Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 15, 2014 | |
Entity Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Entity Registrant Name | 'DUPONT E I DE NEMOURS & CO | ' |
Entity Central Index Key | '0000030554 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 915,242,000 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net sales | $9,706 | $9,844 | $19,834 | $20,252 |
Other income, net | 408 | 159 | 425 | 251 |
Total | 10,114 | 10,003 | 20,259 | 20,503 |
Cost of goods sold | 5,999 | 6,056 | 11,999 | 12,249 |
Other operating charges | 825 | 942 | 1,622 | 1,854 |
Selling, general and administrative expenses | 948 | 983 | 1,873 | 1,966 |
Research and development expense | 545 | 542 | 1,063 | 1,063 |
Interest expense | 94 | 115 | 197 | 232 |
Employee separation / asset related charges, net | 263 | 0 | 263 | 0 |
Total | 8,674 | 8,638 | 17,017 | 17,364 |
Income from continuing operations before income taxes | 1,440 | 1,365 | 3,242 | 3,139 |
Provision for income taxes on continuing operations | 366 | 335 | 723 | 722 |
Income from continuing operations after income taxes | 1,074 | 1,030 | 2,519 | 2,417 |
Income from discontinued operations after income taxes | 0 | 4 | 0 | 1,972 |
Net income | 1,074 | 1,034 | 2,519 | 4,389 |
Less: Net income attributable to noncontrolling interests | 4 | 4 | 10 | 11 |
Net income attributable to DuPont | $1,070 | $1,030 | $2,509 | $4,378 |
Basic earnings per share of common stock from continuing operations | $1.16 | $1.11 | $2.72 | $2.59 |
Basic earnings per share of common stock from discontinued operations | $0 | $0 | $0 | $2.13 |
Basic earnings per share of common stock | $1.16 | $1.11 | $2.72 | $4.73 |
Diluted earnings per share of common stock from continuing operations | $1.15 | $1.10 | $2.70 | $2.58 |
Diluted earnings per share of common stock from discontinued operations | $0 | $0 | $0 | $2.12 |
Diluted earnings per share of common stock | $1.15 | $1.11 | $2.70 | $4.69 |
Dividends per share of common stock | $0.45 | $0.45 | $0.90 | $0.88 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Net income | $1,074 | $1,034 | $2,519 | $4,389 | ||||
Cumulative translation adjustment | -59 | -14 | -131 | -223 | ||||
Additions and revaluations of derivatives designated as cash flow hedges | -12 | [1] | -8 | [1] | 26 | [1] | -24 | [1] |
Clearance of hedge results to earnings | 13 | -18 | 31 | -28 | ||||
Net revaluation and clearance of cash flow hedges to earnings | 1 | -26 | 57 | -52 | ||||
Net unrealized gain on securities | 0 | 3 | 0 | 1 | ||||
Other comprehensive (loss) income, before tax | -44 | 185 | 52 | 244 | ||||
Income tax expense related to items of other comprehensive income | -7 | -67 | -64 | -142 | ||||
Other comprehensive (loss) income, net of tax | -51 | 118 | -12 | 102 | ||||
Comprehensive income | 1,023 | 1,152 | 2,507 | 4,491 | ||||
Less: comprehensive income attributable to noncontrolling interests | 4 | 4 | 10 | 11 | ||||
Comprehensive income attributable to DuPont | 1,019 | 1,148 | 2,497 | 4,480 | ||||
Pension Plans [Member] | ' | ' | ' | ' | ||||
Net gain (loss) | -103 | 0 | -102 | 56 | ||||
Amortization of prior service cost (benefit) | 0 | 3 | 1 | 6 | ||||
Amortization of loss | 150 | 239 | 299 | 480 | ||||
Curtailment / settlement loss (gain) | 6 | 0 | 6 | 153 | ||||
Benefit plans, net | 53 | 242 | 204 | 695 | ||||
Other Long-Term Employee Benefit Plans [Member] | ' | ' | ' | ' | ||||
Net gain (loss) | 0 | 28 | 0 | 45 | ||||
Amortization of prior service cost (benefit) | -53 | -46 | -106 | -94 | ||||
Amortization of loss | 14 | -2 | 28 | 25 | ||||
Curtailment / settlement loss (gain) | 0 | 0 | 0 | -153 | ||||
Benefit plans, net | ($39) | ($20) | ($78) | ($177) | ||||
[1] | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $4,174 | $8,941 |
Marketable securities | 173 | 145 |
Accounts and notes receivable, net | 8,896 | 6,047 |
Inventories | 6,940 | 8,042 |
Prepaid expenses | 252 | 206 |
Deferred income taxes | 894 | 775 |
Assets held for sale | 0 | 228 |
Total current assets | 21,329 | 24,384 |
Property, plant and equipment, net of accumulated depreciation (June 30, 2014 - $19,961; December 31, 2013 - $19,438) | 13,035 | 12,993 |
Goodwill | 4,686 | 4,713 |
Other intangible assets | 4,885 | 5,096 |
Investment in affiliates | 982 | 1,011 |
Deferred income taxes | 2,420 | 2,353 |
Other assets | 977 | 949 |
Total | 48,314 | 51,499 |
Liabilities and Equity | ' | ' |
Accounts payable | 3,542 | 5,180 |
Short-term borrowings and capital lease obligations | 2,506 | 1,721 |
Income taxes | 763 | 247 |
Other accrued liabilities | 4,228 | 6,219 |
Total current liabilities | 11,039 | 13,367 |
Long-term borrowings and capital lease obligations | 9,292 | 10,741 |
Other liabilities | 9,931 | 10,179 |
Deferred income taxes | 924 | 926 |
Total liabilities | 31,186 | 35,213 |
Commitments and contingent liabilities | ' | ' |
Stockholders' equity | ' | ' |
Preferred stock | 237 | 237 |
Common stock, $0.30 par value; 1,800,000,000 shares authorized; Issued at June 30, 2014 - 1,003,546,000; December 31, 2013 - 1,014,027,000 | 301 | 304 |
Additional paid-in capital | 11,168 | 11,072 |
Reinvested earnings | 17,572 | 16,784 |
Accumulated other comprehensive loss | -5,453 | -5,441 |
Common stock held in treasury, at cost (87,584,000 shares at June 30, 2014 and 87,041,000 at December 31, 2013) | -6,762 | -6,727 |
Total DuPont stockholders' equity | 17,063 | 16,229 |
Noncontrolling interests | 65 | 57 |
Total equity | 17,128 | 16,286 |
Total | $48,314 | $51,499 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accumulated depreciation | $19,961 | $19,438 |
Common stock, par value | $0.30 | $0.30 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 1,003,546,000 | 1,014,027,000 |
Common stock held in treasury, shares | 87,584,000 | 87,041,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net income | $2,519 | $4,389 |
Adjustments to reconcile net income to cash used for operating activities: | ' | ' |
Depreciation | 635 | 644 |
Amortization of intangible assets | 245 | 193 |
Other operating charges and credits - net | 631 | 185 |
Gain on sale of business | -398 | -2,682 |
Contributions to pension plans | -168 | -176 |
Change in operating assets and liabilities - net | -5,535 | -5,184 |
Cash used for operating activities | -2,071 | -2,631 |
Investing activities | ' | ' |
Purchases of property, plant and equipment | -781 | -757 |
Investments in affiliates | -23 | -31 |
Proceeds from sale of business - net | 639 | 4,815 |
Proceeds from sales of assets - net | 10 | 88 |
Net increase in short-term financial instruments | -22 | -99 |
Forward exchange contract settlements | -63 | 58 |
Other investing activities - net | 8 | 8 |
Cash (used for) provided by investing activities | -232 | 4,082 |
Financing activities | ' | ' |
Dividends paid to stockholders | -836 | -823 |
Net (decrease) increase in borrowings | -631 | 2,369 |
Repurchase of common stock | 1,061 | 1,000 |
Proceeds from exercise of stock options | 214 | 384 |
Other financing activities - net | -76 | 74 |
Cash (used for) provided by financing activities | -2,390 | 1,004 |
Effect of exchange rate changes on cash | -74 | -149 |
(Decrease) increase in cash and cash equivalents | -4,767 | 2,306 |
Cash and cash equivalents at beginning of period | 8,941 | 4,379 |
Cash and cash equivalents at end of period | $4,174 | $6,685 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
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, 2013, collectively referred to as the “2013 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. In February 2013, the company sold 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 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. | |
Venezuelan Foreign Currency | |
Venezuela is considered a highly inflationary economy under GAAP and the U.S. dollar (USD) is the functional currency for the company's subsidiaries in Venezuela. During the first quarter 2014, the Venezuelan government enacted certain changes to the country’s foreign exchange systems including the expansion of the use of the Complementary System of Foreign Currency Acquirement (“SICAD 1”) auction rate and introduction of the SICAD 2 auction process. The official exchange rate continues to be set through the National Center for Foreign Commerce (CENCOEX, previously CADIVI) at 6.3 Bolivar Fuertes (BsF) to USD. The SICAD 1 and SICAD 2 exchange rates were 10.60 BsF and 49.98 BsF, respectively, at June 30, 2014. Based on its evaluation of the restrictions and limitations affecting the availability of specific exchange rate mechanisms, management has concluded that the SICAD 2 auction process would be the most likely mechanism available. As a result, effective June 30, 2014, the company changed from the official exchange rate of 6.3 to the SICAD 2 exchange rate to remeasure its BsF denominated net monetary assets, which resulted in a $58 pre-tax charge within other income, net in the second quarter 2014. Subsequent to June 30, 2014, the company expects it will use the SICAD 2 exchange rate to remeasure its Venezuelan BsF denominated revenues, expenses and net monetary assets unless facts and circumstances change. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-9, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The ASU is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted under GAAP and retrospective application is permitted, but not required. The company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. | |
In April 2014, the FASB issued authoritative guidance amending existing requirements for reporting discontinued operations. Under the new guidance, discontinued operations reporting will be limited to disposal transactions that represent strategic shifts having a major effect on operations and financial results. The amended guidance also enhances disclosures and requires assets and liabilities of a discontinued operation to be classified as such for all periods presented in the financial statements. Public entities will apply the amended guidance prospectively to all disposals occurring within annual periods beginning on or after December 15, 2014 and interim periods within those years. The company will adopt this standard on January 1, 2015. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosures of future disposal transactions after adoption may be different than under current standards. |
Divestitures_and_Other_Transac
Divestitures and Other Transactions | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' | ||||||
Divestitures and Other Transactions | |||||||
Glass Laminating Solutions/Vinyls | |||||||
In June 2014, the company sold Glass Laminating Solutions/Vinyls (GLS/Vinyls), a part of the Performance Materials segment, to Kuraray Co. Ltd. The sale resulted in a pre-tax gain of $391 ($273 net of tax). The gain was recorded in other income, net in the company's interim Consolidated Income Statements for the three and six-months ended June 30, 2014. | |||||||
Performance Chemicals | |||||||
On October 24, 2013, DuPont announced that it intends to separate its Performance Chemicals segment through a U.S. tax-free spin-off to shareholders, subject to customary closing conditions. The company expects to complete the separation about mid-2015. During the three and six months ended June 30, 2014, the company incurred $35 and $51 of costs associated with the transaction which were reported in other operating charges in the interim Consolidated Income Statements. These transaction costs primarily relate to professional fees associated with preparation of regulatory filings and separation activities within finance, legal and information system functions. | |||||||
Performance Coatings | |||||||
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 $2,682 ($1,943 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 six months ended June 30, 2013. | |||||||
The results of discontinued operations are summarized below: | |||||||
Three Months Ended | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2013 | 2013 | ||||||
Net sales | $ | — | $ | 331 | |||
(Loss) income before income taxes | $ | (2 | ) | $ | 2,713 | ||
(Benefit from) provision for income taxes | (6 | ) | 741 | ||||
Income from discontinued operations after income taxes | $ | 4 | $ | 1,972 | |||
Employee_Separation_Asset_Rela
Employee Separation / Asset Related Charges, Net | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||
Employee Separation / Asset Related Charges, Net | ' | ||||||||||||
Employee Separation / Asset Related Charges, Net | |||||||||||||
2014 Restructuring Program | |||||||||||||
In the second quarter 2014, DuPont commenced a restructuring plan to reduce residual costs associated with the separation of its Performance Chemicals segment and to improve productivity across all businesses and functions. The restructuring plan is a part of the company's broad-based redesign initiative to streamline and further leverage global business support for its more focused portfolio of businesses post the separation of Performance Chemicals. As a result, during the three months ended June 30, 2014 a pre-tax charge of $263 was recorded in employee separation / asset related charges, net in the company's interim Consolidated Income Statements. The charge consisted of $166 employee separation costs, $3 of other non-personnel charges and $94 of asset shut down costs. The actions associated with this charge and all related payments are expected to be substantially complete by December 31, 2015. The company anticipates that it will incur future charges, which it cannot reasonably estimate at this time, related to this plan as it implements additional actions. | |||||||||||||
The second quarter 2014 charge impacted segment earnings as follows: Agriculture - $47, Electronics & Communications - $68, Industrial Biosciences - $2, Nutrition & Health - $8, Performance Chemicals - $19, Performance Materials - $29, and Safety & Protection - $31, Other - $2, as well as Corporate expenses - $57. | |||||||||||||
Account balances and activity for the 2014 restructuring program are summarized below: | |||||||||||||
Employee Separation Costs | Other Non-Personnel Charges | Asset | Total | ||||||||||
Shut Down | |||||||||||||
Costs | |||||||||||||
Charges to income for the three and six months ended June 30, 2014 | $ | 166 | $ | 3 | $ | 94 | $ | 263 | |||||
Charges to accounts: | |||||||||||||
Payments | (3 | ) | — | — | (3 | ) | |||||||
Asset write-offs and adjustments | — | — | (94 | ) | (94 | ) | |||||||
Balance as of June 30, 2014 | $ | 163 | $ | 3 | $ | — | $ | 166 | |||||
Other_Income_Net
Other Income, Net | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Other Income, Net | ' | ||||||||||||
Other Income, Net | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Royalty income | $ | 34 | $ | 50 | $ | 72 | $ | 87 | |||||
Interest income | 43 | 45 | 71 | 72 | |||||||||
Equity in earnings (losses) of affiliates, excluding exchange gains/losses1 | 9 | (7 | ) | 22 | (14 | ) | |||||||
Gain on sale of equity method investment | — | 9 | — | 9 | |||||||||
Net gain on sales of businesses and other assets | 404 | 5 | 411 | 10 | |||||||||
Net exchange (losses) gains1 | (109 | ) | 35 | (205 | ) | 46 | |||||||
Cozaar®/Hyzaar® income | — | 12 | 1 | 14 | |||||||||
Miscellaneous income and expenses, net 2 | 27 | 10 | 53 | 27 | |||||||||
Other income, net | $ | 408 | $ | 159 | $ | 425 | $ | 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. Exchange gains (losses) related to earnings of affiliates was $0 and $(2) for the three and six months ended June 30, 2014, respectively. Exchange gains (losses) related to earnings of affiliates was $0 and $5 for the three and six months ended June 30, 2013, respectively. The $(109) net exchange loss for the three months ended June 30, 2014, includes $(58) and $(7) exchange losses, associated with the devaluation of the Venezuelan bolivar and Ukrainian hryvnia , respectively. The $(205) net exchange loss for the six months ended June 30, 2014, includes $(58), $(46) and $(14) exchange losses, associated with the devaluation of the Venezuelan bolivar, Ukrainian hryvnia, and Argentinian peso, respectively. The $35 and $46 net exchange gain for the three and six months ended June 30, 2013, includes a $3 exchange gain and a $(33) exchange loss, respectively, 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 | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Provision for Income Taxes | ' |
Income Taxes | |
In the second quarter 2014, the company recorded a tax provision on continuing operations of $366, including $3 of tax expense, primarily associated with the company’s policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations. | |
Year-to-date 2014, company recorded a tax provision on continuing operations of $723, including $25 of tax benefit, primarily associated with the company’s policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations. | |
In the second quarter 2013, the company recorded a tax provision on continuing operations of $335, including $16 of tax expense, 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 $49 of tax expense related to a change in accrual for a prior year tax position and a $33 tax benefit related to an enacted foreign tax law change. | |
Year-to-date 2013, the company recorded a tax provision on continuing operations of $722 , including $50 of tax expense primarily associated with the company’s policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations. Included in the provision were the second quarter 2013 items noted above and a $68 tax benefit derived from the 2013 extension of certain U.S. business tax provisions offset by $26 of tax expense related to the global distribution of the proceeds from the sale of the Performance Coatings business. | |
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 net reductions to the company’s global unrecognized tax benefits could be in the range of $100 to $125 within the next twelve months with the majority due to the settlement of uncertain tax positions with various tax authorities. |
Earnings_Per_Share_of_Common_S
Earnings Per Share of Common Stock | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 per share calculations for the periods indicated: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Income from continuing operations after income taxes attributable to DuPont | $ | 1,070 | $ | 1,026 | $ | 2,509 | $ | 2,406 | |||||
Preferred dividends | (3 | ) | (2 | ) | (5 | ) | (5 | ) | |||||
Income from continuing operations after income taxes available to DuPont common stockholders | $ | 1,067 | $ | 1,024 | $ | 2,504 | $ | 2,401 | |||||
Income from discontinued operations after income taxes | $ | — | $ | 4 | $ | — | $ | 1,972 | |||||
Net income available to common stockholders | $ | 1,067 | $ | 1,028 | $ | 2,504 | $ | 4,373 | |||||
Denominator: | |||||||||||||
Weighted-average number of common shares outstanding - Basic | 918,684,000 | 922,684,000 | 921,058,000 | 925,500,000 | |||||||||
Dilutive effect of the company’s employee compensation plans | 6,903,000 | 6,796,000 | 7,087,000 | 6,811,000 | |||||||||
Weighted-average number of common shares outstanding - Diluted | 925,587,000 | 929,480,000 | 928,145,000 | 932,311,000 | |||||||||
The following average number of stock options were antidilutive, and therefore, were not included in the diluted earnings per share calculations: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Average number of stock options | 4,000 | — | 2,000 | 5,192,000 | |||||||||
The change in the average number of stock options that were antidilutive in the three and six months ended June 30, 2014 compared to the same period last year was due to changes in the company’s average stock price. |
Inventories
Inventories | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventory, Net [Abstract] | ' | ||||||
Inventories | ' | ||||||
Inventories | |||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Finished products | $ | 4,210 | $ | 4,645 | |||
Semi-finished products | 2,107 | 2,576 | |||||
Raw materials, stores and supplies | 1,160 | 1,360 | |||||
7,477 | 8,581 | ||||||
Adjustment of inventories to a last-in, first-out (LIFO) basis | (537 | ) | (539 | ) | |||
Total | $ | 6,940 | $ | 8,042 | |||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
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 six months ended June 30, 2014. | |||||||||||||||||||
The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amortization | Amortization | ||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||
Customer lists | $ | 1,799 | $ | (441 | ) | $ | 1,358 | $ | 1,818 | $ | (393 | ) | $ | 1,425 | |||||
Patents | 516 | (184 | ) | 332 | 519 | (160 | ) | 359 | |||||||||||
Purchased and licensed technology | 2,045 | (1,277 | ) | 768 | 1,999 | (1,129 | ) | 870 | |||||||||||
Trademarks | 36 | (17 | ) | 19 | 43 | (17 | ) | 26 | |||||||||||
Other 1 | 240 | (104 | ) | 136 | 242 | (106 | ) | 136 | |||||||||||
4,636 | (2,023 | ) | 2,613 | 4,621 | (1,805 | ) | 2,816 | ||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||
In-process research and development | 41 | — | 41 | 43 | — | 43 | |||||||||||||
Microbial cell factories 2 | 306 | — | 306 | 306 | — | 306 | |||||||||||||
Pioneer germplasm 3 | 1,050 | — | 1,050 | 1,050 | — | 1,050 | |||||||||||||
Trademarks/tradenames | 875 | — | 875 | 881 | — | 881 | |||||||||||||
2,272 | — | 2,272 | 2,280 | — | 2,280 | ||||||||||||||
Total | $ | 6,908 | $ | (2,023 | ) | $ | 4,885 | $ | 6,901 | $ | (1,805 | ) | $ | 5,096 | |||||
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 $119 and $245 for the three and six months ended June 30, 2014 , respectively, and $87 and $193 for the three and six months ended June 30, 2013, respectively. The estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2014 and each of the next five years is approximately $128, $383, $352, $232, $229 and $224, respectively. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
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 June 30, 2014 and December 31, 2013, the company had directly guaranteed $510 and $561, 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 42 percent of the $321 of guaranteed obligations of customers and suppliers. Set forth below are the company's guaranteed obligations at June 30, 2014: | ||||||||||
Short-Term | Long-Term | Total | ||||||||
Obligations for customers and suppliers1: | ||||||||||
Bank borrowings (terms up to 7 years) | $ | 249 | $ | 70 | $ | 319 | ||||
Leases on equipment and facilities (terms up to 4 years) | — | 2 | 2 | |||||||
Obligations for equity affiliates2: | ||||||||||
Bank borrowings (terms less than 1 year) | 189 | — | 189 | |||||||
Total | $ | 438 | $ | 72 | $ | 510 | ||||
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 were consolidated in multidistrict litigation in federal court in Philadelphia, Pennsylvania. In February 2014, the court entered the final order dismissing these lawsuits as a result of the class action settlement. The appeal by one class member was resolved in the second quarter 2014. | ||||||||||
As part of the settlement, DuPont paid 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. Certain class members opted out of the settlement. The opt-outs have filed about 125 individual actions encompassing about 420 claims for property and related damage 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 June 30, 2014, DuPont had recorded charges of $1,175, within other operating charges, to resolve these claims, which represents the company's best estimate of the loss associated with resolving these claims. The company did not take any charges related to this matter during the three and six months ended June 30, 2014. The three and six months ended June 30, 2013 included charges of $80 and $115, respectively. At June 30, 2014, DuPont had accruals of $364 related to these claims. 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. Insurance recoveries are recognized when realized. 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. To date the company has recognized and received insurance recoveries of $73. | ||||||||||
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 June 30, 2014, DuPont has accruals of $14 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 and voluntary commitments 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 the Director of Medical Monitoring, who is in the process of setting up a program, to implement the medical panel's recommendations. Testing has not yet begun and no money has been disbursed from the fund. | ||||||||||
In addition, under the settlement agreement, 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. | ||||||||||
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 June 30, 2014, there were approximately 2,290 lawsuits filed in various federal and state courts in Ohio and West Virginia of which about 400 had been served on DuPont, an increase of about 1,000 in the number of lawsuits filed and 300 in the number of lawsuits served, respectively, over March 31, 2014. These lawsuits have been or will be consolidated in multi-district litigation in Ohio federal court (“MDL”). These lawsuits allege personal injury and 7 of them allege wrongful death from exposure to PFOA in drinking water. Based on comments from attorneys for the plaintiffs, DuPont expects additional lawsuits may be filed. In the MDL a “discovery pool” of 20 plaintiffs has been established from which individual cases will be selected for the initial trials. The first trial is scheduled to begin in September 2015, and the second in November 2015. DuPont denies the allegations in these lawsuits and is defending itself vigorously. | ||||||||||
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). In the second quarter 2014, DuPont filed a motion for summary judgment which if granted, will be dispositive of this matter. The LHWA has moved for partial summary judgment. DuPont denies these claims and is defending itself vigorously. | ||||||||||
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. DuPont believes that it is reasonably possible that it could incur losses related to the other PFOA matters discussed above; however, a range of such losses, if any, cannot be reasonably estimated at this time. | ||||||||||
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 2013 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 June 30, 2014, the Condensed Consolidated Balance Sheet included a liability of $474, 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 June 30, 2014. |
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity | ' | |||||||||||||||||||
Stockholders’ Equity | ||||||||||||||||||||
Share Repurchase Program | ||||||||||||||||||||
In January 2014, the company's Board of Directors authorized a $5,000 share buyback plan that replaced the 2011 plan. There is no required completion date for purchases under the 2014 plan. In February 2014, the company entered into an accelerated share repurchase ("ASR") agreement with a financial institution. Under the terms of the ASR agreement, the company paid $1,000 to the financial institution and received and retired 15.1 million shares. The ASR was completed in the second quarter 2014. During the three and six months ended June 30, 2014, the company repurchased 0.5 million shares and 1.5 million shares in the open market for a total cost of $35 and $97, respectively. These shares were retired upon receipt. | ||||||||||||||||||||
In December 2012, the company's Board of Directors authorized a $1,000 share buyback plan. In February 2013, the company entered into an 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. | ||||||||||||||||||||
Other Comprehensive (Loss) Income | ||||||||||||||||||||
A summary of the changes in other comprehensive (loss) income for the three and six months ended June 30, 2014 and 2013 is provided as follows: | ||||||||||||||||||||
Three Months Ended | Three Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | (59 | ) | $ | — | $ | (59 | ) | $ | (14 | ) | $ | — | $ | (14 | ) | ||||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (12 | ) | 4 | (8 | ) | (8 | ) | 2 | (6 | ) | See (2) below | |||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | 1 | (1 | ) | — | (7 | ) | 3 | (4 | ) | Net sales | ||||||||||
Commodity contracts | 12 | (4 | ) | 8 | (11 | ) | 4 | (7 | ) | Cost of goods sold | ||||||||||
Net revaluation and clearance of cash flow hedges to earnings | 1 | (1 | ) | — | (26 | ) | 9 | (17 | ) | |||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net loss | (103 | ) | 33 | (70 | ) | — | — | — | See (2) below | |||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service cost | — | — | — | 3 | (1 | ) | 2 | See (3) below | ||||||||||||
Amortization of loss | 150 | (52 | ) | 98 | 239 | (82 | ) | 157 | See (3) below | |||||||||||
Curtailment loss | 4 | (1 | ) | 3 | — | — | — | See (3) below | ||||||||||||
Settlement loss | 2 | — | 2 | — | — | — | See (3) below | |||||||||||||
Pension benefit plans, net | 53 | (20 | ) | 33 | 242 | (83 | ) | 159 | ||||||||||||
Other benefit plans: | ||||||||||||||||||||
Net gain | — | — | — | 28 | (9 | ) | 19 | See (2) below | ||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (53 | ) | 19 | (34 | ) | (46 | ) | 17 | (29 | ) | See (3) below | |||||||||
Amortization of loss (gain) | 14 | (5 | ) | 9 | (2 | ) | — | (2 | ) | See (3) below | ||||||||||
Other benefit plans, net | (39 | ) | 14 | (25 | ) | (20 | ) | 8 | (12 | ) | ||||||||||
Net unrealized gain on securities | — | — | — | 3 | (1 | ) | 2 | |||||||||||||
Other comprehensive (loss) income | $ | (44 | ) | $ | (7 | ) | $ | (51 | ) | $ | 185 | $ | (67 | ) | $ | 118 | ||||
Six Months Ended | Six Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | (131 | ) | $ | — | $ | (131 | ) | $ | (223 | ) | $ | — | $ | (223 | ) | ||||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | 26 | (10 | ) | 16 | (24 | ) | 9 | (15 | ) | See (2) below | ||||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | 2 | (1 | ) | 1 | (3 | ) | 1 | (2 | ) | Net sales | ||||||||||
Commodity contracts | 29 | (11 | ) | 18 | (25 | ) | 10 | (15 | ) | Cost of goods sold | ||||||||||
Net revaluation and clearance of cash flow hedges to earnings | 57 | (22 | ) | 35 | (52 | ) | 20 | (32 | ) | |||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net (loss) gain | (102 | ) | 33 | (69 | ) | 56 | (14 | ) | 42 | See (2) below | ||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service cost | 1 | — | 1 | 6 | (2 | ) | 4 | See (3) below | ||||||||||||
Amortization of loss | 299 | (103 | ) | 196 | 480 | (164 | ) | 316 | See (3) below | |||||||||||
Curtailment loss | 4 | (1 | ) | 3 | 1 | — | 1 | See (3) below | ||||||||||||
Settlement loss | 2 | — | 2 | 152 | (45 | ) | 107 | See (3) below | ||||||||||||
Pension benefit plans, net | 204 | (71 | ) | 133 | 695 | (225 | ) | 470 | ||||||||||||
Other benefit plans: | ||||||||||||||||||||
Net gain | — | — | — | 45 | (15 | ) | 30 | See (2) below | ||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (106 | ) | 38 | (68 | ) | (94 | ) | 34 | (60 | ) | See (3) below | |||||||||
Amortization of loss | 28 | (9 | ) | 19 | 25 | (9 | ) | 16 | See (3) below | |||||||||||
Curtailment gain | — | — | — | (154 | ) | 54 | (100 | ) | See (3) below | |||||||||||
Settlement loss | — | — | — | 1 | — | 1 | See (3) below | |||||||||||||
Other benefit plans, net | (78 | ) | 29 | (49 | ) | (177 | ) | 64 | (113 | ) | ||||||||||
Net unrealized gain on securities | — | — | — | 1 | (1 | ) | — | |||||||||||||
Other comprehensive income (loss) | $ | 52 | $ | (64 | ) | $ | (12 | ) | $ | 244 | $ | (142 | ) | $ | 102 | |||||
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 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 | |||||||||||||||
2014 | ||||||||||||||||||||
Balance January 1, 2014 | $ | (140 | ) | $ | (48 | ) | $ | (5,749 | ) | $ | 494 | $ | 2 | $ | (5,441 | ) | ||||
Other comprehensive (loss) income before reclassifications | (131 | ) | 16 | (69 | ) | — | — | (184 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 19 | 202 | (49 | ) | — | 172 | |||||||||||||
Balance June 30, 2014 | $ | (271 | ) | $ | (13 | ) | $ | (5,616 | ) | $ | 445 | $ | 2 | $ | (5,453 | ) | ||||
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 | (223 | ) | (15 | ) | 42 | 30 | 1 | (165 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (17 | ) | 428 | (143 | ) | (1 | ) | 267 | |||||||||||
Balance June 30, 2013 | $ | (390 | ) | $ | (29 | ) | $ | (8,216 | ) | $ | 89 | $ | 2 | $ | (8,544 | ) | ||||
Financial_Instruments
Financial Instruments | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
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 2013 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 $12,500 and $12,860 as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||
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 2013 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 $0 and $5,116 of money market funds (level 1 measurements) as of June 30, 2014 and December 31, 2013, respectively. The company held $2,526 and $2,256 of other cash equivalents (level 2 measurements) as of June 30, 2014 and December 31, 2013, 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: | ||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | $ | 1,000 | $ | 1,000 | ||||||||||
Foreign currency contracts | 853 | 1,107 | ||||||||||||
Commodity contracts | 144 | 606 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | 12,845 | 9,553 | ||||||||||||
Commodity contracts | 86 | 281 | ||||||||||||
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 June 30, 2014, 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 loss for the three and six months ended June 30, 2014 and 2013: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Beginning balance | $ | (13 | ) | $ | (12 | ) | $ | (48 | ) | $ | 3 | |||
Additions and revaluations of derivatives designated as cash flow hedges | (8 | ) | (6 | ) | 16 | (15 | ) | |||||||
Clearance of hedge results to earnings | 8 | (11 | ) | 19 | (17 | ) | ||||||||
Ending balance | $ | (13 | ) | $ | (29 | ) | $ | (13 | ) | $ | (29 | ) | ||
At June 30, 2014, the after-tax amount expected to be reclassified from accumulated other comprehensive loss into earnings over the next 12 months is $(7). | ||||||||||||||
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 had cross-currency swaps to hedge foreign currency fluctuations on long-term intercompany loans. These swaps matured during 2013. | ||||||||||||||
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 2013 Annual Report in Note 1, “Summary of Significant Accounting Policies.” | ||||||||||||||
Fair Value Using Level 2 Inputs | ||||||||||||||
Balance Sheet Location | 30-Jun-14 | December 31, 2013 | ||||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps1 | Accounts and notes receivable, net | $ | 16 | $ | — | |||||||||
Interest rate swaps1 | Other assets | — | 29 | |||||||||||
Foreign currency contracts | Accounts and notes receivable, net | 5 | 6 | |||||||||||
21 | 35 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts2 | Accounts and notes receivable, net | 39 | 86 | |||||||||||
Total asset derivatives3 | $ | 60 | $ | 121 | ||||||||||
Cash collateral1,2 | Other accrued liabilities | $ | 16 | $ | 30 | |||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | $ | — | $ | 4 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | 55 | 70 | |||||||||||
Commodity contracts | Other accrued liabilities | 1 | 1 | |||||||||||
56 | 71 | |||||||||||||
Total liability derivatives3 | $ | 56 | $ | 75 | ||||||||||
1 | Cash collateral held as of June 30, 2014 and December 31, 2013 represents $12 and $17, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||||||||||||
2 | Cash collateral held as of June 30, 2014 and December 31, 2013 represents $4 and $13, 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 $37 at June 30, 2014 and $54 at December 31, 2013. | |||||||||||||
Effect of Derivative Instruments | ||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 | Recognized in Income2 | |||||||||||||
(Effective Portion) | ||||||||||||||
Three Months Ended June 30, | 2014 | 2013 | 2014 | 2013 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (6 | ) | $ | (8 | ) | Interest expense3 | |||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | — | 2 | (1 | ) | 7 | Net sales | ||||||||
Commodity contracts | (12 | ) | (10 | ) | (12 | ) | 11 | Cost of goods sold | ||||||
(12 | ) | (8 | ) | (19 | ) | 10 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | (70 | ) | 90 | Other income, net4 | ||||||||
Commodity contracts | — | — | (1 | ) | (14 | ) | Cost of goods sold | |||||||
— | — | (71 | ) | 76 | ||||||||||
Total derivatives | $ | (12 | ) | $ | (8 | ) | $ | (90 | ) | $ | 86 | |||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 (Effective Portion) | Recognized in Income2 | |||||||||||||
Six Months Ended June 30, | 2014 | 2013 | 2014 | 2013 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (13 | ) | $ | (15 | ) | Interest expense3 | |||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | (1 | ) | 16 | (2 | ) | 3 | Net sales | |||||||
Commodity contracts | 27 | (40 | ) | (29 | ) | 25 | Cost of goods sold | |||||||
26 | (24 | ) | (44 | ) | 13 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | (116 | ) | 196 | Other income, net4 | ||||||||
Commodity contracts | — | — | (25 | ) | (8 | ) | Cost of goods sold | |||||||
— | — | (141 | ) | 188 | ||||||||||
Total derivatives | $ | 26 | $ | (24 | ) | $ | (185 | ) | $ | 201 | ||||
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 six months ended June 30, 2014 and 2013, 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, 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 $19 and $(55) for the three months ended June 30, 2014 and 2013, respectively, and $(31) and $(150) for the six months ended June 30, 2014 and 2013, respectively. |
LongTerm_Employee_Benefits
Long-Term Employee Benefits | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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. | |||||||||||||
The following sets forth the components of the company’s net periodic benefit cost for pensions: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 60 | $ | 68 | $ | 120 | $ | 139 | |||||
Interest cost | 293 | 271 | 585 | 544 | |||||||||
Expected return on plan assets | (404 | ) | (378 | ) | (806 | ) | (760 | ) | |||||
Amortization of loss | 150 | 239 | 299 | 480 | |||||||||
Amortization of prior service cost | — | 3 | 1 | 6 | |||||||||
Curtailment loss | 4 | — | 4 | 1 | |||||||||
Settlement loss | 2 | — | 2 | 152 | |||||||||
Net periodic benefit cost | $ | 105 | $ | 203 | $ | 205 | $ | 562 | |||||
Other Long-Term Employee Benefit Plans | |||||||||||||
In conjunction with the sale of the Performance Coatings business noted above, the company recorded a net $153 settlement and curtailment gain. See Note 2 for additional information. | |||||||||||||
The following sets forth the components of the company’s net periodic benefit cost for other long-term employee benefits: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 5 | $ | 8 | $ | 9 | $ | 16 | |||||
Interest cost | 30 | 33 | 61 | 66 | |||||||||
Amortization of loss (gain) | 14 | (2 | ) | 28 | 25 | ||||||||
Amortization of prior service benefit | (53 | ) | (46 | ) | (106 | ) | (94 | ) | |||||
Curtailment gain | — | — | — | (154 | ) | ||||||||
Settlement loss | — | — | — | 1 | |||||||||
Net periodic benefit cost | $ | (4 | ) | $ | (7 | ) | $ | (8 | ) | $ | (140 | ) |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||||||||||||
Segment sales include transfers to another business segment. Segment pre-tax operating income (loss) (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. | ||||||||||||||||||||||||||||||||||||||
The earnings from the previous Pharmaceuticals segment are expected to be insignificant in 2014 and therefore, effective January 1, 2014, the results are reported within Other. Viton® fluoroelastomer products ("Viton®") will be included in the Performance Chemicals separation and therefore, effective April 30, 2014, the results are reported within Performance Chemicals. Viton® was previously reported within Performance Materials. 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 & | Other | Total | |||||||||||||||||||||||||||||
Ended June 30, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 3,615 | $ | 617 | $ | 317 | $ | 926 | $ | 1,696 | $ | 1,582 | $ | 1,029 | $ | 1 | $ | 9,783 | ||||||||||||||||||||
Less: Transfers | 5 | 4 | 4 | — | 48 | 15 | 1 | — | 77 | |||||||||||||||||||||||||||||
Net sales | 3,610 | 613 | 313 | 926 | 1,648 | 1,567 | 1,028 | 1 | 9,706 | |||||||||||||||||||||||||||||
PTOI | 789 | 2 | 21 | 2 | 57 | 2 | 97 | 2 | 232 | 2 | 665 | 2,3 | 178 | 2 | (84 | ) | 2 | 1,955 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 3,631 | $ | 653 | $ | 304 | $ | 865 | $ | 1,837 | $ | 1,615 | $ | 1,017 | $ | 3 | $ | 9,925 | ||||||||||||||||||||
Less: Transfers | 2 | 5 | 4 | — | 53 | 16 | 1 | — | 81 | |||||||||||||||||||||||||||||
Net sales | 3,629 | 648 | 300 | 865 | 1,784 | 1,599 | 1,016 | 3 | 9,844 | |||||||||||||||||||||||||||||
PTOI | 861 | 4 | 95 | 43 | 61 | 268 | 332 | 172 | (55 | ) | 1,777 | |||||||||||||||||||||||||||
Six Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Other | Total | |||||||||||||||||||||||||||||
Ended June 30, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 8,009 | $ | 1,197 | $ | 618 | $ | 1,787 | $ | 3,287 | $ | 3,116 | $ | 1,976 | $ | 2 | $ | 19,992 | ||||||||||||||||||||
Less: Transfers | 8 | 7 | 7 | — | 105 | 29 | 2 | — | 158 | |||||||||||||||||||||||||||||
Net sales | 8,001 | 1,190 | 611 | 1,787 | 3,182 | 3,087 | 1,974 | 2 | 19,834 | |||||||||||||||||||||||||||||
PTOI | 2,231 | 2 | 96 | 2 | 113 | 2 | 190 | 2 | 438 | 2 | 958 | 2,3 | 353 | 2 | (176 | ) | 2 | 4,203 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 8,300 | $ | 1,269 | $ | 593 | $ | 1,733 | $ | 3,480 | $ | 3,116 | $ | 1,924 | $ | 4 | $ | 20,419 | ||||||||||||||||||||
Less: Transfers | 7 | 9 | 7 | — | 107 | 35 | 2 | — | 167 | |||||||||||||||||||||||||||||
Net sales | 8,293 | 1,260 | 586 | 1,733 | 3,373 | 3,081 | 1,922 | 4 | 20,252 | |||||||||||||||||||||||||||||
PTOI | 2,342 | 4 | 144 | 84 | 137 | 524 | 619 | 310 | (142 | ) | 4,018 | |||||||||||||||||||||||||||
1 | As of June 30, 2014, Agriculture net assets were $10,339, an increase of $4,456 from $5,883 at December 31, 2013. The increase was primarily due to higher trade receivables due to normal seasonality in the sales and cash collections cycle. | |||||||||||||||||||||||||||||||||||||
2 | Included a $(206) restructuring charge recorded in employee separation/asset related charges, net. The pre-tax charges by segment are: Agriculture -$(47), Electronics & Communications - $(68), Industrial Biosciences - $(2), Nutrition & Health - $(8), Performance Chemicals - $(19), Performance Materials - $(29), Safety & Protection - $(31), and Other - $(2). See Note 3 for additional information. | |||||||||||||||||||||||||||||||||||||
3 | Included a gain of $391 recorded in other income, net associated with the sale of Glass Laminating Solutions/Vinyls. See Note 2 for additional information. | |||||||||||||||||||||||||||||||||||||
4 | Included charges of $(80) and $(115) during the three and six months ended June 30, 2013, 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. | |||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Income Statements | ||||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Total segment PTOI | $ | 1,955 | $ | 1,777 | $ | 4,203 | $ | 4,018 | ||||||||||||||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | (34 | ) | (126 | ) | (64 | ) | (273 | ) | ||||||||||||||||||||||||||||||
Net exchange (losses) gains, including affiliates | (109 | ) | 35 | (205 | ) | 46 | ||||||||||||||||||||||||||||||||
Corporate expenses | (278 | ) | (206 | ) | (495 | ) | (420 | ) | ||||||||||||||||||||||||||||||
Interest expense | (94 | ) | (115 | ) | (197 | ) | (232 | ) | ||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,440 | $ | 1,365 | $ | 3,242 | $ | 3,139 | ||||||||||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
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. In February 2013, the company sold 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 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. | |
Venezuelan Foreign Currency Translations Policy [Policy Text Block] | ' |
Venezuelan Foreign Currency | |
Venezuela is considered a highly inflationary economy under GAAP and the U.S. dollar (USD) is the functional currency for the company's subsidiaries in Venezuela. During the first quarter 2014, the Venezuelan government enacted certain changes to the country’s foreign exchange systems including the expansion of the use of the Complementary System of Foreign Currency Acquirement (“SICAD 1”) auction rate and introduction of the SICAD 2 auction process. The official exchange rate continues to be set through the National Center for Foreign Commerce (CENCOEX, previously CADIVI) at 6.3 Bolivar Fuertes (BsF) to USD. The SICAD 1 and SICAD 2 exchange rates were 10.60 BsF and 49.98 BsF, respectively, at June 30, 2014. Based on its evaluation of the restrictions and limitations affecting the availability of specific exchange rate mechanisms, management has concluded that the SICAD 2 auction process would be the most likely mechanism available. As a result, effective June 30, 2014, the company changed from the official exchange rate of 6.3 to the SICAD 2 exchange rate to remeasure its BsF denominated net monetary assets, which resulted in a $58 pre-tax charge within other income, net in the second quarter 2014. Subsequent to June 30, 2014, the company expects it will use the SICAD 2 exchange rate to remeasure its Venezuelan BsF denominated revenues, expenses and net monetary assets unless facts and circumstances change. | |
Recent Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”) jointly issued Accounting Standards Update (“ASU”) No. 2014-9, Revenue from Contracts with Customers (Topic 606), which clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP and International Financial Reporting Standards (“IFRS”). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The ASU is effective for public entities for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted under GAAP and retrospective application is permitted, but not required. The company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. | |
In April 2014, the FASB issued authoritative guidance amending existing requirements for reporting discontinued operations. Under the new guidance, discontinued operations reporting will be limited to disposal transactions that represent strategic shifts having a major effect on operations and financial results. The amended guidance also enhances disclosures and requires assets and liabilities of a discontinued operation to be classified as such for all periods presented in the financial statements. Public entities will apply the amended guidance prospectively to all disposals occurring within annual periods beginning on or after December 15, 2014 and interim periods within those years. The company will adopt this standard on January 1, 2015. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosures of future disposal transactions after adoption may be different than under current standards. |
Divestitures_and_Other_Transac1
Divestitures and Other Transactions (Tables) | 6 Months Ended | ||||||
Jun. 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 | Six Months Ended | ||||||
June 30, | June 30, | ||||||
2013 | 2013 | ||||||
Net sales | $ | — | $ | 331 | |||
(Loss) income before income taxes | $ | (2 | ) | $ | 2,713 | ||
(Benefit from) provision for income taxes | (6 | ) | 741 | ||||
Income from discontinued operations after income taxes | $ | 4 | $ | 1,972 | |||
Employee_Separation_Asset_Rela1
Employee Separation / Asset Related Charges, Net (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Restructuring Charges [Abstract] | ' | ||||||||||||
Schedule of Restructuring Program | ' | ||||||||||||
Employee Separation Costs | Other Non-Personnel Charges | Asset | Total | ||||||||||
Shut Down | |||||||||||||
Costs | |||||||||||||
Charges to income for the three and six months ended June 30, 2014 | $ | 166 | $ | 3 | $ | 94 | $ | 263 | |||||
Charges to accounts: | |||||||||||||
Payments | (3 | ) | — | — | (3 | ) | |||||||
Asset write-offs and adjustments | — | — | (94 | ) | (94 | ) | |||||||
Balance as of June 30, 2014 | $ | 163 | $ | 3 | $ | — | $ | 166 | |||||
Other_Income_Net_Tables
Other Income, Net (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||
Schedule of Other Income | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Royalty income | $ | 34 | $ | 50 | $ | 72 | $ | 87 | |||||
Interest income | 43 | 45 | 71 | 72 | |||||||||
Equity in earnings (losses) of affiliates, excluding exchange gains/losses1 | 9 | (7 | ) | 22 | (14 | ) | |||||||
Gain on sale of equity method investment | — | 9 | — | 9 | |||||||||
Net gain on sales of businesses and other assets | 404 | 5 | 411 | 10 | |||||||||
Net exchange (losses) gains1 | (109 | ) | 35 | (205 | ) | 46 | |||||||
Cozaar®/Hyzaar® income | — | 12 | 1 | 14 | |||||||||
Miscellaneous income and expenses, net 2 | 27 | 10 | 53 | 27 | |||||||||
Other income, net | $ | 408 | $ | 159 | $ | 425 | $ | 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. Exchange gains (losses) related to earnings of affiliates was $0 and $(2) for the three and six months ended June 30, 2014, respectively. Exchange gains (losses) related to earnings of affiliates was $0 and $5 for the three and six months ended June 30, 2013, respectively. The $(109) net exchange loss for the three months ended June 30, 2014, includes $(58) and $(7) exchange losses, associated with the devaluation of the Venezuelan bolivar and Ukrainian hryvnia , respectively. The $(205) net exchange loss for the six months ended June 30, 2014, includes $(58), $(46) and $(14) exchange losses, associated with the devaluation of the Venezuelan bolivar, Ukrainian hryvnia, and Argentinian peso, respectively. The $35 and $46 net exchange gain for the three and six months ended June 30, 2013, includes a $3 exchange gain and a $(33) exchange loss, respectively, 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) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share of Common Stock Reconciliation Table | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Numerator: | |||||||||||||
Income from continuing operations after income taxes attributable to DuPont | $ | 1,070 | $ | 1,026 | $ | 2,509 | $ | 2,406 | |||||
Preferred dividends | (3 | ) | (2 | ) | (5 | ) | (5 | ) | |||||
Income from continuing operations after income taxes available to DuPont common stockholders | $ | 1,067 | $ | 1,024 | $ | 2,504 | $ | 2,401 | |||||
Income from discontinued operations after income taxes | $ | — | $ | 4 | $ | — | $ | 1,972 | |||||
Net income available to common stockholders | $ | 1,067 | $ | 1,028 | $ | 2,504 | $ | 4,373 | |||||
Denominator: | |||||||||||||
Weighted-average number of common shares outstanding - Basic | 918,684,000 | 922,684,000 | 921,058,000 | 925,500,000 | |||||||||
Dilutive effect of the company’s employee compensation plans | 6,903,000 | 6,796,000 | 7,087,000 | 6,811,000 | |||||||||
Weighted-average number of common shares outstanding - Diluted | 925,587,000 | 929,480,000 | 928,145,000 | 932,311,000 | |||||||||
Average Number of Antidilutive Stock Options | ' | ||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Average number of stock options | 4,000 | — | 2,000 | 5,192,000 | |||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Inventory, Net [Abstract] | ' | ||||||
Schedule of Inventories | ' | ||||||
June 30, | December 31, | ||||||
2014 | 2013 | ||||||
Finished products | $ | 4,210 | $ | 4,645 | |||
Semi-finished products | 2,107 | 2,576 | |||||
Raw materials, stores and supplies | 1,160 | 1,360 | |||||
7,477 | 8,581 | ||||||
Adjustment of inventories to a last-in, first-out (LIFO) basis | (537 | ) | (539 | ) | |||
Total | $ | 6,940 | $ | 8,042 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
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: | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amortization | Amortization | ||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||
Customer lists | $ | 1,799 | $ | (441 | ) | $ | 1,358 | $ | 1,818 | $ | (393 | ) | $ | 1,425 | |||||
Patents | 516 | (184 | ) | 332 | 519 | (160 | ) | 359 | |||||||||||
Purchased and licensed technology | 2,045 | (1,277 | ) | 768 | 1,999 | (1,129 | ) | 870 | |||||||||||
Trademarks | 36 | (17 | ) | 19 | 43 | (17 | ) | 26 | |||||||||||
Other 1 | 240 | (104 | ) | 136 | 242 | (106 | ) | 136 | |||||||||||
4,636 | (2,023 | ) | 2,613 | 4,621 | (1,805 | ) | 2,816 | ||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||
In-process research and development | 41 | — | 41 | 43 | — | 43 | |||||||||||||
Microbial cell factories 2 | 306 | — | 306 | 306 | — | 306 | |||||||||||||
Pioneer germplasm 3 | 1,050 | — | 1,050 | 1,050 | — | 1,050 | |||||||||||||
Trademarks/tradenames | 875 | — | 875 | 881 | — | 881 | |||||||||||||
2,272 | — | 2,272 | 2,280 | — | 2,280 | ||||||||||||||
Total | $ | 6,908 | $ | (2,023 | ) | $ | 4,885 | $ | 6,901 | $ | (1,805 | ) | $ | 5,096 | |||||
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) | 6 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
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) | $ | 249 | $ | 70 | $ | 319 | ||||
Leases on equipment and facilities (terms up to 4 years) | — | 2 | 2 | |||||||
Obligations for equity affiliates2: | ||||||||||
Bank borrowings (terms less than 1 year) | 189 | — | 189 | |||||||
Total | $ | 438 | $ | 72 | $ | 510 | ||||
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) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ' | |||||||||||||||||||
Three Months Ended | Three Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | (59 | ) | $ | — | $ | (59 | ) | $ | (14 | ) | $ | — | $ | (14 | ) | ||||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (12 | ) | 4 | (8 | ) | (8 | ) | 2 | (6 | ) | See (2) below | |||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | 1 | (1 | ) | — | (7 | ) | 3 | (4 | ) | Net sales | ||||||||||
Commodity contracts | 12 | (4 | ) | 8 | (11 | ) | 4 | (7 | ) | Cost of goods sold | ||||||||||
Net revaluation and clearance of cash flow hedges to earnings | 1 | (1 | ) | — | (26 | ) | 9 | (17 | ) | |||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net loss | (103 | ) | 33 | (70 | ) | — | — | — | See (2) below | |||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service cost | — | — | — | 3 | (1 | ) | 2 | See (3) below | ||||||||||||
Amortization of loss | 150 | (52 | ) | 98 | 239 | (82 | ) | 157 | See (3) below | |||||||||||
Curtailment loss | 4 | (1 | ) | 3 | — | — | — | See (3) below | ||||||||||||
Settlement loss | 2 | — | 2 | — | — | — | See (3) below | |||||||||||||
Pension benefit plans, net | 53 | (20 | ) | 33 | 242 | (83 | ) | 159 | ||||||||||||
Other benefit plans: | ||||||||||||||||||||
Net gain | — | — | — | 28 | (9 | ) | 19 | See (2) below | ||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (53 | ) | 19 | (34 | ) | (46 | ) | 17 | (29 | ) | See (3) below | |||||||||
Amortization of loss (gain) | 14 | (5 | ) | 9 | (2 | ) | — | (2 | ) | See (3) below | ||||||||||
Other benefit plans, net | (39 | ) | 14 | (25 | ) | (20 | ) | 8 | (12 | ) | ||||||||||
Net unrealized gain on securities | — | — | — | 3 | (1 | ) | 2 | |||||||||||||
Other comprehensive (loss) income | $ | (44 | ) | $ | (7 | ) | $ | (51 | ) | $ | 185 | $ | (67 | ) | $ | 118 | ||||
Six Months Ended | Six Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
June 30, 2014 | June 30, 2013 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | (131 | ) | $ | — | $ | (131 | ) | $ | (223 | ) | $ | — | $ | (223 | ) | ||||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | 26 | (10 | ) | 16 | (24 | ) | 9 | (15 | ) | See (2) below | ||||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | 2 | (1 | ) | 1 | (3 | ) | 1 | (2 | ) | Net sales | ||||||||||
Commodity contracts | 29 | (11 | ) | 18 | (25 | ) | 10 | (15 | ) | Cost of goods sold | ||||||||||
Net revaluation and clearance of cash flow hedges to earnings | 57 | (22 | ) | 35 | (52 | ) | 20 | (32 | ) | |||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net (loss) gain | (102 | ) | 33 | (69 | ) | 56 | (14 | ) | 42 | See (2) below | ||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service cost | 1 | — | 1 | 6 | (2 | ) | 4 | See (3) below | ||||||||||||
Amortization of loss | 299 | (103 | ) | 196 | 480 | (164 | ) | 316 | See (3) below | |||||||||||
Curtailment loss | 4 | (1 | ) | 3 | 1 | — | 1 | See (3) below | ||||||||||||
Settlement loss | 2 | — | 2 | 152 | (45 | ) | 107 | See (3) below | ||||||||||||
Pension benefit plans, net | 204 | (71 | ) | 133 | 695 | (225 | ) | 470 | ||||||||||||
Other benefit plans: | ||||||||||||||||||||
Net gain | — | — | — | 45 | (15 | ) | 30 | See (2) below | ||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (106 | ) | 38 | (68 | ) | (94 | ) | 34 | (60 | ) | See (3) below | |||||||||
Amortization of loss | 28 | (9 | ) | 19 | 25 | (9 | ) | 16 | See (3) below | |||||||||||
Curtailment gain | — | — | — | (154 | ) | 54 | (100 | ) | See (3) below | |||||||||||
Settlement loss | — | — | — | 1 | — | 1 | See (3) below | |||||||||||||
Other benefit plans, net | (78 | ) | 29 | (49 | ) | (177 | ) | 64 | (113 | ) | ||||||||||
Net unrealized gain on securities | — | — | — | 1 | (1 | ) | — | |||||||||||||
Other comprehensive income (loss) | $ | 52 | $ | (64 | ) | $ | (12 | ) | $ | 244 | $ | (142 | ) | $ | 102 | |||||
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 | |||||||||||||||
2014 | ||||||||||||||||||||
Balance January 1, 2014 | $ | (140 | ) | $ | (48 | ) | $ | (5,749 | ) | $ | 494 | $ | 2 | $ | (5,441 | ) | ||||
Other comprehensive (loss) income before reclassifications | (131 | ) | 16 | (69 | ) | — | — | (184 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 19 | 202 | (49 | ) | — | 172 | |||||||||||||
Balance June 30, 2014 | $ | (271 | ) | $ | (13 | ) | $ | (5,616 | ) | $ | 445 | $ | 2 | $ | (5,453 | ) | ||||
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 | (223 | ) | (15 | ) | 42 | 30 | 1 | (165 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | (17 | ) | 428 | (143 | ) | (1 | ) | 267 | |||||||||||
Balance June 30, 2013 | $ | (390 | ) | $ | (29 | ) | $ | (8,216 | ) | $ | 89 | $ | 2 | $ | (8,544 | ) | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Financial Instruments Disclosure [Abstract] | ' | |||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | |||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | $ | 1,000 | $ | 1,000 | ||||||||||
Foreign currency contracts | 853 | 1,107 | ||||||||||||
Commodity contracts | 144 | 606 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | 12,845 | 9,553 | ||||||||||||
Commodity contracts | 86 | 281 | ||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
June 30, | June 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Beginning balance | $ | (13 | ) | $ | (12 | ) | $ | (48 | ) | $ | 3 | |||
Additions and revaluations of derivatives designated as cash flow hedges | (8 | ) | (6 | ) | 16 | (15 | ) | |||||||
Clearance of hedge results to earnings | 8 | (11 | ) | 19 | (17 | ) | ||||||||
Ending balance | $ | (13 | ) | $ | (29 | ) | $ | (13 | ) | $ | (29 | ) | ||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ' | |||||||||||||
Fair Value Using Level 2 Inputs | ||||||||||||||
Balance Sheet Location | 30-Jun-14 | December 31, 2013 | ||||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps1 | Accounts and notes receivable, net | $ | 16 | $ | — | |||||||||
Interest rate swaps1 | Other assets | — | 29 | |||||||||||
Foreign currency contracts | Accounts and notes receivable, net | 5 | 6 | |||||||||||
21 | 35 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts2 | Accounts and notes receivable, net | 39 | 86 | |||||||||||
Total asset derivatives3 | $ | 60 | $ | 121 | ||||||||||
Cash collateral1,2 | Other accrued liabilities | $ | 16 | $ | 30 | |||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | $ | — | $ | 4 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | 55 | 70 | |||||||||||
Commodity contracts | Other accrued liabilities | 1 | 1 | |||||||||||
56 | 71 | |||||||||||||
Total liability derivatives3 | $ | 56 | $ | 75 | ||||||||||
1 | Cash collateral held as of June 30, 2014 and December 31, 2013 represents $12 and $17, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||||||||||||
2 | Cash collateral held as of June 30, 2014 and December 31, 2013 represents $4 and $13, 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 $37 at June 30, 2014 and $54 at December 31, 2013. | |||||||||||||
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 June 30, | 2014 | 2013 | 2014 | 2013 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (6 | ) | $ | (8 | ) | Interest expense3 | |||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | — | 2 | (1 | ) | 7 | Net sales | ||||||||
Commodity contracts | (12 | ) | (10 | ) | (12 | ) | 11 | Cost of goods sold | ||||||
(12 | ) | (8 | ) | (19 | ) | 10 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | (70 | ) | 90 | Other income, net4 | ||||||||
Commodity contracts | — | — | (1 | ) | (14 | ) | Cost of goods sold | |||||||
— | — | (71 | ) | 76 | ||||||||||
Total derivatives | $ | (12 | ) | $ | (8 | ) | $ | (90 | ) | $ | 86 | |||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 (Effective Portion) | Recognized in Income2 | |||||||||||||
Six Months Ended June 30, | 2014 | 2013 | 2014 | 2013 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (13 | ) | $ | (15 | ) | Interest expense3 | |||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | (1 | ) | 16 | (2 | ) | 3 | Net sales | |||||||
Commodity contracts | 27 | (40 | ) | (29 | ) | 25 | Cost of goods sold | |||||||
26 | (24 | ) | (44 | ) | 13 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | (116 | ) | 196 | Other income, net4 | ||||||||
Commodity contracts | — | — | (25 | ) | (8 | ) | Cost of goods sold | |||||||
— | — | (141 | ) | 188 | ||||||||||
Total derivatives | $ | 26 | $ | (24 | ) | $ | (185 | ) | $ | 201 | ||||
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 six months ended June 30, 2014 and 2013, 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, 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 $19 and $(55) for the three months ended June 30, 2014 and 2013, respectively, and $(31) and $(150) for the six months ended June 30, 2014 and 2013, respectively. |
LongTerm_Employee_Benefits_Tab
Long-Term Employee Benefits (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ' | ||||||||||||
Schedules of Net Periodic Benefit Cost | ' | ||||||||||||
The following sets forth the components of the company’s net periodic benefit cost for other long-term employee benefits: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 5 | $ | 8 | $ | 9 | $ | 16 | |||||
Interest cost | 30 | 33 | 61 | 66 | |||||||||
Amortization of loss (gain) | 14 | (2 | ) | 28 | 25 | ||||||||
Amortization of prior service benefit | (53 | ) | (46 | ) | (106 | ) | (94 | ) | |||||
Curtailment gain | — | — | — | (154 | ) | ||||||||
Settlement loss | — | — | — | 1 | |||||||||
Net periodic benefit cost | $ | (4 | ) | $ | (7 | ) | $ | (8 | ) | $ | (140 | ) | |
The following sets forth the components of the company’s net periodic benefit cost for pensions: | |||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||
June 30, | June 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Service cost | $ | 60 | $ | 68 | $ | 120 | $ | 139 | |||||
Interest cost | 293 | 271 | 585 | 544 | |||||||||
Expected return on plan assets | (404 | ) | (378 | ) | (806 | ) | (760 | ) | |||||
Amortization of loss | 150 | 239 | 299 | 480 | |||||||||
Amortization of prior service cost | — | 3 | 1 | 6 | |||||||||
Curtailment loss | 4 | — | 4 | 1 | |||||||||
Settlement loss | 2 | — | 2 | 152 | |||||||||
Net periodic benefit cost | $ | 105 | $ | 203 | $ | 205 | $ | 562 | |||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | ' | |||||||||||||||||||||||||||||||||||||
Three Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Other | Total | |||||||||||||||||||||||||||||
Ended June 30, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 3,615 | $ | 617 | $ | 317 | $ | 926 | $ | 1,696 | $ | 1,582 | $ | 1,029 | $ | 1 | $ | 9,783 | ||||||||||||||||||||
Less: Transfers | 5 | 4 | 4 | — | 48 | 15 | 1 | — | 77 | |||||||||||||||||||||||||||||
Net sales | 3,610 | 613 | 313 | 926 | 1,648 | 1,567 | 1,028 | 1 | 9,706 | |||||||||||||||||||||||||||||
PTOI | 789 | 2 | 21 | 2 | 57 | 2 | 97 | 2 | 232 | 2 | 665 | 2,3 | 178 | 2 | (84 | ) | 2 | 1,955 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 3,631 | $ | 653 | $ | 304 | $ | 865 | $ | 1,837 | $ | 1,615 | $ | 1,017 | $ | 3 | $ | 9,925 | ||||||||||||||||||||
Less: Transfers | 2 | 5 | 4 | — | 53 | 16 | 1 | — | 81 | |||||||||||||||||||||||||||||
Net sales | 3,629 | 648 | 300 | 865 | 1,784 | 1,599 | 1,016 | 3 | 9,844 | |||||||||||||||||||||||||||||
PTOI | 861 | 4 | 95 | 43 | 61 | 268 | 332 | 172 | (55 | ) | 1,777 | |||||||||||||||||||||||||||
Six Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Other | Total | |||||||||||||||||||||||||||||
Ended June 30, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 8,009 | $ | 1,197 | $ | 618 | $ | 1,787 | $ | 3,287 | $ | 3,116 | $ | 1,976 | $ | 2 | $ | 19,992 | ||||||||||||||||||||
Less: Transfers | 8 | 7 | 7 | — | 105 | 29 | 2 | — | 158 | |||||||||||||||||||||||||||||
Net sales | 8,001 | 1,190 | 611 | 1,787 | 3,182 | 3,087 | 1,974 | 2 | 19,834 | |||||||||||||||||||||||||||||
PTOI | 2,231 | 2 | 96 | 2 | 113 | 2 | 190 | 2 | 438 | 2 | 958 | 2,3 | 353 | 2 | (176 | ) | 2 | 4,203 | ||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||||||||||
Segment sales | $ | 8,300 | $ | 1,269 | $ | 593 | $ | 1,733 | $ | 3,480 | $ | 3,116 | $ | 1,924 | $ | 4 | $ | 20,419 | ||||||||||||||||||||
Less: Transfers | 7 | 9 | 7 | — | 107 | 35 | 2 | — | 167 | |||||||||||||||||||||||||||||
Net sales | 8,293 | 1,260 | 586 | 1,733 | 3,373 | 3,081 | 1,922 | 4 | 20,252 | |||||||||||||||||||||||||||||
PTOI | 2,342 | 4 | 144 | 84 | 137 | 524 | 619 | 310 | (142 | ) | 4,018 | |||||||||||||||||||||||||||
1 | As of June 30, 2014, Agriculture net assets were $10,339, an increase of $4,456 from $5,883 at December 31, 2013. The increase was primarily due to higher trade receivables due to normal seasonality in the sales and cash collections cycle. | |||||||||||||||||||||||||||||||||||||
2 | Included a $(206) restructuring charge recorded in employee separation/asset related charges, net. The pre-tax charges by segment are: Agriculture -$(47), Electronics & Communications - $(68), Industrial Biosciences - $(2), Nutrition & Health - $(8), Performance Chemicals - $(19), Performance Materials - $(29), Safety & Protection - $(31), and Other - $(2). See Note 3 for additional information. | |||||||||||||||||||||||||||||||||||||
3 | Included a gain of $391 recorded in other income, net associated with the sale of Glass Laminating Solutions/Vinyls. See Note 2 for additional information. | |||||||||||||||||||||||||||||||||||||
4 | Included charges of $(80) and $(115) during the three and six months ended June 30, 2013, 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. | |||||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Income Statements | ' | |||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Total segment PTOI | $ | 1,955 | $ | 1,777 | $ | 4,203 | $ | 4,018 | ||||||||||||||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | (34 | ) | (126 | ) | (64 | ) | (273 | ) | ||||||||||||||||||||||||||||||
Net exchange (losses) gains, including affiliates | (109 | ) | 35 | (205 | ) | 46 | ||||||||||||||||||||||||||||||||
Corporate expenses | (278 | ) | (206 | ) | (495 | ) | (420 | ) | ||||||||||||||||||||||||||||||
Interest expense | (94 | ) | (115 | ) | (197 | ) | (232 | ) | ||||||||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 1,440 | $ | 1,365 | $ | 3,242 | $ | 3,139 | ||||||||||||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Venezuelan Foreign Currency Translation (Details) | 3 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
USD ($) | Foreign exchange rate - Bolivar [Member] | Foreign exchange rate - SICAD 1 [Member] | Foreign exchange rate - SICAD 2 [Member] | |
VEF | VEF | VEF | ||
Official currency exchange rate in Venezuela | ' | 6.3 | ' | ' |
SICAD 1 Venezuelan foreign currency exchange rate | ' | ' | 10.6 | ' |
SICAD 2 Venezuelan foreign currency exchange rate | ' | ' | ' | 49.98 |
SICAD 2 pre-tax charge | $58,000,000 | ' | ' | ' |
Divestitures_and_Other_Transac2
Divestitures and Other Transactions (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
GLS/Vinyls [Member] | Performance Chemicals [Member] | Performance Chemicals [Member] | Performance Coatings [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' |
Pre-tax gain on sale of business, continuing operations | $391 | $391 | ' | ' | ' |
After-tax gain on sale of business, continuing operations | ' | 273 | ' | ' | ' |
Separation related transaction costs | ' | ' | 35 | 51 | ' |
Pre-tax gain on sale of discontinued operation | ' | ' | ' | ' | 2,682 |
After-tax gain on sale of discontinued operation | ' | ' | ' | ' | $1,943 |
Divestitures_and_Other_Transac3
Divestitures and Other Transactions (Summarized Financial Info) (Details) (Performance Coatings [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
Performance Coatings [Member] | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' |
Net sales | $0 | $331 |
(Loss) income before income taxes | -2 | 2,713 |
(Benefit from) provision for income taxes | -6 | 741 |
Income from discontinued operations after income taxes | $4 | $1,972 |
Employee_Separation_Asset_Rela2
Employee Separation / Asset Related Charges, Net (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | $206 |
2014 Restructuring Program [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 263 |
2014 Restructuring Program [Member] | Corporate Expenses [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 57 |
2014 Restructuring Program [Member] | Agriculture [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 47 |
2014 Restructuring Program [Member] | Electronics and Communications [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 68 |
2014 Restructuring Program [Member] | Industrial Biosciences [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 2 |
2014 Restructuring Program [Member] | Nutrition and Health [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 8 |
2014 Restructuring Program [Member] | Performance Chemicals [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 19 |
2014 Restructuring Program [Member] | Performance Materials [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 29 |
2014 Restructuring Program [Member] | Safety and Protection [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 31 |
2014 Restructuring Program [Member] | Other [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 2 |
Employee Severance [Member] | 2014 Restructuring Program [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 166 |
Other Non-Personnel Charges [Member] | 2014 Restructuring Program [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 3 |
Asset Shut Down Charges [Member] | 2014 Restructuring Program [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | $94 |
Employee_Separation_Asset_Rela3
Employee Separation / Asset Related Charges, Net (2014 Restructuring Program schedule) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | $206 |
2014 Restructuring Program [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 263 |
Restructuring reserve, payments | -3 |
Restructuring Reserve, asset write-offs and adjustments | -94 |
Restructuring reserve | 166 |
Employee Severance [Member] | 2014 Restructuring Program [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 166 |
Restructuring reserve, payments | -3 |
Restructuring Reserve, asset write-offs and adjustments | 0 |
Restructuring reserve | 163 |
Other Non-Personnel Charges [Member] | 2014 Restructuring Program [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 3 |
Restructuring reserve, payments | 0 |
Restructuring Reserve, asset write-offs and adjustments | 0 |
Restructuring reserve | 3 |
Asset Shut Down Charges [Member] | 2014 Restructuring Program [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | 94 |
Restructuring reserve, payments | 0 |
Restructuring Reserve, asset write-offs and adjustments | -94 |
Restructuring reserve | $0 |
Other_Income_Net_Schedule_of_O
Other Income, Net (Schedule of Other Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Component of Other Income [Line Items] | ' | ' | ' | ' | |||
Net exchange (losses) gains | ($109) | $35 | ($205) | $46 | |||
Total | 408 | 159 | 425 | 251 | |||
Exchange gains (losses) related to earnings of affiliates | 0 | 0 | -2 | 5 | |||
Other Income [Member] | ' | ' | ' | ' | |||
Component of Other Income [Line Items] | ' | ' | ' | ' | |||
Royalty income | 34 | 50 | 72 | 87 | |||
Interest income | 43 | 45 | 71 | 72 | |||
Equity in earnings (losses) of affiliates, excluding exchange gains / losses | 9 | [1] | -7 | [1] | 22 | -14 | |
Gain on sale of equity method investment | 0 | 9 | 0 | 9 | |||
Net gain on sales of businesses and other assets | 404 | 5 | 411 | 10 | |||
Net exchange (losses) gains | -109 | [1] | 35 | -205 | [1] | 46 | |
Cozaar/Hyzaar income | 0 | 12 | 1 | 14 | |||
Miscellaneous income and expenses, net | 27 | [2] | 10 | [2] | 53 | 27 | |
Total | 408 | 159 | 425 | 251 | |||
Foreign currency loss due to devaluation of Ukrainian hryvnia [Member] | ' | ' | ' | ' | |||
Component of Other Income [Line Items] | ' | ' | ' | ' | |||
Net exchange (losses) gains | -7 | ' | -46 | ' | |||
Foreign currency loss due to devaluation of Argentinian peso [Member] | ' | ' | ' | ' | |||
Component of Other Income [Line Items] | ' | ' | ' | ' | |||
Net exchange (losses) gains | ' | ' | -14 | ' | |||
Foreign currency loss due to devaluation of Venezuelan Bolivar [Member] | ' | ' | ' | ' | |||
Component of Other Income [Line Items] | ' | ' | ' | ' | |||
Net exchange (losses) gains | ($58) | $3 | ($58) | ($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. Exchange gains (losses) related to earnings of affiliates was $0 and $(2) for the three and six months ended JuneB 30, 2014, respectively. Exchange gains (losses) related to earnings of affiliates was $0 and $5 for the three and six months ended JuneB 30, 2013, respectively. The $(109) net exchange loss for the three months ended JuneB 30, 2014, includes $(58) and $(7) exchange losses, associated with the devaluation of the Venezuelan bolivar and Ukrainian hryvnia , respectively. The $(205) net exchange loss for the six months ended JuneB 30, 2014, includes $(58), $(46) and $(14) exchange losses, associated with the devaluation of the Venezuelan bolivar, Ukrainian hryvnia, and Argentinian peso, respectively. The $35 and $46 net exchange gain for the three and six months ended JuneB 30, 2013, includes a $3 exchange gain and a $(33) exchange loss, respectively, 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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Provision for income taxes on continuing operations | $366 | $335 | $723 | $722 |
Tax expense (benefit) primarily associated with the company's policy of hedging the foreign currency-denominated monetary assets and liabilities | 3 | 16 | -25 | 50 |
Tax expense related to changes in accruals for prior year tax positions | ' | 49 | ' | ' |
Tax benefit related to foreign law change | ' | -33 | ' | ' |
2013 extension tax benefit | ' | ' | ' | -68 |
Tax expense on distribution of proceeds from DPC Sale | ' | ' | ' | 26 |
Low end of range estimate of reasonably possible change in unrecognized tax benefits | 100 | ' | 100 | ' |
High end of range estimate of reasonably possible change in unrecognized tax benefits | $125 | ' | $125 | ' |
Earnings_Per_Share_of_Common_S2
Earnings Per Share of Common Stock (Earnings Per Share of Common Stock Reconciliation) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Income from discontinued operations after income taxes | $0 | $4 | $0 | $1,972 |
Earnings Per Share Numerator [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Income from continuing operations after income taxes attributable to DuPont | 1,070 | 1,026 | 2,509 | 2,406 |
Preferred dividends | -3 | -2 | -5 | -5 |
Income from continuing operations after income taxes available to DuPont common stockholders | 1,067 | 1,024 | 2,504 | 2,401 |
Income from discontinued operations after income taxes | 0 | 4 | 0 | 1,972 |
Net income available to common stockholders | $1,067 | $1,028 | $2,504 | $4,373 |
Earnings Per Share Denominator [Member] | ' | ' | ' | ' |
Earnings Per Share [Line Items] | ' | ' | ' | ' |
Weighted-average number of common shares outstanding - Basic | 918,684,000 | 922,684,000 | 921,058,000 | 925,500,000 |
Dilutive effect of the company's employee compensation plans | 6,903,000 | 6,796,000 | 7,087,000 | 6,811,000 |
Weighted average number of common shares outstanding - Diluted | 925,587,000 | 929,480,000 | 928,145,000 | 932,311,000 |
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 | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Average number of stock options | 4,000 | 0 | 2,000 | 5,192,000 |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ' | ' |
Finished products | $4,210 | $4,645 |
Semifinished products | 2,107 | 2,576 |
Raw materials, stores and supplies | 1,160 | 1,360 |
Total inventories before LIFO adjustment | 7,477 | 8,581 |
Adjustment of inventories to a last-in, first-out (LIFO) basis | -537 | -539 |
Total | $6,940 | $8,042 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Definite-lived Intangible Assets, Gross | $4,636 | $4,621 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -2,023 | -1,805 | ||
Definite-lived Intangible Assets, Net | 2,613 | 2,816 | ||
Indefinite-lived Intangible Assets | 2,272 | 2,280 | ||
Total Intangible Assets, Gross | 6,908 | 6,901 | ||
Total Intangible Assets, Accumulated Amortization | -2,023 | -1,805 | ||
Intangible Assets Net Excluding Goodwill | 4,885 | 5,096 | ||
In Process Research and Development [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Indefinite-lived Intangible Assets | 41 | 43 | ||
Microbial Cell Factories [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Indefinite-lived Intangible Assets | 306 | [1] | 306 | [1] |
Pioneer Germplasm [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Indefinite-lived Intangible Assets | 1,050 | [2] | 1,050 | [2] |
Trademarks/Tradenames [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Indefinite-lived Intangible Assets | 875 | 881 | ||
Customer Lists [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Definite-lived Intangible Assets, Gross | 1,799 | 1,818 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -441 | -393 | ||
Definite-lived Intangible Assets, Net | 1,358 | 1,425 | ||
Patents [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Definite-lived Intangible Assets, Gross | 516 | 519 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -184 | -160 | ||
Definite-lived Intangible Assets, Net | 332 | 359 | ||
Purchased and Licensed Technology [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Definite-lived Intangible Assets, Gross | 2,045 | 1,999 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -1,277 | -1,129 | ||
Definite-lived Intangible Assets, Net | 768 | 870 | ||
Trademarks [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Definite-lived Intangible Assets, Gross | 36 | 43 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -17 | -17 | ||
Definite-lived Intangible Assets, Net | 19 | 26 | ||
Other [Member] | ' | ' | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' | ' | ||
Definite-lived Intangible Assets, Gross | 240 | [3] | 242 | [3] |
Definite-lived Intangible Assets, Accumulated Amortization | -104 | [3] | -106 | [3] |
Definite-lived Intangible Assets, Net | $136 | [3] | $136 | [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 | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill and Other Intangible Assets | ' | ' | ' | ' |
Aggregate pre-tax amortization expense | ' | ' | $245 | $193 |
Continuing Operations [Member] | ' | ' | ' | ' |
Goodwill and Other Intangible Assets | ' | ' | ' | ' |
Aggregate pre-tax amortization expense | 119 | 87 | 245 | 193 |
Pre-tax amortization expense, 2014 | 128 | ' | 128 | ' |
Pre-tax amortization expense, 2015 | 383 | ' | 383 | ' |
Pre-tax amortization expense, 2016 | 352 | ' | 352 | ' |
Pre-tax amortization expense, 2017 | 232 | ' | 232 | ' |
Pre-tax amortization expense, 2018 | 229 | ' | 229 | ' |
Pre-tax amortization expense, 2019 | $224 | ' | $224 | ' |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Guarantees) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||||||||
In Millions, unless otherwise specified | Customer and Supplier Guarantee [Member] | Customer and Supplier Guarantee, Bank Borrowings [Member] | Customer and Supplier Guarantee, Leases on Equipment and Facilities [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, Leases on Equipment and Facilities [Member] | Equity Affiliates, Bank Borrowings [Member] | Customer and Supplier Guarantee, Bank Borrowings [Member] | Customer and Supplier Guarantee, Leases on Equipment and Facilities [Member] | Equity Affiliates, Bank Borrowings [Member] | |||||||||||||||
Guarantor Obligations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Guarantee obligations | $510 | $561 | $321 | $319 | [1] | $2 | [1] | $189 | [2] | $72 | $70 | [1] | $2 | [1] | $0 | [2] | $438 | $249 | [1] | $0 | [1] | $189 | [2] |
Collateral assets and personal guarantees percentage | ' | ' | 42.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Guaranteed obligations, maximum term | ' | ' | ' | 7 | 4 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
[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 | 6 Months Ended | 36 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
actions | actions | ||||
Product Claims [Line Items] | ' | ' | ' | ' | ' |
Insurance program deductible | $100 | ' | ' | $100 | ' |
Insurance program limits | 725 | ' | ' | 725 | ' |
Imprelis [Member] | ' | ' | ' | ' | ' |
Product Claims [Line Items] | ' | ' | ' | ' | ' |
Plaintiffs' attorney fees to pay per proposed settlement | ' | ' | ' | ' | 7 |
Individual actions filed | 125 | ' | ' | 125 | ' |
Claims filed | 420 | ' | ' | 420 | ' |
Loss Contingency | 0 | 80 | 115 | 1,175 | ' |
Accrual balance | 364 | ' | ' | 364 | ' |
Insurance recoveries for litigation | ' | ' | ' | $73 | ' |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities (Litigation) (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2004 | Jan. 31, 2012 | Jun. 30, 2014 | Jul. 31, 2005 | Jul. 31, 2005 | Jun. 30, 2014 |
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] | 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] | ' | ' | ' | ' | ' | ' | ' |
Accrual balance | $14 | ' | ' | ' | ' | ' | ' |
Binding settlement agreement, class size | ' | 80,000 | ' | ' | ' | ' | ' |
Settlement payments | ' | ' | ' | ' | 23 | 70 | ' |
Loss contingency, potential additional loss | ' | ' | ' | ' | ' | ' | 235 |
Escrow deposit | ' | ' | $1 | ' | ' | ' | ' |
Lawsuits alleging personal injury - Filed | ' | ' | ' | 2,290 | ' | ' | ' |
Lawsuits alleging personal injury - Served | ' | ' | ' | 400 | ' | ' | ' |
Lawsuits alleging personal injury, number of new claims filed | ' | ' | ' | 1,000 | ' | ' | ' |
Lawsuits alleging personal injury, number of new claims served | ' | ' | ' | 300 | ' | ' | ' |
Lawsuits alleging wrongful death | ' | ' | ' | 7 | ' | ' | ' |
PFOA discovery pool | ' | ' | ' | 20 | ' | ' | ' |
Commitments_and_Contingent_Lia5
Commitments and Contingent Liabilities Commitments and Contingent Liabilities (Environmental) (Narrative) (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Environmental Remediation [Line Items] | ' |
Accrual for environmental remediation activities | $474 |
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 $) | 6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jan. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2012 | Jun. 30, 2013 |
January 2014 Buyback Plan [Member] | January 2014 Buyback Plan [Member] | Open Market Purchases [Member] | Open Market Purchases [Member] | December 2012 Buyback Plan [Member] | December 2012 Buyback Plan [Member] | |||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Share buyback plan, Authorized Amount | ' | ' | $5,000 | ' | ' | ' | $1,000 | ' |
Payment for the repurchase of common stock | $1,061 | $1,000 | ' | $1,000 | $35 | $97 | ' | $1,000 |
Stock Repurchased and Retired During Period, Shares | ' | ' | ' | 15.1 | ' | ' | ' | 20.4 |
Shares repurchased during period | ' | ' | ' | ' | 0.5 | 1.5 | ' | ' |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Cumulative translation adjustment, pre-tax | ($59) | ($14) | ($131) | ($223) | ||||
Cumulative translation adjustment, tax | 0 | 0 | 0 | 0 | ||||
Cumulative translation adjustment, after-tax | -59 | -14 | -131 | -223 | ||||
Additions and revaluations of derivatives designated as cash flow hedges, pre-tax | -12 | [1] | -8 | [1] | 26 | [1] | -24 | [1] |
Additions and revaluations of derivatives designated as cash flow hedges, tax | 4 | 2 | -10 | 9 | ||||
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | -8 | -6 | 16 | -15 | ||||
Clearance of hedge results to earnings, pre-tax | 13 | -18 | 31 | -28 | ||||
Net revaluation and clearance of cash flow hedges to earnings, pre-tax | 1 | -26 | 57 | -52 | ||||
Net revaluation and clearance of cash flow hedges to earnings, tax | -1 | 9 | -22 | 20 | ||||
Net revaluation and clearance of cash flow hedges to earnings, after-tax | 0 | -17 | 35 | -32 | ||||
Net unrealized gain on securities, before Tax | 0 | 3 | 0 | 1 | ||||
Net unrealized gain on securities, Tax | 0 | -1 | 0 | -1 | ||||
Net unrealized gain on securities, Net of Tax | 0 | 2 | 0 | 0 | ||||
Other comprehensive (loss) income, before tax | -44 | 185 | 52 | 244 | ||||
Income tax expense related to items of other comprehensive income | -7 | -67 | -64 | -142 | ||||
Other comprehensive (loss) income, net of tax | -51 | 118 | -12 | 102 | ||||
Net sales [Member] | Foreign Currency Contract [Member] | ' | ' | ' | ' | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Clearance of hedge results to earnings, pre-tax | 1 | -7 | 2 | -3 | ||||
Clearance of hedge results to earnings, tax | -1 | 3 | -1 | 1 | ||||
Clearance of hedge results to earnings, after-tax | 0 | -4 | 1 | -2 | ||||
Cost of goods sold [Member] | Commodity Contract [Member] | ' | ' | ' | ' | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Clearance of hedge results to earnings, pre-tax | 12 | -11 | 29 | -25 | ||||
Clearance of hedge results to earnings, tax | -4 | 4 | -11 | 10 | ||||
Clearance of hedge results to earnings, after-tax | 8 | -7 | 18 | -15 | ||||
Pension Plans [Member] | ' | ' | ' | ' | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss), pre-tax | -103 | [1] | 0 | [1] | -102 | [1] | 56 | [1] |
Net gain (loss), tax | 33 | 0 | 33 | -14 | ||||
Net gain (loss), after-tax | -70 | 0 | -69 | 42 | ||||
Amortization of prior service cost (benefit), pre-tax | 0 | [2] | 3 | [2] | 1 | [2] | 6 | [2] |
Amortization of prior service cost (benefit), tax | 0 | -1 | 0 | -2 | ||||
Amortization of prior service cost (benefit), after tax | 0 | 2 | 1 | 4 | ||||
Amortization of loss, pre-tax | 150 | [2] | 239 | [2] | 299 | [2] | 480 | [2] |
Amortization of loss, tax | -52 | -82 | -103 | -164 | ||||
Amortization of loss, after tax | 98 | 157 | 196 | 316 | ||||
Curtailment (gain) loss, pre-tax | 4 | [2] | 0 | [2] | 4 | [2] | 1 | [2] |
Curtailment (gain) loss, tax | -1 | 0 | -1 | 0 | ||||
Curtailment (gain) loss, after tax | 3 | 0 | 3 | 1 | ||||
Settlement loss, pre-tax | 2 | [2] | 0 | [2] | 2 | [2] | 152 | [2] |
Settlement loss, tax | 0 | 0 | 0 | -45 | ||||
Settlement loss, after tax | 2 | 0 | 2 | 107 | ||||
Benefit plans, net, pre-tax | 53 | 242 | 204 | 695 | ||||
Benefit plans, net, tax | -20 | -83 | -71 | -225 | ||||
Benefit plans, net, after-tax | 33 | 159 | 133 | 470 | ||||
Other Long-Term Employee Benefit Plans [Member] | ' | ' | ' | ' | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ||||
Net gain (loss), pre-tax | 0 | [1] | 28 | [1] | 0 | [1] | 45 | [1] |
Net gain (loss), tax | 0 | -9 | 0 | -15 | ||||
Net gain (loss), after-tax | 0 | 19 | 0 | 30 | ||||
Amortization of prior service cost (benefit), pre-tax | -53 | [2] | -46 | [2] | -106 | [2] | -94 | [2] |
Amortization of prior service cost (benefit), tax | 19 | 17 | 38 | 34 | ||||
Amortization of prior service cost (benefit), after tax | -34 | -29 | -68 | -60 | ||||
Amortization of loss, pre-tax | 14 | [2] | -2 | [2] | 28 | [2] | 25 | [2] |
Amortization of loss, tax | -5 | 0 | -9 | -9 | ||||
Amortization of loss, after tax | 9 | -2 | 19 | 16 | ||||
Curtailment (gain) loss, pre-tax | ' | ' | 0 | [2] | -154 | [2] | ||
Curtailment (gain) loss, tax | ' | ' | 0 | 54 | ||||
Curtailment (gain) loss, after tax | ' | ' | 0 | -100 | ||||
Settlement loss, pre-tax | ' | ' | 0 | [2] | 1 | [2] | ||
Settlement loss, tax | ' | ' | 0 | 0 | ||||
Settlement loss, after tax | ' | ' | 0 | 1 | ||||
Benefit plans, net, pre-tax | -39 | -20 | -78 | -177 | ||||
Benefit plans, net, tax | 14 | 8 | 29 | 64 | ||||
Benefit plans, net, after-tax | ($25) | ($12) | ($49) | ($113) | ||||
[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 $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
AOCI [Roll Forward] | ' | ' |
Accumulated other comprehensive (loss) income, beginning balance | ($5,441) | ($8,646) |
Other comprehensive income (loss) before reclassifications | -184 | -165 |
Amounts reclassified from accumulated other comprehensive loss | 172 | 267 |
Accumulated other comprehensive (loss) income, ending balance | -5,453 | -8,544 |
Cumulative Translation Adjustment [Member] | ' | ' |
AOCI [Roll Forward] | ' | ' |
Accumulated other comprehensive (loss) income, beginning balance | -140 | -167 |
Other comprehensive income (loss), before reclassifications, CTA | -131 | -223 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Accumulated other comprehensive (loss) income, ending balance | -271 | -390 |
Net Revaluation and Clearance of Cash Flow Hedges to Earnings | ' | ' |
AOCI [Roll Forward] | ' | ' |
Accumulated other comprehensive (loss) income, beginning balance | -48 | 3 |
Other comprehensive income (loss), before reclassifications, cash flow hedges | 16 | -15 |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges | 19 | -17 |
Accumulated other comprehensive (loss) income, ending balance | -13 | -29 |
Pension Plans [Member] | ' | ' |
AOCI [Roll Forward] | ' | ' |
Accumulated other comprehensive (loss) income, beginning balance | -5,749 | -8,686 |
Other comprehensive income, before reclassifications, pension and other benefit plans | -69 | 42 |
Amounts reclassified from accumulated other comprehensive loss, pension and other benefit plans | 202 | 428 |
Accumulated other comprehensive (loss) income, ending balance | -5,616 | -8,216 |
Other Long-Term Employee Benefit Plans [Member] | ' | ' |
AOCI [Roll Forward] | ' | ' |
Accumulated other comprehensive (loss) income, beginning balance | 494 | 202 |
Other comprehensive income, before reclassifications, pension and other benefit plans | 0 | 30 |
Amounts reclassified from accumulated other comprehensive loss, pension and other benefit plans | -49 | -143 |
Accumulated other comprehensive (loss) income, ending balance | 445 | 89 |
Unrealized Gain (Loss) on Securities | ' | ' |
AOCI [Roll Forward] | ' | ' |
Accumulated other comprehensive (loss) income, beginning balance | 2 | 2 |
Other comprehensive income (loss), before reclassifications, securities | 0 | 1 |
Amounts reclassified from accumulated other comprehensive loss, securities | 0 | -1 |
Accumulated other comprehensive (loss) income, ending balance | $2 | $2 |
Financial_Instruments_Debt_Nar
Financial Instruments (Debt) (Narrative) (Details) (Fair Value, Inputs, Level 2 [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair value of debt | $12,500 | $12,860 |
Financial_Instruments_Cash_Equ
Financial Instruments (Cash Equivalents) (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair value of cash equivalents | $0 | $5,116 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair value of cash equivalents | $2,526 | $2,256 |
Financial_Instruments_Notional
Financial Instruments (Notional Amounts of Derivatives) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 853 | 1,107 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative notional amounts | 144 | 606 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative notional amounts | 12,845 | 9,553 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivative notional amounts | $86 | $281 |
Financial_Instruments_Effect_o
Financial Instruments (Effect of Cash Flows Hedges on Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative [Line Items] | ' | ' | ' | ' |
Portion of ending balance expected to be reclassified into earnings over the next twelve months, after-tax | ($7) | ' | ' | ' |
Cash Flow Hedging [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Beginning balance | -13 | -12 | -48 | 3 |
Additions and revaluations of derivatives designated as cash flow hedges | -8 | -6 | 16 | -15 |
Clearance of hedge results to earnings | 8 | -11 | 19 | -17 |
Ending balance | ($13) | ($29) | ($13) | ($29) |
Financial_Instruments_Schedule
Financial Instruments (Schedule of the Fair Value of Derivative Instruments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
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 | $37 | $54 | ||
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 | 60 | [1] | 121 | [1] |
Liability derivatives | 56 | [1] | 75 | [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 | 21 | 35 | ||
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 | 56 | 71 | ||
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 | 12 | 17 | ||
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 | 4 | 13 | ||
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 | 0 | [2] | 29 | [2] |
Accounts and Notes Receivable [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 | 16 | [2] | 0 | [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 | 5 | 6 | ||
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 | 39 | [3] | 86 | [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 | 16 | [2],[3] | 30 | [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 | 0 | 4 | ||
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 | 55 | 70 | ||
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 $37 at JuneB 30, 2014 and $54 at DecemberB 31, 2013. | |||
[2] | Cash collateral held as of JuneB 30, 2014 and DecemberB 31, 2013 represents $12 and $17, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||
[3] | Cash collateral held as of JuneB 30, 2014 and DecemberB 31, 2013 represents $4 and $13, 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 | 6 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) recognized in OCI (effective portion) | ($12) | [1] | ($8) | [1] | $26 | [1] | ($24) | [1] |
Amount of Gain (Loss) Recognized in Income | -90 | [2] | 86 | [2] | -185 | [2] | 201 | [2] |
Other Income, net [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Gain (Loss) on foreign currency denominated monetary assets and liabilities | 19 | -55 | -31 | -150 | ||||
Designated as Hedging Instrument [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of gain (loss) recognized in OCI (effective portion) | -12 | [1] | -8 | [1] | 26 | [1] | -24 | [1] |
Amount of Gain (Loss) Recognized in Income | -19 | [2] | 10 | [2] | -44 | [2] | 13 | [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) | 0 | [1] | 2 | [1] | -1 | [1] | 16 | [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] | 7 | [2] | -2 | [2] | 3 | [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) | -12 | [1] | -10 | [1] | 27 | [1] | -40 | [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 | -12 | [2] | 11 | [2] | -29 | [2] | 25 | [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 | -6 | [3] | -8 | [3] | -13 | [3] | -15 | [3] |
Gain (loss) recognized in interest expense offset | 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 | -71 | [2] | 76 | [2] | -141 | [2] | 188 | [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 Income, net [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Amount of Gain (Loss) Recognized in Income | -70 | [4] | 90 | [4] | -116 | [4] | 196 | [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) | ($14) | ($25) | ($8) | ||||
[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 six months ended JuneB 30, 2014 and 2013, 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, 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 $19 and $(55) for the three months ended JuneB 30, 2014 and 2013, respectively, and $(31) and $(150) for the six months ended JuneB 30, 2014 and 2013, respectively. |
LongTerm_Employee_Benefits_Def
Long-Term Employee Benefits Defined Benefit Plans (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2013 |
Impact of sale of Business on Pension Plan [Member] | Pension Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Settlement and curtailment losses (gains) | $153 |
Impact of sale of Business on Other Long-Term Employee Benefit Plans [Member] | Other Long-Term Employee Benefit Plans [Member] | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Settlement and curtailment losses (gains) | ($153) |
LongTerm_Employee_Benefits_Sch
Long-Term Employee Benefits (Schedules of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $60 | $68 | $120 | $139 |
Interest cost | 293 | 271 | 585 | 544 |
Expected return on plan assets | -404 | -378 | -806 | -760 |
Amortization of loss (gain) | 150 | 239 | 299 | 480 |
Amortization of prior service cost (benefit) | 0 | 3 | 1 | 6 |
Curtailment (gain) loss | 4 | 0 | 4 | 1 |
Settlement loss | 2 | 0 | 2 | 152 |
Net periodic benefit cost | 105 | 203 | 205 | 562 |
Other Long-Term Employee Benefit Plans [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 5 | 8 | 9 | 16 |
Interest cost | 30 | 33 | 61 | 66 |
Amortization of loss (gain) | 14 | -2 | 28 | 25 |
Amortization of prior service cost (benefit) | -53 | -46 | -106 | -94 |
Curtailment (gain) loss | 0 | 0 | 0 | -154 |
Settlement loss | 0 | 0 | 0 | 1 |
Net periodic benefit cost | ($4) | ($7) | ($8) | ($140) |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 36 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||||||||||||||||||
Imprelis [Member] | Imprelis [Member] | Imprelis [Member] | Imprelis [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 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] | Other [Member] | Other [Member] | Other [Member] | Other [Member] | 2014 Restructuring Program [Member] | 2014 Restructuring Program [Member] | 2014 Restructuring Program [Member] | 2014 Restructuring Program [Member] | 2014 Restructuring Program [Member] | 2014 Restructuring Program [Member] | 2014 Restructuring Program [Member] | 2014 Restructuring Program [Member] | 2014 Restructuring Program [Member] | |||||||||||||||||||||||
Imprelis [Member] | Imprelis [Member] | Agriculture [Member] | Electronics and Communications [Member] | Industrial Biosciences [Member] | Nutrition and Health [Member] | Performance Chemicals [Member] | Performance Materials [Member] | Safety and Protection [Member] | Other [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment sales | $9,783 | $9,925 | $19,992 | $20,419 | ' | ' | ' | ' | $3,615 | $3,631 | $8,009 | $8,300 | ' | ' | ' | $617 | $653 | $1,197 | $1,269 | $317 | $304 | $618 | $593 | $926 | $865 | $1,787 | $1,733 | $1,696 | $1,837 | $3,287 | $3,480 | $1,582 | $1,615 | $3,116 | $3,116 | $1,029 | $1,017 | $1,976 | $1,924 | $1 | $3 | $2 | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Less: Transfers | 77 | 81 | 158 | 167 | ' | ' | ' | ' | 5 | 2 | 8 | 7 | ' | ' | ' | 4 | 5 | 7 | 9 | 4 | 4 | 7 | 7 | 0 | 0 | 0 | 0 | 48 | 53 | 105 | 107 | 15 | 16 | 29 | 35 | 1 | 1 | 2 | 2 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Net sales | 9,706 | 9,844 | 19,834 | 20,252 | ' | ' | ' | ' | 3,610 | 3,629 | 8,001 | 8,293 | ' | ' | ' | 613 | 648 | 1,190 | 1,260 | 313 | 300 | 611 | 586 | 926 | 865 | 1,787 | 1,733 | 1,648 | 1,784 | 3,182 | 3,373 | 1,567 | 1,599 | 3,087 | 3,081 | 1,028 | 1,016 | 1,974 | 1,922 | 1 | 3 | 2 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
PTOI | 1,955 | 1,777 | 4,203 | 4,018 | ' | ' | ' | ' | 789 | [1] | 861 | [2] | 2,231 | [1] | 2,342 | [2] | ' | ' | ' | 21 | [1] | 95 | 96 | [1] | 144 | 57 | [1] | 43 | 113 | [1] | 84 | 97 | [1] | 61 | 190 | [1] | 137 | 232 | [1] | 268 | 438 | [1] | 524 | 665 | [1],[3] | 332 | 958 | [1],[3] | 619 | 178 | [1] | 172 | 353 | [1] | 310 | -84 | [1] | -55 | -176 | [1] | -142 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment net assets | ' | ' | ' | ' | ' | ' | ' | ' | 10,339 | ' | 10,339 | ' | 5,883 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Increase in net assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,456 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Loss Contingency | ' | ' | ' | ' | 0 | -80 | -115 | -1,175 | ' | ' | ' | ' | ' | -80 | -115 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Pre-tax gain on sale of business, continuing operations | 391 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Restructuring charges | ($206) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($263) | ($47) | ($68) | ($2) | ($8) | ($19) | ($29) | ($31) | ($2) | ||||||||||||||||||
[1] | Included a $(206) restructuring charge recorded in employee separation/asset related charges, net. The pre-tax charges by segment are: Agriculture -$(47), Electronics & Communications - $(68), Industrial Biosciences - $(2), Nutrition & Health - $(8), Performance Chemicals - $(19), Performance Materials - $(29), Safety & Protection - $(31), and Other - $(2). See Note 3 for additional information. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Included charges of $(80) and $(115) during the three and six months ended JuneB 30, 2013, 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 gain of $391 recorded in other income, net associated with the sale of Glass Laminating Solutions/Vinyls. See Note 2 for additional information. |
Segment_Information_Reconcilia
Segment Information (Reconciliation to Consolidated Income Statements) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Segment Information | ' | ' | ' | ' |
Total segment PTOI | $1,955 | $1,777 | $4,203 | $4,018 |
Non operating pension and other post retirement employee benefit costs | -34 | -126 | -64 | -273 |
Net exchange (losses) gains, including affiliates | -109 | 35 | -205 | 46 |
Corporate expenses | -278 | -206 | -495 | -420 |
Interest expense | -94 | -115 | -197 | -232 |
Income from continuing operations before income taxes | $1,440 | $1,365 | $3,242 | $3,139 |