) Amounts reclassified from accumulated other comprehensive loss — 6 — 6 Split-off of N&B reclassification adjustment 184 73 1 258 Net other comprehensive (loss) income $ (173) $ 84 $ 19 $ (70) Balance at June 30, 2021 $ 297 $ (341) $ 18 $ (26) 2022 Balance at January 1, 2022 $ (88) $ 73 $ 56 $ 41 Other comprehensive (loss) income before reclassifications (945) (7) 67 (885) Amounts reclassified from accumulated other comprehensive loss — (1) — (1) Net other comprehensive (loss) income $ (945) $ (8) $ 67 $ (886) Balance at June 30, 2022 $ (1,033) $ 65 $ 123 $ (845) |
Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | A summary of the reclassifications out of AOCL for the three and six months ended June 30, 2022 and 2021 is provided as follows: Reclassifications Out of Accumulated Other Comprehensive Loss Three Months Ended June 30, Six Months Ended June 30, Income Classification In millions 2022 2021 2022 2021 Cumulative translation adjustments $ — $ — $ — $ 184 See (1) below Pension and other post-employment benefit plans $ (1) $ 2 $ (2) $ 108 See (1) below Tax expense (benefit) 1 — 1 (29) See (1) below After tax $ — $ 2 $ (1) $ 79 Derivative instruments $ — $ — $ — $ 1 See (1) below Total reclassifications for the period, after tax $ — $ 2 $ (1) $ 264 1. The activity for the three and six months ended June 30, 2022 is classified within the "Sundry income (expense) - net". The activity for the three and six months ended June 30, 2021 is classified almost entirely within "Income from discontinued operations, net of tax" as part of the N&B Transaction, with a portion classified within "Sundry income (expense) - net" and "(Benefit from) provision for income taxes on continuing operations" as part of continuing operations. |
PENSION PLANS AND OTHER POST-_2
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs | The following sets forth the components of the Company's net periodic benefit (credit) cost for defined benefit pension plans and other post-employment benefits: Net Periodic Benefit (Credit) Cost for All Plans Three Months Ended June 30, Six Months Ended June 30, In millions 2022 2021 2022 2021 Service cost 1 $ 11 $ 14 $ 23 $ 29 Interest cost 2 13 10 27 21 Expected return on plan assets 3 (25) (26) (52) (54) Amortization of prior service credit 4 (2) (1) (3) (2) Amortization of unrecognized net loss 5 — 4 1 7 Curtailment/settlement 6 1 1 1 3 Net periodic benefit (credit) cost - total $ (2) $ 2 $ (3) $ 4 Less: Net periodic benefit credit - discontinued operations (2) (2) (5) (2) Net periodic benefit cost - continuing operations $ — $ 4 $ 2 $ 6 1. The service cost from continuing operations was $6 million and $15 million for the three and six months ended June 30, 2022, respectively, compared with $11 million and $19 million for the three and six months ended June 30, 2021, respectively. 2. The interest cost from continuing operations was $11 million and $24 million for the three and six months ended June 30, 2022, respectively, compared with $9 million and $19 million for the three and six months ended June 30, 2021, respectively. 3. The expected return on plan assets from continuing operations was $17 million and $38 million for the three and six months ended June 30, 2022, respectively, compared with $20 million and $40 million for the three and six months ended June 30, 2021. 4. The amortization of prior service credit from continuing operations was $2 million for the three and six months ended June 30, 2022, respectively, compared with $1 million and $2 million for the three and six months ended June 30, 2021, respectively. 5. The amortization of unrecognized net loss from continuing operations was $1 million and $2 million or the three and six months ended June 30, 2022, respectively, compared with $4 million and $7 million for the three and six months ended June 30, 2021, respectively. 6. The curtailment and settlement loss from continuing operations was $1 million for the three and six months ended June 30, 2022 and $1 million and $3 million for the three and six months ended June 30, 2021, respectively. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, All Other Investments [Abstract] | |
Schedule of the Fair Value of Financial Instruments | The following table summarizes the fair value of financial instruments at June 30, 2022 and December 31, 2021: Fair Value of Financial Instruments June 30, 2022 December 31, 2021 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 322 $ — $ — $ 322 $ 841 $ — $ — $ 841 Restricted cash equivalents 1 $ 61 $ — $ — $ 61 $ 65 $ — $ — $ 65 Marketable securities 2 $ 8 $ — $ — $ 8 $ — $ — $ — $ — Total cash and restricted cash equivalents and marketable securities $ 391 $ — $ — $ 391 $ 906 $ — $ — $ 906 Long-term debt including debt due within one year $ (10,636) $ 56 $ (100) $ (10,680) $ (10,632) $ — $ (1,963) $ (12,595) Derivatives relating to: Net investment hedge 3 — 157 — 157 — 74 — 74 Foreign currency 4,5 — 6 (24) (18) — 5 (10) (5) Interest rate swap agreements 6 — — (11) (11) — — — — Total derivatives $ — $ 163 $ (35) $ 128 $ — $ 79 $ (10) $ 69 1. At June 30, 2022 there was $8 million of restricted cash classified as "Prepaid and other current assets" and $53 million classified as "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheets. At December 31, 2021 there was $12 million of restricted cash classified as "Prepaid and other current assets" and $53 million classified as "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheet. See Note 7 for more information on restricted cash. 2. Classified as "Prepaid and other current assets" in the Condensed Consolidated Balance Sheets. 3. Classified as "Deferred charges and other assets" in the Condensed Consolidated Balance Sheets. 4. Classified as "Prepaid and other current assets" and "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. 5. Presented net of cash collateral where master netting arrangements allow. 6. Classified as "Other noncurrent obligations" in the Condensed Consolidated Balance Sheets. |
Schedule of Notional Amounts | The notional amounts of the Company's derivative instruments were as follows: Notional Amounts June 30, 2022 December 31, 2021 In millions Derivatives designated as hedging instruments: Net investment hedge $ 1,000 $ 1,000 Interest rate swap agreements $ 1,000 $ — Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ (262) $ (625) 1. Presented net of contracts bought and sold. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of the Fair Value of Assets and Liabilities Measured on a Recurring Basis | The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at June 30, 2022 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 383 Marketable securities 2 8 Derivatives relating to: 3 Net investment hedge 157 Foreign currency contracts 4 19 Total assets at fair value $ 567 Liabilities at fair value: Long-term debt including debt due within one year 5 $ 10,680 Derivatives relating to: 3 Interest rate swap agreements 11 Foreign currency contracts 4 37 Total liabilities at fair value $ 10,728 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Prepaid and other current assets" in the Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. Time deposits with maturities of greater than three months at time of acquisition. 3. See Note 21 for the classification of derivatives in the Condensed Consolidated Balance Sheets. 4. Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the Condensed Consolidated Balance Sheets. The offsetting counterparty and cash collateral netting amounts for foreign currency contracts were $13 million for both assets and liabilities as of June 30, 2022. 5. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Fair value includes fair value hedging adjustments related to the Company's interest rate swap agreements. Basis of Fair Value Measurements on a Recurring Basis at December 31, 2021 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 906 Derivatives relating to: 2 Net investment hedge 74 Foreign currency contracts 3 11 Total assets at fair value $ 991 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 12,595 Derivatives relating to: 2 Foreign currency contracts 3 16 Total liabilities at fair value $ 12,611 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Prepaid and other current assets" in the Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 21 for the classification of derivatives in the Condensed Consolidated Balance Sheets. 3. Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the Condensed Consolidated Balance Sheets. The offsetting counterparty and cash collateral netting amounts were $6 million for both assets and liabilities as of December 31, 2021. 4. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | The reporting changes have been retrospectively reflected in the segment results for all periods presented. Segment Information Electronics. & Industrial Water & Protection Corporate & Other 1 Total In millions Three Months Ended June 30, 2022 Net sales $ 1,527 $ 1,497 $ 298 $ 3,322 Operating EBITDA 2 $ 480 $ 348 $ 1 $ 829 Equity in earnings of nonconsolidated affiliates $ 9 $ 8 $ 3 $ 20 Three Months Ended June 30, 2021 Net sales $ 1,320 $ 1,412 $ 372 $ 3,104 Operating EBITDA 2 $ 424 $ 352 $ 4 $ 780 Equity in earnings of nonconsolidated affiliates $ 10 $ 8 $ 2 $ 20 Six Months Ended June 30, 2022 Net sales $ 3,063 $ 2,926 $ 607 $ 6,596 Operating EBITDA 2 $ 956 $ 689 $ 2 $ 1,647 Equity in earnings of nonconsolidated affiliates $ 19 $ 22 $ 5 $ 46 Six Months Ended June 30, 2021 Net sales $ 2,620 $ 2,740 $ 761 $ 6,121 Operating EBITDA 2 $ 860 $ 707 $ 16 $ 1,583 Equity in earnings of nonconsolidated affiliates $ 19 $ 20 $ 4 $ 43 1. Corporate & Other includes activities of the Retained Businesses and previously divested businesses. 2. A reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA is provided below. |
Schedule of Reconciliation of Income (Loss) from Continuing Operations | Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended June 30, 2022 and 2021 Three Months Ended June 30, In millions 2022 2021 Income from continuing operations, net of tax $ 365 $ 395 + Provision for income taxes on continuing operations 113 93 Income from continuing operations before income taxes $ 478 $ 488 + Depreciation and amortization 281 262 - Interest income 1 2 5 + Interest expense 120 129 - Non-operating pension/OPEB benefit 1 6 7 - Foreign exchange gains (losses), net 1 9 (10) + Future reimbursable indirect costs 15 15 - Significant items 48 112 Operating EBITDA $ 829 $ 780 1. Included in "Sundry income (expense) - net." Reconciliation of "Income (loss) from continuing operations, net of tax" to Operating EBITDA for the Six Months Ended June 30, 2022 and 2021 Six Months Ended June 30, In millions 2022 2021 Income from continuing operations, net of tax $ 597 $ 781 + Provision for income taxes on continuing operations 160 92 Income from continuing operations before income taxes $ 757 $ 873 + Depreciation and amortization 578 517 - Interest income 1 3 9 + Interest expense 238 275 - Non-operating pension/OPEB benefit 1 13 13 - Foreign exchange gains (losses), net 1 4 (16) + Future reimbursable indirect costs 31 31 - Significant items (63) 107 Operating EBITDA $ 1,647 $ 1,583 1. Included in "Sundry income (expense) - net." |
Schedule of Certain Items by Segment | The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended June 30, 2022 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (13) $ (13) Gain on divestiture 2 — 37 26 63 Intended Rogers Acquisition financing fees 3 — — (2) (2) Total $ — $ 37 $ 11 $ 48 1. Acquisition, integration and separation costs related to strategic initiatives including the sale of the Biomaterials business unit, the acquisition of Laird PM and the Intended Rogers Acquisition. 2. Reflected in "Sundry income (expense) - net." 3. Includes acquisition costs associated with the Intended Rogers Acquisition related to the financing agreements, specifically the structuring fees and the amortization of the commitment fees reflected in "Interest Expense." Significant Items by Segment for the Three Months Ended June 30, 2021 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (23) $ (23) Restructuring and asset related charges - net 2 (2) — (3) (5) Gain on divestiture 3 — — 140 140 Total $ (2) $ — $ 114 $ 112 1. Acquisition, integration and separation costs related to strategic initiatives, which primarily includes the acquisition of Laird PM and the sale of the Solamet®, Biomaterials, and Clean Technologies business units. 2. Includes Board approved restructuring plans and asset related charges. See Note 6 for additional information. 3. Reflected in "Sundry income (expense) - net." Significant Items by Segment for the Six Months Ended June 30, 2022 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (21) $ (21) Restructuring and asset related charges - net 2 (1) (3) (3) (7) Asset impairment charges 3 (94) — — (94) Gain on divestiture 4 — 37 26 63 Intended Rogers Acquisition financing fees 5 — — (4) (4) Total $ (95) $ 34 $ (2) $ (63) 1. Acquisition, integration and separation costs related to strategic initiatives including the sale of the Biomaterials business unit, the acquisition of Laird PM and the Intended Rogers Acquisition. 2. Includes restructuring actions and asset related charges. See Note 6 for additional information. 3. Relates to an impairment of an equity method investment. See Note 6 for additional information. 4. Reflected in "Sundry income (expense) - net." 5. Includes acquisition costs associated with the Intended Rogers Acquisition related to the financing agreements, specifically the structuring fees and the amortization of the commitment fees reflected in "Interest Expense." Significant Items by Segment for the Six Months Ended June 30, 2021 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (29) $ (29) Restructuring and asset related charges - net 2 (2) — (5) (7) Gain on divestiture 3 2 — 141 143 Total $ — $ — $ 107 $ 107 1. Acquisition, integration and separation costs related to strategic initiatives, which primarily includes the acquisition of Laird PM and the sale of the Solamet®, Biomaterials, and Clean Technologies business units. 2. Includes Board approved restructuring plans and asset related charges. See Note 6 for additional information. 3. Reflected in "Sundry income (expense) - net." |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) $ in Millions | Nov. 02, 2021 | Jul. 01, 2021 |
Rogers Corporation | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ 5,200 | |
Laird Performance Materials | ||
Business Acquisition [Line Items] | ||
Business combination, consideration transferred | $ 2,404 | |
Ownership interest acquired (percentage) | 100% | |
Net upward adjustments | $ 100 |
ACQUISITIONS - Acquisition, Int
ACQUISITIONS - Acquisition, Integration, and Separation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | ||||
Acquisition, integration and separation costs | $ 13 | $ 23 | $ 21 | $ 29 |
DIVESTITURES - Narrative (Detai
DIVESTITURES - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Feb. 01, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Par value (in usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Pre-tax gain | $ 63 | $ 140 | $ 63 | $ 143 | ||
Mobility & Materials Businesses | Discontinued Operations, Held for sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture of businesses | 11,000 | |||||
Costs associated with divestiture | 126 | $ 0 | 222 | 0 | ||
Nutrition & Biosciences Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture of businesses | $ 7,300 | |||||
Nutrition & Biosciences Business | Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) from discontinued operation, net of tax | 4,950 | |||||
Costs associated with divestiture | $ 172 | |||||
Shares accepted and retired in exchange offer (in shares) | 197.4 | |||||
Shares exchanged in exchange offer (in shares) | 141.7 | |||||
Biomaterials Business Unit | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Proceeds from divestiture of businesses | 240 | |||||
Pre-tax gain | 26 | 26 | ||||
gain (loss) on disposition of business, net of tax | $ 21 | $ 21 | ||||
DuPont | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Par value (in usd per share) | $ 0.01 | |||||
Nutrition & Biosciences Business | Nutrition & Biosciences Business | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Par value (in usd per share) | 0.01 | |||||
International Flavors & Fragrances Inc. | Nutrition & Biosciences Business | Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Par value (in usd per share) | $ 0.125 |
DIVESTITURES - Discontinued Ope
DIVESTITURES - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
(Loss) income from discontinued operations, net of tax | $ 430 | $ 92 | $ 706 | $ 5,104 |
Net income from discontinued operations attributable to noncontrolling interests | 0 | 4 | 2 | 10 |
Mobility & Materials Businesses | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Provision (benefit) from income taxes on discontinued operations | 428 | 667 | ||
Mobility & Materials Businesses | Discontinued Operations, Held for sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 1,070 | 1,031 | 2,112 | 1,990 |
Cost of sales | 804 | 696 | 1,586 | 1,347 |
Research and development expenses | 14 | 15 | 29 | 32 |
Selling, general and administrative expenses | 34 | 64 | 85 | 125 |
Amortization of intangibles | 0 | 40 | 28 | 82 |
Restructuring and asset related charges - net | 0 | 5 | 0 | 5 |
Acquisition, integration and separation costs | 126 | 0 | 222 | 0 |
Equity in (losses) earnings of nonconsolidated affiliates | (1) | 5 | (2) | 8 |
Sundry income (expense) - net | (7) | 11 | (7) | 8 |
Income (loss) from discontinued operations before income taxes | 84 | 227 | 153 | 415 |
Provision (benefit) from income taxes on discontinued operations | (409) | 58 | (628) | 91 |
(Loss) income from discontinued operations, net of tax | 493 | 169 | 781 | 324 |
Net income from discontinued operations attributable to noncontrolling interests | 0 | 4 | 2 | 10 |
Income from discontinued operations attributable to DuPont stockholders, net of tax | 493 | 165 | 779 | 314 |
Nutrition & Biosciences Business | Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 507 | |||
Cost of sales | 352 | |||
Research and development expenses | 21 | |||
Selling, general and administrative expenses | 46 | |||
Amortization of intangibles | 38 | |||
Restructuring and asset related charges - net | 1 | |||
Acquisition, integration and separation costs | 172 | |||
Sundry income (expense) - net | 8 | |||
Interest expense | 13 | |||
Income (loss) from discontinued operations before income taxes | (128) | |||
Provision (benefit) from income taxes on discontinued operations | (26) | |||
(Loss) income from discontinued operations, net of tax | (102) | |||
Non-taxable gain on split-off | 4,950 | |||
Income from discontinued operations attributable to DuPont stockholders, net of tax | $ 0 | $ (14) | $ 0 | $ 4,848 |
DIVESTITURES - Depreciation, Am
DIVESTITURES - Depreciation, Amortization and Capital Expenditures (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Mobility & Materials Businesses | Discontinued Operations, Held for sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation and amortization | $ 0 | $ 71 | $ 45 | $ 144 |
Capital expenditures | $ 15 | $ 8 | $ 42 | 24 |
Nutrition & Biosciences Business | Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Depreciation and amortization | 63 | |||
Capital expenditures | $ 27 |
DIVESTITURES - Carrying Amount
DIVESTITURES - Carrying Amount of Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Discontinued Operations, Held for sale | Mobility & Materials Businesses | ||
Assets | ||
Cash and cash equivalents | $ 29 | $ 39 |
Accounts and notes receivable - net | 631 | 552 |
Inventories | 993 | 776 |
Other current assets | 57 | 59 |
Property, plant and equipment - net | 1,205 | 1,213 |
Goodwill | 2,496 | 2,597 |
Other intangible assets | 2,152 | 2,220 |
Investments and noncurrent receivables | 55 | 62 |
Deferred income tax assets | 22 | 27 |
Deferred charges and other assets | 117 | 119 |
Assets held for sale | 7,757 | 7,664 |
Liabilities | ||
Accounts payable | 537 | 510 |
Income taxes payable | 37 | 77 |
Accrued and other current liabilities | 129 | 157 |
Deferred income tax liabilities | 495 | 515 |
Pension and other post employment benefits - noncurrent | 91 | 90 |
Other noncurrent liabilities | 53 | 64 |
Liabilities related to assets held for sale | $ 1,342 | 1,413 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Biomaterials Business Unit | ||
Assets | ||
Accounts and notes receivable - net | 27 | |
Inventories | 48 | |
Property, plant and equipment - net | 12 | |
Investments and noncurrent receivables | 158 | |
Assets held for sale | 245 | |
Liabilities | ||
Accounts payable | 21 | |
Accrued and other current liabilities | 3 | |
Other noncurrent liabilities | 1 | |
Liabilities related to assets held for sale | $ 25 |
DIVESTITURES - Income (loss) fr
DIVESTITURES - Income (loss) from Discontinued Operations, net of tax (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | $ 430 | $ 92 | $ 706 | $ 5,104 |
Discontinued Operations, Held for sale | Mobility & Materials Businesses | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | 493 | 169 | 781 | 324 |
Income from discontinued operations attributable to DuPont stockholders, net of tax | 493 | 165 | 779 | 314 |
Discontinued Operations | Nutrition & Biosciences Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | (102) | |||
Income from discontinued operations attributable to DuPont stockholders, net of tax | 0 | (14) | 0 | 4,848 |
Discontinued Operations | Other Discontinued Operations Activity | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations attributable to DuPont stockholders, net of tax | $ (63) | $ (63) | $ (75) | $ (68) |
REVENUE (Details)
REVENUE (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 3,322 | $ 3,104 | $ 6,596 | $ 6,121 | |
Accounts and notes receivable - trade | 1,767 | 1,767 | $ 1,643 | ||
Deferred revenue - current | 23 | 23 | $ 25 | ||
Corporate & Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 298 | 372 | 607 | 761 | |
U.S. & Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,095 | 972 | 2,144 | 1,864 | |
EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 565 | 552 | 1,142 | 1,110 | |
Asia Pacific | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,553 | 1,486 | 3,098 | 2,961 | |
Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 109 | 94 | 212 | 186 | |
Retained Businesses | Corporate & Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 266 | 239 | 532 | 495 | |
Other | Corporate & Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 32 | 133 | 75 | 266 | |
Electronics & Industrial | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,527 | 1,320 | 3,063 | 2,620 | |
Electronics & Industrial | Industrial Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 503 | 480 | 1,003 | 938 | |
Electronics & Industrial | Interconnect Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 465 | 339 | 925 | 669 | |
Electronics & Industrial | Semiconductor Technologies | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 559 | 501 | 1,135 | 1,013 | |
Water & Protection | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,497 | 1,412 | 2,926 | 2,740 | |
Water & Protection | Safety Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 663 | 650 | 1,317 | 1,287 | |
Water & Protection | Shelter Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 487 | 419 | 909 | 779 | |
Water & Protection | Water Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 347 | $ 343 | $ 700 | $ 674 |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Charges for restructuring programs and asset impairments | $ 0 | $ 5 | $ 101 | $ 7 | |
Restructuring reserve | 25 | 25 | $ 43 | ||
Equity method investment, other than temporary impairment | 94 | ||||
2021 Restructuring Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 55 | 55 | |||
Liabilities recorded in "Accrued and other current liabilities" | 19 | 19 | 25 | ||
2020 Restructuring Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 159 | 159 | |||
Liabilities recorded in "Accrued and other current liabilities" | 3 | 3 | $ 11 | ||
Severance and related benefit costs | 2021 Restructuring Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 33 | 33 | |||
Severance and related benefit costs | 2020 Restructuring Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 107 | 107 | |||
Asset related charges | 2021 Restructuring Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 22 | 22 | |||
Asset related charges | 2020 Restructuring Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | $ 52 | $ 52 |
SUPPLEMENTARY INFORMATION - Sum
SUPPLEMENTARY INFORMATION - Summary of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Non-operating pension and other post-employment benefit ("OPEB") credits | $ 6 | $ 7 | $ 13 | $ 13 |
Interest income | 2 | 5 | 3 | 9 |
Net (loss) gain on divestiture and sales of other assets and investments | 70 | 140 | 69 | 167 |
Foreign exchange gains (losses), net | 9 | (10) | 4 | (16) |
Miscellaneous income (expenses) - net | 7 | (7) | 8 | (19) |
Sundry income (expense) - net | 94 | 135 | 97 | 154 |
Pre-tax gain | 63 | 140 | 63 | 143 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Chestnut Run | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Impairment related to an asset sale | 15 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Biomaterials Business Unit | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Pre-tax gain | 26 | 26 | ||
Corporate and Other | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Net (loss) gain on divestiture and sales of other assets and investments | $ 140 | 140 | ||
Electronics & Imaging | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Net (loss) gain on divestiture and sales of other assets and investments | $ 24 | |||
Water & Protection | ||||
Schedule Of Sundry Income (Expense) [Line Items] | ||||
Net (loss) gain on divestiture and sales of other assets and investments | $ 37 | $ 37 |
SUPPLEMENTARY INFORMATION - Nar
SUPPLEMENTARY INFORMATION - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Supplementary Information | ||
Accrued and other current liabilities | $ 1,004 | $ 1,040 |
Accrued payroll | 285 | $ 436 |
Payments due annually beginning September 2023 | DuPont and Corteva | ||
Supplementary Information | ||
Restricted cash, noncurrent | $ 53 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Tax Examination [Line Items] | ||||
Effective tax rate, percent | 23.60% | 19.10% | 21.10% | 10.50% |
Equity method investment, other than temporary impairment | $ 94 | |||
Tax expense (benefit) related to step-up in tax basis in goodwill | $ 9 | $ (12) | $ (59) | |
Income tax expense (benefit) | 113 | $ 93 | 160 | $ 92 |
Mobility & Materials Businesses | ||||
Income Tax Examination [Line Items] | ||||
Provision (benefit) from income taxes on discontinued operations | $ 428 | $ 667 |
EARNINGS PER SHARE CALCULATIO_3
EARNINGS PER SHARE CALCULATIONS - Summary of Net Income for EPS Calculations, Basic (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations, net of tax | $ 365 | $ 395 | $ 597 | $ 781 |
Net income from continuing operations attributable to noncontrolling interests | 8 | 5 | 26 | 3 |
Income from continuing operations attributable to common stockholders | 357 | 390 | 571 | 778 |
Income from discontinued operations, net of tax | 430 | 92 | 706 | 5,104 |
Net income from discontinued operations attributable to noncontrolling interests | 0 | 4 | 2 | 10 |
Income from discontinued operations attributable to common stockholders | 430 | 88 | 704 | 5,094 |
Net income attributable to common stockholders | $ 787 | $ 478 | $ 1,275 | $ 5,872 |
EARNINGS PER SHARE CALCULATIO_4
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Basic (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations attributable to common stockholders | $ 0.71 | $ 0.74 | $ 1.12 | $ 1.37 |
Earnings from discontinued operations, net of tax | 0.85 | 0.17 | 1.38 | 8.98 |
Earnings per common share - basic (in usd per share) | $ 1.56 | $ 0.91 | $ 2.51 | $ 10.35 |
EARNINGS PER SHARE CALCULATIO_5
EARNINGS PER SHARE CALCULATIONS - Summary of EPS Calculations, Diluted (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations attributable to common stockholders | $ 0.71 | $ 0.73 | $ 1.12 | $ 1.37 |
Earnings from discontinued operations, net of tax | 0.85 | 0.17 | 1.38 | 8.96 |
Earnings per common share - diluted (in usd per share) | $ 1.55 | $ 0.90 | $ 2.50 | $ 10.33 |
EARNINGS PER SHARE CALCULATIO_6
EARNINGS PER SHARE CALCULATIONS - Summary of Count Information (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares - basic | 505.4 | 529.6 | 508.7 | 567 |
Plus dilutive effect of equity compensation plans | 0.9 | 1.6 | 1.5 | 1.5 |
Weighted-average common shares - diluted | 506.3 | 531.2 | 510.2 | 568.5 |
Stock options and restricted stock units excluded from EPS calculations | 4.3 | 2.3 | 3 | 2.4 |
ACCOUNTS AND NOTES RECEIVABLE_3
ACCOUNTS AND NOTES RECEIVABLE - NET (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Accounts Receivable - trade | $ 1,741 | $ 1,612 |
Other | 526 | 547 |
Total accounts and notes receivable - net | 2,267 | 2,159 |
Accounts and notes receivables - trade, allowance | $ 37 | $ 28 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,312 | $ 1,201 |
Work in process | 526 | 446 |
Raw materials | 405 | 323 |
Supplies | 113 | 116 |
Total inventories | $ 2,356 | $ 2,086 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 9,817 | $ 9,895 |
Total accumulated depreciation | 4,253 | 4,142 |
Total property, plant and equipment - net | 5,564 | 5,753 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 412 | 440 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,931 | 1,954 |
Machinery, equipment, and other | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 6,530 | 6,467 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 944 | $ 1,034 |
Minimum | Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Minimum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Minimum | Machinery, equipment, and other | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 1 year | |
Maximum | Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 25 years | |
Maximum | Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 50 years | |
Maximum | Machinery, equipment, and other | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Lives (Years) | 25 years |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Schedule of Depreciation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 133 | $ 135 | $ 277 | $ 265 |
NONCONSOLIDATED AFFILIATES (Det
NONCONSOLIDATED AFFILIATES (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) affiliate | Jun. 30, 2021 | Jun. 30, 2022 USD ($) affiliate | Jun. 30, 2021 | Dec. 31, 2021 USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |||||
Net investment in nonconsolidated affiliates | $ | $ 731 | $ 731 | $ 817 | ||
Ownership interest affiliates | affiliate | 6 | 6 | |||
Customer Concentration Risk | Revenue Benchmark | Equity Method Investee | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Concentration risk, percentage | 2% | 2% | 2% | 2% | |
Supplier Concentration Risk | Cost of Goods and Service Benchmark | Equity Method Investee | |||||
Investments in and Advances to Affiliates [Line Items] | |||||
Concentration risk, percentage | 3% | 4% | 3% | 4% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | $ 16,981 |
Currency Translation Adjustment | (371) |
Net goodwill, end of period | 16,610 |
Corporate & Other | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 597 |
Currency Translation Adjustment | (8) |
Net goodwill, end of period | 589 |
Electronics & Industrial | Operating Segments | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 9,583 |
Currency Translation Adjustment | (175) |
Net goodwill, end of period | 9,408 |
Water & Protection | Operating Segments | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 6,801 |
Currency Translation Adjustment | (188) |
Net goodwill, end of period | $ 6,613 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Other Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 9,179 | $ 9,418 |
Accum Amort | (4,178) | (4,000) |
Net | 5,001 | 5,418 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total other intangible assets with indefinite lives | 804 | 804 |
Gross Carrying Amount | 9,983 | 10,222 |
Net | 5,805 | 6,222 |
Trademarks/tradenames | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Total other intangible assets with indefinite lives | 804 | 804 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,353 | 2,374 |
Accum Amort | (1,203) | (1,124) |
Net | 1,150 | 1,250 |
Trademarks/tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,119 | 1,125 |
Accum Amort | (529) | (500) |
Net | 590 | 625 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,598 | 5,806 |
Accum Amort | (2,369) | (2,296) |
Net | 3,229 | 3,510 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 109 | 113 |
Accum Amort | (77) | (80) |
Net | $ 32 | $ 33 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Intangibles by Segment (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 5,805 | $ 6,222 |
Corporate & Other | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 100 | 107 |
Electronics & Industrial | Operating Segments | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,170 | 3,429 |
Water & Protection | Operating Segments | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 2,535 | $ 2,686 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2022 | $ 292 |
2023 | 580 |
2024 | 551 |
2025 | 510 |
2026 | 482 |
2027 | $ 434 |
SHORT TERM BORROWINGS, LONG-T_3
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Narrative (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||||
Apr. 12, 2022 | Nov. 22, 2021 | Jul. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Feb. 01, 2021 | May 01, 2020 | |
Line of Credit Facility [Line Items] | |||||||
Short-term borrowings | $ 661,000,000 | $ 150,000,000 | |||||
Maximum borrowing capacity | 3,500,000,000 | ||||||
Remaining borrowing capacity, uncommitted | 745,000,000 | ||||||
Letters of credit outstanding | $ 138,000,000 | ||||||
Ratio of indebtedness to net capital (not exceed) | 0.60 | ||||||
Commercial paper | |||||||
Line of Credit Facility [Line Items] | |||||||
Short-term borrowings | $ 661,000,000 | $ 150,000,000 | |||||
Short-term borrowing, weighted average interest rate | 177% | 34% | |||||
Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Term | 5 years | ||||||
Level 2 | Recurring | |||||||
Line of Credit Facility [Line Items] | |||||||
Long-term debt | $ 10,680,000,000 | $ 12,595,000,000 | |||||
364-day Revolving Credit Facility | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Term | 364 days | ||||||
Maximum borrowing capacity | $ 1,000,000,000 | ||||||
364-day Revolving Credit Facility | Revolving Credit Facility | Subsequent Event | |||||||
Line of Credit Facility [Line Items] | |||||||
Proceeds from line of credit | $ 600,000,000 | ||||||
364-day Revolving Credit Facility | Revolving Credit Facility | Rogers Corporation | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 1,000,000,000 | ||||||
364-day Revolving Credit Facility | Revolving Credit Facility | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Term | 364 days | ||||||
Maximum borrowing capacity | $ 1,000,000,000 | ||||||
2021 Term Loan Facility | Unsecured Debt | Rogers Corporation | |||||||
Line of Credit Facility [Line Items] | |||||||
Term | 2 years | ||||||
Face amount of debt | $ 5,200,000,000 | ||||||
Revolving Credit Facility, Five-year | |||||||
Line of Credit Facility [Line Items] | |||||||
Maximum borrowing capacity | $ 2,500,000,000 | ||||||
Revolving Credit Facility, Five-year | Revolving Credit Facility | |||||||
Line of Credit Facility [Line Items] | |||||||
Term | 5 years | ||||||
Revolving Credit Facility, Five-year | Revolving Credit Facility | Rogers Corporation | |||||||
Line of Credit Facility [Line Items] | |||||||
Term | 5 years | ||||||
Senior Unsecured Notes due 2023 | Senior Notes | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount of debt | $ 2,000,000,000 | ||||||
Interest rate, percentage | 2.169% | ||||||
Term Loan Facilities | |||||||
Line of Credit Facility [Line Items] | |||||||
Face amount of debt | $ 3,000,000,000 | ||||||
2022 Five-Year Revolving Credit Facility | Revolving Credit Facility | Line of Credit | |||||||
Line of Credit Facility [Line Items] | |||||||
Term | 5 years | ||||||
Maximum borrowing capacity | $ 2,500,000,000 |
SHORT TERM BORROWINGS, LONG-T_4
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Long-Term Debt (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Finance lease obligations | $ 2 | $ 2 |
Less: Unamortized debt discount and issuance costs | 66 | 70 |
Long-Term Debt | 10,625 | 10,632 |
Interest rate swap agreements | Designated as Hedging Instrument | ||
Debt Instrument [Line Items] | ||
Fair value hedging adjustment | 11 | |
Promissory Notes And Debentures, Final Maturity, 2023 | Loans Payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 2,800 | $ 2,800 |
Weighted Average Rate | 4.02% | 3.89% |
Promissory Notes And Debentures, Final Maturity, 2025 | Loans Payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,850 | $ 1,850 |
Weighted Average Rate | 4.49% | 4.49% |
Promissory Notes And Debentures, Final Maturity, 2026 and thereafter | Loans Payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 6,039 | $ 6,050 |
Weighted Average Rate | 5.13% | 5.13% |
SHORT TERM BORROWINGS, LONG-T_5
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Maturities of Long-Term Debt for Next Five Years (Details) $ in Millions | Jun. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2022 | $ 0 |
2023 | 2,800,000 |
2024 | 0 |
2025 | 1,850,000 |
2026 | 0 |
2027 | $ 0 |
SHORT TERM BORROWINGS, LONG-T_6
SHORT TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES - Committed and Available Credit Facilities (Details) - USD ($) $ in Millions | 6 Months Ended | |
Nov. 22, 2021 | Jun. 30, 2022 | |
Line of Credit Facility [Line Items] | ||
Committed Credit | $ 3,500 | |
Credit Available | 3,488 | |
Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Term | 5 years | |
Revolving Credit Facility, Five-year | ||
Line of Credit Facility [Line Items] | ||
Committed Credit | 2,500 | |
Credit Available | $ 2,488 | |
Revolving Credit Facility, Five-year | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Term | 5 years | |
364-day Revolving Credit Facility | Revolving Credit Facility | ||
Line of Credit Facility [Line Items] | ||
Committed Credit | $ 1,000 | |
Credit Available | $ 1,000 | |
Term | 364 days |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 USD ($) | Jan. 21, 2021 USD ($) | Jul. 31, 2021 USD ($) | Dec. 31, 2017 USD ($) case plaintiff | Jun. 30, 2022 USD ($) case | |
Loss Contingencies [Line Items] | |||||
Qualified spend - eligible PFAS costs, maximum | $ 4,000 | ||||
Escrow account balance - required minimum | 700 | ||||
Non-PFAS stray liabilities threshold | 200 | ||||
Indemnifiable losses threshold related to PFAS stray liabilities - per party | 150 | ||||
Indemnifiable losses threshold related to PFAS stray liabilities - total | 300 | ||||
Estimated litigation liability | $ 25 | ||||
PFOA Multi-District Litigation (MDL) | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits | case | 100 | ||||
State of Delaware | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 12.5 | ||||
PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 83 | ||||
Supplemental Settlement | State of Delaware | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 25 | ||||
DuPont and Corteva | |||||
Loss Contingencies [Line Items] | |||||
Percentage split of PFAS liabilities under the separation agreement | 50% | ||||
Chemours, Corteva and DuPont | State of Delaware | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | 50 | ||||
Chemours | |||||
Loss Contingencies [Line Items] | |||||
Qualified spend - eligible PFAS costs percentage split | 50% | ||||
Future escrow deposit, percentage split | 50% | ||||
Chemours | State of Delaware | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 25 | ||||
Percentage of settlement | 50% | ||||
Chemours | Payments due September 2021, September 2022 | |||||
Loss Contingencies [Line Items] | |||||
Future escrow deposit | $ 100 | ||||
Chemours | Payments due annually beginning September 2023 | |||||
Loss Contingencies [Line Items] | |||||
Future escrow deposit | $ 50 | ||||
Chemours | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | 29 | ||||
Chemours | Supplemental Settlement | State of Delaware | |||||
Loss Contingencies [Line Items] | |||||
Percentage of settlement | 50% | ||||
Corteva | |||||
Loss Contingencies [Line Items] | |||||
Non-PFAS stray liabilities percent split after threshold | 29% | ||||
Corteva | State of Delaware | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 12.5 | ||||
DuPont | |||||
Loss Contingencies [Line Items] | |||||
Non-PFAS stray liabilities percent split after threshold | 71% | ||||
DuPont | State of Delaware | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 12.5 | ||||
DuPont | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | 27 | ||||
DuPont and Corteva | |||||
Loss Contingencies [Line Items] | |||||
Qualified spend - eligible PFAS costs, maximum | $ 2,000 | ||||
Qualified spend - eligible PFAS costs percentage split | 50% | ||||
Future escrow deposit, percentage split | 50% | ||||
DuPont and Corteva | Payments due September 2021, September 2022 | |||||
Loss Contingencies [Line Items] | |||||
Future escrow deposit | $ 100 | ||||
DuPont and Corteva | Payments due annually beginning September 2023 | |||||
Loss Contingencies [Line Items] | |||||
Future escrow deposit | $ 50 | ||||
DuPont and Corteva | Supplemental Settlement | State of Delaware | |||||
Loss Contingencies [Line Items] | |||||
Percentage of settlement | 50% | ||||
EID | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 27 | ||||
Historical EID And Chemours | Water Contamination | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits | case | 3 | ||||
Historical EID And Chemours | Firefighter Foam Cases | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits | case | 2,630 | ||||
Historical EID And Chemours | Firefighter Foam Cases - Personal Injury | |||||
Loss Contingencies [Line Items] | |||||
Number of lawsuits | case | 2,380 | ||||
Historical EID And Chemours | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||
Loss Contingencies [Line Items] | |||||
Amount awarded to other party | $ 335 | ||||
Historical EID | PFOA Matters | PFOA Multi-District Litigation (MDL) | |||||
Loss Contingencies [Line Items] | |||||
Number of plaintiffs | plaintiff | 3,550 | ||||
Accounts And Notes Receivable, Other | |||||
Loss Contingencies [Line Items] | |||||
Indemnification asset | $ 18 | ||||
Deferred Charges And Other Assets | |||||
Loss Contingencies [Line Items] | |||||
Indemnification asset | 232 | ||||
Accrued and Other Current Liabilities | |||||
Loss Contingencies [Line Items] | |||||
Indemnification liabilities | 129 | ||||
Other noncurrent obligations | |||||
Loss Contingencies [Line Items] | |||||
Indemnification liabilities | 215 | ||||
Restricted cash equivalents | DuPont | |||||
Loss Contingencies [Line Items] | |||||
Escrow deposit | $ 50 | $ 50 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Indemnified Liabilities Related to the MOU (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 261 | $ 205 |
Accrued and Other Current Liabilities | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 129 | |
Other noncurrent obligations | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 215 | |
MOU Agreement | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 186 | 126 |
MOU Agreement | Accrued and Other Current Liabilities | ||
Loss Contingencies [Line Items] | ||
Current indemnified liabilities | 62 | 37 |
MOU Agreement | Other noncurrent obligations | ||
Loss Contingencies [Line Items] | ||
Long-term indemnified liabilities | 124 | 89 |
MOU Agreement | Chemours | Fayetteville | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 171 | 112 |
Indemnification Agreement | Chemours | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 175 | $ 116 |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITIES - Environmental Accrued Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 261 | $ 205 |
Potential exposure above the amount accrued | 255 | |
Retained and Assumed at Divestiture | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 40 | 43 |
Potential exposure above the amount accrued | 102 | |
Indemnification Agreement | Dow & Corteva | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 45 | 46 |
Potential exposure above the amount accrued | 66 | |
Indemnification Agreement | Chemours | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 175 | 116 |
Potential exposure above the amount accrued | 85 | |
Other Environmental Indemnifications | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 1 | $ 0 |
Potential exposure above the amount accrued | $ 2 |
LEASES - Lease Cost and Narrati
LEASES - Lease Cost and Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 28 | $ 26 | $ 55 | $ 53 |
Operating lease payments | 56 | 52 | ||
Operating lease assets and liabilities | $ 59 | $ 23 |
LEASES - Schedule of Leases (De
LEASES - Schedule of Leases (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 430 | $ 422 |
Current operating lease liabilities | 90 | 92 |
Noncurrent operating lease liabilities | 343 | 337 |
Present value of lease liabilities | $ 433 | $ 429 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
LEASES - Lease Term and Discoun
LEASES - Lease Term and Discount Rate (Details) | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 8 years 3 months 25 days | 8 years 6 months |
Weighted average discount rate | 2.14% | 2.01% |
LEASES - Maturities of Lease Li
LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Remainder of 2022 | $ 55 | |
2023 | 90 | |
2024 | 76 | |
2025 | 54 | |
2026 | 40 | |
2027 and thereafter | 168 | |
Total lease payments | 483 | |
Less: Interest | 50 | |
Present value of lease liabilities | $ 433 | $ 429 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended | 18 Months Ended | 24 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 01, 2021 | Feb. 28, 2022 | Mar. 31, 2021 | Jun. 01, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Retirement of treasury stock | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Payments for repurchase of common stock | $ 875,000,000 | $ 1,143,000,000 | |||||||
2019 Share Buyback Program | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Stock repurchase amount | $ 2,000,000,000 | ||||||||
Stock repurchased and retired (in shares) | 29.9 | ||||||||
Payments for repurchase of common stock | $ 2,000,000,000 | ||||||||
2021 Share Buyback Program | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Stock repurchase amount | $ 1,500,000,000 | ||||||||
Stock repurchased and retired (in shares) | 19.6 | ||||||||
Payments for repurchase of common stock | $ 1,500,000,000 | ||||||||
2022 Share Buyback Program | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Stock repurchase amount | $ 1,000,000,000 | ||||||||
Stock repurchased and retired (in shares) | 7.6 | ||||||||
Retirement of treasury stock | $ 500,000,000 |
STOCKHOLDERS' EQUITY - Summary
STOCKHOLDERS' EQUITY - Summary of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 26,137 | $ 27,464 | $ 26,137 | $ 27,464 | $ 26,791 | $ 27,050 | $ 27,705 | $ 39,070 |
Total other comprehensive (loss) income | (638) | 136 | (906) | (78) | ||||
Ending balance | 26,137 | 27,464 | 26,137 | 27,464 | ||||
Total | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (845) | (26) | (845) | (26) | $ (220) | 41 | $ (163) | 44 |
Other comprehensive (loss) income before reclassifications | (885) | (334) | ||||||
Amounts reclassified from accumulated other comprehensive loss | (1) | 6 | ||||||
Total other comprehensive (loss) income | (625) | 137 | (886) | (70) | ||||
Ending balance | (845) | (26) | (845) | (26) | ||||
Total | N&B Segment | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 258 | |||||||
Cumulative translation adjustments | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (1,033) | 297 | (1,033) | 297 | (88) | 470 | ||
Other comprehensive (loss) income before reclassifications | (945) | (357) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||||||
Total other comprehensive (loss) income | (945) | (173) | ||||||
Ending balance | (1,033) | 297 | (1,033) | 297 | ||||
Cumulative translation adjustments | N&B Segment | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 184 | |||||||
Pension and OPEB | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 65 | (341) | 65 | (341) | 73 | (425) | ||
Other comprehensive (loss) income before reclassifications | (7) | 5 | ||||||
Amounts reclassified from accumulated other comprehensive loss | (1) | 6 | ||||||
Total other comprehensive (loss) income | (8) | 84 | ||||||
Ending balance | 65 | (341) | 65 | (341) | ||||
Pension and OPEB | N&B Segment | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated other comprehensive loss | 73 | |||||||
Derivative Instruments | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 123 | 18 | 123 | 18 | $ 56 | $ (1) | ||
Other comprehensive (loss) income before reclassifications | 67 | 18 | ||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||||||
Total other comprehensive (loss) income | 67 | 19 | ||||||
Ending balance | $ 123 | $ 18 | $ 123 | 18 | ||||
Derivative Instruments | N&B Segment | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Amounts reclassified from accumulated other comprehensive loss | $ 1 |
STOCKHOLDERS' EQUITY - Summar_2
STOCKHOLDERS' EQUITY - Summary of Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Total | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | $ 0 | $ 2 | $ (1) | $ 264 |
Cumulative translation adjustments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | 0 | 0 | 0 | 184 |
Pension and other post-employment benefit plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Pension and other post-employment benefit plans | (1) | 2 | (2) | 108 |
Tax expense (benefit) | 1 | 0 | 1 | (29) |
After tax | 0 | 2 | (1) | 79 |
Derivative Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
After tax | $ 0 | $ 0 | $ 0 | $ 1 |
PENSION PLANS AND OTHER POST-_3
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 11 | $ 14 | $ 23 | $ 29 |
Interest cost | 13 | 10 | 27 | 21 |
Expected return on plan assets | (25) | (26) | (52) | (54) |
Amortization of prior service credit | (2) | (1) | (3) | (2) |
Amortization of net loss | 0 | 4 | 1 | 7 |
Curtailment/settlement | 1 | 1 | 1 | 3 |
Net periodic benefit (credit) cost - total | (2) | 2 | (3) | 4 |
Additional contributions | 45 | 45 | ||
Discontinued Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (credit) cost - total | (2) | (2) | (5) | (2) |
Continuing Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 6 | 11 | 15 | 19 |
Interest cost | 11 | 9 | 24 | 19 |
Expected return on plan assets | (17) | (20) | (38) | (40) |
Amortization of prior service credit | (2) | (1) | (2) | (2) |
Amortization of net loss | 1 | 4 | 2 | 7 |
Curtailment/settlement | 1 | 1 | 1 | 3 |
Net periodic benefit (credit) cost - total | $ 0 | $ 4 | $ 2 | $ 6 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Compensation expense | $ 19 | $ 19 | $ 38 | $ 34 | |
Income tax benefits | $ 4 | $ 4 | $ 8 | $ 7 | |
Stock options granted (in shares) | 0.5 | ||||
Weighted-average stock option price (in usd per share) | $ 17.41 | ||||
Weighted-average stock options exercise price (in usd per share) | $ 75.05 | ||||
Restricted Stock Units (RSUs) | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares granted (in shares) | 0.7 | ||||
Weighted-average share price (in usd per share) | $ 75.12 | ||||
Performance Shares | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares granted (in shares) | 0.3 | ||||
Weighted-average share price (in usd per share) | $ 81.55 | ||||
DuPont 2020 Equity and Incentive Plan | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Capital shares reserved for future issuance (in shares) | 17 | 17 |
FINANCIAL INSTRUMENTS - Summary
FINANCIAL INSTRUMENTS - Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Total cash and restricted cash equivalents and marketable securities | $ 391 | $ 906 |
Cash equivalents, restricted cash equivalents and marketable securities, Gain | 0 | 0 |
Cash equivalents, restricted cash equivalents and marketable securities, Loss | 0 | 0 |
Cash equivalents, restricted cash equivalents and marketable securities, Fair Value | 391 | 906 |
Long-term debt including debt due within one year, Cost | (10,636) | (10,632) |
Long term debt including debt due within one year, Gain | 56 | 0 |
Long term debt including debt due within one year, Loss | (100) | (1,963) |
Long term debt including debt due within one year, Fair Value | (10,680) | (12,595) |
Derivative assets (liabilities), Cost | 0 | 0 |
Derivative assets (liabilities), Gain | 163 | 79 |
Derivative assets (liabilities), Loss | (35) | (10) |
Derivative assets (liabilities), Fair Value | 128 | 69 |
Restricted cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Restricted cash, noncurrent | 53 | 53 |
Other Current Assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Restricted cash, current | 8 | 12 |
Cash and Cash Equivalents | Cash Equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents, Cost | 322 | 841 |
Cash equivalents, Gain | 0 | 0 |
Cash equivalents, Loss | 0 | 0 |
Cash equivalents, Fair Value | 322 | 841 |
Cash and Cash Equivalents | Restricted cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents, Gain | 0 | 0 |
Cash equivalents, Loss | 0 | 0 |
Money Market Funds, Fair Value | 61 | 65 |
Restricted cash equivalents, Cost | 61 | 65 |
Debt Securities | Prepaid Expenses and Other Current Assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investments, Fair Value Disclosure | 8 | 0 |
Marketable securities | 8 | 0 |
Marketable securities, Gain | 0 | 0 |
Investment Owned, Unrecognized Unrealized Depreciation | 0 | 0 |
Net investment hedge | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative assets (liabilities), Cost | 0 | 0 |
Derivative assets (liabilities), Gain | 157 | 74 |
Derivative assets (liabilities), Loss | 0 | 0 |
Derivative assets (liabilities), Fair Value | 157 | 74 |
Foreign Exchange Contract | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative assets (liabilities), Cost | 0 | 0 |
Derivative assets (liabilities), Gain | 6 | 5 |
Derivative assets (liabilities), Loss | (24) | (10) |
Derivative assets (liabilities), Fair Value | (18) | (5) |
Interest rate swap agreements | ||
Debt Securities, Available-for-sale [Line Items] | ||
Derivative assets (liabilities), Cost | 0 | 0 |
Derivative assets (liabilities), Gain | 0 | 0 |
Derivative assets (liabilities), Loss | (11) | 0 |
Derivative assets (liabilities), Fair Value | $ (11) | $ 0 |
FINANCIAL INSTRUMENTS - Notiona
FINANCIAL INSTRUMENTS - Notional Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Designated as Hedging Instrument | Net investment hedge | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | $ 1,000 | $ 1,000 |
Designated as Hedging Instrument | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | 1,000 | 0 |
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | $ (262) | $ (625) |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives (Details) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 EUR (€) | |
Fixed Rate Notes due 2038 | |||||
Derivatives, Fair Value [Line Items] | |||||
Face amount of debt | $ 1,650 | $ 1,650 | |||
Floating Rate Note Due 2038 | |||||
Derivatives, Fair Value [Line Items] | |||||
Face amount of debt | 1,000 | 1,000 | |||
Designated as Hedging Instrument | Net investment hedge | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, notional amount | $ 1,000 | $ 1,000 | € 819 | ||
Derivative, fixed interest rate | 4.73% | 4.73% | 4.73% | ||
Derivative, average fixed interest rate | 3.26% | 3.26% | 3.26% | ||
Designated as Hedging Instrument | Interest rate swap agreements | |||||
Derivatives, Fair Value [Line Items] | |||||
Derivative, notional amount | 1,000 | 1,000 | |||
Not Designated as Hedging Instrument | Foreign Exchange Contract | Other Nonoperating Income (Expense) | |||||
Derivatives, Fair Value [Line Items] | |||||
Foreign currency contracts loss | $ 20 | $ 7 | $ 49 | $ 27 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Liabilities at fair value: | ||
Long term debt including debt due within one year, Fair Value | $ 10,680 | $ 12,595 |
Offsetting counterparty and cash collateral netting amount for assets | 13 | 6 |
Offsetting counterparty and cash collateral netting amount for liabilities | 13 | 6 |
Recurring | Level 2 | ||
Assets at fair value: | ||
Cash equivalents and restricted cash equivalents | 383 | 906 |
Marketable securities | 8 | |
Total assets at fair value | 567 | 991 |
Liabilities at fair value: | ||
Long term debt including debt due within one year, Fair Value | 10,680 | 12,595 |
Total liabilities at fair value | 10,728 | 12,611 |
Recurring | Level 2 | Net investment hedge | ||
Assets at fair value: | ||
Foreign currency contracts | 157 | 74 |
Recurring | Level 2 | Interest rate swap agreements | ||
Liabilities at fair value: | ||
Foreign currency contracts | 11 | |
Recurring | Level 2 | Foreign currency | ||
Assets at fair value: | ||
Foreign currency contracts | 19 | 11 |
Liabilities at fair value: | ||
Foreign currency contracts | $ 37 | $ 16 |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 3,322 | $ 3,104 | $ 6,596 | $ 6,121 |
Operating EBITDA | 829 | 780 | 1,647 | 1,583 |
Equity in earnings of nonconsolidated affiliates | 20 | 20 | 46 | 43 |
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 298 | 372 | 607 | 761 |
Operating EBITDA | 1 | 4 | 2 | 16 |
Equity in earnings of nonconsolidated affiliates | 3 | 2 | 5 | 4 |
Electronics & Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,527 | 1,320 | 3,063 | 2,620 |
Operating EBITDA | 480 | 424 | 956 | 860 |
Equity in earnings of nonconsolidated affiliates | 9 | 10 | 19 | 19 |
Water & Protection | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,497 | 1,412 | 2,926 | 2,740 |
Operating EBITDA | 348 | 352 | 689 | 707 |
Equity in earnings of nonconsolidated affiliates | $ 8 | $ 8 | $ 22 | $ 20 |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Reconciliation of Operating EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Income from continuing operations, net of tax | $ 365 | $ 395 | $ 597 | $ 781 |
Provision for income taxes on continuing operations | 113 | 93 | 160 | 92 |
Income from continuing operations before income taxes | 478 | 488 | 757 | 873 |
Depreciation and amortization | 623 | 724 | ||
Interest income | 2 | 5 | 3 | 9 |
Interest expense | 122 | 129 | 242 | 275 |
Non-operating pension/OPEB benefit | (6) | (7) | (13) | (13) |
Significant items | (48) | (112) | 63 | (107) |
Operating EBITDA | 829 | 780 | 1,647 | 1,583 |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Income from continuing operations, net of tax | 365 | 395 | ||
Provision for income taxes on continuing operations | 113 | 93 | 160 | 92 |
Income from continuing operations before income taxes | 478 | 488 | 757 | 873 |
Depreciation and amortization | 281 | 262 | 578 | 517 |
Interest income | 2 | 5 | 3 | 9 |
Interest expense | 120 | 129 | 238 | 275 |
Non-operating pension/OPEB benefit | 6 | 7 | 13 | 13 |
Foreign exchange losses, net | 9 | (10) | 4 | (16) |
Future reimbursable indirect costs | 15 | 15 | 31 | 31 |
Significant items | 48 | 112 | (63) | 107 |
Operating EBITDA | $ 829 | $ 780 | $ 1,647 | $ 1,583 |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS - Summary of Certain Items by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Acquisition, integration and separation costs | $ (13) | $ (23) | $ (21) | $ (29) |
Restructuring and asset related charges - net | (5) | (7) | (7) | |
Asset impairment charges | (94) | |||
Gain on divestiture | 63 | 140 | 63 | 143 |
Intended Rogers Acquisition financing fees | (2) | (4) | ||
Significant items | 48 | 112 | (63) | 107 |
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition, integration and separation costs | (13) | (23) | (21) | (29) |
Restructuring and asset related charges - net | (3) | (3) | (5) | |
Asset impairment charges | 0 | |||
Gain on divestiture | 26 | 140 | 26 | 141 |
Intended Rogers Acquisition financing fees | (2) | (4) | ||
Significant items | 11 | 114 | (2) | 107 |
Electronics & Industrial | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition, integration and separation costs | 0 | 0 | 0 | 0 |
Restructuring and asset related charges - net | (2) | (1) | (2) | |
Asset impairment charges | (94) | |||
Gain on divestiture | 0 | 0 | 0 | 2 |
Intended Rogers Acquisition financing fees | 0 | 0 | ||
Significant items | 0 | (2) | (95) | 0 |
Water & Protection | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition, integration and separation costs | 0 | 0 | 0 | 0 |
Restructuring and asset related charges - net | 0 | (3) | 0 | |
Asset impairment charges | 0 | |||
Gain on divestiture | 37 | 0 | 37 | 0 |
Intended Rogers Acquisition financing fees | 0 | 0 | ||
Significant items | $ 37 | $ 0 | $ 34 | $ 0 |