Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
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 | 295-5783 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | DD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Share Outstanding | 430,042,492 | |
Entity Central Index Key | 0001666700 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Net sales | $ 3,058,000,000 | $ 3,317,000,000 | $ 9,170,000,000 | $ 9,913,000,000 |
Cost of sales | 1,954,000,000 | 2,095,000,000 | 5,967,000,000 | 6,354,000,000 |
Research and development expenses | 128,000,000 | 129,000,000 | 380,000,000 | 413,000,000 |
Selling, general and administrative expenses | 360,000,000 | 356,000,000 | 1,058,000,000 | 1,130,000,000 |
Amortization of intangibles | 155,000,000 | 146,000,000 | 448,000,000 | 447,000,000 |
Restructuring and asset related charges - net | 8,000,000 | 0 | 39,000,000 | 101,000,000 |
Acquisition, integration and separation costs | 9,000,000 | 7,000,000 | 15,000,000 | 28,000,000 |
Equity in earnings of nonconsolidated affiliates | 11,000,000 | 16,000,000 | 40,000,000 | 62,000,000 |
Sundry income (expense) - net | 55,000,000 | 26,000,000 | 112,000,000 | 123,000,000 |
Interest expense | 102,000,000 | 128,000,000 | 295,000,000 | 370,000,000 |
Income from continuing operations before income taxes | 408,000,000 | 498,000,000 | 1,120,000,000 | 1,255,000,000 |
Provision for income taxes on continuing operations | 117,000,000 | 139,000,000 | 287,000,000 | 299,000,000 |
Income from continuing operations, net of tax | 291,000,000 | 359,000,000 | 833,000,000 | 956,000,000 |
Income (loss) from discontinued operations, net of tax | 37,000,000 | 17,000,000 | (357,000,000) | 723,000,000 |
Net income | 328,000,000 | 376,000,000 | 476,000,000 | 1,679,000,000 |
Net income attributable to noncontrolling interests | 9,000,000 | 9,000,000 | 31,000,000 | 37,000,000 |
Net income available for DuPont common stockholders | $ 319,000,000 | $ 367,000,000 | $ 445,000,000 | $ 1,642,000,000 |
Per common share data: | ||||
Earnings per common share from continuing operations - basic (in usd per share) | $ 0.62 | $ 0.69 | $ 1.76 | $ 1.81 |
Earnings (loss) per common share from discontinued operations - basic (in usd per share) | 0.08 | 0.05 | (0.78) | 1.44 |
Earnings per common share - basic - basic (in usd per share) | 0.71 | 0.73 | 0.97 | 3.25 |
Earnings per common share from continuing operations - diluted (in usd per share) | 0.62 | 0.69 | 1.75 | 1.80 |
Earnings (loss) per common share from discontinued operations - diluted (in usd per share) | 0.08 | 0.05 | (0.78) | 1.44 |
Earnings per common share - diluted (in usd per share) | $ 0.70 | $ 0.73 | $ 0.97 | $ 3.24 |
Weighted-average common shares outstanding - basic (in shares) | 451.7 | 499.4 | 456.5 | 505.6 |
Weighted-average common shares outstanding - diluted (in shares) | 453.4 | 500.4 | 457.8 | 506.9 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 328 | $ 376 | $ 476 | $ 1,679 |
Other comprehensive (loss) income, net of tax | ||||
Cumulative translation adjustments | (268) | (837) | (345) | (1,802) |
Pension and other post-employment benefit plans | (3) | 29 | (13) | 21 |
Derivative instruments | 9 | 42 | (12) | 109 |
Total other comprehensive loss | (262) | (766) | (370) | (1,672) |
Comprehensive income (loss) | 66 | (390) | 106 | 7 |
Comprehensive income attributable to noncontrolling interests, net of tax | 5 | 1 | 18 | 9 |
Comprehensive income (loss) attributable to DuPont | $ 61 | $ (391) | $ 88 | $ (2) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 1,338 | $ 3,662 |
Marketable securities | 0 | 1,302 |
Restricted cash and cash equivalents | 409 | 7 |
Accounts and notes receivable - net | 2,399 | 2,518 |
Inventories | 2,279 | 2,329 |
Prepaid and other current assets | 196 | 161 |
Assets of discontinued operations | 1,314 | 1,291 |
Total current assets | 7,935 | 11,270 |
Property, plant and equipment - net of accumulated depreciation (September 30, 2023 - $4,711; December 31, 2022 - $4,448) | 5,756 | 5,731 |
Other Assets | ||
Goodwill | 17,251 | 16,663 |
Other intangible assets | 6,038 | 5,495 |
Restricted cash and cash equivalents - noncurrent | 0 | 103 |
Investments and noncurrent receivables | 751 | 733 |
Deferred income tax assets | 103 | 109 |
Deferred charges and other assets | 1,299 | 1,251 |
Total other assets | 25,442 | 24,354 |
Total Assets | 39,133 | 41,355 |
Current Liabilities | ||
Short-term borrowings | 475 | 300 |
Accounts payable | 1,685 | 2,103 |
Income taxes payable | 119 | 233 |
Accrued and other current liabilities | 1,272 | 951 |
Liabilities of discontinued operations | 137 | 146 |
Total current liabilities | 3,688 | 3,733 |
Long-Term Debt | 7,740 | 7,774 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 1,326 | 1,158 |
Pension and other post-employment benefits - noncurrent | 511 | 522 |
Other noncurrent obligations | 1,241 | 1,151 |
Total other noncurrent liabilities | 3,078 | 2,831 |
Total Liabilities | 14,506 | 14,338 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2023: 430,011,698 shares; 2022: 458,124,262 shares) | 4 | 5 |
Additional paid-in capital | 48,190 | 48,420 |
Accumulated deficit | (22,854) | (21,065) |
Accumulated other comprehensive loss | (1,148) | (791) |
Total DuPont stockholders' equity | 24,192 | 26,569 |
Noncontrolling interests | 435 | 448 |
Total equity | 24,627 | 27,017 |
Total Liabilities and Equity | $ 39,133 | $ 41,355 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 4,711 | $ 4,448 |
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) | 430,011,698 | 458,124,262 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities | ||
Net income | $ 476 | $ 1,679 |
(Loss) income from discontinued operations | (357) | 723 |
Net income from continuing operations | 833 | 956 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 853 | 861 |
Credit for deferred income tax and other tax related items | (40) | (124) |
Earnings of nonconsolidated affiliates in excess of dividends received | (13) | (11) |
Net periodic benefit costs | 23 | 1 |
Periodic benefit plan contributions | (49) | (44) |
Net gain on sales of assets, businesses and investments | (8) | (75) |
Restructuring and asset related charges - net | 39 | 101 |
Other net loss | 72 | 12 |
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||
Accounts and notes receivable | 100 | (232) |
Inventories | 57 | (318) |
Accounts payable | (191) | 32 |
Other assets and liabilities, net | (131) | (95) |
Cash provided by operating activities - continuing operations | 1,545 | 1,064 |
Investing Activities | ||
Capital expenditures | (474) | (502) |
Proceeds from sales of property and businesses, net of cash divested | 16 | 364 |
Acquisitions of property and businesses, net of cash acquired | (1,761) | 5 |
Purchases of investments | (32) | (15) |
Proceeds from sales and maturities of investments | 1,334 | 15 |
Other investing activities, net | (2) | 4 |
Cash used for investing activities - continuing operations | (919) | (129) |
Financing Activities | ||
Changes in short-term borrowings | 175 | 1,137 |
Proceeds from credit facility | 0 | 600 |
Repayments of credit facility | 0 | (600) |
Purchases of common stock | (2,000) | (1,125) |
Proceeds from issuance of Company stock | 22 | 83 |
Employee taxes paid for share-based payment arrangements | (25) | (25) |
Distributions to noncontrolling interests | (34) | (27) |
Dividends paid to stockholders | (495) | (500) |
Other financing activities, net | (2) | (4) |
Cash used for financing activities - continuing operations | (2,359) | (461) |
Cash Flows from Discontinued Operations | ||
Cash used for operations - discontinued operations | (176) | (350) |
Cash used for investing activities - discontinued operations | (60) | (56) |
Cash used for financing activities - discontinued operations | 0 | (19) |
Cash used in discontinued operations | (236) | (425) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (56) | (191) |
Decrease in cash, cash equivalents and restricted cash | (2,025) | (142) |
Cash, cash equivalents and restricted cash from continuing operations, beginning of period | 3,772 | 2,037 |
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | 0 | 39 |
Cash, cash equivalents and restricted cash at beginning of period | 3,772 | 2,076 |
Cash, cash equivalents and restricted cash from continuing operations, end of period | 1,747 | 1,896 |
Cash, cash equivalents and restricted cash from discontinued operations, end of period | 0 | 38 |
Cash, cash equivalents and restricted cash at end of period | $ 1,747 | $ 1,934 |
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, 2021 | $ 27,050 | $ 5 | $ 49,574 | $ (23,187) | $ 41 | $ 0 | $ 617 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 1,679 | 1,642 | 37 | ||||
Other comprehensive loss | (1,672) | (1,644) | (28) | ||||
Dividends | (500) | (500) | |||||
Common stock issued/sold | 83 | 83 | |||||
Stock-based compensation | 42 | 42 | |||||
Contributions from non-controlling interests | 2 | 2 | |||||
Distributions to non-controlling interests | (35) | (35) | |||||
Purchases of treasury stock | (1,125) | (1,125) | |||||
Retirement of treasury stock | 0 | (1,125) | 1,125 | ||||
Other | (21) | (22) | 1 | ||||
Ending balance at Sep. 30, 2022 | 25,503 | 5 | 49,199 | (22,692) | (1,603) | 0 | 594 |
Beginning balance at Jun. 30, 2022 | 26,137 | 5 | 49,176 | (22,808) | (845) | 0 | 609 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 376 | 367 | 9 | ||||
Other comprehensive loss | (766) | (758) | (8) | ||||
Stock-based compensation | 23 | 23 | |||||
Distributions to non-controlling interests | (15) | (15) | |||||
Purchases of treasury stock | (250) | (250) | |||||
Retirement of treasury stock | 0 | (250) | 250 | ||||
Other | (2) | (1) | (1) | ||||
Ending balance at Sep. 30, 2022 | 25,503 | 5 | 49,199 | (22,692) | (1,603) | 0 | 594 |
Beginning balance at Dec. 31, 2022 | 27,017 | 5 | 48,420 | (21,065) | (791) | 0 | 448 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 476 | 445 | 31 | ||||
Other comprehensive loss | (370) | (357) | (13) | ||||
Dividends | (495) | (495) | |||||
Common stock issued/sold | 22 | 22 | |||||
Stock-based compensation | 32 | 32 | |||||
Distributions to non-controlling interests | (34) | (34) | |||||
Purchases of treasury stock | (1,600) | (1,600) | |||||
Excise tax on purchases of treasury stock | (22) | (22) | |||||
Retirement of treasury stock | 0 | (1) | (2,212) | 2,213 | |||
Forward contracts for share repurchase | (400) | (400) | |||||
Settlement of forward contracts for share repurchase | 0 | 613 | (613) | ||||
Other | 1 | (2) | 3 | ||||
Ending balance at Sep. 30, 2023 | 24,627 | 4 | 48,190 | (22,854) | (1,148) | 0 | 435 |
Beginning balance at Jun. 30, 2023 | 26,553 | 5 | 47,946 | (20,938) | (890) | 0 | 430 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 328 | 319 | 9 | ||||
Other comprehensive loss | (262) | (258) | (4) | ||||
Common stock issued/sold | 10 | 10 | |||||
Stock-based compensation | 22 | 22 | |||||
Purchases of treasury stock | (1,600) | (1,600) | |||||
Excise tax on purchases of treasury stock | (22) | (22) | |||||
Retirement of treasury stock | 0 | (1) | (2,212) | 2,213 | |||
Forward contracts for share repurchase | (400) | (400) | |||||
Settlement of forward contracts for share repurchase | 0 | 613 | (613) | ||||
Other | (2) | (1) | (1) | ||||
Ending balance at Sep. 30, 2023 | $ 24,627 | $ 4 | $ 48,190 | $ (22,854) | $ (1,148) | $ 0 | $ 435 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared | $ 1.08 | $ 0.99 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022, collectively referred to as the "2022 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. Beginning in the second quarter of 2023, the Company has segregated the cash flows from discontinued operations from the cash flows from continuing operations in accordance with ASC 230, Statement of Cash Flows. The interim Consolidated Statements of Cash Flows have been recast for all periods to reflect the change in presentation. M&M Transaction On November 1, 2022, DuPont completed the divestiture of the majority of its historical 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”), to Celanese Corporation (“Celanese”). The divestiture was pursuant to the Transaction Agreement (the "Transaction Agreement") with Celanese entered on February 17, 2022 and announced on February 18, 2022. The Company also announced on February 18, 2022, that its Board of Directors approved the divestiture of the Delrin® acetal homopolymer (H-POM) business (the “Delrin® Divestiture”), subject to entry into a definitive agreement and satisfaction of customary closing conditions, (the Delrin® Divestiture and together with the M&M Divestiture, collectively the "M&M Divestitures” and the businesses in scope of the M&M Divestitures collectively the "M&M Businesses"). The Company determined that the M&M Businesses met the criteria to be classified as held for sale and that the sale represents a strategic shift that has a major effect on the Company’s operations and results. On November 1, 2023, DuPont completed the previously announced divestiture of 80.1 percent ownership interest in the Delrin® business to TJC LP ("TJC"). Refer to Note 22 – Subsequent Events for additional information. The financial position of DuPont as of September 30, 2023 and December 31, 2022, present the businesses to be divested as part of the Delrin® Divestiture, as discontinued operations. The results of operations for the three and nine months ended September 30, 2023, present the financial results of Delrin® as discontinued operations. The results of operations for the three and nine months ended September 30, 2022, present the financial results of the M&M Businesses as discontinued operations. For the nine months ended September 30, 2023, the interim Consolidated Statements of Cash Flows present the cash flows of the Delrin® Divestiture as discontinued operations. The interim Consolidated Statements of Cash Flows for the nine months ended September 30, 2022, present the cash flows from the M&M Businesses as discontinued operations. The comprehensive income of the M&M Businesses has not been segregated and is included in the interim Consolidated Statements of Comprehensive Income 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 for more information. |
RECENT ACCOUNTING GUIDANCE
RECENT ACCOUNTING GUIDANCE | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
RECENT ACCOUNTING GUIDANCE | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In September 2022, the FASB issued Accounting Standards Update No. 2022-04, "Liabilities-Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") to enhance transparency about the use of supplier finance programs. The new guidance requires that a buyer in a supplier finance program provides additional qualitative and quantitative disclosures about its program including the nature of the program, activity during the period, changes from period to period, and the potential magnitude of the program. The amendments in ASU 2022-04 are effective for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the amendment on rollforward information which is effective prospectively for fiscal years beginning after December 15, 2023. The Company implemented the new disclosures, other than the rollforward information, as required in the first quarter of 2023. The disclosures around rollforward information will be implemented as required for the year-ended December 31, 2024. See Note 13 for more information. |
ACQUISITIONS
ACQUISITIONS | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS Spectrum Acquisition On August 1, 2023, the Company completed the previously announced acquisition of Spectrum Plastics Group (“Spectrum”) from AEA Investors (the “Spectrum Acquisition”). Spectrum manufactures flexible packaging products, plastic and silicone extrusions, and components for the industrial, food and medical business sectors throughout the United States and international markets. Spectrum is part of the Electronics & Industrial segment. The net purchase price was approximately $1,792 million, including a net upward adjustment of approximately $43.1 million for acquired cash and net working capital, among other items. The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. The table below presents the provisional fair values allocated to the assets acquired and liabilities assumed. The purchase accounting and purchase price allocation for Spectrum are substantially complete. However, the Company continues to refine the preliminary valuation of certain acquired assets and liabilities, including income tax related amounts, which could impact the amount of residual goodwill recorded. The Company will finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the acquisition. Final determination of the fair values may result in further adjustments to the values presented in the following table: Spectrum Assets Acquired and Liabilities Assumed on August 1, 2023 (In millions) Fair Value of Assets Acquired Cash and cash equivalents $ 31 Accounts and notes receivable 68 Inventories 52 Property, plant and equipment 125 Other intangible assets 1,032 Deferred charges and other assets 34 Total Assets Acquired $ 1,342 Fair value of liabilities assumed Accounts payable $ 21 Accrued and other current liabilities 17 Deferred income tax liabilities 206 Other noncurrent liabilities 37 Total Liabilities Assumed $ 281 Goodwill 731 Total Consideration $ 1,792 The significant fair value estimates included in the provisional allocation of purchase price are discussed below. Other Intangible Assets Other intangible assets with definite lives include acquired customer-related intangible assets of $888 million, developed technology of $126 million and trademark/tradename of $18 million. Acquired customer-related intangible assets, developed technology, and trademark/tradename have useful lives of 20 years, 15 years, and 5 years, respectively. The preliminary customer-related intangible assets' fair value was determined using the multi-period excess earnings method while the preliminary developed technology and trademark/tradename fair values were determined utilizing the relief from royalty method. Goodwill The excess of the consideration for Spectrum over the preliminary net fair value of assets acquired and liabilities assumed resulted in the provisional recognition of $731 million of goodwill, which has been assigned to the Electronics & Industrial segment. Goodwill is primarily attributable to the optimization of the combined Electronics & Industrial segment and Spectrum businesses’ global activities across sales and manufacturing, as well as expected future customer relationships. Spectrum goodwill will not be deductible for U.S. tax purposes. Total Spectrum sales included in the interim Consolidated Statements of Operations for both the three and nine months ended September 30, 2023 were $77 million. The Company evaluated the disclosure requirements under ASC 805, Business Combinations and determined Spectrum was not considered a material business combination for purposes of disclosing either the earnings of Spectrum since the date of acquisition or supplemental pro forma information. Acquisition, Integration and Separation Costs "Acquisition, integration and separation costs" within the interim Consolidated Statements of Operations primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees. The Company recorded $9 million and $7 million in costs for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded costs of $15 million and $28 million, respectively. For the three and nine months ended September 30, 2023, these costs were primarily associated with the Spectrum Acquisition. Comparatively, for the three and nine months ended September 30, 2022, these costs were primarily associated with the divestiture of the Biomaterials business unit and the costs related to the terminated agreement to acquire the outstanding shares of Rogers Corporation, ("Terminated Intended Rogers Acquisition"). Separation costs associated with the M&M Businesses of $40 million and $135 million for the three months ended September 30, 2023 and 2022, respectively, and $140 million and $357 million for the nine months ended September 30, 2023 and 2022, respectively, are reported within discontinued operations. See Note 4 for more information. |
DIVESTITURES
DIVESTITURES | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | DIVESTITURES Mobility & Materials Divestitures On November 1, 2023, DuPont completed the previously announced divestiture of 80.1 percent ownership interest in the Delrin® business to TJC LP ("TJC"). Refer to Note 22 – Subsequent Events for additional information. The results of operations for the three and nine months ended September 30, 2023, represent the Delrin® business comparatively, for the three and nine months ended September 30, 2022, the results of operations are related to the M&M Businesses. The following table summarizes the results of operations of the M&M Businesses which are presented as discontinued operations as summarized below: Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Net sales $ 133 $ 988 $ 422 $ 3,100 Cost of sales 93 771 269 2,357 Research and development expenses 1 12 3 41 Selling, general and administrative expenses — 25 1 110 Amortization of intangibles — — — 28 Acquisition, integration and separation costs 1 40 135 140 357 Equity in earnings of nonconsolidated affiliates — (5) (7) Sundry income (expense) - net 3 7 8 — Income from discontinued operations before income taxes $ 2 $ 47 $ 17 $ 200 (Benefit from) provision for income taxes on discontinued operations (14) 21 (7) (607) Income from discontinued operations, net of tax $ 16 $ 26 $ 24 $ 807 Net loss from discontinued operations attributable to noncontrolling interests — (7) — (5) Gain on sale, net of tax 2 $ 33 $ — $ 55 $ — Income from discontinued operations attributable to DuPont stockholders, net of tax $ 49 $ 33 $ 79 $ 812 1. Includes costs related to the M&M Divestitures for both periods presented. 2. Gain includes purchase price adjustments related to the M&M Divestiture. The following table summarizes the major classes of assets and liabilities which represent only those related to Delrin®, classified as held for sale presented as discontinued operations at September 30, 2023 and December 31, 2022: In millions September 30, 2023 December 31, 2022 Assets Accounts and notes receivable - net $ 71 $ 75 Inventories 113 104 Other current assets 6 6 Property, plant and equipment - net 274 256 Goodwill 405 405 Other intangible assets 344 338 Deferred income tax assets 23 36 Deferred charges and other assets 78 71 Total assets of discontinued operations $ 1,314 $ 1,291 Liabilities Accounts payable $ 62 $ 78 Income taxes payable 9 — Accrued and other current liabilities 10 8 Deferred income tax liabilities 53 53 Pension and other post employment benefits - noncurrent 1 5 Other noncurrent liabilities 2 2 Total liabilities of discontinued operations $ 137 $ 146 During each reporting period that the Delrin® disposal group continues to be classified as held for sale, the Company assesses whether the fair value less cost to sell was less than the carrying value of the disposal group. The Company determined that the fair value less cost to sell of the Delrin® disposal unit was greater than its carrying value at September 30, 2023. Pursuant to the Transaction Agreement, assets and liabilities related to the M&M Divestiture that could not be directly assumed by Celanese were transferred by way of indemnification between both parties. In addition, pursuant to the Transaction Agreement, DuPont indemnifies Celanese against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the transaction. Other Discontinued Operations Activity The Company recorded income from discontinued operations, net of tax of $37 million and $17 million for the three months ended September 30, 2023 and 2022, respectively, and a loss of $357 million and income of $723 million for the nine months ended September 30, 2023 and 2022, respectively. Discontinued operations activity consists of the following: Income (Loss) from Discontinued Operations, Net of Tax Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 M&M Divestitures $ 49 $ 26 $ 79 $ 807 MOU Activity 1 (8) (6) (384) (62) Other 2 (4) (3) (52) (22) Income (loss) from discontinued operations, net of tax $ 37 $ 17 $ (357) $ 723 1. Includes the activity for the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EIDP and the Company. The nine months ended September 30, 2023 includes a charge related to the Water District Settlement Agreement, as defined in Note 14. Refer to Note 14 for additional information. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended In millions 2023 2022 2023 2022 Industrial Solutions 1 $ 531 $ 496 $ 1,525 $ 1,499 Interconnect Solutions 380 446 1,064 1,371 Semiconductor Technologies 457 569 1,387 1,704 Electronics & Industrial $ 1,368 $ 1,511 $ 3,976 $ 4,574 Safety Solutions $ 630 $ 684 $ 1,989 $ 2,001 Shelter Solutions 431 476 1,248 1,385 Water Solutions 352 374 1,119 1,074 Water & Protection $ 1,413 $ 1,534 $ 4,356 $ 4,460 Retained Businesses 2 $ 277 $ 272 $ 838 $ 804 Other 3 — — — 75 Corporate & Other $ 277 $ 272 $ 838 $ 879 Total $ 3,058 $ 3,317 $ 9,170 $ 9,913 1. Net sales attributed to Spectrum, a component of Electronics & Industrial and presented within Industrial Solutions, was $77 million for both the three and nine months ended September 30, 2023. 2. Retained Businesses includes the Auto Adhesives & Fluids, Multibase TM and Tedlar ® businesses. 3. Net sales in 2022 reflected in Other primarily include activity of Biomaterials prior to its May 2022 divestiture. Net Trade Revenue by Geographic Region Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 U.S. & Canada $ 1,093 $ 1,149 $ 3,161 $ 3,293 EMEA 1 535 523 1,702 1,665 Asia Pacific 2 1,302 1,524 3,945 4,622 Latin America 128 121 362 333 Total $ 3,058 $ 3,317 $ 9,170 $ 9,913 1. Europe, Middle East and Africa. 2. Net sales attributed to China, for the three months ended September 30, 2023 and 2022 were $563 million and $688 million, respectively, while for the nine months ended months ended September 30, 2023 and 2022 net sales attributed to China were $1,669 million and $2,119 million, respectively. Contract Balances From time to time, the Company enters into arrangements in which it receives payments from customers based upon contractual billing schedules. The Company records accounts receivables when the right to consideration becomes unconditional. Contract liabilities primarily reflect deferred revenue from advance payment for product that the Company has received from customers. The Company classifies deferred revenue as current or noncurrent based on the timing of when the Company expects to recognize revenue. Revenue recognized in the first nine months of 2023 and 2022 from amounts included in contract liabilities at the beginning of the period was insignificant. Contract Balances September 30, 2023 December 31, 2022 In millions Accounts and notes receivable - trade 1 $ 1,645 $ 1,593 Deferred revenue - current 2 $ 2 $ 11 Deferred revenue - noncurrent 3 $ 15 $ 8 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. Included in "Other noncurrent obligations" in the Condensed Consolidated Balance Sheets. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING AND ASSET RELATED CHARGES - NET | RESTRUCTURING AND ASSET RELATED CHARGES - NET The Company records restructuring liabilities that represent nonrecurring charges in connection with simplifying certain organizational structures and operations, including operations related to transformational projects such as divestitures and acquisitions. Charges for restructuring programs and asset related charges, which includes asset impairments, were $8 million and $39 million for the three and nine months ended September 30, 2023, and zero and $101 million for the three and nine months ended September 30, 2022. 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 $46 million at September 30, 2023 and $67 million at December 31, 2022, recorded in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. Restructuring activity primarily consists of the following program: 2022 Restructuring Program In October 2022, the Company approved targeted restructuring actions to capture near-term cost reductions and to further simplify certain organizational structures following the M&M Divestitures (the "2022 Restructuring Program"). The Company recorded pre-tax restructuring charges of $93 million inception-to-date, consisting of severance and related benefit costs of $80 million and asset related charges of $13 million. Total liabilities related to the 2022 Restructuring Program were $42 million at September 30, 2023 and $57 million at December 31, 2022, respectively, recognized in "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets. The Company expects the program to be substantially complete by the end of 2023. Equity Method Investment Impairment Related Charges 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 Sheets, which triggered 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 Sheets. The Company determined the fair value was less than the carrying value and concluded the impairment was other-than-temporary and recorded an impairment charge of $94 million ($65 million net of tax) in the first quarter of 2022 within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations 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 | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY INFORMATION | SUPPLEMENTARY INFORMATION Sundry Income (Expense) - Net Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Non-operating pension and other post-employment benefit (costs) credits $ (3) $ 7 $ (7) $ 20 Interest income 34 5 132 8 Net gain on divestiture and sales of other assets and investments 1 — 6 8 75 Foreign exchange gains (losses), net 17 5 (31) 9 Miscellaneous income - net 7 3 10 11 Sundry income (expense) - net $ 55 $ 26 $ 112 $ 123 1. The nine months ended September 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. Cash, Cash Equivalents and Restricted Cash At September 30, 2023 and December 31, 2022 the Company had restricted cash of $409 million and $7 million, respectively, within “Restricted cash and cash equivalents” and for the same periods zero and $103 million, respectively, within the “Restricted cash and cash equivalents - noncurrent” in the Condensed Consolidated Balance Sheets. The majority of these balances are attributable to the Water District Settlement Fund and MOU escrow account deposits. Additional information can be found in Note 14 . Accrued and Other Current Liabilities "Accrued and other current liabilities" in the Condensed Consolidated Balance Sheets were $1,272 million at September 30, 2023 and $951 million at December 31, 2022. "Accrued and other current liabilities" at September 30, 2023 includes approximately $401 million related to a settlement agreement further discussed in Note 14. Accrued payroll, which is a component of "Accrued and other current liabilities," was $261 million at September 30, 2023 and $291 million at December 31, 2022. No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at September 30, 2023 and at December 31, 2022. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2023 | |
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. The Company has ongoing federal, state and international income tax audits in various jurisdictions and evaluates uncertain tax positions that may be challenged by local tax authorities. The impact, if any, of these audits to the Company’s unrecognized tax benefits is not estimable. Positions challenged by the tax authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's results of operations. The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate on continuing operations for the third quarter of 2023 was 28.7 percent, compared with an effective tax rate of 27.9 percent for the third quarter of 2022. The effective tax rate differential for the third quarter of 2023 was due primarily to the geographic mix of earnings offset by the U.S. taxation of foreign operations. For the first nine months of 2023, the effective tax rate on continuing operations was 25.6 percent, compared with 23.8 percent for the first nine months of 2022. The effective tax rate for the first nine months of 2023 was primarily due to a geographic mix of earnings. The lower effective tax rate for the first nine months of 2022 principally resulted from the recognition of a $94 million impairment charge of an equity method investment which resulted in a tax benefit of $29 million . 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 deferred tax benefit of $12 million and $655 million for the three and nine months ended September 30, 2022, in connection with certain internal restructurings. These restructurings involved both legal entities within the M&M Businesses and legal entities which remained with DuPont, and in certain instances relied upon legal entity valuations. The aforementioned net deferred 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 | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for the three and nine months ended September 30, 2023 and 2022: Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Income from continuing operations, net of tax $ 291 $ 359 $ 833 $ 956 Net income from continuing operations attributable to noncontrolling interests 9 16 31 42 Income from continuing operations attributable to common stockholders $ 282 $ 343 $ 802 $ 914 Income (loss) from discontinued operations, net of tax 37 17 (357) 723 Net loss from discontinued operations attributable to noncontrolling interests — (7) — (5) Income (loss) from discontinued operations attributable to common stockholders $ 37 $ 24 $ (357) $ 728 Net income attributable to common stockholders $ 319 $ 367 $ 445 $ 1,642 Earnings Per Share Calculations - Basic Three Months Ended Nine Months Ended Dollars per share 2023 2022 2023 2022 Earnings from continuing operations attributable to common stockholders $ 0.62 $ 0.69 $ 1.76 $ 1.81 Earnings (loss) from discontinued operations, net of tax 0.08 0.05 (0.78) 1.44 Earnings attributable to common stockholders 1 $ 0.71 $ 0.73 $ 0.97 $ 3.25 Earnings Per Share Calculations - Diluted Three Months Ended Nine Months Ended Dollars per share 2023 2022 2023 2022 Earnings from continuing operations attributable to common stockholders $ 0.62 $ 0.69 $ 1.75 $ 1.80 Earnings (loss) from discontinued operations, net of tax 0.08 0.05 (0.78) 1.44 Earnings attributable to common stockholders 1 $ 0.70 $ 0.73 $ 0.97 $ 3.24 Share Count Information Three Months Ended Nine Months Ended Shares in millions 2023 2022 2023 2022 Weighted-average common shares - basic 451.7 499.4 456.5 505.6 Plus dilutive effect of equity compensation plans 1.7 1.0 1.3 1.3 Weighted-average common shares - diluted 453.4 500.4 457.8 506.9 Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations 2 1.7 4.4 2.8 3.0 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. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES In millions September 30, 2023 December 31, 2022 Finished goods $ 1,256 $ 1,299 Work in process 502 522 Raw materials 396 388 Supplies 125 120 Total inventories $ 2,279 $ 2,329 |
NONCONSOLIDATED AFFILIATES
NONCONSOLIDATED AFFILIATES | 9 Months Ended |
Sep. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
NONCONSOLIDATED AFFILIATES | NONCONSOLIDATED AFFILIATESThe 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 September 30, 2023 and December 31, 2022 is $699 million and $686 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. Sales to nonconsolidated affiliates represented less than 2 percent and approximately 2 percent of total net sales for the three and nine months ended September 30, 2023, respectively, and less than 2 percent for the three and nine months ended September 30, 2022. Purchases from nonconsolidated affiliates represented less than 3 percent of “Cost of sales” for the three and nine months ended September 30, 2023 and 2022. The Company maintained an ownership interest in six nonconsolidated affiliates at September 30, 2023. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amounts of goodwill during the nine months ended September 30, 2023 were as follows: In millions Electronics & Industrial Water & Protection Corporate & Other Total Balance at December 31, 2022 $ 9,397 $ 6,656 $ 610 $ 16,663 Goodwill recognized for Spectrum Acquisition 1 731 — — 731 Currency translation adjustment (92) (49) (2) (143) Balance at September 30, 2023 $ 10,036 $ 6,607 $ 608 $ 17,251 1. On August 1, 2023, DuPont completed the Spectrum Acquisition. Final determination of the goodwill value assigned may result in adjustments to the preliminary value recorded. See Note 3 for additional information. The Company tests goodwill for impairment annually during the fourth quarter, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. As part of its annual assessment in the fourth quarter of 2022, the Company determined that the estimated fair value of the Protection reporting unit within Water & Protection exceeded its carrying value by approximately 10 percent. As of September 30, 2023, the carrying amount of goodwill within this reporting unit was $5.5 billion. In 2023 the Company has experienced a continued challenging macroeconomic environment impacting the businesses within the Protection reporting unit, primarily driven by softness in the residential, non-residential and repair and remodel markets which has negatively impacted Protection’s financial performance. The Company continues to monitor adverse changes in interest rates and fluctuations in foreign currency exchange rates and the related impact on the Protection reporting unit’s fair value and carrying value. While the challenging macroeconomic environment continues to impact the Protection reporting unit, the Company has not identified any triggering events indicating that it is more likely than not that goodwill is impaired as of September 30, 2023. Subsequently, the Company evaluated the Protection reporting unit as part of its annual impairment test at October 1, 2023 and determined that the estimated fair value of the Protection reporting unit exceeded its carrying value by less than 5 percent. Should these macroeconomic conditions persist, including interest rate fluctuations, recovery delays, or other events occur indicating that the estimated future cash flows of the reporting unit have further declined, the Company may be required to record future non-cash impairment charges related to goodwill due to the limited amount of fair value in excess of carrying value. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: September 30, 2023 December 31, 2022 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 2,071 $ (1,046) $ 1,025 $ 1,955 $ (913) $ 1,042 Trademarks/tradenames 1 925 (397) 528 906 (349) 557 Customer-related 1 6,249 (2,595) 3,654 5,454 (2,389) 3,065 Other 53 (26) 27 54 (27) 27 Total other intangible assets with finite lives $ 9,298 $ (4,064) $ 5,234 $ 8,369 $ (3,678) $ 4,691 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets $ 804 $ — $ 804 $ 804 $ — $ 804 Total $ 10,102 $ (4,064) $ 6,038 $ 9,173 $ (3,678) $ 5,495 1. As part of the Spectrum Acquisition, the Company acquired customer-related intangible assets of $888 million, developed technology of $126 million and trademark/tradename of $18 million. See Note 3 for additional information. The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment September 30, 2023 December 31, 2022 In millions Electronics & Industrial 1 $ 3,703 $ 2,976 Water & Protection 2,247 2,424 Corporate & Other 88 95 Total $ 6,038 $ 5,495 1. Includes intangible assets acquired as part of the Spectrum Acquisition. See Note 3 for additional information Total estimated amortization expense for the remainder of 2023 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2023 $ 151 2024 $ 596 2025 $ 550 2026 $ 523 2027 $ 476 2028 $ 423 |
SHORT-TERM BORROWINGS, LONG-TER
SHORT-TERM BORROWINGS, LONG-TERM DEBT, AVAILABLE CREDIT FACILITIES AND OTHER OBLIGATIONS | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
SHORT-TERM BORROWINGS, LONG-TERM DEBT, AVAILABLE CREDIT FACILITIES AND OTHER OBLIGATIONS | SHORT-TERM BORROWINGS, LONG-TERM DEBT, AVAILABLE CREDIT FACILITIES AND OTHER OBLIGATIONS A summary of DuPont's short-term borrowings, long-term debt and available credit facilities can be found in Note 15 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. If applicable, updates have been included in the respective section below. Commercial Paper Commercial paper at September 30, 2023 and December 31, 2022 was $175 million and zero, respectively. The weighted-average interest rate on commercial paper was 5.43 percent at September 30, 2023. Long-Term Debt Long-term debt at September 30, 2023 and December 31, 2022 was $7,740 million and $7,774 million, respectively. Included in the long-term debt balance is a fair value hedging revaluation related to the Company's interest rate swap agreements. At September 30, 2023 and December 31, 2022 this balance was $118 million and $71 million, respectively. See Note 19 for additional information. Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were approximately $706 million at September 30, 2023. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were approximately $116 million at September 30, 2023. These letters of credit support commitments made in the ordinary course of business. Revolving Credit Facilities On May 10, 2023, the Company entered into a new $1 billion 364-day revolving credit facility (the "364-Day Revolving Credit Facility"). There were no drawdowns of the facility during the nine month period ended September 30, 2023. Supplier Financing The Company and certain of its designated suppliers, at their sole discretion, participate in a supplier financing program with a financial institution serving as an intermediary. Under this program, the Company agrees to pay the financial institution the stated amount of confirmed invoices from its designated suppliers on the same terms and on the original maturity dates of the confirmed invoices, which have a weighted average payment term of approximately 110 days. The Company does not pay any annual subscription or service fee to the financial institution, nor does the Company reimburse its suppliers for any costs they incur to participate in the program. The Company’s obligations are not impacted by the suppliers’ decision to participate in this program. The Company or the financial institution may terminate the agreement upon at least 30 days’ notice. The amount of invoices outstanding confirmed as valid under the supplier financing programs as of September 30, 2023 and December 31, 2022 was $109 million and $127 million, respectively, and is recorded in “Accounts Payable” in the Condensed Consolidated Balance Sheets. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation, Environmental Matters, and Indemnifications The Company and certain subsidiaries are involved in various lawsuits, claims and environmental actions that have arisen in the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain substances at various sites. In addition, in connection with divestitures and the related transactions, the Company from time to time has indemnified and has been indemnified by third parties against certain liabilities that may arise in connection with, among other things, business activities prior to the completion of the respective transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. The Company records liabilities for ongoing and indemnification matters when the information available indicates that it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. As of September 30, 2023, the Company has recorded indemnification assets of $20 million within "Accounts and notes receivable - net" and $239 million within "Deferred charges and other assets" and indemnification liabilities of $159 million within "Accrued and other current liabilities" and $267 million within "Other noncurrent obligations" within the Condensed Consolidated Balance Sheets. As of December 31, 2022, the Company has recorded indemnification assets of $70 million within "Accounts and notes receivable - net" and $237 million within "Deferred charges and other assets" and indemnified liabilities of $211 million within "Accrued and other current liabilities" and $274 million within "Other noncurrent obligations" within the Consolidated Balance Sheets. The Company’s accruals for indemnification liabilities related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EIDP and the Company and to the DowDuPont ("DWDP") Separation and Distribution Agreement and the Letter Agreement between the Company and Corteva (together the “Agreements”) discussed below, are included in the balances above. Additionally, as of September 30, 2023 the Company has recognized a liability of $401 million (including interest) related to the settlement agreement between Chemours, Corteva, EIDP and DuPont related to the aqueous film-forming foams multi-district litigation, as discussed below. PFAS Stray Liabilities: Future Eligible PFAS Costs On July 1, 2015, EIDP, a Corteva subsidiary since June 1, 2019, completed the separation of EIDP’s Performance Chemicals segment through the spin-off of Chemours to holders of EIDP 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 EIDP. On January 22, 2021, the Company, Corteva, EIDP 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 EIDP 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; accordingly, the Company's portion of the $2 billion is approximately $1.4 billion. At September 30, 2023, the Company had paid Qualified Spend of approximately $130 million against its portion of the $2 billion cap. 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 Escrow Account"). The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million and DuPont and Corteva shall together deposit $100 million in the aggregate into the MOU Escrow Account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million and DuPont and Corteva shall together deposit $50 million in the aggregate into the MOU Escrow Account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any calendar year beginning with 2022 through and including 2028. Additionally, if on December 31, 2028, the balance in the MOU 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 to $700 million. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the replenishment terms set forth in the MOU. Under the Agreements, Divested Operations and Businesses ("DDOB") liabilities of EIDP 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 “EIDP 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 EIDP 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. Corteva and DuPont have met their respective $150 million threshold for PFAS Stray Liabilities. As a result and in accordance with the Agreement, DuPont is bearing 71 percent of Indemnifiable Losses related to PFAS Stray Liabilities. At September 30, 2023, DuPont has accrued for future Qualified Spend and Indemnifiable Losses related to PFAS Stray Liabilities accordingly. Corteva has met its $200 million threshold. As a result and in accordance with the Agreements, until DuPont meets its $200 million threshold, DuPont is responsible for managing the Non-PFAS Stray liabilities and is bearing all Indemnifiable Losses associated with Non-PFAS Stray Liabilities. Thereafter, DuPont will bear 71 percent and Corteva will bear 29 percent of Indemnifiable Losses related to Non-PFAS Stray Liabilities. At September 30, 2023, DuPont has accrued for future Indemnifiable Losses related to Non-PFAS Stray Liabilities accordingly. 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 EIDP 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 Sept 30, 2023 Dec 31, 2022 Balance Sheet Classification Current indemnified liabilities $ 65 $ 66 Accrued and other current liabilities Long-term indemnified liabilities 119 120 Other noncurrent obligations Total indemnified liabilities accrued under the MOU 1 $ 184 $ 186 1. As of September 30, 2023 and December 31, 2022, total indemnified liabilities accrued include $144 million and $161 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"). In addition to the above, as of September 30, 2023, the Company has recognized a liability of $401 million (including interest) related to the settlement agreement between Chemours, Corteva, EIDP and DuPont related to the aqueous film-forming foams multi-district litigation, as discussed below. Future charges associated with the MOU will 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, EIDP settled a West Virginia state court class action, Leach v. E. I. du Pont de Nemours and Company, which alleged that PFOA from EIDP’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 EIDP 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 about 100 cases subsequently brought by Leach class members. On January 21, 2021, EIDP and Chemours entered into settlement agreements with plaintiffs’ counsel representing the Ohio MDL plaintiffs providing for a settlement of all but one of the approximately 100 cases (the “Settlement”). The total settlement amount was $83 million in cash with each of the Company and EIDP 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, EIDP or Chemours. The personal injury case captioned “Abbott v. E. I. du Pont de Nemours and Company” was not included in the Settlement and is ongoing. In connection with the Settlement, plaintiffs' counsel filed a motion to terminate the Ohio MDL, which was later withdrawn. Subsequent to the withdrawal, plaintiffs' counsel has filed or indicated intent to file several new cases into the Ohio MDL. DuPont was not a named party in the Leach case or the Ohio MDL and is not a named party in the Abbott case or the new cases being filed into the Ohio MDL. As of September 30, 2023, 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 EIDP 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, EIDP, Corteva and DuPont. Beginning in April 2019, several dozen lawsuits alleging water contamination from the use of PFAS-containing aqueous film-forming foams (“AFFF”) were filed against EIDP and Chemours, in addition to 3M and other AFFF manufacturers. The majority of these lawsuits were consolidated in a multi-district litigation (the “AFFF MDL”). The AFFF MDL is captioned In Re: Aqueous Film Forming Foams (AFFF) Products Liability Litigation and is pending in the United States District Court for the District of South Carolina, (the “Court”). Since then, the AFFF MDL has grown and contains approximately 5,100 cases. Most of the actions in the AFFF MDL identify DuPont as a defendant only for fraudulent transfer claims related to the Chemours Separation and the DowDuPont separations. Generally, the AFFF MDL contains multiple types of lawsuits including, but not limited to, personal injury cases, state attorneys general natural resource damages cases, and water provider contamination. DuPont has never made or sold AFFF, perfluorooctanesulfonic acid ("PFOS") or PFOS containing products. On June 30, 2023, Chemours, Corteva, EIDP and DuPont entered a definitive agreement to comprehensively resolve all PFAS-related claims of a defined class of U.S. public water systems, including but not limited to water systems that are part of the AFFF MDL related to the use of aqueous film-forming foam, (the “Water District Settlement Agreement”) for $1.185 billion in cash. In August 2023, the Court preliminarily approved the Water District Settlement Agreement. Subsequent to the approval, during the third quarter of 2023, Chemours, EIDP, Corteva and DuPont collectively contributed $1.185 billion to a Qualified Settlement Fund (the “Water District Settlement Fund”). In accordance with the MOU, Chemours contributed about 50 percent of the settlement amount (about $592 million), and DuPont (about $400 million) and Corteva (about $193 million) together contributed the remaining 50 percent. Each of Chemours, Corteva and DuPont used its respective MOU Escrow Account deposits to fund in part their respective contributions into the Water District Settlement Fund. As of June 30, 2023, DuPont had deposited an aggregate of $100 million into the MOU Escrow Account all of which it used to fund in part its $400 million contribution to the Water District Settlement Fund. As a result, DuPont has $400 million, excluding interest, at September 30, 2023 related to these liabilities reflected in "Restricted cash and cash equivalents"on the Condensed Consolidated Balance Sheets. DuPont's aggregate MOU escrow deposits of $100 million, exlcuding interest, at December 31, 2022 is reflected in "Restricted cash and cash equivalents - noncurrent" on the Condensed Consolidated Balance Sheets. The defined class is composed of all Public Water Systems, as defined in 42 U.S.C § 300f, with a current detection of PFAS and all Public Water Systems, that are currently required to monitor for PFAS under the EPA’s Fifth Unregulated Contaminant Monitoring Rule (“UCMR 5”) or other applicable federal or state law. The matter captioned City of Stuart, Florida v. 3M Company, et al. is included in the settlement. The class does not include water systems owned and operated by a State or the United States government; small systems that have not detected PFAS and are not currently required to monitor for it under federal or state requirements; and, unless they otherwise request to be included, water systems in the lower Cape Fear River Basin of North Carolina. While it is reasonably possible that the excluded systems or claims could result in additional future lawsuits, claims, assessments or proceedings, it is not possible to predict the outcome of any such matters, and as such, the Company is unable to develop an estimate of a possible loss or range of losses, if any, at this time. As part of the approval process, the Court established a timetable for notice to class members, for hearings on approval, and for class members to opt out of the settlement. The opt out period ends on December 4, 2023. The Water District Settlement Agreement addresses conditions under which the settlement might not proceed, including a walk-away right that enables Chemours, Corteva and DuPont to terminate the settlement if class member opt outs exceed specified confidential levels. As part of the Court’s preliminary approval, a stay order for pre-existing lawsuits and an injunction prohibiting the filing of new suits, was entered. This stay order and injunction suspends these lawsuits unless and until the Court grants any specific requests for exclusion. A fairness hearing is scheduled for December 14, 2023. The Court may issue its final approval of the settlement during or at any time after, the fairness hearing. Chemours, Corteva and DuPont have agreed to waive the obligation to make additional deposits into the MOU Escrow Account in 2023 and have agreed to waive the obligation due September 30, 2024 if (i) between October 1, 2023 and September 30, 2024, the parties have entered into settlement agreements resolving liabilities constituting Qualified Spend under the MOU that in the aggregate exceed $100 million; (ii) each company has fully funded its respective portion share, in accordance with the MOU, of such settlements; and (iii) such settlements are consummated. If the Water District Settlement is not consummated, Chemours, Corteva and DuPont will redeposit into the MOU Escrow Account the cash each withdrew to partially fund its respective contribution to the Water District Settlement Fund. At September 30, 2023, DuPont has recorded a liability of about $401 million (including interest) in connection with the Water District Settlement Agreement, included in "Accrued and other current liabilities" within the Condensed Consolidated Balance Sheets. The $400 million pre-tax charge is recorded in discontinued operations for the nine months ended September 30, 2023. As of September 30, 2023 the $400 million deposited, plus interest, within the Water District Settlement Fund is reflected in "Restricted cash and cash equivalents - current" on the Condensed Consolidated Balance Sheets. The Company has presented these funds as restricted cash since their use is restricted under the Water District Settlement Agreement. The funds will be removed from restricted cash and de-recognized, along with the associated accrued liability, upon final Court approval of the Water District Settlement Agreement. The funds will be returned to the contributing company in the event that the Court does not grant final approval of the Water District Settlement Agreement or the walk-away right is exercised. There are also state attorneys general lawsuits against DuPont, outside of the AFFF MDL that make claims of environmental contamination by certain PFAS compounds 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 EIDP) and DuPont reached a resolution with the State of Delaware for $50 million among other consideration, that avoids litigation and addresses potential natural resources damages from known historical and current releases by the companies in or affecting Delaware. In 2022, the companies paid the settlement consistent with the MOU; accordingly, DuPont paid $12.5 million. The settlement provides 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. In April 2021, a historic DuPont Dutch subsidiary and the Dutch entities of Chemours and Corteva, 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. On September 27, 2023, the Court determined that the defendants were liable to the municipalities for (i) PFOA emissions between July 1, 1984 to March 1, 1998 and (ii) removal costs if deposited emissions on the municipalities land infringes the applicable municipality’s property rights by an objective standard. Additional briefing is expected on this judgment and in accordance with local procedure, the Court will determine damages, if any, in a separate, subsequent proceeding. On March 24, 2023, the Cape Fear Public Utility Authority (“CFPUA”) filed a lawsuit in Delaware Chancery Court against EIDP, Chemours, Corteva, and DuPont alleging that the companies engaged in a series of corporate restructurings in order to evade PFAS liabilities. CFPUA asks for the court to unwind the Chemours spin off; the DowDuPont merger and subsequent separations; to find that DuPont and Corteva have assumed PFAS liabilities from EIDP and Chemours; to enjoin the defendants from distributing, transferring, capitalizing, or disposing of any proceeds from the sale of any business, segment, division or asset; and to impose a constructive trust over any such proceeds. 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. There are pending cases that make claims related to PFAS that have been filed against Chemours and Corteva/EIDP 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. It is not possible to predict the outcome of any such matters due to various reasons including, among others, future actions and decisions, as well as factual and legal issues to be resolved in connection with PFAS matters. As such, at this time DuPont is unable to develop an estimate of a possible loss or range of losses, if any, above the liability accrued at September 30, 2023. It is possible that additional costs or losses could have a significant effect on the Company’s financial condition and/or cash flows in the period in which they occur; however, costs qualifying as Qualified Spend are limited by the terms of the MOU. Other Litigation Matters In addition to the matters described above, the Company is party to claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, and other actions. Certain of these actions may purport to be class actions and seek damages in very large amounts. As of September 30, 2023, the Company has liabilities of $17.7 million associated with these other litigation matters. It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company. In accordance with its accounting policy for litigation matters, the Company will expense litigation defense costs as incurred, which could be significant to the Company’s financial condition and/or cash flows in the period. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At September 30, 2023, the Company had accrued obligations of $300 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. The accrued environmental obligations include the following: Environmental Accrued Obligations In millions Sept 30, 2023 Dec 31, 2022 Potential exposure above the amount accrued 1 Environmental remediation liabilities not subject to indemnity $ 41 $ 41 $ 118 Environmental remediation indemnified liabilities: Indemnifications related to Dow and Corteva 2 99 48 201 MOU related obligations (discussed above) 3 159 173 41 Other environmental indemnifications 1 1 2 Total environmental related liabilities $ 300 $ 263 $ 362 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 and Letter 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 include the Company's estimate of its liability under the MOU for remediation activities based on the current regulatory environment. |
OPERATING LEASES
OPERATING LEASES | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES The lease cost for operating leases were as follows: Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Operating lease costs $ 30 $ 27 $ 88 $ 82 Operating cash flows from operating leases were $85 million and $82 million for the nine months ended September 30, 2023 and 2022, respectively. New operating lease assets and liabilities entered into during the nine months ended September 30, 2023 and 2022, were $143 million and $75 million, respectively. For the nine months ended September 30, 2023, this included newly acquired Spectrum leases. Supplemental balance sheet information related to leases was as follows: In millions September 30, 2023 December 31, 2022 Operating Leases Operating lease right-of-use assets 1 $ 487 $ 426 Current operating lease liabilities 2 91 90 Noncurrent operating lease liabilities 3 394 333 Total operating lease liabilities $ 485 $ 423 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 September 30, 2023 December 31, 2022 Weighted-average remaining lease term (years) 8.6 8.1 Weighted average discount rate 3.46 % 2.76 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at September 30, 2023 Operating Leases In millions Remainder of 2023 $ 28 2024 103 2025 81 2026 62 2027 51 2028 and thereafter 244 Total lease payments $ 569 Less: Interest 84 Present value of lease liabilities $ 485 The Company has leases in which it is the lessor. In connection with the N&B Transaction and the M&M Divestiture, DuPont entered into leasing agreements with IFF and Celanese, whereby DuPont is leasing certain properties, including office spaces and R&D laboratories. These leases are classified as operating leases and lessor income and related expenses are not significant to the Company's Condensed Consolidated Balance Sheets or interim Consolidated Statement of Operations. Lease agreements where the Company is the lessor have final expirations through 2036. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Share Repurchase Program In November 2022, DuPont’s Board of Directors approved a new share repurchase program authorizing the repurchase and retirement of up to $5 billion of common stock (the “$5B Share Buyback Program"). The $5B Share Buyback Program expires on June 30, 2024, unless extended or shortened by the Board of Directors. In the fourth quarter 2022, DuPont entered into accelerated share repurchase ("ASR") agreements with three financial counterparties (the "$3.25B ASR Transaction"). DuPont paid with cash on hand an aggregate of $3.25 billion to the counterparties and received initial deliveries of 38.8 million shares in aggregate of DuPont common stock, which were retired immediately and recorded as a reduction to retained earnings of $2.6 billion. The $3.25B ASR Transaction was completed during the third quarter of 2023 with DuPont receiving and retiring an additional 8.0 million shares of DuPont common stock. In connection with the completion of the transaction the remaining $613 million was settled as a forward contract indexed to DuPont common stock at the time of settlement, classified within stockholders’ equity. At the completion of the $3.25B ASR Transaction, the Company had repurchased and retired a total of 46.8 million shares at an average price of $69.44 per share. In the third quarter of 2023, DuPont entered into new accelerated share repurchase agreements with three financial counterparties to repurchase an aggregate of $2 billion of common stock ("$2B ASR Transaction"). DuPont paid an aggregate of $2 billion to the counterparties and received initial deliveries of 21.2 million shares in aggregate of DuPont common stock, which were retired immediately and recorded as a reduction to retained earnings of $1.6 billion. The remaining $400 million was evaluated as an unsettled forward contract indexed to DuPont common stock, classified within stockholders’ equity. The $2B ASR Transaction was funded with cash on hand and will expire in February 2024. The final number of shares to be repurchased will be based on the volume-weighted average stock price for DuPont common stock during the term of the $2B ASR Transaction, less an agreed upon discount. The completion of the $2B ASR Transaction will effectively complete the $5B Share Buyback Program and the Company's stock repurchase authorization. The Inflation Reduction Act of 2022 introduced a 1 percent nondeductible excise tax imposed on the net value of certain stock repurchases made after December 31, 2022. The net value is determined by the fair market value of the stock repurchased during the tax year, reduced by the fair market value of stock issued during the tax year. The Company recorded total excise tax of $22 million as a reduction to retained earnings for the three months ended September 30, 2023, reflected within stockholders' equity and a corresponding liability within "Accounts Payable" in our Condensed Consolidated Balance Sheets as of September 30, 2023. Accumulated Other Comprehensive Loss The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the nine months ended September 30, 2023 and 2022: Accumulated Other Comprehensive Loss Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2022 Balance at January 1, 2022 $ (88) $ 73 $ 56 $ 41 Other comprehensive (loss) income before reclassifications (1,774) 24 109 (1,641) Amounts reclassified from accumulated other comprehensive loss — (3) — (3) Net other comprehensive (loss) income $ (1,774) $ 21 $ 109 $ (1,644) Balance at September 30, 2022 $ (1,862) $ 94 $ 165 $ (1,603) 2023 Balance at January 1, 2023 $ (968) $ 60 $ 117 $ (791) Other comprehensive loss before reclassifications (332) (6) (12) (350) Amounts reclassified from accumulated other comprehensive loss — (7) — (7) Net other comprehensive loss $ (332) $ (13) $ (12) $ (357) Balance at September 30, 2023 $ (1,300) $ 47 $ 105 $ (1,148) The tax effects on the net activity related to each component of other comprehensive loss were not significant for the three and nine months ended September 30, 2023 and 2022. |
PENSION PLANS AND OTHER POST-EM
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 Annual Report. The following sets forth the components of the Company's net periodic benefit costs (credits) for defined benefit pension plans: Net Periodic Benefit Costs for All Significant Plans Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Service cost $ 6 $ 9 $ 19 $ 32 Interest cost 26 14 75 41 Expected return on plan assets (24) (24) (71) (76) Amortization of prior service credit (1) (1) (2) (4) Amortization of unrecognized net (gain) loss (1) 1 (2) 2 Curtailment/settlement — (2) (2) (1) Net periodic benefit costs (credits) - Total $ 6 $ (3) $ 17 $ (6) Less: Net periodic benefit credits - Discontinued operations (2) (2) (6) (7) Net periodic benefit costs (credits) - Continuing operations $ 8 $ (1) $ 23 $ 1 Net Periodic Benefit Costs for Plans in Continuing Operations Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Service cost $ 5 $ 6 $ 16 $ 21 Interest cost 24 13 70 37 Expected return on plan assets (20) (19) (58) (57) Amortization of prior service credit — — (1) (2) Amortization of unrecognized net (gain) loss (1) 1 (2) 3 Curtailment/settlement — (2) (2) (1) Net periodic benefit costs (credits) - Continuing operations $ 8 $ (1) $ 23 $ 1 The continuing operations portion of the net periodic benefit costs, 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 $19 million by year-end 2023, including plans held in discontinued operations. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 9 Months Ended |
Sep. 30, 2023 | |
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 2022 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 16 million shares of common stock are available for award as of September 30, 2023. DuPont recognized share-based compensation expense in continuing operations of $22 million and $20 million for the three months ended September 30, 2023 and 2022, respectively, and $55 million and $58 million for the nine months ended September 30, 2023 and 2022, respectively. The income tax benefits related to stock-based compensation arrangements were $5 million and $4 million for the three months ended September 30, 2023 and 2022, respectively, and $12 million for both the nine months ended September 30, 2023 and 2022. In the second quarter of 2023, the Company granted 0.9 million RSUs and 0.3 million performance based stock units ("PSUs"). The weighted-average fair values per share associated with the grants were $64.20 per RSU and $66.88 per PSU. There was minimal activity in the first and third quarters of 2023. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at September 30, 2023 and December 31, 2022: Fair Value of Financial Instruments September 30, 2023 December 31, 2022 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 223 $ — $ — $ 223 $ 2,198 $ — $ — $ 2,198 Restricted cash equivalents 1 409 — — 409 110 — — 110 Marketable securities — — — — 1,302 — — 1,302 Total cash and restricted cash equivalents and marketable securities $ 632 $ — $ — $ 632 $ 3,610 $ — $ — $ 3,610 Long-term debt including debt due within one year 2 $ (8,158) $ 467 $ (52) $ (7,743) $ (8,145) $ 227 $ (58) $ (7,976) Derivatives relating to: Net investment hedge 3 $ — $ 134 $ — $ 134 $ — $ 149 $ — $ 149 Foreign currency 4, 5 — 19 (8) 11 — 10 (35) (25) Interest rate swap agreements 6 — — (118) (118) — — (71) (71) Total derivatives $ — $ 153 $ (126) $ 27 $ — $ 159 $ (106) $ 53 1. At September 30, 2023 there was $409 million classified as "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheets. At December 31, 2022 there was $7 million of restricted cash classified as "Restricted cash and cash equivalents" and $103 million classified as "Restricted cash and cash equivalents - noncurrent" in the Condensed Consolidated Balance Sheets. See Note 7 for more information on restricted cash. 2. Included in the balance is a fair value hedging revaluation related to the Company's interest rate swap agreements. At September 30, 2023 and December 31, 2022 this balance was $118 million and $71 million, respectively. 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 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 reported to management. The notional amounts of the Company's derivative instruments were as follows: Notional Amounts September 30, 2023 December 31, 2022 In millions Derivatives designated as hedging instruments: Net investment hedge $ 1,000 $ 1,000 Interest rate swap agreements $ 1,000 $ 1,000 Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ 627 $ 476 1. Presented net of contracts bought and sold. Derivatives Designated in Hedging Relationships Net Foreign Investment Hedge In the second quarter of 2021, the Company entered into a fixed-for-fixed cross currency swaps with an aggregate notional amount totaling $1 billion to hedge the variability of exchange rate impacts between the U.S. Dollar and Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $1 billion at an interest rate of 4.73 percent for €819 million at a weighted average interest rate of 3.26 percent. 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 gain of $11 million and a loss of $24 million for the three months ended September 30, 2023 and 2022, respectively. There was a loss of $63 million and $73 million for the nine months ended September 30, 2023 and 2022, respectively. The income statement effects of other derivatives were immaterial. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Fair Value Measurements on a Recurring Basis The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at September 30, 2023 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 632 Derivatives relating to: 2 Net investment hedge 134 Foreign currency contracts 3 33 Total assets at fair value $ 799 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 7,743 Derivatives relating to: 2 Interest rate swap agreements 118 Foreign currency contracts 3 22 Total liabilities at fair value $ 7,883 1. Time deposits and money market funds included in "Cash and cash equivalents" and money market funds included in "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 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 for foreign currency contracts were $14 million and zero respectively, for both assets and liabilities as of September 30, 2023. 4. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Basis of Fair Value Measurements on a Recurring Basis at December 31, 2022 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 2,308 Marketable securities 2 1,302 Derivatives relating to: 3 Net investment hedge 149 Foreign currency contracts 4 26 Total assets at fair value $ 3,785 Liabilities at fair value: Long-term debt including debt due within one year 5 $ 7,976 Derivatives relating to: 3 Interest rate swap agreements 71 Foreign currency contracts 4 51 Total liabilities at fair value $ 8,098 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. Time deposits classified as held to maturity, with maturities of greater than three months and less than twelve months at time of acquisition, which are recorded at amortized cost which approximates fair value. 3. See Note 19 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 were $17 million for both assets and liabilities as of December 31, 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. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHIC REGIONS | SEGMENTS AND GEOGRAPHIC REGIONS The historical Mobility & Materials segment costs that are classified as discontinued operations include only direct operating expenses incurred prior to the November 1, 2022 M&M Divestiture and costs which the Company will no longer incur upon the close of the Delrin® Divestiture. 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 are 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 costs related to activities "Future Reimbursable Indirect Costs", and adjusted for significant items. Reconciliations of these measures are provided on the following pages. Segment Information Electronics & Industrial Water & Protection Corporate & Other 1 Total In millions Three months ended September 30, 2023 Net sales $ 1,368 $ 1,413 $ 277 $ 3,058 Operating EBITDA 2 $ 383 $ 362 $ 30 $ 775 Equity in earnings of nonconsolidated affiliates $ 3 $ 8 $ — $ 11 Three months ended September 30, 2022 Net sales $ 1,511 $ 1,534 $ 272 $ 3,317 Operating EBITDA 2 $ 473 $ 382 $ 1 $ 856 Equity in earnings of nonconsolidated affiliates $ 7 $ 9 $ — $ 16 Nine months ended September 30, 2023 Net sales $ 3,976 $ 4,356 $ 838 $ 9,170 Operating EBITDA 2 $ 1,094 $ 1,074 $ 59 $ 2,227 Equity in earnings of nonconsolidated affiliates $ 11 $ 29 $ — $ 40 Nine months ended September 30, 2022 Net sales $ 4,574 $ 4,460 $ 879 $ 9,913 Operating EBITDA 2 $ 1,429 $ 1,071 $ 3 $ 2,503 Equity in earnings of nonconsolidated affiliates $ 26 $ 31 $ 5 $ 62 1. Corporate & Other includes activities of the Retained Businesses and Biomaterials prior to its May 2022 divestiture. 2. A reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA is provided below. Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended September 30, 2023 and 2022 Three Months Ended September 30, In millions 2023 2022 Income from continuing operations, net of tax $ 291 $ 359 + Provision for income taxes on continuing operations 117 139 Income from continuing operations before income taxes $ 408 $ 498 + Depreciation and amortization 294 283 - Interest income 1 34 5 + Interest expense 102 127 - Non-operating pension/OPEB benefit (costs) credits 1 (3) 7 - Foreign exchange gains, net 1 17 5 + Future reimbursable indirect costs 2 14 - Significant items charge (17) 49 Operating EBITDA $ 775 $ 856 1. Included in "Sundry income (expense) - net." Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA for the Nine Months Ended September 30, 2023 and 2022 Nine Months Ended September 30, In millions 2023 2022 Income from continuing operations, net of tax $ 833 $ 956 + Provision for income taxes on continuing operations 287 299 Income from continuing operations before income taxes $ 1,120 $ 1,255 + Depreciation and amortization 853 861 - Interest income 1 132 8 + Interest expense 295 365 - Non-operating pension/OPEB benefit (costs) credits 1 (7) 20 - Foreign exchange (losses) gains, net 1 (31) 9 + Future reimbursable indirect costs 6 45 - Significant items charge (47) (14) Operating EBITDA $ 2,227 $ 2,503 1. Included in "Sundry income (expense) - net." The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended September 30, 2023 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ (9) $ — $ — $ (9) Restructuring and asset related charges - net 2 (4) (1) (3) (8) Total $ (13) $ (1) $ (3) $ (17) 1. Acquisition, integration and separation costs related to the Spectrum Acquisition. 2. Includes restructuring actions and asset related charges. See Note 6 for additional information. Significant Items by Segment for the Three Months Ended September 30, 2022 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (7) $ (7) Gain on divestiture 2 — — 5 5 Terminated Intended Rogers Acquisition financing fees 3 — — (1) (1) Employee Retention Credit 4 20 20 12 52 Total $ 20 $ 20 $ 9 $ 49 1. Acquisition, integration and separation costs related to strategic initiatives including the sale of the Biomaterials business unit and the Terminated Intended Rogers Acquisition. 2. Reflected in "Sundry income (expense) - net." 3. Includes acquisition costs associated with the Terminated Intended Rogers Acquisition related to the financing agreements, specifically the structuring fees and the amortization of the commitment fees reflected in "Interest Expense." 4. Employee Retention Credit pursuant to the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as enhanced by the Consolidated Appropriations Act ("CAA") and American Rescue Plan Act ("ARPA") reflected in "Costs of sales," "Research and development expenses" and "Selling, general and administrative expenses." Significant Items by Segment for the Nine Months Ended September 30, 2023 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ (15) $ — $ — $ (15) Restructuring and asset related charges - net 2 (26) — (13) (39) Gain on divestiture 3 7 1 (1) 7 Total $ (34) $ 1 $ (14) $ (47) 1. Acquisition, integration and separation costs related to the Spectrum Acquisition. 2. Includes restructuring actions and asset related charges. See Note 6 for additional information. 3. Reflected in "Sundry income (expense) - net." Significant Items by Segment for the Nine Months Ended September 30, 2022 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (28) $ (28) Restructuring and asset related charges - net 2 (1) (3) (3) (7) Asset impairment charges 3 (94) — — (94) Gain on divestiture 4 — 37 31 68 Terminated Intended Rogers Acquisition financing fees 5 — — (5) (5) Employee Retention Credit 6 20 20 12 52 Total $ (75) $ 54 $ 7 $ (14) 1. Acquisition, integration and separation costs related to strategic initiatives including the Terminated 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 Terminated Intended Rogers Acquisition related to the financing agreements, specifically the structuring fees and the amortization of the commitment fees reflected in "Interest Expense." 6. Employee Retention Credit pursuant to the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as enhanced by the Consolidated Appropriations Act ("CAA") and American Rescue Plan Act ("ARPA") reflected in "Costs of sales," "Research and development expenses" and "Selling, general and administrative expenses." |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Closing of the Delrin® Divestiture On November 1, 2023, the Company closed its previously announced sale of an 80.1 percent ownership interest in the Delrin® business to TJC LP ("TJC"). DuPont received pre-tax cash proceeds of approximately $1.28 billion which includes certain customary transaction adjustments, a note receivable of $350 million, and DuPont will retain a less than 20 percent non-controlling common equity interest in the Delrin® business. The Company will determine the fair value of the equity interest and the note receivable during the fourth quarter 2023. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 319 | $ 367 | $ 445 | $ 1,642 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2022, collectively referred to as the "2022 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. Beginning in the second quarter of 2023, the Company has segregated the cash flows from discontinued operations from the cash flows from continuing operations in accordance with ASC 230, Statement of Cash Flows. The interim Consolidated Statements of Cash Flows have been recast for all periods to reflect the change in presentation. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting GuidanceIn September 2022, the FASB issued Accounting Standards Update No. 2022-04, "Liabilities-Supplier Finance Programs (Subtopic 405-50)" ("ASU 2022-04") to enhance transparency about the use of supplier finance programs. The new guidance requires that a buyer in a supplier finance program provides additional qualitative and quantitative disclosures about its program including the nature of the program, activity during the period, changes from period to period, and the potential magnitude of the program. The amendments in ASU 2022-04 are effective for fiscal years beginning after December 15, 2022 on a retrospective basis, including interim periods within those fiscal years, except for the amendment on rollforward information which is effective prospectively for fiscal years beginning after December 15, 2023. The Company implemented the new disclosures, other than the rollforward information, as required in the first quarter of 2023. The disclosures around rollforward information will be implemented as required for the year-ended December 31, 2024. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule Assets Acquired and Liabilities Assumed | The table below presents the provisional fair values allocated to the assets acquired and liabilities assumed. The purchase accounting and purchase price allocation for Spectrum are substantially complete. However, the Company continues to refine the preliminary valuation of certain acquired assets and liabilities, including income tax related amounts, which could impact the amount of residual goodwill recorded. The Company will finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the acquisition. Final determination of the fair values may result in further adjustments to the values presented in the following table: Spectrum Assets Acquired and Liabilities Assumed on August 1, 2023 (In millions) Fair Value of Assets Acquired Cash and cash equivalents $ 31 Accounts and notes receivable 68 Inventories 52 Property, plant and equipment 125 Other intangible assets 1,032 Deferred charges and other assets 34 Total Assets Acquired $ 1,342 Fair value of liabilities assumed Accounts payable $ 21 Accrued and other current liabilities 17 Deferred income tax liabilities 206 Other noncurrent liabilities 37 Total Liabilities Assumed $ 281 Goodwill 731 Total Consideration $ 1,792 |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Results of Operations Presented as Discontinued Operations | The following table summarizes the results of operations of the M&M Businesses which are presented as discontinued operations as summarized below: Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Net sales $ 133 $ 988 $ 422 $ 3,100 Cost of sales 93 771 269 2,357 Research and development expenses 1 12 3 41 Selling, general and administrative expenses — 25 1 110 Amortization of intangibles — — — 28 Acquisition, integration and separation costs 1 40 135 140 357 Equity in earnings of nonconsolidated affiliates — (5) (7) Sundry income (expense) - net 3 7 8 — Income from discontinued operations before income taxes $ 2 $ 47 $ 17 $ 200 (Benefit from) provision for income taxes on discontinued operations (14) 21 (7) (607) Income from discontinued operations, net of tax $ 16 $ 26 $ 24 $ 807 Net loss from discontinued operations attributable to noncontrolling interests — (7) — (5) Gain on sale, net of tax 2 $ 33 $ — $ 55 $ — Income from discontinued operations attributable to DuPont stockholders, net of tax $ 49 $ 33 $ 79 $ 812 1. Includes costs related to the M&M Divestitures for both periods presented. 2. Gain includes purchase price adjustments related to the M&M Divestiture. The following table summarizes the major classes of assets and liabilities which represent only those related to Delrin®, classified as held for sale presented as discontinued operations at September 30, 2023 and December 31, 2022: In millions September 30, 2023 December 31, 2022 Assets Accounts and notes receivable - net $ 71 $ 75 Inventories 113 104 Other current assets 6 6 Property, plant and equipment - net 274 256 Goodwill 405 405 Other intangible assets 344 338 Deferred income tax assets 23 36 Deferred charges and other assets 78 71 Total assets of discontinued operations $ 1,314 $ 1,291 Liabilities Accounts payable $ 62 $ 78 Income taxes payable 9 — Accrued and other current liabilities 10 8 Deferred income tax liabilities 53 53 Pension and other post employment benefits - noncurrent 1 5 Other noncurrent liabilities 2 2 Total liabilities of discontinued operations $ 137 $ 146 Discontinued operations activity consists of the following: Income (Loss) from Discontinued Operations, Net of Tax Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 M&M Divestitures $ 49 $ 26 $ 79 $ 807 MOU Activity 1 (8) (6) (384) (62) Other 2 (4) (3) (52) (22) Income (loss) from discontinued operations, net of tax $ 37 $ 17 $ (357) $ 723 1. Includes the activity for the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EIDP and the Company. The nine months ended September 30, 2023 includes a charge related to the Water District Settlement Agreement, as defined in Note 14. Refer to Note 14 for additional information. |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Trade Revenue | Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Industrial Solutions 1 $ 531 $ 496 $ 1,525 $ 1,499 Interconnect Solutions 380 446 1,064 1,371 Semiconductor Technologies 457 569 1,387 1,704 Electronics & Industrial $ 1,368 $ 1,511 $ 3,976 $ 4,574 Safety Solutions $ 630 $ 684 $ 1,989 $ 2,001 Shelter Solutions 431 476 1,248 1,385 Water Solutions 352 374 1,119 1,074 Water & Protection $ 1,413 $ 1,534 $ 4,356 $ 4,460 Retained Businesses 2 $ 277 $ 272 $ 838 $ 804 Other 3 — — — 75 Corporate & Other $ 277 $ 272 $ 838 $ 879 Total $ 3,058 $ 3,317 $ 9,170 $ 9,913 1. Net sales attributed to Spectrum, a component of Electronics & Industrial and presented within Industrial Solutions, was $77 million for both the three and nine months ended September 30, 2023. 2. Retained Businesses includes the Auto Adhesives & Fluids, Multibase TM and Tedlar ® businesses. 3. Net sales in 2022 reflected in Other primarily include activity of Biomaterials prior to its May 2022 divestiture. Net Trade Revenue by Geographic Region Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 U.S. & Canada $ 1,093 $ 1,149 $ 3,161 $ 3,293 EMEA 1 535 523 1,702 1,665 Asia Pacific 2 1,302 1,524 3,945 4,622 Latin America 128 121 362 333 Total $ 3,058 $ 3,317 $ 9,170 $ 9,913 1. Europe, Middle East and Africa. 2. Net sales attributed to China, for the three months ended September 30, 2023 and 2022 were $563 million and $688 million, respectively, while for the nine months ended months ended September 30, 2023 and 2022 net sales attributed to China were $1,669 million and $2,119 million, respectively. |
Schedule of Contract Balances | Contract Balances September 30, 2023 December 31, 2022 In millions Accounts and notes receivable - trade 1 $ 1,645 $ 1,593 Deferred revenue - current 2 $ 2 $ 11 Deferred revenue - noncurrent 3 $ 15 $ 8 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. Included in "Other noncurrent obligations" in the Condensed Consolidated Balance Sheets. |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Sundry Income (Expense), Net | Sundry Income (Expense) - Net Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Non-operating pension and other post-employment benefit (costs) credits $ (3) $ 7 $ (7) $ 20 Interest income 34 5 132 8 Net gain on divestiture and sales of other assets and investments 1 — 6 8 75 Foreign exchange gains (losses), net 17 5 (31) 9 Miscellaneous income - net 7 3 10 11 Sundry income (expense) - net $ 55 $ 26 $ 112 $ 123 |
EARNINGS PER SHARE CALCULATIO_2
EARNINGS PER SHARE CALCULATIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the three and nine months ended September 30, 2023 and 2022: Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Income from continuing operations, net of tax $ 291 $ 359 $ 833 $ 956 Net income from continuing operations attributable to noncontrolling interests 9 16 31 42 Income from continuing operations attributable to common stockholders $ 282 $ 343 $ 802 $ 914 Income (loss) from discontinued operations, net of tax 37 17 (357) 723 Net loss from discontinued operations attributable to noncontrolling interests — (7) — (5) Income (loss) from discontinued operations attributable to common stockholders $ 37 $ 24 $ (357) $ 728 Net income attributable to common stockholders $ 319 $ 367 $ 445 $ 1,642 Earnings Per Share Calculations - Basic Three Months Ended Nine Months Ended Dollars per share 2023 2022 2023 2022 Earnings from continuing operations attributable to common stockholders $ 0.62 $ 0.69 $ 1.76 $ 1.81 Earnings (loss) from discontinued operations, net of tax 0.08 0.05 (0.78) 1.44 Earnings attributable to common stockholders 1 $ 0.71 $ 0.73 $ 0.97 $ 3.25 Earnings Per Share Calculations - Diluted Three Months Ended Nine Months Ended Dollars per share 2023 2022 2023 2022 Earnings from continuing operations attributable to common stockholders $ 0.62 $ 0.69 $ 1.75 $ 1.80 Earnings (loss) from discontinued operations, net of tax 0.08 0.05 (0.78) 1.44 Earnings attributable to common stockholders 1 $ 0.70 $ 0.73 $ 0.97 $ 3.24 Share Count Information Three Months Ended Nine Months Ended Shares in millions 2023 2022 2023 2022 Weighted-average common shares - basic 451.7 499.4 456.5 505.6 Plus dilutive effect of equity compensation plans 1.7 1.0 1.3 1.3 Weighted-average common shares - diluted 453.4 500.4 457.8 506.9 Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations 2 1.7 4.4 2.8 3.0 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. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Current Inventory | In millions September 30, 2023 December 31, 2022 Finished goods $ 1,256 $ 1,299 Work in process 502 522 Raw materials 396 388 Supplies 125 120 Total inventories $ 2,279 $ 2,329 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amounts of goodwill during the nine months ended September 30, 2023 were as follows: In millions Electronics & Industrial Water & Protection Corporate & Other Total Balance at December 31, 2022 $ 9,397 $ 6,656 $ 610 $ 16,663 Goodwill recognized for Spectrum Acquisition 1 731 — — 731 Currency translation adjustment (92) (49) (2) (143) Balance at September 30, 2023 $ 10,036 $ 6,607 $ 608 $ 17,251 1. On August 1, 2023, DuPont completed the Spectrum Acquisition. Final determination of the goodwill value assigned may result in adjustments to the preliminary value recorded. See Note 3 for additional information. |
Schedule of Other Finite Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: September 30, 2023 December 31, 2022 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 2,071 $ (1,046) $ 1,025 $ 1,955 $ (913) $ 1,042 Trademarks/tradenames 1 925 (397) 528 906 (349) 557 Customer-related 1 6,249 (2,595) 3,654 5,454 (2,389) 3,065 Other 53 (26) 27 54 (27) 27 Total other intangible assets with finite lives $ 9,298 $ (4,064) $ 5,234 $ 8,369 $ (3,678) $ 4,691 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets $ 804 $ — $ 804 $ 804 $ — $ 804 Total $ 10,102 $ (4,064) $ 6,038 $ 9,173 $ (3,678) $ 5,495 1. As part of the Spectrum Acquisition, the Company acquired customer-related intangible assets of $888 million, developed technology of $126 million and trademark/tradename of $18 million. See Note 3 for additional information. |
Schedule of Other Indefinite Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: September 30, 2023 December 31, 2022 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology 1 $ 2,071 $ (1,046) $ 1,025 $ 1,955 $ (913) $ 1,042 Trademarks/tradenames 1 925 (397) 528 906 (349) 557 Customer-related 1 6,249 (2,595) 3,654 5,454 (2,389) 3,065 Other 53 (26) 27 54 (27) 27 Total other intangible assets with finite lives $ 9,298 $ (4,064) $ 5,234 $ 8,369 $ (3,678) $ 4,691 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets $ 804 $ — $ 804 $ 804 $ — $ 804 Total $ 10,102 $ (4,064) $ 6,038 $ 9,173 $ (3,678) $ 5,495 1. As part of the Spectrum Acquisition, the Company acquired customer-related intangible assets of $888 million, developed technology of $126 million and trademark/tradename of $18 million. See Note 3 for additional information. |
Schedule of Net Intangibles by Segment | The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment September 30, 2023 December 31, 2022 In millions Electronics & Industrial 1 $ 3,703 $ 2,976 Water & Protection 2,247 2,424 Corporate & Other 88 95 Total $ 6,038 $ 5,495 1. Includes intangible assets acquired as part of the Spectrum Acquisition. See Note 3 for additional information |
Schedule of Estimated Future Amortization Expense | Total estimated amortization expense for the remainder of 2023 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2023 $ 151 2024 $ 596 2025 $ 550 2026 $ 523 2027 $ 476 2028 $ 423 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 Sept 30, 2023 Dec 31, 2022 Balance Sheet Classification Current indemnified liabilities $ 65 $ 66 Accrued and other current liabilities Long-term indemnified liabilities 119 120 Other noncurrent obligations Total indemnified liabilities accrued under the MOU 1 $ 184 $ 186 1. As of September 30, 2023 and December 31, 2022, total indemnified liabilities accrued include $144 million and $161 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 Sept 30, 2023 Dec 31, 2022 Potential exposure above the amount accrued 1 Environmental remediation liabilities not subject to indemnity $ 41 $ 41 $ 118 Environmental remediation indemnified liabilities: Indemnifications related to Dow and Corteva 2 99 48 201 MOU related obligations (discussed above) 3 159 173 41 Other environmental indemnifications 1 1 2 Total environmental related liabilities $ 300 $ 263 $ 362 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 and Letter 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 include the Company's estimate of its liability under the MOU for remediation activities based on the current regulatory environment. |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Term and Discount Rates | The lease cost for operating leases were as follows: Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Operating lease costs $ 30 $ 27 $ 88 $ 82 Lease Term and Discount Rate for Operating Leases September 30, 2023 December 31, 2022 Weighted-average remaining lease term (years) 8.6 8.1 Weighted average discount rate 3.46 % 2.76 % |
Schedule of Operating Lease Assets and Liabilities | Supplemental balance sheet information related to leases was as follows: In millions September 30, 2023 December 31, 2022 Operating Leases Operating lease right-of-use assets 1 $ 487 $ 426 Current operating lease liabilities 2 91 90 Noncurrent operating lease liabilities 3 394 333 Total operating lease liabilities $ 485 $ 423 1. Included in " Deferred charges and other assets 2. Included in " Accrued and other current liabilities 3. Included in " Other noncurrent obligations |
Schedule of Maturity of Lease Liabilities | Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at September 30, 2023 Operating Leases In millions Remainder of 2023 $ 28 2024 103 2025 81 2026 62 2027 51 2028 and thereafter 244 Total lease payments $ 569 Less: Interest 84 Present value of lease liabilities $ 485 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the nine months ended September 30, 2023 and 2022: Accumulated Other Comprehensive Loss Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2022 Balance at January 1, 2022 $ (88) $ 73 $ 56 $ 41 Other comprehensive (loss) income before reclassifications (1,774) 24 109 (1,641) Amounts reclassified from accumulated other comprehensive loss — (3) — (3) Net other comprehensive (loss) income $ (1,774) $ 21 $ 109 $ (1,644) Balance at September 30, 2022 $ (1,862) $ 94 $ 165 $ (1,603) 2023 Balance at January 1, 2023 $ (968) $ 60 $ 117 $ (791) Other comprehensive loss before reclassifications (332) (6) (12) (350) Amounts reclassified from accumulated other comprehensive loss — (7) — (7) Net other comprehensive loss $ (332) $ (13) $ (12) $ (357) Balance at September 30, 2023 $ (1,300) $ 47 $ 105 $ (1,148) |
PENSION PLANS AND OTHER POST-_2
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Benefit Costs | The following sets forth the components of the Company's net periodic benefit costs (credits) for defined benefit pension plans: Net Periodic Benefit Costs for All Significant Plans Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Service cost $ 6 $ 9 $ 19 $ 32 Interest cost 26 14 75 41 Expected return on plan assets (24) (24) (71) (76) Amortization of prior service credit (1) (1) (2) (4) Amortization of unrecognized net (gain) loss (1) 1 (2) 2 Curtailment/settlement — (2) (2) (1) Net periodic benefit costs (credits) - Total $ 6 $ (3) $ 17 $ (6) Less: Net periodic benefit credits - Discontinued operations (2) (2) (6) (7) Net periodic benefit costs (credits) - Continuing operations $ 8 $ (1) $ 23 $ 1 Net Periodic Benefit Costs for Plans in Continuing Operations Three Months Ended Nine Months Ended In millions 2023 2022 2023 2022 Service cost $ 5 $ 6 $ 16 $ 21 Interest cost 24 13 70 37 Expected return on plan assets (20) (19) (58) (57) Amortization of prior service credit — — (1) (2) Amortization of unrecognized net (gain) loss (1) 1 (2) 3 Curtailment/settlement — (2) (2) (1) Net periodic benefit costs (credits) - Continuing operations $ 8 $ (1) $ 23 $ 1 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of the Fair Value of Financial Instruments | The following table summarizes the fair value of financial instruments at September 30, 2023 and December 31, 2022: Fair Value of Financial Instruments September 30, 2023 December 31, 2022 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 223 $ — $ — $ 223 $ 2,198 $ — $ — $ 2,198 Restricted cash equivalents 1 409 — — 409 110 — — 110 Marketable securities — — — — 1,302 — — 1,302 Total cash and restricted cash equivalents and marketable securities $ 632 $ — $ — $ 632 $ 3,610 $ — $ — $ 3,610 Long-term debt including debt due within one year 2 $ (8,158) $ 467 $ (52) $ (7,743) $ (8,145) $ 227 $ (58) $ (7,976) Derivatives relating to: Net investment hedge 3 $ — $ 134 $ — $ 134 $ — $ 149 $ — $ 149 Foreign currency 4, 5 — 19 (8) 11 — 10 (35) (25) Interest rate swap agreements 6 — — (118) (118) — — (71) (71) Total derivatives $ — $ 153 $ (126) $ 27 $ — $ 159 $ (106) $ 53 1. At September 30, 2023 there was $409 million classified as "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheets. At December 31, 2022 there was $7 million of restricted cash classified as "Restricted cash and cash equivalents" and $103 million classified as "Restricted cash and cash equivalents - noncurrent" in the Condensed Consolidated Balance Sheets. See Note 7 for more information on restricted cash. 2. Included in the balance is a fair value hedging revaluation related to the Company's interest rate swap agreements. At September 30, 2023 and December 31, 2022 this balance was $118 million and $71 million, respectively. 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 Consolidated Balance Sheets. |
Schedule of Notional Amounts | The notional amounts of the Company's derivative instruments were as follows: Notional Amounts September 30, 2023 December 31, 2022 In millions Derivatives designated as hedging instruments: Net investment hedge $ 1,000 $ 1,000 Interest rate swap agreements $ 1,000 $ 1,000 Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ 627 $ 476 1. Presented net of contracts bought and sold. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of the Fair Value of Assets and Liabilities Measured on a Recurring Basis | The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: Basis of Fair Value Measurements on a Recurring Basis at September 30, 2023 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 632 Derivatives relating to: 2 Net investment hedge 134 Foreign currency contracts 3 33 Total assets at fair value $ 799 Liabilities at fair value: Long-term debt including debt due within one year 4 $ 7,743 Derivatives relating to: 2 Interest rate swap agreements 118 Foreign currency contracts 3 22 Total liabilities at fair value $ 7,883 1. Time deposits and money market funds included in "Cash and cash equivalents" and money market funds included in "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. See Note 19 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 for foreign currency contracts were $14 million and zero respectively, for both assets and liabilities as of September 30, 2023. 4. Fair value is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms. Basis of Fair Value Measurements on a Recurring Basis at December 31, 2022 Significant Other Observable Inputs In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 2,308 Marketable securities 2 1,302 Derivatives relating to: 3 Net investment hedge 149 Foreign currency contracts 4 26 Total assets at fair value $ 3,785 Liabilities at fair value: Long-term debt including debt due within one year 5 $ 7,976 Derivatives relating to: 3 Interest rate swap agreements 71 Foreign currency contracts 4 51 Total liabilities at fair value $ 8,098 1. Treasury bills, time deposits, and money market funds included in "Cash and cash equivalents" and money market funds included in "Restricted cash and cash equivalents" in the Condensed Consolidated Balance Sheets and held at amortized cost, which approximates fair value. 2. Time deposits classified as held to maturity, with maturities of greater than three months and less than twelve months at time of acquisition, which are recorded at amortized cost which approximates fair value. 3. See Note 19 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 were $17 million for both assets and liabilities as of December 31, 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. |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segment Information | Segment Information Electronics & Industrial Water & Protection Corporate & Other 1 Total In millions Three months ended September 30, 2023 Net sales $ 1,368 $ 1,413 $ 277 $ 3,058 Operating EBITDA 2 $ 383 $ 362 $ 30 $ 775 Equity in earnings of nonconsolidated affiliates $ 3 $ 8 $ — $ 11 Three months ended September 30, 2022 Net sales $ 1,511 $ 1,534 $ 272 $ 3,317 Operating EBITDA 2 $ 473 $ 382 $ 1 $ 856 Equity in earnings of nonconsolidated affiliates $ 7 $ 9 $ — $ 16 Nine months ended September 30, 2023 Net sales $ 3,976 $ 4,356 $ 838 $ 9,170 Operating EBITDA 2 $ 1,094 $ 1,074 $ 59 $ 2,227 Equity in earnings of nonconsolidated affiliates $ 11 $ 29 $ — $ 40 Nine months ended September 30, 2022 Net sales $ 4,574 $ 4,460 $ 879 $ 9,913 Operating EBITDA 2 $ 1,429 $ 1,071 $ 3 $ 2,503 Equity in earnings of nonconsolidated affiliates $ 26 $ 31 $ 5 $ 62 1. Corporate & Other includes activities of the Retained Businesses and Biomaterials prior to its May 2022 divestiture. 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 from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended September 30, 2023 and 2022 Three Months Ended September 30, In millions 2023 2022 Income from continuing operations, net of tax $ 291 $ 359 + Provision for income taxes on continuing operations 117 139 Income from continuing operations before income taxes $ 408 $ 498 + Depreciation and amortization 294 283 - Interest income 1 34 5 + Interest expense 102 127 - Non-operating pension/OPEB benefit (costs) credits 1 (3) 7 - Foreign exchange gains, net 1 17 5 + Future reimbursable indirect costs 2 14 - Significant items charge (17) 49 Operating EBITDA $ 775 $ 856 1. Included in "Sundry income (expense) - net." Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA for the Nine Months Ended September 30, 2023 and 2022 Nine Months Ended September 30, In millions 2023 2022 Income from continuing operations, net of tax $ 833 $ 956 + Provision for income taxes on continuing operations 287 299 Income from continuing operations before income taxes $ 1,120 $ 1,255 + Depreciation and amortization 853 861 - Interest income 1 132 8 + Interest expense 295 365 - Non-operating pension/OPEB benefit (costs) credits 1 (7) 20 - Foreign exchange (losses) gains, net 1 (31) 9 + Future reimbursable indirect costs 6 45 - Significant items charge (47) (14) Operating EBITDA $ 2,227 $ 2,503 1. Included in "Sundry income (expense) - net." |
Schedule of Certain Items by Segment | The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended September 30, 2023 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ (9) $ — $ — $ (9) Restructuring and asset related charges - net 2 (4) (1) (3) (8) Total $ (13) $ (1) $ (3) $ (17) 1. Acquisition, integration and separation costs related to the Spectrum Acquisition. 2. Includes restructuring actions and asset related charges. See Note 6 for additional information. Significant Items by Segment for the Three Months Ended September 30, 2022 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (7) $ (7) Gain on divestiture 2 — — 5 5 Terminated Intended Rogers Acquisition financing fees 3 — — (1) (1) Employee Retention Credit 4 20 20 12 52 Total $ 20 $ 20 $ 9 $ 49 1. Acquisition, integration and separation costs related to strategic initiatives including the sale of the Biomaterials business unit and the Terminated Intended Rogers Acquisition. 2. Reflected in "Sundry income (expense) - net." 3. Includes acquisition costs associated with the Terminated Intended Rogers Acquisition related to the financing agreements, specifically the structuring fees and the amortization of the commitment fees reflected in "Interest Expense." 4. Employee Retention Credit pursuant to the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as enhanced by the Consolidated Appropriations Act ("CAA") and American Rescue Plan Act ("ARPA") reflected in "Costs of sales," "Research and development expenses" and "Selling, general and administrative expenses." Significant Items by Segment for the Nine Months Ended September 30, 2023 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ (15) $ — $ — $ (15) Restructuring and asset related charges - net 2 (26) — (13) (39) Gain on divestiture 3 7 1 (1) 7 Total $ (34) $ 1 $ (14) $ (47) 1. Acquisition, integration and separation costs related to the Spectrum Acquisition. 2. Includes restructuring actions and asset related charges. See Note 6 for additional information. 3. Reflected in "Sundry income (expense) - net." Significant Items by Segment for the Nine Months Ended September 30, 2022 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ — $ — $ (28) $ (28) Restructuring and asset related charges - net 2 (1) (3) (3) (7) Asset impairment charges 3 (94) — — (94) Gain on divestiture 4 — 37 31 68 Terminated Intended Rogers Acquisition financing fees 5 — — (5) (5) Employee Retention Credit 6 20 20 12 52 Total $ (75) $ 54 $ 7 $ (14) 1. Acquisition, integration and separation costs related to strategic initiatives including the Terminated 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 Terminated Intended Rogers Acquisition related to the financing agreements, specifically the structuring fees and the amortization of the commitment fees reflected in "Interest Expense." 6. Employee Retention Credit pursuant to the Coronavirus Aid, Relief, and Economic Security ("CARES") Act as enhanced by the Consolidated Appropriations Act ("CAA") and American Rescue Plan Act ("ARPA") reflected in "Costs of sales," "Research and development expenses" and "Selling, general and administrative expenses." |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Nov. 01, 2023 |
Discontinued Operations, Disposed of by Sale | Delrin Business | Subsequent Event | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Ownership interest divested | 80.10% |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Aug. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 17,251,000,000 | $ 17,251,000,000 | $ 16,663,000,000 | |||
Net sales | 3,058,000,000 | $ 3,317,000,000 | 9,170,000,000 | $ 9,913,000,000 | ||
Acquisition, integration and separation costs | 9,000,000 | 7,000,000 | 15,000,000 | 28,000,000 | ||
M&M Divestitures | Discontinued Operations, Held for sale | ||||||
Business Acquisition [Line Items] | ||||||
Separation costs | 40,000,000 | 135,000,000 | 140,000,000 | 357,000,000 | ||
Electronics & Industrial | ||||||
Business Acquisition [Line Items] | ||||||
Net sales | 1,368,000,000 | 1,511,000,000 | 3,976,000,000 | 4,574,000,000 | ||
Industrial Solutions | Electronics & Industrial | ||||||
Business Acquisition [Line Items] | ||||||
Net sales | 531,000,000 | $ 496,000,000 | 1,525,000,000 | $ 1,499,000,000 | ||
Spectrum Plastics Group | ||||||
Business Acquisition [Line Items] | ||||||
Consideration transferred | $ 1,792,000,000 | |||||
Net upward adjustments | 43,100,000 | |||||
Goodwill | 731,000,000 | |||||
Goodwill expected to be tax deductible | 0 | |||||
Spectrum Plastics Group | Industrial Solutions | Electronics & Industrial | ||||||
Business Acquisition [Line Items] | ||||||
Net sales | $ 77,000,000 | $ 77,000,000 | ||||
Spectrum Plastics Group | Customer-related | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets | $ 888,000,000 | |||||
Acquired intangible assets, useful life | 20 years | |||||
Spectrum Plastics Group | Developed technology | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets | $ 126,000,000 | |||||
Acquired intangible assets, useful life | 15 years | |||||
Spectrum Plastics Group | Trademarks/tradenames | ||||||
Business Acquisition [Line Items] | ||||||
Acquired intangible assets | $ 18,000,000 | |||||
Acquired intangible assets, useful life | 5 years |
ACQUISITIONS - Assets Acquired
ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Aug. 01, 2023 | Dec. 31, 2022 |
Fair value of liabilities assumed | |||
Goodwill | $ 17,251 | $ 16,663 | |
Spectrum Plastics Group | |||
Fair Value of Assets Acquired | |||
Cash and cash equivalents | $ 31 | ||
Accounts and notes receivable | 68 | ||
Inventories | 52 | ||
Property, plant and equipment | 125 | ||
Other intangible assets | 1,032 | ||
Deferred charges and other assets | 34 | ||
Total Assets Acquired | 1,342 | ||
Fair value of liabilities assumed | |||
Accounts payable | 21 | ||
Accrued and other current liabilities | 17 | ||
Deferred income tax liabilities | 206 | ||
Other noncurrent liabilities | 37 | ||
Total Liabilities Assumed | 281 | ||
Goodwill | 731 | ||
Total Consideration | $ 1,792 |
DIVESTITURES - Narrative (Detai
DIVESTITURES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Nov. 01, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income (loss) from discontinued operations, net of tax | $ 37 | $ 17 | $ (357) | $ 723 | |
Discontinued Operations, Disposed of by Sale | Delrin Business | Subsequent Event | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Ownership interest divested | 80.10% | ||||
Pretax cash proceeds from sale | $ 1,280 | ||||
Consideration, note receivable | $ 350 | ||||
Discontinued Operations, Held for sale | M&M Divestitures | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income (loss) from discontinued operations, net of tax | $ 16 | $ 26 | $ 24 | $ 807 |
DIVESTITURES - Discontinued Ope
DIVESTITURES - Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | $ 37 | $ 17 | $ (357) | $ 723 |
Net loss from discontinued operations attributable to noncontrolling interests | 0 | (7) | 0 | (5) |
Discontinued Operations, Held for sale | M&M Divestitures | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 133 | 988 | 422 | 3,100 |
Cost of sales | 93 | 771 | 269 | 2,357 |
Research and development expenses | 1 | 12 | 3 | 41 |
Selling, general and administrative expenses | 0 | 25 | 1 | 110 |
Amortization of intangibles | 0 | 0 | 0 | 28 |
Acquisition, integration and separation costs | 40 | 135 | 140 | 357 |
Equity in earnings of nonconsolidated affiliates | 0 | (5) | (7) | |
Sundry income (expense) - net | 3 | 7 | 8 | 0 |
Income from discontinued operations before income taxes | 2 | 47 | 17 | 200 |
(Benefit from) provision for income taxes on discontinued operations | (14) | 21 | (7) | (607) |
Income from discontinued operations, net of tax | 16 | 26 | 24 | 807 |
Net loss from discontinued operations attributable to noncontrolling interests | 0 | (7) | 0 | (5) |
Gain on sale, net of tax | 33 | 0 | 55 | 0 |
Income from discontinued operations attributable to DuPont stockholders, net of tax | $ 49 | $ 33 | $ 79 | $ 812 |
DIVESTITURES - Carrying Amount
DIVESTITURES - Carrying Amount of Assets and Liabilities (Details) - Discontinued Operations, Held for sale - M&M Divestitures - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Accounts and notes receivable - net | $ 71 | $ 75 |
Inventories | 113 | 104 |
Other current assets | 6 | 6 |
Property, plant and equipment - net | 274 | 256 |
Goodwill | 405 | 405 |
Other intangible assets | 344 | 338 |
Deferred income tax assets | 23 | 36 |
Deferred charges and other assets | 78 | 71 |
Total assets of discontinued operations | 1,314 | 1,291 |
Liabilities | ||
Accounts payable | 62 | 78 |
Income taxes payable | 9 | 0 |
Accrued and other current liabilities | 10 | 8 |
Deferred income tax liabilities | 53 | 53 |
Pension and other post employment benefits - noncurrent | 1 | 5 |
Other noncurrent liabilities | 2 | 2 |
Total liabilities of discontinued operations | $ 137 | $ 146 |
DIVESTITURES - Other Discontinu
DIVESTITURES - Other Discontinued Operations Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | $ 37 | $ 17 | $ (357) | $ 723 |
Discontinued Operations, Held for sale | M&M Divestitures | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | 49 | 26 | 79 | 807 |
Discontinued Operations | MOU Activity | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | (8) | (6) | (384) | (62) |
Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of tax | $ (4) | $ (3) | $ (52) | $ (22) |
REVENUE - Disaggregation of Rev
REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 3,058 | $ 3,317 | $ 9,170 | $ 9,913 | |
Accounts and notes receivable - trade | 1,645 | 1,645 | $ 1,593 | ||
Deferred revenue - current | 2 | 2 | 11 | ||
Deferred revenue - noncurrent | 15 | 15 | $ 8 | ||
U.S. & Canada | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,093 | 1,149 | 3,161 | 3,293 | |
EMEA | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 535 | 523 | 1,702 | 1,665 | |
Asia Pacific | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,302 | 1,524 | 3,945 | 4,622 | |
Latin America | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 128 | 121 | 362 | 333 | |
China | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 563 | 688 | 1,669 | 2,119 | |
Corporate & Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 277 | 272 | 838 | 879 | |
Retained Businesses | Corporate & Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 277 | 272 | 838 | 804 | |
Other | Corporate & Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 0 | 0 | 0 | 75 | |
Electronics & Industrial | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,368 | 1,511 | 3,976 | 4,574 | |
Electronics & Industrial | Industrial Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 531 | 496 | 1,525 | 1,499 | |
Electronics & Industrial | Industrial Solutions | Spectrum Plastics Group | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 77 | 77 | |||
Electronics & Industrial | Interconnect Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 380 | 446 | 1,064 | 1,371 | |
Electronics & Industrial | Semiconductor Technologies | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 457 | 569 | 1,387 | 1,704 | |
Water & Protection | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 1,413 | 1,534 | 4,356 | 4,460 | |
Water & Protection | Safety Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 630 | 684 | 1,989 | 2,001 | |
Water & Protection | Shelter Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | 431 | 476 | 1,248 | 1,385 | |
Water & Protection | Water Solutions | |||||
Disaggregation of Revenue [Line Items] | |||||
Net sales | $ 352 | $ 374 | $ 1,119 | $ 1,074 |
REVENUE - Contract Balances (De
REVENUE - Contract Balances (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] | ||
Accounts and notes receivable - trade | $ 1,645 | $ 1,593 |
Deferred revenue - current | 2 | 11 |
Deferred revenue - noncurrent | $ 15 | $ 8 |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Charges for restructuring programs and asset impairments | $ 8,000,000 | $ 0 | $ 39,000,000 | $ 101,000,000 | ||
Liabilities related to restructuring programs | 46,000,000 | 46,000,000 | $ 67,000,000 | |||
Equity method investment, other than temporary impairment | $ 94,000,000 | $ 94,000,000 | ||||
Equity method investment impairment charges, net of tax | $ 65,000,000 | |||||
2022 Restructuring Actions | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Liabilities related to restructuring programs | 42,000,000 | 42,000,000 | $ 57,000,000 | |||
Pre-tax restructuring charges from inception-to-date | 93,000,000 | 93,000,000 | ||||
2022 Restructuring Actions | Severance and Related Benefit Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Pre-tax restructuring charges from inception-to-date | 80,000,000 | 80,000,000 | ||||
2022 Restructuring Actions | Asset Related Charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Pre-tax restructuring charges from inception-to-date | $ 13,000,000 | $ 13,000,000 |
SUPPLEMENTARY INFORMATION - Sch
SUPPLEMENTARY INFORMATION - Schedule of Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule Of Sundry Income Expense [Line Items] | ||||
Non-operating pension and other post-employment benefit (costs) credits | $ (3) | $ 7 | $ (7) | $ 20 |
Interest income | 34 | 5 | 132 | 8 |
Net gain on divestiture and sales of other assets and investments | 0 | 6 | 8 | 75 |
Foreign exchange gains (losses), net | 17 | 5 | (31) | 9 |
Miscellaneous income - net | 7 | 3 | 10 | 11 |
Sundry income (expense) - net | $ 55 | $ 26 | $ 112 | 123 |
Water & Protection | ||||
Schedule Of Sundry Income Expense [Line Items] | ||||
Net gain on divestiture and sales of other assets and investments | 37 | |||
Disposal Group, Held-for-sale, Not Discontinued Operations | Biomaterials Business Unit | ||||
Schedule Of Sundry Income Expense [Line Items] | ||||
Net gain on divestiture and sales of other assets and investments | $ 26 |
SUPPLEMENTARY INFORMATION - Nar
SUPPLEMENTARY INFORMATION - Narrative (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Supplementary Information | ||
Restricted cash, current | $ 409,000,000 | $ 7,000,000 |
Restricted cash, noncurrent | 103,000,000 | |
Accrued and other current liabilities | 1,272,000,000 | 951,000,000 |
Accrued payroll | 261,000,000 | 291,000,000 |
Water District Settlement Fund | ||
Supplementary Information | ||
Accrued settlement amount | 401,000,000 | |
Payments Due Annually Beginning September 2023 | ||
Supplementary Information | ||
Restricted cash, current | 409,000,000 | 7,000,000 |
Restricted cash, noncurrent | $ 0 | $ 103,000,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate, percent | 28.70% | 27.90% | 25.60% | 23.80% | |
Equity method investment, other than temporary impairment | $ 94 | $ 94 | |||
Tax benefit resulting from impairment of equity method investment | 29 | ||||
Tax benefit in connection with certain anticipated internal stock restructurings | $ 12 | $ 655 |
EARNINGS PER SHARE CALCULATIO_3
EARNINGS PER SHARE CALCULATIONS - Schedule of Net Income for EPS Calculations, Basic (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations, net of tax | $ 291 | $ 359 | $ 833 | $ 956 |
Net income from continuing operations attributable to noncontrolling interests | 9 | 16 | 31 | 42 |
Income from continuing operations attributable to common stockholders | 282 | 343 | 802 | 914 |
Income (loss) from discontinued operations, net of tax | 37 | 17 | (357) | 723 |
Net loss from discontinued operations attributable to noncontrolling interests | 0 | (7) | 0 | (5) |
Income (loss) from discontinued operations attributable to common stockholders | 37 | 24 | (357) | 728 |
Net income attributable to common stockholders | $ 319 | $ 367 | $ 445 | $ 1,642 |
EARNINGS PER SHARE CALCULATIO_4
EARNINGS PER SHARE CALCULATIONS - Schedule of EPS Calculations, Basic (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations attributable to common stockholders (in usd per share) | $ 0.62 | $ 0.69 | $ 1.76 | $ 1.81 |
Earnings (loss) from discontinued operations, net of tax (in usd per share) | 0.08 | 0.05 | (0.78) | 1.44 |
Earnings per common share - basic - basic (in usd per share) | $ 0.71 | $ 0.73 | $ 0.97 | $ 3.25 |
EARNINGS PER SHARE CALCULATIO_5
EARNINGS PER SHARE CALCULATIONS - Schedule of EPS Calculations, Diluted (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations attributable to common stockholders (in usd per share) | $ 0.62 | $ 0.69 | $ 1.75 | $ 1.80 |
Earnings (loss) from discontinued operations, net of tax (in usd per share) | 0.08 | 0.05 | (0.78) | 1.44 |
Earnings per common share - diluted (in usd per share) | $ 0.70 | $ 0.73 | $ 0.97 | $ 3.24 |
EARNINGS PER SHARE CALCULATIO_6
EARNINGS PER SHARE CALCULATIONS - Schedule of Count Information (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares - basic (in shares) | 451.7 | 499.4 | 456.5 | 505.6 |
Plus dilutive effect of equity compensation plans (in shares) | 1.7 | 1 | 1.3 | 1.3 |
Weighted-average common shares - diluted (in shares) | 453.4 | 500.4 | 457.8 | 506.9 |
Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations (in shares) | 1.7 | 4.4 | 2.8 | 3 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,256 | $ 1,299 |
Work in process | 502 | 522 |
Raw materials | 396 | 388 |
Supplies | 125 | 120 |
Total inventories | $ 2,279 | $ 2,329 |
NONCONSOLIDATED AFFILIATES (Det
NONCONSOLIDATED AFFILIATES (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) affiliate | Sep. 30, 2022 | Sep. 30, 2023 USD ($) affiliate | Sep. 30, 2022 | Dec. 31, 2022 USD ($) | |
Investments in and Advances to Affiliates [Line Items] | |||||
Net investment in nonconsolidated affiliates | $ | $ 699 | $ 699 | $ 686 | ||
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% | 3% | 3% | 3% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | $ 16,663 |
Goodwill recognized for Spectrum Acquisition | 731 |
Currency translation adjustment | (143) |
Net goodwill, end of period | 17,251 |
Corporate & Other | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 610 |
Goodwill recognized for Spectrum Acquisition | 0 |
Currency translation adjustment | (2) |
Net goodwill, end of period | 608 |
Electronics & Industrial | Operating Segments | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 9,397 |
Goodwill recognized for Spectrum Acquisition | 731 |
Currency translation adjustment | (92) |
Net goodwill, end of period | 10,036 |
Water & Protection | Operating Segments | |
Goodwill [Roll Forward] | |
Net goodwill, beginning of period | 6,656 |
Goodwill recognized for Spectrum Acquisition | 0 |
Currency translation adjustment | (49) |
Net goodwill, end of period | $ 6,607 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 17,251 | $ 16,663 |
Water & Protection | ||
Goodwill [Line Items] | ||
Percentage of fair value in excess of carrying amount | 10% | |
Goodwill | $ 5,500 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Aug. 01, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 9,298 | $ 8,369 | |
Accum Amort | (4,064) | (3,678) | |
Net | 5,234 | 4,691 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Total other intangible assets | 804 | 804 | |
Gross Carrying Amount | 10,102 | 9,173 | |
Net | 6,038 | 5,495 | |
Trademarks/tradenames | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Total other intangible assets | 804 | 804 | |
Developed technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,071 | 1,955 | |
Accum Amort | (1,046) | (913) | |
Net | 1,025 | 1,042 | |
Developed technology | Spectrum Plastics Group | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 126 | ||
Trademarks/tradenames | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 925 | 906 | |
Accum Amort | (397) | (349) | |
Net | 528 | 557 | |
Trademarks/tradenames | Spectrum Plastics Group | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | 18 | ||
Customer-related | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 6,249 | 5,454 | |
Accum Amort | (2,595) | (2,389) | |
Net | 3,654 | 3,065 | |
Customer-related | Spectrum Plastics Group | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets | $ 888 | ||
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 53 | 54 | |
Accum Amort | (26) | (27) | |
Net | $ 27 | $ 27 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangibles by Segment (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 6,038 | $ 5,495 |
Corporate & Other | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 88 | 95 |
Electronics & Industrial | Operating Segments | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,703 | 2,976 |
Water & Protection | Operating Segments | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 2,247 | $ 2,424 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 151 |
2024 | 596 |
2025 | 550 |
2026 | 523 |
2027 | 476 |
2028 | $ 423 |
SHORT-TERM BORROWINGS, LONG-T_2
SHORT-TERM BORROWINGS, LONG-TERM DEBT, AVAILABLE CREDIT FACILITIES AND OTHER OBLIGATIONS (Details) - USD ($) | 9 Months Ended | |||
May 10, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 7,740,000,000 | $ 7,774,000,000 | ||
Accumulated loss on derivatives | 126,000,000 | 106,000,000 | ||
Remaining borrowing capacity, uncommitted | 706,000,000 | |||
Letters of credit outstanding | $ 116,000,000 | |||
Payment timing of supplier finance program | 110 days | |||
Require notice of termination for supplier financing | 30 days | |||
Supplier finance program obligation | $ 109,000,000 | 127,000,000 | ||
Proceeds from credit facility | 0 | $ 600,000,000 | ||
Interest rate swap agreements | ||||
Debt Instrument [Line Items] | ||||
Accumulated loss on derivatives | 118,000,000 | 71,000,000 | ||
364-Day Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,000,000,000 | |||
Debt instrument term | 364 days | |||
Commercial Paper | ||||
Debt Instrument [Line Items] | ||||
Short-term borrowings | $ 175,000,000 | $ 0 | ||
Short-term borrowing, weighted average interest rate | 5.43% |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2023 USD ($) | Jun. 30, 2021 USD ($) | Jan. 21, 2021 USD ($) case | Jul. 31, 2021 USD ($) | Apr. 30, 2021 municipality | Sep. 30, 2023 USD ($) case | Sep. 30, 2023 USD ($) case | Dec. 31, 2022 USD ($) | Dec. 31, 2017 USD ($) plaintiff case | Dec. 31, 2012 health_condition | Jan. 20, 2021 case | |
Loss Contingencies [Line Items] | |||||||||||
Qualified spend - eligible PFAS costs, maximum | $ 4,000 | $ 4,000 | |||||||||
Escrow account balance - required minimum | 700 | 700 | |||||||||
Non-PFAS stray liabilities threshold | 200 | 200 | |||||||||
Indemnifiable losses threshold related to PFAS stray liabilities - per party | 150 | 150 | |||||||||
Indemnifiable losses threshold related to PFAS stray liabilities - total | 300 | 300 | |||||||||
Restricted cash and cash equivalents | 409 | 409 | $ 7 | ||||||||
Estimated litigation liability | 17.7 | 17.7 | |||||||||
Total environmental related liabilities | $ 300 | $ 300 | 263 | ||||||||
DuPont and Corteva | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Percentage split of PFAS liabilities under the separation agreement | 50% | 50% | |||||||||
Chemours, Corteva and DuPont | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of accuser municipalities | municipality | 4 | ||||||||||
Chemours | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Qualified spend - eligible PFAS costs percentage split | 50% | 50% | |||||||||
Future escrow deposit, percentage split | 50% | 50% | |||||||||
Chemours | Payments Due September 2021, September 2022 | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Future escrow deposit | $ 100 | $ 100 | |||||||||
Chemours | Payments Due Annually Beginning September 2023 | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Future escrow deposit | 50 | 50 | |||||||||
DuPont and Corteva | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Qualified spend - eligible PFAS costs, maximum | $ 2,000 | $ 2,000 | |||||||||
Qualified spend - eligible PFAS costs percentage split | 50% | 50% | |||||||||
Future escrow deposit, percentage split | 50% | 50% | |||||||||
DuPont and Corteva | Payments Due September 2021, September 2022 | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Future escrow deposit | $ 100 | $ 100 | |||||||||
DuPont and Corteva | Payments Due Annually Beginning September 2023 | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Future escrow deposit | 50 | 50 | |||||||||
DuPont | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Qualified spend - eligible PFAS costs, maximum | 1,400 | 1,400 | |||||||||
Payment of qualified spend amount | $ 130 | $ 130 | |||||||||
Non-PFAS stray liabilities percent split after threshold | 71% | 71% | |||||||||
Corteva | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Non-PFAS stray liabilities percent split after threshold | 29% | 29% | |||||||||
Water District Settlement Fund | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Accrued settlement amount | $ 401 | $ 401 | |||||||||
Litigation expense | 400 | ||||||||||
Aggregate limit of liabilities under settlement agreement | 100 | 100 | |||||||||
Water District Settlement Fund | Chemours, Corteva and DuPont | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount awarded to other party | $ 1,185 | ||||||||||
Litigation expense | $ 1,185 | ||||||||||
Water District Settlement Fund | Chemours | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Litigation expense | 592 | ||||||||||
Percentage of settlement | 50% | ||||||||||
Water District Settlement Fund | DuPont and Corteva | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Percentage of settlement | 50% | ||||||||||
Water District Settlement Fund | DuPont | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Accrued settlement amount | $ 400 | 400 | |||||||||
Water District Settlement Fund | Corteva | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Litigation expense | $ 193 | ||||||||||
PFOA Multi-District Litigation (MDL) | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of pending lawsuits | case | 100 | ||||||||||
PFOA Multi-District Litigation (MDL) | PFOA Matters | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount awarded to other party | $ 83 | ||||||||||
Payment for share of settlement | $ 27 | ||||||||||
PFOA Multi-District Litigation (MDL) | Chemours | PFOA Matters | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount awarded to other party | 29 | ||||||||||
PFOA Multi-District Litigation (MDL) | DuPont | PFOA Matters | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount awarded to other party | $ 27 | ||||||||||
PFOA Multi-District Litigation (MDL) | Historical EID And Chemours | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of pending lawsuits | case | 1 | 100 | |||||||||
PFOA Multi-District Litigation (MDL) | Historical EID And Chemours | PFOA Matters | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of health conditions under personal injury claims | health_condition | 6 | ||||||||||
Amount awarded to other party | $ 335 | ||||||||||
PFOA Multi-District Litigation (MDL) | Historical EID | PFOA Matters | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of plaintiffs | plaintiff | 3,550 | ||||||||||
PFOA Multi-District Litigation (MDL) | EID | PFOA Matters | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount awarded to other party | $ 27 | ||||||||||
Firefighter Foam Cases | Historical EID And Chemours | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Number of pending lawsuits | case | 5,100 | 5,100 | |||||||||
State of Delaware | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount awarded to other party | $ 50 | ||||||||||
Payment for share of settlement | 12.5 | ||||||||||
State of Delaware | Supplemental Settlement | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Amount awarded to other party | $ 25 | ||||||||||
State of Delaware | Chemours | Supplemental Settlement | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Percentage of settlement | 50% | ||||||||||
State of Delaware | DuPont and Corteva | Supplemental Settlement | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Percentage of settlement | 50% | ||||||||||
Accounts And Notes Receivable, Other | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Indemnification asset | $ 20 | $ 20 | 70 | ||||||||
Deferred Charges And Other Assets | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Indemnification asset | 239 | 239 | 237 | ||||||||
Accrued and Other Current Liabilities | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Indemnification liabilities | 159 | 159 | 211 | ||||||||
Other Noncurrent Obligations | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Indemnification liabilities | 267 | 267 | 274 | ||||||||
Restricted Cash Equivalents | Water District Settlement Fund | |||||||||||
Loss Contingencies [Line Items] | |||||||||||
Accrued settlement amount | $ 400 | $ 400 | |||||||||
Escrow deposit | $ 100 | $ 100 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Indemnified Liabilities Related to the MOU (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 300 | $ 263 |
Accrued and Other Current Liabilities | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 159 | 211 |
Other Noncurrent Obligations | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 267 | 274 |
MOU Agreement | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 184 | 186 |
MOU Agreement | Chemours | Fayetteville | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 144 | 161 |
MOU Agreement | Accrued and Other Current Liabilities | ||
Loss Contingencies [Line Items] | ||
Current indemnified liabilities | 65 | 66 |
MOU Agreement | Other Noncurrent Obligations | ||
Loss Contingencies [Line Items] | ||
Long-term indemnified liabilities | $ 119 | $ 120 |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITIES - Environmental Accrued Obligations (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 300 | $ 263 |
Potential exposure above the amount accrued | 362 | |
Retained and Assumed at Divestiture | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 41 | 41 |
Potential exposure above the amount accrued | 118 | |
Indemnification Agreement | Indemnifications related to Dow and Corteva | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 99 | 48 |
Potential exposure above the amount accrued | 201 | |
Indemnification Agreement | MOU related obligations | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 159 | 173 |
Potential exposure above the amount accrued | 41 | |
Indemnification Agreement | Other environmental indemnifications | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 1 | $ 1 |
Potential exposure above the amount accrued | $ 2 |
OPERATING LEASES - Lease Cost a
OPERATING LEASES - Lease Cost and Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 30 | $ 27 | $ 88 | $ 82 |
Operating lease payments | 85 | 82 | ||
Operating lease assets and liabilities | $ 143 | $ 75 |
OPERATING LEASES - Schedule of
OPERATING LEASES - Schedule of Leases (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 487 | $ 426 |
Current operating lease liabilities | 91 | 90 |
Noncurrent operating lease liabilities | 394 | 333 |
Total operating lease liabilities | $ 485 | $ 423 |
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 |
OPERATING LEASES - Lease Term a
OPERATING LEASES - Lease Term and Discount Rate (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 8 years 7 months 6 days | 8 years 1 month 6 days |
Weighted average discount rate | 3.46% | 2.76% |
OPERATING LEASES - Maturities o
OPERATING LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Remainder of 2023 | $ 28 | |
2024 | 103 | |
2025 | 81 | |
2026 | 62 | |
2027 | 51 | |
2028 and thereafter | 244 | |
Total lease payments | 569 | |
Less: Interest | 84 | |
Present value of lease liabilities | $ 485 | $ 423 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) $ / shares in Units, shares in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 USD ($) counterparty shares | Dec. 31, 2022 USD ($) counterparty shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) $ / shares shares | Nov. 30, 2022 USD ($) | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Payments for repurchase of common stock | $ 2,000,000,000 | $ 1,125,000,000 | ||||
Excise tax on purchases of treasury stock | $ 22,000,000 | 22,000,000 | ||||
$5B Share Buyback Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Authorized stock repurchase amount | $ 5,000,000,000 | |||||
2022 Stock Repurchase Transactions | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Authorized stock repurchase amount | $ 3,250,000,000 | |||||
Number of counterparties | counterparty | 3 | |||||
Payments for repurchase of common stock | $ 3,250,000,000 | |||||
Stock repurchased and retired (in shares) | shares | 8 | 38.8 | 46.8 | |||
Stock retired | $ 2,600,000,000 | |||||
Unsettled forward contract for accelerated share repurchase | $ 613,000,000 | |||||
Stock acquired, weighted average price (in USD per share) | $ / shares | $ 69.44 | |||||
2023 Stock Repurchase Transactions | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Authorized stock repurchase amount | $ 2,000,000,000 | 2,000,000,000 | $ 2,000,000,000 | |||
Number of counterparties | counterparty | 3 | |||||
Payments for repurchase of common stock | $ 2,000,000,000 | |||||
Stock repurchased and retired (in shares) | shares | 21.2 | |||||
Stock retired | $ 1,600,000,000 | |||||
Unsettled forward contract for accelerated share repurchase | 400,000,000 | |||||
Share Repurchase Programs | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Sales and excise tax payable | 22,000,000 | $ 22,000,000 | $ 22,000,000 | |||
Excise tax on purchases of treasury stock | $ 22,000,000 |
STOCKHOLDERS' EQUITY - Schedule
STOCKHOLDERS' EQUITY - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 24,627 | $ 25,503 | $ 24,627 | $ 25,503 | $ 26,553 | $ 27,017 | $ 26,137 | $ 27,050 |
Total other comprehensive loss | (262) | (766) | (370) | (1,672) | ||||
Ending balance | 24,627 | 25,503 | 24,627 | 25,503 | ||||
Total | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (1,148) | (1,603) | (1,148) | (1,603) | $ (890) | (791) | $ (845) | 41 |
Other comprehensive (loss) income before reclassifications | (350) | (1,641) | ||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 7 | (3) | ||||||
Total other comprehensive loss | (258) | (758) | (357) | (1,644) | ||||
Ending balance | (1,148) | (1,603) | (1,148) | (1,603) | ||||
Cumulative Translation Adj | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (1,300) | (1,862) | (1,300) | (1,862) | (968) | (88) | ||
Other comprehensive (loss) income before reclassifications | (332) | (1,774) | ||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | ||||||
Total other comprehensive loss | (332) | (1,774) | ||||||
Ending balance | (1,300) | (1,862) | (1,300) | (1,862) | ||||
Pension and OPEB | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 47 | 94 | 47 | 94 | 60 | 73 | ||
Other comprehensive (loss) income before reclassifications | (6) | 24 | ||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 7 | (3) | ||||||
Total other comprehensive loss | (13) | 21 | ||||||
Ending balance | 47 | 94 | 47 | 94 | ||||
Derivative Instruments | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 105 | 165 | 105 | 165 | $ 117 | $ 56 | ||
Other comprehensive (loss) income before reclassifications | (12) | 109 | ||||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0 | 0 | ||||||
Total other comprehensive loss | (12) | 109 | ||||||
Ending balance | $ 105 | $ 165 | $ 105 | $ 165 |
PENSION PLANS AND OTHER POST-_3
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 6 | $ 9 | $ 19 | $ 32 |
Interest cost | 26 | 14 | 75 | 41 |
Expected return on plan assets | (24) | (24) | (71) | (76) |
Amortization of prior service credit | (1) | (1) | (2) | (4) |
Amortization of unrecognized net (gain) loss | (1) | 1 | (2) | 2 |
Curtailment/settlement | 0 | (2) | (2) | (1) |
Net periodic benefit costs (credits) - Total | 6 | (3) | 17 | (6) |
Additional contributions | 19 | 19 | ||
Discontinued Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit costs (credits) - Total | (2) | (2) | (6) | (7) |
Continuing Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 5 | 6 | 16 | 21 |
Interest cost | 24 | 13 | 70 | 37 |
Expected return on plan assets | (20) | (19) | (58) | (57) |
Amortization of prior service credit | 0 | 0 | (1) | (2) |
Amortization of unrecognized net (gain) loss | (1) | 1 | (2) | 3 |
Curtailment/settlement | 0 | (2) | (2) | (1) |
Net periodic benefit costs (credits) - Total | $ 8 | $ (1) | $ 23 | $ 1 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Compensation expense | $ 22 | $ 20 | $ 55 | $ 58 | |
Income tax benefits | $ 5 | $ 4 | $ 12 | $ 12 | |
Restricted Stock Units (RSUs) | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares granted (in shares) | 0.9 | ||||
Weighted-average share price (in usd per share) | $ 64.20 | ||||
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) | $ 66.88 | ||||
DuPont 2020 Equity and Incentive Plan | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Capital shares reserved for future issuance (in shares) | 16 | 16 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents, Cost | $ 223 | $ 2,198 |
Restricted cash equivalents | 409 | 110 |
Marketable securities, Cost | 0 | 1,302 |
Marketable securities, Gain | 0 | 0 |
Marketable securities, Loss | 0 | 0 |
Marketable securities, Fair Value | 0 | 1,302 |
Total cash and restricted cash equivalents and marketable securities, Cost | 632 | 3,610 |
Total cash and restricted cash equivalents and marketable securities, Gain | 0 | 0 |
Total cash and restricted cash equivalents and marketable securities, Loss | 0 | 0 |
Total cash and restricted cash equivalents and marketable securities, Fair Value | 632 | 3,610 |
Long-term debt including debt due within one year, Cost | (8,158) | (8,145) |
Long term debt including debt due within one year, Gain | 467 | 227 |
Long term debt including debt due within one year, Loss | (52) | (58) |
Long term debt including debt due within one year, Fair Value | (7,743) | (7,976) |
Derivatives relating to: | ||
Cost | 0 | 0 |
Gain | 153 | 159 |
Loss | (126) | (106) |
Fair Value | 27 | 53 |
Restricted cash, current | 409 | 7 |
Restricted cash, noncurrent | 103 | |
Net investment hedge | ||
Derivatives relating to: | ||
Cost | 0 | 0 |
Gain | 134 | 149 |
Loss | 0 | 0 |
Fair Value | 134 | 149 |
Foreign currency contracts | ||
Derivatives relating to: | ||
Cost | 0 | 0 |
Gain | 19 | 10 |
Loss | (8) | (35) |
Fair Value | 11 | (25) |
Interest rate swap agreements | ||
Derivatives relating to: | ||
Cost | 0 | 0 |
Gain | 0 | 0 |
Loss | (118) | (71) |
Fair Value | $ (118) | $ (71) |
FINANCIAL INSTRUMENTS - Notiona
FINANCIAL INSTRUMENTS - Notional Amounts (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Designated as Hedging Instrument | Net investment hedge | Net investment hedge | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | $ 1,000 | $ 1,000 |
Designated as Hedging Instrument | Interest rate swap agreements | Fair Value Hedging | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | 1,000 | 1,000 |
Not Designated as Hedging Instrument | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | $ 627 | $ 476 |
FINANCIAL INSTRUMENTS - Derivat
FINANCIAL INSTRUMENTS - Derivatives (Details) € in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 EUR (€) | |
Interest rate swap agreements | Fixed Rate Notes Due 2038 | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Face amount of debt | $ 1,650 | ||||||
Designated as Hedging Instrument | Net investment hedge | Net investment hedge | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, notional amount | $ 1,000 | € 819 | |||||
Derivative, fixed interest rate | 4.73% | 4.73% | |||||
Derivative, average fixed interest rate | 3.26% | 3.26% | |||||
Designated as Hedging Instrument | Interest rate swap agreements | Fair Value Hedging | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, notional amount | $ 1,000 | ||||||
Not Designated as Hedging Instrument | Foreign Exchange Contracts | Other Nonoperating Income (Expense) | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Foreign currency contracts, loss | $ 11 | $ 24 | $ 63 | $ 73 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Assets at fair value: | ||
Marketable securities | $ 0 | $ 1,302,000,000 |
Liabilities at fair value: | ||
Long-term debt including debt due within one year | 7,743,000,000 | 7,976,000,000 |
Offsetting counterparty and cash collateral netting amount for assets | 14,000,000 | 17,000,000 |
Offsetting counterparty and cash collateral netting amount for liabilities | 0 | 17,000,000 |
Recurring | Level 2 | ||
Assets at fair value: | ||
Cash equivalents and restricted cash equivalents | 632,000,000 | 2,308,000,000 |
Marketable securities | 1,302,000,000 | |
Total assets at fair value | 799,000,000 | 3,785,000,000 |
Liabilities at fair value: | ||
Long-term debt including debt due within one year | 7,743,000,000 | 7,976,000,000 |
Total liabilities at fair value | 7,883,000,000 | 8,098,000,000 |
Recurring | Level 2 | Net investment hedge | Designated as Hedging Instrument | ||
Assets at fair value: | ||
Derivative assets | 134,000,000 | 149,000,000 |
Recurring | Level 2 | Interest rate swap agreements | Designated as Hedging Instrument | ||
Liabilities at fair value: | ||
Derivative Liabilities | 118,000,000 | 71,000,000 |
Recurring | Level 2 | Foreign currency contracts | Not Designated as Hedging Instrument | ||
Assets at fair value: | ||
Derivative assets | 33,000,000 | 26,000,000 |
Liabilities at fair value: | ||
Derivative Liabilities | $ 22,000,000 | $ 51,000,000 |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS - Schedule of Operating Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 3,058 | $ 3,317 | $ 9,170 | $ 9,913 |
Operating EBITDA | 775 | 856 | 2,227 | 2,503 |
Equity in earnings of nonconsolidated affiliates | 11 | 16 | 40 | 62 |
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 277 | 272 | 838 | 879 |
Operating EBITDA | 30 | 1 | 59 | 3 |
Equity in earnings of nonconsolidated affiliates | 0 | 0 | 0 | 5 |
Electronics & Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,368 | 1,511 | 3,976 | 4,574 |
Electronics & Industrial | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,368 | 1,511 | 3,976 | 4,574 |
Operating EBITDA | 383 | 473 | 1,094 | 1,429 |
Equity in earnings of nonconsolidated affiliates | 3 | 7 | 11 | 26 |
Water & Protection | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,413 | 1,534 | 4,356 | 4,460 |
Water & Protection | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,413 | 1,534 | 4,356 | 4,460 |
Operating EBITDA | 362 | 382 | 1,074 | 1,071 |
Equity in earnings of nonconsolidated affiliates | $ 8 | $ 9 | $ 29 | $ 31 |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS - Schedule of Reconciliation of Operating EBITDA (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Income from continuing operations, net of tax | $ 291 | $ 359 | $ 833 | $ 956 |
Provision for income taxes on continuing operations | 117 | 139 | 287 | 299 |
Income from continuing operations before income taxes | 408 | 498 | 1,120 | 1,255 |
Depreciation and amortization | 853 | 861 | ||
Interest income | 34 | 5 | 132 | 8 |
Interest expense | 102 | 128 | 295 | 370 |
Non-operating pension/OPEB benefit (costs) credits | 3 | (7) | 7 | (20) |
Significant items charge | 17 | (49) | 47 | 14 |
Operating EBITDA | 775 | 856 | 2,227 | 2,503 |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 294 | 283 | 853 | 861 |
Interest income | 34 | 5 | 132 | 8 |
Interest expense | 102 | 127 | 295 | 365 |
Non-operating pension/OPEB benefit (costs) credits | (3) | 7 | (7) | 20 |
Foreign exchange (losses) gains, net | 17 | 5 | (31) | 9 |
Future reimbursable indirect costs | 2 | 14 | 6 | 45 |
Significant items charge | (17) | 49 | (47) | (14) |
Operating EBITDA | $ 775 | $ 856 | $ 2,227 | $ 2,503 |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS - Schedule of Certain Items by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Acquisition, integration and separation costs | $ (9) | $ (7) | $ (15) | $ (28) |
Restructuring and asset related charges - net | (8) | (39) | (7) | |
Asset impairment charges | (94) | |||
Gain on divestiture | 5 | 7 | 68 | |
Terminated Intended Rogers Acquisition financing fees | (1) | (5) | ||
Employee Retention Credit | 52 | 52 | ||
Total | (17) | 49 | (47) | (14) |
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition, integration and separation costs | 0 | (7) | 0 | (28) |
Restructuring and asset related charges - net | (3) | (13) | (3) | |
Asset impairment charges | 0 | |||
Gain on divestiture | 5 | (1) | 31 | |
Terminated Intended Rogers Acquisition financing fees | (1) | (5) | ||
Employee Retention Credit | 12 | 12 | ||
Total | (3) | 9 | (14) | 7 |
Electronics & Industrial | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition, integration and separation costs | (9) | 0 | (15) | 0 |
Restructuring and asset related charges - net | (4) | (26) | (1) | |
Asset impairment charges | (94) | |||
Gain on divestiture | 0 | 7 | 0 | |
Terminated Intended Rogers Acquisition financing fees | 0 | 0 | ||
Employee Retention Credit | 20 | 20 | ||
Total | (13) | 20 | (34) | (75) |
Water & Protection | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Acquisition, integration and separation costs | 0 | 0 | 0 | 0 |
Restructuring and asset related charges - net | (1) | 0 | (3) | |
Asset impairment charges | 0 | |||
Gain on divestiture | 0 | 1 | 37 | |
Terminated Intended Rogers Acquisition financing fees | 0 | 0 | ||
Employee Retention Credit | 20 | 20 | ||
Total | $ (1) | $ 20 | $ 1 | $ 54 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event - Delrin Business - Discontinued Operations, Disposed of by Sale $ in Millions | Nov. 01, 2023 USD ($) |
Subsequent Event [Line Items] | |
Ownership interest divested | 80.10% |
Pretax cash proceeds from sale | $ 1,280 |
Consideration, note receivable | $ 350 |