Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 29, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 $0.01 per share | |
Trading Symbol | DD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Share Outstanding | 417,495,113 | |
Entity Central Index Key | 0001666700 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Net sales | $ 3,171 | $ 3,094 | $ 6,102 | $ 6,112 |
Cost of sales | 1,996 | 2,030 | 3,914 | 4,013 |
Research and development expenses | 134 | 125 | 259 | 252 |
Selling, general and administrative expenses | 418 | 358 | 802 | 698 |
Amortization of intangibles | 151 | 146 | 300 | 293 |
Restructuring and asset related charges - net | 8 | 17 | 47 | 31 |
Acquisition, integration and separation costs | 5 | 6 | 8 | 6 |
Equity in earnings of nonconsolidated affiliates | 23 | 14 | 35 | 29 |
Sundry income (expense) - net | (87) | 28 | (49) | 57 |
Interest expense | 99 | 98 | 195 | 193 |
Income from continuing operations before income taxes | 296 | 356 | 563 | 712 |
Provision for income taxes on continuing operations | 120 | 87 | 204 | 170 |
Income from continuing operations, net of tax | 176 | 269 | 359 | 542 |
Income (loss) from discontinued operations, net of tax | 9 | (386) | 23 | (394) |
Net income (loss) | 185 | (117) | 382 | 148 |
Net income attributable to noncontrolling interests | 7 | 14 | 15 | 22 |
Net income (loss) available for DuPont common stockholders | $ 178 | $ (131) | $ 367 | $ 126 |
Per common share data: | ||||
Earnings per common share from continuing operations - basic (in usd per share) | $ 0.40 | $ 0.56 | $ 0.82 | $ 1.13 |
Earnings (loss) per common share from discontinued operations - basic (in usd per share) | 0.02 | (0.84) | 0.05 | (0.86) |
Earnings (loss) per common share - basic (in usd per share) | 0.43 | (0.29) | 0.87 | 0.27 |
Earnings per common share from continuing operations - diluted (in usd per share) | 0.40 | 0.55 | 0.82 | 1.13 |
Earnings (loss) per common share from discontinued operations - diluted (in usd per share) | 0.02 | (0.84) | 0.05 | (0.86) |
Earnings (loss) per common share - diluted (in usd per share) | $ 0.42 | $ (0.28) | $ 0.87 | $ 0.27 |
Weighted-average common shares outstanding - basic (in shares) | 417.8 | 459.2 | 420.3 | 459 |
Weighted-average common shares outstanding - diluted (in shares) | 419.3 | 460.3 | 421.6 | 460.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 185 | $ (117) | $ 382 | $ 148 |
Other comprehensive (loss) income, net of tax | ||||
Cumulative translation adjustments | (128) | (159) | (372) | (77) |
Pension and other post-employment benefit plans | (23) | (6) | (26) | (10) |
Derivative instruments | 10 | (18) | 21 | (21) |
Total other comprehensive (loss) | (141) | (183) | (377) | (108) |
Comprehensive income (loss) | 44 | (300) | 5 | 40 |
Comprehensive income attributable to noncontrolling interests, net of tax | 1 | 4 | 2 | 13 |
Comprehensive income (loss) attributable to DuPont | $ 43 | $ (304) | $ 3 | $ 27 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 1,503 | $ 2,392 |
Restricted cash and cash equivalents | 6 | 411 |
Accounts and notes receivable - net | 2,313 | 2,370 |
Inventories | 2,164 | 2,147 |
Prepaid and other current assets | 177 | 194 |
Total current assets | 6,163 | 7,514 |
Property, plant and equipment - net of accumulated depreciation (June 30, 2024 - $5,047; December 31, 2023 - $4,841) | 5,699 | 5,884 |
Other Assets | ||
Goodwill | 16,558 | 16,720 |
Other intangible assets | 5,477 | 5,814 |
Investments and noncurrent receivables | 1,112 | 1,071 |
Deferred income tax assets | 281 | 312 |
Deferred charges and other assets | 1,263 | 1,237 |
Total other assets | 24,691 | 25,154 |
Total Assets | 36,553 | 38,552 |
Current Liabilities | ||
Accounts payable | 1,655 | 1,675 |
Income taxes payable | 158 | 154 |
Accrued and other current liabilities | 973 | 1,269 |
Total current liabilities | 2,786 | 3,098 |
Long-Term Debt | 7,168 | 7,800 |
Other Noncurrent Liabilities | ||
Deferred income tax liabilities | 1,045 | 1,130 |
Pension and other post-employment benefits - noncurrent | 536 | 565 |
Other noncurrent obligations | 1,254 | 1,234 |
Total other noncurrent liabilities | 2,835 | 2,929 |
Total Liabilities | 12,789 | 13,827 |
Commitments and contingent liabilities | ||
Stockholders' Equity | ||
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2024: 417,477,709 shares; 2023: 430,110,140 shares) | 4 | 4 |
Additional paid-in capital | 48,019 | 48,059 |
Accumulated deficit | (23,414) | (22,874) |
Accumulated other comprehensive loss | (1,274) | (910) |
Total DuPont stockholders' equity | 23,335 | 24,279 |
Noncontrolling interests | 429 | 446 |
Total equity | 23,764 | 24,725 |
Total Liabilities and Equity | $ 36,553 | $ 38,552 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation of property, plant and equipment | $ 5,047 | $ 4,841 |
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) | 417,477,709 | 430,110,140 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities | ||
Net income (loss) | $ 382 | $ 148 |
Income (loss) from discontinued operations | 23 | (394) |
Net income from continuing operations | 359 | 542 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 589 | 559 |
Credit for deferred income tax and other tax related items | (65) | (25) |
Earnings of nonconsolidated affiliates in excess of dividends received | (29) | (21) |
Net periodic pension benefit costs | 5 | 15 |
Periodic benefit plan contributions | (38) | (35) |
Net gain on sales of assets, businesses and investments | (2) | (8) |
Restructuring and asset related charges - net | 47 | 31 |
Loss on debt extinguishment | 74 | 0 |
Other net loss | 77 | 70 |
Changes in assets and liabilities, net of effects of acquired and divested companies: | ||
Accounts and notes receivable | (152) | 86 |
Inventories | (45) | (35) |
Accounts payable | 124 | (125) |
Other assets and liabilities, net | 76 | (249) |
Cash provided by operating activities - continuing operations | 1,020 | 805 |
Investing Activities | ||
Capital expenditures | (309) | (355) |
Proceeds from sales of property and businesses, net of cash divested | 5 | 0 |
Acquisitions of property and businesses, net of cash acquired | (8) | 0 |
Purchases of investments | 0 | (32) |
Proceeds from sales and maturities of investments | 0 | 1,334 |
Other investing activities, net | 10 | 4 |
Cash (used for) provided by investing activities - continuing operations | (302) | 951 |
Financing Activities | ||
Payments on long-term debt | (687) | 0 |
Purchases of common stock and forward contracts | (500) | 0 |
Proceeds from issuance of Company stock | 18 | 12 |
Employee taxes paid for share-based payment arrangements | (24) | (24) |
Distributions to noncontrolling interests | (20) | (34) |
Dividends paid to stockholders | (317) | (330) |
Other financing activities, net | (1) | (1) |
Cash used for financing activities - continuing operations | (1,531) | (377) |
Cash Flows from Discontinued Operations | ||
Cash used for operations - discontinued operations | (439) | (107) |
Cash used for investing activities - discontinued operations | 0 | (19) |
Cash used in discontinued operations | (439) | (126) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (42) | (29) |
(Decrease) increase in cash, cash equivalents and restricted cash | (1,294) | 1,224 |
Cash, cash equivalents and restricted cash from continuing operations, beginning of period | 2,803 | 3,772 |
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | 0 | 0 |
Cash, cash equivalents and restricted cash at beginning of period | 2,803 | 3,772 |
Cash, cash equivalents and restricted cash from continuing operations, end of period | 1,509 | 4,996 |
Cash, cash equivalents and restricted cash from discontinued operations, end of period | 0 | 0 |
Cash, cash equivalents and restricted cash at end of period | $ 1,509 | $ 4,996 |
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, 2022 | $ 27,017 | $ 5 | $ 48,420 | $ (21,065) | $ (791) | $ 0 | $ 448 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 148 | 126 | 22 | ||||
Other comprehensive loss | (108) | (99) | (9) | ||||
Dividends | (495) | (495) | |||||
Common stock issued/sold | 12 | 12 | |||||
Stock-based compensation | 10 | 10 | |||||
Distributions to non-controlling interests | (34) | (34) | |||||
Other | 3 | (1) | 1 | 3 | |||
Ending balance at Jun. 30, 2023 | 26,553 | 5 | 47,946 | (20,938) | (890) | 0 | 430 |
Beginning balance at Mar. 31, 2023 | 27,161 | 5 | 48,256 | (20,807) | (717) | 0 | 424 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | (117) | (131) | 14 | ||||
Other comprehensive loss | (183) | (173) | (10) | ||||
Dividends | (330) | (330) | |||||
Stock-based compensation | 19 | 19 | |||||
Other | 3 | 1 | 2 | ||||
Ending balance at Jun. 30, 2023 | 26,553 | 5 | 47,946 | (20,938) | (890) | 0 | 430 |
Beginning balance at Dec. 31, 2023 | 24,725 | 4 | 48,059 | (22,874) | (910) | 0 | 446 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 382 | 367 | 15 | ||||
Other comprehensive loss | (377) | (364) | (13) | ||||
Dividends | (476) | (476) | |||||
Common stock issued/sold | 18 | 18 | |||||
Stock-based compensation | 20 | 20 | |||||
Distributions to non-controlling interests | (20) | (20) | |||||
Purchases of treasury stock | (400) | (400) | |||||
Excise tax on purchases of treasury stock | (9) | (9) | |||||
Retirement of treasury stock | 0 | (898) | 898 | ||||
Forward contracts for share repurchase | (100) | (100) | |||||
Settlement of forward contracts for share repurchase | 0 | 498 | (498) | ||||
Other | 1 | 1 | |||||
Ending balance at Jun. 30, 2024 | 23,764 | 4 | 48,019 | (23,414) | (1,274) | 0 | 429 |
Beginning balance at Mar. 31, 2024 | 24,012 | 4 | 48,238 | (23,519) | (1,139) | 0 | 428 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net (loss) income | 185 | 178 | 7 | ||||
Other comprehensive loss | (141) | (135) | (6) | ||||
Dividends | (317) | (317) | |||||
Common stock issued/sold | 13 | 13 | |||||
Stock-based compensation | 13 | 13 | |||||
Excise tax on purchases of treasury stock | (1) | (1) | |||||
Retirement of treasury stock | 0 | (72) | 72 | ||||
Settlement of forward contracts for share repurchase | 0 | 72 | (72) | ||||
Ending balance at Jun. 30, 2024 | $ 23,764 | $ 4 | $ 48,019 | $ (23,414) | $ (1,274) | $ 0 | $ 429 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared (in usd per share) | $ 0.76 | $ 0.72 | $ 1.14 | $ 1.08 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, collectively referred to as the "2023 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. Delrin® Divestitures On November 1, 2023, the Company closed the sale of the Delrin® business to TJC LP ("TJC"), (the “Delrin® Divestiture”). See Note 4 for more information. The interim Consolidated Statements of Operations for the three and six months ended June 30, 2023 and the interim Consolidated Statements of Cash Flows for the six months ended June 30, 2023, present the financial results and cash flows of Delrin® as discontinued operations. The comprehensive income of Delrin® 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 refers only to DuPont's continuing operations and does not include discussion of balances or activity of the Delrin® Divestiture. |
RECENT ACCOUNTING GUIDANCE
RECENT ACCOUNTING GUIDANCE | 6 Months Ended |
Jun. 30, 2024 | |
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 Annual Report on Form 10-K for the year-ended December 31, 2024. See Note 13 for more information. Accounting Guidance Issued But Not Adopted at June 30, 2024 In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07") to improve disclosure requirements about reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The new guidance requires disclosures of significant segment expenses provided to the Chief Operating Decision Maker ("CODM") and included in reported measures of segment profit and loss. Disclosure of the title and position of the CODM is required. The guidance requires interim and annual disclosures about a reportable segment's profit or loss and assets. Additionally, the guidance requires disclosure of other segment items by reportable segment including a description of its composition. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. The disclosures will be implemented as required for the year-ended December 31, 2024. The Company is currently evaluating the impact of adopting this guidance. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") to improve transparency and disclosure requirements for the rate reconciliation, income taxes paid and other tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, on a prospective basis. The disclosures will be implemented as required for the year-ended December 31, 2025. The Company is currently evaluating the impact of adopting this guidance. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
ACQUISITIONS | ACQUISITIONS Donatelle Plastics Acquisition On July 28, 2024, DuPont completed the previously announced acquisition of the Donatelle Plastics company, a medical device company specializing in the design, development and manufacture of medical components and devices . See Note 22 for further discussion. 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 interim Consolidated Balance Sheets at their fair values as of the acquisition date. The purchase accounting and purchase price allocation for Spectrum are substantially complete as of June 30, 2024. Subsequent to the second quarter the Company finalized the working capital settlements for an immaterial amount which will impact the residual goodwill recorded. The Company will finalize the fair values allocated to the assets acquired and liabilities assumed no later than one year from the date of the acquisition. The following table presents the provisional valuation of certain acquired assets and liabilities assumed based upon information known as of June 30, 2024: Spectrum Assets Acquired and Liabilities Assumed on August 1, 2023 Estimated fair value as previously reported 1 (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 916 Deferred charges and other assets 34 Total Assets Acquired $ 1,226 Fair value of liabilities assumed Accounts payable $ 21 Income taxes payable 17 Deferred income tax liabilities 177 Other noncurrent liabilities 44 Total Liabilities Assumed $ 259 Goodwill 825 Total Consideration $ 1,792 1. No adjustments to the amounts previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024. The significant fair value estimates included in the allocation of purchase price are discussed below. Other Intangible Assets Other intangible assets with definite lives include acquired customer-related intangible assets of $772 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 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 $825 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. |
DIVESTITURES
DIVESTITURES | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | DIVESTITURES Delrin® Divestiture On November 1, 2023, the Company closed the Delrin® Divestiture. DuPont received cash proceeds of approximately $1.28 billion, which includes certain customary transaction adjustments, a note receivable in the amount of $350 million, (the "Delrin® Note Receivable") and acquired a 19.9 percent non-controlling equity interest in Derby Group Holdings LLC, (“Derby”). The customary transaction adjustments primarily relate to $27 million of cash transferred with the Delrin® Divestiture for which DuPont was reimbursed at closing resulting in net cash proceeds of $1.25 billion. TJC, through its subsidiaries, holds the 80.1 percent controlling interest in Derby. The Company accounts for its equity interest in Derby as an equity method investment based upon its non-controlling equity interest, its $350 million par value intra-entity note receivable owed by an indirect, wholly owned subsidiary of Derby and its representation on the Derby board of directors. The note receivable has a maturity date of November 2031. The Company has limited continuing involvement with Derby including short-term transition service agreements and insignificant sales to the Delrin® business. As a result of the Delrin® Divestiture, and included as part of the $419 million gain on the sale, the Company initially recognized the 19.9 percent equity interest and the $350 million note receivable at fair values of $121 million and $224 million, respectively, which are recorded in "Investments and noncurrent receivables" in the interim Condensed Consolidated Balance Sheets. The fair value of the equity interest was determined using the enterprise value based on sales proceeds and a market approach primarily based on restricted stock studies. The fair value of the note receivable was determined using a market approach primarily based on current market interest rates for similar credit facilities and the duration of the note. The financial results of Derby, subsequent to the transaction date, are included in DuPont's interim Condensed Consolidated Financial Statements with a three-month lag, using the equity method of accounting and with intercompany profits eliminated in accordance with DuPont’s accounting policy. Refer to Note 11 for additional information. The Delrin® Divestiture together with the divestiture of the majority of the historic Mobility & Materials segment (the "M&M Divestiture"), including the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines, (collectively the "M&M Divestitures") represented a strategic shift that had a major impact on DuPont's operations and results. The interim results of operations for the three and six months ended June 30, 2023, represent the Delrin® business unless otherwise indicated. The following table summarizes the interim results of operations of the Delrin® Divestiture which are presented as discontinued operations as summarized below: In millions Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Net sales $ 142 $ 289 Cost of sales 92 176 Research and development expenses 1 2 Selling, general and administrative expenses 1 1 Acquisition, integration and separation costs 1 46 100 Sundry income (expense) - net 3 5 Income from discontinued operations before income taxes $ 5 $ 15 Provision for income taxes on discontinued operations 1 7 Income from discontinued operations, net of tax $ 4 $ 8 (Loss) gain on sale, net of tax 2 $ (2) $ 22 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 2 $ 30 1. Includes costs related to both the M&M Divestitures which primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees. 2. Gain includes purchase price adjustments related to the M&M Divestiture. Other Discontinued Operations Activity The Company recorded a gain from discontinued operations, net of tax, of $9 million and a loss of $386 million for the three months ended June 30, 2024 and 2023, respectively, and a gain of $23 million and a loss of $394 million for the six months ended June 30, 2024 and 2023, respectively. Discontinued operations activity consists of the following: Income (Loss) from Discontinued Operations, Net of Tax Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 M&M Divestitures 1 $ (4) $ 2 $ (10) $ 30 MOU Activity 2 (8) (371) (17) (376) Indemnification activity - environmental and legal 3 — (14) (5) (43) Tax related matters 4 21 — 56 — Other — (3) (1) (5) Income (loss) from discontinued operations, net of tax $ 9 $ (386) $ 23 $ (394) 1. The three and six months ended June 30, 2024 primarily includes Acquisition, integration and separation costs. 2. Includes the activity for the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva Inc ("Corteva"), E. I. du Pont de Nemours and Company ("EIDP") and the Company. Refer to Note 14 for additional information. 3. Primarily related to the DWDP Separation and Distribution Agreement and Letter Agreement between Corteva and EIDP. For additional information on these matters, refer to Note 14. 4. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2024 | |
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. Effective as of January 1, 2024, Electronics & Industrial realigned certain product lines that comprise its business units (Industrial Solutions, Interconnect Solutions and Semiconductor Technologies) that are intended to optimize business operations across the segment leading to enhanced value for customers and cost savings. The Net Trade Revenue by Segment and Business or Major Product Line table below has been recast for all periods presented to reflect the new structure. There was no change to total Electronics and Industrial segment net sales. Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Industrial Solutions $ 488 $ 425 $ 936 $ 848 Interconnect Solutions 468 422 864 821 Semiconductor Technologies 552 465 1,073 939 Electronics & Industrial $ 1,508 $ 1,312 $ 2,873 $ 2,608 Safety Solutions $ 613 $ 683 $ 1,200 $ 1,359 Shelter Solutions 425 422 815 817 Water Solutions 353 389 667 767 Water & Protection $ 1,391 $ 1,494 $ 2,682 $ 2,943 Corporate & Other 1 $ 272 $ 288 $ 547 $ 561 Total $ 3,171 $ 3,094 $ 6,102 $ 6,112 1. Net sales within Corporate & Other reflect the Retained Businesses which include the Auto Adhesives & Fluids, Multibase TM and Tedlar ® businesses. Net Trade Revenue by Geographic Region Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 U.S. & Canada $ 1,127 $ 1,045 $ 2,180 $ 2,068 EMEA 1 550 585 1,094 1,167 Asia Pacific 2 1,368 1,350 2,584 2,643 Latin America 126 114 244 234 Total $ 3,171 $ 3,094 $ 6,102 $ 6,112 1. Europe, Middle East and Africa. 2. Net sales attributed to China/Hong Kong, for the three months ended June 30, 2024 and 2023 were $614 million and $581 million, respectively, while for the six months ended months ended June 30, 2024 and 2023 net sales attributed to China/Hong Kong were $1,129 million and $1,106 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 six months of 2024 and 2023 from amounts included in contract liabilities at the beginning of the period was insignificant. Contract Balances June 30, 2024 December 31, 2023 In millions Accounts and notes receivable - trade 1 $ 1,669 $ 1,543 Deferred revenue - current 2 $ 1 $ 1 Deferred revenue - noncurrent 3 $ 29 $ 22 1. Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. 2. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 3. Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. |
RESTRUCTURING AND ASSET RELATED
RESTRUCTURING AND ASSET RELATED CHARGES - NET | 6 Months Ended |
Jun. 30, 2024 | |
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 include asset impairments, were $8 million and $17 million for the three months ended June 30, 2024, and 2023, and $47 million and $31 million for the six months ended June 30, 2024, and 2023. 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 $71 million at June 30, 2024 and $107 million at December 31, 2023, recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. Raw Material inventory write-offs associated with restructuring programs are recorded to "Cost of Sales” in the interim Consolidated Statements of Operations. Restructuring activity primarily consists of the following programs: 2023-2024 Restructuring Program In December 2023, the Company approved targeted restructuring actions to capture near-term cost reductions due to macroeconomic factors as well as to further simplify certain organizational structures following the Spectrum acquisition and Delrin® Divestiture (the "2023-2024 Restructuring Program"). The Company recorded pre-tax restructuring charges of $155 million inception-to-date, consisting of severance and related benefit costs of $99 million and asset related charges of $56 million. In connection with the 2023-2024 Restructuring Program, the Company recorded $24 million of raw material inventory write-offs in “Cost of Sales” within the interim Consolidated Statements of Operations for the six months ended June 30, 2024 related to plant line closures w ithin the Water & Protection segment. The raw material was written down to salvage value as it was only utilizable on the closed lines which were based on outdated technology and has a limited third party resale market. Refe r to Note 21 for significant items by segment. The following table summarizes the charges incurred by segment related to the 2023-2024 Restructuring Program: 2023-2024 Restructuring Program Charges by Segment Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (In millions) Electronics & Industrial $ (5) $ 3 Water & Protection 1 15 37 Corporate & Other (1) 5 Total $ 9 $ 45 1. Amount excludes raw materials inventory write-offs recorded during 2024. Refer to Note 21 for additional information. The following table summarizes the activities related to the 2023-2024 Restructuring Program: 2023-2024 Restructuring Program Severance and Related Benefit Cost Asset Related Charges Total In millions Reserve balance at December 31, 2023 $ 79 $ — $ 79 Restructuring charges 1 19 26 45 Charges against the reserve (2) (26) (28) Cash payments (36) — (36) Reserve balance at June 30, 2024 $ 60 $ — $ 60 1. Amount excludes raw materials inventory write-offs recorded during 2024, impacting the Water & Protection segment. Refer to Note 21 for additional information. Total liabilities related to the 2023-2024 Restructuring Program were $60 million at June 30, 2024 and $79 million at December 31, 2023, respectively, recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. T he Company expects the program to be substantially complete by the end of 2024. 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 $98 million inception-to-date, consisting of severance and related benefit costs of $84 million and asset related charges of $14 million. The Company recorded pre-tax restructuring benefits of $1 million and charges of $2 million, to Corporate & Other during the three and six months ended June 30, 2024, respectively. Total liabilities related to the 2022 Restructuring Program were $11 million at June 30, 2024 and $27 million at December 31, 2023, respectively, recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. Actions related to the 2022 Restructuring Program are substantially complete. |
SUPPLEMENTARY INFORMATION
SUPPLEMENTARY INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTARY INFORMATION | SUPPLEMENTARY INFORMATION Sundry Income (Expense) - Net Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Non-operating pension and other post-employment benefit credits (costs) $ 3 $ (2) $ 10 $ (4) Interest income 1 21 52 41 98 Net gain on divestiture and sales of other assets and investments — 2 2 8 Foreign exchange gains (losses), net (4) (28) — (48) Loss on debt extinguishment 2 (74) — (74) — Interest rate swap mark-to-market loss 3 (39) — (39) — Miscellaneous income (expense) - net 6 4 11 3 Sundry income (expense) - net $ (87) $ 28 $ (49) $ 57 1. T he three and six months ended June 30, 2024 includes non-cash interest income of $6 million and $12 million, respectively, related to the $350 million Delrin® related party note receivable. Refer to Note 11 for additional information. 2. Reflects the loss on the partial redemption of an aggregate principal amount of the 2038 Notes. Refer to Note 13 for further details. 3. Includes the mark to market loss related to the 2022 Swaps and 2024 Swaps. Refer to Note 19 for further details. Cash, Cash Equivalents and Restricted Cash At June 30, 2024 and December 31, 2023 the Company had $6 million and $411 million, respectively, within “Restricted cash and cash equivalents”. The majority of the balance as of December 31, 2023 is attributable to the Water District Settlement Fund. During the second quarter 2024, the judgment related to the Water District Settlement Fund became final and therefore $408 million was removed from "Restricted cash and cash equivalents”. Additional information can be found in Note 14 . Accrued and Other Current Liabilities "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets were $973 million at June 30, 2024 and $1,269 million at December 31, 2023. "Accrued and other current liabilities" at December 31, 2023 includes approximately $405 million, respectively, related to the Water District Settlement Agreement further discussed in Note 14, the related balance at June 30, 2024 was zero. Accrued payroll, which is a component of "Accrued and other current liabilities," was $268 million at June 30, 2024 and $250 million at December 31, 2023. At June 30, 2024, "Accrued and other current liabilities" also includes $159 million of dividends payable; at December 31, 2023 the balance was not material. No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at June 30, 2024 and at December 31, 2023. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2024 | |
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. 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 interim results of operations. The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate on continuing operations for the second quarter of 2024 was 40.5 percent, compared with an effective tax rate of 24.4 percent for the second quarter of 2023. For the first six months of 2024, the effective tax rate on continuing operations was 36.2 percent, compared with 23.9 percent for the first six months of 2023. The higher effective tax rates in 2024 thus far were driven by the geographic mix of earnings offset by the U.S. taxation of foreign operations as well as certain discrete tax expenses, including an international statutory tax settlement for which the Company is partially indemnified. Effective from 2024, the Organization for Economic Co-operation and Development’s ("OECD") Global Anti-Base Erosion ("GloBE") rules under Pillar Two have been enacted by the European Union and other countries in which the Company operates. The Company does not expect a resulting material change to the income tax provision for the current year ending December 31, 2024. However, the Company expects the effective tax rate and cash tax payments could increase in future years. |
EARNINGS PER SHARE CALCULATIONS
EARNINGS PER SHARE CALCULATIONS | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE CALCULATIONS | EARNINGS PER SHARE CALCULATIONS The following tables provide earnings per share calculations for the three and six months ended June 30, 2024 and 2023: Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Income from continuing operations, net of tax $ 176 $ 269 $ 359 $ 542 Net income from continuing operations attributable to noncontrolling interests 7 14 15 22 Income from continuing operations attributable to common stockholders $ 169 $ 255 $ 344 $ 520 Income (loss) from discontinued operations attributable to common stockholders, net of tax $ 9 $ (386) $ 23 $ (394) Net income (loss) attributable to common stockholders $ 178 $ (131) $ 367 $ 126 Earnings Per Share Calculations - Basic Three Months Ended Six Months Ended Dollars per share 2024 2023 2024 2023 Earnings from continuing operations attributable to common stockholders $ 0.40 $ 0.56 $ 0.82 $ 1.13 Earnings (loss) from discontinued operations, net of tax 0.02 (0.84) 0.05 (0.86) Earnings (loss) attributable to common stockholders 1 $ 0.43 $ (0.29) $ 0.87 $ 0.27 Earnings Per Share Calculations - Diluted Three Months Ended Six Months Ended Dollars per share 2024 2023 2024 2023 Earnings from continuing operations attributable to common stockholders $ 0.40 $ 0.55 $ 0.82 $ 1.13 Earnings (loss) from discontinued operations, net of tax 0.02 (0.84) 0.05 (0.86) Earnings (loss) attributable to common stockholders 1 $ 0.42 $ (0.28) $ 0.87 $ 0.27 Share Count Information Three Months Ended Six Months Ended Shares in millions 2024 2023 2024 2023 Weighted-average common shares - basic 417.8 459.2 420.3 459.0 Plus dilutive effect of equity compensation plans 1.5 1.1 1.3 1.2 Weighted-average common shares - diluted 419.3 460.3 421.6 460.2 Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations 2 1.1 3.0 2.1 2.6 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 | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES In millions June 30, 2024 December 31, 2023 Finished goods $ 1,196 $ 1,184 Work in process 504 487 Raw materials 336 350 Supplies 128 126 Total inventories $ 2,164 $ 2,147 |
NONCONSOLIDATED AFFILIATES
NONCONSOLIDATED AFFILIATES | 6 Months Ended |
Jun. 30, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
NONCONSOLIDATED AFFILIATES | NONCONSOLIDATED AFFILIATES The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates") are recorded in "Investments and noncurrent receivables" in the interim Condensed Consolidated Balance Sheets. The Company's net investment in nonconsolidated affiliates at June 30, 2024 and December 31, 2023 is $818 million and $788 million, respectively. Sales to nonconsolidated affiliates represented less than 2 percent of total net sales for the three and six months ended June 30, 2024 and approximately 2 percent for the three and six months ended June 30, 2023. Purchases from nonconsolidated affiliates represented less than 3 percent of “Cost of sales” for the three and six months ended June 30, 2024 and 2023. The Company maintained an ownership interest in seven nonconsolidated affiliates at June 30, 2024. Derby Equity Interest As a result of the Delrin® Divestiture, on November 1, 2023, the Company acquired a 19.9 percent non-controlling equity interest in Derby. The financial results of Derby, subsequent to the transaction date, are included in DuPont's Consolidated Financial Statements with a three-month lag, using the equity method of accounting and with intercompany profits eliminated in accordance with DuPont’s accounting policy. For the three and six months ended June 30, 2024, the Company recorded income of $2 million and a loss of $5 million, respectively, in "Equity in earnings of nonconsolidated affiliates" which includes the impact of approximately $8 million for transaction costs incurred by Derby and amortization expense from purchase accounting. The carry values of the equity interest as of June 30, 2024 and December 31, 2023 were $118 million and $121 million, respectively. The carry values of the note receivable as of June 30, 2024 and December 31, 2023 were $240 million and $228 million, respectively. For the three and six months ended June 30, 2024, Company recognized non-cash interest income on the Derby Note Receivable of $6 million and $12 million, respectively, reported in "Sundry income (expense) - net" on the interim Consolidated Statement of Operations, and accreted to the carrying value of the note receivable. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amounts of goodwill during the six months ended June 30, 2024 were as follows: In millions Electronics & Industrial Water & Protection Corporate & Other Total Balance at December 31, 2023 $ 10,205 $ 5,900 $ 615 $ 16,720 Currency translation adjustment (79) (85) (5) (169) Goodwill recognized for Spectrum Acquisition 7 — — 7 Balance at June 30, 2024 $ 10,133 $ 5,815 $ 610 $ 16,558 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. Effective as of January 1, 2024, Electronics & Industrial realigned certain of its product lines making up its business lines (Industrial Solutions, Interconnect Solutions and Semiconductor Technologies). During the first quarter of 2024, the realignment of the businesses within Electronics & Industrial served as a triggering event requiring the Company to perform an impairment analysis related to goodwill carried by certain reporting units as of January 1, 2024, prior to the realignment. As part of the realignment, the Company assessed and re-defined certain reporting units effective January 1, 2024, including reallocation of goodwill on a relative fair value basis, as applicable, to reporting units impacted. Goodwill impairment analyses were then performed for reporting units impacted in the Electronics and Industrial segment and no impairments were identified. The fair value of each reporting unit tested was estimated using a combination of a discounted cash flow model and market approach. The Company’s assumptions in estimating fair value include projected revenue, gross margins, selling, administrative, research and development expenses (SARD), capital expenditures, the weighted average cost of capital, the terminal growth rates, and the tax rate for the income approach and projected EBITDA and derived multiples from comparable market transactions for the market approach. In connection with the preparation of the full year 2023 financial statements, macroeconomic triggering events required the Company to perform an impairment analysis of the goodwill associated with its Protection reporting unit, within Water & Protection as of December 31, 2023. As a result of the analysis performed, the Company concluded that the carrying amount of the Protection reporting unit exceeded its fair value resulting in a non-cash goodwill impairment charge of $804 million, which was recorded within “Goodwill impairment charge” on the Consolidated Statements of Operations for the year ended December 31, 2023. This reporting unit remains at risk for future impairment due to the fair value now being equal to the carrying value as a result of the recorded impairment. Should macroeconomic conditions worsen, resulting in further recovery delays, or other events occur indicating that the estimated future cash flows of the reporting unit have further declined and the reporting unit is unable to meet or exceed its projections from 2024 and other future years, the Company may be required to record future non-cash impairment charges related to goodwill. As of June 30, 2024, the remaining carrying amount of goodwill within the Protection reporting unit was $4.8 billion. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2024 December 31, 2023 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 2,072 $ (1,182) $ 890 $ 2,079 $ (1,092) $ 987 Trademarks/tradenames 924 (448) 476 924 (414) 510 Customer-related 5,745 (2,466) 3,279 5,815 (2,329) 3,486 Other 29 (1) 28 28 (1) 27 Total other intangible assets with finite lives $ 8,770 $ (4,097) $ 4,673 $ 8,846 $ (3,836) $ 5,010 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets $ 804 $ — $ 804 $ 804 $ — $ 804 Total $ 9,574 $ (4,097) $ 5,477 $ 9,650 $ (3,836) $ 5,814 The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment June 30, 2024 December 31, 2023 In millions Electronics & Industrial $ 3,318 $ 3,521 Water & Protection 2,077 2,206 Corporate & Other 82 87 Total $ 5,477 $ 5,814 Total estimated amortization expense for the remainder of 2024 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2024 $ 289 2025 $ 545 2026 $ 518 2027 $ 470 2028 $ 418 2029 $ 362 |
SHORT-TERM BORROWINGS, LONG-TER
SHORT-TERM BORROWINGS, LONG-TERM DEBT, AVAILABLE CREDIT FACILITIES AND OTHER OBLIGATIONS | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023. If applicable, updates have been included in the respective section below. Long-Term Debt Long-term debt at June 30, 2024 and December 31, 2023 was $7,168 million and $7,800 million, respectively. At June 30, 2024 the long-term debt balance included an unamortized basis adjustment of $49 million related to the dedesignation of the Company's interest rate swap agreements. At December 31, 2023 the long-term debt balance included a fair value hedging revaluation of $59 million related to the Company's interest rate swap agreements. See Note 19 for additional information. Capital Structure Actions DuPont, with its advisors, is evaluating considerations related to the design of the capital structures of the three intended FutureCos. These considerations include the impact of executing the separations in accordance with the announced plan on the Company’s existing indebtedness, including the Company’s senior notes. On June 5, 2024, DuPont issued a notice of redemption to the bond trustee with respect to a partial redemption of $650 million aggregate principal amount of its 2038 notes, (the "2038 Notes") in accordance with their terms. The partial redemption occurred on June 15, 2024, at the redemption price set forth in the indenture of the 2038 Notes. The Company funded the repayment with cash on hand. As a result of the early redemption of the debt, the Company incurred a loss of approximately $74 million to "Sundry income (expense) - net" within the interim Consolidated Statements of Operations for the three and six months ended June 30, 2024, which consisted of the redemption premium, write-off of the deferred debt issuance costs and the basis adjustment from fair value hedge accounting on the Company's interest rate swap agreements associated with this borrowing. See Note 19 for further detail on the dedesignation of the Company's interest rate swap agreements. Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were approximately $689 million at June 30, 2024. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were approximately $127 million at June 30, 2024. These letters of credit support commitments made in the ordinary course of business. Revolving Credit Facilities On May 8, 2024, the Company entered into a $1 billion 364-day revolving credit facility (the "364-Day Revolving Credit Facility"). Prior to entering the new facility, the Company held another $1 billion 364-day revolving credit facility. There were no drawdowns of either facility during the six month period ended June 30, 2024. 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 June 30, 2024 and December 31, 2023 was $102 million and $97 million, respectively, and is recorded in “Accounts Payable” in the interim Condensed Consolidated Balance Sheets. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Litigation, Environmental Matters, and Indemnifications The Company and certain subsidiaries are involved in various lawsuits, claims and environmental actions that have arisen in the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain substances at various sites. In addition, in connection with divestitures and the related transactions, the Company from time to time has indemnified and has been indemnified by third parties against certain liabilities that may arise in connection with, among other things, business activities prior to the completion of the respective transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. The Company records liabilities for ongoing and indemnification matters when the information available indicates that it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated. As of June 30, 2024, the Company has recorded indemnification assets of $32 million within "Accounts and notes receivable - net" and $304 million within "Deferred charges and other assets" and indemnification liabilities of $175 million within "Accrued and other current liabilities" and $234 million within "Other noncurrent obligations" within the interim Condensed Consolidated Balance Sheets. As of December 31, 2023, the Company has recorded indemnification assets of $21 million within "Accounts and notes receivable - net" and $242 million within "Deferred charges and other assets" and indemnified liabilities of $200 million within "Accrued and other current liabilities" and $263 million within "Other noncurrent obligations" within the interim Condensed 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. 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, 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. 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 June 30, 2024, the Company had paid Qualified Spend of approximately $590 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. 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. 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. 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 a certain percentage of the Indemnifiable Losses, described below, rising from EIDP Stray Liabilities and that the percentage changes upon each company meeting its respective threshold of $150 million for PFAS Stray Liabilities and $200 million for EIDP Stray Liabilities. In addition, for certain Non-PFAS Liabilities, (“Specified Spend Non-PFAS Liabilities”), Corteva must spend specified amounts before costs associated with such matter will be considered Indemnifiable Losses. The Agreements provide that the Company and Corteva each bear 50 percent of the first $300 million ($150 million) of total Indemnifiable Losses related to PFAS Stray Liabilities. In 2023, the companies met their respective $150 million threshold and as a result the Company bears 71 percent of Indemnifiable Losses related to PFAS Stray Liabilities and Corteva bears 29 percent. At June 30, 2024, DuPont has accrued for future Qualified Spend and Indemnifiable Losses related to PFAS Stray Liabilities accordingly. The $150 million of Indemnifiable Losses incurred for PFAS Stray Liabilities has been credited against each company’s $200 million threshold. Corteva has met its $200 million threshold. As a result, until the Company meets its $200 million threshold, it is responsible for managing the Non-PFAS Stray Liabilities, excluding Specified Spend Non-PFAS Liabilities for which Corteva has not reached its specified spend amount, and is bearing all Indemnifiable Losses associated with such 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 June 30, 2024, the Company has accrued for future Indemnifiable Losses related to Non-PFAS Stray Liabilities, including Specified Spend Non-PFAS 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: Indemnification Related Liabilities Associated with the MOU In millions June 30, 2024 December 31, 2023 Balance Sheet Classification Current indemnification liabilities $ 89 $ 87 Accrued and other current liabilities Long-term indemnification liabilities 122 119 Other noncurrent obligations Total indemnification liabilities accrued under the MOU 1 $ 211 $ 206 1. As of June 30, 2024 and December 31, 2023, total indemnified liabilities accrued include $135 million and $139 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"). This excludes amounts related to the Water District Settlement Agreement, as defined below. In addition to the above, beginning the second quarter of 2023, the Company had recognized a liability related to the Water District Settlement Agreement, defined below, between Chemours, Corteva, EIDP and DuPont related to the aqueous film-forming foams multi-district litigation. The judgment became final in April 2024, therefore $408 million, including interest, is reflected as a cash outflow within cash flows from discontinued operations during the second quarter 2024. 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. Under EIDP’s 2004 settlement of a West Virginia state court class action, Leach v. EIDP, members of the 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. After the panel reported its findings, approximately 3,550 personal injury lawsuits filed in Ohio and West Virginia state and federal courts, were consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”). In 2017, Chemours and EIDP settled the Ohio MDL for $670 million. Post the 2017 settlement, approximately 100 additional cases were filed by Leach class members. EIDP and Chemours settled all but one these cases in 2021 for $83 million with each of the Company and EIDP contributing $27 million and Chemours contributing $29 million. The remaining case resulted in a jury verdict for the plaintiff which was paid in the fourth quarter of 2023 after EIDP exhausted its appeal rights. The payment was split between the three companies in accordance with the Agreements and MOU. As of June 30, 2024, Plaintiffs’ counsel had filed about 45 new cases that are in the Ohio MDL. Two are scheduled for trial in September 2024. DuPont was not a defendant in the Leach case or the cases that were or are now part of the Ohio MDL. In November 2023, DuPont, Chemours and Corteva (for itself and EIDP) reached a settlement agreement with the State of Ohio designed to benefit Ohio's natural resources and the people of the State of Ohio. Among other things, and subject to certain limitations and preservations, the settlement resolves the State's claims relating to releases of PFAS in or into the State from the companies' facilities and claims relating to the manufacture and sale of PFAS-containing products and the State's claims related to AFFF. As part of the settlement, the companies agreed to pay the State of Ohio a combined total of $110 million, 80 percent of which the State has allocated to restoration of natural resources related to operation of the Washington Works facility. The settlement will become effective and payable, upon resolution of the appeals process and entry of final judgment by the court. Consistent with the MOU, DuPont's share of the settlement will be approximately $39 million, which is accrued for as of June 30, 2024. 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. DuPont's share was $12.5 million. The settlement provides for a potential Supplemental Payment to Delaware up to a total of $25 million, if certain conditions are met. As a result, upon the above described settlement with the State of Ohio reached in November 2023 becoming effective, a Supplemental Payment will be owed to the State of Delaware and paid in accordance to the terms of the MOU. The Company has accrued approximately $9 million as of June 30, 2024 related to the Supplemental Payment. As of June 30, 2024, there are various cases alleging damages due to PFAS which are discussed below. Such actions often include claims alleging that EIDP's transfer 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 in accordance with the MOU between Chemours, EIDP, Corteva and DuPont. Beginning in April 2019, lawsuits alleging damages from the use of PFAS-containing aqueous film-forming foams (“AFFF”) were filed against EIDP and Chemours and companies such as 3M that made AFFF. The majority of these lawsuits were consolidated in a multi-district litigation (the “AFFF MDL”) captioned In Re: Aqueous Film Forming Foams (AFFF) Products Liability Litigation that is pending in the United States District Court for the District of South Carolina, (the “Court”). The matters pending in the AFFF MDL allege damages as a result of contamination, in most cases allegedly from migration from airports or military installations, or personal injury from exposure to AFFF. The plaintiffs in the MDL include, among others, water districts, individuals and states attorneys general. DuPont has never made or sold AFFF, perfluorooctanesulfonic acid ("PFOS") or PFOS-containing products, and most of the actions in the AFFF MDL name DuPont as a defendant solely related to fraudulent transfer claims related to the Chemours Separation and the DowDuPont separations. On June 30, 2023, Chemours, Corteva, EIDP and DuPont entered a definitive agreement to resolve for $1.185 billion in cash all PFAS-related claims of a defined class of U.S. public water systems, including claims that are part of the AFFF MDL, (the “Water District Settlement Agreement”). 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. Chemours, Corteva and DuPont each used its respective MOU Escrow Account deposits to fund in part their respective contributions into the Water District Settlement Fund. DuPont paid its $400 million contribution into the Water District Settlement Fund in the third quarter 2023. That payment included $100 million that DuPont had deposited into the MOU Escrow Account as of June 30, 2023. The Company’s total contribution, including interest, of $408 million has been removed from "Restricted cash and cash equivalents - current" along with the associated "Accrued and other current liabilities" within the interim Condensed Consolidated Balance Sheets as of June 30, 2024 as the settlement became final in the second quarter 2024. DuPont's aggregate MOU escrow deposits of $405 million, including interest, at December 31, 2023 is reflected in "Restricted cash and cash equivalents - noncurrent" on the interim Condensed Consolidated Balance Sheets. The Water District Settlement's 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 class does not include water systems owned and operated by a State or the United States government or small systems that have not detected PFAS and are not currently required to monitor for it under federal or state requirements. 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, among other things, a mechanism for class members to submit requests to be excluded from the settlement. The Notice Administrator submitted a report on February 6, 2024 indicating that about 900 of 14,167 entities on the list of potential class members submitted timely requests for exclusion. The Court issued a revised order during the first quarter 2024 extending the date by which water systems that elected to be excluded from the settlement could rejoin the class to March 15, 2024. At June 30, 2024, the AFFF MDL includes about 6,000 personal injury cases. The Court has ordered the dismissal by August 22, 2024, of claims that do not meet certain evidentiary requirements unless they allege one of the following eight health conditions: high cholesterol, pregnancy induced hypertension, ulcerative colitis, thyroid disease, testicular cancer, kidney cancer, liver cancer or thyroid cancer. About half of the 6,000 cases pending at June 30, 2024 do not make a claim for one of those eight conditions and, therefore, are expected to be dismissed. Cases that are dismissed pursuant to the Court’s order may be re-filed within four years if plaintiffs later meet the evidentiary requirements specified in the Court’s order. The discovery process has begun for 25 bellwether personal injury cases that claim harm from kidney cancer, testicular cancer, ulcerative colitis, or thyroid disease. In addition, new cases continue to be filed in the AFFF MDL. Some state attorneys general have filed lawsuits against DuPont, outside of the AFFF MDL that allege 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 clean up 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 April 2021, a historic DuPont Dutch subsidiary and the Dutch entities of Chemours and Corteva, received a civil summons issued by 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 municipalities' property rights by an objective standard. Chemours entered into a Letter of Intent with the municipalities on June 28, 2024, which effectively stayed the litigation while Chemours performs investigatory remedial work focused on vegetable gardens and surface waters. In addition to the above matters, there are other legal matters pending that make claims related to PFAS. The Company is specifically named in some of these legal matters and some are pending against Chemours and/or Corteva/EIDP in which the Company is not named. Certain of these actions may purport to be class actions and seek damages in very large amounts. Regardless of whether the Company is named, the costs of litigation and future liabilities, if any, in these matters 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 June 30, 2024. 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 June 30, 2024, the Company has liabilities of $39 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 interim results of operations, financial condition and cash flows of the Company. In accordance with its accounting policy for litigation matters, the Company will expense litigation defense costs as incurred, which could be significant to the Company’s financial condition and/or cash flows in the period. Environmental Matters Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At June 30, 2024, the Company had accrued obligations of $283 million for probable environmental remediation and restoration costs. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the interim 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 interim 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 includes the following: Environmental Accrued Obligations In millions June 30, 2024 December 31, 2023 Potential exposure above the amount accrued 1 Environmental remediation liabilities not subject to indemnity $ 46 $ 46 $ 99 Environmental remediation indemnification Related Liabilities: Indemnifications related to Dow and Corteva 2 86 101 180 MOU related obligations (discussed above) 3 150 152 31 Other environmental indemnifications 1 1 2 Total environmental related liabilities $ 283 $ 300 $ 312 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, as of June 30, 2024. 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 | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES The lease cost for operating leases were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Operating lease costs $ 32 $ 29 $ 63 $ 58 Operating cash flows from operating leases were $60 million and $55 million for the six months ended June 30, 2024 and 2023, respectively. New operating lease assets and liabilities entered into during the six months ended June 30, 2024 and 2023, were $26 million and $78 million, respectively. Supplemental balance sheet information related to leases was as follows: In millions June 30, 2024 December 31, 2023 Operating Leases Operating lease right-of-use assets 1 $ 449 $ 484 Current operating lease liabilities 2 91 97 Noncurrent operating lease liabilities 3 358 390 Total operating lease liabilities $ 449 $ 487 1. Included in " Deferred charges and other assets 2. Included in " Accrued and other current liabilities 3. Included in " Other noncurrent obligations Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide the lessor’s implicit rate, the Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease Term and Discount Rate for Operating Leases June 30, 2024 December 31, 2023 Weighted-average remaining lease term (years) 8.2 8.5 Weighted average discount rate 3.64 % 3.55 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at June 30, 2024 Operating Leases In millions Remainder of 2024 $ 57 2025 91 2026 70 2027 57 2028 44 2029 and thereafter 202 Total lease payments $ 521 Less: Interest 72 Present value of lease liabilities $ 449 The Company has leases in which it is the lessor. In connection with the 2021 sale of the N&B businesses and the M&M Divestitures, DuPont entered into leasing agreements with International Flavors & Fragrance Inc. (“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 interim Condensed Consolidated Balance Sheets or interim Consolidated Statement of Operations. Lease agreements where the Company is the lessor have final expirations through 2036. |
OPERATING LEASES | OPERATING LEASES The lease cost for operating leases were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Operating lease costs $ 32 $ 29 $ 63 $ 58 Operating cash flows from operating leases were $60 million and $55 million for the six months ended June 30, 2024 and 2023, respectively. New operating lease assets and liabilities entered into during the six months ended June 30, 2024 and 2023, were $26 million and $78 million, respectively. Supplemental balance sheet information related to leases was as follows: In millions June 30, 2024 December 31, 2023 Operating Leases Operating lease right-of-use assets 1 $ 449 $ 484 Current operating lease liabilities 2 91 97 Noncurrent operating lease liabilities 3 358 390 Total operating lease liabilities $ 449 $ 487 1. Included in " Deferred charges and other assets 2. Included in " Accrued and other current liabilities 3. Included in " Other noncurrent obligations Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide the lessor’s implicit rate, the Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease Term and Discount Rate for Operating Leases June 30, 2024 December 31, 2023 Weighted-average remaining lease term (years) 8.2 8.5 Weighted average discount rate 3.64 % 3.55 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at June 30, 2024 Operating Leases In millions Remainder of 2024 $ 57 2025 91 2026 70 2027 57 2028 44 2029 and thereafter 202 Total lease payments $ 521 Less: Interest 72 Present value of lease liabilities $ 449 The Company has leases in which it is the lessor. In connection with the 2021 sale of the N&B businesses and the M&M Divestitures, DuPont entered into leasing agreements with International Flavors & Fragrance Inc. (“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 interim 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 | 6 Months Ended |
Jun. 30, 2024 | |
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"). 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. In the first quarter of 2024, the $2B ASR Transaction was completed. The settlement resulted in the delivery of 6.7 million additional shares of DuPont common stock, which were retired immediately and recorded as a reduction of retained earnings of $426 million. In total, the Company repurchased 27.9 million shares at an average price of $71.67 per share under the $2B ASR Transaction. The completion of the $2B ASR Transaction effectively completes the $5B Share Buyback Program and the Company's stock repurchase authorization. In the first quarter 2024, the Company’s Board of Directors approved a new share repurchase program authorizing the repurchase and retirement of up to $1 billion of common stock (“the $1B Share Buyback Program”). Under the $1B Share Buyback Program, repurchases may be made from time to time on the open market at prevailing market prices or in privately negotiated transactions off market, including additional ASR agreements in accordance with applicable federal securities laws. The $1B Share Buyback Program terminates on June 30, 2025, unless extended or shortened by the Board of Directors. In the first quarter 2024, DuPont entered into an ASR agreement with one counterparty for the repurchase of $500 million of common stock ("Q1 2024 ASR Transaction"). DuPont paid an aggregate of $500 million to the counterparty and received initial deliveries of 6.0 million shares of DuPont common stock, which were retired immediately and recorded as a reduction of retained earnings of $400 million. The remaining $100 million was evaluated as an unsettled forward contract indexed to DuPont common stock, classified within stockholders' equity as of March 31, 2024. In the second quarter of 2024, the Q1 2024 ASR Transaction was completed. The settlement resulted in the delivery of approximately 1.0 million additional shares of DuPont common stock, which were retired immediately and recorded as a reduction of retained earnings of $72 million. In total, the Company repurchased 6.9 million shares at an average price of $71.96 per share under the Q1 2024 ASR Transaction. The Inflation Reduction Act of 2022 introduced a 1 percent nondeductible excise tax imposed on the net value of certain stock repurchases. 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 $1 million and $9 million as a reduction to retained earnings for the three and six months ended June 30, 2024, respectively. The recorded excise tax is reflected within stockholders' equity and a corresponding liability within "Accounts Payable" in the interim Condensed Consolidated Balance Sheets as of June 30, 2024. Accumulated Other Comprehensive Loss The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the six months ended June 30, 2024 and 2023: Accumulated Other Comprehensive Loss Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2023 Balance at January 1, 2023 $ (968) $ 60 $ 117 $ (791) Other comprehensive loss before reclassifications (68) (5) (21) (94) Amounts reclassified from accumulated other comprehensive loss — (5) — (5) Net other comprehensive loss $ (68) $ (10) $ (21) $ (99) Balance at June 30, 2023 $ (1,036) $ 50 $ 96 $ (890) 2024 Balance at January 1, 2024 $ (931) $ (55) $ 76 $ (910) Other comprehensive (loss) income before reclassifications (359) (24) 21 (362) Amounts reclassified from accumulated other comprehensive loss — (2) — (2) Net other comprehensive (loss) income $ (359) $ (26) $ 21 $ (364) Balance at June 30, 2024 $ (1,290) $ (81) $ 97 $ (1,274) The tax effects on the net activity related to each component of other comprehensive loss were not significant for the three or six months ended June 30, 2024 and 2023. |
PENSION PLANS AND OTHER POST-EM
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 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 Six Months Ended In millions 2024 2023 2024 2023 Service cost 1 $ 6 $ 4 $ 15 $ 13 Interest cost 2 22 25 42 49 Expected return on plan assets 3 (24) (24) (50) (47) Amortization of prior service credit 4 — — (1) (1) Amortization of unrecognized net loss 5 — (1) — (1) Curtailment/settlement 6 (1) (1) (1) (2) Net periodic benefit costs - Total $ 3 $ 3 $ 5 $ 11 Less: Net periodic benefit credits - Discontinued operations — (2) — (4) Net periodic benefit costs - Continuing operations $ 3 $ 5 $ 5 $ 15 1. The service cost from continuing operations was $3 million and $11 million for the three and six months ended June 30, 2023, respectively, for significant plans. 2. The interest cost from continuing operations was $23 million and $46 million for the three and six months ended June 30, 2023, respectively, for significant plans. 3. The expected return on plan assets from continuing operations was $19 million and $38 million for the three and six months ended June 30, 2023, respectively, for significant plans. 4. The amortization of prior service credit from continuing operations was less than a million and $1 million for the three and six months ended June 30, 2023, respectively, for significant plans. 5. The amortization of unrecognized net gain for significant plans from continuing operations was $1 million for the three and six months ended June 30, 2023, respectively, for significant plans. 6. The curtailment and settlement gain from continuing operations was $1 million and $2 million for the three and six months ended June 30, 2023, respectively, for significant plans. 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 $29 million by year-end 2024. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2024 | |
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 2023 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 14 million shares of common stock are available for award as of June 30, 2024. DuPont recognized share-based compensation expense in continuing operations of $20 million and $17 million for the three months ended June 30, 2024 and 2023, respectively and $44 million and $33 million for the six months ended June 30, 2024 and 2023, respectively. The income tax benefits related to stock-based compensation arrangements were $4 million for both the three months ended June 30, 2024 and 2023 and $9 million and $7 million for the six months ended June 30, 2024 and 2023, respectively. In the first quarter of 2024, the Company granted 0.8 million RSUs and 0.3 million performance based stock units ("PSUs"). The weighted-average fair values per share associated with the grants were $68.47 per RSU and $70.09 per PSU. In the second quarter of 2024, the Company granted 0.1 million RSUs and 0.1 million performance based stock units PSUs. The weighted-average fair values per share associated with the grants were $81.19 per RSU and $88.90 per PSU. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The following table summarizes the fair value of financial instruments at June 30, 2024 and December 31, 2023: Fair Value of Financial Instruments June 30, 2024 December 31, 2023 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 272 $ — $ — $ 272 $ 408 $ — $ — $ 408 Restricted cash equivalents 1 6 — — 6 411 — — 411 Total cash and restricted cash equivalents $ 278 $ — $ — $ 278 $ 819 $ — $ — $ 819 Long-term debt including debt due within one year 2 $ (7,168) $ 36 $ (154) $ (7,286) $ (7,859) $ 70 $ (206) $ (7,995) Derivatives relating to: Net investment hedge 3 $ — $ 123 $ — $ 123 $ — $ 96 $ — $ 96 Foreign currency 4, 5 — 3 (8) (5) — 26 (23) 3 Interest rate swap agreements 6 — — (120) (120) — — (59) (59) Total derivatives $ — $ 126 $ (128) $ (2) $ — $ 122 $ (82) $ 40 1. Refer to Note 7 and Note 14 or more information on Restricted cash equivalents. 2. At June 30, 2024, the balance included unamortized basis adjustment of $49 million related to the 2022 Swaps, discussed below. At December 31, 2023, the balance included a fair value hedging revaluation related to the 2022 Swaps of $59 million, discussed below. Fair value of long-term debt including debt due within one year 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 and represents a Level 2 fair value measurement. 3. Classified as "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheets. 4. Classified as "Prepaid and other current assets" and "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 5. Presented net of cash collateral where master netting arrangements allow. 6. Classified as "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. Derivative Instruments Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, the Company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The Company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the Company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The Company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. The notional amounts of the Company's derivative instruments were as follows: Notional Amounts June 30, 2024 December 31, 2023 In millions Derivatives designated as hedging instruments: Net investment hedge $ 1,000 $ 1,000 Interest rate swap agreements $ — $ 1,000 Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ (126) $ (907) Interest rate swap agreements 2 $ 4,150 $ — 1. Presented net of contracts bought and sold. 2. Includes notional amounts related to the 2022 Swaps and 2024 Swaps, described further below. 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. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The Company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The Company also uses foreign currency exchange contracts to offset a portion of the Company's exposure to certain foreign currency-denominated revenues so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated revenues. 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 hedges, which was included in “Sundry income (expense) - net” in the interim Consolidated Statements of Operations, was a loss of $4 million and a loss of $55 million for the three months ended June 30, 2024 and 2023, respectively. There was a loss of $24 million and $74 million for the six months ended June 30, 2024 and 2023, respectively. Interest Rate Swap Agreements In the second quarter of 2022, the Company entered into fixed-to-floating interest rate swap agreements ("2022 Swaps") 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 2022 Swaps expire on November 15, 2032 and are carried at fair value. Since inception of the 2022 Swaps, fair value hedge accounting has been applied and thus, changes in the fair value of the 2022 Swaps and changes in the fair value of the related hedged portion of long-term debt were presented and net to zero in "Sundry income (expense) – net" in the interim Consolidated Statements of Operations. On June 5, 2024, DuPont issued a notice of redemption to the bond trustee with respect to a partial redemption of $650 million aggregate principal amount of its 2038 Notes in accordance with their terms. The redemption was effective on June 15, 2024. As a result of the announced redemption, the Company dedesignated the current hedging relationship. At the time of dedesignation, the total amount recorded as a cumulative fair value basis adjustment on the 2038 Notes was a loss of $81 million of which $32 million was recognized as a component of the loss from partial extinguishment of debt. The remaining basis adjustment is amortized to interest expense over the remaining term of the 2038 Notes. Refer to Note 13 for additional details on the partial redemption of the 2038 Notes. In June 2024, the Company entered into two forward-starting fixed-to-floating interest rate swap agreements (“2024 Swaps”) to hedge the changes in the fair value of the Company’s long-term debt due to interest rate change movements. One swap converted $2.15 billion principal amount of the fixed rate notes due 2048 into floating rate debt for the portion of their terms from 2025 through 2048 with an interest rate based on SOFR. The other swap converted $1 billion principal amount of the fixed rate notes due 2038 into floating rate debt for the portion of their terms from 2032 through 2038 with an interest rate also based on SOFR. The 2024 Swaps have a mandatory early termination date of December 15, 2025 and are carried at fair value. Fair value hedge accounting has not been applied. The 2022 Swaps and 2024 Swaps are considered economic hedges of the Company’s fixed rate debt. As such, changes in the fair value of the 2022 Swaps after the date of dedesignation and changes in the fair value of the 2024 Swaps since inception have been recorded in “Sundry income (expense) – net” in the interim Consolidated Statements of Operations. The amount charged related to interest rate swaps not designated as hedges was a loss of $39 million for the three and six months ended June 30, 2024 and zero for the three and six months six months ended June 30, 2023. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2024 | |
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 of Significant Other Observable Inputs (Level 2) June 30, 2024 December 31, 2023 In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 278 $ 364 Derivatives relating to: 2 Net investment hedge 123 96 Foreign currency contracts 3 6 37 Total assets at fair value $ 407 $ 497 Liabilities at fair value: Derivatives relating to: 2 Interest rate swap agreements 120 59 Foreign currency contracts 3 11 34 Total liabilities at fair value $ 131 $ 93 1. Time deposits included in "Cash and cash equivalents" in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. Restricted cash and cash equivalents" at June 30, 2024 and December 31, 2023 in the interim Condensed Consolidated Balance Sheets includes zero and $405 million, respectively, deposited within a qualified settlement fund consisting of treasury bills representing Level 1 fair value measurement investments, also held at amortized cost. "Restricted cash and cash equivalents" at December 31, 2023 in the interim Condensed Consolidated Balance Sheets also includes $50 million of money market funds, representing Level 1 fair value measurement investments, also held at amortized cost. 2. See Note 19 for the classification of derivatives in the interim 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 interim Condensed Consolidated Balance Sheets. The offsetting counterparty and cash collateral netting amounts for foreign currency contracts were $3 million and zero respectively, for both assets and liabilities as of June 30, 2024. The offsetting counterparty and cash collateral netting amounts were $11 million and zero, respectively, for assets and liabilities as of December 31, 2023. |
SEGMENTS AND GEOGRAPHIC REGIONS
SEGMENTS AND GEOGRAPHIC REGIONS | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENTS AND GEOGRAPHIC REGIONS | SEGMENTS AND GEOGRAPHIC REGIONS The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items. Reconciliations of these measures are provided on the following pages. Historical Delrin® costs that were classified as discontinued operation in prior years included only direct operating expenses incurred by Delrin® prior to the November 1, 2023 divestiture. Indirect costs, such as those related to corporate and shared service functions previously allocated to the Delrin® Business, did not meet the criteria for discontinued operations and were reported within continuing operations in the respective prior years. A portion of these historical indirect costs included costs related to activities the Company is undertaking on behalf of Delrin®, and for which it is 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 reimbursement (“Stranded Costs”). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA. Segment Information Electronics & Industrial Water & Protection Corporate & Other Total In millions Three months ended June 30, 2024 Net sales $ 1,508 $ 1,391 $ 272 $ 3,171 Operating EBITDA 1 $ 419 $ 344 $ 35 $ 798 Equity in earnings of nonconsolidated affiliates $ 13 $ 8 $ 2 $ 23 Three months ended June 30, 2023 Net sales $ 1,312 $ 1,494 $ 288 $ 3,094 Operating EBITDA 1 $ 349 $ 368 $ 21 $ 738 Equity in earnings of nonconsolidated affiliates $ 3 $ 11 $ — $ 14 Six months ended June 30, 2024 Net sales $ 2,873 $ 2,682 $ 547 $ 6,102 Operating EBITDA 2 $ 793 $ 639 $ 48 $ 1,480 Equity in earnings (losses) of nonconsolidated affiliates $ 23 $ 17 $ (5) $ 35 Six months ended June 30, 2023 Net sales $ 2,608 $ 2,943 $ 561 $ 6,112 Operating EBITDA 2 $ 711 $ 712 $ 29 $ 1,452 Equity in earnings of nonconsolidated affiliates $ 8 $ 21 $ — $ 29 1. Corporate & Other includes activities of the Retained Businesses. 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 June 30, 2024 and 2023 Three Months Ended June 30, In millions 2024 2023 Income from continuing operations, net of tax $ 176 $ 269 + Provision for income taxes on continuing operations 120 87 Income from continuing operations before income taxes $ 296 $ 356 + Depreciation and amortization 298 282 - Interest income 1 21 52 + Interest expense 99 98 - Non-operating pension/OPEB benefit credits (costs) 1 3 (2) - Foreign exchange (losses) gains, net 1 (4) (28) + Future reimbursable indirect costs — 2 - Significant items charge (125) (22) Operating EBITDA $ 798 $ 738 1. Included in "Sundry income (expense) - net." Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA for the Six Months Ended June 30, 2024 and 2023 Six Months Ended June 30, In millions 2024 2023 Income from continuing operations, net of tax $ 359 $ 542 + Provision for income taxes on continuing operations 204 170 Income from continuing operations before income taxes $ 563 $ 712 + Depreciation and amortization 589 559 - Interest income 1 41 98 + Interest expense 195 193 - Non-operating pension/OPEB benefit credits (costs) 1 10 (4) - Foreign exchange (losses) gains, net 1 — (48) + Future reimbursable indirect costs — 4 - Significant items charge (184) (30) Operating EBITDA $ 1,480 $ 1,452 1. Included in "Sundry income (expense) - net." The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended June 30, 2024 Electronics & Industrial Water & Protection Corporate & Other Total In millions Restructuring and asset related charges - net 1 $ 3 $ (15) $ 4 $ (8) Inventory write-offs 2 — 1 — 1 Acquisition, integration and separation costs 3 (3) — (2) (5) Loss on debt extinguishment 4 — — (74) (74) Interest rate swap mark-to-market loss 5 — — (39) (39) Total $ — $ (14) $ (111) $ (125) 1. Includes restructuring actions and asset related charges. See Note 6 for additional information. 2. Reflects an adjustment to raw material inventory write-offs recorded in “Cost of Sales” in connection with restructuring actions related to plant line closures within the Water & Protection segment. 3. Acquisition, integration and separation costs related to the Spectrum Acquisition and the Intended Business Separations. 4. Reflects the loss on extinguishment of debt related to the partial redemption of an aggregate principal amount of the 2038 Notes. Refer to Note 13 for further details. 5. Includes the mark to market loss related to the 2022 Swaps and 2024 Swaps. Refer to Note 19 for further details. Significant Items by Segment for the Three Months Ended June 30, 2023 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ (6) $ — $ — $ (6) Restructuring and asset related charges - net 2 (13) 1 (5) (17) Gain on divestiture 3 — 1 — 1 Total $ (19) $ 2 $ (5) $ (22) 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 Six Months Ended June 30, 2024 Electronics & Industrial Water & Protection Corporate & Other Total In millions Restructuring and asset related charges - net 1 $ (5) $ (37) $ (5) $ (47) Inventory write-offs 2 — (24) — (24) Acquisition, integration and separation costs 3 (6) — (2) (8) Loss on debt extinguishment 4 — — (74) (74) Interest rate swap mark-to-market loss 5 — — (39) (39) Income tax items 6 — — 8 8 Total $ (11) $ (61) $ (112) $ (184) 1. Includes restructuring actions and asset related charges. See Note 6 for additional information. 2. Reflects raw material inventory write-offs recorded in “Cost of Sales” in connection with restructuring actions related to plant line closures within the Water & Protection segment. 3. Acquisition, integration and separation costs related to the Spectrum Acquisition and the Intended Business Separations. 4. Reflects the loss on extinguishment of debt related to the partial redemption of an aggregate principal amount of the 2038 Notes. Refer to Note 13 for further details. 5. Includes the mark to market loss related to the 2022 Swaps and 2024 Swaps. Refer to Note 19 for further details. 6. Reflects the impact of an international tax audit. Significant Items by Segment for the Six Months Ended June 30, 2023 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ (6) $ — $ — $ (6) Restructuring and asset related charges - net 2 (22) 1 (10) (31) Gain on divestiture 3 7 1 (1) 7 Total $ (21) $ 2 $ (11) $ (30) 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." |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Donatelle Plastics Acquisition On July 28, 2024, DuPont completed the acquisition of Donatelle Plastics, LLC and certain related real estate (together, "Donatelle Plastics"), for cash payments of approximately $313 million, net of cash acquired (the "Donatelle Plastics Acquisition"). Donatelle Plastics is a medical device company specializing in the design, development and manufacture of medical components and devices. Additional cash payments may be owed in connection with earn out arrangements. The parties have agreed to make adjustments as needed based on actual working capital, cash and debt acquired as well as certain expenses, among other items. Donatelle Plastics is being integrated into Industrial Solutions within the Electronics & Industrial segment. The Company will apply the acquisition method of accounting in accordance with ASC 805, “Business Combinations,” to the Donatelle Plastics Acquisition which requires that the Donatelle Plastics assets acquired and liabilities assumed, including earn out arrangements, be recognized on the Company’s balance sheet at their respective fair values as of the acquisition date. The Company expects to complete the preliminary purchase price allocation for the business combination during the third quarter of 2024. Due to the timing of the acquisition, as of the date of issuance of these interim Consolidated Financial Statements, the Company is not yet able to provide the amounts recognized as of the acquisition date for major classes of Donatelle Plastics assets acquired and liabilities assumed. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 178 | $ (131) | $ 367 | $ 126 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
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) | 6 Months Ended |
Jun. 30, 2024 | |
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, 2023, collectively referred to as the "2023 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. |
Recently Adopted Accounting Guidance and Accounting Guidance Issued But Not Adopted | 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 Annual Report on Form 10-K for the year-ended December 31, 2024. See Note 13 for more information. Accounting Guidance Issued But Not Adopted at June 30, 2024 In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07") to improve disclosure requirements about reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The new guidance requires disclosures of significant segment expenses provided to the Chief Operating Decision Maker ("CODM") and included in reported measures of segment profit and loss. Disclosure of the title and position of the CODM is required. The guidance requires interim and annual disclosures about a reportable segment's profit or loss and assets. Additionally, the guidance requires disclosure of other segment items by reportable segment including a description of its composition. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. The disclosures will be implemented as required for the year-ended December 31, 2024. The Company is currently evaluating the impact of adopting this guidance. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") to improve transparency and disclosure requirements for the rate reconciliation, income taxes paid and other tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, on a prospective basis. The disclosures will be implemented as required for the year-ended December 31, 2025. The Company is currently evaluating the impact of adopting this guidance. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table presents the provisional valuation of certain acquired assets and liabilities assumed based upon information known as of June 30, 2024: Spectrum Assets Acquired and Liabilities Assumed on August 1, 2023 Estimated fair value as previously reported 1 (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 916 Deferred charges and other assets 34 Total Assets Acquired $ 1,226 Fair value of liabilities assumed Accounts payable $ 21 Income taxes payable 17 Deferred income tax liabilities 177 Other noncurrent liabilities 44 Total Liabilities Assumed $ 259 Goodwill 825 Total Consideration $ 1,792 1. No adjustments to the amounts previously reported in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2024. |
DIVESTITURES (Tables)
DIVESTITURES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Results Operations Presented as Discontinued Operations | The following table summarizes the interim results of operations of the Delrin® Divestiture which are presented as discontinued operations as summarized below: In millions Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Net sales $ 142 $ 289 Cost of sales 92 176 Research and development expenses 1 2 Selling, general and administrative expenses 1 1 Acquisition, integration and separation costs 1 46 100 Sundry income (expense) - net 3 5 Income from discontinued operations before income taxes $ 5 $ 15 Provision for income taxes on discontinued operations 1 7 Income from discontinued operations, net of tax $ 4 $ 8 (Loss) gain on sale, net of tax 2 $ (2) $ 22 Income from discontinued operations attributable to DuPont stockholders, net of tax $ 2 $ 30 1. Includes costs related to both the M&M Divestitures which primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees. 2. Gain includes purchase price adjustments related to the M&M Divestiture. Discontinued operations activity consists of the following: Income (Loss) from Discontinued Operations, Net of Tax Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 M&M Divestitures 1 $ (4) $ 2 $ (10) $ 30 MOU Activity 2 (8) (371) (17) (376) Indemnification activity - environmental and legal 3 — (14) (5) (43) Tax related matters 4 21 — 56 — Other — (3) (1) (5) Income (loss) from discontinued operations, net of tax $ 9 $ (386) $ 23 $ (394) 1. The three and six months ended June 30, 2024 primarily includes Acquisition, integration and separation costs. 2. Includes the activity for the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva Inc ("Corteva"), E. I. du Pont de Nemours and Company ("EIDP") and the Company. Refer to Note 14 for additional information. 3. Primarily related to the DWDP Separation and Distribution Agreement and Letter Agreement between Corteva and EIDP. For additional information on these matters, refer to Note 14. 4. |
REVENUE (Tables)
REVENUE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Industrial Solutions $ 488 $ 425 $ 936 $ 848 Interconnect Solutions 468 422 864 821 Semiconductor Technologies 552 465 1,073 939 Electronics & Industrial $ 1,508 $ 1,312 $ 2,873 $ 2,608 Safety Solutions $ 613 $ 683 $ 1,200 $ 1,359 Shelter Solutions 425 422 815 817 Water Solutions 353 389 667 767 Water & Protection $ 1,391 $ 1,494 $ 2,682 $ 2,943 Corporate & Other 1 $ 272 $ 288 $ 547 $ 561 Total $ 3,171 $ 3,094 $ 6,102 $ 6,112 1. Net sales within Corporate & Other reflect the Retained Businesses which include the Auto Adhesives & Fluids, Multibase TM and Tedlar ® businesses. Net Trade Revenue by Geographic Region Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 U.S. & Canada $ 1,127 $ 1,045 $ 2,180 $ 2,068 EMEA 1 550 585 1,094 1,167 Asia Pacific 2 1,368 1,350 2,584 2,643 Latin America 126 114 244 234 Total $ 3,171 $ 3,094 $ 6,102 $ 6,112 1. Europe, Middle East and Africa. 2. Net sales attributed to China/Hong Kong, for the three months ended June 30, 2024 and 2023 were $614 million and $581 million, respectively, while for the six months ended months ended June 30, 2024 and 2023 net sales attributed to China/Hong Kong were $1,129 million and $1,106 million, respectively. |
Schedule of Contract Balances | Contract Balances June 30, 2024 December 31, 2023 In millions Accounts and notes receivable - trade 1 $ 1,669 $ 1,543 Deferred revenue - current 2 $ 1 $ 1 Deferred revenue - noncurrent 3 $ 29 $ 22 1. Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets. 2. Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 3. Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. |
RESTRUCTURING AND ASSET RELAT_2
RESTRUCTURING AND ASSET RELATED CHARGES - NET (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Charges | The following table summarizes the charges incurred by segment related to the 2023-2024 Restructuring Program: 2023-2024 Restructuring Program Charges by Segment Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (In millions) Electronics & Industrial $ (5) $ 3 Water & Protection 1 15 37 Corporate & Other (1) 5 Total $ 9 $ 45 1. Amount excludes raw materials inventory write-offs recorded during 2024. Refer to Note 21 for additional information. |
Schedule of Restructuring Activities | The following table summarizes the activities related to the 2023-2024 Restructuring Program: 2023-2024 Restructuring Program Severance and Related Benefit Cost Asset Related Charges Total In millions Reserve balance at December 31, 2023 $ 79 $ — $ 79 Restructuring charges 1 19 26 45 Charges against the reserve (2) (26) (28) Cash payments (36) — (36) Reserve balance at June 30, 2024 $ 60 $ — $ 60 1. Amount excludes raw materials inventory write-offs recorded during 2024, impacting the Water & Protection segment. Refer to Note 21 for additional information. |
SUPPLEMENTARY INFORMATION (Tabl
SUPPLEMENTARY INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Sundry Income (Expense), Net | Sundry Income (Expense) - Net Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Non-operating pension and other post-employment benefit credits (costs) $ 3 $ (2) $ 10 $ (4) Interest income 1 21 52 41 98 Net gain on divestiture and sales of other assets and investments — 2 2 8 Foreign exchange gains (losses), net (4) (28) — (48) Loss on debt extinguishment 2 (74) — (74) — Interest rate swap mark-to-market loss 3 (39) — (39) — Miscellaneous income (expense) - net 6 4 11 3 Sundry income (expense) - net $ (87) $ 28 $ (49) $ 57 1. T he three and six months ended June 30, 2024 includes non-cash interest income of $6 million and $12 million, respectively, related to the $350 million Delrin® related party note receivable. Refer to Note 11 for additional information. 2. Reflects the loss on the partial redemption of an aggregate principal amount of the 2038 Notes. Refer to Note 13 for further details. 3. Includes the mark to market loss related to the 2022 Swaps and 2024 Swaps. Refer to Note 19 for further details. |
EARNINGS PER SHARE CALCULATIO_2
EARNINGS PER SHARE CALCULATIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following tables provide earnings per share calculations for the three and six months ended June 30, 2024 and 2023: Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Income from continuing operations, net of tax $ 176 $ 269 $ 359 $ 542 Net income from continuing operations attributable to noncontrolling interests 7 14 15 22 Income from continuing operations attributable to common stockholders $ 169 $ 255 $ 344 $ 520 Income (loss) from discontinued operations attributable to common stockholders, net of tax $ 9 $ (386) $ 23 $ (394) Net income (loss) attributable to common stockholders $ 178 $ (131) $ 367 $ 126 Earnings Per Share Calculations - Basic Three Months Ended Six Months Ended Dollars per share 2024 2023 2024 2023 Earnings from continuing operations attributable to common stockholders $ 0.40 $ 0.56 $ 0.82 $ 1.13 Earnings (loss) from discontinued operations, net of tax 0.02 (0.84) 0.05 (0.86) Earnings (loss) attributable to common stockholders 1 $ 0.43 $ (0.29) $ 0.87 $ 0.27 Earnings Per Share Calculations - Diluted Three Months Ended Six Months Ended Dollars per share 2024 2023 2024 2023 Earnings from continuing operations attributable to common stockholders $ 0.40 $ 0.55 $ 0.82 $ 1.13 Earnings (loss) from discontinued operations, net of tax 0.02 (0.84) 0.05 (0.86) Earnings (loss) attributable to common stockholders 1 $ 0.42 $ (0.28) $ 0.87 $ 0.27 Share Count Information Three Months Ended Six Months Ended Shares in millions 2024 2023 2024 2023 Weighted-average common shares - basic 417.8 459.2 420.3 459.0 Plus dilutive effect of equity compensation plans 1.5 1.1 1.3 1.2 Weighted-average common shares - diluted 419.3 460.3 421.6 460.2 Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations 2 1.1 3.0 2.1 2.6 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) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | In millions June 30, 2024 December 31, 2023 Finished goods $ 1,196 $ 1,184 Work in process 504 487 Raw materials 336 350 Supplies 128 126 Total inventories $ 2,164 $ 2,147 |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amounts of goodwill during the six months ended June 30, 2024 were as follows: In millions Electronics & Industrial Water & Protection Corporate & Other Total Balance at December 31, 2023 $ 10,205 $ 5,900 $ 615 $ 16,720 Currency translation adjustment (79) (85) (5) (169) Goodwill recognized for Spectrum Acquisition 7 — — 7 Balance at June 30, 2024 $ 10,133 $ 5,815 $ 610 $ 16,558 |
Schedule of Other Finite Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2024 December 31, 2023 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 2,072 $ (1,182) $ 890 $ 2,079 $ (1,092) $ 987 Trademarks/tradenames 924 (448) 476 924 (414) 510 Customer-related 5,745 (2,466) 3,279 5,815 (2,329) 3,486 Other 29 (1) 28 28 (1) 27 Total other intangible assets with finite lives $ 8,770 $ (4,097) $ 4,673 $ 8,846 $ (3,836) $ 5,010 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets $ 804 $ — $ 804 $ 804 $ — $ 804 Total $ 9,574 $ (4,097) $ 5,477 $ 9,650 $ (3,836) $ 5,814 |
Schedule of Other Indefinite Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: June 30, 2024 December 31, 2023 In millions Gross Carrying Amount Accum Amort Net Gross Carrying Amount Accum Amort Net Intangible assets with finite lives: Developed technology $ 2,072 $ (1,182) $ 890 $ 2,079 $ (1,092) $ 987 Trademarks/tradenames 924 (448) 476 924 (414) 510 Customer-related 5,745 (2,466) 3,279 5,815 (2,329) 3,486 Other 29 (1) 28 28 (1) 27 Total other intangible assets with finite lives $ 8,770 $ (4,097) $ 4,673 $ 8,846 $ (3,836) $ 5,010 Intangible assets with indefinite lives: Trademarks/tradenames 804 — 804 804 — 804 Total other intangible assets $ 804 $ — $ 804 $ 804 $ — $ 804 Total $ 9,574 $ (4,097) $ 5,477 $ 9,650 $ (3,836) $ 5,814 |
Schedule of Net Intangibles by Segment | The following table provides the net carrying value of other intangible assets by segment: Net Intangibles by Segment June 30, 2024 December 31, 2023 In millions Electronics & Industrial $ 3,318 $ 3,521 Water & Protection 2,077 2,206 Corporate & Other 82 87 Total $ 5,477 $ 5,814 |
Schedule of Estimated Future Amortization Expense | Total estimated amortization expense for the remainder of 2024 and the five succeeding fiscal years is as follows: Estimated Amortization Expense In millions Remainder of 2024 $ 289 2025 $ 545 2026 $ 518 2027 $ 470 2028 $ 418 2029 $ 362 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Indemnified Liabilities Related to the MOU | In connection with the MOU and the Agreements, the Company has recognized the following indemnification liabilities related to eligible PFAS costs: Indemnification Related Liabilities Associated with the MOU In millions June 30, 2024 December 31, 2023 Balance Sheet Classification Current indemnification liabilities $ 89 $ 87 Accrued and other current liabilities Long-term indemnification liabilities 122 119 Other noncurrent obligations Total indemnification liabilities accrued under the MOU 1 $ 211 $ 206 1. As of June 30, 2024 and December 31, 2023, total indemnified liabilities accrued include $135 million and $139 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"). This excludes amounts related to the Water District Settlement Agreement, as defined below. |
Schedule of Environmental Accrued Obligations | The accrued environmental obligations includes the following: Environmental Accrued Obligations In millions June 30, 2024 December 31, 2023 Potential exposure above the amount accrued 1 Environmental remediation liabilities not subject to indemnity $ 46 $ 46 $ 99 Environmental remediation indemnification Related Liabilities: Indemnifications related to Dow and Corteva 2 86 101 180 MOU related obligations (discussed above) 3 150 152 31 Other environmental indemnifications 1 1 2 Total environmental related liabilities $ 283 $ 300 $ 312 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, as of June 30, 2024. 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) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Lease Cost / Lease Term and Discount Rates | The lease cost for operating leases were as follows: Three Months Ended Six Months Ended In millions 2024 2023 2024 2023 Operating lease costs $ 32 $ 29 $ 63 $ 58 Lease Term and Discount Rate for Operating Leases June 30, 2024 December 31, 2023 Weighted-average remaining lease term (years) 8.2 8.5 Weighted average discount rate 3.64 % 3.55 % |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows: In millions June 30, 2024 December 31, 2023 Operating Leases Operating lease right-of-use assets 1 $ 449 $ 484 Current operating lease liabilities 2 91 97 Noncurrent operating lease liabilities 3 358 390 Total operating lease liabilities $ 449 $ 487 1. Included in " Deferred charges and other assets 2. Included in " Accrued and other current liabilities 3. Included in " Other noncurrent obligations |
Schedule of Maturity of Lease Liabilities | Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at June 30, 2024 Operating Leases In millions Remainder of 2024 $ 57 2025 91 2026 70 2027 57 2028 44 2029 and thereafter 202 Total lease payments $ 521 Less: Interest 72 Present value of lease liabilities $ 449 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the six months ended June 30, 2024 and 2023: Accumulated Other Comprehensive Loss Cumulative Translation Adj Pension and OPEB Derivative Instruments Total In millions 2023 Balance at January 1, 2023 $ (968) $ 60 $ 117 $ (791) Other comprehensive loss before reclassifications (68) (5) (21) (94) Amounts reclassified from accumulated other comprehensive loss — (5) — (5) Net other comprehensive loss $ (68) $ (10) $ (21) $ (99) Balance at June 30, 2023 $ (1,036) $ 50 $ 96 $ (890) 2024 Balance at January 1, 2024 $ (931) $ (55) $ 76 $ (910) Other comprehensive (loss) income before reclassifications (359) (24) 21 (362) Amounts reclassified from accumulated other comprehensive loss — (2) — (2) Net other comprehensive (loss) income $ (359) $ (26) $ 21 $ (364) Balance at June 30, 2024 $ (1,290) $ (81) $ 97 $ (1,274) |
PENSION PLANS AND OTHER POST-_2
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 Six Months Ended In millions 2024 2023 2024 2023 Service cost 1 $ 6 $ 4 $ 15 $ 13 Interest cost 2 22 25 42 49 Expected return on plan assets 3 (24) (24) (50) (47) Amortization of prior service credit 4 — — (1) (1) Amortization of unrecognized net loss 5 — (1) — (1) Curtailment/settlement 6 (1) (1) (1) (2) Net periodic benefit costs - Total $ 3 $ 3 $ 5 $ 11 Less: Net periodic benefit credits - Discontinued operations — (2) — (4) Net periodic benefit costs - Continuing operations $ 3 $ 5 $ 5 $ 15 1. The service cost from continuing operations was $3 million and $11 million for the three and six months ended June 30, 2023, respectively, for significant plans. 2. The interest cost from continuing operations was $23 million and $46 million for the three and six months ended June 30, 2023, respectively, for significant plans. 3. The expected return on plan assets from continuing operations was $19 million and $38 million for the three and six months ended June 30, 2023, respectively, for significant plans. 4. The amortization of prior service credit from continuing operations was less than a million and $1 million for the three and six months ended June 30, 2023, respectively, for significant plans. 5. The amortization of unrecognized net gain for significant plans from continuing operations was $1 million for the three and six months ended June 30, 2023, respectively, for significant plans. 6. The curtailment and settlement gain from continuing operations was $1 million and $2 million for the three and six months ended June 30, 2023, respectively, for significant plans. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, All Other Investments [Abstract] | |
Schedule of the Fair Value of Financial Instruments | The following table summarizes the fair value of financial instruments at June 30, 2024 and December 31, 2023: Fair Value of Financial Instruments June 30, 2024 December 31, 2023 In millions Cost Gain Loss Fair Value Cost Gain Loss Fair Value Cash equivalents $ 272 $ — $ — $ 272 $ 408 $ — $ — $ 408 Restricted cash equivalents 1 6 — — 6 411 — — 411 Total cash and restricted cash equivalents $ 278 $ — $ — $ 278 $ 819 $ — $ — $ 819 Long-term debt including debt due within one year 2 $ (7,168) $ 36 $ (154) $ (7,286) $ (7,859) $ 70 $ (206) $ (7,995) Derivatives relating to: Net investment hedge 3 $ — $ 123 $ — $ 123 $ — $ 96 $ — $ 96 Foreign currency 4, 5 — 3 (8) (5) — 26 (23) 3 Interest rate swap agreements 6 — — (120) (120) — — (59) (59) Total derivatives $ — $ 126 $ (128) $ (2) $ — $ 122 $ (82) $ 40 1. Refer to Note 7 and Note 14 or more information on Restricted cash equivalents. 2. At June 30, 2024, the balance included unamortized basis adjustment of $49 million related to the 2022 Swaps, discussed below. At December 31, 2023, the balance included a fair value hedging revaluation related to the 2022 Swaps of $59 million, discussed below. Fair value of long-term debt including debt due within one year 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 and represents a Level 2 fair value measurement. 3. Classified as "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheets. 4. Classified as "Prepaid and other current assets" and "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. 5. Presented net of cash collateral where master netting arrangements allow. 6. Classified as "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. |
Schedule of Notional Amounts | The notional amounts of the Company's derivative instruments were as follows: Notional Amounts June 30, 2024 December 31, 2023 In millions Derivatives designated as hedging instruments: Net investment hedge $ 1,000 $ 1,000 Interest rate swap agreements $ — $ 1,000 Derivatives not designated as hedging instruments: Foreign currency contracts 1 $ (126) $ (907) Interest rate swap agreements 2 $ 4,150 $ — 1. Presented net of contracts bought and sold. 2. Includes notional amounts related to the 2022 Swaps and 2024 Swaps, described further below. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 of Significant Other Observable Inputs (Level 2) June 30, 2024 December 31, 2023 In millions Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 278 $ 364 Derivatives relating to: 2 Net investment hedge 123 96 Foreign currency contracts 3 6 37 Total assets at fair value $ 407 $ 497 Liabilities at fair value: Derivatives relating to: 2 Interest rate swap agreements 120 59 Foreign currency contracts 3 11 34 Total liabilities at fair value $ 131 $ 93 1. Time deposits included in "Cash and cash equivalents" in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. Restricted cash and cash equivalents" at June 30, 2024 and December 31, 2023 in the interim Condensed Consolidated Balance Sheets includes zero and $405 million, respectively, deposited within a qualified settlement fund consisting of treasury bills representing Level 1 fair value measurement investments, also held at amortized cost. "Restricted cash and cash equivalents" at December 31, 2023 in the interim Condensed Consolidated Balance Sheets also includes $50 million of money market funds, representing Level 1 fair value measurement investments, also held at amortized cost. 2. See Note 19 for the classification of derivatives in the interim 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 interim Condensed Consolidated Balance Sheets. The offsetting counterparty and cash collateral netting amounts for foreign currency contracts were $3 million and zero respectively, for both assets and liabilities as of June 30, 2024. The offsetting counterparty and cash collateral netting amounts were $11 million and zero, respectively, for assets and liabilities as of December 31, 2023. |
SEGMENTS AND GEOGRAPHIC REGIO_2
SEGMENTS AND GEOGRAPHIC REGIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Segment Information Electronics & Industrial Water & Protection Corporate & Other Total In millions Three months ended June 30, 2024 Net sales $ 1,508 $ 1,391 $ 272 $ 3,171 Operating EBITDA 1 $ 419 $ 344 $ 35 $ 798 Equity in earnings of nonconsolidated affiliates $ 13 $ 8 $ 2 $ 23 Three months ended June 30, 2023 Net sales $ 1,312 $ 1,494 $ 288 $ 3,094 Operating EBITDA 1 $ 349 $ 368 $ 21 $ 738 Equity in earnings of nonconsolidated affiliates $ 3 $ 11 $ — $ 14 Six months ended June 30, 2024 Net sales $ 2,873 $ 2,682 $ 547 $ 6,102 Operating EBITDA 2 $ 793 $ 639 $ 48 $ 1,480 Equity in earnings (losses) of nonconsolidated affiliates $ 23 $ 17 $ (5) $ 35 Six months ended June 30, 2023 Net sales $ 2,608 $ 2,943 $ 561 $ 6,112 Operating EBITDA 2 $ 711 $ 712 $ 29 $ 1,452 Equity in earnings of nonconsolidated affiliates $ 8 $ 21 $ — $ 29 1. Corporate & Other includes activities of the Retained Businesses. 2. A reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA is provided below. |
Schedule of Reconciliation of Income from Continuing Operations | Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA for the Three Months Ended June 30, 2024 and 2023 Three Months Ended June 30, In millions 2024 2023 Income from continuing operations, net of tax $ 176 $ 269 + Provision for income taxes on continuing operations 120 87 Income from continuing operations before income taxes $ 296 $ 356 + Depreciation and amortization 298 282 - Interest income 1 21 52 + Interest expense 99 98 - Non-operating pension/OPEB benefit credits (costs) 1 3 (2) - Foreign exchange (losses) gains, net 1 (4) (28) + Future reimbursable indirect costs — 2 - Significant items charge (125) (22) Operating EBITDA $ 798 $ 738 1. Included in "Sundry income (expense) - net." Reconciliation of "Income from continuing operations, net of tax" to Operating EBITDA for the Six Months Ended June 30, 2024 and 2023 Six Months Ended June 30, In millions 2024 2023 Income from continuing operations, net of tax $ 359 $ 542 + Provision for income taxes on continuing operations 204 170 Income from continuing operations before income taxes $ 563 $ 712 + Depreciation and amortization 589 559 - Interest income 1 41 98 + Interest expense 195 193 - Non-operating pension/OPEB benefit credits (costs) 1 10 (4) - Foreign exchange (losses) gains, net 1 — (48) + Future reimbursable indirect costs — 4 - Significant items charge (184) (30) Operating EBITDA $ 1,480 $ 1,452 1. Included in "Sundry income (expense) - net." |
Schedule of Pre-Tax Impact Of Significant Items by Segment | The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above: Significant Items by Segment for the Three Months Ended June 30, 2024 Electronics & Industrial Water & Protection Corporate & Other Total In millions Restructuring and asset related charges - net 1 $ 3 $ (15) $ 4 $ (8) Inventory write-offs 2 — 1 — 1 Acquisition, integration and separation costs 3 (3) — (2) (5) Loss on debt extinguishment 4 — — (74) (74) Interest rate swap mark-to-market loss 5 — — (39) (39) Total $ — $ (14) $ (111) $ (125) 1. Includes restructuring actions and asset related charges. See Note 6 for additional information. 2. Reflects an adjustment to raw material inventory write-offs recorded in “Cost of Sales” in connection with restructuring actions related to plant line closures within the Water & Protection segment. 3. Acquisition, integration and separation costs related to the Spectrum Acquisition and the Intended Business Separations. 4. Reflects the loss on extinguishment of debt related to the partial redemption of an aggregate principal amount of the 2038 Notes. Refer to Note 13 for further details. 5. Includes the mark to market loss related to the 2022 Swaps and 2024 Swaps. Refer to Note 19 for further details. Significant Items by Segment for the Three Months Ended June 30, 2023 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ (6) $ — $ — $ (6) Restructuring and asset related charges - net 2 (13) 1 (5) (17) Gain on divestiture 3 — 1 — 1 Total $ (19) $ 2 $ (5) $ (22) 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 Six Months Ended June 30, 2024 Electronics & Industrial Water & Protection Corporate & Other Total In millions Restructuring and asset related charges - net 1 $ (5) $ (37) $ (5) $ (47) Inventory write-offs 2 — (24) — (24) Acquisition, integration and separation costs 3 (6) — (2) (8) Loss on debt extinguishment 4 — — (74) (74) Interest rate swap mark-to-market loss 5 — — (39) (39) Income tax items 6 — — 8 8 Total $ (11) $ (61) $ (112) $ (184) 1. Includes restructuring actions and asset related charges. See Note 6 for additional information. 2. Reflects raw material inventory write-offs recorded in “Cost of Sales” in connection with restructuring actions related to plant line closures within the Water & Protection segment. 3. Acquisition, integration and separation costs related to the Spectrum Acquisition and the Intended Business Separations. 4. Reflects the loss on extinguishment of debt related to the partial redemption of an aggregate principal amount of the 2038 Notes. Refer to Note 13 for further details. 5. Includes the mark to market loss related to the 2022 Swaps and 2024 Swaps. Refer to Note 19 for further details. 6. Reflects the impact of an international tax audit. Significant Items by Segment for the Six Months Ended June 30, 2023 Electronics & Industrial Water & Protection Corporate & Other Total In millions Acquisition, integration and separation costs 1 $ (6) $ — $ — $ (6) Restructuring and asset related charges - net 2 (22) 1 (10) (31) Gain on divestiture 3 7 1 (1) 7 Total $ (21) $ 2 $ (11) $ (30) 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." |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) - USD ($) | Aug. 01, 2023 | Jun. 30, 2024 | Dec. 31, 2023 |
Business Acquisition [Line Items] | |||
Goodwill | $ 16,558,000,000 | $ 16,720,000,000 | |
Spectrum | |||
Business Acquisition [Line Items] | |||
Net purchase price | $ 1,792,000,000 | ||
Net upward adjustments | 43,100,000 | ||
Goodwill | $ 825,000,000 | ||
Goodwill deductible for U.S. tax purposes | 0 | ||
Spectrum | Customer-related | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets | $ 772,000,000 | ||
Acquired intangible assets, useful life | 20 years | ||
Spectrum | Developed technology | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets | $ 126,000,000 | ||
Acquired intangible assets, useful life | 15 years | ||
Spectrum | Trademarks/tradenames | |||
Business Acquisition [Line Items] | |||
Acquired intangible assets | $ 18,000,000 | ||
Acquired intangible assets, useful life | 5 years |
ACQUISITIONS - Schedule of Asse
ACQUISITIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair value of liabilities assumed | ||
Goodwill | $ 16,558 | $ 16,720 |
Spectrum | ||
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 | 916 | |
Deferred charges and other assets | 34 | |
Total Assets Acquired | 1,226 | |
Fair value of liabilities assumed | ||
Accounts payable | 21 | |
Income taxes payable | 17 | |
Deferred income tax liabilities | 177 | |
Other noncurrent liabilities | 44 | |
Total Liabilities Assumed | 259 | |
Goodwill | 825 | |
Total Consideration | $ 1,792 |
DIVESTITURES - Narrative (Detai
DIVESTITURES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Nov. 01, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sales of property and businesses, net of cash divested | $ 5 | $ 0 | |||
Income (loss) from discontinued operations | $ 9 | $ (386) | $ 23 | $ (394) | |
Derby | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Notes receivable | $ 350 | ||||
Ownership percentage | 19.90% | ||||
Equity investment, fair value | $ 121 | ||||
Notes receivable, fair value | 224 | ||||
Delrin Divestiture | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash proceeds from divestiture | 1,280 | ||||
Cash transferred | 27 | ||||
Proceeds from sales of property and businesses, net of cash divested | 1,250 | ||||
Gain on sale | $ 419 | ||||
Derby | Discontinued Operations, Disposed of by Sale | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Percentage of ownership holds in subsidiaries | 80.10% |
DIVESTITURES - Schedule of Disc
DIVESTITURES - Schedule of Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations, net of tax | $ 9 | $ (386) | $ 23 | $ (394) |
Discontinued Operations, Held for sale | Delrin Divestiture | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 142 | 289 | ||
Cost of sales | 92 | 176 | ||
Research and development expenses | 1 | 2 | ||
Selling, general and administrative expenses | 1 | 1 | ||
Acquisition, integration and separation costs | 46 | 100 | ||
Sundry income (expense) - net | 3 | 5 | ||
Income from discontinued operations before income taxes | 5 | 15 | ||
Provision for income taxes on discontinued operations | 1 | 7 | ||
Income from discontinued operations, net of tax | 4 | 8 | ||
(Loss) gain on sale, net of tax | (2) | 22 | ||
Income from discontinued operations attributable to DuPont stockholders, net of tax | $ 2 | $ 30 |
DIVESTITURES - Schedule of Othe
DIVESTITURES - Schedule of Other Discontinued Operations Activity (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Tax related matters | $ 21 | $ 0 | $ 56 | $ 0 |
Other | 0 | (3) | (1) | (5) |
Income (loss) from discontinued operations, net of tax | 9 | (386) | 23 | (394) |
Indemnification Agreement | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification activity - environmental and legal | 0 | (14) | (5) | (43) |
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 | (4) | 2 | (10) | 30 |
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) | $ (371) | $ (17) | $ (376) |
REVENUE - Schedule of Disaggreg
REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,171 | $ 3,094 | $ 6,102 | $ 6,112 |
U.S. & Canada | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,127 | 1,045 | 2,180 | 2,068 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 550 | 585 | 1,094 | 1,167 |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,368 | 1,350 | 2,584 | 2,643 |
Latin America | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 126 | 114 | 244 | 234 |
China/Hong Kong | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 614 | 581 | 1,129 | 1,106 |
Corporate & Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 272 | 288 | 547 | 561 |
Electronics & Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,508 | 1,312 | 2,873 | 2,608 |
Electronics & Industrial | Industrial Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 488 | 425 | 936 | 848 |
Electronics & Industrial | Interconnect Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 468 | 422 | 864 | 821 |
Electronics & Industrial | Semiconductor Technologies | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 552 | 465 | 1,073 | 939 |
Water & Protection | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,391 | 1,494 | 2,682 | 2,943 |
Water & Protection | Safety Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 613 | 683 | 1,200 | 1,359 |
Water & Protection | Shelter Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 425 | 422 | 815 | 817 |
Water & Protection | Water Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 353 | $ 389 | $ 667 | $ 767 |
REVENUE - Schedule of Contract
REVENUE - Schedule of Contract Balances (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] | ||
Accounts and notes receivable - trade | $ 1,669 | $ 1,543 |
Deferred revenue - current | 1 | 1 |
Deferred revenue - noncurrent | $ 29 | $ 22 |
RESTRUCTURING AND ASSET RELAT_3
RESTRUCTURING AND ASSET RELATED CHARGES - NET Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||||
Charges for restructuring programs and asset related charges | $ 8 | $ 17 | $ 47 | $ 31 | |
Liabilities related to restructuring programs | 71 | 71 | $ 107 | ||
Raw material inventory write-offs | (1) | 24 | |||
Corporate & Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Raw material inventory write-offs | 0 | 0 | |||
2023-2024 Restructuring Program | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Liabilities related to restructuring programs | 60 | 60 | 79 | ||
Pre-tax restructuring charges from inception-to-date | 155 | 155 | |||
Raw material inventory write-offs | 24 | ||||
2023-2024 Restructuring Program | Severance and Related Benefit Cost | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 99 | 99 | |||
2023-2024 Restructuring Program | Asset Related Charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 56 | 56 | |||
2022 Restructuring Actions | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Liabilities related to restructuring programs | 11 | 11 | $ 27 | ||
Pre-tax restructuring charges from inception-to-date | 98 | 98 | |||
2022 Restructuring Actions | Corporate & Other | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges (benefits) | (1) | 2 | |||
2022 Restructuring Actions | Severance and Related Benefit Cost | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | 84 | 84 | |||
2022 Restructuring Actions | Asset Related Charges | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Pre-tax restructuring charges from inception-to-date | $ 14 | $ 14 |
RESTRUCTURING AND ASSET RELAT_4
RESTRUCTURING AND ASSET RELATED CHARGES - NET - Schedule of Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 8 | $ 17 | $ 47 | $ 31 |
Operating Segments | Electronics & Industrial | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (3) | 13 | 5 | 22 |
Operating Segments | Water & Protection | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 15 | (1) | 37 | (1) |
Corporate & Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (4) | $ 5 | 5 | $ 10 |
2023-2024 Restructuring Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 9 | 45 | ||
2023-2024 Restructuring Program | Operating Segments | Electronics & Industrial | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | (5) | 3 | ||
2023-2024 Restructuring Program | Operating Segments | Water & Protection | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 15 | 37 | ||
2023-2024 Restructuring Program | Corporate & Other | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ (1) | $ 5 |
RESTRUCTURING AND ASSET RELAT_5
RESTRUCTURING AND ASSET RELATED CHARGES - NET - Schedule of Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring charges | $ 8 | $ 17 | $ 47 | $ 31 |
2023-2024 Restructuring Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Reserve balance at beginning of period | 79 | |||
Restructuring charges | 9 | 45 | ||
Charges against the reserve | (28) | |||
Cash payments | (36) | |||
Reserve balance at end of period | 60 | 60 | ||
2023-2024 Restructuring Program | Severance and Related Benefit Cost | ||||
Restructuring Reserve [Roll Forward] | ||||
Reserve balance at beginning of period | 79 | |||
Restructuring charges | 19 | |||
Charges against the reserve | (2) | |||
Cash payments | (36) | |||
Reserve balance at end of period | 60 | 60 | ||
2023-2024 Restructuring Program | Asset Related Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Reserve balance at beginning of period | 0 | |||
Restructuring charges | 26 | |||
Charges against the reserve | (26) | |||
Cash payments | 0 | |||
Reserve balance at end of period | $ 0 | $ 0 |
SUPPLEMENTARY INFORMATION - Sch
SUPPLEMENTARY INFORMATION - Schedule of Sundry Income (Expense) - Net (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Nov. 01, 2023 | |
Supplementary Information | |||||
Non-operating pension and other post-employment benefit credits (costs) | $ 3,000,000 | $ (2,000,000) | $ 10,000,000 | $ (4,000,000) | |
Interest income | 21,000,000 | 52,000,000 | 41,000,000 | 98,000,000 | |
Net gain on divestiture and sales of other assets and investments | 0 | 2,000,000 | 2,000,000 | 8,000,000 | |
Foreign exchange gains (losses), net | (4,000,000) | (28,000,000) | 0 | (48,000,000) | |
Loss on debt extinguishment | (74,000,000) | 0 | (74,000,000) | 0 | |
Miscellaneous income (expense) - net | 6,000,000 | 4,000,000 | 11,000,000 | 3,000,000 | |
Sundry income (expense) - net | (87,000,000) | 28,000,000 | (49,000,000) | 57,000,000 | |
Interest Rate Swap | |||||
Supplementary Information | |||||
Interest rate swap mark-to-market loss | (39,000,000) | $ 0 | (39,000,000) | $ 0 | |
Derby | |||||
Supplementary Information | |||||
Equity method investment, non-cash interest income on note receivable | $ 6,000,000 | $ 12,000,000 | |||
Notes receivable | $ 350,000,000 |
SUPPLEMENTARY INFORMATION - Nar
SUPPLEMENTARY INFORMATION - Narrative (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Supplementary Information | ||
Restricted cash and cash equivalents | $ 6,000,000 | $ 411,000,000 |
Accrued and other current liabilities | 973,000,000 | 1,269,000,000 |
Accrued payroll | 268,000,000 | 250,000,000 |
Dividends payable | 159,000,000 | |
Water District Settlement Fund | ||
Supplementary Information | ||
Litigation settlement payment | 408,000,000 | |
Accrued settlement amount | $ 0 | $ 405,000,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, percent | 40.50% | 24.40% | 36.20% | 23.90% |
EARNINGS PER SHARE CALCULATIO_3
EARNINGS PER SHARE CALCULATIONS - Schedule of Net Income for EPS Calculations, Basic (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Income from continuing operations, net of tax | $ 176 | $ 269 | $ 359 | $ 542 |
Net income from continuing operations attributable to noncontrolling interests | 7 | 14 | 15 | 22 |
Income from continuing operations attributable to common stockholders | 169 | 255 | 344 | 520 |
Income (loss) from discontinued operations attributable to common stockholders, net of tax | 9 | (386) | 23 | (394) |
Net income (loss) attributable to common stockholders | $ 178 | $ (131) | $ 367 | $ 126 |
EARNINGS PER SHARE CALCULATIO_4
EARNINGS PER SHARE CALCULATIONS - Schedule of EPS Calculations, Basic (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations attributable to common stockholders (in usd per share) | $ 0.40 | $ 0.56 | $ 0.82 | $ 1.13 |
Earnings (loss) from discontinued operations, net of tax (in usd per share) | 0.02 | (0.84) | 0.05 | (0.86) |
Earnings (loss) per common share - basic (in usd per share) | $ 0.43 | $ (0.29) | $ 0.87 | $ 0.27 |
EARNINGS PER SHARE CALCULATIO_5
EARNINGS PER SHARE CALCULATIONS - Schedule of EPS Calculations, Diluted (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Earnings from continuing operations attributable to common stockholders (in usd per share) | $ 0.40 | $ 0.55 | $ 0.82 | $ 1.13 |
Earnings (loss) from discontinued operations, net of tax (in usd per share) | 0.02 | (0.84) | 0.05 | (0.86) |
Earnings (loss) per common share - diluted (in usd per share) | $ 0.42 | $ (0.28) | $ 0.87 | $ 0.27 |
EARNINGS PER SHARE CALCULATIO_6
EARNINGS PER SHARE CALCULATIONS - Schedule of Count Information (Details) - shares shares in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares - basic (in shares) | 417.8 | 459.2 | 420.3 | 459 |
Plus dilutive effect of equity compensation plans (in shares) | 1.5 | 1.1 | 1.3 | 1.2 |
Weighted-average common shares - diluted (in shares) | 419.3 | 460.3 | 421.6 | 460.2 |
Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations (in shares) | 1.1 | 3 | 2.1 | 2.6 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 1,196 | $ 1,184 |
Work in process | 504 | 487 |
Raw materials | 336 | 350 |
Supplies | 128 | 126 |
Total inventories | $ 2,164 | $ 2,147 |
NONCONSOLIDATED AFFILIATES (Det
NONCONSOLIDATED AFFILIATES (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 USD ($) affiliate | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) affiliate | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Nov. 01, 2023 | |
Investments in and Advances to Affiliates [Line Items] | ||||||
Net investment in nonconsolidated affiliates | $ 818 | $ 818 | $ 788 | |||
Ownership interest affiliates | affiliate | 7 | 7 | ||||
Gain (loss) from equity in earnings of unconsolidated affiliates | $ 23 | $ 14 | $ 35 | $ 29 | ||
Derby | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Ownership percentage acquired | 19.90% | |||||
Gain (loss) from equity in earnings of unconsolidated affiliates | 2 | (5) | ||||
Transaction costs incurred and amortization expense from purchase accounting | 8 | |||||
Carrying values of equity interest | 118 | 118 | 121 | |||
Carrying values of note receivable | 240 | 240 | $ 228 | |||
Equity method investment, non-cash interest income on note receivable | $ 6 | $ 12 | ||||
Equity Method Investee | Customer Concentration Risk | Revenue Benchmark | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Concentration risk, percentage (less than) | 2% | 2% | 2% | 2% | ||
Equity Method Investee | Supplier Concentration Risk | Cost of Goods and Service Benchmark | ||||||
Investments in and Advances to Affiliates [Line Items] | ||||||
Concentration risk, percentage (less than) | 3% | 3% | 3% | 3% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | $ 16,720 |
Currency translation adjustment | (169) |
Goodwill recognized for Spectrum Acquisition | 7 |
Goodwill, end of period | 16,558 |
Water & Protection | |
Goodwill [Roll Forward] | |
Goodwill, end of period | 4,800 |
Operating Segments | Electronics & Industrial | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 10,205 |
Currency translation adjustment | (79) |
Goodwill recognized for Spectrum Acquisition | 7 |
Goodwill, end of period | 10,133 |
Operating Segments | Water & Protection | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 5,900 |
Currency translation adjustment | (85) |
Goodwill recognized for Spectrum Acquisition | 0 |
Goodwill, end of period | 5,815 |
Corporate & Other | |
Goodwill [Roll Forward] | |
Goodwill, beginning of period | 615 |
Currency translation adjustment | (5) |
Goodwill recognized for Spectrum Acquisition | 0 |
Goodwill, end of period | $ 610 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Goodwill [Line Items] | ||
Goodwill impairment charges | $ 0 | $ 804,000,000 |
Goodwill | 16,558,000,000 | $ 16,720,000,000 |
Water & Protection | ||
Goodwill [Line Items] | ||
Goodwill | $ 4,800,000,000 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 8,770 | $ 8,846 |
Accum Amort | (4,097) | (3,836) |
Net | 4,673 | 5,010 |
Indefinite-lived Intangible Assets [Line Items] | ||
Total other intangible assets | 804 | 804 |
Gross Carrying Amount | 9,574 | 9,650 |
Net | 5,477 | 5,814 |
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 | 2,072 | 2,079 |
Accum Amort | (1,182) | (1,092) |
Net | 890 | 987 |
Trademarks/tradenames | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 924 | 924 |
Accum Amort | (448) | (414) |
Net | 476 | 510 |
Customer-related | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,745 | 5,815 |
Accum Amort | (2,466) | (2,329) |
Net | 3,279 | 3,486 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 29 | 28 |
Accum Amort | (1) | (1) |
Net | $ 28 | $ 27 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Intangibles by Segment (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 5,477 | $ 5,814 |
Operating Segments | Electronics & Industrial | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 3,318 | 3,521 |
Operating Segments | Water & Protection | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | 2,077 | 2,206 |
Corporate & Other | ||
Schedule of Intangible Assets [Line Items] | ||
Other intangible assets | $ 82 | $ 87 |
GOODWILL AND OTHER INTANGIBLE_7
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Estimated Future Amortization Expense (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2024 | $ 289 |
2025 | 545 |
2026 | 518 |
2027 | 470 |
2028 | 418 |
2029 | $ 362 |
SHORT-TERM BORROWINGS, LONG-T_2
SHORT-TERM BORROWINGS, LONG-TERM DEBT, AVAILABLE CREDIT FACILITIES AND OTHER OBLIGATIONS (Details) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 15, 2024 USD ($) | May 08, 2024 USD ($) | May 07, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | May 22, 2024 company | Dec. 31, 2023 USD ($) | |
Debt Instrument [Line Items] | |||||||||
Long-term debt | $ 7,168,000,000 | $ 7,168,000,000 | $ 7,800,000,000 | ||||||
Derivative assets (liabilities), loss | 128,000,000 | 128,000,000 | 82,000,000 | ||||||
Number of independent, publicly traded companies resulting from business separation | company | 3 | ||||||||
Partial redemption of debt principal amount | 687,000,000 | $ 0 | |||||||
Loss on debt extinguishment | 74,000,000 | $ 0 | 74,000,000 | $ 0 | |||||
Remaining borrowing capacity, uncommitted | 689,000,000 | 689,000,000 | |||||||
Letters of credit outstanding | 127,000,000 | $ 127,000,000 | |||||||
Payment timing of supplier finance program | 110 days | ||||||||
Require notice of termination for supplier financing | 30 days | ||||||||
Supplier finance program obligation | 102,000,000 | $ 102,000,000 | 97,000,000 | ||||||
Interest rate swap agreements | |||||||||
Debt Instrument [Line Items] | |||||||||
Derivative assets (liabilities), loss | 120,000,000 | 120,000,000 | $ 59,000,000 | ||||||
364-Day Revolving Credit Facility | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Drawdowns | 0 | ||||||||
New | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 1,000,000,000 | ||||||||
Debt instrument term | 364 days | ||||||||
Prior | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 1,000,000,000 | ||||||||
Debt instrument term | 364 days | ||||||||
Senior Notes | 2038 Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized basis adjustment | 49,000,000 | 49,000,000 | |||||||
Partial redemption of debt principal amount | $ 650,000,000 | ||||||||
Loss on debt extinguishment | $ 32,000,000 | $ 74,000,000 | $ 74,000,000 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2023 USD ($) | Nov. 30, 2023 USD ($) | Jul. 31, 2021 USD ($) | Apr. 30, 2021 municipality | Jun. 30, 2024 USD ($) case | Sep. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) case health_condition | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) case company | Dec. 31, 2017 USD ($) lawsuit case | Dec. 31, 2012 health_condition | Feb. 06, 2024 entity | Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | ||||||||||||||
Qualified spend - eligible PFAS costs, maximum | $ 4,000 | $ 4,000 | ||||||||||||
Escrow account balance - required minimum | 700 | 700 | ||||||||||||
Indemnifiable losses threshold related to PFAS stray liabilities - per party | 150 | 150 | ||||||||||||
Non-PFAS stray liabilities threshold | 200 | 200 | ||||||||||||
Indemnifiable losses threshold related to PFAS stray liabilities - total | 300 | 300 | ||||||||||||
Estimated litigation liability | 39 | 39 | ||||||||||||
Total environmental related liabilities | 283 | 283 | $ 300 | |||||||||||
Water District Settlement Fund | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement payment | 408 | |||||||||||||
Litigation expense | $ 400 | 400 | ||||||||||||
Litigation expense payment deposited into MOU escrow | $ 100 | |||||||||||||
MOU escrow deposits | 405 | |||||||||||||
Litigation settlement, potential class members, number of entities which submitted timely request for exclusion | entity | 900 | |||||||||||||
Litigation settlement, potential class members, number of entities | entity | 14,167 | |||||||||||||
Water District Settlement Fund | Discontinued Operations | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement payment | $ 408 | |||||||||||||
PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of cases | case | 45 | 100 | ||||||||||||
Number of cases scheduled for trial | case | 2 | |||||||||||||
State of Delaware | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 50 | |||||||||||||
Estimated litigation liability | $ 9 | $ 9 | ||||||||||||
Personal Injury, PFAS Exposure | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of litigation cases | case | 6,000 | 6,000 | ||||||||||||
Number of court designated health conditions | health_condition | 8 | |||||||||||||
Term when cases may be re-filed | 4 years | |||||||||||||
Bellwether Personal Injury | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of litigation cases | case | 25 | 25 | ||||||||||||
Chemours, Corteva and DuPont | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Aggregate limit of liabilities under settlement agreement | $ 100 | $ 100 | ||||||||||||
DuPont and Corteva | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Percentage split of PFAS liabilities under the separation agreement | 50% | 50% | ||||||||||||
PFOA Matters | PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 83 | |||||||||||||
Number of companies splitting payment | company | 3 | |||||||||||||
Litigation settlement, percent of settlement allocated to washington works facility | 80% | |||||||||||||
Estimated litigation liability | $ 39 | $ 39 | ||||||||||||
Supplemental Settlement | State of Delaware | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 25 | |||||||||||||
Chemours | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Qualified spend - eligible PFAS costs percentage split | 50% | 50% | ||||||||||||
Future escrow deposit, percentage split | 50% | 50% | ||||||||||||
Chemours | Water District Settlement Fund | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement, percent of settlement allocated to washington works facility | 50% | |||||||||||||
Litigation expense | $ 592 | |||||||||||||
Chemours | Payments Due Annually Beginning September 2024 | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Future escrow deposit | $ 50 | 50 | ||||||||||||
Chemours | PFOA Matters | PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 29 | |||||||||||||
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 | Water District Settlement Fund | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation settlement, percent of settlement allocated to washington works facility | 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 2024 | ||||||||||||||
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 | $ 590 | $ 590 | ||||||||||||
Non-PFAS stray liabilities percent split after threshold | 71% | 71% | ||||||||||||
DuPont | State of Delaware | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 12.5 | |||||||||||||
DuPont | PFOA Matters | PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 27 | |||||||||||||
Chemours, Corteva and DuPont | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of accuser municipalities | municipality | 4 | |||||||||||||
Chemours, Corteva and DuPont | Water District Settlement Fund | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 1,185 | |||||||||||||
Litigation expense | $ 1,185 | |||||||||||||
Chemours, Corteva and DuPont | PFOA Matters | PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 110 | |||||||||||||
Corteva | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Non-PFAS stray liabilities percent split after threshold | 29% | 29% | ||||||||||||
Corteva | Water District Settlement Fund | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Litigation expense | $ 193 | |||||||||||||
Historical EID And Chemours | PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of pending cases | case | 1 | |||||||||||||
Historical EID And Chemours | PFOA Matters | PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of health conditions under personal injury claims | health_condition | 6 | |||||||||||||
Amount awarded to other party | $ 670 | |||||||||||||
Historical EID | PFOA Matters | PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Number of personal injury lawsuits filed | lawsuit | 3,550 | |||||||||||||
EID | PFOA Matters | PFOA Multi-District Litigation (MDL) | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Amount awarded to other party | $ 27 | |||||||||||||
Accounts And Notes Receivable, Other | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Indemnification asset | $ 32 | 32 | 21 | |||||||||||
Deferred Charges And Other Assets | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Indemnification asset | 304 | 304 | 242 | |||||||||||
Accrued and other current liabilities | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Indemnification liabilities | 175 | 175 | 200 | |||||||||||
Other noncurrent obligations | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Indemnification liabilities | $ 234 | $ 234 | $ 263 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Schedule of Indemnified Liabilities Related to the MOU (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 283 | $ 300 |
Accrued and other current liabilities | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 175 | 200 |
Other noncurrent obligations | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 234 | 263 |
MOU Agreement | ||
Loss Contingencies [Line Items] | ||
Total indemnified liabilities accrued under the MOU | 211 | 206 |
MOU Agreement | Accrued and other current liabilities | ||
Loss Contingencies [Line Items] | ||
Current indemnification liabilities | 89 | 87 |
MOU Agreement | Other noncurrent obligations | ||
Loss Contingencies [Line Items] | ||
Long-term indemnification liabilities | 122 | 119 |
Indemnification Agreement | Chemours | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 150 | 152 |
Indemnification Agreement | Chemours | Fayetteville | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 135 | $ 139 |
COMMITMENTS AND CONTINGENT LI_5
COMMITMENTS AND CONTINGENT LIABILITIES - Schedule of Environmental Accrued Obligations (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | $ 283 | $ 300 |
Potential exposure above the amount accrued | 312 | |
Environmental remediation liabilities not subject to indemnity | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 46 | 46 |
Potential exposure above the amount accrued | 99 | |
Environmental remediation indemnification Related Liabilities: | Dow & Corteva | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 86 | 101 |
Potential exposure above the amount accrued | 180 | |
Environmental remediation indemnification Related Liabilities: | MOU | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 150 | 152 |
Potential exposure above the amount accrued | 31 | |
Environmental remediation indemnification Related Liabilities: | Other | ||
Loss Contingencies [Line Items] | ||
Total environmental related liabilities | 1 | $ 1 |
Potential exposure above the amount accrued | $ 2 |
OPERATING LEASES - Schedule of
OPERATING LEASES - Schedule of Lease Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 32 | $ 29 | $ 63 | $ 58 |
OPERATING LEASES - Narrative (D
OPERATING LEASES - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||
Operating lease payments | $ 60 | $ 55 |
Operating lease assets and liabilities | $ 26 | $ 78 |
OPERATING LEASES - Schedule o_2
OPERATING LEASES - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 449 | $ 484 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent |
Current operating lease liabilities | $ 91 | $ 97 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued and other current liabilities | Accrued and other current liabilities |
Noncurrent operating lease liabilities | $ 358 | $ 390 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Total operating lease liabilities | $ 449 | $ 487 |
OPERATING LEASES - Schedule o_3
OPERATING LEASES - Schedule of Lease Term and Discount Rate (Details) | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 8 years 2 months 12 days | 8 years 6 months |
Weighted average discount rate | 3.64% | 3.55% |
OPERATING LEASES - Schedule o_4
OPERATING LEASES - Schedule of Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Remainder of 2024 | $ 57 | |
2025 | 91 | |
2026 | 70 | |
2027 | 57 | |
2028 | 44 | |
2029 and thereafter | 202 | |
Total lease payments | 521 | |
Less: Interest | 72 | |
Present value of lease liabilities | $ 449 | $ 487 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) $ / shares in Units, shares in Millions | 3 Months Ended | 6 Months Ended | 17 Months Ended | |||
Jun. 30, 2024 USD ($) shares | Mar. 31, 2024 USD ($) counterparty shares | Sep. 30, 2023 USD ($) counterparty shares | Jun. 30, 2024 USD ($) $ / shares shares | Mar. 31, 2024 USD ($) $ / shares shares | Nov. 30, 2022 USD ($) | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock, value, acquired, excise tax | $ 1,000,000 | $ 9,000,000 | ||||
$5B Share Buyback Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Authorized stock repurchase amount | $ 5,000,000,000 | |||||
2023 Stock Repurchase Transactions | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Authorized stock repurchase amount | $ 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 | 6.7 | 21.2 | 27.9 | |||
Stock retired | $ 426,000,000 | $ 1,600,000,000 | ||||
Stock acquired, weighted average price (in USD per share) | $ / shares | $ 71.67 | |||||
2024 Share Buyback Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Authorized stock repurchase amount | $ 1,000,000,000 | $ 1,000,000,000 | ||||
2024 Stock Repurchase Transactions | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Number of counterparties | counterparty | 1 | |||||
Payments for repurchase of common stock | $ 500,000,000 | |||||
Stock repurchased and retired (in shares) | shares | 1 | 6 | 6.9 | |||
Stock retired | $ 72,000,000 | $ 400,000,000 | ||||
Stock acquired, weighted average price (in USD per share) | $ / shares | $ 71.96 | |||||
Unsettled forward contract for accelerated share repurchase | $ 100,000,000 | |||||
Share Repurchase Programs | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock, value, acquired, excise tax | $ 1,000,000 | $ 9,000,000 |
STOCKHOLDERS' EQUITY - Schedule
STOCKHOLDERS' EQUITY - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | $ 23,764 | $ 26,553 | $ 23,764 | $ 26,553 | $ 24,012 | $ 24,725 | $ 27,161 | $ 27,017 |
Total other comprehensive (loss) | (141) | (183) | (377) | (108) | ||||
Ending balance | 23,764 | 26,553 | 23,764 | 26,553 | ||||
Total | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (1,274) | (890) | (1,274) | (890) | $ (1,139) | (910) | $ (717) | (791) |
Other comprehensive (loss) income before reclassifications | (362) | (94) | ||||||
Amounts reclassified from accumulated other comprehensive loss | (2) | (5) | ||||||
Total other comprehensive (loss) | (135) | (173) | (364) | (99) | ||||
Ending balance | (1,274) | (890) | (1,274) | (890) | ||||
Cumulative Translation Adj | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (1,290) | (1,036) | (1,290) | (1,036) | (931) | (968) | ||
Other comprehensive (loss) income before reclassifications | (359) | (68) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||||||
Total other comprehensive (loss) | (359) | (68) | ||||||
Ending balance | (1,290) | (1,036) | (1,290) | (1,036) | ||||
Pension and OPEB | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | (81) | 50 | (81) | 50 | (55) | 60 | ||
Other comprehensive (loss) income before reclassifications | (24) | (5) | ||||||
Amounts reclassified from accumulated other comprehensive loss | (2) | (5) | ||||||
Total other comprehensive (loss) | (26) | (10) | ||||||
Ending balance | (81) | 50 | (81) | 50 | ||||
Derivative Instruments | ||||||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||||||
Beginning balance | 97 | 96 | 97 | 96 | $ 76 | $ 117 | ||
Other comprehensive (loss) income before reclassifications | 21 | (21) | ||||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||||||
Total other comprehensive (loss) | 21 | (21) | ||||||
Ending balance | $ 97 | $ 96 | $ 97 | $ 96 |
PENSION PLANS AND OTHER POST-_3
PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 6 | $ 4 | $ 15 | $ 13 |
Interest cost | 22 | 25 | 42 | 49 |
Expected return on plan assets | (24) | (24) | (50) | (47) |
Amortization of prior service credit | 0 | 0 | (1) | (1) |
Amortization of unrecognized net loss | 0 | (1) | 0 | (1) |
Curtailment/settlement | (1) | (1) | (1) | (2) |
Net periodic benefit costs - Total | 3 | 3 | 5 | 11 |
Additional contributions | 29 | 29 | ||
Discontinued Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit costs - Total | 0 | (2) | 0 | (4) |
Continuing Operations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 3 | 11 | ||
Interest cost | 23 | 46 | ||
Expected return on plan assets | (19) | (38) | ||
Amortization of prior service credit | 1 | |||
Amortization of unrecognized net loss | (1) | (1) | ||
Curtailment/settlement | (1) | (2) | ||
Net periodic benefit costs - Total | $ 3 | $ 5 | $ 5 | $ 15 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Compensation expense | $ 20 | $ 17 | $ 44 | $ 33 | |
Income tax benefits | $ 4 | $ 4 | $ 9 | $ 7 | |
Restricted Stock Units (RSUs) | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares granted (in shares) | 0.1 | 0.8 | |||
Weighted-average share price (in usd per share) | $ 81.19 | $ 68.47 | |||
Performance Shares | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Shares granted (in shares) | 0.1 | 0.3 | |||
Weighted-average share price (in usd per share) | $ 88.90 | $ 70.09 | |||
DuPont 2020 Equity and Incentive Plan | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Capital shares reserved for future issuance (in shares) | 14 | 14 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents, Cost | $ 272 | $ 408 |
Restricted cash equivalents, Cost | 6 | 411 |
Total cash and restricted cash equivalents, Cost | 278 | 819 |
Long-term debt including debt due within one year, Cost | (7,168) | (7,859) |
Long term debt including debt due within one year, Gain | 36 | 70 |
Long term debt including debt due within one year, Loss | (154) | (206) |
Long term debt including debt due within one year, Fair Value | (7,286) | (7,995) |
Derivatives relating to: | ||
Cost | 0 | 0 |
Gain | 126 | 122 |
Loss | (128) | (82) |
Fair Value | (2) | 40 |
Senior Notes | 2038 Notes | ||
Derivatives relating to: | ||
Unamortized basis adjustment | 49 | |
Net investment hedge | ||
Derivatives relating to: | ||
Cost | 0 | 0 |
Gain | 123 | 96 |
Loss | 0 | 0 |
Fair Value | 123 | 96 |
Foreign currency | ||
Derivatives relating to: | ||
Cost | 0 | 0 |
Gain | 3 | 26 |
Loss | (8) | (23) |
Fair Value | (5) | 3 |
Interest rate swap agreements | ||
Derivatives relating to: | ||
Cost | 0 | 0 |
Gain | 0 | 0 |
Loss | (120) | (59) |
Fair Value | $ (120) | $ (59) |
FINANCIAL INSTRUMENTS - Sched_2
FINANCIAL INSTRUMENTS - Schedule of Notional Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives designated as hedging instruments: | Net investment hedge | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | $ 1,000 | $ 1,000 |
Derivatives designated as hedging instruments: | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | 0 | 1,000 |
Derivatives not designated as hedging instruments: | Interest rate swap agreements | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | 4,150 | 0 |
Derivatives not designated as hedging instruments: | Foreign currency contracts | ||
Derivative [Line Items] | ||
Derivative, notional amount, net | $ (126) | $ (907) |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) € in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 15, 2024 USD ($) | Jun. 30, 2024 USD ($) swap | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) swap | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 EUR (€) | |
Derivatives, Fair Value [Line Items] | ||||||||
Partial redemption of debt principal amount | $ 687,000,000 | $ 0 | ||||||
Loss on partial extinguishment of debt | $ 74,000,000 | $ 0 | 74,000,000 | 0 | ||||
Floating Rate Note Due 2038 | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Aggregate principal amount of debt | $ 1,000,000,000 | |||||||
Fixed Rate Notes Due 2038 | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Aggregate principal amount of debt | 1,000,000,000 | 1,000,000,000 | 1,650,000,000 | |||||
2038 Notes | Long-Term Debt | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Cumulative fair value basis loss | $ 81,000,000 | |||||||
Fixed Rate Note Due 2048 | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Aggregate principal amount of debt | 2,150,000,000 | 2,150,000,000 | ||||||
Senior Notes | 2038 Notes | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Partial redemption of debt principal amount | 650,000,000 | |||||||
Loss on partial extinguishment of debt | $ 32,000,000 | 74,000,000 | 74,000,000 | |||||
Interest rate swap agreements | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative instrument, not designated as hedges, gain (loss) | $ (39,000,000) | 0 | $ (39,000,000) | 0 | ||||
Derivatives designated as hedging instruments: | Net investment hedge | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, notional amount | $ 1,000,000,000 | € 819 | ||||||
Derivative, fixed interest rate | 4.73% | 4.73% | ||||||
Derivative, average fixed interest rate | 3.26% | 3.26% | ||||||
Derivatives not designated as hedging instruments: | Interest rate swap agreements | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative, notional amount | $ 1,000,000,000 | |||||||
Number of derivative instruments entered into | swap | 2 | 2 | ||||||
Derivatives not designated as hedging instruments: | Interest rate swap agreements | Floating Rate Note Due 2025 Through 2048 | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Number of derivative instruments converted | swap | 1 | 1 | ||||||
Derivatives not designated as hedging instruments: | Foreign currency | ||||||||
Derivatives, Fair Value [Line Items] | ||||||||
Derivative instrument, not designated as hedges, gain (loss) | $ (4,000,000) | $ (55,000,000) | $ (24,000,000) | $ (74,000,000) |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Liabilities at fair value: | ||
Offsetting counterparty and cash collateral netting amount for assets | $ 3,000,000 | $ 11,000,000 |
Offsetting counterparty and cash collateral netting amount for liabilities | 0 | 0 |
Water District Settlement Fund | ||
Liabilities at fair value: | ||
Accrued settlement amount | 0 | 405,000,000 |
Recurring | Level 2 | ||
Assets at fair value: | ||
Cash equivalents and restricted cash equivalents | 278,000,000 | 364,000,000 |
Total assets at fair value | 407,000,000 | 497,000,000 |
Liabilities at fair value: | ||
Total liabilities at fair value | 131,000,000 | 93,000,000 |
Restricted cash equivalents, cost | 50,000,000 | |
Recurring | Level 2 | Derivatives designated as hedging instruments: | Net investment hedge | ||
Assets at fair value: | ||
Derivative assets | 123,000,000 | 96,000,000 |
Recurring | Level 2 | Derivatives designated as hedging instruments: | Interest rate swap agreements | ||
Liabilities at fair value: | ||
Derivative Liabilities | 120,000,000 | 59,000,000 |
Recurring | Level 2 | Derivatives designated as hedging instruments: | Foreign currency contracts | ||
Assets at fair value: | ||
Derivative assets | 6,000,000 | 37,000,000 |
Liabilities at fair value: | ||
Derivative Liabilities | $ 11,000,000 | $ 34,000,000 |
SEGMENTS AND GEOGRAPHIC REGIO_3
SEGMENTS AND GEOGRAPHIC REGIONS - Schedule of Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 3,171 | $ 3,094 | $ 6,102 | $ 6,112 |
Operating EBITDA | 798 | 738 | 1,480 | 1,452 |
Equity in earnings (losses) of nonconsolidated affiliates | 23 | 14 | 35 | 29 |
Electronics & Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,508 | 1,312 | 2,873 | 2,608 |
Water & Protection | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,391 | 1,494 | 2,682 | 2,943 |
Operating Segments | Electronics & Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,508 | 1,312 | 2,873 | 2,608 |
Operating EBITDA | 419 | 349 | 793 | 711 |
Equity in earnings (losses) of nonconsolidated affiliates | 13 | 3 | 23 | 8 |
Operating Segments | Water & Protection | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 1,391 | 1,494 | 2,682 | 2,943 |
Operating EBITDA | 344 | 368 | 639 | 712 |
Equity in earnings (losses) of nonconsolidated affiliates | 8 | 11 | 17 | 21 |
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 272 | 288 | 547 | 561 |
Operating EBITDA | 35 | 21 | 48 | 29 |
Equity in earnings (losses) of nonconsolidated affiliates | $ 2 | $ 0 | $ (5) | $ 0 |
SEGMENTS AND GEOGRAPHIC REGIO_4
SEGMENTS AND GEOGRAPHIC REGIONS - Schedule of Reconciliation of Income from Continuing Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Income from continuing operations, net of tax | $ 176 | $ 269 | $ 359 | $ 542 |
Provision for income taxes on continuing operations | 120 | 87 | 204 | 170 |
Income from continuing operations before income taxes | 296 | 356 | 563 | 712 |
Depreciation and amortization | 589 | 559 | ||
Interest income | 21 | 52 | 41 | 98 |
Interest expense | 99 | 98 | 195 | 193 |
Non-operating pension/OPEB benefit credits (costs) | (3) | 2 | (10) | 4 |
Significant items charge | 125 | 22 | 184 | 30 |
Operating EBITDA | 798 | 738 | 1,480 | 1,452 |
Continuing Operations | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 298 | 282 | 589 | 559 |
Interest income | 21 | 52 | 41 | 98 |
Interest expense | 99 | 98 | 195 | 193 |
Non-operating pension/OPEB benefit credits (costs) | 3 | (2) | 10 | (4) |
Foreign exchange (losses) gains, net | (4) | (28) | 0 | (48) |
Future reimbursable indirect costs | 0 | 2 | 0 | 4 |
Significant items charge | (125) | (22) | (184) | (30) |
Operating EBITDA | $ 798 | $ 738 | $ 1,480 | $ 1,452 |
SEGMENTS AND GEOGRAPHIC REGIO_5
SEGMENTS AND GEOGRAPHIC REGIONS - Schedule of Pre-Tax Impact Of Significant Items by Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Restructuring and asset related charges - net | $ (8,000,000) | $ (17,000,000) | $ (47,000,000) | $ (31,000,000) |
Inventory write-offs | 1,000,000 | (24,000,000) | ||
Acquisition, integration and separation costs | (5,000,000) | (6,000,000) | (8,000,000) | (6,000,000) |
Loss on debt extinguishment | (74,000,000) | 0 | (74,000,000) | 0 |
Gain on divestiture | 1,000,000 | 7,000,000 | ||
Income tax items | 8,000,000 | |||
Total | (125,000,000) | (22,000,000) | (184,000,000) | (30,000,000) |
Interest rate swap agreements | ||||
Segment Reporting Information [Line Items] | ||||
Interest rate swap mark-to-market loss | (39,000,000) | 0 | (39,000,000) | 0 |
Operating Segments | Electronics & Industrial | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and asset related charges - net | 3,000,000 | (13,000,000) | (5,000,000) | (22,000,000) |
Inventory write-offs | 0 | 0 | ||
Acquisition, integration and separation costs | (3,000,000) | (6,000,000) | (6,000,000) | (6,000,000) |
Loss on debt extinguishment | 0 | 0 | ||
Gain on divestiture | 0 | 7,000,000 | ||
Income tax items | 0 | |||
Total | 0 | (19,000,000) | (11,000,000) | (21,000,000) |
Operating Segments | Electronics & Industrial | Interest rate swap agreements | ||||
Segment Reporting Information [Line Items] | ||||
Interest rate swap mark-to-market loss | 0 | 0 | ||
Operating Segments | Water & Protection | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and asset related charges - net | (15,000,000) | 1,000,000 | (37,000,000) | 1,000,000 |
Inventory write-offs | 1,000,000 | (24,000,000) | ||
Acquisition, integration and separation costs | 0 | 0 | 0 | 0 |
Loss on debt extinguishment | 0 | 0 | ||
Gain on divestiture | 1,000,000 | 1,000,000 | ||
Income tax items | 0 | |||
Total | (14,000,000) | 2,000,000 | (61,000,000) | 2,000,000 |
Operating Segments | Water & Protection | Interest rate swap agreements | ||||
Segment Reporting Information [Line Items] | ||||
Interest rate swap mark-to-market loss | 0 | 0 | ||
Corporate & Other | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and asset related charges - net | 4,000,000 | (5,000,000) | (5,000,000) | (10,000,000) |
Inventory write-offs | 0 | 0 | ||
Acquisition, integration and separation costs | (2,000,000) | 0 | (2,000,000) | 0 |
Loss on debt extinguishment | (74,000,000) | (74,000,000) | ||
Gain on divestiture | 0 | (1,000,000) | ||
Income tax items | 8,000,000 | |||
Total | (111,000,000) | $ (5,000,000) | (112,000,000) | $ (11,000,000) |
Corporate & Other | Interest rate swap agreements | ||||
Segment Reporting Information [Line Items] | ||||
Interest rate swap mark-to-market loss | $ (39,000,000) | $ (39,000,000) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jul. 28, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Subsequent Event [Line Items] | |||
Cash payments for acquisition, net of cash acquired | $ 8 | $ 0 | |
Subsequent Event | Donatelle Plastics | |||
Subsequent Event [Line Items] | |||
Cash payments for acquisition, net of cash acquired | $ 313 |