Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 15, 2013 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 30-Sep-13 | |
Entity Registrant Name | DUPONT E I DE NEMOURS & CO | |
Entity Central Index Key | 30554 | |
Current Fiscal Year End Date | -19 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 926,103,000 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $7,735 | $7,390 | $27,987 | $27,487 |
Other income (loss), net | 70 | -54 | 321 | 251 |
Total | 7,805 | 7,336 | 28,308 | 27,738 |
Cost of goods sold | 5,165 | 4,779 | 17,415 | 16,558 |
Other operating charges | 990 | 937 | 2,843 | 3,064 |
Selling, general and administrative expenses | 774 | 764 | 2,740 | 2,691 |
Research and development expense | 540 | 521 | 1,603 | 1,562 |
Interest expense | 108 | 116 | 340 | 347 |
Employee separation asset related charges net | 0 | 394 | 0 | 394 |
Total | 7,577 | 7,511 | 24,941 | 24,616 |
Income (loss) from continuing operations before income taxes | 228 | -175 | 3,367 | 3,122 |
(Benefit from) provision for income taxes on continuing operations | -35 | -135 | 687 | 654 |
Income (loss) from continuing operations after income taxes | 263 | -40 | 2,680 | 2,468 |
Income from discontinued operations after income taxes | 25 | 48 | 1,997 | 219 |
Net income | 288 | 8 | 4,677 | 2,687 |
Less: Net income attributable to noncontrolling interests | 3 | 3 | 14 | 24 |
Net income attributable to DuPont | $285 | $5 | $4,663 | $2,663 |
Basic earnings (loss) per share of common stock from continuing operations | $0.28 | ($0.05) | $2.87 | $2.61 |
Basic earnings per share of common stock from discontinued operations | $0.03 | $0.05 | $2.16 | $0.24 |
Basic earnings per share of common stock | $0.30 | $0 | $5.03 | $2.85 |
Diluted earnings (loss) per share of common stock from continuing operations | $0.28 | ($0.05) | $2.85 | $2.58 |
Diluted earnings per share of common stock from discontinued operations | $0.03 | $0.05 | $2.14 | $0.23 |
Diluted earnings per share of common stock | $0.30 | $0 | $4.99 | $2.82 |
Dividends per share of common stock | $0.45 | $0.43 | $1.33 | $1.27 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Net income | $288 | $8 | $4,677 | $2,687 | ||||
Cumulative translation adjustment | 177 | 189 | -46 | -53 | ||||
Additions and revaluations of derivatives designated as cash flow hedges | -15 | [1] | -6 | [1] | -39 | [1] | 30 | [1] |
Clearance of hedge results to earnings | 1 | -11 | -27 | -66 | ||||
Net revaluation and clearance of cash flow hedges to earnings | -14 | -17 | -66 | -36 | ||||
Net unrealized (loss) gain on securities | 0 | -5 | 1 | -3 | ||||
Other comprehensive income (loss), before tax | 739 | 484 | 983 | 658 | ||||
Income tax expense related to items of other comprehensive income | -195 | -126 | -337 | -266 | ||||
Other comprehensive (loss) income, net of tax | 544 | 358 | 646 | 392 | ||||
Comprehensive income | 832 | 366 | 5,323 | 3,079 | ||||
Less: comprehensive income attributable to noncontrolling interests | 3 | 3 | 14 | 51 | ||||
Comprehensive income attributable to DuPont | 829 | 363 | 5,309 | 3,028 | ||||
Pension Plans [Member] | ||||||||
Net gain (loss) | -4 | [1] | -609 | [1] | 52 | [1] | -628 | [1] |
Prior service benefit (cost) | 62 | [1] | 0 | [1] | 62 | [1] | 22 | [1] |
Amortization of prior service cost (benefit) | 2 | [2] | 3 | [2] | 8 | [2] | 10 | [2] |
Amortization of (gain) loss | 244 | [2] | 222 | [2] | 724 | [2] | 661 | [2] |
Curtailment / settlement loss (gain) | 0 | [2] | 2 | [2] | 153 | [2] | 2 | [2] |
Benefit plans, net | 304 | -382 | 999 | 67 | ||||
Other Long-Term Employee Benefit Plans Defined Benefit [Member] | ||||||||
Net gain (loss) | 95 | [1] | -141 | [1] | 140 | [1] | -141 | [1] |
Prior service benefit (cost) | 199 | [1] | 857 | [1] | 199 | [1] | 857 | [1] |
Amortization of prior service cost (benefit) | -48 | [2] | -44 | [2] | -142 | [2] | -104 | [2] |
Amortization of (gain) loss | 26 | [2] | 24 | [2] | 51 | [2] | 68 | [2] |
Curtailment / settlement loss (gain) | 0 | [2] | 3 | [2] | -153 | [2] | 3 | [2] |
Benefit plans, net | $272 | $699 | $95 | $683 | ||||
[1] | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. | |||||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $7,005 | $4,284 |
Marketable securities | 184 | 123 |
Accounts and notes receivable, net | 8,298 | 5,452 |
Inventories | 7,031 | 7,565 |
Prepaid expenses | 185 | 204 |
Deferred income taxes | 840 | 613 |
Assets held for sale | 0 | 3,076 |
Total current assets | 23,543 | 21,317 |
Property, plant and equipment, net of accumulated depreciation (September 30, 2013 - $19,779; December 31, 2012 - $19,085) | 12,908 | 12,741 |
Goodwill | 4,718 | 4,616 |
Other intangible assets | 5,135 | 5,126 |
Investment in affiliates | 1,054 | 1,163 |
Deferred income taxes | 3,739 | 3,936 |
Other assets | 893 | 960 |
Total | 51,990 | 49,859 |
Liabilities and Equity | ||
Accounts payable | 3,876 | 4,853 |
Short-term borrowings and capital lease obligations | 4,204 | 1,275 |
Income taxes | 442 | 343 |
Other accrued liabilities | 3,874 | 5,997 |
Liabilities related to assets held for sale | 0 | 1,084 |
Total current liabilities | 12,396 | 13,552 |
Long-term borrowings and capital lease obligations | 10,755 | 10,465 |
Other liabilities | 13,901 | 14,687 |
Deferred income taxes | 973 | 856 |
Total liabilities | 38,025 | 39,560 |
Commitments and contingent liabilities | ||
Redeemable Noncontrolling Interest | ||
Redeemable noncontrolling interest | 65 | 0 |
Stockholders' equity | ||
Preferred stock | 237 | 237 |
Common stock, $0.30 par value; 1,800,000,000 shares authorized; Issued at September 30, 2013 - 1,013,111,000; December 31, 2012 - 1,020,057,000 | 304 | 306 |
Additional paid-in capital | 11,007 | 10,655 |
Reinvested earnings | 17,020 | 14,383 |
Accumulated other comprehensive loss | -8,000 | -8,646 |
Common stock held in treasury, at cost (87,041,000 shares at September 30, 2013 and December 31, 2012) | -6,727 | -6,727 |
Total DuPont stockholders' equity | 13,841 | 10,208 |
Noncontrolling interests | 59 | 91 |
Total equity | 13,900 | 10,299 |
Total | $51,990 | $49,859 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $19,779 | $19,085 |
Common stock, par value | $0.30 | $0.30 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 1,013,111,000 | 1,020,057,000 |
Common stock held in treasury, shares | 87,041,000 | 87,041,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating activities | ||
Net income | $4,677 | $2,687 |
Adjustments to reconcile net income to cash provided by (used for) operating activities: | ||
Depreciation | 961 | 1,047 |
Amortization of intangible assets | 255 | 266 |
Other operating charges and credits - net | 447 | 907 |
Gain on sale of business | -2,689 | 0 |
Contributions to pension plans | -246 | -762 |
Change in operating assets and liabilities - net | -5,738 | -4,571 |
Cash (used for) provided by operating activities | -2,333 | -426 |
Investing activities | ||
Purchases of property, plant and equipment | -1,223 | -1,139 |
Investments in affiliates | -43 | -31 |
Payments for businesses, net of cash acquired | -133 | -18 |
Proceeds from sale of business - net | 4,816 | 0 |
Proceeds from sales of assets - net | 126 | 175 |
Net (increase) decrease in short-term financial instruments | -78 | 336 |
Forward exchange contract settlements | 82 | 23 |
Other investing activities - net | 31 | -13 |
Cash provided by (used for) investing activities | 3,578 | -667 |
Financing activities | ||
Dividends paid to stockholders | -1,242 | -1,191 |
Net increase in borrowings | 3,204 | 2,524 |
Repurchase of common stock | -1,000 | -400 |
Proceeds from exercise of stock options | 497 | 520 |
Payments for noncontrolling interests | 0 | -447 |
Other financing activities - net | 3 | 38 |
Cash provided by financing activities | 1,462 | 1,044 |
Effect of exchange rate changes on cash | -81 | -23 |
Cash classified as held for sale | 0 | -96 |
Increase (decrease) in cash and cash equivalents | 2,626 | -168 |
Cash and cash equivalents at beginning of period | 4,379 | 3,586 |
Cash and cash equivalents at end of period | $7,005 | $3,418 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||||||||||
Interim Financial Statements | ||||||||||||||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (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, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2012, collectively referred to as the “2012 Annual Report”. The Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained, as well as variable interest entities for which DuPont is the primary beneficiary. | ||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||
Certain reclassifications of prior year's data have been made to conform to current year's presentation, including separately stating cost of goods sold and other operating charges on the interim Consolidated Income Statements. In the third quarter 2012, the company signed a definitive agreement to sell its Performance Coatings business (which represented a reportable segment). In accordance with GAAP, the results of Performance Coatings are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The sum of the individual earnings per share amounts from continuing and discontinued operations may not equal the total company earnings per share amounts due to rounding. The assets and liabilities of Performance Coatings at December 31, 2012 are presented as held for sale in the Condensed Consolidated Balance Sheet. The cash flows and comprehensive income related to Performance Coatings have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Comprehensive Income, respectively, for all periods presented. Amounts related to Performance Coatings are consistently included in or excluded from the Notes to the interim Consolidated Financial Statements based on the financial statement line item and period of each disclosure. See Note 2 for additional information. | ||||||||||||||||||||
Change in Accounting Policy | ||||||||||||||||||||
Effective January 1, 2013, the company changed its method of valuing inventory held at a majority of its foreign and certain United States locations from the last-in, first-out (LIFO) method to the average cost method. The company believes that the average cost method is preferable to the LIFO method as it more clearly aligns with how the company actually manages its inventory and will improve financial reporting by better matching revenues and expenses. In addition, the change from LIFO to average cost will enhance the comparability of our financial results with our peer companies. As described in the guidance for accounting changes, the comparative interim Consolidated Financial Statements of prior periods are adjusted to apply the new accounting method retrospectively. | ||||||||||||||||||||
The following line items within the interim Consolidated Income Statements were affected by the change in accounting policy for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
30-Sep-13 | 30-Sep-13 | |||||||||||||||||||
As reported | As reported under LIFO | Change: | As reported | As reported under LIFO | Change: | |||||||||||||||
(Decrease)/Increase | (Decrease)/Increase | |||||||||||||||||||
Cost of goods sold | $ | 5,165 | $ | 5,176 | $ | (11 | ) | $ | 17,415 | $ | 17,447 | $ | (32 | ) | ||||||
Income from continuing operations before income taxes | 228 | 217 | 11 | 3,367 | 3,335 | 32 | ||||||||||||||
(Benefit from) provision for income taxes on continuing operations | (35 | ) | (38 | ) | 3 | 687 | 678 | 9 | ||||||||||||
Income from continuing operations after income taxes | 263 | 255 | 8 | 2,680 | 2,657 | 23 | ||||||||||||||
Income from discontinued operations after income taxes | 25 | 25 | — | 1,997 | 1,997 | — | ||||||||||||||
Net income | $ | 288 | $ | 280 | $ | 8 | $ | 4,677 | $ | 4,654 | $ | 23 | ||||||||
Basic and diluted earnings per share from continuing operations increased by $0.01 and $0.02 for the three and nine months ended September 30, 2013, respectively, as a result of the above accounting policy change. | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
30-Sep-12 | 30-Sep-12 | |||||||||||||||||||
As reported | As reported under LIFO | Change: | As reported | As reported under LIFO | Change: | |||||||||||||||
(Decrease)/Increase | (Decrease)/Increase | |||||||||||||||||||
Cost of goods sold | $ | 4,779 | $ | 4,778 | $ | 1 | $ | 16,558 | $ | 16,549 | $ | 9 | ||||||||
(Loss) income from continuing operations before income taxes | (175 | ) | (174 | ) | (1 | ) | 3,122 | 3,131 | (9 | ) | ||||||||||
(Benefit from) provision for income taxes on continuing operations | (135 | ) | (134 | ) | (1 | ) | 654 | 657 | (3 | ) | ||||||||||
(Loss) income from continuing operations after income taxes | (40 | ) | (40 | ) | — | 2,468 | 2,474 | (6 | ) | |||||||||||
Income from discontinued operations after income taxes | 48 | 53 | (5 | ) | 219 | 227 | (8 | ) | ||||||||||||
Net income | $ | 8 | $ | 13 | $ | (5 | ) | $ | 2,687 | $ | 2,701 | $ | (14 | ) | ||||||
Basic and diluted earnings per share from continuing operations decreased by $(0.01) for the nine months ended September 30, 2012, as a result of the above accounting policy change. | ||||||||||||||||||||
Inventory and Stockholder's Equity increased by $143 and $120, respectively, as of January 1, 2012, as a result of the above accounting policy change. | ||||||||||||||||||||
There was no impact on cash used by operating activities as a result of the above change. |
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations | ||||||||||||
In February 2013, the company sold its Performance Coatings business to Flash Bermuda Co. Ltd., a Bermuda exempted limited liability company formed by affiliates of The Carlyle Group (collectively referred to as "Carlyle"). The sale resulted in a pre-tax gain of $2,689 ($1,964 net of tax). The gain was recorded in income from discontinued operations after income taxes in the company's interim Consolidated Income Statements for the nine-months ended September 30, 2013. | |||||||||||||
The results of discontinued operations are summarized below: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | 1,039 | $ | 331 | $ | 3,178 | |||||
Income before income taxes | $ | 7 | $ | 158 | $ | 2,720 | $ | 426 | |||||
(Benefit from) provision for income taxes1 | (18 | ) | 110 | 723 | 207 | ||||||||
Income from discontinued operations after income taxes | $ | 25 | $ | 48 | $ | 1,997 | $ | 219 | |||||
1 | Three and nine months ended September 30, 2012 included expense of $62 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested as these entities were reclassified as held for sale. | ||||||||||||
The key components of the assets and liabilities classified as held for sale at December 31, 2012 related to Performance Coatings consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2012 | |||||||||||||
Cash and cash equivalents | $ | 95 | |||||||||||
Accounts and notes receivable, net | 783 | ||||||||||||
Inventories | 488 | ||||||||||||
Prepaid expenses | 6 | ||||||||||||
Deferred income taxes - current | 32 | ||||||||||||
Property, plant and equipment, net of accumulated depreciation | 749 | ||||||||||||
Goodwill | 808 | ||||||||||||
Other intangible assets | 67 | ||||||||||||
Deferred income taxes - noncurrent | 14 | ||||||||||||
Other assets - noncurrent | 34 | ||||||||||||
Total assets held for sale | $ | 3,076 | |||||||||||
Accounts payable | $ | 408 | |||||||||||
Income taxes | 17 | ||||||||||||
Other accrued liabilities | 237 | ||||||||||||
Other liabilities - noncurrent | 388 | ||||||||||||
Deferred income taxes - noncurrent | 34 | ||||||||||||
Total liabilities related to assets held for sale | $ | 1,084 | |||||||||||
Employee_Separation_Asset_Rela
Employee Separation / Asset Related Charges, Net | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Employee Separation / Asset Related Charges, Net [Abstract] | ||||||||||
Employee Separation / Asset Related Charges, Net | Employee Separation /Asset Related Charges, Net | |||||||||
2012 Restructuring Program | ||||||||||
At September 30, 2013, total liabilities relating to the 2012 restructuring program were $91. A complete discussion of restructuring initiatives is included in the company's 2012 Annual Report in Note 3, "Employee Separation/Asset Related Charges, Net". | ||||||||||
Account balances for the 2012 restructuring program are summarized below: | ||||||||||
Employee Separation Costs | Other Non-Personnel Charges1 | Total | ||||||||
Balance at December 31, 2012 | $ | 154 | $ | 7 | $ | 161 | ||||
Payments | (66 | ) | (3 | ) | (69 | ) | ||||
Net translation adjustment | (1 | ) | — | (1 | ) | |||||
Balance as of September 30, 2013 | $ | 87 | $ | 4 | $ | 91 | ||||
1 | Other non-personnel charges consist of contractual obligation costs. | |||||||||
The company expects this plan and all related payments to be substantially complete by December 31, 2013. | ||||||||||
Asset Impairments | ||||||||||
During the third quarter 2012, as a result of conditions in the thin film photovoltaic market, the company determined that an impairment triggering event had occurred and that an assessment of the asset group related to its thin film photovoltaic modules and systems was warranted. This assessment determined that the carrying value of the asset group exceeded its fair value. The basis of the fair value was calculated utilizing a discounted cash flow approach which included assumptions concerning future operating performance and economic conditions that may differ from actual cash flows. As a result of our impairment test, a $150 pre-tax impairment charge was recorded at September 30, 2012. The charge was recorded within the Electronics & Communications segment. | ||||||||||
During the third quarter 2012, as a result of deteriorating conditions in an industrial polymer market, the company determined that an impairment triggering event had occurred and that an assessment of the asset group related to this polymer product was warranted. This assessment determined that the carrying value of the asset group exceeded its fair value. The basis of the fair value was calculated utilizing a discounted cash flow approach which included assumptions concerning future operating performance and economic conditions that may differ from actual cash flows. As a result of our impairment test, a $92 pre-tax impairment charge was recorded at September 30, 2012. The charge was recorded within the Performance Materials segment. | ||||||||||
In connection with the matters discussed above, at September 30, 2012, the company had long-lived assets with a remaining net book value of approximately $125 accounted for at fair value on a nonrecurring basis after initial recognition. These nonrecurring fair value measurements were determined using level 3 inputs within the fair value hierarchy, as described in the company's 2012 Annual Report in Note 1, "Summary of Significant Accounting Policies". |
Other_Income_Net
Other Income, Net | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Other Income, Net | Other Income, Net | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Cozaar®/Hyzaar® income | $ | — | $ | 9 | $ | 14 | $ | 48 | |||||
Royalty income | 35 | 21 | 122 | 84 | |||||||||
Interest income | 34 | 27 | 106 | 87 | |||||||||
Equity in earnings of affiliates, excluding exchange gains/losses | 28 | 11 | 14 | 42 | |||||||||
Gain on sale of equity method investment | — | — | 9 | 122 | |||||||||
Net gain on sales of other assets | 7 | 1 | 17 | 11 | |||||||||
Net exchange losses1 | (101 | ) | (130 | ) | (55 | ) | (161 | ) | |||||
Miscellaneous income and expenses, net 2 | 67 | 7 | 94 | 18 | |||||||||
Other income (loss), net | $ | 70 | $ | (54 | ) | $ | 321 | $ | 251 | ||||
1 | The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The net pre-tax exchange gains (losses) are recorded in other income, net and the related tax impact is recorded in provision for income taxes on continuing operations on the interim Consolidated Income Statements. The $(55) net exchange loss for the nine months ended September 30, 2013, includes a $(33) exchange loss, associated with the devaluation of the Venezuelan bolivar. | ||||||||||||
2 | Miscellaneous income and expenses, net, generally includes interest items, certain insurance recoveries and litigation settlements, and other items. |
Provision_for_Income_Taxes
Provision for Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Income Taxes |
In the third quarter 2013, the company recorded a tax benefit of $35 on continuing operations pre-tax income of $228. The benefit included $58 of tax benefit primarily associated with the company’s policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations. | |
Year-to-date 2013, the company recorded a tax provision on continuing operations of $687, including $8 of tax benefit primarily associated with the company’s policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations. Included in the provision was a $33 tax benefit related to an enacted foreign tax law change, a $68 tax benefit derived from the 2013 extension of certain U.S. business tax provisions partially offset by $49 of tax expense related to a change in accrual for a prior year tax position and $26 of tax expense related to the global distribution of the proceeds from the sale of the Performance Coatings business. | |
In the third quarter 2012, the company recorded a tax benefit of $135 on the pre-tax loss from continuing operations of $175. The benefit included $71 of tax benefit primarily associated with the company’s policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations. | |
Year-to-date 2012, the company recorded a tax provision on continuing operations of $654, including $48 of tax benefit primarily associated with the company’s policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations. | |
Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the taxing authorities. Positions challenged by the taxing authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant, however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. |
Earnings_Per_Share_of_Common_S
Earnings Per Share of Common Stock | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share of Common Stock | Earnings Per Share of Common Stock | ||||||||||||
Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings (loss) per share calculations for the periods indicated: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Income (loss) from continuing operations after income taxes attributable to DuPont | $ | 260 | $ | (43 | ) | $ | 2,666 | $ | 2,444 | ||||
Preferred dividends | (3 | ) | (3 | ) | (8 | ) | (8 | ) | |||||
Income (loss) from continuing operations after income taxes available to DuPont common stockholders | $ | 257 | $ | (46 | ) | $ | 2,658 | $ | 2,436 | ||||
Income from discontinued operations after income taxes | $ | 25 | $ | 48 | $ | 1,997 | $ | 219 | |||||
Net income available to common stockholders | $ | 282 | $ | 2 | $ | 4,655 | $ | 2,655 | |||||
Denominator: | |||||||||||||
Weighted-average number of common shares outstanding - Basic | 925,645,000 | 931,737,000 | 925,548,000 | 933,227,000 | |||||||||
Dilutive effect of the company’s employee compensation plans1 | 7,360,000 | 8,789,000 | 6,994,000 | 9,297,000 | |||||||||
Weighted-average number of common shares outstanding - Diluted | 933,005,000 | 940,526,000 | 932,542,000 | 942,524,000 | |||||||||
1 | Dilutive effect of the company's employee compensation plans are excluded from calculation of dilutive loss per share of common stock from continuing operations for the three months ended September 30, 2012. | ||||||||||||
The following average number of stock options were antidilutive, and therefore, were not included in the diluted earnings per share calculations: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Average number of stock options | — | 12,631,000 | 3,461,000 | 12,035,000 | |||||||||
The change in the average number of stock options that were antidilutive in the three and nine months ended September 30, 2013 compared to the same period last year was primarily due to changes in the company’s average stock price. |
Inventories
Inventories | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Inventory, Net [Abstract] | |||||||
Inventories | Inventories | ||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Finished products | $ | 3,857 | $ | 4,449 | |||
Semi-finished products | 2,443 | 2,407 | |||||
Raw materials, stores and supplies | 1,323 | 1,313 | |||||
7,623 | 8,169 | ||||||
Adjustment of inventories to a last-in, first-out (LIFO) basis | (592 | ) | (604 | ) | |||
Total | $ | 7,031 | $ | 7,565 | |||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||||||||||||||||||
There were no significant changes in goodwill for the nine months ended September 30, 2013. | |||||||||||||||||||
The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: | |||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amortization | Amortization | ||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||
Customer lists | $ | 1,844 | $ | (397 | ) | $ | 1,447 | $ | 1,847 | $ | (330 | ) | $ | 1,517 | |||||
Patents | 531 | (164 | ) | 367 | 525 | (127 | ) | 398 | |||||||||||
Purchased and licensed technology | 2,021 | (1,140 | ) | 881 | 1,929 | (1,016 | ) | 913 | |||||||||||
Trademarks | 57 | (31 | ) | 26 | 57 | (29 | ) | 28 | |||||||||||
Other 1 | 221 | (107 | ) | 114 | 206 | (98 | ) | 108 | |||||||||||
4,674 | (1,839 | ) | 2,835 | 4,564 | (1,600 | ) | 2,964 | ||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||
In-process research and development | 71 | — | 71 | 62 | — | 62 | |||||||||||||
Microbial cell factories 2 | 306 | — | 306 | 306 | — | 306 | |||||||||||||
Pioneer germplasm 3 | 1,053 | — | 1,053 | 975 | — | 975 | |||||||||||||
Trademarks/tradenames | 870 | — | 870 | 819 | — | 819 | |||||||||||||
2,300 | — | 2,300 | 2,162 | — | 2,162 | ||||||||||||||
Total | $ | 6,974 | $ | (1,839 | ) | $ | 5,135 | $ | 6,726 | $ | (1,600 | ) | $ | 5,126 | |||||
1 | Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. | ||||||||||||||||||
2 | Microbial cell factories, derived from natural microbes, are used to sustainably produce enzymes, peptides and chemicals using natural metabolic processes. The company recognized the microbial cell factories as an intangible asset upon the acquisition of Danisco. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | ||||||||||||||||||
3 | Pioneer germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | ||||||||||||||||||
The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $62 and $255 for the three and nine months ended September 30, 2013, respectively, and $62 and $247 for the three and nine months ended September 30, 2012, respectively. The estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2013 and each of the next five years is approximately $52, $348, $366, $318, $187 and $181, respectively, which are primarily reported in cost of goods sold. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities | |||||||||
Guarantees | ||||||||||
Indemnifications | ||||||||||
In connection with acquisitions and divestitures, the company has indemnified respective parties against certain liabilities that may arise in connection with these transactions and business activities prior to the completion of the transaction. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. In addition, the company indemnifies its duly elected or appointed directors and officers to the fullest extent permitted by Delaware law, against liabilities incurred as a result of their activities for the company, such as adverse judgments relating to litigation matters. If the indemnified party were to incur a liability or have a liability increase as a result of a successful claim, pursuant to the terms of the indemnification, the company would be required to reimburse the indemnified party. The maximum amount of potential future payments is generally unlimited. | ||||||||||
Obligations for Equity Affiliates & Others | ||||||||||
The company has directly guaranteed various debt obligations under agreements with third parties related to equity affiliates, customers and suppliers. At September 30, 2013 and December 31, 2012, the company had directly guaranteed $502 and $535, respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees. The company would be required to perform on these guarantees in the event of default by the guaranteed party. | ||||||||||
The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. | ||||||||||
In certain cases, the company has recourse to assets held as collateral, as well as personal guarantees from customers and suppliers. Assuming liquidation, these assets are estimated to cover 44 percent of the $320 of guaranteed obligations of customers and suppliers. Set forth below are the company's guaranteed obligations at September 30, 2013: | ||||||||||
Short-Term | Long-Term | Total | ||||||||
Obligations for customers and suppliers1: | ||||||||||
Bank borrowings (terms up to 7 years) | $ | 187 | $ | 132 | $ | 319 | ||||
Leases on equipment and facilities (terms up to 4 years) | — | 1 | 1 | |||||||
Obligations for equity affiliates2: | ||||||||||
Bank borrowings (terms less than 2 years) | 181 | 1 | 182 | |||||||
Total | $ | 368 | $ | 134 | $ | 502 | ||||
1 | Existing guarantees for customers and suppliers, as part of contractual agreements. | |||||||||
2 | Existing guarantees for equity affiliates' liquidity needs in normal operations. | |||||||||
Imprelis® | ||||||||||
The company has received claims and has been served with multiple lawsuits alleging that the use of Imprelis® herbicide caused damage to certain trees. Sales of Imprelis® were suspended in August 2011 and the product was last applied during the 2011 spring application season. The lawsuits seeking class action status have been consolidated in multidistrict litigation in federal court in Philadelphia, Pennsylvania. | ||||||||||
In February 2013, the court granted preliminary approval of a class action settlement. The settlement incorporates the company's existing claims process and provides certain additional relief. The proposed settlement class includes affected property owners and lawn care companies who do not "opt out" of the settlement. As part of the settlement, DuPont will pay about $7 in plaintiffs' attorney fees and expenses. In addition, DuPont is providing a warranty against new damage, if any, caused by the use of Imprelis® on class members' properties through May 2015. The settlement notification process began on March 25, 2013 and ended on June 28, 2013 which was also the last day to “opt out” of the settlement or file a new claim. The final approval hearing was held on September 27, 2013 and on October 17, 2013, the court issued an order approving the settlement. In addition, about 125 individual actions encompassing about 400 claims for property damage have been filed in state court in various jurisdictions. DuPont has removed most of these cases to federal court in Philadelphia, Pennsylvania. Once removed to federal court, the individual actions remain stayed pending further action by the court. | ||||||||||
The company has established review processes to verify and evaluate damage claims. There are several variables that impact the evaluation process including the number of trees on a property, the species of tree with reported damage, the height of the tree, the extent of damage and the possibility for trees to naturally recover over time. Upon receiving claims, DuPont verifies their accuracy and validity which often requires physical review of the property. | ||||||||||
At September 30, 2013, DuPont had recorded charges of $930, within other operating charges, to resolve these claims. The three months ended September 30, 2013 included net charges of $40, consisting of a $65 charge offset by $25 of insurance recoveries. The nine months ended September 30, 2013 included net charges of $155, consisting of charges of $180 offset by $25 of insurance recoveries received in the third quarter 2013. The three and nine months ended September 30, 2012 included charges of $125 and $440, respectively. The company currently estimates that total charges could be about $1,200; however, there is a high degree of uncertainty. Predicting the impact of Imprelis® on living organisms and how those organisms may react over time as well as variability regarding the extended warranty period under the class action settlement are significant factors driving the uncertainty of future charges. Imprelis® was applied throughout the United States and the ability of any particular species of tree to naturally recover over time may be different depending on the property's geography and associated climate. The company has an applicable insurance program with a deductible equal to the first $100 of costs and expenses. The insurance program limits are $725 for costs and expenses in excess of the $100. DuPont has submitted and will continue to submit requests for payment to its insurance carriers for costs associated with this matter. The company has begun to receive payment from its insurance carriers and continues to seek recovery although the timing and outcome remain uncertain. | ||||||||||
Litigation | ||||||||||
The company is subject to various legal proceedings arising out of the normal course of its business including product liability, intellectual property, commercial, environmental and antitrust lawsuits. It is not possible to predict the outcome of these various proceedings. Except as otherwise noted, management does not anticipate their resolution will have a materially adverse effect on the company's consolidated financial position or liquidity. However, the ultimate liabilities could be significant to results of operations in the period recognized. | ||||||||||
PFOA | ||||||||||
DuPont used PFOA (collectively, perfluorooctanoic acids and its salts, including the ammonium salt), as a processing aid to manufacture some fluoropolymer resins at various sites around the world including its Washington Works plant in West Virginia. At September 30, 2013, DuPont has accruals of $15 related to the PFOA matters discussed below. | ||||||||||
The accrual includes charges related to DuPont's obligations under agreements with the U.S. Environmental Protection Agency and voluntary commitments to the New Jersey Department of Environmental Protection. These obligations include surveying, sampling and testing drinking water in and around certain company sites and offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the national Provisional Health Advisory. | ||||||||||
Drinking Water Actions | ||||||||||
In August 2001, a class action, captioned Leach v DuPont, was filed in West Virginia state court alleging that residents living near the Washington Works facility had suffered, or may suffer, deleterious health effects from exposure to PFOA in drinking water. | ||||||||||
DuPont and attorneys for the class reached a settlement in 2004 that binds about 80,000 residents. In 2005, DuPont paid the plaintiffs’ attorneys’ fees and expenses of $23 and made a payment of $70, which class counsel designated to fund a community health project. The company funded a series of health studies which were completed in October 2012 by an independent science panel of experts (the “C8 Science Panel”). The studies were conducted in communities exposed to PFOA to evaluate available scientific evidence on whether any probable link exists, as defined in the settlement agreement, between exposure to PFOA and human disease. | ||||||||||
The C8 Science Panel found probable links, as defined in the settlement agreement, between exposure to PFOA and pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. | ||||||||||
In May 2013, a panel of three independent medical doctors released its initial recommendations for screening and diagnostic testing of eligible class members. The medical panel is expected to address monitoring and may make additional recommendations in a subsequent report. The medical panel has not communicated its anticipated schedule for completion. The company is obligated to fund up to $235 for a medical monitoring program for eligible class members. In January 2012, the company put $1 in an escrow account to fund medical monitoring as required by the settlement agreement. The court has appointed a Medical Monitoring Director to implement the medical panel's recommendations who is in the process of setting up a program. Testing has not yet begun and no money has been disbursed from the fund. While it is probable that the company will incur losses related to funding the medical monitoring program, such losses cannot be reasonably estimated due to uncertainties surrounding implementation. | ||||||||||
In addition, the company must continue to provide water treatment designed to reduce the level of PFOA in water to six area water districts, including the Little Hocking Water Association (LHWA), and private well users. | ||||||||||
Additional Actions | ||||||||||
An Ohio action brought by the LHWA is ongoing. In addition to general claims of PFOA contamination of drinking water, the action claims “imminent and substantial endangerment to health and or the environment” under the Resource Conservation and Recovery Act (RCRA). DuPont denies these claims and is defending itself vigorously. | ||||||||||
Class members may pursue personal injury claims against DuPont only for those human diseases for which the C8 Science Panel determined a probable link exists. At September 30, 2013, 45 lawsuits alleging personal injury and 2 lawsuits alleging wrongful death from exposure to PFOA in drinking water are pending in federal court in Ohio and West Virginia. This is an increase in pending cases of 1 and 21 over the second quarter 2013 and year end 2012, respectively. These cases have been consolidated for discovery purposes in multi-district litigation in Ohio federal court. DuPont denies the allegations in these lawsuits and is defending itself vigorously. | ||||||||||
While DuPont believes that it is reasonably possible that it could incur losses related to these additional actions, a range of such losses, if any, cannot be reasonably estimated at this time. | ||||||||||
Monsanto Patent Dispute | ||||||||||
On August 1, 2012, a St. Louis, Missouri jury awarded $1,000 in damages to Monsanto on its claims that the company willfully infringed Monsanto's RE 39,247 patent directed to Roundup® Ready® 1 glyphosate herbicide tolerance soybean seed technology. | ||||||||||
Monsanto alleged that by combining Pioneer's Optimum® GAT® trait with Monsanto's patented Roundup® Ready® trait, Pioneer violated its 2002 Amended and Restated Roundup® Ready® Soybean License Agreement and, in doing so, infringed Monsanto's RE 39,247 patent. The company has never sold soybeans containing a combination of the Optimum® GAT® and Roundup® Ready® traits and discontinued in 2011 its commercialization efforts for such soybeans. | ||||||||||
In March 2013, Pioneer and Monsanto entered into technology license agreements. As part of those agreements, the company received, among other things, a non-exclusive royalty bearing license in the United States and Canada for Monsanto's Genuity® Roundup Ready 2 Yield® glyphosate tolerance trait and its dicamba tolerance trait for soybeans, post-patent regulatory access and maintenance support for Roundup Ready® 1 glyphosate tolerance trait for soybeans, Genuity® Roundup Ready 2 glyphosate tolerance trait for corn and YieldGard® corn borer insect resistance trait. The agreements require the company to make a series of up-front and variable payments subject to Monsanto delivering enabling soybean genetic material. Total annual fixed royalty payments of $802 contemplated under the arrangement for trait technology, associated data and soybean lines to support commercial introduction are expected to come due in years 2014 - 2017. Additionally, beginning in 2018, DuPont will pay royalties on a per unit basis related to the Genuity® Roundup Ready 2 Yield® and dicamba tolerance traits for the life of the license, subject to annual minimum payments through 2023 totaling $950. | ||||||||||
In a separate agreement, the company agreed to dismiss with prejudice its antitrust claims against Monsanto in exchange for a dismissal with prejudice of Monsanto's patent infringement claims and the related damages verdict. Accordingly, as of the first quarter 2013 this matter was resolved, but for the court-ordered sanctions against the company for “fraud against the court.” The court unsealed the order in November 2012. The parties agreed to present the sanctions and related rulings for immediate appeal and those matters are presently on appeal. | ||||||||||
Titanium Dioxide Antitrust Litigation | ||||||||||
In February 2010, two suits were filed in Maryland federal district court alleging conspiracy among DuPont, Huntsman International LLC, Kronos Worldwide Inc., Millenium Inorganics Chemicals Inc. and others to fix prices of titanium dioxide sold in the United States between March 2002 and the present. The cases were subsequently consolidated and in August 2012, the court certified a class consisting of United States customers that have directly purchased titanium dioxide since February 1, 2003. | ||||||||||
During the third quarter 2013, DuPont and plaintiffs agreed to settle this matter, subject to court approval. In connection therewith, the company has recorded charges of $72, within other operating charges, at September 30, 2013. The settlement explicitly acknowledges that DuPont denies all allegations and does not admit liability. The court has preliminarily approved the settlement and scheduled the final approval hearing for November 25, 2013. | ||||||||||
Environmental | ||||||||||
The company is also subject to contingencies pursuant to environmental laws and regulations that in the future may require the company to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by the company or other parties. The company accrues for environmental remediation activities consistent with the policy as described in the company's 2012 Annual Report in Note 1, “Summary of Significant Accounting Policies.” Much of this liability results from the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, often referred to as Superfund), RCRA and similar state and global laws. These laws require the company to undertake certain investigative, remediation and restoration activities at sites where the company conducts or once conducted operations or at sites where company-generated waste was disposed. The accrual also includes estimated costs related to a number of sites identified by the company for which it is probable that environmental remediation will be required, but which are not currently the subject of enforcement activities. | ||||||||||
Remediation activities vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, diverse regulatory agencies and enforcement policies, as well as the presence or absence of potentially responsible parties. At September 30, 2013, the Condensed Consolidated Balance Sheet included a liability of $456, relating to these matters and, in management's opinion, is appropriate based on existing facts and circumstances. The average time frame over which the accrued or presently unrecognized amounts may be paid, based on past history, is estimated to be 15-20 years. Considerable uncertainty exists with respect to these costs and, under adverse changes in circumstances, potential liability may range up to three times the amount accrued as of September 30, 2013. | ||||||||||
Redeemable Noncontrolling Interest | ||||||||||
On July 31, 2013, the company acquired a controlling interest in Pannar Seed Pty. Ltd (Pannar). As part of the acquisition, the minority shareholders of Pannar have the right, at any time, to exercise a put option requiring the company to purchase the remaining equity interest at a price based on a specified formula. Due to this redemption feature, the minority shareholders interest is classified outside of Stockholders’ equity under the caption “Redeemable noncontrolling interest” in the Condensed Consolidated Balance Sheet. At September 30, 2013, the carrying amount of the Redeemable noncontrolling interest approximates the estimated redemption value. In October 2013, the company received notice that the minority shareholders exercised their put option. As the exercise does not result in a change in control of Pannar, the exercise of the put option will be accounted for as an equity transaction during the fourth quarter. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity | |||||||||||||||||||
Share Repurchase Program | ||||||||||||||||||||
In December 2012, the company's Board of Directors authorized a $1,000 share buyback plan. In February 2013, the company entered into an accelerated share repurchase (ASR) agreement with a financial institution under which the company used $1,000 of the proceeds from the sale of Performance Coatings for the purchase of shares of common stock. The 2012 $1,000 share buyback plan was completed in the second quarter 2013 through the ASR agreement, under which the company purchased and retired 20.4 million shares. | ||||||||||||||||||||
During the nine months ended September 30, 2012, the company paid $400 for the purchase and receipt of shares of common stock. During 2012, the company purchased and retired 7.8 million shares in connection with this agreement. These purchases completed the 2001 $2,000 share buyback plan and began purchases under the 2011 $2,000 share buyback plan authorized by the company's Board of Directors in April 2011. Under the completed 2001 plan, the company purchased a total of 42.0 million shares. Under the 2011 plan, the company has purchased 5.5 million shares at a total cost of $284 as of September 30, 2013. There is no required completion date for the purchases under the 2011 plan. | ||||||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||
In May 2012, the company completed the acquisition of the remaining 28 percent interest in the Solae, LLC joint venture from Bunge Limited for $447. As the purchase of the remaining interest did not result in a change of control, the difference between the carrying value of the noncontrolling interest of $378 and the consideration paid, net of taxes of $78, was recorded as a $9 increase to additional paid-in capital. | ||||||||||||||||||||
Other Comprehensive Income | ||||||||||||||||||||
A summary of the changes in other comprehensive income for the three and nine months ended September 30, 2013 and 2012 is provided as follows: | ||||||||||||||||||||
Three Months Ended | Three Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | 177 | $ | — | $ | 177 | $ | 189 | $ | — | $ | 189 | ||||||||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (15 | ) | 6 | (9 | ) | (6 | ) | 1 | (5 | ) | See (2) below | |||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | 1 | — | 1 | (9 | ) | 5 | (4 | ) | Net sales | |||||||||||
Commodity contracts | — | — | — | (2 | ) | — | (2 | ) | Cost of goods sold | |||||||||||
Net revaluation and clearance of cash flow hedges to earnings | (14 | ) | 6 | (8 | ) | (17 | ) | 6 | (11 | ) | ||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net loss | (4 | ) | — | (4 | ) | (609 | ) | 185 | (424 | ) | See (2) below | |||||||||
Prior service benefit | 62 | (22 | ) | 40 | — | — | — | See (2) below | ||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service cost | 2 | — | 2 | 3 | (1 | ) | 2 | See (3) below | ||||||||||||
Amortization of loss | 244 | (83 | ) | 161 | 222 | (75 | ) | 147 | See (3) below | |||||||||||
Curtailment loss | — | — | — | 2 | (1 | ) | 1 | See (3) below | ||||||||||||
Pension benefit plans, net | 304 | (105 | ) | 199 | (382 | ) | 108 | (274 | ) | |||||||||||
Other benefit plans: | ||||||||||||||||||||
Net gain (loss) | 95 | (34 | ) | 61 | (141 | ) | 51 | (90 | ) | See (2) below | ||||||||||
Prior service benefit | 199 | (69 | ) | 130 | 857 | (299 | ) | 558 | See (2) below | |||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (48 | ) | 16 | (32 | ) | (44 | ) | 16 | (28 | ) | See (3) below | |||||||||
Amortization of loss | 26 | (9 | ) | 17 | 24 | (9 | ) | 15 | See (3) below | |||||||||||
Curtailment loss | — | — | — | 3 | (1 | ) | 2 | See (3) below | ||||||||||||
Other benefit plans, net | 272 | (96 | ) | 176 | 699 | (242 | ) | 457 | ||||||||||||
Net unrealized loss on securities | — | — | — | (5 | ) | 2 | (3 | ) | ||||||||||||
Other comprehensive income | $ | 739 | $ | (195 | ) | $ | 544 | $ | 484 | $ | (126 | ) | $ | 358 | ||||||
Nine Months Ended | Nine Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | (46 | ) | $ | — | $ | (46 | ) | $ | (53 | ) | $ | — | $ | (53 | ) | ||||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (39 | ) | 15 | (24 | ) | 30 | (14 | ) | 16 | See (2) below | ||||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | (2 | ) | 1 | (1 | ) | (20 | ) | 7 | (13 | ) | Net sales | |||||||||
Commodity contracts | (25 | ) | 10 | (15 | ) | (46 | ) | 21 | (25 | ) | Cost of goods sold | |||||||||
Net revaluation and clearance of cash flow hedges to earnings | (66 | ) | 26 | (40 | ) | (36 | ) | 14 | (22 | ) | ||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net gain (loss) | 52 | (14 | ) | 38 | (628 | ) | 195 | (433 | ) | See (2) below | ||||||||||
Prior service benefit | 62 | (22 | ) | 40 | 22 | (8 | ) | 14 | See (2) below | |||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service cost | 8 | (2 | ) | 6 | 10 | (3 | ) | 7 | See (3) below | |||||||||||
Amortization of loss | 724 | (247 | ) | 477 | 661 | (227 | ) | 434 | See (3) below | |||||||||||
Curtailment loss | 1 | — | 1 | 2 | (1 | ) | 1 | See (3) below | ||||||||||||
Settlement loss | 152 | (45 | ) | 107 | — | — | — | See (3) below | ||||||||||||
Pension benefit plans, net | 999 | (330 | ) | 669 | 67 | (44 | ) | 23 | ||||||||||||
Other benefit plans: | ||||||||||||||||||||
Net gain (loss) | 140 | (49 | ) | 91 | (141 | ) | 51 | (90 | ) | See (2) below | ||||||||||
Prior service benefit | 199 | (69 | ) | 130 | 857 | (299 | ) | 558 | See (2) below | |||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (142 | ) | 50 | (92 | ) | (104 | ) | 36 | (68 | ) | See (3) below | |||||||||
Amortization of loss | 51 | (18 | ) | 33 | 68 | (24 | ) | 44 | See (3) below | |||||||||||
Curtailment (gain) loss | (154 | ) | 54 | (100 | ) | 3 | (1 | ) | 2 | See (3) below | ||||||||||
Settlement loss | 1 | — | 1 | — | — | — | See (3) below | |||||||||||||
Other benefit plans, net | 95 | (32 | ) | 63 | 683 | (237 | ) | 446 | ||||||||||||
Net unrealized gain (loss) on securities | 1 | (1 | ) | — | (3 | ) | 1 | (2 | ) | |||||||||||
Other comprehensive income | $ | 983 | $ | (337 | ) | $ | 646 | $ | 658 | $ | (266 | ) | $ | 392 | ||||||
1 | Represents the income statement line item within the interim Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive income (loss). | |||||||||||||||||||
2 | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. | |||||||||||||||||||
3 | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information. | |||||||||||||||||||
The changes and after-tax balances of components comprising accumulated other comprehensive income (loss) are summarized below: | ||||||||||||||||||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total | |||||||||||||||
2013 | ||||||||||||||||||||
Balance January 1, 2013 | $ | (167 | ) | $ | 3 | $ | (8,686 | ) | $ | 202 | $ | 2 | $ | (8,646 | ) | |||||
Other comprehensive (loss) income before reclassifications | (46 | ) | (24 | ) | 78 | 221 | — | 229 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (16 | ) | 591 | (158 | ) | — | 417 | ||||||||||||
Balance September 30, 2013 | $ | (213 | ) | $ | (37 | ) | $ | (8,017 | ) | $ | 265 | $ | 2 | $ | (8,000 | ) | ||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total | |||||||||||||||
2012 | ||||||||||||||||||||
Balance January 1, 2012 | $ | (244 | ) | $ | 41 | $ | (8,276 | ) | $ | (274 | ) | $ | 3 | $ | (8,750 | ) | ||||
Other comprehensive (loss) income before reclassifications | (53 | ) | 15 | (444 | ) | 467 | (2 | ) | (17 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (38 | ) | 442 | (22 | ) | — | 382 | ||||||||||||
Balance September 30, 2012 | $ | (297 | ) | $ | 18 | $ | (8,278 | ) | $ | 171 | $ | 1 | $ | (8,385 | ) | |||||
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Financial Instruments Disclosure [Abstract] | ||||||||||||||
Financial Instruments | Financial Instruments | |||||||||||||
Debt | ||||||||||||||
The estimated fair value of the company's total debt including interest rate financial instruments was determined using level 2 inputs within the fair value hierarchy, as described in the company's 2012 Annual Report in Note 1, “Summary of Significant Accounting Policies.” Based on quoted market prices for the same or similar issues or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's debt was approximately $15,490 and $13,015 as of September 30, 2013 and December 31, 2012, respectively. The increase was primarily due to the issuance in the first quarter 2013 of $1,250 of 2.80% Notes due February 15, 2023 and $750 of 4.15% Notes due February 15, 2043 and an increase in short-term borrowings, partially offset by debt maturities and a decrease in the fair value due to changes in market interest rates during the nine months ended September 30, 2013. | ||||||||||||||
Cash Equivalents | ||||||||||||||
The fair value of cash equivalents approximates its stated value. The estimated fair value of the company's cash equivalents was determined using level 1 and level 2 inputs within the fair value hierarchy, as described in the company's 2012 Annual Report in Note 1, “Summary of Significant Accounting Policies.” Level 1 measurements are based on quoted market prices and level 2 measurements are based on current interest rates for similar instruments with comparable credit risk and time to maturity. The company held $1,334 and $0 of money market funds (level 1 measurements) as of September 30, 2013 and December 31, 2012, respectively. The company held $3,697 and $2,026 of other cash equivalents (level 2 measurements) as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||
Derivative Instruments | ||||||||||||||
Objectives and Strategies for Holding Derivative Instruments | ||||||||||||||
In the ordinary course of business, the company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. | ||||||||||||||
Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any nonderivatives as hedging instruments. | ||||||||||||||
The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company's derivative assets and liabilities are reported on a gross basis in the Condensed Consolidated Balance Sheets. 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: | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | $ | 1,000 | $ | 1,000 | ||||||||||
Foreign currency contracts | 683 | 1,083 | ||||||||||||
Commodity contracts | 168 | 753 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | 11,611 | 6,733 | ||||||||||||
Commodity contracts | 15 | 242 | ||||||||||||
Foreign Currency Risk | ||||||||||||||
The company's objective in managing exposure to foreign currency fluctuations is to reduce earnings and cash flow volatility associated with foreign currency rate changes. Accordingly, the company enters into various contracts that change in value as foreign exchange rates change to protect the value of its existing foreign currency-denominated assets, liabilities, commitments and cash flows. | ||||||||||||||
The company routinely uses forward exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities of its operations. The primary business objective of this hedging program is to maintain an approximately balanced position in foreign currencies so that exchange gains and losses resulting from exchange rate changes, net of related tax effects, are minimized. 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 these contracts offset changes in the USD value of the related foreign currency-denominated revenues. The objective of the hedge program is to reduce earnings and cash flow volatility related to changes in foreign currency exchange rates. | ||||||||||||||
Interest Rate Risk | ||||||||||||||
The company uses interest rate swaps to manage the interest rate mix of the total debt portfolio and related overall cost of borrowing. Interest rate swaps involve the exchange of fixed for floating rate interest payments to effectively convert fixed rate debt into floating rate debt based on USD LIBOR. Interest rate swaps allow the company to achieve a target range of floating rate debt. | ||||||||||||||
Commodity Price Risk | ||||||||||||||
Commodity price risk management programs serve to reduce exposure to price fluctuations on purchases of inventory such as copper, corn, soybeans and soybean meal. The company enters into over-the-counter and exchange-traded derivative commodity instruments to hedge the commodity price risk associated with energy feedstock and agricultural commodity exposures. | ||||||||||||||
Fair Value Hedges | ||||||||||||||
Interest Rate Swaps | ||||||||||||||
At September 30, 2013, the company maintained a number of interest rate swaps, which were implemented at the time debt instruments were issued. All interest rate swaps qualify for the shortcut method of hedge accounting, thus there is no ineffectiveness related to these hedges. | ||||||||||||||
Cash Flow Hedges | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||
The company uses foreign currency exchange instruments such as forwards and options to offset a portion of the company's exposure to certain foreign currency-denominated revenues so that gains and losses on these contracts offset changes in the USD value of the related foreign currency-denominated revenues. | ||||||||||||||
Commodity Contracts | ||||||||||||||
The company enters into over-the-counter and exchange-traded derivative commodity instruments, including options, futures and swaps, to hedge the commodity price risk associated with energy feedstock and agriculture commodity exposures. | ||||||||||||||
While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two-year period. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction will not materialize. The following table summarizes the after-tax effect of cash flow hedges on accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2013 and 2012: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Beginning balance | $ | (29 | ) | $ | 29 | $ | 3 | $ | 41 | |||||
Additions and revaluations of derivatives designated as cash flow hedges | (9 | ) | (5 | ) | (24 | ) | 15 | |||||||
Clearance of hedge results to earnings | 1 | (6 | ) | (16 | ) | (38 | ) | |||||||
Ending balance | $ | (37 | ) | $ | 18 | $ | (37 | ) | $ | 18 | ||||
At September 30, 2013, the after-tax amount expected to be reclassified from accumulated other comprehensive income (loss) into earnings over the next 12 months is $(30). | ||||||||||||||
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. Additionally, the company has cross-currency swaps to hedge foreign currency fluctuations on long-term intercompany loans. | ||||||||||||||
In 2012, the company initiated a program to utilize forward exchange contracts to reduce the net exposure related to foreign currency-denominated monetary assets and liabilities of its discontinued operations. | ||||||||||||||
Commodity Contracts | ||||||||||||||
The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn, soybeans and soybean meal. | ||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||
The table below presents the fair values of the company's derivative assets and liabilities within the fair value hierarchy, as described in the company's 2012 Annual Report in Note 1, “Summary of Significant Accounting Policies.” | ||||||||||||||
Fair Value Using Level 2 Inputs | ||||||||||||||
Balance Sheet Location | 30-Sep-13 | December 31, 2012 | ||||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps1 | Other assets | $ | 35 | $ | 55 | |||||||||
Foreign currency contracts | Accounts and notes receivable, net | 3 | 7 | |||||||||||
38 | 62 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts2 | Accounts and notes receivable, net | 94 | 88 | |||||||||||
Total asset derivatives3 | $ | 132 | $ | 150 | ||||||||||
Cash collateral1,2 | Other accrued liabilities | $ | 31 | $ | 44 | |||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | $ | 1 | $ | 10 | |||||||||
Commodity contracts | Other accrued liabilities | 1 | — | |||||||||||
2 | 10 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | 99 | 76 | |||||||||||
Commodity contracts | Other accrued liabilities | 1 | 1 | |||||||||||
100 | 77 | |||||||||||||
Total liability derivatives3 | $ | 102 | $ | 87 | ||||||||||
1 | Cash collateral held as of September 30, 2013 and December 31, 2012 represents $16 and $13, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||||||||||||
2 | Cash collateral held as of September 30, 2013 and December 31, 2012 represents $15 and $31, respectively, related to foreign currency derivatives not designated as hedging instruments. | |||||||||||||
3 | The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $73 at September 30, 2013 and $40 at December 31, 2012. | |||||||||||||
Effect of Derivative Instruments | ||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 | Recognized in Income2 | |||||||||||||
(Effective Portion) | ||||||||||||||
Three Months Ended September 30, | 2013 | 2012 | 2013 | 2012 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (5 | ) | $ | — | Interest expense3 | ||||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | (5 | ) | (16 | ) | (1 | ) | 13 | Net sales | ||||||
Commodity contracts | (10 | ) | 10 | — | (2 | ) | Cost of goods sold | |||||||
(15 | ) | (6 | ) | (6 | ) | 11 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | (130 | ) | (221 | ) | Other income (loss), net4 | |||||||
Commodity contracts | — | — | (1 | ) | (8 | ) | Cost of goods sold | |||||||
— | — | (131 | ) | (229 | ) | |||||||||
Total derivatives | $ | (15 | ) | $ | (6 | ) | $ | (137 | ) | $ | (218 | ) | ||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 | Recognized in Income2 | |||||||||||||
(Effective Portion) | ||||||||||||||
Nine Months Ended September 30, | 2013 | 2012 | 2013 | 2012 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (20 | ) | $ | (4 | ) | Interest expense3 | |||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | 11 | 1 | 2 | 20 | Net sales | |||||||||
Commodity contracts | (50 | ) | 28 | 25 | 46 | Cost of goods sold | ||||||||
(39 | ) | 29 | 7 | 62 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | 66 | (111 | ) | Other income (loss), net4 | ||||||||
Commodity contracts | — | — | (9 | ) | (22 | ) | Cost of goods sold | |||||||
— | — | 57 | (133 | ) | ||||||||||
Total derivatives | $ | (39 | ) | $ | 29 | $ | 64 | $ | (71 | ) | ||||
1 | OCI is defined as other comprehensive income (loss). | |||||||||||||
2 | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the three and nine months ended September 30, 2013 and 2012, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||||||||||||
3 | Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. | |||||||||||||
4 | Gain (loss) recognized in other income (loss), net, was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $29 and $91 for the three months ended September 30, 2013 and 2012, respectively, and $(121) and $(50) for the nine months ended September 30, 2013 and 2012, respectively. |
LongTerm_Employee_Benefits
Long-Term Employee Benefits | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||
Long-Term Employee Benefits | Long-Term Employee Benefits | ||||||||||||
Pension Plans | |||||||||||||
In February 2013, DuPont completed the sale of its Performance Coatings business. As a result of the sale, the company recorded settlement and curtailment losses of $153. See Note 2 for additional information. | |||||||||||||
In connection with the announcement of the planned sale of the Performance Coatings business, the company recorded a pension curtailment loss of $2 and re-measured the principal U.S. pension plan and certain other pension plans as of August 31, 2012. In connection with the re-measurement, the company updated the discount rate and expected return on plan assets, assumed at December 31, 2011, from 4.50 percent to 4.10 percent and from 9.00 percent to 8.75 percent, respectively. The curtailment and re-measurement increased the underfunded status of the pension plans and the pre-tax net loss by $609. | |||||||||||||
The following sets forth the components of the company’s net periodic benefit cost for pensions: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Service cost | $ | 67 | $ | 67 | $ | 206 | $ | 201 | |||||
Interest cost | 272 | 290 | 816 | 882 | |||||||||
Expected return on plan assets | (379 | ) | (378 | ) | (1,139 | ) | (1,138 | ) | |||||
Amortization of loss | 244 | 222 | 724 | 661 | |||||||||
Amortization of prior service cost | 2 | 3 | 8 | 10 | |||||||||
Curtailment loss | — | 2 | 1 | 2 | |||||||||
Settlement loss | — | — | 152 | — | |||||||||
Net periodic benefit cost | $ | 206 | $ | 206 | $ | 768 | $ | 618 | |||||
Other Long-Term Employee Benefit Plans | |||||||||||||
In conjunction with the sale of the Performance Coating business noted above, the company recorded a net $153 settlement and curtailment gain. See Note 2 for additional information. | |||||||||||||
During the third quarter 2013, the company amended its U.S. parent company retiree life insurance plan for employees retiring on and after January 1, 2015 and subsidiary retiree health care plans. As a result of these changes, the company was required to re-measure the associated plans as of August 31, 2013, which included updating the discount rate assumption to 4.75% from 3.85% assumed at December 31, 2012. The re-measurement and amendment resulted in a net decrease of $294 to the company's other long-term employee benefit obligation, which included an actuarial gain of $95 due to a higher discount rate and prior service benefit of $199. | |||||||||||||
During the third quarter 2012, the company amended its U.S. parent company retiree medical and dental plans for Medicare-eligible retirees and survivors. As a result of this change, the company was required to re-measure the associated plans as of July 31, 2012, which included updating the discount rate assumption to 4.00 percent from 4.50 percent assumed at December 31, 2011. The re-measurement and amendment resulted in a net decrease of $700 to the company's other long-term employee benefit obligation, which included an actuarial loss of $138 due to a lower discount rate and a credit of $838 to the prior service cost due to the plan amendment. The company's other long-term employee benefit expense was reduced by approximately $18 for the three and nine months ended September 30, 2012. | |||||||||||||
The following sets forth the components of the company’s net periodic benefit cost for other long-term employee benefits: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Service cost | $ | 7 | $ | 9 | $ | 23 | $ | 28 | |||||
Interest cost | 32 | 41 | 98 | 137 | |||||||||
Amortization of loss | 26 | 24 | 51 | 68 | |||||||||
Amortization of prior service benefit | (48 | ) | (44 | ) | (142 | ) | (104 | ) | |||||
Curtailment loss (gain) | — | 3 | (154 | ) | 3 | ||||||||
Settlement loss | — | — | 1 | — | |||||||||
Net periodic benefit cost | $ | 17 | $ | 33 | $ | (123 | ) | $ | 132 | ||||
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||||||||||||||||||||||||||
Effective January 1, 2013, to better indicate operating performance, the company eliminated the allocation of non-operating pension and other postretirement employee benefit costs from segment pre-tax operating income (loss) (PTOI). Segment PTOI is defined as income (loss) from continuing operations before income taxes excluding non-operating pension and other postretirement employee benefit costs, exchange gains (losses), corporate expenses and interest. Certain reclassifications of prior year data have been made to conform to current year classifications. | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Pharm-aceuticals | Other | Total | ||||||||||||||||||||||||||||||||||||
Ended September 30, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 1,633 | $ | 638 | $ | 305 | $ | 868 | $ | 1,720 | $ | 1,663 | $ | 985 | $ | — | $ | 1 | $ | 7,813 | ||||||||||||||||||||||||||
Less: Transfers | 3 | 3 | 3 | — | 46 | 22 | 1 | — | — | 78 | ||||||||||||||||||||||||||||||||||||
Net sales | 1,630 | 635 | 302 | 868 | 1,674 | 1,641 | 984 | — | 1 | 7,735 | ||||||||||||||||||||||||||||||||||||
PTOI | (102 | ) | 2 | 97 | 45 | 81 | 182 | 3 | 374 | 171 | 5 | (112 | ) | 741 | ||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 1,423 | $ | 607 | $ | 292 | $ | 876 | $ | 1,732 | $ | 1,614 | $ | 934 | $ | — | $ | 2 | $ | 7,480 | ||||||||||||||||||||||||||
Less: Transfers | — | 4 | 3 | — | 56 | 24 | 3 | — | — | 90 | ||||||||||||||||||||||||||||||||||||
Net sales | 1,423 | 603 | 289 | 876 | 1,676 | 1,590 | 931 | — | 2 | 7,390 | ||||||||||||||||||||||||||||||||||||
PTOI | (198 | ) | 2,6 | (99 | ) | 6,7 | 37 | 6 | 64 | 6 | 410 | 6 | 230 | 6,7 | 92 | 6 | 10 | (85 | ) | 461 | ||||||||||||||||||||||||||
Nine Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Pharm-aceuticals | Other | Total | ||||||||||||||||||||||||||||||||||||
Ended September 30, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 9,933 | $ | 1,907 | $ | 898 | $ | 2,601 | $ | 5,087 | $ | 4,892 | $ | 2,909 | $ | — | $ | 5 | $ | 28,232 | ||||||||||||||||||||||||||
Less: Transfers | 10 | 12 | 10 | — | 153 | 57 | 3 | — | — | 245 | ||||||||||||||||||||||||||||||||||||
Net sales | 9,923 | 1,895 | 888 | 2,601 | 4,934 | 4,835 | 2,906 | — | 5 | 27,987 | ||||||||||||||||||||||||||||||||||||
PTOI | 2,240 | 2 | 241 | 129 | 218 | 697 | 3 | 1,002 | 481 | 27 | (276 | ) | 4,759 | |||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 8,891 | $ | 2,079 | $ | 880 | $ | 2,569 | $ | 5,600 | $ | 4,913 | $ | 2,861 | $ | — | $ | 4 | $ | 27,797 | ||||||||||||||||||||||||||
Less: Transfers | 4 | 13 | 8 | — | 202 | 74 | 9 | — | — | 310 | ||||||||||||||||||||||||||||||||||||
Net sales | 8,887 | 2,066 | 872 | 2,569 | 5,398 | 4,839 | 2,852 | — | 4 | 27,487 | ||||||||||||||||||||||||||||||||||||
PTOI | 1,772 | 2,6 | 181 | 4,6,7 | 118 | 6 | 248 | 6 | 1,575 | 6 | 851 | 6,7 | 432 | 6 | 53 | (385 | ) | 5 | 4,845 | |||||||||||||||||||||||||||
1 | As of September 30, 2013, Agriculture net assets were $9,692, an increase of $4,936 from $4,756 at December 31, 2012. The increase was primarily due to higher trade receivables due to normal seasonality in the sales and cash collections cycle. | |||||||||||||||||||||||||||||||||||||||||||||
2 | Included charges of $(65) and $(180), offset by $25 of insurance recoveries, during the three and nine months ended September 30, 2013, respectively, and charges of $(125) and $(440) during the three and nine months ended September 30, 2012, respectively, recorded in other operating charges associated with the company's process to fairly resolve claims associated with the use of Imprelis®. See Note 9 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||
3 | Included a $(72) charge related to the titanium dioxide antitrust litigation. See Note 9 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||
4 | Included a $122 gain recorded in other income, net related to the sale of the company's interest in an equity method investment. | |||||||||||||||||||||||||||||||||||||||||||||
5 | Included a $(137) charge recorded in other operating charges related to the company's settlement of litigation with INVISTA. | |||||||||||||||||||||||||||||||||||||||||||||
6 | Included a $(93) restructuring charge impacting the following segments: Agriculture - $(3), Electronics & Communications - $(7), Industrial Biosciences - $(3), Nutrition & Health - $(13), Performance Chemicals - $(3), Performance Materials - $(9), and Safety & Protection - $(55). | |||||||||||||||||||||||||||||||||||||||||||||
7 | Included a $(242) impairment charge recorded in employee separation/asset related charges, net related to asset groupings, which impacted the segments as follows: Electronics & Communications - $(150) and Performance Materials - $(92). See Note 3 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Income Statements | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Total segment PTOI | $ | 741 | $ | 461 | $ | 4,759 | $ | 4,845 | ||||||||||||||||||||||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | (142 | ) | (157 | ) | (415 | ) | (507 | ) | ||||||||||||||||||||||||||||||||||||||
Net exchange losses, including affiliates | (101 | ) | (130 | ) | (55 | ) | (161 | ) | ||||||||||||||||||||||||||||||||||||||
Corporate expenses | (162 | ) | (233 | ) | (582 | ) | (708 | ) | ||||||||||||||||||||||||||||||||||||||
Interest expense | (108 | ) | (116 | ) | (340 | ) | (347 | ) | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 228 | $ | (175 | ) | $ | 3,367 | $ | 3,122 | |||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation |
Certain reclassifications of prior year's data have been made to conform to current year's presentation, including separately stating cost of goods sold and other operating charges on the interim Consolidated Income Statements. In the third quarter 2012, the company signed a definitive agreement to sell its Performance Coatings business (which represented a reportable segment). In accordance with GAAP, the results of Performance Coatings are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The sum of the individual earnings per share amounts from continuing and discontinued operations may not equal the total company earnings per share amounts due to rounding. The assets and liabilities of Performance Coatings at December 31, 2012 are presented as held for sale in the Condensed Consolidated Balance Sheet. The cash flows and comprehensive income related to Performance Coatings have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Comprehensive Income, respectively, for all periods presented. Amounts related to Performance Coatings are consistently included in or excluded from the Notes to the interim Consolidated Financial Statements based on the financial statement line item and period of each disclosure. See Note 2 for additional information. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | |||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||||||||||||||||||||||||||||
As reported | As reported under LIFO | Change: | As reported | As reported under LIFO | Change: | As reported | As reported under LIFO | Change: | As reported | As reported under LIFO | Change: | |||||||||||||||||||||||||||||
(Decrease)/Increase | (Decrease)/Increase | (Decrease)/Increase | (Decrease)/Increase | |||||||||||||||||||||||||||||||||||||
Cost of goods sold | $ | 5,165 | $ | 5,176 | $ | (11 | ) | $ | 17,415 | $ | 17,447 | $ | (32 | ) | Cost of goods sold | $ | 4,779 | $ | 4,778 | $ | 1 | $ | 16,558 | $ | 16,549 | $ | 9 | |||||||||||||
Income from continuing operations before income taxes | 228 | 217 | 11 | 3,367 | 3,335 | 32 | (Loss) income from continuing operations before income taxes | (175 | ) | (174 | ) | (1 | ) | 3,122 | 3,131 | (9 | ) | |||||||||||||||||||||||
(Benefit from) provision for income taxes on continuing operations | (35 | ) | (38 | ) | 3 | 687 | 678 | 9 | (Benefit from) provision for income taxes on continuing operations | (135 | ) | (134 | ) | (1 | ) | 654 | 657 | (3 | ) | |||||||||||||||||||||
Income from continuing operations after income taxes | 263 | 255 | 8 | 2,680 | 2,657 | 23 | (Loss) income from continuing operations after income taxes | (40 | ) | (40 | ) | — | 2,468 | 2,474 | (6 | ) | ||||||||||||||||||||||||
Income from discontinued operations after income taxes | 25 | 25 | — | 1,997 | 1,997 | — | Income from discontinued operations after income taxes | 48 | 53 | (5 | ) | 219 | 227 | (8 | ) | |||||||||||||||||||||||||
Net income | $ | 288 | $ | 280 | $ | 8 | $ | 4,677 | $ | 4,654 | $ | 23 | Net income | $ | 8 | $ | 13 | $ | (5 | ) | $ | 2,687 | $ | 2,701 | $ | (14 | ) | |||||||||||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net sales | $ | — | $ | 1,039 | $ | 331 | $ | 3,178 | |||||
Income before income taxes | $ | 7 | $ | 158 | $ | 2,720 | $ | 426 | |||||
(Benefit from) provision for income taxes1 | (18 | ) | 110 | 723 | 207 | ||||||||
Income from discontinued operations after income taxes | $ | 25 | $ | 48 | $ | 1,997 | $ | 219 | |||||
1 | Three and nine months ended September 30, 2012 included expense of $62 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested as these entities were reclassified as held for sale. | ||||||||||||
December 31, | |||||||||||||
2012 | |||||||||||||
Cash and cash equivalents | $ | 95 | |||||||||||
Accounts and notes receivable, net | 783 | ||||||||||||
Inventories | 488 | ||||||||||||
Prepaid expenses | 6 | ||||||||||||
Deferred income taxes - current | 32 | ||||||||||||
Property, plant and equipment, net of accumulated depreciation | 749 | ||||||||||||
Goodwill | 808 | ||||||||||||
Other intangible assets | 67 | ||||||||||||
Deferred income taxes - noncurrent | 14 | ||||||||||||
Other assets - noncurrent | 34 | ||||||||||||
Total assets held for sale | $ | 3,076 | |||||||||||
Accounts payable | $ | 408 | |||||||||||
Income taxes | 17 | ||||||||||||
Other accrued liabilities | 237 | ||||||||||||
Other liabilities - noncurrent | 388 | ||||||||||||
Deferred income taxes - noncurrent | 34 | ||||||||||||
Total liabilities related to assets held for sale | $ | 1,084 | |||||||||||
Employee_Separation_Asset_Rela1
Employee Separation / Asset Related Charges, Net (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Employee Separation / Asset Related Charges, Net [Abstract] | ||||||||||
Schedule of Restructuring Program [Table Text Block] | ||||||||||
Employee Separation Costs | Other Non-Personnel Charges1 | Total | ||||||||
Balance at December 31, 2012 | $ | 154 | $ | 7 | $ | 161 | ||||
Payments | (66 | ) | (3 | ) | (69 | ) | ||||
Net translation adjustment | (1 | ) | — | (1 | ) | |||||
Balance as of September 30, 2013 | $ | 87 | $ | 4 | $ | 91 | ||||
1 | Other non-personnel charges consist of contractual obligation costs. |
Other_Income_Net_Tables
Other Income, Net (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Schedule of Other Income | Other Income, Net | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Cozaar®/Hyzaar® income | $ | — | $ | 9 | $ | 14 | $ | 48 | |||||
Royalty income | 35 | 21 | 122 | 84 | |||||||||
Interest income | 34 | 27 | 106 | 87 | |||||||||
Equity in earnings of affiliates, excluding exchange gains/losses | 28 | 11 | 14 | 42 | |||||||||
Gain on sale of equity method investment | — | — | 9 | 122 | |||||||||
Net gain on sales of other assets | 7 | 1 | 17 | 11 | |||||||||
Net exchange losses1 | (101 | ) | (130 | ) | (55 | ) | (161 | ) | |||||
Miscellaneous income and expenses, net 2 | 67 | 7 | 94 | 18 | |||||||||
Other income (loss), net | $ | 70 | $ | (54 | ) | $ | 321 | $ | 251 | ||||
1 | The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The net pre-tax exchange gains (losses) are recorded in other income, net and the related tax impact is recorded in provision for income taxes on continuing operations on the interim Consolidated Income Statements. The $(55) net exchange loss for the nine months ended September 30, 2013, includes a $(33) exchange loss, associated with the devaluation of the Venezuelan bolivar. | ||||||||||||
2 | Miscellaneous income and expenses, net, generally includes interest items, certain insurance recoveries and litigation settlements, and other items. |
Earnings_Per_Share_of_Common_S1
Earnings Per Share of Common Stock (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share of Common Stock Reconciliation Table | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Numerator: | |||||||||||||
Income (loss) from continuing operations after income taxes attributable to DuPont | $ | 260 | $ | (43 | ) | $ | 2,666 | $ | 2,444 | ||||
Preferred dividends | (3 | ) | (3 | ) | (8 | ) | (8 | ) | |||||
Income (loss) from continuing operations after income taxes available to DuPont common stockholders | $ | 257 | $ | (46 | ) | $ | 2,658 | $ | 2,436 | ||||
Income from discontinued operations after income taxes | $ | 25 | $ | 48 | $ | 1,997 | $ | 219 | |||||
Net income available to common stockholders | $ | 282 | $ | 2 | $ | 4,655 | $ | 2,655 | |||||
Denominator: | |||||||||||||
Weighted-average number of common shares outstanding - Basic | 925,645,000 | 931,737,000 | 925,548,000 | 933,227,000 | |||||||||
Dilutive effect of the company’s employee compensation plans1 | 7,360,000 | 8,789,000 | 6,994,000 | 9,297,000 | |||||||||
Weighted-average number of common shares outstanding - Diluted | 933,005,000 | 940,526,000 | 932,542,000 | 942,524,000 | |||||||||
1 | Dilutive effect of the company's employee compensation plans are excluded from calculation of dilutive loss per share of common stock from continuing operations for the three months ended September 30, 2012. | ||||||||||||
Average Number of Antidilutive Stock Options | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Average number of stock options | — | 12,631,000 | 3,461,000 | 12,035,000 | |||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Inventory, Net [Abstract] | |||||||
Schedule of Inventories | |||||||
September 30, | December 31, | ||||||
2013 | 2012 | ||||||
Finished products | $ | 3,857 | $ | 4,449 | |||
Semi-finished products | 2,443 | 2,407 | |||||
Raw materials, stores and supplies | 1,323 | 1,313 | |||||
7,623 | 8,169 | ||||||
Adjustment of inventories to a last-in, first-out (LIFO) basis | (592 | ) | (604 | ) | |||
Total | $ | 7,031 | $ | 7,565 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Schedule of Other Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: | ||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amortization | Amortization | ||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||
Customer lists | $ | 1,844 | $ | (397 | ) | $ | 1,447 | $ | 1,847 | $ | (330 | ) | $ | 1,517 | |||||
Patents | 531 | (164 | ) | 367 | 525 | (127 | ) | 398 | |||||||||||
Purchased and licensed technology | 2,021 | (1,140 | ) | 881 | 1,929 | (1,016 | ) | 913 | |||||||||||
Trademarks | 57 | (31 | ) | 26 | 57 | (29 | ) | 28 | |||||||||||
Other 1 | 221 | (107 | ) | 114 | 206 | (98 | ) | 108 | |||||||||||
4,674 | (1,839 | ) | 2,835 | 4,564 | (1,600 | ) | 2,964 | ||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||
In-process research and development | 71 | — | 71 | 62 | — | 62 | |||||||||||||
Microbial cell factories 2 | 306 | — | 306 | 306 | — | 306 | |||||||||||||
Pioneer germplasm 3 | 1,053 | — | 1,053 | 975 | — | 975 | |||||||||||||
Trademarks/tradenames | 870 | — | 870 | 819 | — | 819 | |||||||||||||
2,300 | — | 2,300 | 2,162 | — | 2,162 | ||||||||||||||
Total | $ | 6,974 | $ | (1,839 | ) | $ | 5,135 | $ | 6,726 | $ | (1,600 | ) | $ | 5,126 | |||||
1 | Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. | ||||||||||||||||||
2 | Microbial cell factories, derived from natural microbes, are used to sustainably produce enzymes, peptides and chemicals using natural metabolic processes. The company recognized the microbial cell factories as an intangible asset upon the acquisition of Danisco. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | ||||||||||||||||||
3 | Pioneer germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Schedule of Guaranteed Obligations | ||||||||||
Short-Term | Long-Term | Total | ||||||||
Obligations for customers and suppliers1: | ||||||||||
Bank borrowings (terms up to 7 years) | $ | 187 | $ | 132 | $ | 319 | ||||
Leases on equipment and facilities (terms up to 4 years) | — | 1 | 1 | |||||||
Obligations for equity affiliates2: | ||||||||||
Bank borrowings (terms less than 2 years) | 181 | 1 | 182 | |||||||
Total | $ | 368 | $ | 134 | $ | 502 | ||||
1 | Existing guarantees for customers and suppliers, as part of contractual agreements. | |||||||||
2 | Existing guarantees for equity affiliates' liquidity needs in normal operations. |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended | Three Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | 177 | $ | — | $ | 177 | $ | 189 | $ | — | $ | 189 | ||||||||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (15 | ) | 6 | (9 | ) | (6 | ) | 1 | (5 | ) | See (2) below | |||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | 1 | — | 1 | (9 | ) | 5 | (4 | ) | Net sales | |||||||||||
Commodity contracts | — | — | — | (2 | ) | — | (2 | ) | Cost of goods sold | |||||||||||
Net revaluation and clearance of cash flow hedges to earnings | (14 | ) | 6 | (8 | ) | (17 | ) | 6 | (11 | ) | ||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net loss | (4 | ) | — | (4 | ) | (609 | ) | 185 | (424 | ) | See (2) below | |||||||||
Prior service benefit | 62 | (22 | ) | 40 | — | — | — | See (2) below | ||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service cost | 2 | — | 2 | 3 | (1 | ) | 2 | See (3) below | ||||||||||||
Amortization of loss | 244 | (83 | ) | 161 | 222 | (75 | ) | 147 | See (3) below | |||||||||||
Curtailment loss | — | — | — | 2 | (1 | ) | 1 | See (3) below | ||||||||||||
Pension benefit plans, net | 304 | (105 | ) | 199 | (382 | ) | 108 | (274 | ) | |||||||||||
Other benefit plans: | ||||||||||||||||||||
Net gain (loss) | 95 | (34 | ) | 61 | (141 | ) | 51 | (90 | ) | See (2) below | ||||||||||
Prior service benefit | 199 | (69 | ) | 130 | 857 | (299 | ) | 558 | See (2) below | |||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (48 | ) | 16 | (32 | ) | (44 | ) | 16 | (28 | ) | See (3) below | |||||||||
Amortization of loss | 26 | (9 | ) | 17 | 24 | (9 | ) | 15 | See (3) below | |||||||||||
Curtailment loss | — | — | — | 3 | (1 | ) | 2 | See (3) below | ||||||||||||
Other benefit plans, net | 272 | (96 | ) | 176 | 699 | (242 | ) | 457 | ||||||||||||
Net unrealized loss on securities | — | — | — | (5 | ) | 2 | (3 | ) | ||||||||||||
Other comprehensive income | $ | 739 | $ | (195 | ) | $ | 544 | $ | 484 | $ | (126 | ) | $ | 358 | ||||||
Nine Months Ended | Nine Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
September 30, 2013 | September 30, 2012 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | (46 | ) | $ | — | $ | (46 | ) | $ | (53 | ) | $ | — | $ | (53 | ) | ||||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (39 | ) | 15 | (24 | ) | 30 | (14 | ) | 16 | See (2) below | ||||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | (2 | ) | 1 | (1 | ) | (20 | ) | 7 | (13 | ) | Net sales | |||||||||
Commodity contracts | (25 | ) | 10 | (15 | ) | (46 | ) | 21 | (25 | ) | Cost of goods sold | |||||||||
Net revaluation and clearance of cash flow hedges to earnings | (66 | ) | 26 | (40 | ) | (36 | ) | 14 | (22 | ) | ||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net gain (loss) | 52 | (14 | ) | 38 | (628 | ) | 195 | (433 | ) | See (2) below | ||||||||||
Prior service benefit | 62 | (22 | ) | 40 | 22 | (8 | ) | 14 | See (2) below | |||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service cost | 8 | (2 | ) | 6 | 10 | (3 | ) | 7 | See (3) below | |||||||||||
Amortization of loss | 724 | (247 | ) | 477 | 661 | (227 | ) | 434 | See (3) below | |||||||||||
Curtailment loss | 1 | — | 1 | 2 | (1 | ) | 1 | See (3) below | ||||||||||||
Settlement loss | 152 | (45 | ) | 107 | — | — | — | See (3) below | ||||||||||||
Pension benefit plans, net | 999 | (330 | ) | 669 | 67 | (44 | ) | 23 | ||||||||||||
Other benefit plans: | ||||||||||||||||||||
Net gain (loss) | 140 | (49 | ) | 91 | (141 | ) | 51 | (90 | ) | See (2) below | ||||||||||
Prior service benefit | 199 | (69 | ) | 130 | 857 | (299 | ) | 558 | See (2) below | |||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (142 | ) | 50 | (92 | ) | (104 | ) | 36 | (68 | ) | See (3) below | |||||||||
Amortization of loss | 51 | (18 | ) | 33 | 68 | (24 | ) | 44 | See (3) below | |||||||||||
Curtailment (gain) loss | (154 | ) | 54 | (100 | ) | 3 | (1 | ) | 2 | See (3) below | ||||||||||
Settlement loss | 1 | — | 1 | — | — | — | See (3) below | |||||||||||||
Other benefit plans, net | 95 | (32 | ) | 63 | 683 | (237 | ) | 446 | ||||||||||||
Net unrealized gain (loss) on securities | 1 | (1 | ) | — | (3 | ) | 1 | (2 | ) | |||||||||||
Other comprehensive income | $ | 983 | $ | (337 | ) | $ | 646 | $ | 658 | $ | (266 | ) | $ | 392 | ||||||
1 | Represents the income statement line item within the interim Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive income (loss). | |||||||||||||||||||
2 | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. | |||||||||||||||||||
3 | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information. | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ||||||||||||||||||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total | |||||||||||||||
2013 | ||||||||||||||||||||
Balance January 1, 2013 | $ | (167 | ) | $ | 3 | $ | (8,686 | ) | $ | 202 | $ | 2 | $ | (8,646 | ) | |||||
Other comprehensive (loss) income before reclassifications | (46 | ) | (24 | ) | 78 | 221 | — | 229 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (16 | ) | 591 | (158 | ) | — | 417 | ||||||||||||
Balance September 30, 2013 | $ | (213 | ) | $ | (37 | ) | $ | (8,017 | ) | $ | 265 | $ | 2 | $ | (8,000 | ) | ||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total | |||||||||||||||
2012 | ||||||||||||||||||||
Balance January 1, 2012 | $ | (244 | ) | $ | 41 | $ | (8,276 | ) | $ | (274 | ) | $ | 3 | $ | (8,750 | ) | ||||
Other comprehensive (loss) income before reclassifications | (53 | ) | 15 | (444 | ) | 467 | (2 | ) | (17 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (38 | ) | 442 | (22 | ) | — | 382 | ||||||||||||
Balance September 30, 2012 | $ | (297 | ) | $ | 18 | $ | (8,278 | ) | $ | 171 | $ | 1 | $ | (8,385 | ) | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Financial Instruments Disclosure [Abstract] | ||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | $ | 1,000 | $ | 1,000 | ||||||||||
Foreign currency contracts | 683 | 1,083 | ||||||||||||
Commodity contracts | 168 | 753 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | 11,611 | 6,733 | ||||||||||||
Commodity contracts | 15 | 242 | ||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Beginning balance | $ | (29 | ) | $ | 29 | $ | 3 | $ | 41 | |||||
Additions and revaluations of derivatives designated as cash flow hedges | (9 | ) | (5 | ) | (24 | ) | 15 | |||||||
Clearance of hedge results to earnings | 1 | (6 | ) | (16 | ) | (38 | ) | |||||||
Ending balance | $ | (37 | ) | $ | 18 | $ | (37 | ) | $ | 18 | ||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ||||||||||||||
Fair Value Using Level 2 Inputs | ||||||||||||||
Balance Sheet Location | 30-Sep-13 | December 31, 2012 | ||||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps1 | Other assets | $ | 35 | $ | 55 | |||||||||
Foreign currency contracts | Accounts and notes receivable, net | 3 | 7 | |||||||||||
38 | 62 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts2 | Accounts and notes receivable, net | 94 | 88 | |||||||||||
Total asset derivatives3 | $ | 132 | $ | 150 | ||||||||||
Cash collateral1,2 | Other accrued liabilities | $ | 31 | $ | 44 | |||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | $ | 1 | $ | 10 | |||||||||
Commodity contracts | Other accrued liabilities | 1 | — | |||||||||||
2 | 10 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | 99 | 76 | |||||||||||
Commodity contracts | Other accrued liabilities | 1 | 1 | |||||||||||
100 | 77 | |||||||||||||
Total liability derivatives3 | $ | 102 | $ | 87 | ||||||||||
1 | Cash collateral held as of September 30, 2013 and December 31, 2012 represents $16 and $13, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||||||||||||
2 | Cash collateral held as of September 30, 2013 and December 31, 2012 represents $15 and $31, respectively, related to foreign currency derivatives not designated as hedging instruments. | |||||||||||||
3 | The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $73 at September 30, 2013 and $40 at December 31, 2012. | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 | Recognized in Income2 | |||||||||||||
(Effective Portion) | ||||||||||||||
Three Months Ended September 30, | 2013 | 2012 | 2013 | 2012 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (5 | ) | $ | — | Interest expense3 | ||||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | (5 | ) | (16 | ) | (1 | ) | 13 | Net sales | ||||||
Commodity contracts | (10 | ) | 10 | — | (2 | ) | Cost of goods sold | |||||||
(15 | ) | (6 | ) | (6 | ) | 11 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | (130 | ) | (221 | ) | Other income (loss), net4 | |||||||
Commodity contracts | — | — | (1 | ) | (8 | ) | Cost of goods sold | |||||||
— | — | (131 | ) | (229 | ) | |||||||||
Total derivatives | $ | (15 | ) | $ | (6 | ) | $ | (137 | ) | $ | (218 | ) | ||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 | Recognized in Income2 | |||||||||||||
(Effective Portion) | ||||||||||||||
Nine Months Ended September 30, | 2013 | 2012 | 2013 | 2012 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (20 | ) | $ | (4 | ) | Interest expense3 | |||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | 11 | 1 | 2 | 20 | Net sales | |||||||||
Commodity contracts | (50 | ) | 28 | 25 | 46 | Cost of goods sold | ||||||||
(39 | ) | 29 | 7 | 62 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | 66 | (111 | ) | Other income (loss), net4 | ||||||||
Commodity contracts | — | — | (9 | ) | (22 | ) | Cost of goods sold | |||||||
— | — | 57 | (133 | ) | ||||||||||
Total derivatives | $ | (39 | ) | $ | 29 | $ | 64 | $ | (71 | ) | ||||
1 | OCI is defined as other comprehensive income (loss). | |||||||||||||
2 | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the three and nine months ended September 30, 2013 and 2012, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||||||||||||
3 | Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. | |||||||||||||
4 | Gain (loss) recognized in other income (loss), net, was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $29 and $91 for the three months ended September 30, 2013 and 2012, respectively, and $(121) and $(50) for the nine months ended September 30, 2013 and 2012, respectively. |
LongTerm_Employee_Benefits_Tab
Long-Term Employee Benefits (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||
Schedules of Net Periodic Benefit Cost | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Service cost | $ | 7 | $ | 9 | $ | 23 | $ | 28 | |||||
Interest cost | 32 | 41 | 98 | 137 | |||||||||
Amortization of loss | 26 | 24 | 51 | 68 | |||||||||
Amortization of prior service benefit | (48 | ) | (44 | ) | (142 | ) | (104 | ) | |||||
Curtailment loss (gain) | — | 3 | (154 | ) | 3 | ||||||||
Settlement loss | — | — | 1 | — | |||||||||
Net periodic benefit cost | $ | 17 | $ | 33 | $ | (123 | ) | $ | 132 | ||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Service cost | $ | 67 | $ | 67 | $ | 206 | $ | 201 | |||||
Interest cost | 272 | 290 | 816 | 882 | |||||||||
Expected return on plan assets | (379 | ) | (378 | ) | (1,139 | ) | (1,138 | ) | |||||
Amortization of loss | 244 | 222 | 724 | 661 | |||||||||
Amortization of prior service cost | 2 | 3 | 8 | 10 | |||||||||
Curtailment loss | — | 2 | 1 | 2 | |||||||||
Settlement loss | — | — | 152 | — | |||||||||
Net periodic benefit cost | $ | 206 | $ | 206 | $ | 768 | $ | 618 | |||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Pharm-aceuticals | Other | Total | ||||||||||||||||||||||||||||||||||||
Ended September 30, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 1,633 | $ | 638 | $ | 305 | $ | 868 | $ | 1,720 | $ | 1,663 | $ | 985 | $ | — | $ | 1 | $ | 7,813 | ||||||||||||||||||||||||||
Less: Transfers | 3 | 3 | 3 | — | 46 | 22 | 1 | — | — | 78 | ||||||||||||||||||||||||||||||||||||
Net sales | 1,630 | 635 | 302 | 868 | 1,674 | 1,641 | 984 | — | 1 | 7,735 | ||||||||||||||||||||||||||||||||||||
PTOI | (102 | ) | 2 | 97 | 45 | 81 | 182 | 3 | 374 | 171 | 5 | (112 | ) | 741 | ||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 1,423 | $ | 607 | $ | 292 | $ | 876 | $ | 1,732 | $ | 1,614 | $ | 934 | $ | — | $ | 2 | $ | 7,480 | ||||||||||||||||||||||||||
Less: Transfers | — | 4 | 3 | — | 56 | 24 | 3 | — | — | 90 | ||||||||||||||||||||||||||||||||||||
Net sales | 1,423 | 603 | 289 | 876 | 1,676 | 1,590 | 931 | — | 2 | 7,390 | ||||||||||||||||||||||||||||||||||||
PTOI | (198 | ) | 2,6 | (99 | ) | 6,7 | 37 | 6 | 64 | 6 | 410 | 6 | 230 | 6,7 | 92 | 6 | 10 | (85 | ) | 461 | ||||||||||||||||||||||||||
Nine Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Pharm-aceuticals | Other | Total | ||||||||||||||||||||||||||||||||||||
Ended September 30, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 9,933 | $ | 1,907 | $ | 898 | $ | 2,601 | $ | 5,087 | $ | 4,892 | $ | 2,909 | $ | — | $ | 5 | $ | 28,232 | ||||||||||||||||||||||||||
Less: Transfers | 10 | 12 | 10 | — | 153 | 57 | 3 | — | — | 245 | ||||||||||||||||||||||||||||||||||||
Net sales | 9,923 | 1,895 | 888 | 2,601 | 4,934 | 4,835 | 2,906 | — | 5 | 27,987 | ||||||||||||||||||||||||||||||||||||
PTOI | 2,240 | 2 | 241 | 129 | 218 | 697 | 3 | 1,002 | 481 | 27 | (276 | ) | 4,759 | |||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 8,891 | $ | 2,079 | $ | 880 | $ | 2,569 | $ | 5,600 | $ | 4,913 | $ | 2,861 | $ | — | $ | 4 | $ | 27,797 | ||||||||||||||||||||||||||
Less: Transfers | 4 | 13 | 8 | — | 202 | 74 | 9 | — | — | 310 | ||||||||||||||||||||||||||||||||||||
Net sales | 8,887 | 2,066 | 872 | 2,569 | 5,398 | 4,839 | 2,852 | — | 4 | 27,487 | ||||||||||||||||||||||||||||||||||||
PTOI | 1,772 | 2,6 | 181 | 4,6,7 | 118 | 6 | 248 | 6 | 1,575 | 6 | 851 | 6,7 | 432 | 6 | 53 | (385 | ) | 5 | 4,845 | |||||||||||||||||||||||||||
1 | As of September 30, 2013, Agriculture net assets were $9,692, an increase of $4,936 from $4,756 at December 31, 2012. The increase was primarily due to higher trade receivables due to normal seasonality in the sales and cash collections cycle. | |||||||||||||||||||||||||||||||||||||||||||||
2 | Included charges of $(65) and $(180), offset by $25 of insurance recoveries, during the three and nine months ended September 30, 2013, respectively, and charges of $(125) and $(440) during the three and nine months ended September 30, 2012, respectively, recorded in other operating charges associated with the company's process to fairly resolve claims associated with the use of Imprelis®. See Note 9 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||
3 | Included a $(72) charge related to the titanium dioxide antitrust litigation. See Note 9 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||
4 | Included a $122 gain recorded in other income, net related to the sale of the company's interest in an equity method investment. | |||||||||||||||||||||||||||||||||||||||||||||
5 | Included a $(137) charge recorded in other operating charges related to the company's settlement of litigation with INVISTA. | |||||||||||||||||||||||||||||||||||||||||||||
6 | Included a $(93) restructuring charge impacting the following segments: Agriculture - $(3), Electronics & Communications - $(7), Industrial Biosciences - $(3), Nutrition & Health - $(13), Performance Chemicals - $(3), Performance Materials - $(9), and Safety & Protection - $(55). | |||||||||||||||||||||||||||||||||||||||||||||
7 | Included a $(242) impairment charge recorded in employee separation/asset related charges, net related to asset groupings, which impacted the segments as follows: Electronics & Communications - $(150) and Performance Materials - $(92). See Note 3 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Income Statements | ||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||
Total segment PTOI | $ | 741 | $ | 461 | $ | 4,759 | $ | 4,845 | ||||||||||||||||||||||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | (142 | ) | (157 | ) | (415 | ) | (507 | ) | ||||||||||||||||||||||||||||||||||||||
Net exchange losses, including affiliates | (101 | ) | (130 | ) | (55 | ) | (161 | ) | ||||||||||||||||||||||||||||||||||||||
Corporate expenses | (162 | ) | (233 | ) | (582 | ) | (708 | ) | ||||||||||||||||||||||||||||||||||||||
Interest expense | (108 | ) | (116 | ) | (340 | ) | (347 | ) | ||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 228 | $ | (175 | ) | $ | 3,367 | $ | 3,122 | |||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Impact of Accounting Policy Change (Narrative) (Details) (Impact of change in accounting principle [Member], USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 02, 2012 |
Impact of change in accounting principle [Member] | |||||
Change in Accounting Principle [Line Items] | |||||
Change in Accounting Principle Effect of Change on Basic Earnings Per Share from Continuing Operations | $0.01 | $0.02 | ($0.01) | ||
Change in Accounting Principle Effect of Change on Diluted Earnings Per Share from Continuing Operations | $0.01 | $0 | $0.02 | ($0.01) | |
Change in Accounting Principle, Cumulative Effect of Change on Inventory | $143 | ||||
Change in Accounting Principle, Cumulative Effect of Change on Equity | $120 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Income Statement Impact of Accounting Policy Change (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Change in Accounting Principle [Line Items] | ||||
Cost of goods sold | $5,165 | $4,779 | $17,415 | $16,558 |
Income (loss) from continuing operations before income taxes | 228 | -175 | 3,367 | 3,122 |
(Benefit from) provision for income taxes on continuing operations | -35 | -135 | 687 | 654 |
Income (loss) from continuing operations after income taxes | 263 | -40 | 2,680 | 2,468 |
Income from discontinued operations after income taxes | 25 | 48 | 1,997 | 219 |
Net income | 288 | 8 | 4,677 | 2,687 |
As Reported [Member] | ||||
Change in Accounting Principle [Line Items] | ||||
Cost of goods sold | 5,165 | 4,779 | 17,415 | 16,558 |
Income (loss) from continuing operations before income taxes | 228 | -175 | 3,367 | 3,122 |
(Benefit from) provision for income taxes on continuing operations | -35 | -135 | 687 | 654 |
Income (loss) from continuing operations after income taxes | 263 | -40 | 2,680 | 2,468 |
Income from discontinued operations after income taxes | 25 | 48 | 1,997 | 219 |
Net income | 288 | 8 | 4,677 | 2,687 |
As reported under LIFO [Member] | ||||
Change in Accounting Principle [Line Items] | ||||
Cost of goods sold | 5,176 | 4,778 | 17,447 | 16,549 |
Income (loss) from continuing operations before income taxes | 217 | -174 | 3,335 | 3,131 |
(Benefit from) provision for income taxes on continuing operations | -38 | -134 | 678 | 657 |
Income (loss) from continuing operations after income taxes | 255 | -40 | 2,657 | 2,474 |
Income from discontinued operations after income taxes | 25 | 53 | 1,997 | 227 |
Net income | 280 | 13 | 4,654 | 2,701 |
Impact of change in accounting principle [Member] | ||||
Change in Accounting Principle [Line Items] | ||||
(Decrease) Increase to cost of goods sold | -11 | 1 | -32 | 9 |
(Decrease) Increase to income (loss) from continuing operations before income taxes | 11 | -1 | 32 | -9 |
(Decrease) Increase to provision for (benefit from) income taxes on continuing operations | 3 | -1 | 9 | -3 |
(Decrease) Increase to income (loss) from continuing operations after income taxes | 8 | 0 | 23 | -6 |
(Decrease) Increase to income from discontinued operations after taxes | 0 | -5 | 0 | -8 |
(Decrease) Increase to net income | $8 | ($5) | $23 | ($14) |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (Discontinued Operations [Member], USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Discontinued Operations [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Pre-tax gain on sale of discontinued operation | $2,689 |
After-tax gain on sale of discontinued operation | $1,964 |
Discontinued_Operations_Summar
Discontinued Operations (Summarized Financial Info) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income from discontinued operations after income taxes | $25 | $48 | $1,997 | $219 | ||
Discontinued Operations [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net sales | 0 | 1,039 | 331 | 3,178 | ||
Income before income taxes | 7 | 158 | 2,720 | 426 | ||
(Benefit from) provision for income taxes | -18 | 110 | [1] | 723 | 207 | [1] |
Income from discontinued operations after income taxes | 25 | 48 | 1,997 | 219 | ||
Tax expense on earnings of permanently invested foreign subsidiaries | $62 | $62 | ||||
[1] | Three and nine months ended SeptemberB 30, 2012 included expense of $62 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested as these entities were reclassified as held for sale. |
Discontinued_Operations_Assets
Discontinued Operations (Assets and Liabilities of Disposal Group) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total assets held for sale | $0 | $3,076 |
Total liabilities related to assets held for sale | 0 | 1,084 |
Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash and cash equivalents | 95 | |
Accounts and notes receivable, net | 783 | |
Inventories | 488 | |
Prepaid expenses | 6 | |
Deferred income taxes - current | 32 | |
Property, plant and equipment, net of accumulated depreciation | 749 | |
Goodwill | 808 | |
Other intangible assets | 67 | |
Deferred income taxes - noncurrent | 14 | |
Other assets - noncurrent | 34 | |
Total assets held for sale | 3,076 | |
Accounts payable | 408 | |
Income taxes | 17 | |
Other accrued liabilities | 237 | |
Other liabilities - noncurrent | 388 | |
Deferred income taxes - noncurrent | 34 | |
Total liabilities related to assets held for sale | $1,084 |
Employee_Separation_Asset_Rela2
Employee Separation / Asset Related Charges, Net (2012 Restructuring Program) (Narrative) (Details) (Restructuring Program 2012 [Member], USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Restructuring Program 2012 [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $91 | $161 |
Employee_Separation_Asset_Rela3
Employee Separation / Asset Related Charges, Net (Schedule of 2012 Restructuring Program) (Details) (Restructuring Program 2012 [Member], USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $91 | $161 | ||
Payments | -69 | |||
Net translation adjustment | -1 | |||
Employee Separation Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 87 | 154 | ||
Payments | -66 | |||
Net translation adjustment | -1 | |||
Other Non-Personnel Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 4 | [1] | 7 | [1] |
Payments | -3 | [1] | ||
Net translation adjustment | $0 | [1] | ||
[1] | Other non-personnel charges consist of contractual obligation costs. |
Employee_Separation_Asset_Rela4
Employee Separation / Asset Related Charges, Net Employee Separation / Asset Related Charges, Net (Asset Impairments) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset Impairment Charges | ($242) | ($242) |
Nonrecurring fair value measurement | 125 | 125 |
Electronics and Communications [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset Impairment Charges | 150 | 150 |
Performance Materials [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset Impairment Charges | $92 | $92 |
Other_Income_Net_Schedule_of_O
Other Income, Net (Schedule of Other Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Component of Other Income [Line Items] | ||||||||
Net exchange losses | ($101) | ($130) | ($55) | ($161) | ||||
Total | 70 | -54 | 321 | 251 | ||||
Other Income [Member] | ||||||||
Component of Other Income [Line Items] | ||||||||
Cozaar/Hyzaar income | 0 | 9 | 14 | 48 | ||||
Royalty income | 35 | 21 | 122 | 84 | ||||
Interest income | 34 | 27 | 106 | 87 | ||||
Equity in earnings of affiliates, excluding exchange gains / losses | 28 | 11 | 14 | 42 | ||||
Gain on sale of equity method investment | 0 | 0 | 9 | 122 | ||||
Net gain on sales of other assets | 7 | 1 | 17 | 11 | ||||
Net exchange losses | -101 | [1] | -130 | [1] | -55 | [1] | -161 | [1] |
Miscellaneous income and expenses, net | 67 | [2] | 7 | [2] | 94 | [2] | 18 | [2] |
Total | 70 | -54 | 321 | 251 | ||||
ForeignCurrencyLossDuetoDevaluation [Member] | ||||||||
Component of Other Income [Line Items] | ||||||||
Net exchange losses | ($33) | |||||||
[1] | The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The net pre-tax exchange gains (losses) are recorded in other income, net and the related tax impact is recorded in provision for income taxes on continuing operations on the interim Consolidated Income Statements. The $(55) net exchange loss for the nine months ended SeptemberB 30, 2013, includes a $(33) exchange loss, associated with the devaluation of the Venezuelan bolivar. | |||||||
[2] | Miscellaneous income and expenses, net, generally includes interest items, certain insurance recoveries and litigation settlements, and other items. |
Provision_for_Income_Taxes_Det
Provision for Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ||||
(Benefit from) provision for income taxes on continuing operations | ($35) | ($135) | $687 | $654 |
Income (loss) from continuing operations before income taxes | 228 | -175 | 3,367 | 3,122 |
Tax expense (benefit) primarily associated with the company's policy of hedging the foreign currency-denominated monetary assets and liabilities | -58 | -71 | -8 | -48 |
Tax benefit related to foreign tax law change | -33 | |||
2013 Extension Tax Benefit | -68 | |||
Tax expense related to changes in accruals for prior year tax positions | 49 | |||
Tax expense on distribution of proceeds from DPC Sale | $26 |
Earnings_Per_Share_of_Common_S2
Earnings Per Share of Common Stock (Earnings Per Share of Common Stock Reconciliation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Line Items] | |||||
Income from discontinued operations after income taxes | $25 | $48 | $1,997 | $219 | |
Earnings Per Share Numerator [Member] | |||||
Earnings Per Share [Line Items] | |||||
Income (loss) from continuing operations after income taxes attributable to DuPont | 260 | -43 | 2,666 | 2,444 | |
Preferred dividends | -3 | -3 | -8 | -8 | |
Income (loss) from continuing operations after income taxes available to DuPont common stockholders | 257 | -46 | 2,658 | 2,436 | |
Income from discontinued operations after income taxes | 25 | 48 | 1,997 | 219 | |
Net income available to common stockholders | $282 | $2 | $4,655 | $2,655 | |
Earnings Per Share Denominator [Member] | |||||
Earnings Per Share [Line Items] | |||||
Weighted-average number of common shares outstanding - Basic | 925,645,000 | 931,737,000 | 925,548,000 | 933,227,000 | |
Dilutive effect of the company's employee compensation plans | 7,360,000 | 8,789,000 | [1] | 6,994,000 | 9,297,000 |
Weighted average number of common shares outstanding - Diluted | 933,005,000 | 940,526,000 | 932,542,000 | 942,524,000 | |
[1] | Dilutive effect of the company's employee compensation plans are excluded from calculation of dilutive loss per share of common stock from continuing operations for the three months ended September 30, 2012. |
Earnings_Per_Share_of_Common_S3
Earnings Per Share of Common Stock (Schedule of Average Number of Antidilutive Stock Options) (Details) (Stock Options [Member]) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average number of stock options | 0 | 12,631,000 | 3,461,000 | 12,035,000 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Finished products | $3,857 | $4,449 |
Semifinished products | 2,443 | 2,407 |
Raw materials, stores and supplies | 1,323 | 1,313 |
Total inventories before LIFO adjustment | 7,623 | 8,169 |
Adjustment of inventories to a last-in, first-out (LIFO) basis | -592 | -604 |
Total | $7,031 | $7,565 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | $4,674 | $4,564 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -1,839 | -1,600 | ||
Definite-lived Intangible Assets, Net | 2,835 | 2,964 | ||
Indefinite-lived Intangible Assets, Gross | 2,300 | 2,162 | ||
Indefinite-lived Intangible Assets, Net | 2,300 | 2,162 | ||
Total Intangible Assets, Gross | 6,974 | 6,726 | ||
Total Intangible Assets, Accumulated Amortization | -1,839 | -1,600 | ||
Intangible Assets Net Excluding Goodwill | 5,135 | 5,126 | ||
In Process Research and Development [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Gross | 71 | 62 | ||
Indefinite-lived Intangible Assets, Net | 71 | 62 | ||
Microbial Cell Factories [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Gross | 306 | [1] | 306 | [1] |
Indefinite-lived Intangible Assets, Net | 306 | [1] | 306 | [1] |
Pioneer Germplasm [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Gross | 1,053 | [2] | 975 | [2] |
Indefinite-lived Intangible Assets, Net | 1,053 | [2] | 975 | [2] |
Trademarks/Tradenames [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Gross | 870 | 819 | ||
Indefinite-lived Intangible Assets, Net | 870 | 819 | ||
Customer Lists [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 1,844 | 1,847 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -397 | -330 | ||
Definite-lived Intangible Assets, Net | 1,447 | 1,517 | ||
Patents [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 531 | 525 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -164 | -127 | ||
Definite-lived Intangible Assets, Net | 367 | 398 | ||
Purchased and Licensed Technology [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 2,021 | 1,929 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -1,140 | -1,016 | ||
Definite-lived Intangible Assets, Net | 881 | 913 | ||
Trademarks [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 57 | 57 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -31 | -29 | ||
Definite-lived Intangible Assets, Net | 26 | 28 | ||
Other [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 221 | [3] | 206 | [3] |
Definite-lived Intangible Assets, Accumulated Amortization | -107 | [3] | -98 | [3] |
Definite-lived Intangible Assets, Net | $114 | [3] | $108 | [3] |
[1] | Microbial cell factories, derived from natural microbes, are used to sustainably produce enzymes, peptides and chemicals using natural metabolic processes. The company recognized the microbial cell factories as an intangible asset upon the acquisition of Danisco. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | |||
[2] | Pioneer germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | |||
[3] | Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Other Intangible Assets | ||||
Aggregate pre-tax amortization expense | $255 | $266 | ||
Continuing Operations [Member] | ||||
Goodwill and Other Intangible Assets | ||||
Aggregate pre-tax amortization expense | 62 | 62 | 255 | 247 |
Pre-tax amortization expense, 2013 | 52 | 52 | ||
Pre-tax amortization expense, 2014 | 348 | 348 | ||
Pre-tax amortization expense, 2015 | 366 | 366 | ||
Pre-tax amortization expense, 2016 | 318 | 318 | ||
Pre-tax amortization expense, 2017 | 187 | 187 | ||
Pre-tax amortization expense, 2018 | $181 | $181 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Guarantees) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||
In Millions, unless otherwise specified | Customer and Supplier Guarantee [Member] | Customer and Supplier Guarantee, Bank Borrowings [Member] | Customer and Supplier Guarantee, Equipment and Facility Leases [Member] | Equity Affiliates, Bank Borrowings [Member] | Guarantee Obligations, Long Term [Member] | Guarantee Obligations, Long Term [Member] | Guarantee Obligations, Long Term [Member] | Guarantee Obligations, Long Term [Member] | Guaranteed Obligations Short Term [Member] | Guaranteed Obligations Short Term [Member] | Guaranteed Obligations Short Term [Member] | Guaranteed Obligations Short Term [Member] | ||||||||||||
Y | Y | Y | Customer and Supplier Guarantee, Bank Borrowings [Member] | Customer and Supplier Guarantee, Equipment and Facility Leases [Member] | Equity Affiliates, Bank Borrowings [Member] | Customer and Supplier Guarantee, Bank Borrowings [Member] | Customer and Supplier Guarantee, Equipment and Facility Leases [Member] | Equity Affiliates, Bank Borrowings [Member] | ||||||||||||||||
Guarantor Obligations [Line Items] | ||||||||||||||||||||||||
Guarantee obligations | $502 | $535 | $320 | [1] | $319 | [1] | $1 | [1] | $182 | [2] | $134 | $132 | [1] | $1 | [1] | $1 | [2] | $368 | $187 | [1] | $0 | [1] | $181 | [2] |
Collateral assets and personal guarantees percentage | 44.00% | |||||||||||||||||||||||
Guaranteed obligations, maximum term | 7 | 4 | 2 | |||||||||||||||||||||
[1] | Existing guarantees for customers and suppliers, as part of contractual agreements. | |||||||||||||||||||||||
[2] | Existing guarantees for equity affiliates' liquidity needs in normal operations. |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities (Imprelis) (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 27 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 |
actions | actions | actions | |||
Product Claims [Line Items] | |||||
Intended recovery from insurance carriers | $100 | $100 | $100 | ||
Insurance program limits | 725 | 725 | 725 | ||
Imprelis [Member] | |||||
Product Claims [Line Items] | |||||
Individual actions filed | 125 | 125 | 125 | ||
Claims filed | 400 | 400 | 400 | ||
Plaintiffs' attorney fees to pay per proposed settlement | 7 | 7 | 7 | ||
Loss Contingency | 65 | 125 | 180 | 440 | 930 |
Litigation claims, net of insurance recoveries | 40 | 155 | |||
Insurance recoveries for litigation | -25 | -25 | |||
Product claims upper range | $1,200 | $1,200 | $1,200 |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities (Litigation) (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2004 | Jan. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 01, 2010 | Jul. 31, 2005 | Jul. 31, 2005 | Sep. 30, 2013 |
In Millions, unless otherwise specified | PFOA Matters [Member] | PFOA Matters: Drinking Water Actions [Member] | PFOA Matters: Drinking Water Actions [Member] | PFOA Matters: Additional Actions [Member] | PFOA Matters: Additional Actions [Member] | Monsanto Patent Dispute [Member] | Monsanto Fixed Royalty Payments 2014 - 2017 [Member] | Monsanto per Unit Royalty Payments 2018 - 2023 [Member] | Titanium Dioxide Antitrust Litigation [Member] | Titanium Dioxide Antitrust Litigation [Member] | Payment for Plaintiffs Attorney Fees [Member] | Payment to fund community health project [Member] | Funding for medical monitoring program [Member] |
resident | PFOA Matters: Drinking Water Actions [Member] | PFOA Matters: Drinking Water Actions [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||||||
Loss Contingencies [Line Items] | |||||||||||||
Loss contingency accrual, at carrying value | $15 | ||||||||||||
Binding settlement agreement, class size | 80,000 | ||||||||||||
Settlement payments | 23 | 70 | |||||||||||
Loss contingency, potential additional loss | 235 | ||||||||||||
Escrow deposit | 1 | ||||||||||||
Lawsuits alleging personal injury | 45 | 45 | |||||||||||
Lawsuits alleging wrongful death | 2 | 2 | |||||||||||
Increase in lawsuits | 1 | 21 | |||||||||||
Jury awarded damages | 1,000 | ||||||||||||
Payments under license agreements | 802 | 950 | |||||||||||
Lawsuits alleging antitrust violations | 2 | ||||||||||||
Loss Contingency | $72 |
Commitments_and_Contingent_Lia5
Commitments and Contingent Liabilities Commitments and Contingent Liabilities (Environmental) (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Environmental Remediation [Line Items] | |
Accrual for environmental remediation activities | 456 |
Potential liability multiplier in excess of accrued amount | 3 |
Minimum [Member] | |
Environmental Remediation [Line Items] | |
Average time frame of disbursements of environmental site remediation | 15 years |
Maximum [Member] | |
Environmental Remediation [Line Items] | |
Average time frame of disbursements of environmental site remediation | 20 years |
Stockholders_Equity_Share_Repu
Stockholders' Equity (Share Repurchase Program) (Narrative) (Details) (USD $) | 9 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 132 Months Ended | 1 Months Ended | 29 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Feb. 28, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2001 | Jun. 30, 2012 | Apr. 30, 2011 | Sep. 30, 2013 |
December 2012 Buyback Plan [Member] | December 2012 Buyback Plan [Member] | December 2012 Buyback Plan [Member] | June 2001 Buyback Plan [Member] | June 2001 Buyback Plan [Member] | April 2011 Buyback Plan [Member] | April 2011 Buyback Plan [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||||||||
Stock Repurchase Program, Authorized Amount | $1,000 | $2,000 | $2,000 | ||||||
Payment for the repurchase of common stock | $1,000 | $400 | $1,000 | $284 | |||||
Stock Repurchased and Retired During Period, Shares | 7.8 | 20.4 | 42 | 5.5 |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity (Noncontrolling interests) (Narrative) (Details) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | 1-May-12 |
Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | |||
Noncontrolling Interest [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 28.00% | |||
Payments for noncontrolling interests | $0 | ($447) | ($447) | |
Carrying value of noncontrolling interest in joint venture | 378 | |||
Deferred tax liabilities, net associated with joint venture | 78 | |||
Increase to parent additional paid-in-capital | $9 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||||||
Cumulative translation adjustment, pre-tax | $177 | $189 | ($46) | ($53) | ||||
Cumulative translation adjustment, tax | 0 | 0 | 0 | 0 | ||||
Cumulative translation adjustment, after-tax | 177 | 189 | -46 | -53 | ||||
Additions and revaluations of derivatives designated as cash flow hedges, pre-tax | -15 | [1] | -6 | [1] | -39 | [1] | 30 | [1] |
Additions and revaluations of derivatives designated as cash flow hedges, tax | 6 | 1 | 15 | -14 | ||||
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | -9 | -5 | -24 | 16 | ||||
Clearance of hedge results to earnings, pre-tax | 1 | -11 | -27 | -66 | ||||
Net revaluation and clearance of cash flow hedges to earnings, pre-tax | -14 | -17 | -66 | -36 | ||||
Net revaluation and clearance of cash flow hedges to earnings, tax | 6 | 6 | 26 | 14 | ||||
Net revaluation and clearance of cash flow hedges to earnings, after-tax | -8 | -11 | -40 | -22 | ||||
Net unrealized gain (loss) on securities, pre-tax | 0 | -5 | 1 | -3 | ||||
Net unrealized gain (loss) on securities, tax | 0 | 2 | -1 | 1 | ||||
Net unrealized gain (loss) on securities, net of tax | 0 | -3 | 0 | -2 | ||||
Other comprehensive income (loss), pre-tax | 739 | 484 | 983 | 658 | ||||
Other comprehensive income (loss), tax | -195 | -126 | -337 | -266 | ||||
Other comprehensive income (loss), after-tax | 544 | 358 | 646 | 392 | ||||
Pension Plans [Member] | ||||||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net (loss) gain, pre-tax | -4 | [1] | -609 | [1] | 52 | [1] | -628 | [1] |
Net (loss) gain, tax | 0 | 185 | -14 | 195 | ||||
Net (loss) gain, after-tax | -4 | -424 | 38 | -433 | ||||
Prior service benefit (cost), pre-tax | 62 | [1] | 0 | [1] | 62 | [1] | 22 | [1] |
Prior service benefit (cost), tax | -22 | 0 | -22 | -8 | ||||
Prior service benefit (cost), after-tax | 40 | 0 | 40 | 14 | ||||
Amortization of prior service cost (benefit), pre-tax | 2 | [2] | 3 | [2] | 8 | [2] | 10 | [2] |
Amortization of prior service cost (benefit), tax | 0 | -1 | -2 | -3 | ||||
Amortization of prior service cost (benefit), after tax | 2 | 2 | 6 | 7 | ||||
Amortization of (gain) loss, pre-tax | 244 | [2] | 222 | [2] | 724 | [2] | 661 | [2] |
Amortization of (gain) loss, tax | -83 | -75 | -247 | -227 | ||||
Amortization of (gain) loss, after tax | 161 | 147 | 477 | 434 | ||||
Curtailment (gain) loss, pre-tax | 0 | [2] | 2 | [2] | 1 | [2] | 2 | [2] |
Curtailment (gain) loss, tax | 0 | -1 | 0 | -1 | ||||
Curtailment (gain) loss, after tax | 0 | 1 | 1 | 1 | ||||
Settlement loss, pre-tax | 152 | [2] | 0 | [2] | ||||
Settlement loss, tax | -45 | 0 | ||||||
Settlement loss, after tax | 107 | 0 | ||||||
Benefit plans, net, pre-tax | 304 | -382 | 999 | 67 | ||||
Benefit plans, net, tax | -105 | 108 | -330 | -44 | ||||
Benefit plans, net, after-tax | 199 | -274 | 669 | 23 | ||||
Other Long-Term Employee Benefit Plans Defined Benefit [Member] | ||||||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||||||
Net (loss) gain, pre-tax | 95 | [1] | -141 | [1] | 140 | [1] | -141 | [1] |
Net (loss) gain, tax | -34 | 51 | -49 | 51 | ||||
Net (loss) gain, after-tax | 61 | -90 | 91 | -90 | ||||
Prior service benefit (cost), pre-tax | 199 | [1] | 857 | [1] | 199 | [1] | 857 | [1] |
Prior service benefit (cost), tax | -69 | -299 | -69 | -299 | ||||
Prior service benefit (cost), after-tax | 130 | 558 | 130 | 558 | ||||
Amortization of prior service cost (benefit), pre-tax | -48 | [2] | -44 | [2] | -142 | [2] | -104 | [2] |
Amortization of prior service cost (benefit), tax | 16 | 16 | 50 | 36 | ||||
Amortization of prior service cost (benefit), after tax | -32 | -28 | -92 | -68 | ||||
Amortization of (gain) loss, pre-tax | 26 | [2] | 24 | [2] | 51 | [2] | 68 | [2] |
Amortization of (gain) loss, tax | -9 | -9 | -18 | -24 | ||||
Amortization of (gain) loss, after tax | 17 | 15 | 33 | 44 | ||||
Curtailment (gain) loss, pre-tax | 0 | [2] | 3 | [2] | -154 | [2] | 3 | [2] |
Curtailment (gain) loss, tax | 0 | -1 | 54 | -1 | ||||
Curtailment (gain) loss, after tax | 0 | 2 | -100 | 2 | ||||
Settlement loss, pre-tax | 1 | [2] | 0 | [2] | ||||
Settlement loss, tax | 0 | 0 | ||||||
Settlement loss, after tax | 1 | 0 | ||||||
Benefit plans, net, pre-tax | 272 | 699 | 95 | 683 | ||||
Benefit plans, net, tax | -96 | -242 | -32 | -237 | ||||
Benefit plans, net, after-tax | 176 | 457 | 63 | 446 | ||||
Net sales [Member] | Foreign Currency Contract [Member] | ||||||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||||||
Clearance of hedge results to earnings, pre-tax | 1 | -9 | -2 | -20 | ||||
Clearance of hedge results to earnings, tax | 0 | 5 | 1 | 7 | ||||
Clearance of hedge results to earnings, after-tax | 1 | -4 | -1 | -13 | ||||
Cost of goods sold [Member] | Commodity Contract [Member] | ||||||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||||||
Clearance of hedge results to earnings, pre-tax | 0 | -2 | -25 | -46 | ||||
Clearance of hedge results to earnings, tax | 0 | 0 | 10 | 21 | ||||
Clearance of hedge results to earnings, after-tax | $0 | ($2) | ($15) | ($25) | ||||
[1] | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. | |||||||
[2] | These accumulated other comprehensive income components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information. |
Stockholders_Equity_Schedule_o1
Stockholder's Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | ($8,646) | ($8,750) |
Other comprehensive income (loss) before reclassifications | 229 | -17 |
Amounts reclassified from accumulated other comprehensive income (loss) | 417 | 382 |
Accumulated other comprehensive loss, ending balance | -8,000 | -8,385 |
Cumulative Translation Adjustment [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | -167 | -244 |
Other comprehensive income (loss), before reclassifications | -46 | -53 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Accumulated other comprehensive loss, ending balance | -213 | -297 |
Net Revaluation and Clearance of Cash Flow Hedges to Earnings | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | 3 | 41 |
Other comprehensive income (loss), before reclassifications | -24 | 15 |
Amounts reclassified from accumulated other comprehensive income (loss) | -16 | -38 |
Accumulated other comprehensive loss, ending balance | -37 | 18 |
Pension Plans [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (Loss), beginning balance | -8,686 | -8,276 |
Other comprehensive income, before reclassifications | 78 | -444 |
Amounts reclassified from accumulated other comprehensive income (loss) | 591 | 442 |
Accumulated other comprehensive income (Loss), ending balance | -8,017 | -8,278 |
Other Long-Term Employee Benefit Plans Defined Benefit [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive income (Loss), beginning balance | 202 | -274 |
Other comprehensive income, before reclassifications | 221 | 467 |
Amounts reclassified from accumulated other comprehensive income (loss) | -158 | -22 |
Accumulated other comprehensive income (Loss), ending balance | 265 | 171 |
Unrealized Gain (Loss) on Securities | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | 2 | 3 |
Other comprehensive income (loss), before reclassifications | 0 | -2 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 |
Accumulated other comprehensive loss, ending balance | $2 | $1 |
Financial_Instruments_Debt_Nar
Financial Instruments (Debt) (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | 2.80% notes due February 15, 2023 [Member] | 4.15% notes due February 15, 2043 [Member] |
Fair value of debt | $15,490 | $13,015 | ||
Senior notes | $1,250 | $750 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | 4.15% |
Financial_Instruments_Cash_Equ
Financial Instruments (Cash Equivalents) (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ||
Fair value of cash equivalents | $1,334 | $0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value of cash equivalents | $3,697 | $2,026 |
Financial_Instruments_Notional
Financial Instruments (Notional Amounts of Derivatives) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $1,000 | $1,000 |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 683 | 1,083 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 168 | 753 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 11,611 | 6,733 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $15 | $242 |
Financial_Instruments_Effect_o
Financial Instruments (Effect of Cash Flows Hedges on Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative [Line Items] | ||||
Portion of ending balance expected to be reclassified into earnings over the next twelve months, after-tax | ($30) | |||
Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Beginning Balance | -29 | 29 | 3 | 41 |
Additions and revaluations of derivatives designated as cash flow hedges | -9 | -5 | -24 | 15 |
Clearance of hedge results to earnings | 1 | -6 | -16 | -38 |
Ending Balance | ($37) | $18 | ($37) | $18 |
Financial_Instruments_Schedule
Financial Instruments (Schedule of the Fair Value of Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets and liabilities subject to master netting arrangement | $73 | $40 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 132 | [1] | 150 | [1] |
Liability derivatives | 102 | [1] | 87 | [1] |
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 38 | 62 | ||
Liability derivatives | 2 | 10 | ||
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 100 | 77 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 16 | 13 | ||
Foreign Currency Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 15 | 31 | ||
Other Assets [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 35 | [2] | 55 | [2] |
Accounts and Notes Receivable [Member] | Foreign Currency Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 3 | 7 | ||
Accounts and Notes Receivable [Member] | Foreign Currency Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 94 | [3] | 88 | [3] |
Other accrued liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 31 | [2],[3] | 44 | [2],[3] |
Other accrued liabilities [Member] | Foreign Currency Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 1 | 10 | ||
Other accrued liabilities [Member] | Foreign Currency Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 99 | 76 | ||
Other accrued liabilities [Member] | Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 1 | 0 | ||
Other accrued liabilities [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | $1 | $1 | ||
[1] | The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $73 at SeptemberB 30, 2013 and $40 at DecemberB 31, 2012. | |||
[2] | Cash collateral held as of SeptemberB 30, 2013 and DecemberB 31, 2012 represents $16 and $13, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||
[3] | Cash collateral held as of SeptemberB 30, 2013 and DecemberB 31, 2012 represents $15 and $31, respectively, related to foreign currency derivatives not designated as hedging instruments. |
Financial_Instruments_Effect_o1
Financial Instruments (Effect of Derivative Instruments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) recognized in OCI (effective portion) | ($15) | [1] | ($6) | [1] | ($39) | [1] | $29 | [1] |
Amount of Gain (Loss) Recognized in Income | -137 | [2] | -218 | [2] | 64 | [2] | -71 | [2] |
Other (Loss) Income, net [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Gain (Loss) on foreign currency denominated monetary assets and liabilities | 29 | 91 | -121 | -50 | ||||
Designated as Hedging Instrument [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) recognized in OCI (effective portion) | -15 | [1] | -6 | [1] | -39 | [1] | 29 | [1] |
Amount of Gain (Loss) Recognized in Income | -6 | [2] | 11 | [2] | 7 | [2] | 62 | [2] |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) recognized in OCI (effective portion) | -5 | [1] | -16 | [1] | 11 | [1] | 1 | [1] |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Net sales [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in Income | -1 | [2] | 13 | [2] | 2 | [2] | 20 | [2] |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) recognized in OCI (effective portion) | -10 | [1] | 10 | [1] | -50 | [1] | 28 | [1] |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of goods sold [Member] | Cash Flow Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in Income | 0 | [2] | -2 | [2] | 25 | [2] | 46 | [2] |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) recognized in OCI (effective portion) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Interest Expense [Member] | Fair Value Hedging [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in Income | -5 | [2],[3] | 0 | [2],[3] | -20 | [2],[3] | -4 | [2],[3] |
Gain (loss) recognized in interest expense offset | 0 | 0 | 0 | 0 | ||||
Not Designated as Hedging Instrument [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) recognized in OCI (effective portion) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Amount of Gain (Loss) Recognized in Income | -131 | [2] | -229 | [2] | 57 | [2] | -133 | [2] |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) recognized in OCI (effective portion) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other (Loss) Income, net [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in Income | -130 | [2],[4] | -221 | [2],[4] | 66 | [2],[4] | -111 | [2],[4] |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of gain (loss) recognized in OCI (effective portion) | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of goods sold [Member] | ||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||
Amount of Gain (Loss) Recognized in Income | ($1) | [2] | ($8) | [2] | ($9) | [2] | ($22) | [2] |
[1] | OCI is defined as other comprehensive income (loss). | |||||||
[2] | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the three and nine months ended SeptemberB 30, 2013 and 2012, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||||||
[3] | Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. | |||||||
[4] | Gain (loss) recognized in other income (loss), net, was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $29 and $91 for the three months ended SeptemberB 30, 2013 and 2012, respectively, and $(121) and $(50) for the nine months ended SeptemberB 30, 2013 and 2012, respectively. |
LongTerm_Employee_Benefits_Def
Long-Term Employee Benefits Defined Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 8 Months Ended | 3 Months Ended | 5 Months Ended | 7 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 30, 2012 | Aug. 30, 2012 | Sep. 30, 2013 | Sep. 01, 2012 | Sep. 30, 2013 | Sep. 29, 2013 | Sep. 30, 2013 | Aug. 30, 2013 | Sep. 01, 2013 | Sep. 30, 2012 | Dec. 30, 2012 | Jul. 30, 2012 | Sep. 30, 2012 |
Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Impact of sale of Business on Pension Plan [Member] | Impact of sale of Business on Pension Plan [Member] | Impact of sale of Business on Pension Plan [Member] | Impact of sale of Business on Pension Plan [Member] | Impact of sale of Business on Pension Plan [Member] | Impact of sale of Business on Other Long-Term Employee Benefit Plans [Member] | Impact of 2013 plan amendment [Member] | Impact of 2013 plan amendment [Member] | Impact of 2013 plan amendment [Member] | Impact of 2013 plan amendment [Member] | Impact of 2012 plan amendment on Other Long-Term Employee Benefit Plans [Member] | Impact of 2012 plan amendment on Other Long-Term Employee Benefit Plans [Member] | Impact of 2012 plan amendment on Other Long-Term Employee Benefit Plans [Member] | Impact of 2012 plan amendment on Other Long-Term Employee Benefit Plans [Member] | |
Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Pension Plans [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | Other Long-Term Employee Benefit Plans Defined Benefit [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||
Settlement and curtailment losses (gains) | $153 | ($153) | ||||||||||||||||||||
Curtailment (gain) loss | 0 | 2 | 1 | 2 | 0 | 3 | -154 | 3 | 2 | |||||||||||||
Defined benefit plan, discount rate | 4.10% | 4.50% | 4.75% | 3.85% | 4.00% | 4.50% | ||||||||||||||||
Defined benefit plan, expected return on plan assets | 8.75% | 9.00% | ||||||||||||||||||||
Impact to underfunded status of plan | 609 | |||||||||||||||||||||
Defined Benefit Plan, decrease to benefit obligation | 294 | 700 | 700 | |||||||||||||||||||
Defined benefit plan, actuarial gain (loss) | 95 | -138 | ||||||||||||||||||||
Prior service benefit (cost) | 199 | 838 | ||||||||||||||||||||
Reduction to other long term employee benefit expense | $18 | $18 |
LongTerm_Employee_Benefits_Sch
Long-Term Employee Benefits (Schedules of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $67 | $67 | $206 | $201 |
Interest cost | 272 | 290 | 816 | 882 |
Expected return on plan assets | -379 | -378 | -1,139 | -1,138 |
Amortization of (gain) loss | 244 | 222 | 724 | 661 |
Amortization of prior service cost (benefit) | 2 | 3 | 8 | 10 |
Curtailment (gain) loss | 0 | 2 | 1 | 2 |
Settlement loss | 0 | 0 | 152 | 0 |
Net periodic benefit cost | 206 | 206 | 768 | 618 |
Other Long-Term Employee Benefit Plans Defined Benefit [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7 | 9 | 23 | 28 |
Interest cost | 32 | 41 | 98 | 137 |
Amortization of (gain) loss | 26 | 24 | 51 | 68 |
Amortization of prior service cost (benefit) | -48 | -44 | -142 | -104 |
Curtailment (gain) loss | 0 | 3 | -154 | 3 |
Settlement loss | 0 | 0 | 1 | 0 |
Net periodic benefit cost | $17 | $33 | ($123) | $132 |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 27 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | |||||||||||||||||||
Imprelis [Member] | Imprelis [Member] | Imprelis [Member] | Imprelis [Member] | Imprelis [Member] | Agriculture [Member] | Agriculture [Member] | Agriculture [Member] | Agriculture [Member] | Agriculture [Member] | Agriculture [Member] | Agriculture [Member] | Agriculture [Member] | Agriculture [Member] | Electronics and Communications [Member] | Electronics and Communications [Member] | Electronics and Communications [Member] | Electronics and Communications [Member] | Industrial Biosciences [Member] | Industrial Biosciences [Member] | Industrial Biosciences [Member] | Industrial Biosciences [Member] | Nutrition and Health [Member] | Nutrition and Health [Member] | Nutrition and Health [Member] | Nutrition and Health [Member] | Performance Chemicals [Member] | Performance Chemicals [Member] | Performance Chemicals [Member] | Performance Chemicals [Member] | Performance Chemicals [Member] | Performance Chemicals [Member] | Performance Materials [Member] | Performance Materials [Member] | Performance Materials [Member] | Performance Materials [Member] | Safety and Protection [Member] | Safety and Protection [Member] | Safety and Protection [Member] | Safety and Protection [Member] | Pharmaceuticals [Member] | Pharmaceuticals [Member] | Pharmaceuticals [Member] | Pharmaceuticals [Member] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | INVISTA [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | Restructuring Program 2012 [Member] | ||||||||||||||||||||||||
Imprelis [Member] | Imprelis [Member] | Imprelis [Member] | Imprelis [Member] | Titanium Dioxide Antitrust Litigation [Member] | Titanium Dioxide Antitrust Litigation [Member] | Other [Member] | Agriculture [Member] | Agriculture [Member] | Electronics and Communications [Member] | Electronics and Communications [Member] | Industrial Biosciences [Member] | Industrial Biosciences [Member] | Nutrition and Health [Member] | Nutrition and Health [Member] | Performance Chemicals [Member] | Performance Chemicals [Member] | Performance Materials [Member] | Performance Materials [Member] | Safety and Protection [Member] | Safety and Protection [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $7,813 | $7,480 | $28,232 | $27,797 | $1,633 | $1,423 | $9,933 | [1] | $8,891 | $638 | $607 | $1,907 | $2,079 | $305 | $292 | $898 | $880 | $868 | $876 | $2,601 | $2,569 | $1,720 | $1,732 | $5,087 | $5,600 | $1,663 | $1,614 | $4,892 | $4,913 | $985 | $934 | $2,909 | $2,861 | $0 | $0 | $0 | $0 | $1 | $2 | $5 | $4 | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Transfers | 78 | 90 | 245 | 310 | 3 | 0 | 10 | [1] | 4 | 3 | 4 | 12 | 13 | 3 | 3 | 10 | 8 | 0 | 0 | 0 | 0 | 46 | 56 | 153 | 202 | 22 | 24 | 57 | 74 | 1 | 3 | 3 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||
Net sales | 7,735 | 7,390 | 27,987 | 27,487 | 1,630 | 1,423 | 9,923 | [1] | 8,887 | 635 | 603 | 1,895 | 2,066 | 302 | 289 | 888 | 872 | 868 | 876 | 2,601 | 2,569 | 1,674 | 1,676 | 4,934 | 5,398 | 1,641 | 1,590 | 4,835 | 4,839 | 984 | 931 | 2,906 | 2,852 | 0 | 0 | 0 | 0 | 1 | 2 | 5 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
PTOI | 741 | 461 | 4,759 | 4,845 | -102 | [2] | -198 | [2],[3] | 2,240 | [1],[2] | 1,772 | [2],[3] | 97 | -99 | [3],[4] | 241 | 181 | [3],[4],[5] | 45 | 37 | [3] | 129 | 118 | [3] | 81 | 64 | [3] | 218 | 248 | [3] | 182 | [6] | 410 | [3] | 697 | [6] | 1,575 | [3] | 374 | 230 | [3],[4] | 1,002 | 851 | [3],[4] | 171 | 92 | [3] | 481 | 432 | [3] | 5 | 10 | 27 | 53 | -112 | -85 | -276 | -385 | [7] | |||||||||||||||||||||||||||||
Segment net assets | 9,692 | 9,692 | 4,756 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase in net assets | 4,936 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Contingency | -65 | -125 | -180 | -440 | -930 | -65 | -125 | -180 | -440 | -72 | -72 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance recoveries | 25 | 25 | 25 | 25 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain on sale of equity method investment | 122 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge related to litigation settlement | -137 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charge | -93 | -93 | -3 | -3 | -7 | -7 | -3 | -3 | -13 | -13 | -3 | -3 | -9 | -9 | -55 | -55 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset Impairment Charges | ($242) | ($242) | ($150) | ($150) | ($92) | ($92) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | As of SeptemberB 30, 2013, AgricultureB net assets were $9,692, an increase of $4,936 from $4,756 at DecemberB 31, 2012. The increase was primarily due to higher trade receivables due to normal seasonality in the sales and cash collections cycle. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Included charges of $(65) and $(180), offset by $25 of insurance recoveries, during the three and nine months ended SeptemberB 30, 2013, respectively, and charges of $(125) and $(440) during the three and nine months ended SeptemberB 30, 2012, respectively, recorded in other operating charges associated with the company's process to fairly resolve claims associated with the use of ImprelisB.. See Note 9 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Included a $(93) restructuring charge impacting the following segments: Agriculture - $(3), Electronics & Communications - $(7), Industrial Biosciences - $(3), Nutrition & Health - $(13), Performance Chemicals - $(3), Performance Materials - $(9), and Safety & Protection - $(55). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Included a $(242) impairment charge recorded in employee separation/asset related charges, net related to asset groupings, which impacted the segments as follows: Electronics & Communications - $(150) and Performance Materials - $(92). See Note 3 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Included a $122 gain recorded in other income, net related to the sale of the company's interest in an equity method investment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Included a $(72) charge related to the titanium dioxide antitrust litigation. See Note 9 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | Included a $(137) charge recorded in other operating charges related to the company's settlement of litigation with INVISTA. |
Segment_Information_Reconcilia
Segment Information (Reconciliation to Consolidated Income Statements) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Information | ||||
Total segment PTOI | $741 | $461 | $4,759 | $4,845 |
Non operating pension and other post retirement employee benefit costs | -142 | -157 | -415 | -507 |
Net exchange losses, including affiliates | -101 | -130 | -55 | -161 |
Corporate expenses | -162 | -233 | -582 | -708 |
Interest expense | -108 | -116 | -340 | -347 |
Income (loss) from continuing operations before income taxes | $228 | ($175) | $3,367 | $3,122 |