Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jan. 30, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Entity Registrant Name | DUPONT E I DE NEMOURS & CO | ||
Entity Central Index Key | 30554 | ||
Current Fiscal Year End Date | -19 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $59.90 | ||
Entity Common Stock, Shares Outstanding | 905,414,000 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net sales | $34,723 | [1] | $35,734 | [1] | $34,812 | [1] |
Other income, net | 1,323 | 410 | 498 | |||
Total | 36,046 | 36,144 | 35,310 | |||
Cost of goods sold | 21,703 | 22,547 | 21,400 | |||
Other operating charges | 1,067 | 1,560 | 1,856 | |||
Selling, general and administrative expenses | 5,344 | 5,833 | 5,886 | |||
Research and development expense | 2,067 | 2,153 | 2,123 | |||
Interest expense | 377 | 448 | 464 | |||
Employee separation / asset related charges, net | 497 | 114 | 493 | |||
Total | 31,055 | 32,655 | 32,222 | |||
Income from continuing operations before income taxes | 4,991 | 3,489 | 3,088 | |||
Provision for income taxes on continuing operations | 1,370 | 626 | 616 | |||
Income from continuing operations after income taxes | 3,621 | 2,863 | 2,472 | |||
Income from discontinued operations after income taxes | 15 | 1,999 | 308 | |||
Net income | 3,636 | 4,862 | 2,780 | |||
Less: Net income attributable to noncontrolling interests | 11 | 14 | 25 | |||
Net income attributable to DuPont | $3,625 | $4,848 | $2,755 | |||
Basic earnings per share of common stock from continuing operations | $3.94 | $3.07 | $2.61 | |||
Basic earnings per share of common stock from discontinued operations | $0.02 | $2.16 | $0.33 | |||
Basic earnings per share of common stock | $3.95 | $5.22 | $2.94 | |||
Diluted earnings per share of common stock from continuing operations | $3.90 | $3.04 | $2.59 | |||
Diluted earnings per share of common stock from discontinued operations | $0.02 | $2.14 | $0.33 | |||
Diluted earnings per share of common stock | $3.92 | $5.18 | $2.91 | |||
Dividends per share of common stock | $1.84 | $1.78 | $1.70 | |||
[1] | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net income | $3,636 | $4,862 | $2,780 | |||
Cumulative translation adjustment | -876 | 25 | 77 | |||
Additions and revaluations of derivatives designated as cash flow hedges | 53 | [1] | -58 | [1] | 8 | [1] |
Clearance of hedge results to earnings | 15 | -25 | -65 | |||
Net revaluation and clearance of cash flow hedges to earnings | 68 | -83 | -57 | |||
Net unrealized gain (loss) on securities | 0 | 1 | -2 | |||
Other comprehensive (loss) income, before tax | -4,668 | 4,868 | 253 | |||
Income tax benefit (expense) related to items of other comprehensive income | 1,403 | -1,665 | -121 | |||
Other comprehensive (loss) income, net of tax | -3,265 | 3,203 | 132 | |||
Comprehensive income | 371 | 8,065 | 2,912 | |||
Less: Comprehensive income attributable to noncontrolling interests | 12 | 12 | 53 | |||
Comprehensive income attributable to DuPont | 359 | 8,053 | 2,859 | |||
Pension Benefit Plans, Net [Member] | ||||||
Net (loss) gain | -4,131 | 3,293 | -1,433 | |||
Prior service benefit | 44 | 62 | 22 | |||
Amortization of prior service cost (benefit) | 2 | 8 | 13 | |||
Amortization of loss | 601 | 957 | 887 | |||
Curtailment / settlement (gain) loss | 11 | 153 | 7 | |||
Benefit plans, net | -3,473 | 4,473 | -504 | |||
Other Long-Term Employee Benefit Plans [Member] | ||||||
Net (loss) gain | -280 | 513 | -60 | |||
Prior service benefit | 50 | 211 | 857 | |||
Amortization of prior service cost (benefit) | -214 | -195 | -155 | |||
Amortization of loss | 57 | 76 | 94 | |||
Curtailment / settlement (gain) loss | 0 | -153 | 3 | |||
Benefit plans, net | ($387) | $452 | $739 | |||
[1] | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the Consolidated Income Statements. |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $6,910 | $8,941 | ||
Marketable securities | 124 | 145 | ||
Accounts and notes receivable, net | 6,005 | 6,047 | ||
Inventories | 7,841 | 8,042 | ||
Prepaid expenses | 279 | 206 | ||
Deferred income taxes | 589 | 775 | ||
Assets held for sale | 0 | 228 | ||
Total current assets | 21,748 | 24,384 | ||
Property, plant and equipment | 33,328 | 32,431 | ||
Less: Accumulated depreciation | 19,942 | 19,438 | ||
Net property, plant and equipment | 13,386 | [1] | 12,993 | [1] |
Goodwill | 4,529 | 4,713 | ||
Other intangible assets | 4,580 | 5,096 | ||
Investments in affiliates | 886 | 1,011 | [2] | |
Deferred income taxes | 3,651 | 2,353 | ||
Other assets | 1,096 | 949 | ||
Total | 49,876 | 51,499 | ||
Liabilities and Equity | ||||
Accounts payable | 4,822 | 5,180 | ||
Short-term borrowings and capital lease obligations | 1,423 | 1,721 | ||
Income taxes | 547 | 247 | ||
Other accrued liabilities | 5,848 | 6,219 | ||
Total current liabilities | 12,640 | 13,367 | ||
Long-term borrowings and capital lease obligations | 9,271 | 10,741 | ||
Other liabilities | 13,819 | 10,179 | ||
Deferred income taxes | 768 | 926 | ||
Total liabilities | 36,498 | 35,213 | ||
Commitments and contingent liabilities | ||||
Stockholders' equity | ||||
Common stock, $0.30 par value; 1,800,000,000 shares authorized; Issued at December 31, 2014 - 992,020,000; 2013 - 1,014,027,000 | 298 | 304 | ||
Additional paid-in capital | 11,174 | 11,072 | ||
Reinvested earnings | 17,045 | 16,784 | ||
Accumulated other comprehensive loss | -8,707 | -5,441 | ||
Common stock held in treasury, at cost (Shares: December 31, 2014 and 2013 - 87,041,000) | -6,727 | -6,727 | ||
Total DuPont stockholders' equity | 13,320 | 16,229 | ||
Noncontrolling interests | 58 | 57 | ||
Total equity | 13,378 | 16,286 | ||
Total | 49,876 | 51,499 | ||
$4.50 Series-1,673,000 shares (callable at $120) [Member] | ||||
Stockholders' equity | ||||
Preferred stock, without par value-cumulative; 23,000,000 shares authorized; issued at December 31, 2014 and 2013; $4.50 Series- 1,673,000 shares (callable at $120) $3.50 Series- 700,000 shares (callable at $102) | 167 | 167 | ||
$3.50 Series-700,000 shares (callable at $102) [Member] | ||||
Stockholders' equity | ||||
Preferred stock, without par value-cumulative; 23,000,000 shares authorized; issued at December 31, 2014 and 2013; $4.50 Series- 1,673,000 shares (callable at $120) $3.50 Series- 700,000 shares (callable at $102) | $70 | $70 | ||
[1] | Net property is presented for locations with greater than two percent of the total and includes property, plant and equipment less accumulated depreciation. | |||
[2] | See Note 1 for additional information on the presentation of the Performance Coatings business which met the criteria for discontinued operations during 2012. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value | $0.30 | $0.30 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 992,020,000 | 1,014,027,000 |
Common stock held in treasury, shares | 87,041,000 | 87,041,000 |
$4.50 Series-1,673,000 shares (callable at $120) [Member] | ||
Preferred stock, no par value | $0 | $0 |
Preferred stock, shares authorized | 23,000,000 | 23,000,000 |
Preferred stock, shares issued | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $120 | $120 |
$3.50 Series-700,000 shares (callable at $102) [Member] | ||
Preferred stock, no par value | $0 | $0 |
Preferred stock, shares authorized | 23,000,000 | 23,000,000 |
Preferred stock, shares issued | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $102 | $102 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Reinvested Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
In Millions, unless otherwise specified | ||||||||
Balance at Dec. 31, 2011 | $9,208 | $237 | $304 | $10,107 | $13,552 | ($8,750) | ($6,727) | $485 |
Acquisitions of a noncontrolling interest in consolidated subsidiaries | -388 | -2 | -386 | |||||
Net income | 2,780 | 2,755 | 25 | |||||
Other comprehensive income (loss) | 132 | 104 | 28 | |||||
Common dividends | -1,654 | -1,593 | -61 | |||||
Preferred dividends | -10 | -10 | ||||||
Common Stock | ||||||||
Issued - compensation plans | 631 | 4 | 627 | |||||
Repurchased | -400 | -400 | ||||||
Retired | 0 | -2 | -77 | -321 | 400 | |||
Balance at Dec. 31, 2012 | 10,299 | 237 | 306 | 10,655 | 14,383 | -8,646 | -6,727 | 91 |
Sale of a majority interest in a consolidated subsidiary | -34 | -34 | ||||||
Acquisitions of a noncontrolling interest in consolidated subsidiaries | 4 | 4 | ||||||
Net income | 4,862 | 4,848 | 14 | |||||
Other comprehensive income (loss) | 3,203 | 3,205 | -2 | |||||
Common dividends | -1,670 | -1,658 | -12 | |||||
Preferred dividends | -10 | -10 | ||||||
Common Stock | ||||||||
Issued - compensation plans | 632 | 4 | 628 | |||||
Repurchased | -1,000 | -1,000 | ||||||
Retired | 0 | -6 | -215 | -779 | 1,000 | |||
Balance at Dec. 31, 2013 | 16,286 | 237 | 304 | 11,072 | 16,784 | -5,441 | -6,727 | 57 |
Sale of a majority interest in a consolidated subsidiary | -5 | -5 | ||||||
Net income | 3,636 | 3,625 | 11 | |||||
Other comprehensive income (loss) | -3,265 | -3,266 | 1 | |||||
Common dividends | -1,701 | -1,695 | -6 | |||||
Preferred dividends | -10 | -10 | ||||||
Common Stock | ||||||||
Issued - compensation plans | 437 | 3 | 434 | |||||
Repurchased | -2,000 | -2,000 | ||||||
Retired | 0 | -9 | -332 | -1,659 | 2,000 | |||
Balance at Dec. 31, 2014 | $13,378 | $237 | $298 | $11,174 | $17,045 | ($8,707) | ($6,727) | $58 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends, per share, declared | $1.84 | $1.78 | $1.70 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Operating activities | |||||
Net income | $3,636 | $4,862 | $2,780 | ||
Adjustments to reconcile net income to cash provided by operating activities: | |||||
Depreciation | 1,254 | 1,280 | 1,376 | ||
Amortization of intangible Assets | 363 | 323 | 337 | ||
Net periodic pension benefit cost | 406 | 953 | 832 | ||
Contributions to pension plans | -311 | -313 | -848 | ||
Gain on sales of a businesses | -726 | -2,687 | 0 | ||
Other operating activities - net | 362 | 177 | 353 | ||
(Increase) decrease in operating assets: | |||||
Accounts and notes receivable | -127 | -883 | 114 | ||
Inventories and other operating assets | -311 | -535 | -812 | ||
Increase (decrease) in operating liabilities: | |||||
Accounts payable and other operating liabilities | -1,028 | 156 | 1,037 | ||
Accrued interest and income taxes | 194 | -154 | -320 | ||
Cash provided by operating activities | 3,712 | 3,179 | 4,849 | ||
Investing activities | |||||
Purchases of property, plant and equipment | -2,020 | -1,882 | [1] | -1,793 | [1] |
Investments in affiliates | -42 | -58 | -97 | ||
Payments for businesses - net of cash acquired | 0 | -133 | -18 | ||
Proceeds from sales of businesses - net | 1,058 | 4,841 | 0 | ||
Proceeds from sales of assets, net | 34 | 142 | 302 | ||
Purchases of short-term financial instruments | -936 | -497 | -650 | ||
Proceeds from maturities ans sales of short-term financial instruments | 950 | 452 | 965 | ||
Foreign currency exchange contract settlements | 430 | 40 | -40 | ||
Other investing activities - net | 189 | 40 | -15 | ||
Cash (used for) provided by for investing activities | -337 | 2,945 | -1,346 | ||
Financing activities | |||||
Dividends paid to stockholders | -1,696 | -1,661 | -1,594 | ||
Net (decrease) increase in short-term (less than 90 days) borrowings | -11 | 16 | -200 | ||
Long-term and other borrowings: | |||||
Receipts | 104 | 2,013 | 323 | ||
Payments | -1,794 | -1,312 | -916 | ||
Repurchase of common stock | -2,000 | -1,000 | -400 | ||
Proceeds from exercise of stock options | 327 | 536 | 550 | ||
Payments for noncontrolling interests | 0 | -65 | -470 | ||
Other financing activities - net | -4 | -1 | 10 | ||
Cash used for financing activities | -5,074 | -1,474 | -2,697 | ||
Effect of exchange rate changes on cash | -332 | -88 | -13 | ||
Cash reclassified as held for sale | 0 | 0 | -95 | ||
(Decrease) increase in cash and cash equivalents | -2,031 | 4,562 | 698 | ||
Cash and cash equivalents at beginning of year | 8,941 | 4,379 | 3,586 | ||
Cash and cash equivalents at end of year | 6,910 | 8,941 | 4,379 | ||
Cash and cash equivalents at end of year, excluding held for sale | 6,910 | 8,941 | 4,284 | ||
Supplemental cash flow information: | |||||
Interest, net of amounts capitalized | 394 | 489 | 501 | ||
Income taxes | $1,016 | $1,323 | $1,054 | ||
[1] | See Note 1 for additional information on the presentation of the Performance Coatings business which met the criteria for discontinued operations during 2012. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
The company follows generally accepted accounting principles in the United States of America (GAAP). The significant accounting policies described below, together with the other notes that follow, are an integral part of the Consolidated Financial Statements. | |||
Preparation of Financial Statements | |||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Basis of Consolidation | |||
The Consolidated Financial Statements include the accounts of the company, subsidiaries in which a controlling interest is maintained and variable interest entities (VIEs) for which DuPont is the primary beneficiary. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has significant influence but not a controlling interest are carried on the equity method. At December 31, 2014, the assets, liabilities and operations of VIEs for which DuPont is the primary beneficiary were not material to the Consolidated Financial Statements of the company. | |||
The company is also involved with certain joint ventures accounted for under the equity method of accounting that are VIEs. The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2014, the maximum exposure to loss related to the unconsolidated VIEs is not considered material to the Consolidated Financial Statements of the company. | |||
Basis of Presentation | |||
Certain reclassifications of prior year's data have been made to conform to current year's presentation. | |||
The company’s cost structure has been impacted by the global, multi-year initiative to redesign its global organization and operating model to improve productivity and agility across all businesses and functions. Effective December 31, 2014, in order to better align to the transforming company’s organization and resulting cost structure, certain costs were reclassified from other operating charges to selling, general and administrative expenses. Prior year data has been reclassified to conform to current year presentation. | |||
In November 2013, DuPont entered into a definitive agreement to sell Glass Laminating Solutions/Vinyls (GLS/Vinyls), a part of the Performance Materials segment. The assets related to GLS/Vinyls at December 31, 2013 are presented as held for sale in the Consolidated Balance Sheet. In June 2014, the company sold GLS/Vinyls to Kuraray Co. Ltd. The sale of GLS/Vinyls does not meet the criteria for discontinued operations and as such, earnings are included in the company’s income from continuing operations. | |||
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 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 Consolidated Financial Statements based on the financial statement line item and period of each disclosure. | |||
See Note 2 to the Consolidated Financial Statements for further information relating to the above matters. | |||
Revenue Recognition | |||
The company recognizes revenue when the earnings process is complete. The company's revenues are from the sale of a wide range of products to a diversified base of customers around the world. Revenue for product sales is recognized upon delivery, when title and risk of loss have been transferred, collectability is reasonably assured and pricing is fixed or determinable. A majority of product sales are sold FOB (free on board) shipping point or, with respect to non United States of America (U.S.) customers, an equivalent basis. Accruals are made for sales returns and other allowances based on the company's experience. The company accounts for cash sales incentives as a reduction in sales and noncash sales incentives as a charge to cost of goods sold or selling expense, depending on the nature of the incentive. Amounts billed to customers for shipping and handling fees are included in net sales and costs incurred by the company for the delivery of goods are classified as cost of goods sold in the Consolidated Income Statements. Taxes on revenue-producing transactions are excluded from net sales. | |||
The company periodically enters into prepayment contracts with customers in the Agriculture segment and receives advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue (classified as other accrued liabilities) or debt, depending on the nature of the program. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. | |||
Licensing and royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured. | |||
Cash and Cash Equivalents | |||
Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. The estimated fair value of the company's cash equivalents, which approximates carrying value as of December 31, 2014 and 2013, was determined using level 1 and level 2 inputs within the fair value hierarchy, as described below. Level 1 measurements were based on observed net asset values and level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity. The company held $1,436 and $5,116 of money market funds (level 1 measurements) as of December 31, 2014 and 2013, respectively. The company held $3,293 and $2,256 of other cash equivalents (level 2 measurements) as of December 31, 2014 and 2013, respectively. | |||
Marketable Securities | |||
Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. They are classified as held-to-maturity and recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. | |||
Fair Value Measurements | |||
Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||
The company uses the following valuation techniques to measure fair value for its assets and liabilities: | |||
Level 1 | – | Quoted market prices in active markets for identical assets or liabilities; | |
Level 2 | – | Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); | |
Level 3 | – | Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. | |
Inventories | |||
The company's inventories are valued at the lower of cost or market. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or market, whichever is lower; cost is generally determined by the average cost method. | |||
As of December 31, 2014 and 2013 approximately 50 percent, 25 percent and 25 percent of the company’s inventories were accounted for under the first-in first out (FIFO), last-in first out (LIFO) and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds, certain food-ingredients and enzymes. | |||
Property, Plant and Equipment | |||
Property, plant and equipment is carried at cost and is depreciated using the straight-line method. Property, plant and equipment placed in service prior to 1995 is depreciated under the sum-of-the-years' digits method or other substantially similar methods. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 5 to 7 years. When assets are surrendered, retired, sold or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the accounts and included in determining gain or loss on such disposals. | |||
Maintenance and repairs are charged to operations; replacements and improvements are capitalized. | |||
Goodwill and Other Intangible Assets | |||
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company's fair value methodology is based on prices of similar assets or other valuation methodologies including discounted cash flow techniques. During the third quarter 2014, the company changed its annual impairment testing from September 30th to July 1st. The company believes this timing is preferable as it better aligns the goodwill impairment test with its strategic business planning cycle. This change did not result in the delay, acceleration or avoidance of an impairment charge. The change was applied prospectively, as retrospective application would have been impractical because the company is unable to objectively select assumptions that would have been used in previous periods without the benefit of hindsight. The company completed its annual impairment testing in the third quarter of 2014 and determined that no adjustments to the carrying value of goodwill or indefinite lived intangible assets were necessary. | |||
Definite-lived intangible assets, such as purchased and licensed technology, patents and customer lists are amortized over their estimated useful lives, generally for periods ranging from 1 to 20 years or amortized based on units of production. The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. | |||
Impairment of Long-Lived Assets | |||
The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of other than by sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived assets classified as held for sale. | |||
Research and Development | |||
Research and development costs are expensed as incurred. Research and development expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products and regulatory approval of new and existing products. | |||
Environmental | |||
Accruals for environmental matters are recorded in operating expenses when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued liabilities do not include claims against third parties and are not discounted. | |||
Costs related to environmental remediation and restoration are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property or reduce or prevent contamination from future operations, in which case, they are capitalized. | |||
Asset Retirement Obligations | |||
The company records asset retirement obligations at fair value at the time the liability is incurred. Accretion expense is recognized as an operating expense using the credit-adjusted risk-free interest rate in effect when the liability was recognized. The associated asset retirement obligations are capitalized as part of the carrying amount of the long-lived asset and depreciated over the estimated remaining useful life of the asset, generally for periods ranging from 1 to 25 years. | |||
Litigation | |||
The company accrues for liabilities related to litigation matters when the information available indicates that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred. | |||
Insurance/Self-Insurance | |||
The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. | |||
Income Taxes | |||
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be indefinitely invested. Investment tax credits or grants are accounted for in the period earned (the flow-through method). Interest accrued related to unrecognized tax benefits is included in miscellaneous income and expenses, net, within other income, net. Income tax related penalties are included in the provision for income taxes. | |||
Foreign Currency Translation | |||
The company's worldwide operations utilize the U.S. dollar (USD) or local currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. | |||
For foreign entities where the USD is the functional currency, all foreign currency asset and liability amounts are remeasured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are remeasured at historical rates. Foreign currency income and expenses are remeasured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. | |||
For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the local currency are remeasured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. | |||
The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. As a result of the separation of its Performance Chemicals segment, coupled with the company’s redesign initiative, the functional currency at certain of the company’s foreign entities is being re-evaluated and, in some cases, will result in a change in the foreign entities’ functional currency during 2015. This re-evaluation will not impact the company's results of operations. | |||
Venezuelan Foreign Currency | |||
Venezuela is considered a highly inflationary economy under GAAP and the 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. 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 to the SICAD 2 exchange rate of 49.98, to remeasure its BsF denominated net monetary assets which resulted in a pre-tax charge of $58. The charge is recorded within other income, net in the company's Consolidated Income Statements for the year ended December 31, 2014. The company expects it will continue to use the SICAD 2 exchange rate to remeasure its Venezuelan BsF denominated revenues, expenses and net monetary assets unless facts and circumstances change. | |||
Hedging and Trading Activities | |||
Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. For derivative instruments designated as fair value hedges, changes in the fair values of the derivative instruments will generally be offset in the income statement by changes in the fair value of the hedged items. For derivative instruments designated as cash flow hedges, the effective portion of any hedge is reported in accumulated other comprehensive income (loss) until it is cleared to earnings during the same period in which the hedged item affects earnings. The ineffective portion of all hedges is recognized in current period earnings. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. | |||
In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, gains or losses realized at termination are deferred and included in the measurement of the hedged transaction. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as a hedge of an anticipated transaction are reclassified as for trading purposes if the anticipated transaction is no longer probable. | |||
Cash flows from derivative instruments accounted for as either fair value hedges or cash flow hedges are reported in the same category as the cash flows from the items being hedged. Cash flows from all other derivative instruments are generally reported as investing activities in the Consolidated Statements of Cash Flows. See Note 19 for additional discussion regarding the company's objectives and strategies for derivative instruments. | |||
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 | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure | 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 Consolidated Income Statements for the year ended December 31, 2014. | ||||||||||
The assets classified as held for sale at December 31, 2013 related to GLS/Vinyls primarily consist of inventory and property, plant and equipment. | ||||||||||
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 year ended December 31, 2014, the company incurred $175 of costs associated with the transaction which were reported in other operating charges in the company's 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 approximately $4,200 in after-tax proceeds and a pre-tax gain of $2,687 ($1,962 net of tax). The gain was recorded in income from discontinued operations after income taxes in the company's Consolidated Income Statements for the year ended December 31, 2013. The results of discontinued operations are summarized below: | ||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||
Net sales | $ | — | $ | 331 | $ | 4,218 | ||||
Income before income taxes | $ | — | $ | 2,717 | $ | 551 | ||||
(Benefit from) provision for income taxes1 | (15 | ) | 718 | 243 | ||||||
Income from discontinued operations after income taxes | $ | 15 | $ | 1,999 | $ | 308 | ||||
1. | The year ended December 31, 2014 includes a tax benefit of $(15) related to a change in estimate of income taxes resulting from the filing of various tax returns impacted by the sale of Performance Coatings. The year ended December 31, 2012 includes expense of $70 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested as these entities have been reclassified as held for sale. |
Employee_Separation_Asset_Rela
Employee Separation / Asset Related Charges, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring Charges [Abstract] | |||||||||||||
Employee Separation / Asset Related Charges, Net | EMPLOYEE SEPARATION/ASSET RELATED CHARGES, NET | ||||||||||||
At December 31, 2014, total liabilities related to restructuring activities were $277, primarily related to the 2014 restructuring program. | |||||||||||||
2014 Restructuring Program | |||||||||||||
In June 2014, DuPont announced its global, multi-year initiative to redesign its global organization and operating model to reduce costs and improve productivity and agility across all businesses and functions. DuPont commenced a restructuring plan to realign and rebalance staff function support, enhance operational efficiency, and to reduce residual costs associated with the separation of its Performance Chemicals segment. As a result, during the year ended December 31, 2014 a pre-tax charge of $562 was recorded, consisting of $497 in employee separation / asset related charges, net and $65 in other income, net. The charges consisted of $319 of employee separation charges, $17 of other non-personnel charges, and $226 of asset related charges, including $65 of charges associated with the restructuring actions of a joint venture within the Performance Materials segment. At December 31, 2014, total liabilities related to the 2014 restructuring program were $268. The actions associated with this charge and all related payments are expected to be substantially complete by mid-2016. 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 2014 restructuring program charges impacted segment earnings, as follows, for the year ended December 31, 2014: Agriculture - $134, Electronics & Communications - $84, Industrial Biosciences - $13, Nutrition & Health - $15, Performance Chemicals - $21, Performance Materials - $99, and Safety & Protection - $52, Other - $22, as well as Corporate expenses - $122. | |||||||||||||
Account balances and activity for the 2014 restructuring program are summarized below: | |||||||||||||
Employee Separation Costs | Asset | Other Non-Personnel Charges1 | Total | ||||||||||
Related Charges | |||||||||||||
Charges to income for the year ended December 31, 2014 | $ | 319 | $ | 226 | $ | 17 | $ | 562 | |||||
Charges to accounts: | |||||||||||||
Payments | (47 | ) | — | (13 | ) | (60 | ) | ||||||
Net translation adjustment | (8 | ) | — | — | (8 | ) | |||||||
Asset write-offs and adjustments | — | (226 | ) | — | (226 | ) | |||||||
Balance as of December 31, 2014 | $ | 264 | $ | — | $ | 4 | $ | 268 | |||||
1. | Other non-personnel charges consist of contractual obligation costs. | ||||||||||||
2012 Restructuring Program | |||||||||||||
In 2012, the company commenced a restructuring plan to increase productivity, enhance competitiveness and accelerate growth. As a result, pre-tax charges of $234 were recorded in employee separation / asset related charges, net. The 2012 charges consisted of $157 of employee separation costs, $8 of other non-personnel charges, and $69 of asset related charges, which included $30 of asset impairments and $39 of asset shut downs. | |||||||||||||
In addition to the programs discussed above, a charge of $19, which included $9 recorded in employee separation / asset related charges, net and $10 recorded in other income, net, was taken in the fourth quarter 2013. This charge was a result of restructuring actions including employee separation and asset related costs related to a joint venture in the Performance Materials segment. | |||||||||||||
The actions and payments related to the 2012 restructuring program were substantially complete as of December 31, 2013. | |||||||||||||
Asset Impairments | |||||||||||||
In the fourth quarter 2013, as a result of strategic decisions related to the thin film photovoltaic market, and during 2012, as a result of deteriorating conditions in the thin film photovoltaic market, the company determined that impairment triggering events had occurred and that assessments of the asset group related to its thin film photovoltaic modules and systems were warranted. These assessments determined that the carrying value of the asset group exceeded its fair value. As a result of the impairment tests, $129 and $150 of pre-tax impairment charges were recorded during 2013 and 2012, respectively, within the Electronics & Communications segment. | |||||||||||||
During 2012, as a result of strategic decisions related to deteriorating conditions within a specific industrial chemicals market, the company determined that an impairment triggering event had occurred and that an assessment of the asset group related to this industrial chemical was warranted. This assessment determined that the carrying value of the asset group exceeded its fair value. As a result of the impairment test, a $33 pre-tax impairment charge was recorded within the Performance Chemicals segment. | |||||||||||||
During 2012, as a result of deteriorating conditions in an industrial polymer market, the company determined that an impairment triggering event had occurred and that an assessment of the asset group related to this polymer product was warranted. This assessment determined that the carrying value of the asset group exceeded its fair value. As a result of the impairment test, a $92 pre-tax impairment charge was recorded within the Performance Materials segment. | |||||||||||||
The bases of the fair value for the charges above were calculated utilizing a discounted cash flow approach which included assumptions concerning future operating performance and economic conditions that may differ from actual cash flows. In connection with the matters discussed above, as of December 31, 2013 and 2012, the company had long-lived assets with a remaining net book value of approximately $90 and $150, respectively, accounted for at fair value on a nonrecurring basis after initial recognition. These nonrecurring fair value measurements were determined using level 3 inputs within the fair value hierarchy, as described in Note 1 to the Consolidated Financial Statements. |
Other_Income_Net
Other Income, Net | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Other Income and Expenses [Abstract] | ||||||||||
Other Income, Net | OTHER INCOME, NET | |||||||||
2014 | 2013 | 2012 | ||||||||
Royalty income | $ | 183 | $ | 187 | $ | 177 | ||||
Interest income | 129 | 136 | 109 | |||||||
Equity in earnings of affiliates, excluding exchange gains/losses1 | (10 | ) | 37 | 99 | ||||||
Gain on sale of equity method investment | — | 9 | 122 | |||||||
Net gains on sales of businesses and other assets | 749 | 25 | 130 | |||||||
Net exchange gains (losses)1 | 135 | (128 | ) | (215 | ) | |||||
Cozaar®/Hyzaar® income | — | 14 | 54 | |||||||
Miscellaneous income and expenses, net2 | 137 | 130 | 22 | |||||||
Other income, net | $ | 1,323 | $ | 410 | $ | 498 | ||||
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 Consolidated Income Statements. Exchange gains (losses) related to earnings of affiliates was $0, $4 and $3 for 2014, 2013 and 2012, respectively. The $135 net exchange gain for the year ended December 31, 2014, includes $(58), $(46) and $(14) exchange losses, associated with the devaluation of the Venezuelan bolivar, Ukrainian hryvnia, and Argentinian peso, respectively. The $(128) net exchange loss for the year ended December 31, 2013, includes a $(33) exchange loss, associated with the devaluation of the Venezuelan bolivar. | |||||||||
2. | Miscellaneous income and expenses, net, includes interest items, litigation settlements, and other items. |
Provision_for_Income_Taxes_Not
Provision for Income Taxes Notes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Provision for income taxes | PROVISION FOR INCOME TAXES | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax expense on continuing operations: | |||||||||||||
U.S. federal | $ | 778 | $ | 160 | $ | 121 | |||||||
U.S. state and local | 62 | 23 | 16 | ||||||||||
International | 516 | 677 | 663 | ||||||||||
Total current tax expense on continuing operations | 1,356 | 860 | 800 | ||||||||||
Deferred tax expense (benefit) on continuing operations: | |||||||||||||
U.S. federal | 81 | (193 | ) | (105 | ) | ||||||||
U.S. state and local | (44 | ) | (65 | ) | (46 | ) | |||||||
International | (23 | ) | 24 | (33 | ) | ||||||||
Total deferred tax expense (benefit) on continuing operations | 14 | (234 | ) | (184 | ) | ||||||||
Provision for income taxes on continuing operations | $ | 1,370 | $ | 626 | $ | 616 | |||||||
The significant components of deferred tax assets and liabilities at December 31, 2014 and 2013, are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Asset | Liability | Asset | Liability | ||||||||||
Depreciation | $ | — | $ | 1,612 | $ | — | $ | 1,707 | |||||
Accrued employee benefits | 5,258 | 555 | 3,754 | 512 | |||||||||
Other accrued expenses | 623 | — | 811 | 87 | |||||||||
Inventories | 305 | 156 | 275 | 151 | |||||||||
Unrealized exchange gains/losses | — | 165 | 65 | — | |||||||||
Tax loss/tax credit carryforwards/backs | 2,466 | — | 2,622 | — | |||||||||
Investment in subsidiaries and affiliates | 144 | 185 | 189 | 245 | |||||||||
Amortization of intangibles | 120 | 1,312 | 109 | 1,372 | |||||||||
Other | 328 | 91 | 316 | 159 | |||||||||
Valuation allowance | (1,757 | ) | — | (1,764 | ) | — | |||||||
$ | 7,487 | $ | 4,076 | $ | 6,377 | $ | 4,233 | ||||||
Net deferred tax asset | $ | 3,411 | $ | 2,144 | |||||||||
An analysis of the company's effective income tax rate (EITR) on continuing operations is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Exchange gains/losses1 | 7.4 | 0.8 | 0.1 | ||||||||||
Domestic operations | (2.1 | ) | (3.2 | ) | (2.3 | ) | |||||||
Lower effective tax rates on international operations-net2 | (11.3 | ) | (12.3 | ) | (10.9 | ) | |||||||
Tax settlements | (0.6 | ) | (0.2 | ) | (2.0 | ) | |||||||
Sale of a business | (0.3 | ) | — | — | |||||||||
U.S. research & development credit 2 | (0.7 | ) | (2.2 | ) | — | ||||||||
27.4 | % | 17.9 | % | 19.9 | % | ||||||||
1. | Principally reflects the impact of foreign exchange losses on net monetary assets for which no corresponding tax benefit is realized. Further information about the company's foreign currency hedging program is included in Note 19 under the heading Foreign Currency Risk. | ||||||||||||
2. | On January 2, 2013, U.S. tax law was enacted which extended through 2013 (and retroactive to 2012) several expired or expiring temporary business tax provisions. In accordance with GAAP, this extension was taken into account in the quarter in which the legislation was enacted (i.e. first quarter 2013). | ||||||||||||
Consolidated income from continuing operations before income taxes for U.S. and international operations was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. (including exports) | $ | 2,780 | $ | 962 | $ | 640 | |||||||
International | 2,211 | 2,527 | 2,448 | ||||||||||
Income from continuing operations before income taxes | $ | 4,991 | $ | 3,489 | $ | 3,088 | |||||||
The increased proportion of income from continuing operations before income taxes in the U.S over prior years is primarily due to the results of the company’s hedging program, gains on sales of businesses primarily in the U.S., and the impact of Imprelis® charges in the U.S. in 2013 versus additional insurance recoveries recorded in the U.S. in 2014. | |||||||||||||
In 2014 and 2013, the U.S. recorded a net exchange gain associated with the hedging program of $607 and $35, respectively. While the taxation of the amounts reflected on the chart above does not correspond precisely to the jurisdiction of taxation (due to taxation in multiple countries, exchange gains/losses, etc.), it represents a reasonable approximation of the income before income taxes split between U.S. and international jurisdictions. See Note 19 for additional information regarding the company's hedging program. | |||||||||||||
Under the tax laws of various jurisdictions in which the company operates, deductions or credits that cannot be fully utilized for tax purposes during the current year may be carried forward or back, subject to statutory limitations, to reduce taxable income or taxes payable in future or prior years. At December 31, 2014, the tax effect of such carryforwards/backs, net of valuation allowance approximated $1,080. Of this amount, $921 has no expiration date, $1 expires after 2014 but before the end of 2019 and $158 expires after 2019. | |||||||||||||
At December 31, 2014, unremitted earnings of subsidiaries outside the U.S. totaling $17,226 were deemed to be indefinitely reinvested. No deferred tax liability has been recognized with regard to the remittance of such earnings. It is not practicable to estimate the income tax liability that might be incurred if such earnings were remitted to the U.S. | |||||||||||||
Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. 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 12 months with the majority due to the settlement of uncertain tax positions with various tax authorities. | |||||||||||||
The company and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and non-U.S. jurisdictions. With few exceptions, the company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2004. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total unrecognized tax benefits as of January 1 | $ | 901 | $ | 805 | $ | 800 | |||||||
Gross amounts of decreases in unrecognized tax benefits as a result of tax positions | (50 | ) | (28 | ) | (94 | ) | |||||||
taken during the prior period | |||||||||||||
Gross amounts of increases in unrecognized tax benefits as a result of tax positions | 84 | 76 | 73 | ||||||||||
taken during the prior period | |||||||||||||
Gross amounts of increases in unrecognized tax benefits as a result of tax positions | 92 | 92 | 78 | ||||||||||
taken during the current period | |||||||||||||
Amount of decreases in the unrecognized tax benefits relating to settlements with taxing | (15 | ) | (19 | ) | (29 | ) | |||||||
authorities | |||||||||||||
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of | (3 | ) | (6 | ) | (10 | ) | |||||||
limitations | |||||||||||||
Exchange gain | (23 | ) | (19 | ) | (13 | ) | |||||||
Total unrecognized tax benefits as of December 31 | $ | 986 | $ | 901 | $ | 805 | |||||||
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | $ | 818 | $ | 778 | $ | 693 | |||||||
Total amount of interest and penalties recognized in the Consolidated Income Statements | $ | 5 | $ | 16 | $ | 4 | |||||||
Total amount of interest and penalties recognized in the Consolidated Balance Sheets | $ | 117 | $ | 122 | $ | 116 | |||||||
Earnings_Per_Share_of_Common_S
Earnings Per Share of Common Stock | 12 Months Ended | |||||||||
Dec. 31, 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: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Numerator: | ||||||||||
Income from continuing operations after income taxes attributable to DuPont | $ | 3,610 | $ | 2,849 | $ | 2,447 | ||||
Preferred dividends | (10 | ) | (10 | ) | (10 | ) | ||||
Income from continuing operations after income taxes available to DuPont common stockholders | $ | 3,600 | $ | 2,839 | $ | 2,437 | ||||
Income from discontinued operations after income taxes | $ | 15 | $ | 1,999 | $ | 308 | ||||
Net income available to common stockholders | $ | 3,615 | $ | 4,838 | $ | 2,745 | ||||
Denominator: | ||||||||||
Weighted-average number of common shares outstanding – Basic | 914,752,000 | 925,984,000 | 933,275,000 | |||||||
Dilutive effect of the company's equity compensation plans | 7,121,000 | 7,163,000 | 8,922,000 | |||||||
Weighted-average number of common shares outstanding – Diluted | 921,873,000 | 933,147,000 | 942,197,000 | |||||||
The weighted-average number of common shares outstanding in 2014 and 2013 decreased as a result of the company's repurchase and retirement of its common stock, partially offset by the issuance of new shares from the company's equity compensation plans(see Notes 16 and 18, respectively). | ||||||||||
The following average number of stock options are antidilutive and therefore, are not included in the diluted earnings per share calculation: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Average number of stock options | 3,000 | 2,596,000 | 12,158,000 | |||||||
The change in the average number of stock options that were antidilutive in 2014 and 2013 was due to changes in the company's average stock price. |
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable, Net | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||
Accounts and Notes Receivable, Net | ACCOUNTS AND NOTES RECEIVABLE, NET | ||||||
December 31, | 2014 | 2013 | |||||
Accounts receivable – trade1 | $ | 4,392 | $ | 4,575 | |||
Notes receivable – trade1,2 | 255 | 195 | |||||
Other3 | 1,358 | 1,277 | |||||
$ | 6,005 | $ | 6,047 | ||||
1. | Accounts and notes receivable – trade are net of allowances of $240 in 2014 and $269 in 2013. Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. | ||||||
2. | Notes receivable – trade primarily consists of receivables within the Agriculture segment for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2014 and 2013, there were no significant past due notes receivable, nor were there any significant impairments related to current loan agreements. | ||||||
3. | Other includes receivables in relation to fair value of derivative instruments, value added tax, general sales tax and other taxes. | ||||||
Accounts and notes receivable are carried at amounts that approximate fair value. |
Inventories
Inventories | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventory, Net [Abstract] | |||||||
Inventories | INVENTORIES | ||||||
December 31, | 2014 | 2013 | |||||
Finished products | $ | 4,628 | $ | 4,645 | |||
Semifinished products | 2,451 | 2,576 | |||||
Raw materials, stores and supplies | 1,255 | 1,360 | |||||
8,334 | 8,581 | ||||||
Adjustment of inventories to a LIFO basis | (493 | ) | (539 | ) | |||
$ | 7,841 | $ | 8,042 | ||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property, Plant and Equipment [Abstract] | |||||||
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT | ||||||
December 31, | 2014 | 2013 | |||||
Buildings | $ | 5,318 | $ | 5,283 | |||
Equipment | 24,990 | 24,714 | |||||
Land | 667 | 671 | |||||
Construction | 2,353 | 1,763 | |||||
$ | 33,328 | $ | 32,431 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS | ||||||||||||||||||
Goodwill | |||||||||||||||||||
The following table summarizes changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013, by reportable segment: | |||||||||||||||||||
Balance as of December 31, 2014 | Goodwill | Balance as of December 31, 2013 | Goodwill | Balance as of December 31, 2012 | |||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||
and | and | ||||||||||||||||||
Acquisitions | Acquisitions | ||||||||||||||||||
Agriculture | $ | 318 | $ | (12 | ) | $ | 330 | $ | 99 | $ | 231 | ||||||||
Electronics & Communications | 149 | — | 149 | — | 149 | ||||||||||||||
Industrial Biosciences | 847 | (51 | ) | 898 | 8 | 890 | |||||||||||||
Nutrition & Health | 2,193 | (122 | ) | 2,315 | 1 | 2,314 | |||||||||||||
Performance Chemicals | 197 | (1 | ) | 198 | — | 198 | |||||||||||||
Performance Materials | 375 | — | 375 | (13 | ) | 388 | |||||||||||||
Safety & Protection | 450 | 2 | 448 | 2 | 446 | ||||||||||||||
Total | $ | 4,529 | $ | (184 | ) | $ | 4,713 | $ | 97 | $ | 4,616 | ||||||||
Changes in goodwill in 2014 primarily relate to currency translation adjustments. Changes in goodwill in 2013 primarily relate to goodwill associated with an acquisition in the Agriculture segment. In 2014 and 2013, the company performed impairment tests for goodwill and determined that no goodwill impairments existed. | |||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||
The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets by major class: | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amortization | Amortization | ||||||||||||||||||
Intangible assets subject to amortization | |||||||||||||||||||
(Definite-lived) | |||||||||||||||||||
Customer lists | $ | 1,706 | $ | (470 | ) | $ | 1,236 | $ | 1,818 | $ | (393 | ) | $ | 1,425 | |||||
Patents | 493 | (199 | ) | 294 | 519 | (160 | ) | 359 | |||||||||||
Purchased and licensed technology | 1,789 | (1,074 | ) | 715 | 1,999 | (1,129 | ) | 870 | |||||||||||
Trademarks | 31 | (14 | ) | 17 | 43 | (17 | ) | 26 | |||||||||||
Other1 | 207 | (88 | ) | 119 | 242 | (106 | ) | 136 | |||||||||||
4,226 | (1,845 | ) | 2,381 | 4,621 | (1,805 | ) | 2,816 | ||||||||||||
Intangible assets not subject to amortization | |||||||||||||||||||
(Indefinite-lived) | |||||||||||||||||||
In-process research and development | 29 | — | 29 | 43 | — | 43 | |||||||||||||
Microbial cell factories2 | 306 | — | 306 | 306 | — | 306 | |||||||||||||
Pioneer germplasm3 | 1,064 | — | 1,064 | 1,050 | — | 1,050 | |||||||||||||
Trademarks/tradenames | 800 | — | 800 | 881 | — | 881 | |||||||||||||
2,199 | — | 2,199 | 2,280 | — | 2,280 | ||||||||||||||
Total | $ | 6,425 | $ | (1,845 | ) | $ | 4,580 | $ | 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 $363, $323 and $312 for 2014, 2013 and 2012, respectively. The estimated aggregate pre-tax amortization expense from continuing operations for 2015, 2016, 2017, 2018 and 2019 is $356, $352, $216, $201 and $197, respectively. |
ShortTerm_Borrowings_and_Capit
Short-Term Borrowings and Capital Lease Obligations | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Debt Disclosure [Abstract] | |||||||
Short-Term Borrowings and Capital Lease Obligations | SHORT-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS | ||||||
December 31, | 2014 | 2013 | |||||
Other loans - various currencies | $ | 17 | $ | 44 | |||
Long-term debt payable within one year | 1,405 | 1,674 | |||||
Capital lease obligations | 1 | 3 | |||||
$ | 1,423 | $ | 1,721 | ||||
The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using level 2 inputs within the fair value hierarchy, as described in Note 1 to the Consolidated Financial Statements. 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 short-term borrowings was $1,424 and $1,730 at December 31, 2014 and 2013, respectively. | |||||||
Unused bank credit lines were approximately $4,900 and $4,400 at December 31, 2014 and 2013, respectively. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit and have a remaining life of up to four years. Outstanding letters of credit were $349 and $352 at December 31, 2014 and 2013, respectively. These letters of credit support commitments made in the ordinary course of business. | |||||||
The weighted-average interest rate on short-term borrowings outstanding at December 31, 2014 and 2013 was 1.7% and 3.0%, respectively. The decrease in the interest rate for 2014 was primarily due to long-term debt maturing within one year. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Liabilities, Current [Abstract] | |||||||
Other Accrued Liabilities Text Block | OTHER ACCRUED LIABILITIES | ||||||
December 31, | 2014 | 2013 | |||||
Compensation and other employee-related costs | $ | 811 | $ | 1,045 | |||
Deferred revenue | 2,892 | 2,839 | |||||
Employee benefits (Note 17) | 343 | 335 | |||||
Discounts and rebates | 352 | 328 | |||||
Derivative instruments | 120 | 105 | |||||
Miscellaneous | 1,330 | 1,567 | |||||
$ | 5,848 | $ | 6,219 | ||||
Deferred revenue principally includes advance customer payments within the Agriculture segment. Miscellaneous other accrued liabilities principally includes accrued plant and operating expenses, accrued litigation costs, employee separation costs in connection with the company's restructuring programs, the estimated value of certain guarantees and accrued environmental remediation costs. |
LongTerm_Borrowings_and_Capita
Long-Term Borrowings and Capital Lease Obligations | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||||
Long-Term Borrowings and Capital Lease Obligations | LONG-TERM BORROWINGS AND CAPITAL LEASE OBLIGATIONS | ||||||
December 31, | 2014 | 2013 | |||||
U.S. dollar: | |||||||
Medium-term notes due 2038 – 20411 | $ | 114 | $ | 121 | |||
5.875% notes due 20142 | — | 170 | |||||
1.75% notes due 20142 | — | 400 | |||||
Floating rate notes due 20142,3 | — | 600 | |||||
4.875% notes due 20142 | — | 500 | |||||
3.25% notes due 20152,4 | 1,001 | 1,028 | |||||
4.75% notes due 20152 | 400 | 400 | |||||
1.95% notes due 2016 | 499 | 498 | |||||
2.75% notes due 2016 | 500 | 500 | |||||
5.25% notes due 2016 | 600 | 599 | |||||
6.00% notes due 20185 | 1,338 | 1,361 | |||||
5.75% notes due 2019 | 499 | 499 | |||||
4.625% notes due 2020 | 998 | 997 | |||||
3.625% notes due 2021 | 999 | 999 | |||||
4.25% notes due 2021 | 499 | 499 | |||||
2.80% notes due 2023 | 1,250 | 1,250 | |||||
6.50% debentures due 2028 | 299 | 299 | |||||
5.60% notes due 2036 | 396 | 395 | |||||
4.90% notes due 2041 | 494 | 494 | |||||
4.15% notes due 2043 | 749 | 749 | |||||
Other loans (average interest rate of 4.2 percent)2 | 29 | 33 | |||||
Other loans- various currencies2 | — | 1 | |||||
10,664 | 12,392 | ||||||
Less short-term portion of long-term debt | 1,405 | 1,674 | |||||
9,259 | 10,718 | ||||||
Capital lease obligations | 12 | 23 | |||||
Total | $ | 9,271 | $ | 10,741 | |||
1. | Average interest rates on medium-term notes were 0.0% at December 31, 2014 and 2013. | ||||||
2. | Includes long-term debt due within one year. | ||||||
3. | Interest rate on floating notes during 2014 and at December 31, 2013 was 0.7%. | ||||||
4. | At December 31, 2014 and 2013, the company had outstanding interest rate swap agreements with gross notional amounts of $1,000. Over the remaining terms of the notes, the company will receive fixed payments equivalent to the underlying debt and pay floating payments based on USD LIBOR (London Interbank Offered Rate). The fair value of outstanding swaps was an asset of $1 and $29 at December 31, 2014 and 2013, respectively. | ||||||
5. | During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85%. | ||||||
In 2013, the company issued $1,250 of 2.80% Notes due February 15, 2023 and $750 of 4.15% Notes due February 15, 2043. | |||||||
Maturities of long-term borrowings are $1,602, $4, $1,343 and $503 for the years 2016, 2017, 2018 and 2019, respectively, and $5,807 thereafter. | |||||||
The estimated fair value of the company's long-term borrowings, including interest rate financial instruments, was determined using level 2 inputs within the fair value hierarchy, as described in Note 1 to the Consolidated Financial Statements. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's long-term borrowings was $9,970 and $11,130 at December 31, 2014 and 2013, respectively. |
Other_Liabilities
Other Liabilities | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Liabilities [Abstract] | |||||||
Schedule of Other Liabilities | OTHER LIABILITIES | ||||||
December 31, | 2014 | 2013 | |||||
Employee benefits: | |||||||
Accrued other long-term benefit costs (Note 17) | $ | 2,666 | $ | 2,530 | |||
Accrued pension benefit costs (Note 17) | 9,167 | 5,575 | |||||
Accrued environmental remediation costs | 362 | 374 | |||||
Miscellaneous | 1,624 | 1,700 | |||||
$ | 13,819 | $ | 10,179 | ||||
Miscellaneous includes asset retirement obligations, litigation accruals, tax contingencies, royalty payables, non-current portion of employee separation accruals and certain obligations related to divested businesses. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended | |||||||||
Dec. 31, 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 December 31, 2014, the company had directly guaranteed $513 of such obligations. This amount represents 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 approximately 35 percent of the $328 of guaranteed obligations of customers and suppliers. Set forth below are the company's guaranteed obligations at December 31, 2014: | ||||||||||
Short-Term | Long-Term | Total | ||||||||
Obligations for customers and suppliers1: | ||||||||||
Bank borrowings (terms up to 7 years) | $ | 226 | $ | 100 | $ | 326 | ||||
Leases on equipment and facilities (terms up to 4 years) | — | 2 | 2 | |||||||
Obligations for equity affiliates2: | ||||||||||
Bank borrowings (terms up to 1 year) | 185 | — | 185 | |||||||
Total | $ | 411 | $ | 102 | $ | 513 | ||||
1 | Existing guarantees for customers and suppliers, as part of contractual agreements. | |||||||||
2 | Existing guarantees for equity affiliates' liquidity needs in normal operations. | |||||||||
Operating Leases | ||||||||||
The company uses various leased facilities and equipment in its operations. The terms for these leased assets vary depending on the lease agreement. | ||||||||||
Future minimum lease payments (including residual value guarantee amounts) under non-cancelable operating leases are $303, $280, $255, $230 and $193 for the years 2015, 2016, 2017, 2018 and 2019, respectively, and $353 for subsequent years and are not reduced by non-cancelable minimum sublease rentals due in the future in the amount of $1. Net rental expense under operating leases was $324, $303 and $316 in 2014, 2013 and 2012, respectively. | ||||||||||
Asset Retirement Obligations | ||||||||||
The company has recorded asset retirement obligations primarily associated with closure, reclamation and removal costs for mining operations related to the production of titanium dioxide in Performance Chemicals. The company's asset retirement obligation liabilities were $52 and $63 at December 31, 2014 and 2013. | ||||||||||
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. | ||||||||||
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 class action settlement and made independent claims or filed suit in various state courts, the majority of which were removed to federal court in Philadelphia. In the third quarter 2014, the company settled or reached settlements in principle for the majority of these claims and lawsuits. Approximately 40 lawsuits are pending claiming property and related damage. This represents a decrease of about 85 from the number of lawsuits pending at December 31, 2013. | ||||||||||
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. | ||||||||||
As of December 31, 2013, DuPont had recorded charges of $1,175, within other operating charges, which represents the company's best estimate of the loss associated with resolving these claims. At December 31, 2014, DuPont had accruals of $261 related to these claims and insurance receivables of $35. The company did not take any charges related to this matter in 2014. DuPont recorded income of $210 for insurance recoveries, within other operating charges, for the year ended December 31, 2014. The year ended December 31, 2013 included net charges of $352, consisting of a $425 charge offset by $73 of insurance recoveries. The year ended December 31, 2012 included charges of $575. In January 2015, DuPont reached an agreement to recover an additional $35 from one of its remaining insurance carriers. | ||||||||||
The company has an applicable insurance program with a deductible equal to the first $100 of costs and expenses. Insurance recoveries are recognized when collection of payment is considered probable. The remaining coverage under the insurance program is $300 for costs and expenses in excess of its deductible. DuPont has submitted requests for payment to its insurance carriers for costs associated with this matter. The timing and outcome remain uncertain. | ||||||||||
Litigation | ||||||||||
The company is subject to various legal proceedings arising out of the normal course of its business including product liability, intellectual property, commercial, environmental and antitrust lawsuits. It is not possible to predict the outcome of these various proceedings. Except as otherwise noted, management does not anticipate their resolution will have a materially adverse effect on the company's consolidated financial position or liquidity. However, the ultimate liabilities could be significant to results of operations in the period recognized. | ||||||||||
PFOA | ||||||||||
DuPont used PFOA (collectively, perfluorooctanoic acids and its salts, including the ammonium salt), as a processing aid to manufacture some fluoropolymer resins at various sites around the world including its Washington Works plant in West Virginia. At December 31, 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. In September 2014, the medical panel recommended follow-up screening and diagnostic testing three years after initial testing, based on individual results. The medical panel has not communicated its anticipated schedule for completion of its protocol. The company is obligated to fund up to $235 for a medical monitoring program for eligible class members and, in addition, administrative costs associated with the program, including class counsel fees. In January 2012, the company put $1 in an escrow account to fund medical monitoring as required by the settlement agreement. The court appointed Director of Medical Monitoring has established the program to implement the medical panel's recommendations and the registration process, as well as eligibility screening, is ongoing. Diagnostic screening and testing has begun and associated payments to service providers are being disbursed from the escrow account. | ||||||||||
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 December 31, 2014, there were approximately 2,900 lawsuits filed in various federal and state courts in Ohio and West Virginia, an increase of about 2,800 over year end 2013. In accordance with a stipulation reached in the third quarter 2014 and other court procedures, these lawsuits have been or will be served and consolidated in multi-district litigation in Ohio federal court (“MDL”). Based on information currently available to the company the majority of the lawsuits allege personal injury claims associated with high cholesterol and thyroid disease from exposure to PFOA in drinking water. There are 27 lawsuits alleging wrongful death. Based on comments from attorneys for the plaintiffs, DuPont expects additional lawsuits may be filed. In 2014, six plaintiffs from the MDL were selected for the individual trial. 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 costs related to funding the medical monitoring program, such costs cannot be reasonably estimated due to uncertainties surrounding the level of participation by eligible class members and the scope of testing. 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 set forth in Note 1. 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 December 31, 2014, the Consolidated Balance Sheet included a liability of $478, 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, the potential liability may range up to $1,100 above the amount accrued as of December 31, 2014. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 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 and August 2014, the company entered into two separate accelerated share repurchase (ASR) agreements. The February 2014 ASR agreement was completed in the second quarter of 2014, under which the company purchased and retired 15.1 million shares for $1,000. The August 2014 ASR agreement was completed in the fourth quarter of 2014, under which the company purchased and retired 10.4 million shares for $700. In addition to the ASR agreements, for the year ended December 31, 2014, the company repurchased and retired 4.7 million shares in the open market for a total cost of $300. | |||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||
During 2012, the company purchased and retired 7.8 million shares at a total cost of $400. These purchases completed the 2001 $2,000 share buyback plan and began purchases under a $2,000 share buyback plan authorized by the company's Board of Directors in April 2011. Under the completed 2001 plan, the company purchased a total of 42.0 million shares. Under the 2011 plan, the company purchased 5.5 million shares at a total cost of $284 as of December 31, 2013. | |||||||||||||||||||||||||||||
Common stock held in treasury is recorded at cost. When retired, the excess of the cost of treasury stock over its par value is allocated between reinvested earnings and additional paid-in capital. | |||||||||||||||||||||||||||||
Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||||||||
Shares of common stock | Issued | Held In Treasury | |||||||||||||||||||||||||||
Balance January 1, 2012 | 1,013,164,000 | (87,041,000 | ) | ||||||||||||||||||||||||||
Issued | 14,671,000 | — | |||||||||||||||||||||||||||
Repurchased | — | (7,778,000 | ) | ||||||||||||||||||||||||||
Retired | (7,778,000 | ) | 7,778,000 | ||||||||||||||||||||||||||
Balance December 31, 2012 | 1,020,057,000 | (87,041,000 | ) | ||||||||||||||||||||||||||
Issued | 14,370,000 | — | |||||||||||||||||||||||||||
Repurchased | — | (20,400,000 | ) | ||||||||||||||||||||||||||
Retired | (20,400,000 | ) | 20,400,000 | ||||||||||||||||||||||||||
Balance December 31, 2013 | 1,014,027,000 | (87,041,000 | ) | ||||||||||||||||||||||||||
Issued | 8,103,000 | — | |||||||||||||||||||||||||||
Repurchased | — | (30,110,000 | ) | ||||||||||||||||||||||||||
Retired | (30,110,000 | ) | 30,110,000 | ||||||||||||||||||||||||||
Balance December 31, 2014 | 992,020,000 | (87,041,000 | ) | ||||||||||||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||||||||||||
In May 2012, the company completed the acquisition of the remaining 28 percent interest in the Solae, LLC joint venture from Bunge Limited for $447. As the purchase of the remaining interest did not result in a change of control, the difference between the carrying value of the noncontrolling interest of $378 and the consideration paid, net of taxes of $78, was recorded as a $9 increase to additional paid-in capital. | |||||||||||||||||||||||||||||
Other Comprehensive Income | |||||||||||||||||||||||||||||
A summary of the pre-tax, tax, and after-tax effects of the components of other comprehensive (loss) income for the years ended December 31, 2014, 2013, and 2012 is provided as follows: | |||||||||||||||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | Affected Line Item in Consolidated Income Statements1 | |||||||||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||||||||
Cumulative translation adjustment | $ | (876 | ) | $ | — | $ | (876 | ) | $ | 25 | $ | — | $ | 25 | $ | 77 | $ | — | $ | 77 | |||||||||
Net revaluation and clearance of cash flow hedges to earnings: | |||||||||||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | 53 | (20 | ) | 33 | (58 | ) | 22 | (36 | ) | 8 | (6 | ) | 2 | See (2) below | |||||||||||||||
Clearance of hedge results to earnings: | |||||||||||||||||||||||||||||
Foreign currency contracts | (15 | ) | 5 | (10 | ) | (1 | ) | — | (1 | ) | (21 | ) | 8 | (13 | ) | Net sales | |||||||||||||
Commodity contracts | 30 | (11 | ) | 19 | (24 | ) | 10 | (14 | ) | (44 | ) | 20 | (24 | ) | Cost of goods sold | ||||||||||||||
Net revaluation and clearance of cash flow hedges to earnings | 68 | (26 | ) | 42 | (83 | ) | 32 | (51 | ) | (57 | ) | 22 | (35 | ) | |||||||||||||||
Pension benefit plans: | |||||||||||||||||||||||||||||
Net (loss) gain | (4,131 | ) | 1,497 | (2,634 | ) | 3,293 | (1,136 | ) | 2,157 | (1,433 | ) | 437 | (996 | ) | See (2) below | ||||||||||||||
Prior service benefit | 44 | (11 | ) | 33 | 62 | (22 | ) | 40 | 22 | (8 | ) | 14 | See (2) below | ||||||||||||||||
Reclassifications to net income: | |||||||||||||||||||||||||||||
Amortization of prior service cost | 2 | — | 2 | 8 | (2 | ) | 6 | 13 | (4 | ) | 9 | See (3) below | |||||||||||||||||
Amortization of loss | 601 | (209 | ) | 392 | 957 | (331 | ) | 626 | 887 | (305 | ) | 582 | See (3) below | ||||||||||||||||
Curtailment loss | 4 | (1 | ) | 3 | 1 | — | 1 | 2 | — | 2 | See (3) below | ||||||||||||||||||
Settlement loss | 7 | (2 | ) | 5 | 152 | (45 | ) | 107 | 5 | (2 | ) | 3 | See (3) below | ||||||||||||||||
Pension benefit plans, net | (3,473 | ) | 1,274 | (2,199 | ) | 4,473 | (1,536 | ) | 2,937 | (504 | ) | 118 | (386 | ) | |||||||||||||||
Other benefit plans: | |||||||||||||||||||||||||||||
Net (loss) gain | (280 | ) | 100 | (180 | ) | 513 | (184 | ) | 329 | (60 | ) | 17 | (43 | ) | See (2) below | ||||||||||||||
Prior service benefit | 50 | (1 | ) | 49 | 211 | (72 | ) | 139 | 857 | (299 | ) | 558 | See (2) below | ||||||||||||||||
Reclassifications to net income: | |||||||||||||||||||||||||||||
Amortization of prior service benefit | (214 | ) | 76 | (138 | ) | (195 | ) | 69 | (126 | ) | (155 | ) | 54 | (101 | ) | See (3) below | |||||||||||||
Amortization of loss | 57 | (20 | ) | 37 | 76 | (27 | ) | 49 | 94 | (33 | ) | 61 | See (3) below | ||||||||||||||||
Curtailment (gain) loss | — | — | — | (154 | ) | 54 | (100 | ) | 3 | (1 | ) | 2 | See (3) below | ||||||||||||||||
Settlement loss | — | — | — | 1 | — | 1 | — | — | — | See (3) below | |||||||||||||||||||
Other benefit plans, net | (387 | ) | 155 | (232 | ) | 452 | (160 | ) | 292 | 739 | (262 | ) | 477 | ||||||||||||||||
Net unrealized gain (loss) on securities | — | — | — | 1 | (1 | ) | — | (2 | ) | 1 | (1 | ) | |||||||||||||||||
Other comprehensive (loss) income | $ | (4,668 | ) | $ | 1,403 | $ | (3,265 | ) | $ | 4,868 | $ | (1,665 | ) | $ | 3,203 | $ | 253 | $ | (121 | ) | $ | 132 | |||||||
1 | Represents the income statement line item within the Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive income. | ||||||||||||||||||||||||||||
2 | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the 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 17 for additional information. | ||||||||||||||||||||||||||||
Tax benefit (expense) recorded in Stockholders' Equity was $1,461, $(1,617) and $(70) for the years 2014, 2013 and 2012, respectively. Included in these amounts were tax benefits of $58, $48 and $51 for the years 2014, 2013 and 2012, respectively, associated with stock compensation programs. The remainder consists of amounts recorded within other comprehensive income as shown in the table above. | |||||||||||||||||||||||||||||
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 (Loss) on Securities | Total | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
Balance January 1, 2012 | $ | (244 | ) | $ | 41 | $ | (8,276 | ) | $ | (274 | ) | $ | 3 | $ | (8,750 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | 77 | (1 | ) | (1,006 | ) | 514 | (1 | ) | (417 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (37 | ) | 596 | (38 | ) | — | 521 | |||||||||||||||||||||
Balance December 31, 2012 | $ | (167 | ) | $ | 3 | $ | (8,686 | ) | $ | 202 | $ | 2 | $ | (8,646 | ) | ||||||||||||||
2013 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 27 | (36 | ) | 2,197 | 468 | — | 2,656 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (15 | ) | 740 | (176 | ) | — | 549 | |||||||||||||||||||||
Balance December 31, 2013 | $ | (140 | ) | $ | (48 | ) | $ | (5,749 | ) | $ | 494 | $ | 2 | $ | (5,441 | ) | |||||||||||||
2014 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (876 | ) | 33 | (2,601 | ) | (131 | ) | — | (3,575 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 9 | 401 | (101 | ) | — | 309 | ||||||||||||||||||||||
Balance December 31, 2014 | $ | (1,016 | ) | $ | (6 | ) | $ | (7,949 | ) | $ | 262 | $ | 2 | $ | (8,707 | ) | |||||||||||||
LongTerm_Employee_Benefits
Long-Term Employee Benefits | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||
Long Term Employee Benefits | LONG-TERM EMPLOYEE BENEFITS | ||||||||||||||||||||||||
The company offers various long-term benefits to its employees. Where permitted by applicable law, the company reserves the right to change, modify or discontinue the plans. | |||||||||||||||||||||||||
Defined Benefit Pensions | |||||||||||||||||||||||||
The company has both funded and unfunded noncontributory defined benefit pension plans covering a majority of the U.S. employees. Most employees hired on or after January 1, 2007 are not eligible to participate in the U.S. defined benefit pension plans. The benefits under these plans are based primarily on years of service and employees' pay near retirement. The company's funding policy is consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of the company's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. | |||||||||||||||||||||||||
Other Long-term Employee Benefits | |||||||||||||||||||||||||
The parent company and certain subsidiaries provide medical, dental and life insurance benefits to pensioners and survivors. The associated plans for retiree benefits are unfunded and the cost of the approved claims is paid from company funds. Essentially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. parent company plans. The non-Medicare eligible retiree medical plan is contributory with pensioners and survivors' contributions adjusted annually to achieve a 50/50 target sharing of cost increases between the company and pensioners and survivors. In addition, limits are applied to the company's portion of the retiree medical cost coverage. For Medicare eligible pensioners and survivors, the company provides a company-funded Health Reimbursement Arrangement (HRA). Beginning January 1, 2015, eligible employees who retire on and after that date will receive the same life insurance benefit payment, regardless of age.The majority of U.S. employees hired on or after January 1, 2007 are not eligible to participate in the post retirement medical, dental and life insurance plans. | |||||||||||||||||||||||||
The company also provides disability benefits to employees. Employee disability benefit plans are insured in many countries. However, primarily in the U.S., such plans are generally self-insured. Obligations and expenses for self-insured plans are reflected in the figures below. | |||||||||||||||||||||||||
Summarized information on the company's pension and other long-term employee benefit plans is as follows: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
Obligations and Funded Status at December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 26,289 | $ | 29,179 | $ | 2,754 | $ | 3,532 | |||||||||||||||||
Service cost | 241 | 271 | 17 | 29 | |||||||||||||||||||||
Interest cost | 1,162 | 1,088 | 121 | 130 | |||||||||||||||||||||
Plan participants' contributions | 21 | 23 | 37 | 33 | |||||||||||||||||||||
Actuarial loss (gain) | 3,672 | (2,104 | ) | 280 | (515 | ) | |||||||||||||||||||
Benefits paid | (1,651 | ) | (1,626 | ) | (270 | ) | (240 | ) | |||||||||||||||||
Amendments | (44 | ) | (62 | ) | (50 | ) | (211 | ) | 1 | ||||||||||||||||
Net effects of acquisitions/divestitures | (21 | ) | (480 | ) | — | (4 | ) | ||||||||||||||||||
Benefit obligation at end of year | $ | 29,669 | $ | 26,289 | $ | 2,889 | $ | 2,754 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 20,614 | $ | 19,399 | $ | — | $ | — | |||||||||||||||||
Actual gain on plan assets | 1,163 | 2,714 | — | — | |||||||||||||||||||||
Employer contributions | 311 | 313 | 233 | 207 | |||||||||||||||||||||
Plan participants' contributions | 21 | 23 | 37 | 33 | |||||||||||||||||||||
Benefits paid | (1,651 | ) | (1,626 | ) | (270 | ) | (240 | ) | |||||||||||||||||
Net effects of acquisitions/divestitures | (12 | ) | (209 | ) | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 20,446 | $ | 20,614 | $ | — | $ | — | |||||||||||||||||
Funded status | |||||||||||||||||||||||||
U.S. plans with plan assets | $ | (7,072 | ) | $ | (3,546 | ) | $ | — | $ | — | |||||||||||||||
Non-U.S. plans with plan assets | (709 | ) | (686 | ) | — | — | |||||||||||||||||||
All other plans | (1,442 | ) | 2 | (1,443 | ) | 2 | (2,889 | ) | (2,754 | ) | |||||||||||||||
Total | $ | (9,223 | ) | $ | (5,675 | ) | $ | (2,889 | ) | $ | (2,754 | ) | |||||||||||||
Amounts recognized in the Consolidated Balance | |||||||||||||||||||||||||
Sheets consist of: | |||||||||||||||||||||||||
Other assets | $ | 64 | $ | 11 | $ | — | $ | — | |||||||||||||||||
Other accrued liabilities (Note 12) | (120 | ) | (111 | ) | (223 | ) | (224 | ) | |||||||||||||||||
Other liabilities (Note 14) | (9,167 | ) | (5,575 | ) | (2,666 | ) | (2,530 | ) | |||||||||||||||||
Net amount recognized | $ | (9,223 | ) | $ | (5,675 | ) | $ | (2,889 | ) | $ | (2,754 | ) | |||||||||||||
1. | Primarily due to amendments in 2013 to the company's U.S. parent company retiree life insurance plan for employees retiring on and after January 1, 2015 and subsidiaries retiree health care plans. | ||||||||||||||||||||||||
2. | Includes pension plans maintained around the world where funding is not customary. | ||||||||||||||||||||||||
The pre-tax amounts recognized in accumulated other comprehensive loss are summarized below: | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Net loss | $ | (12,164 | ) | $ | (8,640 | ) | $ | (870 | ) | $ | (647 | ) | |||||||||||||
Prior service benefit | 59 | 9 | 1,269 | 1,433 | |||||||||||||||||||||
$ | (12,105 | ) | $ | (8,631 | ) | $ | 399 | $ | 786 | ||||||||||||||||
The accumulated benefit obligation for all pension plans was $27,923 and $24,685 at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Information for pension plans with projected benefit obligation in excess of plan assets | 2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 28,079 | $ | 26,158 | |||||||||||||||||||||
Accumulated benefit obligation | 26,498 | 24,574 | |||||||||||||||||||||||
Fair value of plan assets | 18,792 | 20,472 | |||||||||||||||||||||||
Information for pension plans with accumulated benefit obligations in excess of plan assets | 2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 27,892 | $ | 25,350 | |||||||||||||||||||||
Accumulated benefit obligation | 26,367 | 23,906 | |||||||||||||||||||||||
Fair value of plan assets | 18,638 | 19,744 | |||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
Components of net periodic benefit cost (credit) and amounts recognized in other | 2014 | 2013 | 2012 | ||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 241 | $ | 271 | $ | 277 | |||||||||||||||||||
Interest cost | 1,162 | 1,088 | 1,165 | ||||||||||||||||||||||
Expected return on plan assets | (1,611 | ) | (1,524 | ) | (1,517 | ) | |||||||||||||||||||
Amortization of loss | 601 | 957 | 887 | ||||||||||||||||||||||
Amortization of prior service cost | 2 | 8 | 13 | ||||||||||||||||||||||
Curtailment loss | 4 | 1 | 2 | ||||||||||||||||||||||
Settlement loss | 7 | 152 | 5 | ||||||||||||||||||||||
Net periodic benefit cost1 | $ | 406 | $ | 953 | $ | 832 | |||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other | |||||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net loss (gain) | $ | 4,131 | $ | (3,293 | ) | $ | 1,433 | ||||||||||||||||||
Amortization of loss | (601 | ) | (957 | ) | (887 | ) | |||||||||||||||||||
Prior service benefit | (44 | ) | (62 | ) | (22 | ) | |||||||||||||||||||
Amortization of prior service cost | (2 | ) | (8 | ) | (13 | ) | |||||||||||||||||||
Curtailment loss | (4 | ) | (1 | ) | (2 | ) | |||||||||||||||||||
Settlement loss | (7 | ) | (152 | ) | (5 | ) | |||||||||||||||||||
Total loss (benefit) recognized in other comprehensive income | $ | 3,473 | $ | (4,473 | ) | $ | 504 | ||||||||||||||||||
Noncontrolling interest | 1 | — | (1 | ) | |||||||||||||||||||||
Accumulated other comprehensive income assumed from purchase of noncontrolling interest | — | — | 25 | ||||||||||||||||||||||
Total loss (benefit) recognized in other comprehensive income, attributable to DuPont | $ | 3,474 | $ | (4,473 | ) | $ | 528 | ||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 3,880 | $ | (3,520 | ) | $ | 1,360 | ||||||||||||||||||
1. | The above amounts include net periodic benefit cost relating to discontinued operations for 2014, 2013 and 2012 of $0, $3 and $42, respectively. | ||||||||||||||||||||||||
The estimated pre-tax net loss and prior service benefit for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2015 are $838 and $(7), respectively. | |||||||||||||||||||||||||
Other Benefits | |||||||||||||||||||||||||
Components of net periodic benefit cost (credit) and amounts recognized in other | 2014 | 2013 | 2012 | ||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 17 | $ | 29 | $ | 37 | |||||||||||||||||||
Interest cost | 121 | 130 | 174 | ||||||||||||||||||||||
Amortization of loss | 57 | 76 | 94 | ||||||||||||||||||||||
Amortization of prior service benefit | (214 | ) | (195 | ) | (155 | ) | |||||||||||||||||||
Curtailment (gain) loss | — | (154 | ) | 3 | |||||||||||||||||||||
Settlement loss | — | 1 | — | ||||||||||||||||||||||
Net periodic benefit (credit) cost1 | $ | (19 | ) | $ | (113 | ) | $ | 153 | |||||||||||||||||
Changes in plan assets and benefit obligations recognized in other | |||||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net loss (gain) | $ | 280 | $ | (513 | ) | $ | 60 | ||||||||||||||||||
Amortization of loss | (57 | ) | (76 | ) | (94 | ) | |||||||||||||||||||
Prior service benefit | (50 | ) | (211 | ) | (857 | ) | |||||||||||||||||||
Amortization of prior service benefit | 214 | 195 | 155 | ||||||||||||||||||||||
Curtailment gain (loss) | — | 154 | (3 | ) | |||||||||||||||||||||
Settlement loss | — | (1 | ) | — | |||||||||||||||||||||
Total loss (benefit) recognized in other comprehensive income | $ | 387 | $ | (452 | ) | $ | (739 | ) | |||||||||||||||||
Accumulated other comprehensive income assumed from purchase of noncontrolling interest | — | — | 1 | ||||||||||||||||||||||
Total loss (benefit) recognized in other comprehensive income, attributable to DuPont | $ | 387 | $ | (452 | ) | $ | (738 | ) | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 368 | $ | (565 | ) | $ | (585 | ) | |||||||||||||||||
1. | The above amounts include net periodic benefit cost relating to discontinued operations for 2014, 2013 and 2012 of $0, $0 and $2, respectively. | ||||||||||||||||||||||||
The estimated pre-tax net loss and prior service benefit for the other long-term employee benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2015 are $76 and $(208), respectively. | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 3.78 | % | 4.58 | % | 3.95 | % | 4.6 | % | |||||||||||||||||
Rate of compensation increase1 | 4 | % | 4.22 | % | — | % | — | % | |||||||||||||||||
1. | The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant's entire career at the company. | ||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
Weighted-average assumptions used to determine net | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
periodic benefit cost for the years ended December 31, | |||||||||||||||||||||||||
Discount rate | 4.55 | % | 3.9 | % | 4.32 | % | 4.6 | % | 3.85 | % | 4.49 | % | |||||||||||||
Expected return on plan assets | 8.35 | % | 8.39 | % | 8.61 | % | — | % | — | % | — | % | |||||||||||||
Rate of compensation increase | 4.22 | % | 4.14 | % | 4.18 | % | — | % | 4.4 | % | 4.4 | % | |||||||||||||
For determining U.S. pension plans' net periodic benefit costs, the discount rate, expected return on plan assets and the rate of compensation increase were 4.90 percent, 8.75 percent and 4.50 percent for 2014. | |||||||||||||||||||||||||
For determining U.S. pension plans' net periodic benefit costs, the discount rate, expected return on plan assets and the rate of compensation increase were 4.10 percent, 8.75 percent and 4.40 percent for 2013. | |||||||||||||||||||||||||
In connection with the planned sale of the Performance Coatings business (See Note 2), the company updated the discount rate and expected return on plan assets for the U.S. pension plans during 2012. For determining the U.S. pension plans' net periodic benefit costs, the weighted discount rate, weighted expected return on plan assets and the rate of compensation increase were 4.38 percent, 8.96 percent and 4.40 percent for 2012. With the continuing challenges in the global economy, the company lowered its long-term expected return on plan assets during 2012. | |||||||||||||||||||||||||
In the U.S., the discount rate is developed by matching the expected cash flow of the benefit plans to a yield curve constructed from a portfolio of high quality fixed-income instruments provided by the plan's actuary as of the measurement date. For non-U.S. benefit plans, the company utilizes prevailing long-term high quality corporate bond indices to determine the discount rate applicable to each country at the measurement date. | |||||||||||||||||||||||||
The long-term rate of return on assets in the U.S. was selected from within the reasonable range of rates determined by historical real returns (net of inflation) for the asset classes covered by the investment policy, expected performance, and projections of inflation over the long-term period during which benefits are payable to plan participants. Consistent with prior years, the long-term rate of return on plan assets in the U.S. reflects the asset allocation of the plan and the effect of the company's active management of the plans' assets. For non-U.S. plans, assumptions reflect economic assumptions applicable to each country. | |||||||||||||||||||||||||
In October 2014, the Society of Actuaries released final reports of new mortality tables and a mortality improvement scale for measurement of retirement program obligations in the U.S. The company has adopted these tables in measuring the 2014 long-term employee benefits. | |||||||||||||||||||||||||
Assumed health care cost trend rates at December 31, | 2014 | 2013 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7 | % | |||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | |||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | |||||||||||||||||||||||
Assumed health care cost trend rates have a modest effect on the amount reported for the health care plan. A one-percentage point change in assumed health care cost trend rates would have the following effects: | |||||||||||||||||||||||||
1-Percentage | 1-Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Increase (decrease) on total of service and interest cost | $ | 2 | $ | (2 | ) | ||||||||||||||||||||
Increase (decrease) on post-retirement benefit obligation | 30 | (30 | ) | ||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is approved by management. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 (ERISA). These principles include discharging the company's investment responsibilities for the exclusive benefit of plan participants and in accordance with the "prudent expert" standard and other ERISA rules and regulations. The company establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. U.S. plan assets and a portion of non-U.S. plan assets are managed by investment professionals employed by the company. The remaining assets are managed by professional investment firms unrelated to the company. The company's pension investment professionals have discretion to manage the assets within established asset allocation ranges approved by management of the company. Additionally, pension trust funds are permitted to enter into certain contractual arrangements generally described as "derivatives". Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner. | |||||||||||||||||||||||||
The weighted-average target allocation for plan assets of the company's U.S. and non-U.S. pension plans is summarized as follows: | |||||||||||||||||||||||||
Target allocation for plan assets at December 31, | 2014 | 2013 | |||||||||||||||||||||||
U.S. equity securities | 28 | % | 27 | % | |||||||||||||||||||||
Non-U.S. equity securities | 21 | 21 | |||||||||||||||||||||||
Fixed income securities | 32 | 33 | |||||||||||||||||||||||
Hedge funds | 2 | 2 | |||||||||||||||||||||||
Private market securities | 9 | 10 | |||||||||||||||||||||||
Real estate | 5 | 7 | |||||||||||||||||||||||
Cash and cash equivalents | 3 | — | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Global equity securities include varying market capitalization levels. U.S. equity investments are primarily large-cap companies. Global fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S fixed income securities. Other investments include cash and cash equivalents, hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships. | |||||||||||||||||||||||||
Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. | |||||||||||||||||||||||||
The tables below presents the fair values of the company's pension assets by level within the fair value hierarchy, as described in Note 1, as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,310 | $ | 2,310 | $ | — | $ | — | |||||||||||||||||
U.S. equity securities1 | 4,610 | 4,566 | 15 | 29 | |||||||||||||||||||||
Non-U.S. equity securities | 3,870 | 3,813 | 53 | 4 | |||||||||||||||||||||
Debt – government-issued | 2,649 | 990 | 1,659 | — | |||||||||||||||||||||
Debt – corporate-issued | 2,600 | 370 | 2,215 | 15 | |||||||||||||||||||||
Debt – asset-backed | 914 | 46 | 867 | 1 | |||||||||||||||||||||
Hedge funds | 445 | — | — | 445 | |||||||||||||||||||||
Private market securities | 2,296 | — | 11 | 2,285 | |||||||||||||||||||||
Real estate | 1,065 | 76 | 3 | 986 | |||||||||||||||||||||
Derivatives – asset position | 106 | 7 | 99 | — | |||||||||||||||||||||
Derivatives – liability position | (79 | ) | — | (79 | ) | — | |||||||||||||||||||
$ | 20,786 | $ | 12,178 | $ | 4,843 | $ | 3,765 | ||||||||||||||||||
Pension trust receivables2 | 413 | ||||||||||||||||||||||||
Pension trust payables3 | (753 | ) | |||||||||||||||||||||||
Total | $ | 20,446 | |||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,076 | $ | 3,073 | $ | 3 | $ | — | |||||||||||||||||
U.S. equity securities1 | 4,432 | 4,383 | 22 | 27 | |||||||||||||||||||||
Non-U.S. equity securities | 4,005 | 3,965 | 37 | 3 | |||||||||||||||||||||
Debt – government-issued | 2,275 | 701 | 1,574 | — | |||||||||||||||||||||
Debt – corporate-issued | 1,961 | 376 | 1,566 | 19 | |||||||||||||||||||||
Debt – asset-backed | 925 | 51 | 870 | 4 | |||||||||||||||||||||
Hedge funds | 435 | — | 1 | 434 | |||||||||||||||||||||
Private market securities | 2,577 | — | 5 | 2,572 | |||||||||||||||||||||
Real estate | 1,179 | 73 | — | 1,106 | |||||||||||||||||||||
Derivatives – asset position | 97 | 18 | 79 | — | |||||||||||||||||||||
Derivatives – liability position | (78 | ) | (7 | ) | (71 | ) | — | ||||||||||||||||||
$ | 20,884 | $ | 12,633 | $ | 4,086 | $ | 4,165 | ||||||||||||||||||
Pension trust receivables2 | 200 | ||||||||||||||||||||||||
Pension trust payables3 | (470 | ) | |||||||||||||||||||||||
Total | $ | 20,614 | |||||||||||||||||||||||
1. | The company's pension plans directly held $737 (4 percent of total plan assets) and $648 (3 percent of total plan assets) of DuPont common stock at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
2. | Primarily receivables for investment securities sold. | ||||||||||||||||||||||||
3. | Primarily payables for investment securities purchased. | ||||||||||||||||||||||||
The company's pension plans hold Level 3 assets which are primarily ownership interests in investment partnerships and trusts that own private market securities and real estate. Fair value is generally based on the company's units of ownership and net asset value of the investment entity or the company's share of the investment entity's total equity. The table below presents a rollforward of activity for these assets for the years ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
Level 3 Assets | |||||||||||||||||||||||||
Total | U.S. Equity | Non-U.S. Equity | Debt- | Debt- | Hedge Funds | Private | Real | ||||||||||||||||||
Securities | Securities | Corporate | Asset- | Market | Estate | ||||||||||||||||||||
Issued | Backed | Securities | |||||||||||||||||||||||
Beginning balance at December 31, 2012 | $ | 4,212 | $ | 18 | $ | — | $ | 27 | $ | 2 | $ | 387 | $ | 2,624 | $ | 1,154 | |||||||||
Realized gain | 42 | — | — | — | — | 3 | 39 | — | |||||||||||||||||
Change in unrealized gain (loss) | 185 | 5 | 1 | (8 | ) | — | 22 | 88 | 77 | ||||||||||||||||
Purchases, sales and settlements, net | (278 | ) | 6 | 1 | (1 | ) | — | 22 | (181 | ) | (125 | ) | |||||||||||||
Transfers in (out) of Level 3 | 4 | (2 | ) | 1 | 1 | 2 | — | 2 | — | ||||||||||||||||
Ending balance at December 31, 2013 | $ | 4,165 | $ | 27 | $ | 3 | $ | 19 | $ | 4 | $ | 434 | $ | 2,572 | $ | 1,106 | |||||||||
Realized gain (loss) | 101 | (5 | ) | — | 11 | — | 12 | 83 | — | ||||||||||||||||
Change in unrealized (loss) gain | (68 | ) | (14 | ) | (2 | ) | (2 | ) | (1 | ) | 8 | (71 | ) | 14 | |||||||||||
Purchases, sales and settlements, net | (425 | ) | 24 | 3 | (10 | ) | — | (9 | ) | (299 | ) | (134 | ) | ||||||||||||
Transfers (out) in of Level 3 | (8 | ) | (3 | ) | — | (3 | ) | (2 | ) | — | — | — | |||||||||||||
Ending balance at December 31, 2014 | $ | 3,765 | $ | 29 | $ | 4 | $ | 15 | $ | 1 | $ | 445 | $ | 2,285 | $ | 986 | |||||||||
Cash Flow | |||||||||||||||||||||||||
Contributions | |||||||||||||||||||||||||
The company made a contribution of $500 to its principal U.S. pension plan in 2012. No contributions to its principal U.S. pension plan were made in 2013 or 2014. In 2015, contributions to the principal U.S. pension plan are expected to be less than $50. The company contributed $190, $121 and $233 to its pension plans other than the principal U.S. pension plan, its remaining plans with no plan assets and its other long-term employee benefit plans, respectively, in 2014. The company contributed $197, $116 and $207 to its pension plans other than the principal U.S. pension plan, its remaining plans with no plan assets and its other long-term employee benefit plans, respectively, in 2013. In 2015, the company expects to contribute about the same as 2014 to its pension plans other than the principal U.S. pension plan, its remaining plans with no plan assets and its other long-term employee benefit plans. | |||||||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||||||
The following benefit payments, which reflect future service, as appropriate, are expected to be paid: | |||||||||||||||||||||||||
Pension | Other Benefits | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2015 | $ | 1,636 | $ | 224 | |||||||||||||||||||||
2016 | 1,608 | 215 | |||||||||||||||||||||||
2017 | 1,622 | 207 | |||||||||||||||||||||||
2018 | 1,633 | 201 | |||||||||||||||||||||||
2019 | 1,656 | 194 | |||||||||||||||||||||||
Years 2020-2024 | 8,455 | 880 | |||||||||||||||||||||||
Defined Contribution Plan | |||||||||||||||||||||||||
The company sponsors several defined contribution plans, which cover substantially all U.S. employees. The most significant is the U.S. Retirement Savings Plan (the Plan). This Plan includes a non-leveraged Employee Stock Ownership Plan (ESOP). Employees are not required to participate in the ESOP and those who do are free to diversify out of the ESOP. The purpose of the Plan is to provide retirement savings benefits for employees and to provide employees an opportunity to become stockholders of the company. The Plan is a tax qualified contributory profit sharing plan, with cash or deferred arrangement and any eligible employee of the company may participate. Currently, the company contributes 100 percent of the first 6 percent of the employee's contribution election and also contributes 3 percent of each eligible employee's eligible compensation regardless of the employee's contribution. | |||||||||||||||||||||||||
The company's contributions to the Plan were $262, $208 and $212 for the years ended December 31, 2014, 2013 and 2012, respectively. The company's matching contributions vest immediately upon contribution. The 3 percent nonmatching company contribution vests for employees with at least three years of service. In addition, the company made contributions to other defined contribution plans of $66, $105 and $124 for the years ended December 31, 2014, 2013 and 2012, respectively. Included in the company's contributions are amounts related to discontinued operations of $0, $2 and $30 for the years ended December 31, 2014, 2013 and 2012, respectively. The company expects to contribute about $340 to its defined contribution plans in 2015. |
Compensation_Plans
Compensation Plans | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Compensation Plans [Abstract] | ||||||||||
Compensation Plans | COMPENSATION PLANS | |||||||||
The total stock-based compensation cost included in the Consolidated Income Statements was $151, $129 and $105 for 2014, 2013 and 2012, respectively. The income tax benefits related to stock-based compensation arrangements were $50, $43 and $35 for 2014, 2013 and 2012, respectively. | ||||||||||
In April 2011, the shareholders approved amendments to the DuPont Equity and Incentive Plan (EIP). The EIP provides for equity-based and cash incentive awards to certain employees, directors, and consultants. Under the amended EIP, the maximum number of shares reserved for the grant or settlement of awards is 110 million shares, provided that each share in excess of 30 million that is issued with respect to any award that is not an option or stock appreciation right will be counted against the 110 million share limit as four and one-half shares. At December 31, 2014, approximately 45 million shares were authorized for future grants under the company's EIP. The company satisfies stock option exercises and vesting of time-vested restricted stock units (RSUs) and performance-based restricted stock units (PSUs) with newly issued shares of DuPont common stock. | ||||||||||
The company's Compensation Committee determines the long-term incentive mix, including stock options, RSUs and PSUs and may authorize new grants annually. | ||||||||||
Stock Options | ||||||||||
The exercise price of shares subject to option is equal to the market price of the company's stock on the date of grant. Options granted prior to 2004 expire 10 years from date of grant; options granted between 2004 and 2008 serially vested over a three-year period and carry a six-year option term. Stock option awards granted between 2009 and 2014 expire seven years after the grant date. The plan allows retirement eligible employees to retain any granted awards upon retirement provided the employee has rendered at least six months of service following grant date. | ||||||||||
For purposes of determining the fair value of stock options awards, the company uses the Black-Scholes option pricing model and the assumptions set forth in the table below. The weighted-average grant-date fair value of options granted in 2014, 2013 and 2012 was $13.68, $10.40 and $11.81, respectively. | ||||||||||
2014 | 2013 | 2012 | ||||||||
Dividend yield | 2.9 | % | 3.6 | % | 3.2 | % | ||||
Volatility | 31.33 | % | 34.86 | % | 34.87 | % | ||||
Risk-free interest rate | 1.7 | % | 1 | % | 0.9 | % | ||||
Expected life (years) | 5.3 | 5.3 | 5.3 | |||||||
The company determines the dividend yield by dividing the current annual dividend on the company's stock by the option exercise price. A historical daily measurement of volatility is determined based on the expected life of the option granted. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by reference to the company's historical experience. | ||||||||||
Stock option awards as of December 31, 2014, and changes during the year then ended were as follows: | ||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||
Shares | Average | Average | Intrinsic | |||||||
(in thousands) | Exercise Price | Remaining | Value | |||||||
(per share) | Contractual | (in thousands) | ||||||||
Term (years) | ||||||||||
Outstanding, December 31, 2013 | 21,571 | $ | 41.58 | |||||||
Granted | 4,592 | $ | 61.91 | |||||||
Exercised | (7,035 | ) | $ | 36.26 | ||||||
Forfeited | (168 | ) | $ | 55.55 | ||||||
Cancelled | (65 | ) | $ | 49.47 | ||||||
Outstanding, December 31, 2014 | 18,895 | $ | 48.34 | 4.23 | $ | 484,341 | ||||
Exercisable, December 31, 2014 | 9,251 | $ | 41.46 | 2.96 | $ | 300,498 | ||||
The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the company's closing stock price on the last trading day of 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at year end. The amount changes based on the fair market value of the company's stock. Total intrinsic value of options exercised for 2014, 2013 and 2012 were $219, $230 and $147, respectively. In 2014, the company realized a tax benefit of $72 from options exercised. | ||||||||||
As of December 31, 2014, $34 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.72 years. | ||||||||||
RSUs and PSUs | ||||||||||
The company issues RSUs that serially vest over a three-year period and, upon vesting, convert one-for-one to DuPont common stock. A retirement eligible employee retains any granted awards upon retirement provided the employee has rendered at least six months of service following the grant date. Additional RSUs are also granted periodically to key senior management employees. These RSUs generally vest over periods ranging from two to five years. The fair value of all stock-settled RSUs is based upon the market price of the underlying common stock as of the grant date. | ||||||||||
The company also grants PSUs to senior leadership. In 2014, there were 348,516 PSUs granted. Vesting for PSUs granted in 2014, 2013 and 2012 is equally based upon corporate revenue growth relative to peer companies and total shareholder return (TSR) relative to peer companies. Performance and payouts are determined independently for each metric. The actual award, delivered as DuPont common stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant-date fair value of the PSUs granted in 2014, subject to the TSR metric, was $80.01, estimated using a Monte Carlo simulation. The weighted-average grant-date fair value of the PSUs, subject to the revenue metric, was based upon the market price of the underlying common stock as of the grant date. | ||||||||||
Non-vested awards of RSUs and PSUs as of December 31, 2014 and 2013 are shown below. The weighted-average grant-date fair value of RSUs and PSUs granted during 2014, 2013 and 2012 was $64.64, $48.06 and $47.17, respectively. | ||||||||||
Number of | Weighted | |||||||||
Shares | Average | |||||||||
(in thousands) | Grant Date | |||||||||
Fair Value | ||||||||||
(per share) | ||||||||||
Nonvested, December 31, 2013 | 3,765 | $ | 52.41 | |||||||
Granted | 1,623 | $ | 64.64 | |||||||
Vested | (1,475 | ) | $ | 50.68 | ||||||
Forfeited | (156 | ) | $ | 59.73 | ||||||
Nonvested, December 31, 2014 | 3,757 | $ | 57.6 | |||||||
As of December 31, 2014, there was $76 of unrecognized stock-based compensation expense related to nonvested awards. That cost is expected to be recognized over a weighted-average period of 1.88 years. The total fair value of stock units vested during 2014, 2013 and 2012 was $75, $75 and $68, respectively. | ||||||||||
Other Cash-based Awards | ||||||||||
Cash awards under the EIP plan may be granted to employees who have contributed most to the company's success, with consideration being given to the ability to succeed to more important managerial responsibility. Such awards were $38, $60 and $60 for 2014, 2013 and 2012, respectively. The amounts of the awards are dependent on company earnings and are subject to maximum limits as defined under the governing plans. | ||||||||||
In addition, the company has other variable compensation plans under which cash awards may be granted. These plans include the company's regional and local variable compensation plans and Pioneer's Annual Reward Program. Such awards were $151, $317 and $379 for 2014, 2013 and 2012, respectively. |
Derivatives_and_Other_Hedging_
Derivatives and Other Hedging Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Derivatives and Other Hedging Instruments | DERIVATIVES AND OTHER HEDGING 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 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: | ||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate swaps | $ | 1,000 | $ | 1,000 | ||||||||||||||||
Foreign currency contracts | 434 | 1,107 | ||||||||||||||||||
Commodity contracts | 388 | 606 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts | 10,586 | 9,553 | ||||||||||||||||||
Commodity contracts | 166 | 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 agricultural commodity exposures. | ||||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||
Interest Rate Swaps | ||||||||||||||||||||
At December 31, 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. In addition, the company occasionally uses forward exchange contracts to offset a portion of the company’s exposure to certain foreign currency-denominated transactions such as capital expenditures. | ||||||||||||||||||||
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 agriculture commodity exposures. | ||||||||||||||||||||
While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two-year period. Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction will not materialize. The following table summarizes the after-tax effect of cash flow hedges on accumulated other comprehensive income (loss) for the years ended December 31, 2014 and 2013: | ||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | (48 | ) | $ | 3 | |||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | 33 | (36 | ) | |||||||||||||||||
Clearance of hedge results to earnings | 9 | (15 | ) | |||||||||||||||||
Ending balance | $ | (6 | ) | $ | (48 | ) | ||||||||||||||
At December 31, 2014, an after-tax net loss of $6 is expected to be reclassified from accumulated other comprehensive income (loss) into earnings over the next twelve months. | ||||||||||||||||||||
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 utilized 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 Note 1, as of December 31, 2014 and 2013. | ||||||||||||||||||||
Fair Value at December 31 | ||||||||||||||||||||
Using Level 2 Inputs | ||||||||||||||||||||
Balance Sheet Location | 2014 | 2013 | ||||||||||||||||||
Asset derivatives: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate swaps1 | Accounts and notes receivable, net | $ | 1 | $ | — | |||||||||||||||
Interest rate swaps1 | Other assets | — | 29 | |||||||||||||||||
Foreign currency contracts | Accounts and notes receivable, net | 10 | 6 | |||||||||||||||||
11 | 35 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts2 | Accounts and notes receivable, net | 254 | 86 | |||||||||||||||||
Total asset derivatives3 | $ | 265 | $ | 121 | ||||||||||||||||
Cash collateral1,2 | Other accrued liabilities | $ | 47 | $ | 30 | |||||||||||||||
Liability derivatives: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts | Other accrued liabilities | $ | 10 | $ | 4 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts | Other accrued liabilities | 62 | 70 | |||||||||||||||||
Commodity contracts | Other accrued liabilities | 1 | 1 | |||||||||||||||||
63 | 71 | |||||||||||||||||||
Total liability derivatives3 | $ | 73 | $ | 75 | ||||||||||||||||
1. | Cash collateral held as of December 31, 2014 and 2013 represents $6 and $17, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||||||||||||||||||
2 | Cash collateral held as of December 31, 2014 and 2013 represents $41 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 $67 at December 31, 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) | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | Income Statement Classification | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | (28 | ) | $ | (26 | ) | $ | (11 | ) | Interest expense3 | ||||
Cash flow hedges: | ||||||||||||||||||||
Foreign currency contracts | 27 | 9 | (2 | ) | 15 | 1 | 21 | Net sales | ||||||||||||
Commodity contracts | 26 | (67 | ) | 7 | (30 | ) | 24 | 44 | Cost of goods sold | |||||||||||
53 | (58 | ) | 5 | (43 | ) | (1 | ) | 54 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts | — | — | — | 607 | 35 | (157 | ) | Other income, net4 | ||||||||||||
Commodity contracts | — | — | — | (21 | ) | (10 | ) | (22 | ) | Cost of goods sold | ||||||||||
— | — | — | 586 | 25 | (179 | ) | ||||||||||||||
Total derivatives | $ | 53 | $ | (58 | ) | $ | 5 | $ | 543 | $ | 24 | $ | (125 | ) | ||||||
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 years ended December 31, 2014, 2013 and 2012, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||||||||||||||||||
3. | Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. | |||||||||||||||||||
4. | Gain (loss) recognized in other income, 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 $(472), $(163) and $(58) for 2014, 2013 and 2012, respectively. |
Geographic_Information
Geographic Information | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||||||||
Geographic Information | GEOGRAPHIC INFORMATION | |||||||||
Net Sales1 | ||||||||||
2014 | 2013 | 2012 | ||||||||
United States | $ | 13,081 | $ | 13,763 | $ | 13,284 | ||||
Canada | $ | 973 | $ | 1,025 | $ | 921 | ||||
EMEA2 | ||||||||||
France | 776 | 749 | 765 | |||||||
Germany | 1,510 | 1,502 | 1,557 | |||||||
Italy | 750 | 728 | 764 | |||||||
Africa | 568 | 597 | 461 | |||||||
Other | 4,879 | 4,803 | 4,493 | |||||||
Total EMEA | $ | 8,483 | $ | 8,379 | $ | 8,040 | ||||
Asia Pacific | ||||||||||
China | 2,835 | 2,720 | 2,666 | |||||||
India | 787 | 740 | 745 | |||||||
Japan | 1,218 | 1,292 | 1,577 | |||||||
Other | 2,863 | 3,023 | 3,039 | |||||||
Total Asia Pacific | $ | 7,703 | $ | 7,775 | $ | 8,027 | ||||
Latin America | ||||||||||
Brazil | 2,328 | 2,565 | 2,363 | |||||||
Mexico | 1,088 | 1,070 | 1,044 | |||||||
Other | 1,067 | 1,157 | 1,133 | |||||||
Total Latin America | $ | 4,483 | $ | 4,792 | $ | 4,540 | ||||
Total | $ | 34,723 | $ | 35,734 | $ | 34,812 | ||||
1. | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. | |||||||||
2. | Europe, Middle East, and Africa (EMEA). | |||||||||
Net Property1 | ||||||||||
2014 | 2013 | 2012 | ||||||||
United States | $ | 8,905 | $ | 8,598 | $ | 8,512 | ||||
Canada | $ | 152 | $ | 142 | $ | 149 | ||||
EMEA2 | ||||||||||
Denmark | 242 | 280 | 320 | |||||||
France | 253 | 269 | 243 | |||||||
Spain | 251 | 270 | 269 | |||||||
The Netherlands | 306 | 308 | 289 | |||||||
Other | 1,180 | 1,255 | 1,182 | |||||||
Total EMEA | $ | 2,232 | $ | 2,382 | $ | 2,303 | ||||
Asia Pacific | ||||||||||
China | 348 | 356 | 423 | |||||||
Other | 634 | 638 | 624 | |||||||
Total Asia Pacific | $ | 982 | $ | 994 | $ | 1,047 | ||||
Latin America | ||||||||||
Brazil | 415 | 394 | 348 | |||||||
Mexico | 601 | 421 | 307 | |||||||
Other | 99 | 62 | 75 | |||||||
Total Latin America | $ | 1,115 | $ | 877 | $ | 730 | ||||
Total | $ | 13,386 | $ | 12,993 | $ | 12,741 | ||||
1. | Net property is presented for locations with greater than two percent of the total and includes property, plant and equipment less accumulated depreciation. | |||||||||
2. | Europe, Middle East, and Africa (EMEA). |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION | |||||||||||||||||||||||||||||
The company consists of 12 businesses which are aggregated into 7 reportable segments based on similar economic characteristics, the nature of the products and production processes, end-use markets, channels of distribution and regulatory environment. The company's reportable segments are Agriculture, Electronics & Communications, Industrial Biosciences, Nutrition & Health, Performance Chemicals, Performance Materials and Safety & Protection. The company includes certain embryonic businesses not included in the reportable segments, such as pre-commercial programs, and nonaligned businesses in Other. | ||||||||||||||||||||||||||||||
Major products by segment include: Agriculture (corn hybrids and soybean varieties, herbicides, fungicides and insecticides); Electronics & Communications (photopolymers and electronic materials); Industrial Biosciences (enzymes and bio-based materials); Nutrition & Health (cultures, emulsifiers, texturants, natural sweeteners and soy-based food ingredients); Performance Chemicals (fluorochemicals, fluoropolymers, specialty and industrial chemicals, and white pigments); Performance Materials (engineering polymers, packaging and industrial polymers, films and elastomers); and Safety & Protection (nonwovens, aramids and solid surfaces). The company operates globally in substantially all of its product lines. | ||||||||||||||||||||||||||||||
In general, the accounting policies of the segments are the same as those described in Note 1. Exceptions are noted as follows and are shown in the reconciliations below. Segment sales include transfers to another business segment. Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. Segment net assets includes net working capital, net property, plant and equipment, and other noncurrent operating assets and liabilities of the segment. Affiliate net assets (pro rata share) excludes borrowing and other long-term liabilities. Depreciation and amortization includes depreciation on research and development facilities and amortization of other intangible assets, excluding write-down of assets. Prior years' data have been reclassified to reflect the current organizational structure. | ||||||||||||||||||||||||||||||
The earnings from the previous Pharmaceuticals segment are insignificant in 2014 and therefore the results are reported within Other. Viton® fluoroelastomer products (Viton®) will be included in the Performance Chemicals separation and therefore 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. | ||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||
Agriculture | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Other | Total | ||||||||||||||||||||||
Communications | Chemicals | Materials | Protection | |||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Segment sales | $ | 11,304 | $ | 2,393 | $ | 1,258 | $ | 3,529 | $ | 6,497 | $ | 6,129 | $ | 3,896 | $ | 5 | $ | 35,011 | ||||||||||||
Less: Transfers | 8 | 12 | 14 | — | 180 | 70 | 4 | — | 288 | |||||||||||||||||||||
Net sales | 11,296 | 2,381 | 1,244 | 3,529 | 6,317 | 6,059 | 3,892 | 5 | 34,723 | |||||||||||||||||||||
PTOI | 2,668 | 271 | 198 | 365 | 913 | 1,590 | 742 | (391 | ) | 6,356 | ||||||||||||||||||||
Depreciation and | 436 | 97 | 85 | 264 | 245 | 139 | 187 | 2 | 1,455 | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||||||||
Equity in earnings of | 32 | 22 | 8 | — | 26 | (82 | ) | 27 | (43 | ) | (10 | ) | ||||||||||||||||||
affiliates | ||||||||||||||||||||||||||||||
Segment net assets | 6,652 | 1,344 | 2,518 | 5,923 | 4,559 | 3,338 | 3,039 | 397 | 27,770 | |||||||||||||||||||||
Affiliate net assets | 251 | 142 | 46 | 7 | 160 | 419 | 103 | 21 | 1,149 | |||||||||||||||||||||
Purchases of property, | 407 | 52 | 90 | 112 | 525 | 134 | 105 | 200 | 1,625 | |||||||||||||||||||||
plant and equipment | ||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Segment sales | $ | 11,739 | $ | 2,549 | $ | 1,224 | $ | 3,473 | $ | 6,932 | $ | 6,239 | $ | 3,884 | $ | 6 | $ | 36,046 | ||||||||||||
Less: Transfers | 11 | 15 | 13 | — | 196 | 73 | 4 | — | 312 | |||||||||||||||||||||
Net sales | 11,728 | 2,534 | 1,211 | 3,473 | 6,736 | 6,166 | 3,880 | 6 | 35,734 | |||||||||||||||||||||
PTOI | 2,132 | 203 | 170 | 305 | 941 | 1,264 | 694 | (340 | ) | 5,369 | ||||||||||||||||||||
Depreciation and | 358 | 105 | 81 | 271 | 253 | 162 | 198 | 1 | 1,429 | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||||||||
Equity in earnings of | 36 | 22 | 2 | — | 19 | (16 | ) | 23 | (49 | ) | 37 | |||||||||||||||||||
affiliates | ||||||||||||||||||||||||||||||
Segment net assets | 5,883 | 1,435 | 2,640 | 6,455 | 4,116 | 3,541 | 1 | 3,138 | 153 | 27,361 | ||||||||||||||||||||
Affiliate net assets | 281 | 145 | 48 | 7 | 169 | 492 | 106 | 21 | 1,269 | |||||||||||||||||||||
Purchases of property, | 485 | 73 | 77 | 138 | 429 | 179 | 109 | 112 | 1,602 | |||||||||||||||||||||
plant and equipment | ||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
Segment sales | $ | 10,426 | $ | 2,701 | $ | 1,180 | $ | 3,422 | $ | 7,450 | $ | 6,185 | $ | 3,825 | $ | 5 | $ | 35,194 | ||||||||||||
Less: Transfers | 5 | 17 | 11 | — | 248 | 90 | 11 | — | 382 | |||||||||||||||||||||
Net sales | 10,421 | 2,684 | 1,169 | 3,422 | 7,202 | 6,095 | 3,814 | 5 | 34,812 | |||||||||||||||||||||
PTOI | 1,669 | 222 | 159 | 270 | 1,826 | 1,073 | 562 | (412 | ) | 5,369 | ||||||||||||||||||||
Depreciation and | 337 | 113 | 79 | 288 | 256 | 171 | 197 | 1 | 1,442 | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||||||||
Equity in earnings of | 30 | 19 | 1 | — | 28 | 42 | 32 | (53 | ) | 99 | ||||||||||||||||||||
affiliates | ||||||||||||||||||||||||||||||
Segment net assets | 4,756 | 1,622 | 2,602 | 6,641 | 4,095 | 3,585 | 3,153 | 59 | 26,513 | |||||||||||||||||||||
Affiliate net assets | 389 | 151 | 53 | 8 | 180 | 567 | 106 | 14 | 1,468 | |||||||||||||||||||||
Purchases of property, | 432 | 71 | 80 | 148 | 394 | 181 | 118 | 7 | 1,431 | |||||||||||||||||||||
plant and equipment | ||||||||||||||||||||||||||||||
1. | Includes assets held for sale related to GLS/Vinyls of $228 as of December 31, 2013. See Note 2 for additional information. | |||||||||||||||||||||||||||||
Reconciliation to Consolidated Financial Statements | ||||||||||||||||||||||||||||||
PTOI to income from continuing operations before income taxes | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Total segment PTOI | $ | 6,356 | $ | 5,369 | $ | 5,369 | ||||||||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | (124 | ) | (539 | ) | (654 | ) | ||||||||||||||||||||||||
Net exchange gains (losses), including affiliates | 135 | (128 | ) | (215 | ) | |||||||||||||||||||||||||
Corporate expenses | (999 | ) | (765 | ) | (948 | ) | ||||||||||||||||||||||||
Interest expense | (377 | ) | (448 | ) | (464 | ) | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 4,991 | $ | 3,489 | $ | 3,088 | ||||||||||||||||||||||||
Segment net assets to total assets at December 31, | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Total segment net assets | $ | 27,770 | $ | 27,361 | $ | 26,513 | ||||||||||||||||||||||||
Corporate assets1 | 12,679 | 13,498 | 10,261 | |||||||||||||||||||||||||||
Liabilities included in segment net assets | 9,427 | 10,640 | 10,009 | |||||||||||||||||||||||||||
Assets related to discontinued operations2 | — | — | 3,076 | |||||||||||||||||||||||||||
Total assets | $ | 49,876 | $ | 51,499 | $ | 49,859 | ||||||||||||||||||||||||
1. | Pension assets are included in corporate assets. | |||||||||||||||||||||||||||||
2. | See Note 1 for additional information on the presentation of the Performance Coatings which met the criteria for discontinued operations during 2012. | |||||||||||||||||||||||||||||
Other items1 | Segment | Adjustments | Consolidated | |||||||||||||||||||||||||||
Totals | Totals | |||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,455 | $ | 162 | $ | 1,617 | ||||||||||||||||||||||||
Equity in earnings of affiliates | (10 | ) | — | (10 | ) | |||||||||||||||||||||||||
Affiliate net assets | 1,149 | (263 | ) | 886 | ||||||||||||||||||||||||||
Purchases of property, plant and equipment | 1,625 | 395 | 2,020 | |||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,429 | $ | 174 | $ | 1,603 | ||||||||||||||||||||||||
Equity in earnings of affiliates | 37 | 4 | 41 | |||||||||||||||||||||||||||
Affiliate net assets | 1,269 | (258 | ) | 1,011 | ||||||||||||||||||||||||||
Purchases of property, plant and equipment | 1,602 | 280 | 1,882 | |||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,442 | $ | 271 | $ | 1,713 | ||||||||||||||||||||||||
Equity in earnings of affiliates | 99 | 3 | 102 | |||||||||||||||||||||||||||
Affiliate net assets | 1,468 | (305 | ) | 1,163 | ||||||||||||||||||||||||||
Purchases of property, plant and equipment | 1,431 | 362 | 1,793 | |||||||||||||||||||||||||||
1. | See Note 1 for additional information on the presentation of the Performance Coatings business which met the criteria for discontinued operations during 2012. | |||||||||||||||||||||||||||||
Additional Segment Details | ||||||||||||||||||||||||||||||
2014 included the following pre-tax benefits (charges): | ||||||||||||||||||||||||||||||
Agriculture1,2,3 | $ | 316 | ||||||||||||||||||||||||||||
Electronics & Communications1 | (84 | ) | ||||||||||||||||||||||||||||
Industrial Biosciences1 | (13 | ) | ||||||||||||||||||||||||||||
Nutrition & Health1 | (15 | ) | ||||||||||||||||||||||||||||
Performance Chemicals1 | (21 | ) | ||||||||||||||||||||||||||||
Performance Materials1,4 | 292 | |||||||||||||||||||||||||||||
Safety & Protection1 | (52 | ) | ||||||||||||||||||||||||||||
Other1 | (22 | ) | ||||||||||||||||||||||||||||
$ | 401 | |||||||||||||||||||||||||||||
1. | Included a $(440) restructuring charge associated with the 2014 restructuring program consisting of $(375) recorded in employee separation/asset related charges, net, and $(65) recorded in other income, net. The pre-tax charges by segment are: Agriculture - $(134), Electronics & Communications - $(84), Industrial Biosciences - $(13), Nutrition & Health - $(15), Performance Chemicals - $(21), Performance Materials - $(99), Safety & Protection - $(52), and Other - $(22). See Note 3 for additional information. | |||||||||||||||||||||||||||||
2. | Included income of $210 for insurance recoveries, recorded in other operating charges, associated with the company's process to fairly resolve claims related to the use of Imprelis®. See Note 15 for additional information. | |||||||||||||||||||||||||||||
3. | Included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | |||||||||||||||||||||||||||||
4. | 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. | |||||||||||||||||||||||||||||
2013 included the following pre-tax benefits (charges): | ||||||||||||||||||||||||||||||
Agriculture1,3 | $ | (351 | ) | |||||||||||||||||||||||||||
Electronics & Communications3,4 | (131 | ) | ||||||||||||||||||||||||||||
Industrial Biosciences3 | 1 | |||||||||||||||||||||||||||||
Nutrition & Health3 | 6 | |||||||||||||||||||||||||||||
Performance Chemicals2,3 | (74 | ) | ||||||||||||||||||||||||||||
Performance Materials3 | (16 | ) | ||||||||||||||||||||||||||||
Safety & Protection3 | 4 | |||||||||||||||||||||||||||||
Other3 | 5 | |||||||||||||||||||||||||||||
$ | (556 | ) | ||||||||||||||||||||||||||||
1. | Included charges of $(425), offset by $73 of insurance recoveries, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis®. See Note 15 for additional information. | |||||||||||||||||||||||||||||
2. | Included a $(72) charge recorded in other operating charges related to the titanium dioxide antitrust litigation. | |||||||||||||||||||||||||||||
3. | Included a net $(3) restructuring adjustment consisting of a $16 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $16 net reduction recorded in employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in employee separation/asset related charges, net and $(10) recorded in other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. Pre-tax amounts by segment were: Agriculture - $1, Electronics & Communications - $(2), Industrial Biosciences - $1, Nutrition & Health - $6, Performance Chemicals - $(2), Performance Materials - $(16), Safety & Protection - $4; and Other - $5. See Note 3 for additional information. | |||||||||||||||||||||||||||||
4. | Included a $(129) impairment charge recorded in employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information. | |||||||||||||||||||||||||||||
2012 included the following pre-tax benefits (charges): | ||||||||||||||||||||||||||||||
Agriculture1,2,3 | $ | (469 | ) | |||||||||||||||||||||||||||
Electronics & Communications3,4,5 | (37 | ) | ||||||||||||||||||||||||||||
Industrial Biosciences3 | (3 | ) | ||||||||||||||||||||||||||||
Nutrition & Health3 | (49 | ) | ||||||||||||||||||||||||||||
Performance Chemicals3,5 | (36 | ) | ||||||||||||||||||||||||||||
Performance Materials3,5 | (104 | ) | ||||||||||||||||||||||||||||
Safety & Protection3 | (58 | ) | ||||||||||||||||||||||||||||
Other3,6 | (126 | ) | ||||||||||||||||||||||||||||
$ | (882 | ) | ||||||||||||||||||||||||||||
1. | Included a $(575) charge recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis®. See Note 15 for additional information. | |||||||||||||||||||||||||||||
2. | Included a $117 gain recorded in other income, net associated with the sale of a business. | |||||||||||||||||||||||||||||
3. | Included a $(134) restructuring charge recorded in employee separation/asset related charges, net primarily as a result of the company's plan to eliminate corporate costs previously allocated to Performance Coatings and cost-cutting actions to improve competitiveness, partially offset by a reversal of prior year restructuring accruals. Charges by segment were: Agriculture - $(11); Electronics & Communications - $(9); Industrial Biosciences - $(3); Nutrition & Health - $(49); Performance Chemicals - $(3); Performance Materials - $(12); Safety & Protection - $(58); and Other - $11. See Note 3 for additional information. | |||||||||||||||||||||||||||||
4. | Included a $122 gain recorded in other income, net associated with the sale of an equity method investment. | |||||||||||||||||||||||||||||
5. | Included a $(275) impairment charge recorded in employee separation/asset related charges, net related to asset groupings, which impacted the segments as follows: Electronics & Communications - $(150); Performance Chemicals - $(33); and Performance Materials - $(92). See Note 3 for additional information. | |||||||||||||||||||||||||||||
6. | Included a $(137) charge in other operating charges primarily related to the company's settlement of the 2008 lawsuit filed by subsidiaries of Koch Industries, Inc. (INVISTA). |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Quarterly Financial Data | QUARTERLY FINANCIAL DATA | ||||||||||||||||
Unaudited | For the quarter ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 10,128 | $ | 9,706 | $ | 7,511 | $ | 7,378 | |||||||||
Cost of goods sold | 6,000 | 5,999 | 4,881 | 4,823 | |||||||||||||
Income from continuing operations before | 1,802 | 2 | 1,440 | 2, 3 ,4, 5 | 786 | 2 | 963 | 2, 5, 6, 7, 8 | |||||||||
income taxes | |||||||||||||||||
Net income | 1,445 | 1,074 | 434 | 683 | |||||||||||||
Basic earnings per share of common stock from continuing operations1 | 1.56 | 1.16 | 0.47 | 0.73 | |||||||||||||
Diluted earnings per share of common stock from continuing operations1 | 1.54 | 1.15 | 0.47 | 0.73 | |||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 10,408 | $ | 9,844 | $ | 7,735 | $ | 7,747 | |||||||||
Cost of goods sold | 6,193 | 6,057 | 5,165 | 5,132 | |||||||||||||
Income from continuing operations before | 1,774 | 10 | 1,365 | 10, 11 | 228 | 10, 13 | 122 | 10, 14, 15 | |||||||||
income taxes | |||||||||||||||||
Net income | 3,355 | 9 | 1,034 | 12 | 288 | 185 | |||||||||||
Basic earnings per share of common stock from continuing operations1 | 1.48 | 1.11 | 0.28 | 0.19 | |||||||||||||
Diluted earnings per share of common stock from continuing operations1 | 1.47 | 1.1 | 0.28 | 0.19 | |||||||||||||
1. | Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. | ||||||||||||||||
2. | First, second, third and fourth quarter 2014 included charges of $(16), $(35), $(61), and $(63), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. See Note 2 for additional information. | ||||||||||||||||
3. | Second quarter 2014 included a $(58) pre-tax charge within other income, net associated with the remeasurement of Venezuelan Bolivar net monetary assets. | ||||||||||||||||
4. | Second quarter 2014 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. | ||||||||||||||||
5. | Second and Fourth quarter 2014 included a $(263) and $(299) restructuring charge, respectively, as a result of the company's plan to reduce residual costs associated with the separation of the Performance Chemicals segment and to improve productivity across all businesses and functions. The second quarter 2014 charge is recorded in employee separation/asset related charges, net. The fourth quarter 2014 restructuring charge of $(299) consists of $(234) recorded in employee separation/asset related charges, net, and $(65) recorded in other income, net. See Note 3 for additional information. | ||||||||||||||||
6. | Fourth quarter 2014 included income of $210 for insurance recoveries, recorded within other operating charges, associated with the recovery of costs for customer claims related to the use of Imprelis®. See Note 15 for additional information. | ||||||||||||||||
7. | Fourth quarter 2014 included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | ||||||||||||||||
8. | Fourth quarter 2014 included a $70 adjustment to lower performance-based compensation expense. | ||||||||||||||||
9. | First quarter 2013 included a net tax benefit of $42 consisting of a $68 benefit for the 2013 extension of certain U.S business tax provisions offset by a $(26) charge related to the global distribution of Performance Coatings cash proceeds. | ||||||||||||||||
10. | First and second quarter 2013 included charges of $(35) and $(80), respectively, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis®. Third and fourth quarter 2013 included charges of $(65) and $(245), respectively, offset by $25 and $48 of insurance recoveries, respectively. See Note 15 for additional information. | ||||||||||||||||
11. | Second quarter 2013 included a charge of $(11) in other income, net related to interest on a prior year tax position. | ||||||||||||||||
12. | Second quarter 2013 included a charge of $(49) associated with a change in accrual for a prior year tax position (inclusive of a benefit associated with interest on a prior year tax position) offset by a $33 benefit for an enacted tax law change. | ||||||||||||||||
13. | Third quarter 2013 included a $(72) charge recorded in other operating charges related to the titanium dioxide antitrust litigation. | ||||||||||||||||
14. | Fourth quarter 2013 included a net $5 restructuring adjustment consisting of a $24 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $24 net reduction recorded in employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in employee separation/asset related charges, net and $(10) recorded in other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. See Note 3 for additional information. | ||||||||||||||||
15. | Fourth quarter 2013 included a $(129) impairment charge recorded in employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts | |||||||||
(Dollars in millions) | ||||||||||
Year Ended December 31, | 2014 | 2013 | 2012 | |||||||
Accounts Receivable—Allowance for Doubtful Receivables | ||||||||||
Balance at beginning of period | $ | 269 | $ | 243 | $ | 292 | ||||
Additions charged to cost and expenses | 59 | 72 | 33 | |||||||
Deductions from reserves | (88 | ) | (46 | ) | (64 | ) | ||||
Amounts related to the Performance Coatings business | — | — | (18 | ) | ||||||
Balance at end of period | $ | 240 | $ | 269 | $ | 243 | ||||
Deferred Tax Assets—Valuation Allowance | ||||||||||
Balance at beginning of period | $ | 1,764 | $ | 1,914 | $ | 1,971 | ||||
Net (benefits) charges to income tax expense | (47 | ) | 29 | (77 | ) | |||||
Additions (deductions) to other comprehensive income (loss) | 135 | (205 | ) | 10 | ||||||
Currency translation | (95 | ) | 26 | 10 | ||||||
Balance at end of period | $ | 1,757 | $ | 1,764 | $ | 1,914 | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policy) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Preparation of Financial Statements | Preparation of Financial Statements | ||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||
Basis of Consolidation | Basis of Consolidation | ||
The Consolidated Financial Statements include the accounts of the company, subsidiaries in which a controlling interest is maintained and variable interest entities (VIEs) for which DuPont is the primary beneficiary. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has significant influence but not a controlling interest are carried on the equity method. At December 31, 2014, the assets, liabilities and operations of VIEs for which DuPont is the primary beneficiary were not material to the Consolidated Financial Statements of the company. | |||
The company is also involved with certain joint ventures accounted for under the equity method of accounting that are VIEs. The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2014, the maximum exposure to loss related to the unconsolidated VIEs is not considered material to the Consolidated Financial Statements of the company. | |||
Basis of Presentation | Basis of Presentation | ||
Certain reclassifications of prior year's data have been made to conform to current year's presentation. | |||
The company’s cost structure has been impacted by the global, multi-year initiative to redesign its global organization and operating model to improve productivity and agility across all businesses and functions. Effective December 31, 2014, in order to better align to the transforming company’s organization and resulting cost structure, certain costs were reclassified from other operating charges to selling, general and administrative expenses. Prior year data has been reclassified to conform to current year presentation. | |||
In November 2013, DuPont entered into a definitive agreement to sell Glass Laminating Solutions/Vinyls (GLS/Vinyls), a part of the Performance Materials segment. The assets related to GLS/Vinyls at December 31, 2013 are presented as held for sale in the Consolidated Balance Sheet. In June 2014, the company sold GLS/Vinyls to Kuraray Co. Ltd. The sale of GLS/Vinyls does not meet the criteria for discontinued operations and as such, earnings are included in the company’s income from continuing operations. | |||
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 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 Consolidated Financial Statements based on the financial statement line item and period of each disclosure. | |||
See Note 2 to the Consolidated Financial Statements for further information relating to the above matters. | |||
Revenue Recognition | Revenue Recognition | ||
The company recognizes revenue when the earnings process is complete. The company's revenues are from the sale of a wide range of products to a diversified base of customers around the world. Revenue for product sales is recognized upon delivery, when title and risk of loss have been transferred, collectability is reasonably assured and pricing is fixed or determinable. A majority of product sales are sold FOB (free on board) shipping point or, with respect to non United States of America (U.S.) customers, an equivalent basis. Accruals are made for sales returns and other allowances based on the company's experience. The company accounts for cash sales incentives as a reduction in sales and noncash sales incentives as a charge to cost of goods sold or selling expense, depending on the nature of the incentive. Amounts billed to customers for shipping and handling fees are included in net sales and costs incurred by the company for the delivery of goods are classified as cost of goods sold in the Consolidated Income Statements. Taxes on revenue-producing transactions are excluded from net sales. | |||
The company periodically enters into prepayment contracts with customers in the Agriculture segment and receives advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue (classified as other accrued liabilities) or debt, depending on the nature of the program. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. | |||
Licensing and royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. The estimated fair value of the company's cash equivalents, which approximates carrying value as of December 31, 2014 and 2013, was determined using level 1 and level 2 inputs within the fair value hierarchy, as described below. Level 1 measurements were based on observed net asset values and level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity. The company held $1,436 and $5,116 of money market funds (level 1 measurements) as of December 31, 2014 and 2013, respectively. The company held $3,293 and $2,256 of other cash equivalents (level 2 measurements) as of December 31, 2014 and 2013, respectively. | |||
Marketable Securities | Marketable Securities | ||
Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. They are classified as held-to-maturity and recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. | |||
Fair Value Measurements | Fair Value Measurements | ||
Under the accounting for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||
The company uses the following valuation techniques to measure fair value for its assets and liabilities: | |||
Level 1 | – | Quoted market prices in active markets for identical assets or liabilities; | |
Level 2 | – | Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); | |
Level 3 | – | Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. | |
Inventories | Inventories | ||
The company's inventories are valued at the lower of cost or market. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or market, whichever is lower; cost is generally determined by the average cost method. | |||
As of December 31, 2014 and 2013 approximately 50 percent, 25 percent and 25 percent of the company’s inventories were accounted for under the first-in first out (FIFO), last-in first out (LIFO) and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds, certain food-ingredients and enzymes. | |||
Property, Plant and Equipment | Property, Plant and Equipment | ||
Property, plant and equipment is carried at cost and is depreciated using the straight-line method. Property, plant and equipment placed in service prior to 1995 is depreciated under the sum-of-the-years' digits method or other substantially similar methods. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 5 to 7 years. When assets are surrendered, retired, sold or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the accounts and included in determining gain or loss on such disposals. | |||
Maintenance and repairs are charged to operations; replacements and improvements are capitalized. | |||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets | ||
Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company's fair value methodology is based on prices of similar assets or other valuation methodologies including discounted cash flow techniques. During the third quarter 2014, the company changed its annual impairment testing from September 30th to July 1st. The company believes this timing is preferable as it better aligns the goodwill impairment test with its strategic business planning cycle. This change did not result in the delay, acceleration or avoidance of an impairment charge. The change was applied prospectively, as retrospective application would have been impractical because the company is unable to objectively select assumptions that would have been used in previous periods without the benefit of hindsight. The company completed its annual impairment testing in the third quarter of 2014 and determined that no adjustments to the carrying value of goodwill or indefinite lived intangible assets were necessary. | |||
Definite-lived intangible assets, such as purchased and licensed technology, patents and customer lists are amortized over their estimated useful lives, generally for periods ranging from 1 to 20 years or amortized based on units of production. The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. | |||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||
The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of other than by sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived assets classified as held for sale. | |||
Research and Development | Research and Development | ||
Research and development costs are expensed as incurred. Research and development expenses include costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products and regulatory approval of new and existing products. | |||
Environmental | Environmental | ||
Accruals for environmental matters are recorded in operating expenses when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued liabilities do not include claims against third parties and are not discounted. | |||
Costs related to environmental remediation and restoration are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property or reduce or prevent contamination from future operations, in which case, they are capitalized. | |||
Asset Retirement Obligations | Asset Retirement Obligations | ||
The company records asset retirement obligations at fair value at the time the liability is incurred. Accretion expense is recognized as an operating expense using the credit-adjusted risk-free interest rate in effect when the liability was recognized. The associated asset retirement obligations are capitalized as part of the carrying amount of the long-lived asset and depreciated over the estimated remaining useful life of the asset, generally for periods ranging from 1 to 25 years. | |||
Litigation | Litigation | ||
The company accrues for liabilities related to litigation matters when the information available indicates that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred. | |||
Insurance/Self-Insurance | Insurance/Self-Insurance | ||
The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. | |||
Income Taxes | Income Taxes | ||
The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be indefinitely invested. Investment tax credits or grants are accounted for in the period earned (the flow-through method). Interest accrued related to unrecognized tax benefits is included in miscellaneous income and expenses, net, within other income, net. Income tax related penalties are included in the provision for income taxes. | |||
Foreign Currency Translation | Foreign Currency Translation | ||
The company's worldwide operations utilize the U.S. dollar (USD) or local currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. | |||
For foreign entities where the USD is the functional currency, all foreign currency asset and liability amounts are remeasured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are remeasured at historical rates. Foreign currency income and expenses are remeasured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts remeasured at historical exchange rates. Exchange gains and losses arising from remeasurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. | |||
For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the local currency are remeasured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. | |||
The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. As a result of the separation of its Performance Chemicals segment, coupled with the company’s redesign initiative, the functional currency at certain of the company’s foreign entities is being re-evaluated and, in some cases, will result in a change in the foreign entities’ functional currency during 2015. This re-evaluation will not impact the company's results of operations. | |||
Venezuelan Foreign Currency | |||
Venezuela is considered a highly inflationary economy under GAAP and the 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. 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 to the SICAD 2 exchange rate of 49.98, to remeasure its BsF denominated net monetary assets which resulted in a pre-tax charge of $58. The charge is recorded within other income, net in the company's Consolidated Income Statements for the year ended December 31, 2014. The company expects it will continue to use the SICAD 2 exchange rate to remeasure its Venezuelan BsF denominated revenues, expenses and net monetary assets unless facts and circumstances change. | |||
Hedging and Trading Activities | Hedging and Trading Activities | ||
Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. For derivative instruments designated as fair value hedges, changes in the fair values of the derivative instruments will generally be offset in the income statement by changes in the fair value of the hedged items. For derivative instruments designated as cash flow hedges, the effective portion of any hedge is reported in accumulated other comprehensive income (loss) until it is cleared to earnings during the same period in which the hedged item affects earnings. The ineffective portion of all hedges is recognized in current period earnings. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. | |||
In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, gains or losses realized at termination are deferred and included in the measurement of the hedged transaction. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as a hedge of an anticipated transaction are reclassified as for trading purposes if the anticipated transaction is no longer probable. | |||
Cash flows from derivative instruments accounted for as either fair value hedges or cash flow hedges are reported in the same category as the cash flows from the items being hedged. Cash flows from all other derivative instruments are generally reported as investing activities in the Consolidated Statements of Cash Flows. See Note 19 for additional discussion regarding the company's objectives and strategies for derivative instruments. | |||
Segment Reporting Policy | In general, the accounting policies of the segments are the same as those described in Note 1. Exceptions are noted as follows and are shown in the reconciliations below. Segment sales include transfers to another business segment. Products are transferred between segments on a basis intended to reflect, as nearly as practicable, the market value of the products. Segment net assets includes net working capital, net property, plant and equipment, and other noncurrent operating assets and liabilities of the segment. Affiliate net assets (pro rata share) excludes borrowing and other long-term liabilities. Depreciation and amortization includes depreciation on research and development facilities and amortization of other intangible assets, excluding write-down of assets. Prior years' data have been reclassified to reflect the current organizational structure. | ||
New Accounting Pronouncements | 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) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | |||||||
Net sales | $ | — | $ | 331 | $ | 4,218 | ||||
Income before income taxes | $ | — | $ | 2,717 | $ | 551 | ||||
(Benefit from) provision for income taxes1 | (15 | ) | 718 | 243 | ||||||
Income from discontinued operations after income taxes | $ | 15 | $ | 1,999 | $ | 308 | ||||
1. | The year ended December 31, 2014 includes a tax benefit of $(15) related to a change in estimate of income taxes resulting from the filing of various tax returns impacted by the sale of Performance Coatings. The year ended December 31, 2012 includes expense of $70 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested as these entities have been reclassified as held for sale. |
Employee_Separation_Asset_Rela1
Employee Separation / Asset Related Charges, Net (Tables) (2014 Restructuring Program [Member]) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
2014 Restructuring Program [Member] | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Schedule of Restructuring Program | |||||||||||||
Employee Separation Costs | Asset | Other Non-Personnel Charges1 | Total | ||||||||||
Related Charges | |||||||||||||
Charges to income for the year ended December 31, 2014 | $ | 319 | $ | 226 | $ | 17 | $ | 562 | |||||
Charges to accounts: | |||||||||||||
Payments | (47 | ) | — | (13 | ) | (60 | ) | ||||||
Net translation adjustment | (8 | ) | — | — | (8 | ) | |||||||
Asset write-offs and adjustments | — | (226 | ) | — | (226 | ) | |||||||
Balance as of December 31, 2014 | $ | 264 | $ | — | $ | 4 | $ | 268 | |||||
1. | Other non-personnel charges consist of contractual obligation costs. |
Other_Income_Net_Tables
Other Income, Net (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Other Income and Expenses [Abstract] | ||||||||||
Schedule of Other Income | ||||||||||
2014 | 2013 | 2012 | ||||||||
Royalty income | $ | 183 | $ | 187 | $ | 177 | ||||
Interest income | 129 | 136 | 109 | |||||||
Equity in earnings of affiliates, excluding exchange gains/losses1 | (10 | ) | 37 | 99 | ||||||
Gain on sale of equity method investment | — | 9 | 122 | |||||||
Net gains on sales of businesses and other assets | 749 | 25 | 130 | |||||||
Net exchange gains (losses)1 | 135 | (128 | ) | (215 | ) | |||||
Cozaar®/Hyzaar® income | — | 14 | 54 | |||||||
Miscellaneous income and expenses, net2 | 137 | 130 | 22 | |||||||
Other income, net | $ | 1,323 | $ | 410 | $ | 498 | ||||
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 Consolidated Income Statements. Exchange gains (losses) related to earnings of affiliates was $0, $4 and $3 for 2014, 2013 and 2012, respectively. The $135 net exchange gain for the year ended December 31, 2014, includes $(58), $(46) and $(14) exchange losses, associated with the devaluation of the Venezuelan bolivar, Ukrainian hryvnia, and Argentinian peso, respectively. The $(128) net exchange loss for the year ended December 31, 2013, includes a $(33) exchange loss, associated with the devaluation of the Venezuelan bolivar. | |||||||||
2. | Miscellaneous income and expenses, net, includes interest items, litigation settlements, and other items. |
Provision_for_Income_Taxes_Pro
Provision for Income Taxes Provision for Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Current and Deferred Income Tax Expense | 5. PROVISION FOR INCOME TAXES | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current tax expense on continuing operations: | |||||||||||||
U.S. federal | $ | 778 | $ | 160 | $ | 121 | |||||||
U.S. state and local | 62 | 23 | 16 | ||||||||||
International | 516 | 677 | 663 | ||||||||||
Total current tax expense on continuing operations | 1,356 | 860 | 800 | ||||||||||
Deferred tax expense (benefit) on continuing operations: | |||||||||||||
U.S. federal | 81 | (193 | ) | (105 | ) | ||||||||
U.S. state and local | (44 | ) | (65 | ) | (46 | ) | |||||||
International | (23 | ) | 24 | (33 | ) | ||||||||
Total deferred tax expense (benefit) on continuing operations | 14 | (234 | ) | (184 | ) | ||||||||
Provision for income taxes on continuing operations | $ | 1,370 | $ | 626 | $ | 616 | |||||||
Schedule of Significant Components of Deferred Tax Assets and Liabilities | |||||||||||||
2014 | 2013 | ||||||||||||
Asset | Liability | Asset | Liability | ||||||||||
Depreciation | $ | — | $ | 1,612 | $ | — | $ | 1,707 | |||||
Accrued employee benefits | 5,258 | 555 | 3,754 | 512 | |||||||||
Other accrued expenses | 623 | — | 811 | 87 | |||||||||
Inventories | 305 | 156 | 275 | 151 | |||||||||
Unrealized exchange gains/losses | — | 165 | 65 | — | |||||||||
Tax loss/tax credit carryforwards/backs | 2,466 | — | 2,622 | — | |||||||||
Investment in subsidiaries and affiliates | 144 | 185 | 189 | 245 | |||||||||
Amortization of intangibles | 120 | 1,312 | 109 | 1,372 | |||||||||
Other | 328 | 91 | 316 | 159 | |||||||||
Valuation allowance | (1,757 | ) | — | (1,764 | ) | — | |||||||
$ | 7,487 | $ | 4,076 | $ | 6,377 | $ | 4,233 | ||||||
Net deferred tax asset | $ | 3,411 | $ | 2,144 | |||||||||
Analysis of Company's Effective Income Tax Rate | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory U.S. federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
Exchange gains/losses1 | 7.4 | 0.8 | 0.1 | ||||||||||
Domestic operations | (2.1 | ) | (3.2 | ) | (2.3 | ) | |||||||
Lower effective tax rates on international operations-net2 | (11.3 | ) | (12.3 | ) | (10.9 | ) | |||||||
Tax settlements | (0.6 | ) | (0.2 | ) | (2.0 | ) | |||||||
Sale of a business | (0.3 | ) | — | — | |||||||||
U.S. research & development credit 2 | (0.7 | ) | (2.2 | ) | — | ||||||||
27.4 | % | 17.9 | % | 19.9 | % | ||||||||
1. | Principally reflects the impact of foreign exchange losses on net monetary assets for which no corresponding tax benefit is realized. Further information about the company's foreign currency hedging program is included in Note 19 under the heading Foreign Currency Risk. | ||||||||||||
2. | On January 2, 2013, U.S. tax law was enacted which extended through 2013 (and retroactive to 2012) several expired or expiring temporary business tax provisions. In accordance with GAAP, this extension was taken into account in the quarter in which the legislation was enacted (i.e. first quarter 2013). | ||||||||||||
Consolidated Income Before Income Taxes for U.S. and International Operations | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. (including exports) | $ | 2,780 | $ | 962 | $ | 640 | |||||||
International | 2,211 | 2,527 | 2,448 | ||||||||||
Income from continuing operations before income taxes | $ | 4,991 | $ | 3,489 | $ | 3,088 | |||||||
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Total unrecognized tax benefits as of January 1 | $ | 901 | $ | 805 | $ | 800 | |||||||
Gross amounts of decreases in unrecognized tax benefits as a result of tax positions | (50 | ) | (28 | ) | (94 | ) | |||||||
taken during the prior period | |||||||||||||
Gross amounts of increases in unrecognized tax benefits as a result of tax positions | 84 | 76 | 73 | ||||||||||
taken during the prior period | |||||||||||||
Gross amounts of increases in unrecognized tax benefits as a result of tax positions | 92 | 92 | 78 | ||||||||||
taken during the current period | |||||||||||||
Amount of decreases in the unrecognized tax benefits relating to settlements with taxing | (15 | ) | (19 | ) | (29 | ) | |||||||
authorities | |||||||||||||
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of | (3 | ) | (6 | ) | (10 | ) | |||||||
limitations | |||||||||||||
Exchange gain | (23 | ) | (19 | ) | (13 | ) | |||||||
Total unrecognized tax benefits as of December 31 | $ | 986 | $ | 901 | $ | 805 | |||||||
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | $ | 818 | $ | 778 | $ | 693 | |||||||
Total amount of interest and penalties recognized in the Consolidated Income Statements | $ | 5 | $ | 16 | $ | 4 | |||||||
Total amount of interest and penalties recognized in the Consolidated Balance Sheets | $ | 117 | $ | 122 | $ | 116 | |||||||
Earnings_Per_Share_of_Common_S1
Earnings Per Share of Common Stock (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Earnings Per Share [Abstract] | ||||||||||
Earnings Per Share of Common Stock Reconciliation | ||||||||||
2014 | 2013 | 2012 | ||||||||
Numerator: | ||||||||||
Income from continuing operations after income taxes attributable to DuPont | $ | 3,610 | $ | 2,849 | $ | 2,447 | ||||
Preferred dividends | (10 | ) | (10 | ) | (10 | ) | ||||
Income from continuing operations after income taxes available to DuPont common stockholders | $ | 3,600 | $ | 2,839 | $ | 2,437 | ||||
Income from discontinued operations after income taxes | $ | 15 | $ | 1,999 | $ | 308 | ||||
Net income available to common stockholders | $ | 3,615 | $ | 4,838 | $ | 2,745 | ||||
Denominator: | ||||||||||
Weighted-average number of common shares outstanding – Basic | 914,752,000 | 925,984,000 | 933,275,000 | |||||||
Dilutive effect of the company's equity compensation plans | 7,121,000 | 7,163,000 | 8,922,000 | |||||||
Weighted-average number of common shares outstanding – Diluted | 921,873,000 | 933,147,000 | 942,197,000 | |||||||
Average Number of Anitdilutive Stock Options | ||||||||||
2014 | 2013 | 2012 | ||||||||
Average number of stock options | 3,000 | 2,596,000 | 12,158,000 | |||||||
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||||||
Schedule of Accounts and Notes Receivable | |||||||
December 31, | 2014 | 2013 | |||||
Accounts receivable – trade1 | $ | 4,392 | $ | 4,575 | |||
Notes receivable – trade1,2 | 255 | 195 | |||||
Other3 | 1,358 | 1,277 | |||||
$ | 6,005 | $ | 6,047 | ||||
1. | Accounts and notes receivable – trade are net of allowances of $240 in 2014 and $269 in 2013. Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. | ||||||
2. | Notes receivable – trade primarily consists of receivables within the Agriculture segment for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2014 and 2013, there were no significant past due notes receivable, nor were there any significant impairments related to current loan agreements. | ||||||
3. | Other includes receivables in relation to fair value of derivative instruments, value added tax, general sales tax and other taxes. |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Inventory, Net [Abstract] | |||||||
Schedule of Inventories | |||||||
December 31, | 2014 | 2013 | |||||
Finished products | $ | 4,628 | $ | 4,645 | |||
Semifinished products | 2,451 | 2,576 | |||||
Raw materials, stores and supplies | 1,255 | 1,360 | |||||
8,334 | 8,581 | ||||||
Adjustment of inventories to a LIFO basis | (493 | ) | (539 | ) | |||
$ | 7,841 | $ | 8,042 | ||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Property, Plant and Equipment [Abstract] | |||||||
Schedule of Property, Plant and Equipment | |||||||
December 31, | 2014 | 2013 | |||||
Buildings | $ | 5,318 | $ | 5,283 | |||
Equipment | 24,990 | 24,714 | |||||
Land | 667 | 671 | |||||
Construction | 2,353 | 1,763 | |||||
$ | 33,328 | $ | 32,431 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | |||||||||||||||||||
Balance as of December 31, 2014 | Goodwill | Balance as of December 31, 2013 | Goodwill | Balance as of December 31, 2012 | |||||||||||||||
Adjustments | Adjustments | ||||||||||||||||||
and | and | ||||||||||||||||||
Acquisitions | Acquisitions | ||||||||||||||||||
Agriculture | $ | 318 | $ | (12 | ) | $ | 330 | $ | 99 | $ | 231 | ||||||||
Electronics & Communications | 149 | — | 149 | — | 149 | ||||||||||||||
Industrial Biosciences | 847 | (51 | ) | 898 | 8 | 890 | |||||||||||||
Nutrition & Health | 2,193 | (122 | ) | 2,315 | 1 | 2,314 | |||||||||||||
Performance Chemicals | 197 | (1 | ) | 198 | — | 198 | |||||||||||||
Performance Materials | 375 | — | 375 | (13 | ) | 388 | |||||||||||||
Safety & Protection | 450 | 2 | 448 | 2 | 446 | ||||||||||||||
Total | $ | 4,529 | $ | (184 | ) | $ | 4,713 | $ | 97 | $ | 4,616 | ||||||||
Schedule of Other Intangible Assets | |||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amortization | Amortization | ||||||||||||||||||
Intangible assets subject to amortization | |||||||||||||||||||
(Definite-lived) | |||||||||||||||||||
Customer lists | $ | 1,706 | $ | (470 | ) | $ | 1,236 | $ | 1,818 | $ | (393 | ) | $ | 1,425 | |||||
Patents | 493 | (199 | ) | 294 | 519 | (160 | ) | 359 | |||||||||||
Purchased and licensed technology | 1,789 | (1,074 | ) | 715 | 1,999 | (1,129 | ) | 870 | |||||||||||
Trademarks | 31 | (14 | ) | 17 | 43 | (17 | ) | 26 | |||||||||||
Other1 | 207 | (88 | ) | 119 | 242 | (106 | ) | 136 | |||||||||||
4,226 | (1,845 | ) | 2,381 | 4,621 | (1,805 | ) | 2,816 | ||||||||||||
Intangible assets not subject to amortization | |||||||||||||||||||
(Indefinite-lived) | |||||||||||||||||||
In-process research and development | 29 | — | 29 | 43 | — | 43 | |||||||||||||
Microbial cell factories2 | 306 | — | 306 | 306 | — | 306 | |||||||||||||
Pioneer germplasm3 | 1,064 | — | 1,064 | 1,050 | — | 1,050 | |||||||||||||
Trademarks/tradenames | 800 | — | 800 | 881 | — | 881 | |||||||||||||
2,199 | — | 2,199 | 2,280 | — | 2,280 | ||||||||||||||
Total | $ | 6,425 | $ | (1,845 | ) | $ | 4,580 | $ | 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. |
ShortTerm_Borrowings_and_Capit1
Short-Term Borrowings and Capital Lease Obligations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Debt Disclosure [Abstract] | |||||||
Schedule of Short-Term Borrowings and Capital Lease Obligations | |||||||
December 31, | 2014 | 2013 | |||||
Other loans - various currencies | $ | 17 | $ | 44 | |||
Long-term debt payable within one year | 1,405 | 1,674 | |||||
Capital lease obligations | 1 | 3 | |||||
$ | 1,423 | $ | 1,721 | ||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Accrued Liabilities, Current [Abstract] | |||||||
Schedule of Other Accrued Liabilities | |||||||
December 31, | 2014 | 2013 | |||||
Compensation and other employee-related costs | $ | 811 | $ | 1,045 | |||
Deferred revenue | 2,892 | 2,839 | |||||
Employee benefits (Note 17) | 343 | 335 | |||||
Discounts and rebates | 352 | 328 | |||||
Derivative instruments | 120 | 105 | |||||
Miscellaneous | 1,330 | 1,567 | |||||
$ | 5,848 | $ | 6,219 | ||||
LongTerm_Borrowings_and_Capita1
Long-Term Borrowings and Capital Lease Obligations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Long-term Debt and Capital Lease Obligations [Abstract] | |||||||
Schedule of Long-Term Borrowings and Capital Lease Obligations | |||||||
December 31, | 2014 | 2013 | |||||
U.S. dollar: | |||||||
Medium-term notes due 2038 – 20411 | $ | 114 | $ | 121 | |||
5.875% notes due 20142 | — | 170 | |||||
1.75% notes due 20142 | — | 400 | |||||
Floating rate notes due 20142,3 | — | 600 | |||||
4.875% notes due 20142 | — | 500 | |||||
3.25% notes due 20152,4 | 1,001 | 1,028 | |||||
4.75% notes due 20152 | 400 | 400 | |||||
1.95% notes due 2016 | 499 | 498 | |||||
2.75% notes due 2016 | 500 | 500 | |||||
5.25% notes due 2016 | 600 | 599 | |||||
6.00% notes due 20185 | 1,338 | 1,361 | |||||
5.75% notes due 2019 | 499 | 499 | |||||
4.625% notes due 2020 | 998 | 997 | |||||
3.625% notes due 2021 | 999 | 999 | |||||
4.25% notes due 2021 | 499 | 499 | |||||
2.80% notes due 2023 | 1,250 | 1,250 | |||||
6.50% debentures due 2028 | 299 | 299 | |||||
5.60% notes due 2036 | 396 | 395 | |||||
4.90% notes due 2041 | 494 | 494 | |||||
4.15% notes due 2043 | 749 | 749 | |||||
Other loans (average interest rate of 4.2 percent)2 | 29 | 33 | |||||
Other loans- various currencies2 | — | 1 | |||||
10,664 | 12,392 | ||||||
Less short-term portion of long-term debt | 1,405 | 1,674 | |||||
9,259 | 10,718 | ||||||
Capital lease obligations | 12 | 23 | |||||
Total | $ | 9,271 | $ | 10,741 | |||
1. | Average interest rates on medium-term notes were 0.0% at December 31, 2014 and 2013. | ||||||
2. | Includes long-term debt due within one year. | ||||||
3. | Interest rate on floating notes during 2014 and at December 31, 2013 was 0.7%. | ||||||
4. | At December 31, 2014 and 2013, the company had outstanding interest rate swap agreements with gross notional amounts of $1,000. Over the remaining terms of the notes, the company will receive fixed payments equivalent to the underlying debt and pay floating payments based on USD LIBOR (London Interbank Offered Rate). The fair value of outstanding swaps was an asset of $1 and $29 at December 31, 2014 and 2013, respectively. | ||||||
5. | During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85% |
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Liabilities [Abstract] | |||||||
Other Liabilities | |||||||
December 31, | 2014 | 2013 | |||||
Employee benefits: | |||||||
Accrued other long-term benefit costs (Note 17) | $ | 2,666 | $ | 2,530 | |||
Accrued pension benefit costs (Note 17) | 9,167 | 5,575 | |||||
Accrued environmental remediation costs | 362 | 374 | |||||
Miscellaneous | 1,624 | 1,700 | |||||
$ | 13,819 | $ | 10,179 | ||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 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) | $ | 226 | $ | 100 | $ | 326 | ||||
Leases on equipment and facilities (terms up to 4 years) | — | 2 | 2 | |||||||
Obligations for equity affiliates2: | ||||||||||
Bank borrowings (terms up to 1 year) | 185 | — | 185 | |||||||
Total | $ | 411 | $ | 102 | $ | 513 | ||||
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) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||
Reconciliation of Common Stock Share Activity | |||||||||||||||||||||||||||||
Shares of common stock | Issued | Held In Treasury | |||||||||||||||||||||||||||
Balance January 1, 2012 | 1,013,164,000 | (87,041,000 | ) | ||||||||||||||||||||||||||
Issued | 14,671,000 | — | |||||||||||||||||||||||||||
Repurchased | — | (7,778,000 | ) | ||||||||||||||||||||||||||
Retired | (7,778,000 | ) | 7,778,000 | ||||||||||||||||||||||||||
Balance December 31, 2012 | 1,020,057,000 | (87,041,000 | ) | ||||||||||||||||||||||||||
Issued | 14,370,000 | — | |||||||||||||||||||||||||||
Repurchased | — | (20,400,000 | ) | ||||||||||||||||||||||||||
Retired | (20,400,000 | ) | 20,400,000 | ||||||||||||||||||||||||||
Balance December 31, 2013 | 1,014,027,000 | (87,041,000 | ) | ||||||||||||||||||||||||||
Issued | 8,103,000 | — | |||||||||||||||||||||||||||
Repurchased | — | (30,110,000 | ) | ||||||||||||||||||||||||||
Retired | (30,110,000 | ) | 30,110,000 | ||||||||||||||||||||||||||
Balance December 31, 2014 | 992,020,000 | (87,041,000 | ) | ||||||||||||||||||||||||||
Schedule of Components of Other Comprehensive Income / (Loss) | |||||||||||||||||||||||||||||
For the year ended December 31, | 2014 | 2013 | 2012 | Affected Line Item in Consolidated Income Statements1 | |||||||||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||||||||
Cumulative translation adjustment | $ | (876 | ) | $ | — | $ | (876 | ) | $ | 25 | $ | — | $ | 25 | $ | 77 | $ | — | $ | 77 | |||||||||
Net revaluation and clearance of cash flow hedges to earnings: | |||||||||||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | 53 | (20 | ) | 33 | (58 | ) | 22 | (36 | ) | 8 | (6 | ) | 2 | See (2) below | |||||||||||||||
Clearance of hedge results to earnings: | |||||||||||||||||||||||||||||
Foreign currency contracts | (15 | ) | 5 | (10 | ) | (1 | ) | — | (1 | ) | (21 | ) | 8 | (13 | ) | Net sales | |||||||||||||
Commodity contracts | 30 | (11 | ) | 19 | (24 | ) | 10 | (14 | ) | (44 | ) | 20 | (24 | ) | Cost of goods sold | ||||||||||||||
Net revaluation and clearance of cash flow hedges to earnings | 68 | (26 | ) | 42 | (83 | ) | 32 | (51 | ) | (57 | ) | 22 | (35 | ) | |||||||||||||||
Pension benefit plans: | |||||||||||||||||||||||||||||
Net (loss) gain | (4,131 | ) | 1,497 | (2,634 | ) | 3,293 | (1,136 | ) | 2,157 | (1,433 | ) | 437 | (996 | ) | See (2) below | ||||||||||||||
Prior service benefit | 44 | (11 | ) | 33 | 62 | (22 | ) | 40 | 22 | (8 | ) | 14 | See (2) below | ||||||||||||||||
Reclassifications to net income: | |||||||||||||||||||||||||||||
Amortization of prior service cost | 2 | — | 2 | 8 | (2 | ) | 6 | 13 | (4 | ) | 9 | See (3) below | |||||||||||||||||
Amortization of loss | 601 | (209 | ) | 392 | 957 | (331 | ) | 626 | 887 | (305 | ) | 582 | See (3) below | ||||||||||||||||
Curtailment loss | 4 | (1 | ) | 3 | 1 | — | 1 | 2 | — | 2 | See (3) below | ||||||||||||||||||
Settlement loss | 7 | (2 | ) | 5 | 152 | (45 | ) | 107 | 5 | (2 | ) | 3 | See (3) below | ||||||||||||||||
Pension benefit plans, net | (3,473 | ) | 1,274 | (2,199 | ) | 4,473 | (1,536 | ) | 2,937 | (504 | ) | 118 | (386 | ) | |||||||||||||||
Other benefit plans: | |||||||||||||||||||||||||||||
Net (loss) gain | (280 | ) | 100 | (180 | ) | 513 | (184 | ) | 329 | (60 | ) | 17 | (43 | ) | See (2) below | ||||||||||||||
Prior service benefit | 50 | (1 | ) | 49 | 211 | (72 | ) | 139 | 857 | (299 | ) | 558 | See (2) below | ||||||||||||||||
Reclassifications to net income: | |||||||||||||||||||||||||||||
Amortization of prior service benefit | (214 | ) | 76 | (138 | ) | (195 | ) | 69 | (126 | ) | (155 | ) | 54 | (101 | ) | See (3) below | |||||||||||||
Amortization of loss | 57 | (20 | ) | 37 | 76 | (27 | ) | 49 | 94 | (33 | ) | 61 | See (3) below | ||||||||||||||||
Curtailment (gain) loss | — | — | — | (154 | ) | 54 | (100 | ) | 3 | (1 | ) | 2 | See (3) below | ||||||||||||||||
Settlement loss | — | — | — | 1 | — | 1 | — | — | — | See (3) below | |||||||||||||||||||
Other benefit plans, net | (387 | ) | 155 | (232 | ) | 452 | (160 | ) | 292 | 739 | (262 | ) | 477 | ||||||||||||||||
Net unrealized gain (loss) on securities | — | — | — | 1 | (1 | ) | — | (2 | ) | 1 | (1 | ) | |||||||||||||||||
Other comprehensive (loss) income | $ | (4,668 | ) | $ | 1,403 | $ | (3,265 | ) | $ | 4,868 | $ | (1,665 | ) | $ | 3,203 | $ | 253 | $ | (121 | ) | $ | 132 | |||||||
1 | Represents the income statement line item within the Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive income. | ||||||||||||||||||||||||||||
2 | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the 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 17 for additional information. | ||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain (Loss) on Securities | Total | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||||
Balance January 1, 2012 | $ | (244 | ) | $ | 41 | $ | (8,276 | ) | $ | (274 | ) | $ | 3 | $ | (8,750 | ) | |||||||||||||
Other comprehensive income (loss) before reclassifications | 77 | (1 | ) | (1,006 | ) | 514 | (1 | ) | (417 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (37 | ) | 596 | (38 | ) | — | 521 | |||||||||||||||||||||
Balance December 31, 2012 | $ | (167 | ) | $ | 3 | $ | (8,686 | ) | $ | 202 | $ | 2 | $ | (8,646 | ) | ||||||||||||||
2013 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 27 | (36 | ) | 2,197 | 468 | — | 2,656 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | (15 | ) | 740 | (176 | ) | — | 549 | |||||||||||||||||||||
Balance December 31, 2013 | $ | (140 | ) | $ | (48 | ) | $ | (5,749 | ) | $ | 494 | $ | 2 | $ | (5,441 | ) | |||||||||||||
2014 | |||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | (876 | ) | 33 | (2,601 | ) | (131 | ) | — | (3,575 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 9 | 401 | (101 | ) | — | 309 | ||||||||||||||||||||||
Balance December 31, 2014 | $ | (1,016 | ) | $ | (6 | ) | $ | (7,949 | ) | $ | 262 | $ | 2 | $ | (8,707 | ) | |||||||||||||
LongTerm_Employee_Benefits_Tab
Long-Term Employee Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||
Summarized Information on Pension and Other Long-Term Benefits Plans | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
Obligations and Funded Status at December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 26,289 | $ | 29,179 | $ | 2,754 | $ | 3,532 | |||||||||||||||||
Service cost | 241 | 271 | 17 | 29 | |||||||||||||||||||||
Interest cost | 1,162 | 1,088 | 121 | 130 | |||||||||||||||||||||
Plan participants' contributions | 21 | 23 | 37 | 33 | |||||||||||||||||||||
Actuarial loss (gain) | 3,672 | (2,104 | ) | 280 | (515 | ) | |||||||||||||||||||
Benefits paid | (1,651 | ) | (1,626 | ) | (270 | ) | (240 | ) | |||||||||||||||||
Amendments | (44 | ) | (62 | ) | (50 | ) | (211 | ) | 1 | ||||||||||||||||
Net effects of acquisitions/divestitures | (21 | ) | (480 | ) | — | (4 | ) | ||||||||||||||||||
Benefit obligation at end of year | $ | 29,669 | $ | 26,289 | $ | 2,889 | $ | 2,754 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 20,614 | $ | 19,399 | $ | — | $ | — | |||||||||||||||||
Actual gain on plan assets | 1,163 | 2,714 | — | — | |||||||||||||||||||||
Employer contributions | 311 | 313 | 233 | 207 | |||||||||||||||||||||
Plan participants' contributions | 21 | 23 | 37 | 33 | |||||||||||||||||||||
Benefits paid | (1,651 | ) | (1,626 | ) | (270 | ) | (240 | ) | |||||||||||||||||
Net effects of acquisitions/divestitures | (12 | ) | (209 | ) | — | — | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 20,446 | $ | 20,614 | $ | — | $ | — | |||||||||||||||||
Funded status | |||||||||||||||||||||||||
U.S. plans with plan assets | $ | (7,072 | ) | $ | (3,546 | ) | $ | — | $ | — | |||||||||||||||
Non-U.S. plans with plan assets | (709 | ) | (686 | ) | — | — | |||||||||||||||||||
All other plans | (1,442 | ) | 2 | (1,443 | ) | 2 | (2,889 | ) | (2,754 | ) | |||||||||||||||
Total | $ | (9,223 | ) | $ | (5,675 | ) | $ | (2,889 | ) | $ | (2,754 | ) | |||||||||||||
Amounts recognized in the Consolidated Balance | |||||||||||||||||||||||||
Sheets consist of: | |||||||||||||||||||||||||
Other assets | $ | 64 | $ | 11 | $ | — | $ | — | |||||||||||||||||
Other accrued liabilities (Note 12) | (120 | ) | (111 | ) | (223 | ) | (224 | ) | |||||||||||||||||
Other liabilities (Note 14) | (9,167 | ) | (5,575 | ) | (2,666 | ) | (2,530 | ) | |||||||||||||||||
Net amount recognized | $ | (9,223 | ) | $ | (5,675 | ) | $ | (2,889 | ) | $ | (2,754 | ) | |||||||||||||
1. | Primarily due to amendments in 2013 to the company's U.S. parent company retiree life insurance plan for employees retiring on and after January 1, 2015 and subsidiaries retiree health care plans. | ||||||||||||||||||||||||
2. | Includes pension plans maintained around the world where funding is not customary. | ||||||||||||||||||||||||
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Net loss | $ | (12,164 | ) | $ | (8,640 | ) | $ | (870 | ) | $ | (647 | ) | |||||||||||||
Prior service benefit | 59 | 9 | 1,269 | 1,433 | |||||||||||||||||||||
$ | (12,105 | ) | $ | (8,631 | ) | $ | 399 | $ | 786 | ||||||||||||||||
Schedule of Information for Pension Plans with Projected Benefit Obligation in Excess of Plan Assets | |||||||||||||||||||||||||
Information for pension plans with projected benefit obligation in excess of plan assets | 2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 28,079 | $ | 26,158 | |||||||||||||||||||||
Accumulated benefit obligation | 26,498 | 24,574 | |||||||||||||||||||||||
Fair value of plan assets | 18,792 | 20,472 | |||||||||||||||||||||||
Schedule of Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||||||||||
Information for pension plans with accumulated benefit obligations in excess of plan assets | 2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 27,892 | $ | 25,350 | |||||||||||||||||||||
Accumulated benefit obligation | 26,367 | 23,906 | |||||||||||||||||||||||
Fair value of plan assets | 18,638 | 19,744 | |||||||||||||||||||||||
Schedule of Assumptions Used to Determine Benefit Obligations | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
Weighted-average assumptions used to determine benefit obligations at December 31, | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 3.78 | % | 4.58 | % | 3.95 | % | 4.6 | % | |||||||||||||||||
Rate of compensation increase1 | 4 | % | 4.22 | % | — | % | — | % | |||||||||||||||||
1. | The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant's entire career at the company. | ||||||||||||||||||||||||
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost [Text Block] | |||||||||||||||||||||||||
Pension Benefits | Other Benefits | ||||||||||||||||||||||||
Weighted-average assumptions used to determine net | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
periodic benefit cost for the years ended December 31, | |||||||||||||||||||||||||
Discount rate | 4.55 | % | 3.9 | % | 4.32 | % | 4.6 | % | 3.85 | % | 4.49 | % | |||||||||||||
Expected return on plan assets | 8.35 | % | 8.39 | % | 8.61 | % | — | % | — | % | — | % | |||||||||||||
Rate of compensation increase | 4.22 | % | 4.14 | % | 4.18 | % | — | % | 4.4 | % | 4.4 | % | |||||||||||||
Schedule of Assumed Health Care Cost Trend Rates | |||||||||||||||||||||||||
Assumed health care cost trend rates at December 31, | 2014 | 2013 | |||||||||||||||||||||||
Health care cost trend rate assumed for next year | 7 | % | 7 | % | |||||||||||||||||||||
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5 | % | 5 | % | |||||||||||||||||||||
Year that the rate reaches the ultimate trend rate | 2022 | 2022 | |||||||||||||||||||||||
Schedule of a One-Percentage Point Change in Assumed Health Care Cost Trend Rates | |||||||||||||||||||||||||
1-Percentage | 1-Percentage | ||||||||||||||||||||||||
Point Increase | Point Decrease | ||||||||||||||||||||||||
Increase (decrease) on total of service and interest cost | $ | 2 | $ | (2 | ) | ||||||||||||||||||||
Increase (decrease) on post-retirement benefit obligation | 30 | (30 | ) | ||||||||||||||||||||||
Schedule of Weighted Average Target Allocations for Plan Assets | |||||||||||||||||||||||||
Target allocation for plan assets at December 31, | 2014 | 2013 | |||||||||||||||||||||||
U.S. equity securities | 28 | % | 27 | % | |||||||||||||||||||||
Non-U.S. equity securities | 21 | 21 | |||||||||||||||||||||||
Fixed income securities | 32 | 33 | |||||||||||||||||||||||
Hedge funds | 2 | 2 | |||||||||||||||||||||||
Private market securities | 9 | 10 | |||||||||||||||||||||||
Real estate | 5 | 7 | |||||||||||||||||||||||
Cash and cash equivalents | 3 | — | |||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||
Schedule of Fair Value of Pension Assets | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 2,310 | $ | 2,310 | $ | — | $ | — | |||||||||||||||||
U.S. equity securities1 | 4,610 | 4,566 | 15 | 29 | |||||||||||||||||||||
Non-U.S. equity securities | 3,870 | 3,813 | 53 | 4 | |||||||||||||||||||||
Debt – government-issued | 2,649 | 990 | 1,659 | — | |||||||||||||||||||||
Debt – corporate-issued | 2,600 | 370 | 2,215 | 15 | |||||||||||||||||||||
Debt – asset-backed | 914 | 46 | 867 | 1 | |||||||||||||||||||||
Hedge funds | 445 | — | — | 445 | |||||||||||||||||||||
Private market securities | 2,296 | — | 11 | 2,285 | |||||||||||||||||||||
Real estate | 1,065 | 76 | 3 | 986 | |||||||||||||||||||||
Derivatives – asset position | 106 | 7 | 99 | — | |||||||||||||||||||||
Derivatives – liability position | (79 | ) | — | (79 | ) | — | |||||||||||||||||||
$ | 20,786 | $ | 12,178 | $ | 4,843 | $ | 3,765 | ||||||||||||||||||
Pension trust receivables2 | 413 | ||||||||||||||||||||||||
Pension trust payables3 | (753 | ) | |||||||||||||||||||||||
Total | $ | 20,446 | |||||||||||||||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Cash and cash equivalents | $ | 3,076 | $ | 3,073 | $ | 3 | $ | — | |||||||||||||||||
U.S. equity securities1 | 4,432 | 4,383 | 22 | 27 | |||||||||||||||||||||
Non-U.S. equity securities | 4,005 | 3,965 | 37 | 3 | |||||||||||||||||||||
Debt – government-issued | 2,275 | 701 | 1,574 | — | |||||||||||||||||||||
Debt – corporate-issued | 1,961 | 376 | 1,566 | 19 | |||||||||||||||||||||
Debt – asset-backed | 925 | 51 | 870 | 4 | |||||||||||||||||||||
Hedge funds | 435 | — | 1 | 434 | |||||||||||||||||||||
Private market securities | 2,577 | — | 5 | 2,572 | |||||||||||||||||||||
Real estate | 1,179 | 73 | — | 1,106 | |||||||||||||||||||||
Derivatives – asset position | 97 | 18 | 79 | — | |||||||||||||||||||||
Derivatives – liability position | (78 | ) | (7 | ) | (71 | ) | — | ||||||||||||||||||
$ | 20,884 | $ | 12,633 | $ | 4,086 | $ | 4,165 | ||||||||||||||||||
Pension trust receivables2 | 200 | ||||||||||||||||||||||||
Pension trust payables3 | (470 | ) | |||||||||||||||||||||||
Total | $ | 20,614 | |||||||||||||||||||||||
1. | The company's pension plans directly held $737 (4 percent of total plan assets) and $648 (3 percent of total plan assets) of DuPont common stock at December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
2. | Primarily receivables for investment securities sold. | ||||||||||||||||||||||||
3. | Primarily payables for investment securities purchased. | ||||||||||||||||||||||||
Schedule of Fair Value of Plan Assets Held in Level 3 | |||||||||||||||||||||||||
Level 3 Assets | |||||||||||||||||||||||||
Total | U.S. Equity | Non-U.S. Equity | Debt- | Debt- | Hedge Funds | Private | Real | ||||||||||||||||||
Securities | Securities | Corporate | Asset- | Market | Estate | ||||||||||||||||||||
Issued | Backed | Securities | |||||||||||||||||||||||
Beginning balance at December 31, 2012 | $ | 4,212 | $ | 18 | $ | — | $ | 27 | $ | 2 | $ | 387 | $ | 2,624 | $ | 1,154 | |||||||||
Realized gain | 42 | — | — | — | — | 3 | 39 | — | |||||||||||||||||
Change in unrealized gain (loss) | 185 | 5 | 1 | (8 | ) | — | 22 | 88 | 77 | ||||||||||||||||
Purchases, sales and settlements, net | (278 | ) | 6 | 1 | (1 | ) | — | 22 | (181 | ) | (125 | ) | |||||||||||||
Transfers in (out) of Level 3 | 4 | (2 | ) | 1 | 1 | 2 | — | 2 | — | ||||||||||||||||
Ending balance at December 31, 2013 | $ | 4,165 | $ | 27 | $ | 3 | $ | 19 | $ | 4 | $ | 434 | $ | 2,572 | $ | 1,106 | |||||||||
Realized gain (loss) | 101 | (5 | ) | — | 11 | — | 12 | 83 | — | ||||||||||||||||
Change in unrealized (loss) gain | (68 | ) | (14 | ) | (2 | ) | (2 | ) | (1 | ) | 8 | (71 | ) | 14 | |||||||||||
Purchases, sales and settlements, net | (425 | ) | 24 | 3 | (10 | ) | — | (9 | ) | (299 | ) | (134 | ) | ||||||||||||
Transfers (out) in of Level 3 | (8 | ) | (3 | ) | — | (3 | ) | (2 | ) | — | — | — | |||||||||||||
Ending balance at December 31, 2014 | $ | 3,765 | $ | 29 | $ | 4 | $ | 15 | $ | 1 | $ | 445 | $ | 2,285 | $ | 986 | |||||||||
Schedule of Estimated Future Benefit Payments | |||||||||||||||||||||||||
Pension | Other Benefits | ||||||||||||||||||||||||
Benefits | |||||||||||||||||||||||||
2015 | $ | 1,636 | $ | 224 | |||||||||||||||||||||
2016 | 1,608 | 215 | |||||||||||||||||||||||
2017 | 1,622 | 207 | |||||||||||||||||||||||
2018 | 1,633 | 201 | |||||||||||||||||||||||
2019 | 1,656 | 194 | |||||||||||||||||||||||
Years 2020-2024 | 8,455 | 880 | |||||||||||||||||||||||
Pension Plan [Member] | |||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||
Schedule of Net Benefit Costs and Other Comprehensive Income Tables [Table Text Block] | |||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||
Components of net periodic benefit cost (credit) and amounts recognized in other | 2014 | 2013 | 2012 | ||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 241 | $ | 271 | $ | 277 | |||||||||||||||||||
Interest cost | 1,162 | 1,088 | 1,165 | ||||||||||||||||||||||
Expected return on plan assets | (1,611 | ) | (1,524 | ) | (1,517 | ) | |||||||||||||||||||
Amortization of loss | 601 | 957 | 887 | ||||||||||||||||||||||
Amortization of prior service cost | 2 | 8 | 13 | ||||||||||||||||||||||
Curtailment loss | 4 | 1 | 2 | ||||||||||||||||||||||
Settlement loss | 7 | 152 | 5 | ||||||||||||||||||||||
Net periodic benefit cost1 | $ | 406 | $ | 953 | $ | 832 | |||||||||||||||||||
Changes in plan assets and benefit obligations recognized in other | |||||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net loss (gain) | $ | 4,131 | $ | (3,293 | ) | $ | 1,433 | ||||||||||||||||||
Amortization of loss | (601 | ) | (957 | ) | (887 | ) | |||||||||||||||||||
Prior service benefit | (44 | ) | (62 | ) | (22 | ) | |||||||||||||||||||
Amortization of prior service cost | (2 | ) | (8 | ) | (13 | ) | |||||||||||||||||||
Curtailment loss | (4 | ) | (1 | ) | (2 | ) | |||||||||||||||||||
Settlement loss | (7 | ) | (152 | ) | (5 | ) | |||||||||||||||||||
Total loss (benefit) recognized in other comprehensive income | $ | 3,473 | $ | (4,473 | ) | $ | 504 | ||||||||||||||||||
Noncontrolling interest | 1 | — | (1 | ) | |||||||||||||||||||||
Accumulated other comprehensive income assumed from purchase of noncontrolling interest | — | — | 25 | ||||||||||||||||||||||
Total loss (benefit) recognized in other comprehensive income, attributable to DuPont | $ | 3,474 | $ | (4,473 | ) | $ | 528 | ||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 3,880 | $ | (3,520 | ) | $ | 1,360 | ||||||||||||||||||
1. | The above amounts include net periodic benefit cost relating to discontinued operations for 2014, 2013 and 2012 of $0, $3 and $42, respectively. | ||||||||||||||||||||||||
Other Long-Term Employee Benefit Plans [Member] | |||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||
Schedule of Net Benefit Costs and Other Comprehensive Income Tables [Table Text Block] | |||||||||||||||||||||||||
Other Benefits | |||||||||||||||||||||||||
Components of net periodic benefit cost (credit) and amounts recognized in other | 2014 | 2013 | 2012 | ||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net periodic benefit cost | |||||||||||||||||||||||||
Service cost | $ | 17 | $ | 29 | $ | 37 | |||||||||||||||||||
Interest cost | 121 | 130 | 174 | ||||||||||||||||||||||
Amortization of loss | 57 | 76 | 94 | ||||||||||||||||||||||
Amortization of prior service benefit | (214 | ) | (195 | ) | (155 | ) | |||||||||||||||||||
Curtailment (gain) loss | — | (154 | ) | 3 | |||||||||||||||||||||
Settlement loss | — | 1 | — | ||||||||||||||||||||||
Net periodic benefit (credit) cost1 | $ | (19 | ) | $ | (113 | ) | $ | 153 | |||||||||||||||||
Changes in plan assets and benefit obligations recognized in other | |||||||||||||||||||||||||
comprehensive income | |||||||||||||||||||||||||
Net loss (gain) | $ | 280 | $ | (513 | ) | $ | 60 | ||||||||||||||||||
Amortization of loss | (57 | ) | (76 | ) | (94 | ) | |||||||||||||||||||
Prior service benefit | (50 | ) | (211 | ) | (857 | ) | |||||||||||||||||||
Amortization of prior service benefit | 214 | 195 | 155 | ||||||||||||||||||||||
Curtailment gain (loss) | — | 154 | (3 | ) | |||||||||||||||||||||
Settlement loss | — | (1 | ) | — | |||||||||||||||||||||
Total loss (benefit) recognized in other comprehensive income | $ | 387 | $ | (452 | ) | $ | (739 | ) | |||||||||||||||||
Accumulated other comprehensive income assumed from purchase of noncontrolling interest | — | — | 1 | ||||||||||||||||||||||
Total loss (benefit) recognized in other comprehensive income, attributable to DuPont | $ | 387 | $ | (452 | ) | $ | (738 | ) | |||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive income | $ | 368 | $ | (565 | ) | $ | (585 | ) | |||||||||||||||||
1. | The above amounts include net periodic benefit cost relating to discontinued operations for 2014, 2013 and 2012 of $0, $0 and $2, respectively. |
Compensation_Plans_Tables
Compensation Plans (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Compensation Plans [Abstract] | ||||||||||
Schedule of Assumptions Used in Calculating the Fair Value of Stock Options | ||||||||||
2014 | 2013 | 2012 | ||||||||
Dividend yield | 2.9 | % | 3.6 | % | 3.2 | % | ||||
Volatility | 31.33 | % | 34.86 | % | 34.87 | % | ||||
Risk-free interest rate | 1.7 | % | 1 | % | 0.9 | % | ||||
Expected life (years) | 5.3 | 5.3 | 5.3 | |||||||
Schedule of Stock Option Awards | ||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||
Shares | Average | Average | Intrinsic | |||||||
(in thousands) | Exercise Price | Remaining | Value | |||||||
(per share) | Contractual | (in thousands) | ||||||||
Term (years) | ||||||||||
Outstanding, December 31, 2013 | 21,571 | $ | 41.58 | |||||||
Granted | 4,592 | $ | 61.91 | |||||||
Exercised | (7,035 | ) | $ | 36.26 | ||||||
Forfeited | (168 | ) | $ | 55.55 | ||||||
Cancelled | (65 | ) | $ | 49.47 | ||||||
Outstanding, December 31, 2014 | 18,895 | $ | 48.34 | 4.23 | $ | 484,341 | ||||
Exercisable, December 31, 2014 | 9,251 | $ | 41.46 | 2.96 | $ | 300,498 | ||||
Schedule of Restricted Stock Units and Performance Stock Units | ||||||||||
Number of | Weighted | |||||||||
Shares | Average | |||||||||
(in thousands) | Grant Date | |||||||||
Fair Value | ||||||||||
(per share) | ||||||||||
Nonvested, December 31, 2013 | 3,765 | $ | 52.41 | |||||||
Granted | 1,623 | $ | 64.64 | |||||||
Vested | (1,475 | ) | $ | 50.68 | ||||||
Forfeited | (156 | ) | $ | 59.73 | ||||||
Nonvested, December 31, 2014 | 3,757 | $ | 57.6 | |||||||
Derivatives_and_Other_Hedging_1
Derivatives and Other Hedging Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate swaps | $ | 1,000 | $ | 1,000 | ||||||||||||||||
Foreign currency contracts | 434 | 1,107 | ||||||||||||||||||
Commodity contracts | 388 | 606 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts | 10,586 | 9,553 | ||||||||||||||||||
Commodity contracts | 166 | 281 | ||||||||||||||||||
Schedule of Cash Flows Hedges Included in Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||
December 31, | 2014 | 2013 | ||||||||||||||||||
Beginning balance | $ | (48 | ) | $ | 3 | |||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | 33 | (36 | ) | |||||||||||||||||
Clearance of hedge results to earnings | 9 | (15 | ) | |||||||||||||||||
Ending balance | $ | (6 | ) | $ | (48 | ) | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ||||||||||||||||||||
Fair Value at December 31 | ||||||||||||||||||||
Using Level 2 Inputs | ||||||||||||||||||||
Balance Sheet Location | 2014 | 2013 | ||||||||||||||||||
Asset derivatives: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Interest rate swaps1 | Accounts and notes receivable, net | $ | 1 | $ | — | |||||||||||||||
Interest rate swaps1 | Other assets | — | 29 | |||||||||||||||||
Foreign currency contracts | Accounts and notes receivable, net | 10 | 6 | |||||||||||||||||
11 | 35 | |||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts2 | Accounts and notes receivable, net | 254 | 86 | |||||||||||||||||
Total asset derivatives3 | $ | 265 | $ | 121 | ||||||||||||||||
Cash collateral1,2 | Other accrued liabilities | $ | 47 | $ | 30 | |||||||||||||||
Liability derivatives: | ||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts | Other accrued liabilities | $ | 10 | $ | 4 | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts | Other accrued liabilities | 62 | 70 | |||||||||||||||||
Commodity contracts | Other accrued liabilities | 1 | 1 | |||||||||||||||||
63 | 71 | |||||||||||||||||||
Total liability derivatives3 | $ | 73 | $ | 75 | ||||||||||||||||
1. | Cash collateral held as of December 31, 2014 and 2013 represents $6 and $17, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||||||||||||||||||
2 | Cash collateral held as of December 31, 2014 and 2013 represents $41 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 $67 at December 31, 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) | ||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | Income Statement Classification | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | — | $ | (28 | ) | $ | (26 | ) | $ | (11 | ) | Interest expense3 | ||||
Cash flow hedges: | ||||||||||||||||||||
Foreign currency contracts | 27 | 9 | (2 | ) | 15 | 1 | 21 | Net sales | ||||||||||||
Commodity contracts | 26 | (67 | ) | 7 | (30 | ) | 24 | 44 | Cost of goods sold | |||||||||||
53 | (58 | ) | 5 | (43 | ) | (1 | ) | 54 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
Foreign currency contracts | — | — | — | 607 | 35 | (157 | ) | Other income, net4 | ||||||||||||
Commodity contracts | — | — | — | (21 | ) | (10 | ) | (22 | ) | Cost of goods sold | ||||||||||
— | — | — | 586 | 25 | (179 | ) | ||||||||||||||
Total derivatives | $ | 53 | $ | (58 | ) | $ | 5 | $ | 543 | $ | 24 | $ | (125 | ) | ||||||
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 years ended December 31, 2014, 2013 and 2012, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||||||||||||||||||
3. | Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. | |||||||||||||||||||
4. | Gain (loss) recognized in other income, 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 $(472), $(163) and $(58) for 2014, 2013 and 2012, respectively. |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Geographic Areas, Revenues from External Customers [Abstract] | ||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ||||||||||
Net Sales1 | ||||||||||
2014 | 2013 | 2012 | ||||||||
United States | $ | 13,081 | $ | 13,763 | $ | 13,284 | ||||
Canada | $ | 973 | $ | 1,025 | $ | 921 | ||||
EMEA2 | ||||||||||
France | 776 | 749 | 765 | |||||||
Germany | 1,510 | 1,502 | 1,557 | |||||||
Italy | 750 | 728 | 764 | |||||||
Africa | 568 | 597 | 461 | |||||||
Other | 4,879 | 4,803 | 4,493 | |||||||
Total EMEA | $ | 8,483 | $ | 8,379 | $ | 8,040 | ||||
Asia Pacific | ||||||||||
China | 2,835 | 2,720 | 2,666 | |||||||
India | 787 | 740 | 745 | |||||||
Japan | 1,218 | 1,292 | 1,577 | |||||||
Other | 2,863 | 3,023 | 3,039 | |||||||
Total Asia Pacific | $ | 7,703 | $ | 7,775 | $ | 8,027 | ||||
Latin America | ||||||||||
Brazil | 2,328 | 2,565 | 2,363 | |||||||
Mexico | 1,088 | 1,070 | 1,044 | |||||||
Other | 1,067 | 1,157 | 1,133 | |||||||
Total Latin America | $ | 4,483 | $ | 4,792 | $ | 4,540 | ||||
Total | $ | 34,723 | $ | 35,734 | $ | 34,812 | ||||
1. | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. | |||||||||
2. | Europe, Middle East, and Africa (EMEA). | |||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | ||||||||||
Net Property1 | ||||||||||
2014 | 2013 | 2012 | ||||||||
United States | $ | 8,905 | $ | 8,598 | $ | 8,512 | ||||
Canada | $ | 152 | $ | 142 | $ | 149 | ||||
EMEA2 | ||||||||||
Denmark | 242 | 280 | 320 | |||||||
France | 253 | 269 | 243 | |||||||
Spain | 251 | 270 | 269 | |||||||
The Netherlands | 306 | 308 | 289 | |||||||
Other | 1,180 | 1,255 | 1,182 | |||||||
Total EMEA | $ | 2,232 | $ | 2,382 | $ | 2,303 | ||||
Asia Pacific | ||||||||||
China | 348 | 356 | 423 | |||||||
Other | 634 | 638 | 624 | |||||||
Total Asia Pacific | $ | 982 | $ | 994 | $ | 1,047 | ||||
Latin America | ||||||||||
Brazil | 415 | 394 | 348 | |||||||
Mexico | 601 | 421 | 307 | |||||||
Other | 99 | 62 | 75 | |||||||
Total Latin America | $ | 1,115 | $ | 877 | $ | 730 | ||||
Total | $ | 13,386 | $ | 12,993 | $ | 12,741 | ||||
1. | Net property is presented for locations with greater than two percent of the total and includes property, plant and equipment less accumulated depreciation. | |||||||||
2. | Europe, Middle East, and Africa (EMEA). |
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | ||||||||||||||||||||||||||||||
Agriculture | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Other | Total | ||||||||||||||||||||||
Communications | Chemicals | Materials | Protection | |||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Segment sales | $ | 11,304 | $ | 2,393 | $ | 1,258 | $ | 3,529 | $ | 6,497 | $ | 6,129 | $ | 3,896 | $ | 5 | $ | 35,011 | ||||||||||||
Less: Transfers | 8 | 12 | 14 | — | 180 | 70 | 4 | — | 288 | |||||||||||||||||||||
Net sales | 11,296 | 2,381 | 1,244 | 3,529 | 6,317 | 6,059 | 3,892 | 5 | 34,723 | |||||||||||||||||||||
PTOI | 2,668 | 271 | 198 | 365 | 913 | 1,590 | 742 | (391 | ) | 6,356 | ||||||||||||||||||||
Depreciation and | 436 | 97 | 85 | 264 | 245 | 139 | 187 | 2 | 1,455 | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||||||||
Equity in earnings of | 32 | 22 | 8 | — | 26 | (82 | ) | 27 | (43 | ) | (10 | ) | ||||||||||||||||||
affiliates | ||||||||||||||||||||||||||||||
Segment net assets | 6,652 | 1,344 | 2,518 | 5,923 | 4,559 | 3,338 | 3,039 | 397 | 27,770 | |||||||||||||||||||||
Affiliate net assets | 251 | 142 | 46 | 7 | 160 | 419 | 103 | 21 | 1,149 | |||||||||||||||||||||
Purchases of property, | 407 | 52 | 90 | 112 | 525 | 134 | 105 | 200 | 1,625 | |||||||||||||||||||||
plant and equipment | ||||||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Segment sales | $ | 11,739 | $ | 2,549 | $ | 1,224 | $ | 3,473 | $ | 6,932 | $ | 6,239 | $ | 3,884 | $ | 6 | $ | 36,046 | ||||||||||||
Less: Transfers | 11 | 15 | 13 | — | 196 | 73 | 4 | — | 312 | |||||||||||||||||||||
Net sales | 11,728 | 2,534 | 1,211 | 3,473 | 6,736 | 6,166 | 3,880 | 6 | 35,734 | |||||||||||||||||||||
PTOI | 2,132 | 203 | 170 | 305 | 941 | 1,264 | 694 | (340 | ) | 5,369 | ||||||||||||||||||||
Depreciation and | 358 | 105 | 81 | 271 | 253 | 162 | 198 | 1 | 1,429 | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||||||||
Equity in earnings of | 36 | 22 | 2 | — | 19 | (16 | ) | 23 | (49 | ) | 37 | |||||||||||||||||||
affiliates | ||||||||||||||||||||||||||||||
Segment net assets | 5,883 | 1,435 | 2,640 | 6,455 | 4,116 | 3,541 | 1 | 3,138 | 153 | 27,361 | ||||||||||||||||||||
Affiliate net assets | 281 | 145 | 48 | 7 | 169 | 492 | 106 | 21 | 1,269 | |||||||||||||||||||||
Purchases of property, | 485 | 73 | 77 | 138 | 429 | 179 | 109 | 112 | 1,602 | |||||||||||||||||||||
plant and equipment | ||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
Segment sales | $ | 10,426 | $ | 2,701 | $ | 1,180 | $ | 3,422 | $ | 7,450 | $ | 6,185 | $ | 3,825 | $ | 5 | $ | 35,194 | ||||||||||||
Less: Transfers | 5 | 17 | 11 | — | 248 | 90 | 11 | — | 382 | |||||||||||||||||||||
Net sales | 10,421 | 2,684 | 1,169 | 3,422 | 7,202 | 6,095 | 3,814 | 5 | 34,812 | |||||||||||||||||||||
PTOI | 1,669 | 222 | 159 | 270 | 1,826 | 1,073 | 562 | (412 | ) | 5,369 | ||||||||||||||||||||
Depreciation and | 337 | 113 | 79 | 288 | 256 | 171 | 197 | 1 | 1,442 | |||||||||||||||||||||
amortization | ||||||||||||||||||||||||||||||
Equity in earnings of | 30 | 19 | 1 | — | 28 | 42 | 32 | (53 | ) | 99 | ||||||||||||||||||||
affiliates | ||||||||||||||||||||||||||||||
Segment net assets | 4,756 | 1,622 | 2,602 | 6,641 | 4,095 | 3,585 | 3,153 | 59 | 26,513 | |||||||||||||||||||||
Affiliate net assets | 389 | 151 | 53 | 8 | 180 | 567 | 106 | 14 | 1,468 | |||||||||||||||||||||
Purchases of property, | 432 | 71 | 80 | 148 | 394 | 181 | 118 | 7 | 1,431 | |||||||||||||||||||||
plant and equipment | ||||||||||||||||||||||||||||||
1. | Includes assets held for sale related to GLS/Vinyls of $228 as of December 31, 2013. See Note 2 for additional information. | |||||||||||||||||||||||||||||
Reconciliation of Segment PTOI to income from continuing operations before income taxes | ||||||||||||||||||||||||||||||
PTOI to income from continuing operations before income taxes | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Total segment PTOI | $ | 6,356 | $ | 5,369 | $ | 5,369 | ||||||||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | (124 | ) | (539 | ) | (654 | ) | ||||||||||||||||||||||||
Net exchange gains (losses), including affiliates | 135 | (128 | ) | (215 | ) | |||||||||||||||||||||||||
Corporate expenses | (999 | ) | (765 | ) | (948 | ) | ||||||||||||||||||||||||
Interest expense | (377 | ) | (448 | ) | (464 | ) | ||||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 4,991 | $ | 3,489 | $ | 3,088 | ||||||||||||||||||||||||
Schedule of Reconciliation of Segment Net Assets to Total Assets | ||||||||||||||||||||||||||||||
Segment net assets to total assets at December 31, | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Total segment net assets | $ | 27,770 | $ | 27,361 | $ | 26,513 | ||||||||||||||||||||||||
Corporate assets1 | 12,679 | 13,498 | 10,261 | |||||||||||||||||||||||||||
Liabilities included in segment net assets | 9,427 | 10,640 | 10,009 | |||||||||||||||||||||||||||
Assets related to discontinued operations2 | — | — | 3,076 | |||||||||||||||||||||||||||
Total assets | $ | 49,876 | $ | 51,499 | $ | 49,859 | ||||||||||||||||||||||||
1. | Pension assets are included in corporate assets. | |||||||||||||||||||||||||||||
2. | See Note 1 for additional information on the presentation of the Performance Coatings which met the criteria for discontinued operations during 2012 | |||||||||||||||||||||||||||||
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | ||||||||||||||||||||||||||||||
Other items1 | Segment | Adjustments | Consolidated | |||||||||||||||||||||||||||
Totals | Totals | |||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,455 | $ | 162 | $ | 1,617 | ||||||||||||||||||||||||
Equity in earnings of affiliates | (10 | ) | — | (10 | ) | |||||||||||||||||||||||||
Affiliate net assets | 1,149 | (263 | ) | 886 | ||||||||||||||||||||||||||
Purchases of property, plant and equipment | 1,625 | 395 | 2,020 | |||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,429 | $ | 174 | $ | 1,603 | ||||||||||||||||||||||||
Equity in earnings of affiliates | 37 | 4 | 41 | |||||||||||||||||||||||||||
Affiliate net assets | 1,269 | (258 | ) | 1,011 | ||||||||||||||||||||||||||
Purchases of property, plant and equipment | 1,602 | 280 | 1,882 | |||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,442 | $ | 271 | $ | 1,713 | ||||||||||||||||||||||||
Equity in earnings of affiliates | 99 | 3 | 102 | |||||||||||||||||||||||||||
Affiliate net assets | 1,468 | (305 | ) | 1,163 | ||||||||||||||||||||||||||
Purchases of property, plant and equipment | 1,431 | 362 | 1,793 | |||||||||||||||||||||||||||
1. | See Note 1 for additional information on the presentation of the Performance Coatings business which met the criteria for discontinued operations during 2012. | |||||||||||||||||||||||||||||
Schedule of Additional Segment Details | Additional Segment Details | |||||||||||||||||||||||||||||
2014 included the following pre-tax benefits (charges): | ||||||||||||||||||||||||||||||
Agriculture1,2,3 | $ | 316 | ||||||||||||||||||||||||||||
Electronics & Communications1 | (84 | ) | ||||||||||||||||||||||||||||
Industrial Biosciences1 | (13 | ) | ||||||||||||||||||||||||||||
Nutrition & Health1 | (15 | ) | ||||||||||||||||||||||||||||
Performance Chemicals1 | (21 | ) | ||||||||||||||||||||||||||||
Performance Materials1,4 | 292 | |||||||||||||||||||||||||||||
Safety & Protection1 | (52 | ) | ||||||||||||||||||||||||||||
Other1 | (22 | ) | ||||||||||||||||||||||||||||
$ | 401 | |||||||||||||||||||||||||||||
1. | Included a $(440) restructuring charge associated with the 2014 restructuring program consisting of $(375) recorded in employee separation/asset related charges, net, and $(65) recorded in other income, net. The pre-tax charges by segment are: Agriculture - $(134), Electronics & Communications - $(84), Industrial Biosciences - $(13), Nutrition & Health - $(15), Performance Chemicals - $(21), Performance Materials - $(99), Safety & Protection - $(52), and Other - $(22). See Note 3 for additional information. | |||||||||||||||||||||||||||||
2. | Included income of $210 for insurance recoveries, recorded in other operating charges, associated with the company's process to fairly resolve claims related to the use of Imprelis®. See Note 15 for additional information. | |||||||||||||||||||||||||||||
3. | Included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | |||||||||||||||||||||||||||||
4. | 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. | |||||||||||||||||||||||||||||
2013 included the following pre-tax benefits (charges): | ||||||||||||||||||||||||||||||
Agriculture1,3 | $ | (351 | ) | |||||||||||||||||||||||||||
Electronics & Communications3,4 | (131 | ) | ||||||||||||||||||||||||||||
Industrial Biosciences3 | 1 | |||||||||||||||||||||||||||||
Nutrition & Health3 | 6 | |||||||||||||||||||||||||||||
Performance Chemicals2,3 | (74 | ) | ||||||||||||||||||||||||||||
Performance Materials3 | (16 | ) | ||||||||||||||||||||||||||||
Safety & Protection3 | 4 | |||||||||||||||||||||||||||||
Other3 | 5 | |||||||||||||||||||||||||||||
$ | (556 | ) | ||||||||||||||||||||||||||||
1. | Included charges of $(425), offset by $73 of insurance recoveries, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis®. See Note 15 for additional information. | |||||||||||||||||||||||||||||
2. | Included a $(72) charge recorded in other operating charges related to the titanium dioxide antitrust litigation. | |||||||||||||||||||||||||||||
3. | Included a net $(3) restructuring adjustment consisting of a $16 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $16 net reduction recorded in employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in employee separation/asset related charges, net and $(10) recorded in other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. Pre-tax amounts by segment were: Agriculture - $1, Electronics & Communications - $(2), Industrial Biosciences - $1, Nutrition & Health - $6, Performance Chemicals - $(2), Performance Materials - $(16), Safety & Protection - $4; and Other - $5. See Note 3 for additional information. | |||||||||||||||||||||||||||||
4. | Included a $(129) impairment charge recorded in employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information. | |||||||||||||||||||||||||||||
2012 included the following pre-tax benefits (charges): | ||||||||||||||||||||||||||||||
Agriculture1,2,3 | $ | (469 | ) | |||||||||||||||||||||||||||
Electronics & Communications3,4,5 | (37 | ) | ||||||||||||||||||||||||||||
Industrial Biosciences3 | (3 | ) | ||||||||||||||||||||||||||||
Nutrition & Health3 | (49 | ) | ||||||||||||||||||||||||||||
Performance Chemicals3,5 | (36 | ) | ||||||||||||||||||||||||||||
Performance Materials3,5 | (104 | ) | ||||||||||||||||||||||||||||
Safety & Protection3 | (58 | ) | ||||||||||||||||||||||||||||
Other3,6 | (126 | ) | ||||||||||||||||||||||||||||
$ | (882 | ) | ||||||||||||||||||||||||||||
1. | Included a $(575) charge recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis®. See Note 15 for additional information. | |||||||||||||||||||||||||||||
2. | Included a $117 gain recorded in other income, net associated with the sale of a business. | |||||||||||||||||||||||||||||
3. | Included a $(134) restructuring charge recorded in employee separation/asset related charges, net primarily as a result of the company's plan to eliminate corporate costs previously allocated to Performance Coatings and cost-cutting actions to improve competitiveness, partially offset by a reversal of prior year restructuring accruals. Charges by segment were: Agriculture - $(11); Electronics & Communications - $(9); Industrial Biosciences - $(3); Nutrition & Health - $(49); Performance Chemicals - $(3); Performance Materials - $(12); Safety & Protection - $(58); and Other - $11. See Note 3 for additional information. | |||||||||||||||||||||||||||||
4. | Included a $122 gain recorded in other income, net associated with the sale of an equity method investment. | |||||||||||||||||||||||||||||
5. | Included a $(275) impairment charge recorded in employee separation/asset related charges, net related to asset groupings, which impacted the segments as follows: Electronics & Communications - $(150); Performance Chemicals - $(33); and Performance Materials - $(92). See Note 3 for additional information. | |||||||||||||||||||||||||||||
6. | Included a $(137) charge in other operating charges primarily related to the company's settlement of the 2008 lawsuit filed by subsidiaries of Koch Industries, Inc. (INVISTA). |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Data | |||||||||||||||||
Unaudited | For the quarter ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | ||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 10,128 | $ | 9,706 | $ | 7,511 | $ | 7,378 | |||||||||
Cost of goods sold | 6,000 | 5,999 | 4,881 | 4,823 | |||||||||||||
Income from continuing operations before | 1,802 | 2 | 1,440 | 2, 3 ,4, 5 | 786 | 2 | 963 | 2, 5, 6, 7, 8 | |||||||||
income taxes | |||||||||||||||||
Net income | 1,445 | 1,074 | 434 | 683 | |||||||||||||
Basic earnings per share of common stock from continuing operations1 | 1.56 | 1.16 | 0.47 | 0.73 | |||||||||||||
Diluted earnings per share of common stock from continuing operations1 | 1.54 | 1.15 | 0.47 | 0.73 | |||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 10,408 | $ | 9,844 | $ | 7,735 | $ | 7,747 | |||||||||
Cost of goods sold | 6,193 | 6,057 | 5,165 | 5,132 | |||||||||||||
Income from continuing operations before | 1,774 | 10 | 1,365 | 10, 11 | 228 | 10, 13 | 122 | 10, 14, 15 | |||||||||
income taxes | |||||||||||||||||
Net income | 3,355 | 9 | 1,034 | 12 | 288 | 185 | |||||||||||
Basic earnings per share of common stock from continuing operations1 | 1.48 | 1.11 | 0.28 | 0.19 | |||||||||||||
Diluted earnings per share of common stock from continuing operations1 | 1.47 | 1.1 | 0.28 | 0.19 | |||||||||||||
1. | Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. | ||||||||||||||||
2. | First, second, third and fourth quarter 2014 included charges of $(16), $(35), $(61), and $(63), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. See Note 2 for additional information. | ||||||||||||||||
3. | Second quarter 2014 included a $(58) pre-tax charge within other income, net associated with the remeasurement of Venezuelan Bolivar net monetary assets. | ||||||||||||||||
4. | Second quarter 2014 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. | ||||||||||||||||
5. | Second and Fourth quarter 2014 included a $(263) and $(299) restructuring charge, respectively, as a result of the company's plan to reduce residual costs associated with the separation of the Performance Chemicals segment and to improve productivity across all businesses and functions. The second quarter 2014 charge is recorded in employee separation/asset related charges, net. The fourth quarter 2014 restructuring charge of $(299) consists of $(234) recorded in employee separation/asset related charges, net, and $(65) recorded in other income, net. See Note 3 for additional information. | ||||||||||||||||
6. | Fourth quarter 2014 included income of $210 for insurance recoveries, recorded within other operating charges, associated with the recovery of costs for customer claims related to the use of Imprelis®. See Note 15 for additional information. | ||||||||||||||||
7. | Fourth quarter 2014 included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | ||||||||||||||||
8. | Fourth quarter 2014 included a $70 adjustment to lower performance-based compensation expense. | ||||||||||||||||
9. | First quarter 2013 included a net tax benefit of $42 consisting of a $68 benefit for the 2013 extension of certain U.S business tax provisions offset by a $(26) charge related to the global distribution of Performance Coatings cash proceeds. | ||||||||||||||||
10. | First and second quarter 2013 included charges of $(35) and $(80), respectively, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis®. Third and fourth quarter 2013 included charges of $(65) and $(245), respectively, offset by $25 and $48 of insurance recoveries, respectively. See Note 15 for additional information. | ||||||||||||||||
11. | Second quarter 2013 included a charge of $(11) in other income, net related to interest on a prior year tax position. | ||||||||||||||||
12. | Second quarter 2013 included a charge of $(49) associated with a change in accrual for a prior year tax position (inclusive of a benefit associated with interest on a prior year tax position) offset by a $33 benefit for an enacted tax law change. | ||||||||||||||||
13. | Third quarter 2013 included a $(72) charge recorded in other operating charges related to the titanium dioxide antitrust litigation. | ||||||||||||||||
14. | Fourth quarter 2013 included a net $5 restructuring adjustment consisting of a $24 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $24 net reduction recorded in employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in employee separation/asset related charges, net and $(10) recorded in other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. See Note 3 for additional information. | ||||||||||||||||
15. | Fourth quarter 2013 included a $(129) impairment charge recorded in employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | |
USD ($) | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Level 2 Inputs [Member] | Level 2 Inputs [Member] | Foreign exchange rate - Bolivar [Member] | Foreign exchange rate - SICAD 2 [Member] | |
Equipment and Buildings [Member] | Computer Software, Intangible Asset [Member] | Equipment and Buildings [Member] | Computer Software, Intangible Asset [Member] | USD ($) | USD ($) | USD ($) | USD ($) | VEF | VEF | ||||
Summary of Significant Accounting Policies [Line Items] | |||||||||||||
Official currency exchange rate in Venezuela | 6.3 | ||||||||||||
SICAD 2 Venezuelan foreign currency exchange rate | 49.98 | ||||||||||||
Fair value of cash equivalents | 1,436,000,000 | 5,116,000,000 | 3,293,000,000 | 2,256,000,000 | |||||||||
Held-to-maturity, marketable securities, maturity timing in months | 3 months | 12 months | |||||||||||
Property, Plant and Equipment, Useful Life | 15 years | 5 years | 25 years | 7 years | |||||||||
Definite-lived intangible assets, useful life | 1 year | 20 years | |||||||||||
Asset retirement obligations, useful life | 1 year | 25 years | |||||||||||
SICAD 2 pre-tax charge | $58,000,000 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Inventory (Narrative) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Policy [Abstract] | ||
Percentage of FIFO Inventory | 50.00% | 50.00% |
Percentage of LIFO Inventory | 25.00% | 25.00% |
Percentage of average cost inventory | 25.00% | 25.00% |
Divestitures_and_Other_Transac2
Divestitures and Other Transactions - Performance Coatings, GLS/Vinyls, Performance Chemicals (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Feb. 28, 2013 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Performance Coatings [Member] | Discontinued Operations [Member] | |||||||
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from sale of business, after-tax | $4,200 | ||||||
Pre-tax gain on sale of discontinued operation | 2,687 | ||||||
After tax gain on sale of discontinued operation | 1,962 | ||||||
GLS/Vinyls [Member] | |||||||
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Pre-tax gain on sale of business, continuing operations | 391 | ||||||
After-tax gain on sale of business, continuing operations | 273 | ||||||
Performance Chemicals [Member] | |||||||
Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Separation related transaction costs | $175 | $63 | $61 | $35 | $16 |
Divestitures_and_Other_Transac3
Divestitures and Other Transactions - Performance Coatings (Summarized Financial Info) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Income Statement Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Income from discontinued operations after income taxes | $15 | $1,999 | $308 | ||
Performance Coatings [Member] | Discontinued Operations [Member] | |||||
Income Statement Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 0 | 331 | 4,218 | ||
Income before income taxes | 0 | 2,717 | 551 | ||
(Benefit from) provision for income taxes | -15 | [1] | 718 | 243 | [1] |
Income from discontinued operations after income taxes | 15 | 1,999 | 308 | ||
Tax expense on earnings of permanently invested foreign subsidiaries | $70 | ||||
[1] | The year ended December 31, 2014 includes a tax benefit of $(15) related to a change in estimate of income taxes resulting from the filing of various tax returns impacted by the sale of Performance Coatings. The year ended December 31, 2012 includes expense of $70 to accrue taxes associated with earnings of certain Performance Coatings subsidiaries that were previously considered permanently reinvested as these entities have been reclassified as held for sale. |
Employee_Separation_Asset_Rela2
Employee Separation / Asset Related Charges, Net Employee Separation / Asset Related Charges, Net (Narrative) (Details) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | ||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring reserve | $277 | $277 | ||||||
Charge associated with restructuring actions | 19 | |||||||
Restructuring charges | 299 | 440 | 134 | |||||
Restructuring reserve, accrual adjustment | -16 | |||||||
2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring reserve | 268 | 268 | ||||||
Restructuring charges | 562 | 263 | ||||||
Restructuring Program 2012 [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 234 | |||||||
Agriculture [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 134 | 11 | ||||||
Agriculture [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 134 | |||||||
Electronics & Communications [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 84 | 9 | ||||||
Electronics & Communications [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 84 | |||||||
Industrial Biosciences [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 13 | 3 | ||||||
Industrial Biosciences [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 13 | |||||||
Nutrition & Health [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 15 | 49 | ||||||
Nutrition & Health [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 15 | |||||||
Performance Chemicals [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 21 | 3 | ||||||
Performance Chemicals [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 21 | |||||||
Performance Materials [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charge associated with restructuring actions | 19 | |||||||
Restructuring charges | 99 | 12 | ||||||
Performance Materials [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 99 | |||||||
Safety & Protection [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 52 | 58 | ||||||
Safety & Protection [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 52 | |||||||
Other [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 22 | -11 | ||||||
Other [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 22 | |||||||
Employee Separation / Asset Related Charges, Net [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charge associated with restructuring actions | 9 | |||||||
Restructuring charges | 375 | |||||||
Restructuring reserve, accrual adjustment | -24 | |||||||
Employee Separation / Asset Related Charges, Net [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 234 | 497 | ||||||
Employee Separation / Asset Related Charges, Net [Member] | Performance Materials [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charge associated with restructuring actions | 9 | |||||||
Other income, net [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charge associated with restructuring actions | 10 | |||||||
Other income, net [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charge associated with restructuring actions | 65 | 65 | ||||||
Other income, net [Member] | Performance Materials [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charge associated with restructuring actions | 10 | |||||||
Other income, net [Member] | Performance Materials [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Charge associated with restructuring actions | 65 | |||||||
Corporate Expenses [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 122 | |||||||
Employee Severance [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring reserve | 264 | 264 | ||||||
Restructuring charges | 319 | |||||||
Employee Severance [Member] | Restructuring Program 2012 [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 157 | |||||||
Other Non-Personnel Charges [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring reserve | 4 | [1] | 4 | [1] | ||||
Restructuring charges | 17 | [1] | ||||||
Other Non-Personnel Charges [Member] | Restructuring Program 2012 [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 8 | |||||||
Asset Related [Member] | 2014 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring reserve | 0 | 0 | ||||||
Restructuring charges | 226 | |||||||
Asset Related [Member] | Restructuring Program 2012 [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 69 | |||||||
Asset Impairment Charges [Member] | Asset Related [Member] | Restructuring Program 2012 [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 30 | |||||||
Asset Shut Down Charges [Member] | Asset Related [Member] | Restructuring Program 2012 [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | $39 | |||||||
[1] | Other non-personnel charges consist of contractual obligation costs. |
Employee_Separation_Asset_Rela3
Employee Separation / Asset Related Charges, Net Employee Separation / Asset Related Charges, Net (2014 Restructuring Program Charges) table (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Jun. 30, 2014 | ||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $299 | $440 | $134 | |||
Restructuring reserve | 277 | 277 | ||||
2014 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 562 | 263 | ||||
Restructuring reserve, payments | -60 | |||||
Restructuring reserve, net translation adjustment | -8 | |||||
Restructuring reserve, asset write-offs and adjustments | -226 | |||||
Restructuring reserve | 268 | 268 | ||||
2014 Restructuring Program [Member] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 319 | |||||
Restructuring reserve, payments | -47 | |||||
Restructuring reserve, net translation adjustment | -8 | |||||
Restructuring reserve, asset write-offs and adjustments | 0 | |||||
Restructuring reserve | 264 | 264 | ||||
2014 Restructuring Program [Member] | Asset Related [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 226 | |||||
Restructuring reserve, payments | 0 | |||||
Restructuring reserve, net translation adjustment | 0 | |||||
Restructuring reserve, asset write-offs and adjustments | -226 | |||||
Restructuring reserve | 0 | 0 | ||||
2014 Restructuring Program [Member] | Other Non-Personnel Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 17 | [1] | ||||
Restructuring reserve, payments | -13 | [1] | ||||
Restructuring reserve, net translation adjustment | 0 | [1] | ||||
Restructuring reserve, asset write-offs and adjustments | 0 | [1] | ||||
Restructuring reserve | $4 | [1] | $4 | [1] | ||
[1] | Other non-personnel charges consist of contractual obligation costs. |
Employee_Separation_Asset_Rela4
Employee Separation / Asset Related Charges, Net Employee Separation / Asset Related Charges, Net (Asset Impairments) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset impairment charges | $275 | |
Nonrecurring fair value measurement | 90 | 150 |
Electronics & Communications [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset impairment charges | 129 | 150 |
Performance Chemicals [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset impairment charges | 33 | |
Performance Materials [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset impairment charges | $92 |
Other_Income_Net_Schedule_of_O
Other Income, Net (Schedule of Other Income) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Other Income and Expenses [Line Items] | ||||||
Royalty income | $183 | $187 | $177 | |||
Interest income | 129 | 136 | 109 | |||
Equity in earnings of affiliates, excluding exchange gains/losses | -10 | [1] | 37 | [1] | 99 | [1] |
Gain on sale of equity method investment | 0 | 9 | 122 | |||
Net gain on sales of businesses and other assets | 749 | 25 | 130 | |||
Net exchange gains (losses) | 135 | [1] | -128 | [1] | -215 | [1] |
Cozaar/Hyzaar income | 0 | 14 | 54 | |||
Miscellaneous income and expenses, net | 137 | [2] | 130 | [2] | 22 | [2] |
Total | 1,323 | 410 | 498 | |||
Exchange gains (losses) related to earnings of affiliates | 0 | 4 | 3 | |||
Foreign currency loss due to devaluation of Venezuelan bolivar[Member] | ||||||
Other Income and Expenses [Line Items] | ||||||
Net exchange gains (losses) | -58 | -33 | ||||
Foreign currency loss due to devaluation of Ukrainian hryvnia [Member] | ||||||
Other Income and Expenses [Line Items] | ||||||
Net exchange gains (losses) | -46 | |||||
Foreign currency loss due to devaluation of Argentinian peso [Member] | ||||||
Other Income and Expenses [Line Items] | ||||||
Net exchange gains (losses) | ($14) | |||||
[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 Consolidated Income Statements. Exchange gains (losses) related to earnings of affiliates was $0, $4 and $3 for 2014, 2013 and 2012, respectively. The $135 net exchange gain for the year ended DecemberB 31, 2014, includes $(58), $(46) and $(14) exchange losses, associated with the devaluation of the Venezuelan bolivar, Ukrainian hryvnia, and Argentinian peso, respectively. The $(128) net exchange loss for the year ended DecemberB 31, 2013, includes a $(33) exchange loss, associated with the devaluation of the Venezuelan bolivar. | |||||
[2] | Miscellaneous income and expenses, net, includes interest items, litigation settlements, and other items. |
Provision_for_Income_Taxes_Pro1
Provision for Income Taxes Provision for Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Taxes Information [Line Items] | ||
Exchange gain associated with hedging program | $607 | $35 |
Tax credit carryforward/back, net | 1,080 | |
Tax effect of net carryforwards/backs, net of valuation allowances, not subject to expiration | 921 | |
Unremitted earnings of subsidiaries outside the U.S. | 17,226 | |
Minimum amount of net reductions to company's global unrecognized tax benefit | 100 | |
Maximum amount of net reductions to company's global unrecognized tax benefit | 125 | |
Expires After 2014 but before 2019 [Member] | ||
Income Taxes Information [Line Items] | ||
Tax credit carryforward/back, net | 1 | |
Expiration date of net carryforwards/backs | before the end of 2019 | |
Expires After 2019 [Member] | ||
Income Taxes Information [Line Items] | ||
Tax credit carryforward/back, net | $158 | |
Expiration date of net carryforwards/backs | after 2019 |
Provision_for_Income_Taxes_Pro2
Provision for Income Taxes Provision for Income Taxes (Schedule of Current and Deferred Income Tax Expense) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Current U.S. federal tax expense (benefit), on continuing operations | $778 | $160 | $121 |
Current U.S. state and local tax expense (benefit), on continuing operations | 62 | 23 | 16 |
Current international tax expense (benefit), on continuing operations | 516 | 677 | 663 |
Total current tax expense, on continuing operations | 1,356 | 860 | 800 |
Deferred U.S. federal tax expense (benefit), on continuing operations | 81 | -193 | -105 |
Deferred U.S. state and local tax expense (benefit), on continuing operations | -44 | -65 | -46 |
Deferred international tax expense (benefit), on continuing operations | -23 | 24 | -33 |
Total deferred tax expense (benefit), on continuing operations | 14 | -234 | -184 |
Provision for income taxes on continuing operations | $1,370 | $626 | $616 |
Provision_for_Income_Taxes_Pro3
Provision for Income Taxes Provision for Income Taxes (Schedule of Significant Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Assets | ||
Deferred tax assets, depreciation | $0 | $0 |
Deferred tax assets, accrued employee benefits | 5,258 | 3,754 |
Deferred tax assets, other accrued expenses | 623 | 811 |
Deferred tax assets, inventories | 305 | 275 |
Deferred tax assets, unrealized exchange gains/losses | 0 | 65 |
Deferred tax assets,tax loss/tax credit carryforwards/backs | 2,466 | 2,622 |
Deferred tax assets, investments in subsidiaries and affiliates | 144 | 189 |
Deferred tax assets, amortization of intangibles | 120 | 109 |
Deferred tax assets, other | 328 | 316 |
Valuation Allowance | -1,757 | -1,764 |
Deferred tax assets, net of valuation allowance | 7,487 | 6,377 |
Net deferred tax asset | 3,411 | 2,144 |
Liabilities [Abstract] | ||
Deferred tax liabilities, depreciation | 1,612 | 1,707 |
Deferred tax liabilities, accrued employee benefits | 555 | 512 |
Deferred tax liabilities, other accrued expenses | 0 | 87 |
Deferred tax liabilities, inventories | 156 | 151 |
Deferred tax liabilities, unrealized exchange gains/losses | 165 | 0 |
Deferred tax liabilities, tax loss/tax credit carryforwards/backs | 0 | 0 |
Deferred tax liabilities, investments in subsidiaries and affiliates | 185 | 245 |
Deferred tax liabilities, amortization of intangibles | 1,312 | 1,372 |
Deferred tax liabilities, other | 91 | 159 |
Deferred tax liabilities | $4,076 | $4,233 |
Provision_for_Income_Taxes_Pro4
Provision for Income Taxes Provision for Income Taxes (Schedule of Effective Income Tax Rate) (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Income Tax Disclosure [Abstract] | ||||||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% | |||
Exchange gains/losses | 7.40% | [1] | 0.80% | [1] | 0.10% | [1] |
Domestic operations | -2.10% | -3.20% | -2.30% | |||
Lower effective tax rates on international operations-net | -11.30% | [2] | -12.30% | [2] | -10.90% | [2] |
Tax settlements | -0.60% | -0.20% | -2.00% | |||
Sale of a business | -0.30% | 0.00% | 0.00% | |||
U.S. research & development credit | -0.70% | [2] | -2.20% | [2] | 0.00% | [2] |
Effective income tax rate on continuing operations | 27.40% | 17.90% | 19.90% | |||
[1] | Principally reflects the impact of foreign exchange losses on net monetary assets for which no corresponding tax benefit is realized. Further information about the company's foreign currency hedging program is included in NoteB 19 under the heading Foreign Currency Risk. | |||||
[2] | On January 2, 2013, U.S. tax law was enacted which extended through 2013 (and retroactive to 2012) several expired or expiring temporary business tax provisions. In accordance with GAAP, this extension was taken into account in the quarter in which the legislation was enacted (i.e. first quarter 2013). |
Provision_for_Income_Taxes_Pro5
Provision for Income Taxes Provision for Income Taxes (Schedule of Consolidated Income for U.S. and International Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||
U.S. (including exports) | $2,780 | $962 | $640 | ||||||||||||||||
International | 2,211 | 2,527 | 2,448 | ||||||||||||||||
Income from continuing operations before income taxes | $963 | [1],[2],[3],[4],[5] | $786 | [1] | $1,440 | [1],[2],[6],[7] | $1,802 | [1] | $122 | [10],[8],[9] | $228 | [11],[8] | $1,365 | [12],[8] | $1,774 | [8] | $4,991 | $3,489 | $3,088 |
[1] | First, second, third and fourth quarter 2014 included charges of $(16), $(35), $(61), and $(63), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. See Note 2 for additional information. | ||||||||||||||||||
[2] | Second and Fourth quarter 2014 included a $(263) and $(299) restructuring charge, respectively, as a result of the company's plan to reduce residual costs associated with the separation of the Performance Chemicals segment and to improve productivity across all businesses and functions. The second quarter 2014 charge is recorded in employee separation/asset related charges, net. The fourth quarter 2014 restructuring charge of $(299) consists of $(234) recorded in employee separation/asset related charges, net, and $(65) recorded in other income, net. See Note 3 for additional information. | ||||||||||||||||||
[3] | Fourth quarter 2014 included a $70 adjustment to lower performance-based compensation expense. | ||||||||||||||||||
[4] | Fourth quarter 2014 included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | ||||||||||||||||||
[5] | Fourth quarter 2014 included income of $210 for insurance recoveries, recorded within other operating charges, associated with the recovery of costs for customer claims related to the use of ImprelisB.. See NoteB 15 for additional information. | ||||||||||||||||||
[6] | Second quarter 2014 included a $(58) pre-tax charge within other income, net associated with the remeasurement of Venezuelan Bolivar net monetary assets. | ||||||||||||||||||
[7] | Second quarter 2014 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. | ||||||||||||||||||
[8] | First and second quarter 2013 included charges of $(35) and $(80), respectively, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of ImprelisB.. Third and fourth quarter 2013 included charges of $(65) and $(245), respectively, offset by $25 and $48 of insurance recoveries, respectively. See NoteB 15 | ||||||||||||||||||
[9] | Fourth quarter 2013 included a net $5 restructuring adjustment consisting of a $24 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $24 net reduction recorded in employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in employee separation/asset related charges, net and $(10) recorded in other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. See Note 3 for additional information. | ||||||||||||||||||
[10] | Fourth quarter 2013 included a $(129) impairment charge recorded in employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information. | ||||||||||||||||||
[11] | Third quarter 2013 included a $(72) charge recorded in other operating charges related to the titanium dioxide antitrust litigation. | ||||||||||||||||||
[12] | Second quarter 2013 included a charge of $(11) in other income, net related to interest on a prior year tax position. |
Provision_for_Income_Taxes_Pro6
Provision for Income Taxes Provision for Income Taxes (Reconciliation of Amounts of Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Total unrecognized tax benefits as of January 1 | $901 | $805 | $800 |
Gross amounts of decreases in unrecognized tax benefits as a result of tax positions taken during the prior period | -50 | -28 | -94 |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the prior period | 84 | 76 | 73 |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period | 92 | 92 | 78 |
Amount of decreases in the unrecognized tax benefits relating to settlements | -15 | -19 | -29 |
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -3 | -6 | -10 |
Exchange gain | -23 | -19 | -13 |
Total unrecognized tax benefits as of December 31 | 986 | 901 | 805 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 818 | 778 | 693 |
Total amount of interest and penalties recognized in the Consolidated Income Statements | 5 | 16 | 4 |
Total amount of interest and penalties recognized in the Consolidated Balance Sheets | $117 | $122 | $116 |
Earnings_Per_Share_of_Common_S2
Earnings Per Share of Common Stock (Earnings Per Share of Common Stock Reconciliation) (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||
Income from continuing operations after income taxes attributable to DuPont | $3,610 | $2,849 | $2,447 |
Preferred dividends | -10 | -10 | -10 |
Income from continuing operations after income taxes available to DuPont common shareholders | 3,600 | 2,839 | 2,437 |
Income from discontinued operations after income taxes | 15 | 1,999 | 308 |
Net income available to common stockholders | $3,615 | $4,838 | $2,745 |
Weighted-average number of common shares outstanding - Basic | 914,752 | 925,984 | 933,275 |
Dilutive effect of the company's equity compensation plans | 7,121 | 7,163 | 8,922 |
Weighted average number of common shares outstanding - Diluted | 921,873 | 933,147 | 942,197 |
Earnings_Per_Share_of_Common_S3
Earnings Per Share of Common Stock (Schedule of Average Number of Antidilutive Stock Options) (Details) (Stock Options [Member]) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average number of stock options | 3 | 2,596 | 12,158 |
Accounts_and_Notes_Receivable_2
Accounts and Notes Receivable, Net (Schedule of Accounts and Notes Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Accounts receivable - trade | $4,392 | [1] | $4,575 | [1] |
Notes receivable - trade | 255 | [1],[2] | 195 | [1],[2] |
Other | 1,358 | [3] | 1,277 | [3] |
Accounts and notes receivable, net | 6,005 | 6,047 | ||
Accounts and notes receivable - trade, allowance | $240 | $269 | ||
[1] | Accounts and notes receivableB bB trade are net of allowances of $240 in 2014 and $269 in 2013. Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. | |||
[2] | Notes receivableB bB trade primarily consists of receivables within the AgricultureB segment for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of DecemberB 31, 2014 and 2013, there were no significant past due notes receivable, nor were there any significant impairments related to current loan agreements. | |||
[3] | Other includes receivables in relation to fair value of derivative instruments, value added tax, general sales tax and other taxes. |
Inventories_Schedule_of_Invent
Inventories (Schedule of Inventories) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Finished products | $4,628 | $4,645 |
Semifinished products | 2,451 | 2,576 |
Raw materials, stores and supplies | 1,255 | 1,360 |
Total inventories before LIFO adjustment | 8,334 | 8,581 |
Adjustment of inventories to a LIFO basis | -493 | -539 |
Total | $7,841 | $8,042 |
Property_Plant_and_Equipment_S
Property, Plant and Equipment (Schedule of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $33,328 | $32,431 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 5,318 | 5,283 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 24,990 | 24,714 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 667 | 671 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $2,353 | $1,763 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill and Other Intangible Assets [Line Items] | |||
Goodwill impairment | $0 | $0 | |
Aggregate pre-tax amortization expense | 363 | 323 | 337 |
Continuing Operations [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Aggregate pre-tax amortization expense | 363 | 323 | 312 |
Pre-tax amortization expense, 2015 | 356 | ||
Pre-tax amortization expense, 2016 | 352 | ||
Pre-tax amortization expense, 2017 | 216 | ||
Pre-tax amortization expense, 2018 | 201 | ||
Pre-tax amortization expense, 2019 | $197 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | |||
Goodwill balance | $4,529 | $4,713 | $4,616 |
Goodwill adjustments and acquisitions | -184 | 97 | |
Agriculture [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 318 | 330 | 231 |
Goodwill adjustments and acquisitions | -12 | 99 | |
Electronics & Communications [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 149 | 149 | 149 |
Goodwill adjustments and acquisitions | 0 | 0 | |
Industrial Biosciences [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 847 | 898 | 890 |
Goodwill adjustments and acquisitions | -51 | 8 | |
Nutrition & Health [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 2,193 | 2,315 | 2,314 |
Goodwill adjustments and acquisitions | -122 | 1 | |
Performance Chemicals [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 197 | 198 | 198 |
Goodwill adjustments and acquisitions | -1 | 0 | |
Performance Materials [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 375 | 375 | 388 |
Goodwill adjustments and acquisitions | 0 | -13 | |
Safety & Protection [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 450 | 448 | 446 |
Goodwill adjustments and acquisitions | $2 | $2 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | $4,226 | $4,621 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -1,845 | -1,805 | ||
Definite-lived Intangible Assets, Net | 2,381 | 2,816 | ||
Indefinite-lived Intangible Assets, Gross | 2,199 | 2,280 | ||
Indefinite-lived Intangible Assets, Net | 2,199 | 2,280 | ||
Total Intangible Assets, Gross | 6,425 | 6,901 | ||
Total Intangible Assets, Accumulated Amortization | -1,845 | -1,805 | ||
Intangible Assets Net Excluding Goodwill | 4,580 | 5,096 | ||
In-process research and development [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Gross | 29 | 43 | ||
Indefinite-lived Intangible Assets, Net | 29 | 43 | ||
Microbial Cell Factories [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Gross | 306 | [1] | 306 | [1] |
Indefinite-lived Intangible Assets, Net | 306 | [1] | 306 | [1] |
Pioneer Germplasm [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Gross | 1,064 | [2] | 1,050 | [2] |
Indefinite-lived Intangible Assets, Net | 1,064 | [2] | 1,050 | [2] |
Trademarks/Tradenames [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Gross | 800 | 881 | ||
Indefinite-lived Intangible Assets, Net | 800 | 881 | ||
Customer Lists [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 1,706 | 1,818 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -470 | -393 | ||
Definite-lived Intangible Assets, Net | 1,236 | 1,425 | ||
Patents [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 493 | 519 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -199 | -160 | ||
Definite-lived Intangible Assets, Net | 294 | 359 | ||
Purchased and Licensed Technology [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 1,789 | 1,999 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -1,074 | -1,129 | ||
Definite-lived Intangible Assets, Net | 715 | 870 | ||
Trademarks [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 31 | 43 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -14 | -17 | ||
Definite-lived Intangible Assets, Net | 17 | 26 | ||
Other Intangible Assets [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 207 | [3] | 242 | [3] |
Definite-lived Intangible Assets, Accumulated Amortization | -88 | [3] | -106 | [3] |
Definite-lived Intangible Assets, Net | $119 | [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. |
ShortTerm_Borrowings_and_Capit2
Short-Term Borrowings and Capital Lease Obligations (Schedule of Short-Term Borrowings and Capital Lease Obligations) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Other loans-various currencies | $17 | $44 |
Long-term debt payable within one year | 1,405 | 1,674 |
Capital lease obligations | 1 | 3 |
Total short term borrowings and capital lease obligations | $1,423 | $1,721 |
ShortTerm_Borrowings_and_Capit3
Short-Term Borrowings and Capital Lease Obligations (Narrative) (Details) (USD $) | 48 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2018 | Dec. 31, 2014 | Dec. 31, 2013 |
Short-term Debt [Line Items] | |||
Unused bank credit lines | $4,900 | $4,400 | |
Line of Credit Facility, Description | 4 years 0 months 0 days | ||
Outstanding letters of credit | 349 | 352 | |
Weighted-average interest rate | 1.70% | 3.00% | |
Level 2 Inputs [Member] | |||
Short-term Debt [Line Items] | |||
Fair value of short-term borrowings | $1,424 | $1,730 |
Other_Accrued_Liabilities_Sche
Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Compensation and other employee-related costs | $811 | $1,045 |
Deferred revenue | 2,892 | 2,839 |
Employee benefits (Note 17) | 343 | 335 |
Discounts and rebates | 352 | 328 |
Derivative instruments | 120 | 105 |
Miscellaneous | 1,330 | 1,567 |
Total other accrued liabilities | $5,848 | $6,219 |
LongTerm_Borrowings_and_Capita2
Long-Term Borrowings and Capital Lease Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | Mar. 31, 2013 | ||
In Millions, unless otherwise specified | ||||||
Debt Instrument [Line Items] | ||||||
Total long-term debt | $10,664 | $12,392 | ||||
Less short-term portion of long-term debt | 1,405 | 1,674 | ||||
Total long-term debt less current maturities | 9,259 | 10,718 | ||||
Capital lease obligations | 12 | 23 | ||||
Total long-term debt and capital lease obligations | 9,271 | 10,741 | ||||
Medium-term notes due 2038-2041 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Medium-term notes | 114 | [1] | 121 | [1] | ||
Average interest rate | 0.00% | |||||
5.875% notes due 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.88% | [2] | ||||
Senior notes | 0 | [2] | 170 | [2] | ||
1.75% notes due 2014, Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.75% | [2] | ||||
Senior notes | 0 | [2] | 400 | [2] | ||
Floating rate notes due 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Senior notes | 0 | [2],[3] | 600 | [2],[3] | ||
Interest rate on floating rate notes | 0.70% | 0.70% | ||||
4.875% notes due 2014 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | 4.88% | ||||
Senior notes | 0 | [2] | 500 | [2] | ||
3.25% notes due 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% | ||||
Senior notes | 1,001 | [2],[4] | 1,028 | [2],[4] | ||
3.25% notes due 2015 [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Notional amount of interest rate swaps | 1,000 | 1,000 | ||||
Fair value of interest rate swaps, asset | 1 | 29 | ||||
4.75% notes due 2015 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | 4.75% | ||||
Senior notes | 400 | [2] | 400 | [2] | ||
1.95% notes due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.95% | 1.95% | ||||
Senior notes | 499 | 498 | ||||
2.75% notes due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | ||||
Senior notes | 500 | 500 | ||||
5.25% notes due 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | ||||
Senior notes | 600 | 599 | ||||
6.00% notes due 2018 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||
Senior notes | 1,338 | [5] | 1,361 | [5] | ||
6.00% notes due 2018 [Member] | Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Effective yield of interest rate swap | 3.85% | |||||
5.75% notes due 2019 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||
Senior notes | 499 | 499 | ||||
4.625% notes due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.63% | 4.63% | ||||
Senior notes | 998 | 997 | ||||
3.625% notes due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.63% | 3.63% | ||||
Senior notes | 999 | 999 | ||||
4.25% notes due 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | ||||
Senior notes | 499 | 499 | ||||
2.80% notes due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | 2.80% | 2.80% | |||
Senior notes | 1,250 | 1,250 | 1,250 | |||
6.50% debentures due 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Debenture notes | 299 | 299 | ||||
5.60% notes due 2036 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 5.60% | ||||
Senior notes | 396 | 395 | ||||
4.90% notes due 2041 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | 4.90% | ||||
Senior notes | 494 | 494 | ||||
4.15% notes due 2043 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | 4.15% | |||
Senior notes | 749 | 749 | 750 | |||
Other Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Other loans | 29 | [2] | 33 | [2] | ||
Average interest rate | 4.20% | 4.20% | ||||
Other Loans, Various Currencies [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Other loans | $0 | [2] | $1 | [2] | ||
[1] | Average interest rates on medium-term notes were 0.0% at DecemberB 31, 2014 and 2013 | |||||
[2] | Includes long-term debt due within one year. | |||||
[3] | Interest rate on floating notes during 2014 and at DecemberB 31, 2013 was 0.7%. | |||||
[4] | At DecemberB 31, 2014 and 2013, the company had outstanding interest rate swap agreements with gross notional amounts of $1,000. Over the remaining terms of the notes, the company will receive fixed payments equivalent to the underlying debt and pay floating payments based on USD LIBOR (London Interbank Offered Rate). The fair value of outstanding swaps was an asset of $1 and $29 at DecemberB 31, 2014 and 2013, respectively. | |||||
[5] | During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85%. |
LongTerm_Borrowings_and_Capita3
Long-Term Borrowings and Capital Lease Obligations Long-Term Borrowings and Capital Lease Obligations (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | |||
Debt Instrument [Line Items] | |||
Maturities of long-term borrowings, 2016 | $1,602 | ||
Maturities of long-term borrowings, 2017 | 4 | ||
Maturities of long-term borrowings, 2018 | 1,343 | ||
Maturities of long-term borrowings, 2019 | 503 | ||
Maturities of long-term borrowings, thereafter | 5,807 | ||
2.80% notes due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 1,250 | 1,250 | 1,250 |
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | 2.80% | 2.80% |
4.15% notes due 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Senior notes | 749 | 749 | 750 |
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | 4.15% |
Level 2 Inputs [Member] | |||
Debt Instrument [Line Items] | |||
Fair value of long-term borrowings | $9,970 | $11,130 |
Other_Liabilities_Schedule_of_
Other Liabilities (Schedule of Other Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Liabilities [Line Items] | ||
Accrued environmental remediation costs | $362 | $374 |
Miscellaneous | 1,624 | 1,700 |
Total other liabilities | 13,819 | 10,179 |
Pension Plan [Member] | ||
Other Liabilities [Line Items] | ||
Accrued benefit costs (Note 17) | 9,167 | 5,575 |
Other Long-Term Employee Benefit Plans [Member] | ||
Other Liabilities [Line Items] | ||
Accrued benefit costs (Note 17) | $2,666 | $2,530 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Guarantees) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | |
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $513 | |
Guaranteed Obligations, Short-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 411 | |
Guarantee Obligations, Long-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 102 | |
Customer and Supplier Guarantee, Bank Borrowings [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 326 | [1] |
Guaranteed obligations maximum term | 7 | [1] |
Customer and Supplier Guarantee, Bank Borrowings [Member] | Guaranteed Obligations, Short-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 226 | [1] |
Customer and Supplier Guarantee, Bank Borrowings [Member] | Guarantee Obligations, Long-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 100 | [1] |
Customer and Supplier Guarantee, Leases on Equipment and Facilities [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 2 | [1] |
Guaranteed obligations maximum term | 4 | [1] |
Customer and Supplier Guarantee, Leases on Equipment and Facilities [Member] | Guaranteed Obligations, Short-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 0 | [1] |
Customer and Supplier Guarantee, Leases on Equipment and Facilities [Member] | Guarantee Obligations, Long-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 2 | [1] |
Equity Affiliates Guarantee, Bank Borrowings [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 185 | [2] |
Guaranteed obligations maximum term | 1 | [2] |
Equity Affiliates Guarantee, Bank Borrowings [Member] | Guaranteed Obligations, Short-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 185 | [2] |
Equity Affiliates Guarantee, Bank Borrowings [Member] | Guarantee Obligations, Long-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 0 | [2] |
Customer and Supplier Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $328 | |
Collateral assets and personal guarantees percentage | 35.00% | |
[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 (Operating Leases) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Future minimum lease payments for 2015 | $303 | ||
Future minimum lease payments for 2016 | 280 | ||
Future minimum lease payments for 2017 | 255 | ||
Future minimum lease payments for 2018 | 230 | ||
Future minimum lease payments for 2019 | 193 | ||
Future minimum lease payments for subsequent years | 353 | ||
Future minimum sublease rental income | 1 | ||
Net rental expense under operating leases | $324 | $303 | $316 |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities (Asset Retirement Obligations) (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Asset retirement obligation liabilities | $52 | $63 |
Commitments_and_Contingent_Lia5
Commitments and Contingent Liabilities (Imprelis) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 30 Months Ended | ||
In Millions, unless otherwise specified | Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
actions | |||||
Product Liability Contingency [Line Items] | |||||
Insurance deductible | $100 | ||||
Insurance program limits | 300 | ||||
Imprelis [Member] | |||||
Product Liability Contingency [Line Items] | |||||
Plaintiffs' attorney fees paid as part of settlement | 7 | 7 | |||
Claims filed | 40 | ||||
Loss Contingency, Claims Settled, Number | 85 | ||||
Loss Contingency | 425 | 575 | 1,175 | ||
Litigation claims, net | 352 | ||||
Insurance recoveries | 35 | 210 | 73 | ||
Accrual balance | 261 | ||||
Insurance Settlements Receivable | $35 |
Commitments_and_Contingent_Lia6
Commitments and Contingent Liabilities (Loss Contingencies) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2004 | Dec. 31, 2014 | Dec. 31, 2005 | Jan. 31, 2012 |
PFOA Matters [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual balance | 14 | |||
PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Binding settlement agreement, class size | 80,000 | |||
Escrow deposit | 1 | |||
Loss contingency, potential additional loss | 235 | |||
PFOA Matters: Additional Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lawsuits alleging personal injury - filed | 2,900 | |||
PFOA MDL plaintiffs | 6 | |||
Lawsuits alleging personal injury - number of new claims filed | 2,800 | |||
PFOA Matters: Additional Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lawsuits alleging wrongful death | 27 | |||
Payment for Plaintiffs Attorney Fees [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement payments | 23 | |||
Payment to fund community health project [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement payments | $70 |
Commitments_and_Contingent_Lia7
Commitments and Contingent Liabilities (Environmental) (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Site Contingency [Line Items] | |
Accrual for environmental remediation activities | 478 |
Potential environmental liability in excess of accrued amount | 1,100 |
Minimum [Member] | |
Site Contingency [Line Items] | |
Average time frame of disbursements of environmental site remediation | 15 years |
Maximum [Member] | |
Site Contingency [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 $) | 12 Months Ended | 5 Months Ended | 132 Months Ended | 1 Months Ended | 6 Months Ended | 33 Months Ended | ||||||
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2012 | Feb. 28, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2001 | Apr. 30, 2011 |
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Payments for Repurchase of Common Stock | $2,000 | $1,000 | $400 | |||||||||
Repurchased and retired, shares | 30,110 | 20,400 | 7,778 | |||||||||
January 2014 Buyback Plan [Member] | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Share buyback plan, authorized amount | 5,000 | |||||||||||
Payments for Repurchase of Common Stock | 1,000 | |||||||||||
Repurchased and retired, shares | 15,100 | |||||||||||
August 2014 Buyback Plan [Member] | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Payments for Repurchase of Common Stock | 700 | |||||||||||
Repurchased and retired, shares | 10,400 | |||||||||||
June 2001 Buyback Plan [Member] | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Share buyback plan, authorized amount | 2,000 | |||||||||||
Repurchased and retired, shares | 42,000 | |||||||||||
Open Market Purchases [Member] | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Payments for Repurchase of Common Stock | 300 | |||||||||||
Repurchased and retired, shares | 4,700 | |||||||||||
December 2012 Buyback Plan [Member] | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Share buyback plan, authorized amount | 1,000 | |||||||||||
Payments for Repurchase of Common Stock | 1,000 | |||||||||||
Repurchased and retired, shares | 20,400 | |||||||||||
April 2011 Buyback Plan [Member] | ||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||
Share buyback plan, authorized amount | 2,000 | |||||||||||
Payments for Repurchase of Common Stock | $284 | |||||||||||
Repurchased and retired, shares | 5,500 |
Stockholders_Equity_Reconcilia
Stockholders' Equity (Reconciliation of Common Stock Share Activity) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | |||
Common stock, beginning balance | 1,014,027 | 1,020,057 | 1,013,164 |
Common stock, issued | 8,103 | 14,370 | 14,671 |
Common stock, retired | -30,110 | -20,400 | -7,778 |
Common stock, ending balance | 992,020 | 1,014,027 | 1,020,057 |
Held in treasury, beginning balance | -87,041 | -87,041 | -87,041 |
Held in treasury, repurchased | -30,110 | -20,400 | -7,778 |
Held in treasury, retired | 30,110 | 20,400 | 7,778 |
Held in treasury, ending balance | -87,041 | -87,041 | -87,041 |
Stockholders_Equity_Stockholde
Stockholders' Equity Stockholders' Equity (Noncontrolling Interest) (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | 1-May-12 |
Noncontrolling Interest [Line Items] | |||||
Payments for noncontrolling interests | $0 | $65 | $470 | ||
Deferred tax liability | 4,076 | 4,233 | |||
Solae LLC Joint Venture [Member] | |||||
Noncontrolling Interest [Line Items] | |||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 28.00% | ||||
Payments for noncontrolling interests | 447 | ||||
Carrying value of noncontrolling interest in joint venture | 378 | ||||
Deferred tax liability | 78 | ||||
Increase to additional paid-in capital | $9 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Components of Other Comprehensive Income / (Loss)) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Cumulative translation adjustment, pre-tax | ($876) | $25 | $77 | |||
Cumulative translation adjustment, tax | 0 | 0 | 0 | |||
Cumulative translation adjustment, after-tax | -876 | 25 | 77 | |||
Additions and revaluations of derivatives designated as cash flow hedges, pre-tax | 53 | [1] | -58 | [1] | 8 | [1] |
Additions and revaluations of derivatives designated as cash flow hedges, tax | -20 | 22 | -6 | |||
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | 33 | -36 | 2 | |||
Clearance of hedge results to earnings, pre-tax | 15 | -25 | -65 | |||
Net revaluation and clearance of cash flow hedges to earnings, pre-tax | 68 | -83 | -57 | |||
Net revaluation and clearance of cash flow hedges to earnings, tax | -26 | 32 | 22 | |||
Net revaluation and clearance of cash flow hedges to earnings, after-tax | 42 | -51 | -35 | |||
Net unrealized gain (loss) on securities, pre-tax | 0 | 1 | -2 | |||
Net unrealized gain (loss) on securities, tax | 0 | -1 | 1 | |||
Net unrealized gain (loss) on securities, after-tax | 0 | 0 | -1 | |||
Other comprehensive (loss) income, before tax | -4,668 | 4,868 | 253 | |||
Other comprehensive (loss) income, tax | 1,403 | -1,665 | -121 | |||
Other comprehensive (loss) income, after-tax | -3,265 | 3,203 | 132 | |||
Pension Benefit Plans, Net [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net (loss) gain, pre-tax | -4,131 | [1] | 3,293 | [1] | -1,433 | [1] |
Net (loss) gain, tax | 1,497 | -1,136 | 437 | |||
Net (loss) gain, after-tax | -2,634 | 2,157 | -996 | |||
Prior service benefit, pre-tax | 44 | [1] | 62 | [1] | 22 | [1] |
Prior service benefit, tax | -11 | -22 | -8 | |||
Prior service benefit, after-tax | 33 | 40 | 14 | |||
Amortization of prior service cost (benefit), pre-tax | 2 | [2] | 8 | [2] | 13 | [2] |
Amortization of prior service cost (benefit), tax | 0 | -2 | -4 | |||
Amortization of prior service cost (benefit), after-tax | 2 | 6 | 9 | |||
Amortization of loss, pre-tax | 601 | [2] | 957 | [2] | 887 | [2] |
Amortization of loss, tax | -209 | -331 | -305 | |||
Amortization of loss, after-tax | 392 | 626 | 582 | |||
Curtailment (gain) loss, pre-tax | 4 | [2] | 1 | [2] | 2 | [2] |
Curtailment (gain) loss, tax | -1 | 0 | 0 | |||
Curtailment (gain) loss, after-tax | 3 | 1 | 2 | |||
Settlement loss, pre-tax | 7 | [2] | 152 | [2] | 5 | [2] |
Settlement loss, tax | -2 | -45 | -2 | |||
Settlement loss, after-tax | 5 | 107 | 3 | |||
Benefit plans, net, pre-tax | -3,473 | 4,473 | -504 | |||
Benefit plans, net, tax | 1,274 | -1,536 | 118 | |||
Benefit plans, net, after-tax | -2,199 | 2,937 | -386 | |||
Other Long-Term Employee Benefit Plans [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Net (loss) gain, pre-tax | -280 | [1] | 513 | [1] | -60 | [1] |
Net (loss) gain, tax | 100 | -184 | 17 | |||
Net (loss) gain, after-tax | -180 | 329 | -43 | |||
Prior service benefit, pre-tax | 50 | [1] | 211 | [1] | 857 | [1] |
Prior service benefit, tax | -1 | -72 | -299 | |||
Prior service benefit, after-tax | 49 | 139 | 558 | |||
Amortization of prior service cost (benefit), pre-tax | -214 | [2] | -195 | [2] | -155 | [2] |
Amortization of prior service cost (benefit), tax | 76 | 69 | 54 | |||
Amortization of prior service cost (benefit), after-tax | -138 | -126 | -101 | |||
Amortization of loss, pre-tax | 57 | [2] | 76 | [2] | 94 | [2] |
Amortization of loss, tax | -20 | -27 | -33 | |||
Amortization of loss, after-tax | 37 | 49 | 61 | |||
Curtailment (gain) loss, pre-tax | 0 | [2] | -154 | [2] | 3 | [2] |
Curtailment (gain) loss, tax | 0 | 54 | -1 | |||
Curtailment (gain) loss, after-tax | 0 | -100 | 2 | |||
Settlement loss, pre-tax | 0 | [2] | 1 | [2] | 0 | [2] |
Settlement loss, tax | 0 | 0 | 0 | |||
Settlement loss, after-tax | 0 | 1 | 0 | |||
Benefit plans, net, pre-tax | -387 | 452 | 739 | |||
Benefit plans, net, tax | 155 | -160 | -262 | |||
Benefit plans, net, after-tax | -232 | 292 | 477 | |||
Foreign Currency Contract [Member] | Net sales [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Clearance of hedge results to earnings, pre-tax | -15 | -1 | -21 | |||
Clearance of hedge results to earnings, tax | 5 | 0 | 8 | |||
Clearance of hedge results to earnings, after-tax | -10 | -1 | -13 | |||
Commodity Contract [Member] | Cost of goods sold [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Clearance of hedge results to earnings, pre-tax | 30 | -24 | -44 | |||
Clearance of hedge results to earnings, tax | -11 | 10 | 20 | |||
Clearance of hedge results to earnings, after-tax | $19 | ($14) | ($24) | |||
[1] | These amounts represent changes in accumulated other comprehensive income excluding changes due to reclassifying amounts to the 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 17 for additional information. |
Stockholders_Equity_Stockholde1
Stockholders' Equity Stockholders' Equity (Schedule of Components of Other Comprehensive Income / (Loss)) (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax benefit (expense) recorded in Stockholders' Equity | $1,461 | ($1,617) | ($70) |
Tax benefits associated with stock compensation programs | $58 | $48 | $51 |
Stockholders_Equity_Schedule_o1
Stockholders' Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
AOCI [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | ($5,441) | ($8,646) | ($8,750) |
Other comprehensive income (loss) before reclassifications | -3,575 | 2,656 | -417 |
Amounts reclassified from accumulated other comprehensive income (loss) | 309 | 549 | 521 |
Accumulated other comprehensive loss, ending balance | -8,707 | -5,441 | -8,646 |
Cumulative Translation Adjustment [Member] | |||
AOCI [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | -140 | -167 | -244 |
Other comprehensive income (loss) before reclassifications, CTA | -876 | 27 | 77 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Accumulated other comprehensive loss, ending balance | -1,016 | -140 | -167 |
Net Revaluation and Clearance of Cash Flow Hedges to Earnings [Member] | |||
AOCI [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | -48 | 3 | 41 |
Other comprehensive income (loss) before reclassifications, cash flow hedges | 33 | -36 | -1 |
Amounts reclassified from accumulated other comprehensive income (loss), cash flow hedges | 9 | -15 | -37 |
Accumulated other comprehensive loss, ending balance | -6 | -48 | 3 |
Pension Benefit Plans, Net [Member] | |||
AOCI [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | -5,749 | -8,686 | -8,276 |
Other comprehensive income (loss) before reclassifications, pension and other benefit plans | -2,601 | 2,197 | -1,006 |
Amounts reclassified from accumulated other comprehensive income (loss), pension and other benefit plans | 401 | 740 | 596 |
Accumulated other comprehensive loss, ending balance | -7,949 | -5,749 | -8,686 |
Other Long-Term Employee Benefit Plans [Member] | |||
AOCI [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | 494 | 202 | -274 |
Other comprehensive income (loss) before reclassifications, pension and other benefit plans | -131 | 468 | 514 |
Amounts reclassified from accumulated other comprehensive income (loss), pension and other benefit plans | -101 | -176 | -38 |
Accumulated other comprehensive loss, ending balance | 262 | 494 | 202 |
Unrealized Gain (Loss) on Securities [Member] | |||
AOCI [Roll Forward] | |||
Accumulated other comprehensive loss, beginning balance | 2 | 2 | 3 |
Other comprehensive income (loss) before reclassifications, securities | 0 | 0 | -1 |
Amounts reclassified from accumulated other comprehensive income (loss), securities | 0 | 0 | 0 |
Accumulated other comprehensive loss, ending balance | $2 | $2 | $2 |
LongTerm_Employee_Benefits_Nar
Long-Term Employee Benefits (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation | $27,923 | $24,685 | |
Pre-tax net loss that will be amortized from accumulated other comprehensive income in next fiscal year | 838 | ||
Pre-tax prior service cost/(credit) that will be amortized from accumulated other comprehensive income in next fiscal year | -7 | ||
Net periodic benefit costs, discount rate | 4.55% | 3.90% | 4.32% |
Net periodic benefit costs, expected return on plan assets | 8.35% | 8.39% | 8.61% |
Rate of compensation increase | 4.22% | 4.14% | 4.18% |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit costs, discount rate | 4.90% | 4.10% | 4.38% |
Net periodic benefit costs, expected return on plan assets | 8.75% | 8.75% | 8.96% |
Rate of compensation increase | 4.50% | 4.40% | 4.40% |
Other Long-Term Employee Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pre-tax net loss that will be amortized from accumulated other comprehensive income in next fiscal year | 76 | ||
Pre-tax prior service cost/(credit) that will be amortized from accumulated other comprehensive income in next fiscal year | ($208) |
LongTerm_Employee_Benefits_Sum
Long-Term Employee Benefits (Summarized Information on Pension and Other Long-Term Benefits Plans) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at end of year | $20,446 | $20,614 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | -9,223 | -5,675 | ||
Other liabilities (Note 14) | -9,167 | -5,575 | ||
Net amount recognized | -9,223 | -5,675 | ||
Pension Plan [Member] | Change In Benefit Obligation [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 26,289 | 29,179 | ||
Service cost | 241 | 271 | ||
Interest cost | 1,162 | 1,088 | ||
Plan participants' contributions | 21 | 23 | ||
Actuarial loss (gain) | 3,672 | -2,104 | ||
Benefits paid | -1,651 | -1,626 | ||
Amendments | -44 | -62 | ||
Net effects of acquisitions/divestitures | -21 | -480 | ||
Benefit obligation at end of year | 29,669 | 26,289 | ||
Pension Plan [Member] | Change In Plan Assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Plan participants' contributions | 21 | 23 | ||
Benefits paid | -1,651 | -1,626 | ||
Net effects of acquisitions/divestitures | -12 | -209 | ||
Fair value of plan assets at beginning of year | 20,614 | 19,399 | ||
Actual gain on plan assets | 1,163 | 2,714 | ||
Employer contributions | 311 | 313 | ||
Fair value of plan assets at end of year | 20,446 | 20,614 | ||
Pension Plan [Member] | United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | -7,072 | -3,546 | ||
Pension Plan [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | -709 | -686 | ||
Pension Plan [Member] | All Other Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | -1,442 | [1] | -1,443 | [1] |
Pension Plan [Member] | Other assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other assets | 64 | 11 | ||
Pension Plan [Member] | Other accrued liabilities [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other accrued liabilities (Note 12) | -120 | -111 | ||
Pension Plan [Member] | Other liabilities [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other liabilities (Note 14) | -9,167 | -5,575 | ||
Other Long-Term Employee Benefit Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Employer contributions | 233 | 207 | ||
Funded status of plan | -2,889 | -2,754 | ||
Other liabilities (Note 14) | -2,666 | -2,530 | ||
Net amount recognized | -2,889 | -2,754 | ||
Other Long-Term Employee Benefit Plans [Member] | Change In Benefit Obligation [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 2,754 | 3,532 | ||
Service cost | 17 | 29 | ||
Interest cost | 121 | 130 | ||
Plan participants' contributions | 37 | 33 | ||
Actuarial loss (gain) | 280 | -515 | ||
Benefits paid | -270 | -240 | ||
Amendments | -50 | -211 | [2] | |
Net effects of acquisitions/divestitures | 0 | -4 | ||
Benefit obligation at end of year | 2,889 | 2,754 | ||
Other Long-Term Employee Benefit Plans [Member] | Change In Plan Assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Plan participants' contributions | 37 | 33 | ||
Benefits paid | -270 | -240 | ||
Net effects of acquisitions/divestitures | 0 | 0 | ||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Actual gain on plan assets | 0 | 0 | ||
Employer contributions | 233 | 207 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Other Long-Term Employee Benefit Plans [Member] | United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | 0 | 0 | ||
Other Long-Term Employee Benefit Plans [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | 0 | 0 | ||
Other Long-Term Employee Benefit Plans [Member] | All Other Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | -2,889 | -2,754 | ||
Other Long-Term Employee Benefit Plans [Member] | Other assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other assets | 0 | 0 | ||
Other Long-Term Employee Benefit Plans [Member] | Other accrued liabilities [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other accrued liabilities (Note 12) | -223 | -224 | ||
Other Long-Term Employee Benefit Plans [Member] | Other liabilities [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other liabilities (Note 14) | ($2,666) | ($2,530) | ||
[1] | Includes pension plans maintained around the world where funding is not customary. | |||
[2] | Primarily due to amendments in 2013 to the company's U.S. parent company retiree life insurance plan for employees retiring on and after January 1, 2015 and subsidiaries retiree health care plans. |
LongTerm_Employee_Benefits_Sch
Long-Term Employee Benefits (Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | ($12,164) | ($8,640) |
Prior service benefit | 59 | 9 |
Pre-tax amounts recognized in accumulated other comprehensive income | -12,105 | -8,631 |
Other Long-Term Employee Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | -870 | -647 |
Prior service benefit | 1,269 | 1,433 |
Pre-tax amounts recognized in accumulated other comprehensive income | $399 | $786 |
LongTerm_Employee_Benefits_Sch1
Long-Term Employee Benefits (Schedule of Information for Pension Plans with Projected Benefit Obligation in Excess of Plan Assets) (Details) (Pension Plan [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $28,079 | $26,158 |
Accumulated benefit obligation | 26,498 | 24,574 |
Fair value of plan assets | $18,792 | $20,472 |
LongTerm_Employee_Benefits_Sch2
Long-Term Employee Benefits (Schedule of Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets) (Details) (Pension Plan [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $27,892 | $25,350 |
Accumulated benefit obligation | 26,367 | 23,906 |
Fair value of plan assets | $18,638 | $19,744 |
LongTerm_Employee_Benefits_Sch3
Long-Term Employee Benefits (Schedules of Net Periodic Benefit Cost of Pension Benefits) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit (credit) cost | $406 | $953 | $832 | |||
Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Noncontrolling Interest | 1 | 0 | -1 | |||
Accumulated other comprehensive income assumed from purchase of noncontrolling interest | 0 | 0 | 25 | |||
Total loss (benefit) recognized in other comprehensive income, attributable to DuPont | 3,474 | -4,473 | 528 | |||
Total recognized in net periodic benefit cost and other comprehensive income | 3,880 | -3,520 | 1,360 | |||
Net Periodic Benefit (Credit) Cost [Member] | Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 241 | 271 | 277 | |||
Interest cost | 1,162 | 1,088 | 1,165 | |||
Expected return on plan assets | -1,611 | -1,524 | -1,517 | |||
Amortization of loss | 601 | 957 | 887 | |||
Amortization of prior service (benefit) cost | 2 | 8 | 13 | |||
Curtailment loss | 4 | 1 | -2 | |||
Settlement loss | 7 | 152 | 5 | |||
Net periodic benefit (credit) cost | 406 | [1] | 953 | [1] | 832 | [1] |
Discontinued Operations [Member] | Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit (credit) cost | 0 | 3 | 42 | |||
Changes in Plan Assets and Benefit Obligations Recognized in OCI [Member] | Pension Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net loss (gain) | 4,131 | -3,293 | 1,433 | |||
Amortization of loss | -601 | -957 | -887 | |||
Prior service benefit | -44 | -62 | -22 | |||
Amortization of prior service benefit (cost) | -2 | -8 | -13 | |||
Curtailment (loss) gain | -4 | -1 | 2 | |||
Settlement loss | -7 | -152 | 5 | |||
Total loss (benefit) recognized in other comprehensive income | $3,473 | ($4,473) | $504 | |||
[1] | The above amounts include net periodic benefit cost relating to discontinued operations for 2014, 2013 and 2012 of $0, $3 and $42, respectively. |
LongTerm_Employee_Benefits_Sch4
Long-Term Employee Benefits (Schedules of Net Periodic Benefit Costs) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit (credit) cost | $406 | $953 | $832 | |||
Other Long-Term Employee Benefit Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Accumulated other comprehensive income assumed from purchase of noncontrolling interest | 0 | 0 | 1 | |||
Total loss (benefit) recognized in other comprehensive income, attributable to DuPont | 387 | -452 | -738 | |||
Total recognized in net periodic benefit cost and other comprehensive income | 368 | -565 | -585 | |||
Net Periodic Benefit (Credit) Cost [Member] | Other Long-Term Employee Benefit Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 17 | 29 | 37 | |||
Interest cost | 121 | 130 | 174 | |||
Amortization of loss | 57 | 76 | 94 | |||
Amortization of prior service (benefit) cost | -214 | -195 | -155 | |||
Curtailment loss (gain) | 0 | -154 | -3 | |||
Settlement loss | 0 | 1 | 0 | |||
Net periodic benefit (credit) cost | -19 | [1] | -113 | [1] | 153 | [1] |
Discontinued Operations [Member] | Other Long-Term Employee Benefit Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net periodic benefit (credit) cost | 0 | 0 | 2 | |||
Changes in Plan Assets and Benefit Obligations Recognized in OCI [Member] | Other Long-Term Employee Benefit Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Net loss (gain) | 280 | -513 | 60 | |||
Amortization of loss | -57 | -76 | -94 | |||
Prior service benefit | -50 | -211 | -857 | |||
Amortization of prior service benefit (cost) | 214 | 195 | 155 | |||
Curtailment (loss) gain | 0 | 154 | 3 | |||
Settlement loss | 0 | 1 | 0 | |||
Total loss (benefit) recognized in other comprehensive income | $387 | ($452) | ($739) | |||
[1] | The above amounts include net periodic benefit cost relating to discontinued operations for 2014, 2013 and 2012 of $0, $0 and $2, respectively. |
LongTerm_Employee_Benefits_Sch5
Long-Term Employee Benefits (Schedule of Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 3.78% | 4.58% | ||
Rate of compensation increase | 4.00% | [1] | 4.22% | [1] |
Other Long-Term Employee Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 3.95% | 4.60% | ||
Rate of compensation increase | 0.00% | [1] | 0.00% | [1] |
[1] | The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant's entire career at the company. |
LongTerm_Employee_Benefits_Sch6
Long-Term Employee Benefits (Schedule of Assumptions Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Long-Term Employee Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.60% | 3.85% | 4.49% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 4.40% | 4.40% |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.55% | 3.90% | 4.32% |
Expected return on plan assets | 8.35% | 8.39% | 8.61% |
Rate of compensation increase | 4.22% | 4.14% | 4.18% |
LongTerm_Employee_Benefits_Sch7
Long-Term Employee Benefits (Schedule of Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2022 | 2022 |
LongTerm_Employee_Benefits_Sch8
Long-Term Employee Benefits (Schedule of a One-Percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Effect of a 1-percentage point increase on total of service and interest cost | $2 |
Effect of a 1-percentage point decrease on total of service and interest cost | -2 |
Effect of a 1-percentage point increase on postretirement benefit obligation | 30 |
Effect of a 1-percentage point decrease on postretirement benefit obligation | ($30) |
LongTerm_Employee_Benefits_Pla
Long-Term Employee Benefits (Plan Assets) (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 28.00% | 27.00% |
Non-U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 21.00% | 21.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 32.00% | 33.00% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 2.00% | 2.00% |
Private market securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 9.00% | 10.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 5.00% | 7.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 3.00% | 0.00% |
LongTerm_Employee_Benefits_Sch9
Long-Term Employee Benefits (Schedule of Fair Value of Pension Assets) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $20,446 | $20,614 | ||
Fair value of plan assets excluding trust receivables and payables | 20,786 | 20,884 | ||
Pension trust receivables | 413 | [1] | 200 | [1] |
Pension trust payables | -753 | [2] | -470 | [2] |
DuPont securities held in plan assets | 737 | 648 | ||
Percent of plan assets which are DuPont securities | 4.00% | 3.00% | ||
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,310 | 3,076 | ||
U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,610 | [3] | 4,432 | [3] |
Non-U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,870 | 4,005 | ||
Debt - government issued [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,649 | 2,275 | ||
Debt - corporate issued [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,600 | 1,961 | ||
Debt - Asset-backed [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 914 | 925 | ||
Hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 445 | 435 | ||
Private market securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,296 | 2,577 | ||
Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,065 | 1,179 | ||
Derivatives - Asset Position [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 106 | 97 | ||
Derivatives - Liability Position [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | -79 | -78 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 12,178 | 12,633 | ||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,310 | 3,073 | ||
Fair Value, Inputs, Level 1 [Member] | U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,566 | [3] | 4,383 | [3] |
Fair Value, Inputs, Level 1 [Member] | Non-U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,813 | 3,965 | ||
Fair Value, Inputs, Level 1 [Member] | Debt - government issued [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 990 | 701 | ||
Fair Value, Inputs, Level 1 [Member] | Debt - corporate issued [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 370 | 376 | ||
Fair Value, Inputs, Level 1 [Member] | Debt - Asset-backed [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 46 | 51 | ||
Fair Value, Inputs, Level 1 [Member] | Hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Private market securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 76 | 73 | ||
Fair Value, Inputs, Level 1 [Member] | Derivatives - Asset Position [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 7 | 18 | ||
Fair Value, Inputs, Level 1 [Member] | Derivatives - Liability Position [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | -7 | ||
Level 2 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4,843 | 4,086 | ||
Level 2 Inputs [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 3 | ||
Level 2 Inputs [Member] | U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 15 | [3] | 22 | [3] |
Level 2 Inputs [Member] | Non-U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 53 | 37 | ||
Level 2 Inputs [Member] | Debt - government issued [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1,659 | 1,574 | ||
Level 2 Inputs [Member] | Debt - corporate issued [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,215 | 1,566 | ||
Level 2 Inputs [Member] | Debt - Asset-backed [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 867 | 870 | ||
Level 2 Inputs [Member] | Hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 1 | ||
Level 2 Inputs [Member] | Private market securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 11 | 5 | ||
Level 2 Inputs [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3 | 0 | ||
Level 2 Inputs [Member] | Derivatives - Asset Position [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 99 | 79 | ||
Level 2 Inputs [Member] | Derivatives - Liability Position [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | -79 | -71 | ||
Level 3 Inputs [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 3,765 | 4,165 | ||
Level 3 Inputs [Member] | Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Level 3 Inputs [Member] | U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 29 | [3] | 27 | [3] |
Level 3 Inputs [Member] | Non-U.S. Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 4 | 3 | ||
Level 3 Inputs [Member] | Debt - government issued [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Level 3 Inputs [Member] | Debt - corporate issued [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 15 | 19 | ||
Level 3 Inputs [Member] | Debt - Asset-backed [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 1 | 4 | ||
Level 3 Inputs [Member] | Hedge funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 445 | 434 | ||
Level 3 Inputs [Member] | Private market securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 2,285 | 2,572 | ||
Level 3 Inputs [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 986 | 1,106 | ||
Level 3 Inputs [Member] | Derivatives - Asset Position [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | 0 | 0 | ||
Level 3 Inputs [Member] | Derivatives - Liability Position [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets | $0 | $0 | ||
[1] | Primarily receivables for investment securities sold. | |||
[2] | Primarily payables for investment securities purchased. | |||
[3] | The company's pension plans directly held $737 (4 percent of total plan assets) and $648 (3 percent of total plan assets) of DuPont common stock at DecemberB 31, 2014 and 2013, respectively. |
Recovered_Sheet1
Long-Term Employee Benefits (Schedule of Fair Value of Plan Assets Held in Level 3) (Details) (Level 3 Inputs [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $4,165 | $4,212 |
Realized gain (loss) | 101 | 42 |
Change in unrealized gain (loss) | -68 | 185 |
Purchases, sales and settlements, net | -425 | -278 |
Transfers (out) in of Level 3 | -8 | 4 |
Ending balance | 3,765 | 4,165 |
U.S. Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 27 | 18 |
Realized gain (loss) | -5 | 0 |
Change in unrealized gain (loss) | -14 | 5 |
Purchases, sales and settlements, net | 24 | 6 |
Transfers (out) in of Level 3 | -3 | -2 |
Ending balance | 29 | 27 |
Non-U.S. Equity Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 3 | 0 |
Realized gain (loss) | 0 | 0 |
Change in unrealized gain (loss) | -2 | 1 |
Purchases, sales and settlements, net | 3 | 1 |
Transfers (out) in of Level 3 | 0 | 1 |
Ending balance | 4 | 3 |
Debt - corporate issued [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 19 | 27 |
Realized gain (loss) | 11 | 0 |
Change in unrealized gain (loss) | -2 | -8 |
Purchases, sales and settlements, net | -10 | -1 |
Transfers (out) in of Level 3 | -3 | 1 |
Ending balance | 15 | 19 |
Debt - Asset-backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 4 | 2 |
Realized gain (loss) | 0 | 0 |
Change in unrealized gain (loss) | -1 | 0 |
Purchases, sales and settlements, net | 0 | 0 |
Transfers (out) in of Level 3 | -2 | 2 |
Ending balance | 1 | 4 |
Hedge funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 434 | 387 |
Realized gain (loss) | 12 | 3 |
Change in unrealized gain (loss) | 8 | 22 |
Purchases, sales and settlements, net | -9 | 22 |
Transfers (out) in of Level 3 | 0 | 0 |
Ending balance | 445 | 434 |
Private market securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 2,572 | 2,624 |
Realized gain (loss) | 83 | 39 |
Change in unrealized gain (loss) | -71 | 88 |
Purchases, sales and settlements, net | -299 | -181 |
Transfers (out) in of Level 3 | 0 | 2 |
Ending balance | 2,285 | 2,572 |
Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,106 | 1,154 |
Realized gain (loss) | 0 | 0 |
Change in unrealized gain (loss) | 14 | 77 |
Purchases, sales and settlements, net | -134 | -125 |
Transfers (out) in of Level 3 | 0 | 0 |
Ending balance | $986 | $1,106 |
LongTerm_Employee_Benefits_Con
Long-Term Employee Benefits (Contributions) (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Principal U.S. Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $0 | $500 | ||
Expected 2015 contributions to principal U.S. pension plan | 50 | |||
Pension Plan Other Than Principal Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 190 | 197 | ||
Employer Contributions in 2015 | about the same | |||
Remaining pension plans with no plan assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 121 | 116 | ||
Employer Contributions in 2015 | about the same | |||
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $233 | $207 | ||
Employer Contributions in 2015 | about the same |
Recovered_Sheet2
Long-Term Employee Benefits (Schedule of Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | $1,636 |
2016 | 1,608 |
2017 | 1,622 |
2018 | 1,633 |
2019 | 1,656 |
Years 2020 - 2024 | 8,455 |
Other Long-Term Employee Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2015 | 224 |
2016 | 215 |
2017 | 207 |
2018 | 201 |
2019 | 194 |
Years 2020 - 2024 | $880 |
LongTerm_Employee_Benefits_Def
Long-Term Employee Benefits (Defined Contribution Plan) (Narrative) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2015 |
Other Defined Contribution Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution | $66 | $105 | $124 | |
Defined Contribution Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan estimated future employer contributions in next fiscal year | 340 | |||
Discontinued Operations [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution | 0 | 2 | 30 | |
U.S. Defined Contribution Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution | $262 | $208 | $212 | |
US Retirement Savings Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percent of portion of employee's contribution matched by the employer | 100.00% | |||
Maximum percent of eligible compensation matched by employer | 6.00% | |||
Percent of eligible compensation contributed to defined contribution plan | 3.00% | |||
Requisite service period, years | 3 years 0 months 0 days |
Compensation_Plans_Narrative_D
Compensation Plans (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock based compensation cost | $151 | $129 | $105 | |
Income tax benefits related to stock-based compensation arrangements | $50 | $43 | $35 | |
Equity and Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares each share counts against maximum once base threshold is exceeded | 4.5 | |||
Equity and Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum Number Of Shares Reserved For Grant Or Settlement Of Awards | 110,000,000 | |||
Shares in excess must be counted against maximum number of shares granted | 30,000,000 | |||
Shares authorized for future grants | 45,000,000 |
Compensation_Plans_Stock_Optio
Compensation Plans (Stock Options) (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Realized tax benefit from stock options exercised | $50,000,000 | $43,000,000 | $35,000,000 |
Stock Options Granted Between 2004 and 2008 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option term | 6 years | ||
Vesting period | 3 years | ||
Stock Options Granted Prior to 2004 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option term | 10 years | ||
Stock Options Granted Between 2009 and 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option term | 7 years | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Requisite service period for retirement eligible employees | 6 months | ||
Weighted-average grant date fair value of options granted | $13.68 | $10.40 | $11.81 |
Total intrinsic value of options exercised | 219,000,000 | 230,000,000 | 147,000,000 |
Realized tax benefit from stock options exercised | 72,000,000 | ||
Unrecognized stock-based compensation expense | $34,000,000 | ||
Unrecognized stock-based compensation expense, weighted-average recognition period, in years | 1 year 8 months 20 days |
Compensation_Plans_Schedule_of
Compensation Plans (Schedule of Assumptions Used in Determining Fair Value of Stock Options) (Details) (Stock Options [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.90% | 3.60% | 3.20% |
Volatility | 31.33% | 34.86% | 34.87% |
Risk-free interest rate | 1.70% | 1.00% | 0.90% |
Expected life (years) | 5 years 3 months 19 days | 5 years 3 months 18 days | 5 years 3 months 18 days |
Compensation_Plans_Schedule_of1
Compensation Plans (Schedule of Stock Option Awards) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Compensation Plans [Abstract] | |
Options outstanding, December 31, 2013 | 21,571 |
Number of shares, granted | 4,592 |
Number of shares, exercised | -7,035 |
Number of shares, forfeited | -168 |
Number of shares, cancelled | -65 |
Options outstanding, December 31, 2014 | 18,895 |
Number of shares, exercisable, December 31, 2014 | 9,251 |
Weighted average exercise price outstanding, December 31, 2013 | $41.58 |
Weighted average exercise price, granted | $61.91 |
Weighted average exercise price, exercised | $36.26 |
Weighted average exercise price, forfeited | $55.55 |
Weighted average exercise price, cancelled | $49.47 |
Weighted average exercise price outstanding, December 31, 2014 | $48.34 |
Weighted average exercise price, exercisable, December 31, 2014 | $41.46 |
Weighted average remaining contractual term, outstanding, years | 4 years 2 months 24 days |
Weighted average remaining contractual term, exercisable, years | 2 years 11 months 17 days |
Aggregate intrinsic value, outstanding | $484,341 |
Aggregate intrinsic value, exercisable | $300,498 |
Compensation_Plans_RSUs_and_PS
Compensation Plans (RSUs and PSUs) (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 1,623,000 | ||
Weighted-average grant date fair value per share, granted | $64.64 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Requisite service period for retirement eligible employees | 6 months | ||
Senior Management Restricted Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Senior Management Restricted Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 348,516 | ||
Grant date fair value | $80.01 | ||
Performance Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that will ultimately vest | 0.00% | ||
Performance Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that will ultimately vest | 200.00% | ||
Restricted Stock Units and Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value per share, granted | $64.64 | $48.06 | $47.17 |
Unrecognized stock-based compensation expense | $76 | ||
Unrecognized stock-based compensation expense, weighted-average recognition period, in years | 1 year 9 months 49 days | ||
Total fair value of stock units vested | $75 | $75 | $68 |
Compensation_Plans_Schedule_of2
Compensation Plans (Schedule of Non-Vested Awards of RSUs and PSUs) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Compensation Plans [Abstract] | |
Nonvested, December 31, 2013 | 3,765 |
Granted | 1,623 |
Vested | -1,475 |
Forfeited | -156 |
Nonvested, December 31, 2014 | 3,757 |
Nonvested weighted-average grant date fair value per share, December 31, 2013 | $52.41 |
Weighted-average grant date fair value per share, granted | $64.64 |
Weighted-average grant date fair value per share, vested | $50.68 |
Weighted-average grant date fair value per share, forfeited | $59.73 |
Nonvested weighted-average grant date fair value per share, December 31, 2014 | $57.60 |
Compensation_Plans_Other_CashB
Compensation Plans (Other Cash-Based Awards) (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Awards Under the EIP Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash awards | $38 | $60 | $60 |
Other Variable Compensation Programs [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Cash awards | $151 | $317 | $379 |
Derivatives_and_Other_Hedging_2
Derivatives and Other Hedging Instruments (Notional Amounts of Derivatives) (Details) (USD $) | Dec. 31, 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 | 434 | 1,107 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 388 | 606 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 10,586 | 9,553 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $166 | $281 |
Derivatives_and_Other_Hedging_3
Derivatives and Other Hedging Instruments (Effect of Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivative [Line Items] | |||
Portion of ending balance of gain (loss) expected to be reclassified into earnings over the next twelve months, after-tax | ($6) | ||
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Beginning balance, after-tax | -48 | 3 | |
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | 33 | -36 | |
Clearance of hedge results to earnings, after-tax | 9 | -15 | |
Ending balance, after-tax | ($6) | ($48) |
Derivatives_and_Other_Hedging_4
Derivatives and Other Hedging Instruments (Schedule of the Fair Value of Derivative Instruments) (Details) (Fair Value, Measurements, Recurring [Member], Level 2 Inputs [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | $265 | [1] | $121 | [1] |
Liability derivatives | 73 | [1] | 75 | [1] |
Derivative assets and liabilities subject to master netting arrangement | 67 | 54 | ||
Other accrued liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 47 | [2],[3] | 30 | [2],[3] |
Designated as Hedging Instrument [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 11 | 35 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 6 | 17 | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Other Assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 0 | [3] | 29 | [3] |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Accounts and Notes Receivable, Net [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 1 | 0 | ||
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accounts and Notes Receivable, Net [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 10 | 6 | ||
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other accrued liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 10 | 4 | ||
Not Designated as Hedging Instrument [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 63 | 71 | ||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 41 | 13 | ||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accounts and Notes Receivable, Net [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 254 | [2] | 86 | [2] |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other accrued liabilities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 62 | 70 | ||
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other accrued liabilities [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 $67 at DecemberB 31, 2014 and $54 at DecemberB 31, 2013. | |||
[2] | Cash collateral held as of DecemberB 31, 2014 and 2013 represents $41 and $13, respectively, related to foreign currency derivatives not designated as hedging instruments. | |||
[3] | Cash collateral held as of DecemberB 31, 2014 and 2013 represents $6 and $17, respectively, related to interest rate swap derivatives designated as hedging instruments. |
Derivatives_and_Other_Hedging_5
Derivatives and Other Hedging Instruments (Effect of Derivative Instruments) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | $53 | [1] | ($58) | [1] | $5 | [1] |
Amount of Gain (Loss) Recognized in Income | 543 | [2] | 24 | [2] | -125 | [2] |
Other income, net [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (loss) on foreign currency denominated monetary assets and liabilities | -472 | -163 | -58 | |||
Designated as Hedging Instrument [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 53 | [1] | -58 | [1] | 5 | [1] |
Amount of Gain (Loss) Recognized in Income | -43 | [2] | -1 | [2] | 54 | [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] |
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 | -28 | [2],[3] | -26 | [2],[3] | -11 | [2],[3] |
Gain (loss) recognized in interest expense, offset | 0 | 0 | 0 | |||
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) | 27 | [1] | 9 | [1] | -2 | [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 | 15 | [2] | 1 | [2] | 21 | [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) | 26 | [1] | -67 | [1] | 7 | [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 | -30 | [2] | 24 | [2] | 44 | [2] |
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] |
Amount of Gain (Loss) Recognized in Income | 586 | [2] | 25 | [2] | -179 | [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] |
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 | 607 | [2],[4] | 35 | [2],[4] | -157 | [2],[4] |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | 0 | [1] | 0 | [1] | 0 | [1] |
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 | ($21) | [2] | ($10) | [2] | ($22) | [2] |
[1] | OCI is defined as other comprehensive income (loss). | |||||
[2] | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the years ended DecemberB 31, 2014, 2013 and 2012, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||||
[3] | Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. | |||||
[4] | Gain (loss) recognized in other income, 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 $(472), $(163) and $(58) for 2014, 2013 and 2012, respectively. |
Geographic_Information_Schedul
Geographic Information Schedule of Net Sales by Country (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | $7,378 | $7,511 | $9,706 | $10,128 | $7,747 | $7,735 | $9,844 | $10,408 | $34,723 | [1] | $35,734 | [1] | $34,812 | [1] |
Geographic information threshold | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||||||
UNITED STATES | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 13,081 | [1] | 13,763 | [1] | 13,284 | [1] | ||||||||
CANADA | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 973 | [1] | 1,025 | [1] | 921 | [1] | ||||||||
FRANCE | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 776 | [1] | 749 | [1] | 765 | [1] | ||||||||
GERMANY | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 1,510 | [1] | 1,502 | [1] | 1,557 | [1] | ||||||||
ITALY | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 750 | [1] | 728 | [1] | 764 | [1] | ||||||||
Africa [Member] | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 568 | [1] | 597 | [1] | 461 | [1] | ||||||||
Europe, Middle East, and Africa, Other [Member] | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 4,879 | [1] | 4,803 | [1] | 4,493 | [1] | ||||||||
Europe, Middle East, and Africa [Member] | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 8,483 | [1],[2] | 8,379 | [1],[2] | 8,040 | [1],[2] | ||||||||
CHINA | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 2,835 | [1] | 2,720 | [1] | 2,666 | [1] | ||||||||
INDIA | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 787 | [1] | 740 | [1] | 745 | [1] | ||||||||
JAPAN | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 1,218 | [1] | 1,292 | [1] | 1,577 | [1] | ||||||||
Asia Pacific, Other [Member] | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 2,863 | [1] | 3,023 | [1] | 3,039 | [1] | ||||||||
Asia Pacific [Member] | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 7,703 | [1] | 7,775 | [1] | 8,027 | [1] | ||||||||
BRAZIL | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 2,328 | [1] | 2,565 | [1] | 2,363 | [1] | ||||||||
MEXICO | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 1,088 | [1] | 1,070 | [1] | 1,044 | [1] | ||||||||
Latin America, Other [Member] | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | 1,067 | [1] | 1,157 | [1] | 1,133 | [1] | ||||||||
Latin America [Member] | ||||||||||||||
Net Sales by Country [Line Items] | ||||||||||||||
Net sales | $4,483 | [1] | $4,792 | [1] | $4,540 | [1] | ||||||||
[1] | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. | |||||||||||||
[2] | Europe, Middle East, and Africa (EMEA). |
Geographic_Information_Schedul1
Geographic Information Schedule of Net Property by Country (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
In Millions, unless otherwise specified | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | $13,386 | [1] | $12,993 | [1] | $12,741 | [1] |
Geographic information threshold | 2.00% | 2.00% | 2.00% | |||
UNITED STATES | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 8,905 | [1] | 8,598 | [1] | 8,512 | [1] |
CANADA | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 152 | [1] | 142 | [1] | 149 | [1] |
Denmark [Member] | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 242 | [1] | 280 | [1] | 320 | [1] |
FRANCE | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 253 | [1] | 269 | [1] | 243 | [1] |
SPAIN | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 251 | [1] | 270 | [1] | 269 | [1] |
NETHERLANDS | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 306 | [1] | 308 | [1] | 289 | [1] |
Europe, Middle East, and Africa, Other [Member] | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 1,180 | [1] | 1,255 | [1] | 1,182 | [1] |
Europe, Middle East, and Africa [Member] | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 2,232 | [1],[2] | 2,382 | [1],[2] | 2,303 | [1],[2] |
CHINA | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 348 | [1] | 356 | [1] | 423 | [1] |
Asia Pacific, Other [Member] | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 634 | [1] | 638 | [1] | 624 | [1] |
Asia Pacific [Member] | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 982 | [1] | 994 | [1] | 1,047 | [1] |
BRAZIL | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 415 | [1] | 394 | [1] | 348 | [1] |
MEXICO | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 601 | [1] | 421 | [1] | 307 | [1] |
Latin America, Other [Member] | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | 99 | [1] | 62 | [1] | 75 | [1] |
Latin America [Member] | ||||||
Net Property by Country [Line Items] | ||||||
Net Property | $1,115 | [1] | $877 | [1] | $730 | [1] |
[1] | Net property is presented for locations with greater than two percent of the total and includes property, plant and equipment less accumulated depreciation. | |||||
[2] | Europe, Middle East, and Africa (EMEA). |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Businesses | 12 |
Number of Reportable Segments | 7 |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Segment Reporting Information [Line Items] | |||||||||||||||
Net sales | $7,378 | $7,511 | $9,706 | $10,128 | $7,747 | $7,735 | $9,844 | $10,408 | $34,723 | [1] | $35,734 | [1] | $34,812 | [1] | |
PTOI | 6,356 | 5,369 | 5,369 | ||||||||||||
Depreciation and amortization | 1,617 | 1,603 | [2] | 1,713 | [2] | ||||||||||
Equity in earnings of affiliates | -10 | 41 | [2] | 102 | [2] | ||||||||||
Segment net assets | 27,770 | 27,361 | 27,770 | 27,361 | 26,513 | ||||||||||
Affiliate net assets | 886 | 1,011 | [2] | 886 | 1,011 | [2] | 1,163 | [2] | |||||||
Purchases of property, plant and equipment | 2,020 | 1,882 | [2] | 1,793 | [2] | ||||||||||
Assets held for sale | 0 | 228 | 0 | 228 | |||||||||||
Operating Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 35,011 | 36,046 | 35,194 | ||||||||||||
Less: Transfers | 288 | 312 | 382 | ||||||||||||
Net sales | 34,723 | 35,734 | 34,812 | ||||||||||||
PTOI | 6,356 | 5,369 | 5,369 | ||||||||||||
Depreciation and amortization | 1,455 | 1,429 | 1,442 | ||||||||||||
Equity in earnings of affiliates | -10 | 37 | 99 | ||||||||||||
Segment net assets | 27,770 | 27,361 | 27,770 | 27,361 | 26,513 | ||||||||||
Affiliate net assets | 1,149 | 1,269 | 1,149 | 1,269 | 1,468 | ||||||||||
Purchases of property, plant and equipment | 1,625 | 1,602 | 1,431 | ||||||||||||
Agriculture [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 11,304 | 11,739 | 10,426 | ||||||||||||
Less: Transfers | 8 | 11 | 5 | ||||||||||||
Net sales | 11,296 | 11,728 | 10,421 | ||||||||||||
PTOI | 2,668 | 2,132 | 1,669 | ||||||||||||
Depreciation and amortization | 436 | 358 | 337 | ||||||||||||
Equity in earnings of affiliates | 32 | 36 | 30 | ||||||||||||
Segment net assets | 6,652 | 5,883 | 6,652 | 5,883 | 4,756 | ||||||||||
Affiliate net assets | 251 | 281 | 251 | 281 | 389 | ||||||||||
Purchases of property, plant and equipment | 407 | 485 | 432 | ||||||||||||
Electronics & Communications [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 2,393 | 2,549 | 2,701 | ||||||||||||
Less: Transfers | 12 | 15 | 17 | ||||||||||||
Net sales | 2,381 | 2,534 | 2,684 | ||||||||||||
PTOI | 271 | 203 | 222 | ||||||||||||
Depreciation and amortization | 97 | 105 | 113 | ||||||||||||
Equity in earnings of affiliates | 22 | 22 | 19 | ||||||||||||
Segment net assets | 1,344 | 1,435 | 1,344 | 1,435 | 1,622 | ||||||||||
Affiliate net assets | 142 | 145 | 142 | 145 | 151 | ||||||||||
Purchases of property, plant and equipment | 52 | 73 | 71 | ||||||||||||
Industrial Biosciences [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 1,258 | 1,224 | 1,180 | ||||||||||||
Less: Transfers | 14 | 13 | 11 | ||||||||||||
Net sales | 1,244 | 1,211 | 1,169 | ||||||||||||
PTOI | 198 | 170 | 159 | ||||||||||||
Depreciation and amortization | 85 | 81 | 79 | ||||||||||||
Equity in earnings of affiliates | 8 | 2 | 1 | ||||||||||||
Segment net assets | 2,518 | 2,640 | 2,518 | 2,640 | 2,602 | ||||||||||
Affiliate net assets | 46 | 48 | 46 | 48 | 53 | ||||||||||
Purchases of property, plant and equipment | 90 | 77 | 80 | ||||||||||||
Nutrition & Health [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 3,529 | 3,473 | 3,422 | ||||||||||||
Less: Transfers | 0 | 0 | 0 | ||||||||||||
Net sales | 3,529 | 3,473 | 3,422 | ||||||||||||
PTOI | 365 | 305 | 270 | ||||||||||||
Depreciation and amortization | 264 | 271 | 288 | ||||||||||||
Equity in earnings of affiliates | 0 | 0 | 0 | ||||||||||||
Segment net assets | 5,923 | 6,455 | 5,923 | 6,455 | 6,641 | ||||||||||
Affiliate net assets | 7 | 7 | 7 | 7 | 8 | ||||||||||
Purchases of property, plant and equipment | 112 | 138 | 148 | ||||||||||||
Performance Chemicals [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 6,497 | 6,932 | 7,450 | ||||||||||||
Less: Transfers | 180 | 196 | 248 | ||||||||||||
Net sales | 6,317 | 6,736 | 7,202 | ||||||||||||
PTOI | 913 | 941 | 1,826 | ||||||||||||
Depreciation and amortization | 245 | 253 | 256 | ||||||||||||
Equity in earnings of affiliates | 26 | 19 | 28 | ||||||||||||
Segment net assets | 4,559 | 4,116 | 4,559 | 4,116 | 4,095 | ||||||||||
Affiliate net assets | 160 | 169 | 160 | 169 | 180 | ||||||||||
Purchases of property, plant and equipment | 525 | 429 | 394 | ||||||||||||
Performance Materials [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 6,129 | 6,239 | 6,185 | ||||||||||||
Less: Transfers | 70 | 73 | 90 | ||||||||||||
Net sales | 6,059 | 6,166 | 6,095 | ||||||||||||
PTOI | 1,590 | 1,264 | 1,073 | ||||||||||||
Depreciation and amortization | 139 | 162 | 171 | ||||||||||||
Equity in earnings of affiliates | -82 | -16 | 42 | ||||||||||||
Segment net assets | 3,338 | 3,541 | [3] | 3,338 | 3,541 | [3] | 3,585 | ||||||||
Affiliate net assets | 419 | 492 | 419 | 492 | 567 | ||||||||||
Purchases of property, plant and equipment | 134 | 179 | 181 | ||||||||||||
Safety & Protection [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 3,896 | 3,884 | 3,825 | ||||||||||||
Less: Transfers | 4 | 4 | 11 | ||||||||||||
Net sales | 3,892 | 3,880 | 3,814 | ||||||||||||
PTOI | 742 | 694 | 562 | ||||||||||||
Depreciation and amortization | 187 | 198 | 197 | ||||||||||||
Equity in earnings of affiliates | 27 | 23 | 32 | ||||||||||||
Segment net assets | 3,039 | 3,138 | 3,039 | 3,138 | 3,153 | ||||||||||
Affiliate net assets | 103 | 106 | 103 | 106 | 106 | ||||||||||
Purchases of property, plant and equipment | 105 | 109 | 118 | ||||||||||||
Other [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Segment sales | 5 | 6 | 5 | ||||||||||||
Less: Transfers | 0 | 0 | 0 | ||||||||||||
Net sales | 5 | 6 | 5 | ||||||||||||
PTOI | -391 | -340 | -412 | ||||||||||||
Depreciation and amortization | 2 | 1 | 1 | ||||||||||||
Equity in earnings of affiliates | -43 | -49 | -53 | ||||||||||||
Segment net assets | 397 | 153 | 397 | 153 | 59 | ||||||||||
Affiliate net assets | 21 | 21 | 21 | 21 | 14 | ||||||||||
Purchases of property, plant and equipment | 200 | 112 | 7 | ||||||||||||
GLS/Vinyls [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Assets held for sale | $228 | $228 | |||||||||||||
[1] | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. | ||||||||||||||
[2] | See Note 1 for additional information on the presentation of the Performance Coatings business which met the criteria for discontinued operations during 2012. | ||||||||||||||
[3] | Includes assets held for sale related to GLS/Vinyls of $228 as of DecemberB 31, 2013. See Note 2 for additional information. |
Segment_Information_Reconcilia
Segment Information (Reconciliation to Consolidated Financial Statements) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Total segment PTOI | $6,356 | $5,369 | $5,369 | |||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | -124 | -539 | -654 | |||||||||||||||||||
Net exchange gains (losses), including affiliates | 135 | [1] | -128 | [1] | -215 | [1] | ||||||||||||||||
Corporate expenses | -999 | -765 | -948 | |||||||||||||||||||
Interest expense | -377 | -448 | -464 | |||||||||||||||||||
Income from continuing operations before income taxes | 963 | [2],[3],[4],[5],[6] | 786 | [2] | 1,440 | [2],[3],[7],[8] | 1,802 | [2] | 122 | [10],[11],[9] | 228 | [12],[9] | 1,365 | [13],[9] | 1,774 | [9] | 4,991 | 3,489 | 3,088 | |||
Total segment net assets | 27,770 | 27,361 | 27,770 | 27,361 | 26,513 | |||||||||||||||||
Corporate assets | 12,679 | [14] | 13,498 | [14] | 12,679 | [14] | 13,498 | [14] | 10,261 | [14] | ||||||||||||
Liabilities included in segment net assets | 9,427 | 10,640 | 9,427 | 10,640 | 10,009 | |||||||||||||||||
Assets related to discontinued operations | 0 | 228 | 0 | 228 | ||||||||||||||||||
Total assets | 49,876 | 51,499 | 49,876 | 51,499 | 49,859 | |||||||||||||||||
Divestitures [Member] | ||||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||||
Assets related to discontinued operations | $0 | $0 | [15] | $0 | $0 | [15] | $3,076 | [15] | ||||||||||||||
[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 Consolidated Income Statements. Exchange gains (losses) related to earnings of affiliates was $0, $4 and $3 for 2014, 2013 and 2012, respectively. The $135 net exchange gain for the year ended DecemberB 31, 2014, includes $(58), $(46) and $(14) exchange losses, associated with the devaluation of the Venezuelan bolivar, Ukrainian hryvnia, and Argentinian peso, respectively. The $(128) net exchange loss for the year ended DecemberB 31, 2013, includes a $(33) exchange loss, associated with the devaluation of the Venezuelan bolivar. | |||||||||||||||||||||
[2] | First, second, third and fourth quarter 2014 included charges of $(16), $(35), $(61), and $(63), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. See Note 2 for additional information. | |||||||||||||||||||||
[3] | Second and Fourth quarter 2014 included a $(263) and $(299) restructuring charge, respectively, as a result of the company's plan to reduce residual costs associated with the separation of the Performance Chemicals segment and to improve productivity across all businesses and functions. The second quarter 2014 charge is recorded in employee separation/asset related charges, net. The fourth quarter 2014 restructuring charge of $(299) consists of $(234) recorded in employee separation/asset related charges, net, and $(65) recorded in other income, net. See Note 3 for additional information. | |||||||||||||||||||||
[4] | Fourth quarter 2014 included a $70 adjustment to lower performance-based compensation expense. | |||||||||||||||||||||
[5] | Fourth quarter 2014 included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | |||||||||||||||||||||
[6] | Fourth quarter 2014 included income of $210 for insurance recoveries, recorded within other operating charges, associated with the recovery of costs for customer claims related to the use of ImprelisB.. See NoteB 15 for additional information. | |||||||||||||||||||||
[7] | Second quarter 2014 included a $(58) pre-tax charge within other income, net associated with the remeasurement of Venezuelan Bolivar net monetary assets. | |||||||||||||||||||||
[8] | Second quarter 2014 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. | |||||||||||||||||||||
[9] | First and second quarter 2013 included charges of $(35) and $(80), respectively, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of ImprelisB.. Third and fourth quarter 2013 included charges of $(65) and $(245), respectively, offset by $25 and $48 of insurance recoveries, respectively. See NoteB 15 | |||||||||||||||||||||
[10] | Fourth quarter 2013 included a net $5 restructuring adjustment consisting of a $24 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $24 net reduction recorded in employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in employee separation/asset related charges, net and $(10) recorded in other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. See Note 3 for additional information. | |||||||||||||||||||||
[11] | Fourth quarter 2013 included a $(129) impairment charge recorded in employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information. | |||||||||||||||||||||
[12] | Third quarter 2013 included a $(72) charge recorded in other operating charges related to the titanium dioxide antitrust litigation. | |||||||||||||||||||||
[13] | Second quarter 2013 included a charge of $(11) in other income, net related to interest on a prior year tax position. | |||||||||||||||||||||
[14] | Pension assets are included in corporate assets. | |||||||||||||||||||||
[15] | See Note 1 for additional information on the presentation of the Performance Coatings which met the criteria for discontinued operations during 2012 |
Segment_Information_Reconcilia1
Segment Information (Reconciliation of Other Items) (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | $1,617 | $1,603 | [1] | $1,713 | [1] |
Equity in earnings of affiliates | -10 | 41 | [1] | 102 | [1] |
Affiliate net assets | 886 | 1,011 | [1] | 1,163 | [1] |
Purchases of property, plant and equipment | 2,020 | 1,882 | [1] | 1,793 | [1] |
Segment Totals [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 1,455 | 1,429 | 1,442 | ||
Equity in earnings of affiliates | -10 | 37 | 99 | ||
Affiliate net assets | 1,149 | 1,269 | 1,468 | ||
Purchases of property, plant and equipment | 1,625 | 1,602 | 1,431 | ||
Segment Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Depreciation and amortization | 162 | 174 | [1] | 271 | [1] |
Equity in earnings of affiliates | 0 | 4 | [1] | 3 | [1] |
Affiliate net assets | -263 | -258 | [1] | -305 | [1] |
Purchases of property, plant and equipment | $395 | $280 | [1] | $362 | [1] |
[1] | See Note 1 for additional information on the presentation of the Performance Coatings business which met the criteria for discontinued operations during 2012. |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 30 Months Ended | 3 Months Ended | ||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Dec. 31, 2013 | Jun. 30, 2014 | |||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | $401 | ($556) | ($882) | ||||||||
Net restructuring adjustment | 5 | -3 | |||||||||
Benefit associated with prior year restructuring programs | 16 | ||||||||||
Charge associated with restructuring actions | -19 | ||||||||||
Restructuring charges | -299 | -440 | -134 | ||||||||
Gain on sale of equity method investment | 0 | 9 | 122 | ||||||||
Asset impairment charges | -275 | ||||||||||
Imprelis [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Loss Contingency | -425 | -575 | -1,175 | ||||||||
Insurance recoveries | 210 | 73 | 35 | ||||||||
Agriculture [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | 316 | [1],[2],[3] | -351 | [4],[5] | -469 | [6],[7],[8] | |||||
Pre-tax gain on sale of business, continuing operations | 240 | 117 | |||||||||
Net restructuring adjustment | 1 | ||||||||||
Restructuring charges | -134 | -11 | |||||||||
Agriculture [Member] | Imprelis [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Loss Contingency | -425 | -575 | |||||||||
Insurance recoveries | 73 | ||||||||||
Electronics & Communications [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | -84 | [1] | -131 | [5],[9] | -37 | [10],[11],[7] | |||||
Net restructuring adjustment | -2 | ||||||||||
Restructuring charges | -84 | -9 | |||||||||
Gain on sale of equity method investment | 122 | ||||||||||
Asset impairment charges | -129 | -150 | |||||||||
Industrial Biosciences [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | -13 | [1] | 1 | [5] | -3 | [7] | |||||
Net restructuring adjustment | 1 | ||||||||||
Restructuring charges | -13 | -3 | |||||||||
Nutrition & Health [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | -15 | [1] | 6 | [5] | -49 | [7] | |||||
Net restructuring adjustment | 6 | ||||||||||
Restructuring charges | -15 | -49 | |||||||||
Performance Chemicals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | -21 | [1] | -74 | [12],[5] | -36 | [11],[7] | |||||
Net restructuring adjustment | -2 | ||||||||||
Restructuring charges | -21 | -3 | |||||||||
Asset impairment charges | -33 | ||||||||||
Performance Chemicals [Member] | Titanium Dioxide Antitrust Litigation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Loss Contingency | -72 | ||||||||||
Performance Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | 292 | [1],[13] | -16 | [5] | -104 | [11],[7] | |||||
Net restructuring adjustment | -16 | ||||||||||
Charge associated with restructuring actions | -19 | ||||||||||
Restructuring charges | -99 | -12 | |||||||||
Asset impairment charges | -92 | ||||||||||
Safety & Protection [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | -52 | [1] | 4 | [5] | -58 | [7] | |||||
Net restructuring adjustment | 4 | ||||||||||
Restructuring charges | -52 | -58 | |||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pretax benefits (charges) | -22 | [1] | 5 | [5] | -126 | [14],[7] | |||||
Net restructuring adjustment | 5 | ||||||||||
Restructuring charges | -22 | 11 | |||||||||
Other [Member] | INVISTA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Charge related to litigation settlement | -137 | ||||||||||
Employee Separation / Asset Related Charges, Net [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Benefit associated with prior year restructuring programs | 24 | ||||||||||
Charge associated with restructuring actions | -9 | ||||||||||
Restructuring charges | -375 | ||||||||||
Asset impairment charges | -129 | ||||||||||
Employee Separation / Asset Related Charges, Net [Member] | Performance Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Charge associated with restructuring actions | -9 | ||||||||||
Other income, net [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Charge associated with restructuring actions | -10 | ||||||||||
Other income, net [Member] | Performance Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Charge associated with restructuring actions | -10 | ||||||||||
2014 Restructuring Program [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -562 | -263 | |||||||||
2014 Restructuring Program [Member] | Agriculture [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -134 | ||||||||||
2014 Restructuring Program [Member] | Electronics & Communications [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -84 | ||||||||||
2014 Restructuring Program [Member] | Industrial Biosciences [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -13 | ||||||||||
2014 Restructuring Program [Member] | Nutrition & Health [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -15 | ||||||||||
2014 Restructuring Program [Member] | Performance Chemicals [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -21 | ||||||||||
2014 Restructuring Program [Member] | Performance Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -99 | ||||||||||
2014 Restructuring Program [Member] | Safety & Protection [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -52 | ||||||||||
2014 Restructuring Program [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -22 | ||||||||||
2014 Restructuring Program [Member] | Employee Separation / Asset Related Charges, Net [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -234 | -497 | |||||||||
2014 Restructuring Program [Member] | Other income, net [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Charge associated with restructuring actions | -65 | -65 | |||||||||
2014 Restructuring Program [Member] | Other income, net [Member] | Performance Materials [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Charge associated with restructuring actions | -65 | ||||||||||
Asset Related [Member] | 2014 Restructuring Program [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Restructuring charges | -226 | ||||||||||
GLS/Vinyls [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pre-tax gain on sale of business, continuing operations | $391 | ||||||||||
[1] | Included a $(440) restructuring charge associated with the 2014 restructuring program consisting of $(375) recorded in employee separation/asset related charges, net, and $(65) recorded in other income, net. The pre-tax charges by segment are: Agriculture - $(134), Electronics & Communications - $(84), Industrial Biosciences - $(13), Nutrition & Health - $(15), Performance Chemicals - $(21), Performance Materials - $(99), Safety & Protection - $(52), and Other - $(22). See Note 3 for additional information. | ||||||||||
[2] | Included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | ||||||||||
[3] | Included income of $210 for insurance recoveries, recorded in other operating charges, associated with the company's process to fairly resolve claims related to the use of ImprelisB.. See Note 15 for additional information. | ||||||||||
[4] | Included charges of $(425), offset by $73 of insurance recoveries, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of ImprelisB.. See Note 15 for additional information. | ||||||||||
[5] | Included a net $(3) restructuring adjustment consisting of a $16 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $16 net reduction recorded in employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in employee separation/asset related charges, net and $(10) recorded in other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. Pre-tax amounts by segment were: Agriculture - $1, Electronics & Communications - $(2), Industrial Biosciences - $1, Nutrition & Health - $6, Performance Chemicals - $(2), Performance Materials - $(16), Safety & Protection - $4; and Other - $5. See Note 3 for additional information. | ||||||||||
[6] | Included a $117 gain recorded in other income, net associated with the sale of a business. | ||||||||||
[7] | Included a $(134) restructuring charge recorded in employee separation/asset related charges, net primarily as a result of the company's plan to eliminate corporate costs previously allocated to Performance Coatings and cost-cutting actions to improve competitiveness, partially offset by a reversal of prior year restructuring accruals. Charges by segment were: Agriculture - $(11); ElectronicsB & CommunicationsB - $(9); Industrial Biosciences - $(3); Nutrition & Health - $(49); Performance ChemicalsB - $(3); Performance MaterialsB - $(12); SafetyB & ProtectionB - $(58); and OtherB - $11. See Note 3 for additional information. | ||||||||||
[8] | Included a $(575) charge recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of ImprelisB.. See Note 15 for additional information. | ||||||||||
[9] | Included a $(129) impairment charge recorded in employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information. | ||||||||||
[10] | Included a $122 gain recorded in other income, net associated with the sale of an equity method investment. | ||||||||||
[11] | Included a $(275) impairment charge recorded in employee separation/asset related charges, net related to asset groupings, which impacted the segments as follows: ElectronicsB & CommunicationsB - $(150); Performance ChemicalsB - $(33); and Performance MaterialsB - $(92). See Note 3 for additional information | ||||||||||
[12] | Included a $(72) charge recorded in other operating charges related to the titanium dioxide antitrust litigation. | ||||||||||
[13] | 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. | ||||||||||
[14] | Included a $(137) charge in other operating charges primarily related to the company's settlement of the 2008 lawsuit filed by subsidiaries of Koch Industries, Inc. (INVISTA). |
Quarterly_Financial_Data_Sched
Quarterly Financial Data (Schedule of Quarterly Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||||
Net sales | $7,378 | $7,511 | $9,706 | $10,128 | $7,747 | $7,735 | $9,844 | $10,408 | $34,723 | [1] | $35,734 | [1] | $34,812 | [1] | ||||||||
Cost of goods sold | 4,823 | 4,881 | 5,999 | 6,000 | 5,132 | 5,165 | 6,057 | 6,193 | 21,703 | 22,547 | 21,400 | |||||||||||
Income from continuing operations before income taxes | 963 | [2],[3],[4],[5],[6] | 786 | [2] | 1,440 | [2],[3],[7],[8] | 1,802 | [2] | 122 | [10],[11],[9] | 228 | [12],[9] | 1,365 | [13],[9] | 1,774 | [9] | 4,991 | 3,489 | 3,088 | |||
Net income | $683 | $434 | $1,074 | $1,445 | $185 | $288 | $1,034 | [14] | $3,355 | [15] | $3,636 | $4,862 | $2,780 | |||||||||
Basic earnings per share of common stock from continuing operations | $0.73 | [16] | $0.47 | [16] | $1.16 | [16] | $1.56 | [16] | $0.19 | [16] | $0.28 | [16] | $1.11 | [16] | $1.48 | [16] | $3.94 | $3.07 | $2.61 | |||
Diluted earnings per share of common stock from continuing operations | $0.73 | [16] | $0.47 | [16] | $1.15 | [16] | $1.54 | [16] | $0.19 | [16] | $0.28 | [16] | $1.10 | [16] | $1.47 | [16] | $3.90 | $3.04 | $2.59 | |||
[1] | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. | |||||||||||||||||||||
[2] | First, second, third and fourth quarter 2014 included charges of $(16), $(35), $(61), and $(63), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. See Note 2 for additional information. | |||||||||||||||||||||
[3] | Second and Fourth quarter 2014 included a $(263) and $(299) restructuring charge, respectively, as a result of the company's plan to reduce residual costs associated with the separation of the Performance Chemicals segment and to improve productivity across all businesses and functions. The second quarter 2014 charge is recorded in employee separation/asset related charges, net. The fourth quarter 2014 restructuring charge of $(299) consists of $(234) recorded in employee separation/asset related charges, net, and $(65) recorded in other income, net. See Note 3 for additional information. | |||||||||||||||||||||
[4] | Fourth quarter 2014 included a $70 adjustment to lower performance-based compensation expense. | |||||||||||||||||||||
[5] | Fourth quarter 2014 included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | |||||||||||||||||||||
[6] | Fourth quarter 2014 included income of $210 for insurance recoveries, recorded within other operating charges, associated with the recovery of costs for customer claims related to the use of ImprelisB.. See NoteB 15 for additional information. | |||||||||||||||||||||
[7] | Second quarter 2014 included a $(58) pre-tax charge within other income, net associated with the remeasurement of Venezuelan Bolivar net monetary assets. | |||||||||||||||||||||
[8] | Second quarter 2014 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. | |||||||||||||||||||||
[9] | First and second quarter 2013 included charges of $(35) and $(80), respectively, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of ImprelisB.. Third and fourth quarter 2013 included charges of $(65) and $(245), respectively, offset by $25 and $48 of insurance recoveries, respectively. See NoteB 15 | |||||||||||||||||||||
[10] | Fourth quarter 2013 included a net $5 restructuring adjustment consisting of a $24 benefit associated with prior year restructuring programs and a $(19) charge associated with restructuring actions related to a joint venture. The majority of the $24 net reduction recorded in employee separation/asset related charges, net was due to the achievement of work force reductions through non-severance programs associated with the 2012 restructuring program. The charge of $(19) included $(9) recorded in employee separation/asset related charges, net and $(10) recorded in other income, net and was the result of restructuring actions related to a joint venture within the Performance Materials segment. See Note 3 for additional information. | |||||||||||||||||||||
[11] | Fourth quarter 2013 included a $(129) impairment charge recorded in employee separation/asset related charges, net related to an asset grouping within the Electronics & Communications segment. See Note 3 for additional information. | |||||||||||||||||||||
[12] | Third quarter 2013 included a $(72) charge recorded in other operating charges related to the titanium dioxide antitrust litigation. | |||||||||||||||||||||
[13] | Second quarter 2013 included a charge of $(11) in other income, net related to interest on a prior year tax position. | |||||||||||||||||||||
[14] | Second quarter 2013 included a charge of $(49) associated with a change in accrual for a prior year tax position (inclusive of a benefit associated with interest on a prior year tax position) offset by a $33 benefit for an enacted tax law change. | |||||||||||||||||||||
[15] | First quarter 2013 included a net tax benefit of $42 consisting of a $68 benefit for the 2013 extension of certain U.S business tax provisions offset by a $(26) charge related to the global distribution of Performance Coatings cash proceeds. | |||||||||||||||||||||
[16] | Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. |
Quarterly_Financial_Data_Sched1
Quarterly Financial Data (Schedule of Quarterly Financial Data) (Parenthetical) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 30 Months Ended | 3 Months Ended | ||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2014 | Mar. 31, 2014 |
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
SICAD 2 pre-tax charge | ($58) | ||||||||||||
Restructuring charges | -299 | -440 | -134 | ||||||||||
Net tax benefit derived from 2013 tax extension and tax on distribution of proceeds from DPC sale | 42 | ||||||||||||
2013 extension tax benefit | 68 | ||||||||||||
Tax expense on distribution of proceeds from DPC Sale | -26 | ||||||||||||
Tax expense related to changes in accruals for prior year tax positions | -49 | ||||||||||||
Tax benefit related to foreign tax law change | 33 | ||||||||||||
Asset impairment charges | -275 | ||||||||||||
Net restructuring adjustment | 5 | -3 | |||||||||||
Benefit associated with prior year restructuring programs | 16 | ||||||||||||
Charge associated with restructuring actions | -19 | ||||||||||||
Imprelis [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Insurance recoveries | 210 | 73 | 35 | ||||||||||
Loss Contingency | -425 | -575 | -1,175 | ||||||||||
Other operating charges [Member] | Imprelis [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Insurance recoveries | 48 | 25 | |||||||||||
Loss Contingency | -245 | -80 | -35 | -65 | |||||||||
Other operating charges [Member] | Titanium Dioxide Antitrust Litigation [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Loss Contingency | -72 | ||||||||||||
Other income, net [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Interest expense associated with change in prior year tax accrual | -11 | ||||||||||||
Charge associated with restructuring actions | -10 | ||||||||||||
Employee Separation / Asset Related Charges, Net [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Restructuring charges | -375 | ||||||||||||
Asset impairment charges | -129 | ||||||||||||
Benefit associated with prior year restructuring programs | 24 | ||||||||||||
Charge associated with restructuring actions | -9 | ||||||||||||
2014 Restructuring Program [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Restructuring charges | -263 | -562 | |||||||||||
2014 Restructuring Program [Member] | Other income, net [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Charge associated with restructuring actions | -65 | -65 | |||||||||||
2014 Restructuring Program [Member] | Employee Separation / Asset Related Charges, Net [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Restructuring charges | -234 | -497 | |||||||||||
Restructuring Program 2012 [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Restructuring charges | -234 | ||||||||||||
Performance Chemicals [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Separation related transaction costs | -63 | -35 | -175 | -61 | -16 | ||||||||
GLS/Vinyls [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Pre-tax gain on sale of business, continuing operations | 391 | ||||||||||||
Performance-based compensation plans [Member] | |||||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||||
Adjustment to performance-based compensation expense | $70 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Receivable - Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | $269 | $243 | $292 |
Additions charged to cost and expenses | 59 | 72 | 33 |
Deductions from reserves | -88 | -46 | -64 |
Amounts related to the Performance Coatings business | 0 | 0 | -18 |
Balance at end of period | 240 | 269 | 243 |
Deferred Tax Assets - Valuation Allowance [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at beginning of period | 1,764 | 1,914 | 1,971 |
Additions charged to cost and expenses | -47 | 29 | -77 |
Additions charged to other comprehensive income (loss) | 135 | -205 | 10 |
Currency translation | -95 | 26 | 10 |
Balance at end of period | $1,757 | $1,764 | $1,914 |