Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 15, 2015 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Entity Registrant Name | DUPONT E I DE NEMOURS & CO | |
Entity Central Index Key | 30554 | |
Current Fiscal Year End Date | -19 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 905,237,000 |
Consolidated_Income_Statements
Consolidated Income Statements (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales | $9,172 | $10,128 |
Other income, net | 198 | 17 |
Total | 9,370 | 10,145 |
Cost of goods sold | 5,553 | 6,000 |
Other operating charges | 283 | 286 |
Selling, general and administrative expenses | 1,312 | 1,436 |
Research and development expense | 499 | 518 |
Interest expense | 84 | 103 |
Employee separation / asset related charges, net | 38 | 0 |
Total | 7,769 | 8,343 |
Income before income taxes | 1,601 | 1,802 |
Provision for income taxes | 566 | 357 |
Net income | 1,035 | 1,445 |
Less: Net income attributable to noncontrolling interests | 4 | 6 |
Net income attributable to DuPont | $1,031 | $1,439 |
Basic earnings per share of common stock | $1.13 | $1.56 |
Diluted earnings per share of common stock | $1.13 | $1.54 |
Dividends per share of common stock | $0.47 | $0.45 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Net income | $1,035 | $1,445 | ||
Cumulative translation adjustment | -1,189 | [1] | -72 | [1] |
Additions and revaluations of derivatives designated as cash flow hedges | -22 | [2] | 38 | [2] |
Clearance of hedge results to earnings | 7 | 18 | ||
Net revaluation and clearance of cash flow hedges to earnings | -15 | 56 | ||
Other comprehensive (loss) income, before tax | -929 | 96 | ||
Income tax expense related to items of other comprehensive income | -86 | -57 | ||
Other comprehensive (loss) income, net of tax | -1,015 | 39 | ||
Comprehensive income | 20 | 1,484 | ||
Less: comprehensive income attributable to noncontrolling interests | 4 | 6 | ||
Comprehensive income attributable to DuPont | 16 | 1,478 | ||
Pension Plans [Member] | ||||
Net (loss) gain | -4 | [2] | 1 | [2] |
Effect of foreign exchange rates | 100 | [2] | 0 | [2] |
Amortization of prior service (benefit) cost | -2 | [3] | 1 | [3] |
Amortization of loss | 209 | [3] | 149 | [3] |
Settlement loss | 5 | [3] | 0 | [3] |
Benefit plans, net | 308 | 151 | ||
Other Long-Term Employee Benefit Plans [Member] | ||||
Amortization of prior service (benefit) cost | -52 | [3] | -53 | [3] |
Amortization of loss | 19 | [3] | 14 | [3] |
Benefit plans, net | ($33) | ($39) | ||
[1] | The increase over prior year is primarily driven by the strengthening USD against the Euro and Brazilian real. | |||
[2] | These amounts represent changes in accumulated other comprehensive loss excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. | |||
[3] | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information. |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $3,622 | $6,910 |
Marketable securities | 125 | 124 |
Accounts and notes receivable, net | 7,651 | 6,005 |
Inventories | 7,051 | 7,841 |
Prepaid expenses | 366 | 279 |
Deferred income taxes | 504 | 589 |
Total current assets | 19,319 | 21,748 |
Property, plant and equipment, net of accumulated depreciation (March 31, 2015 - $20,057; December 31, 2014 - $19,942) | 12,873 | 13,386 |
Goodwill | 4,365 | 4,529 |
Other intangible assets | 4,307 | 4,580 |
Investment in affiliates | 929 | 886 |
Deferred income taxes | 3,244 | 3,349 |
Other assets | 1,138 | 1,096 |
Total | 46,175 | 49,574 |
Liabilities and Equity | ||
Accounts payable | 3,706 | 4,822 |
Short-term borrowings and capital lease obligations | 1,621 | 1,423 |
Income taxes | 654 | 547 |
Other accrued liabilities | 4,751 | 5,848 |
Total current liabilities | 10,732 | 12,640 |
Long-term borrowings and capital lease obligations | 8,763 | 9,271 |
Other liabilities | 13,329 | 13,819 |
Deferred income taxes | 489 | 466 |
Total liabilities | 33,313 | 36,196 |
Commitments and contingent liabilities | ||
Stockholders' equity | ||
Preferred stock | 237 | 237 |
Common stock, $0.30 par value; 1,800,000,000 shares authorized; Issued at March 31, 2015 - 992,224,000; December 31, 2014 - 992,020,000 | 298 | 298 |
Additional paid-in capital | 11,311 | 11,174 |
Reinvested earnings | 17,405 | 17,045 |
Accumulated other comprehensive loss | -9,722 | -8,707 |
Common stock held in treasury, at cost (87,041,000 shares at March 31, 2015 and December 31, 2014) | -6,727 | -6,727 |
Total DuPont stockholders' equity | 12,802 | 13,320 |
Noncontrolling interests | 60 | 58 |
Total equity | 12,862 | 13,378 |
Total | $46,175 | $49,574 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $20,057 | $19,942 |
Common stock, par value | $0.30 | $0.30 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 992,224,000 | 992,020,000 |
Common stock held in treasury, shares | 87,041,000 | 87,041,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net income | $1,035 | $1,445 |
Adjustments to reconcile net income to cash used for operating activities: | ||
Depreciation | 306 | 312 |
Amortization of intangible assets | 140 | 125 |
Net periodic pension benefit cost | 147 | 100 |
Contributions to pension plans | -124 | -101 |
Other operating activities - net | -2 | 212 |
Change in operating assets and liabilities - net | -3,625 | -4,514 |
Cash used for operating activities | -2,123 | -2,421 |
Investing activities | ||
Purchases of property, plant and equipment | -565 | -320 |
Investments in affiliates | -45 | -22 |
Proceeds from sales of businesses - net | 16 | 0 |
Proceeds from sales of assets, net | 9 | 7 |
Purchases of short-term financial instruments | -125 | -57 |
Proceeds from maturities and sales of short-term financial instruments | 125 | 137 |
Foreign currency exchange contract settlements | 442 | 15 |
Other investing activities - net | 3 | 4 |
Cash used for investing activities | -140 | -236 |
Financing activities | ||
Dividends paid to stockholders | -429 | -420 |
Net increase (decrease) in short-term (less than 90 days) borrowings | 980 | -8 |
Long-term and other borrowings - receipts | 120 | 61 |
Long-term and other borrowings - payments | -1,409 | -1,180 |
Repurchase / prepayments of common stock | -282 | -1,061 |
Proceeds from exercise of stock options | 170 | 153 |
Other financing activities - net | -1 | -14 |
Cash used for financing activities | -851 | -2,469 |
Effect of exchange rate changes on cash | -174 | -33 |
Decrease in cash and cash equivalents | -3,288 | -5,159 |
Cash and cash equivalents at beginning of period | 6,910 | 8,941 |
Cash and cash equivalents at end of period | $3,622 | $3,782 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Interim Financial Statements | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2014, collectively referred to as the “2014 Annual Report”. The Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained, as well as variable interest entities for which DuPont is the primary beneficiary. | |
Basis of Presentation | |
Certain reclassifications of prior year's data have been made to conform to current year's presentation. | |
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. Other operating charges primarily include, costs associated with the Performance Chemical separation, product claim charges and non-capitalizable costs associated with capital projects. Selling, general and administrative expense primarily includes selling and marketing expenses, commissions, functional costs, and business management expenses. | |
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 clearly 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 planned 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 which, in some cases, has resulted in a change in the foreign entities’ functional currency during the first quarter of 2015. | |
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. The official exchange rate continues to be set through the National Center for Foreign Commerce (CENCOEX, previously CADIVI). Based on its evaluation of the restrictions and limitations affecting the availability of specific exchange rate mechanisms, management concluded in the second quarter of 2014 that the SICAD 2 auction process would be the most likely mechanism available. As a result, in the second quarter of 2014, the company changed from the official exchange rate to the SICAD 2 exchange rate. | |
During the first quarter of 2015, the Venezuelan government enacted additional changes to the country’s foreign exchange systems including the replacement of SICAD 2 and introduction of the SIMADI (Foreign Exchange Marginal System) auction process. Given the replacement of SICAD 2 with SIMADI, management has concluded that the SIMADI auction process would be the most likely exchange mechanism available. As a result, effective in the first quarter of 2015, the company changed from the SICAD 2 to the SIMADI exchange rate, to remeasure its Bolivar Fuertes (VEF) denominated net monetary assets which resulted in a pre-tax charge of $3 recorded within other income, net in the company’s interim Consolidated Income Statements for the three months ended March 31, 2015. The remaining net monetary assets and non-monetary assets are immaterial at March 31, 2015. | |
Recent Accounting Pronouncements | |
In February 2015, the FASB issued ASU No. 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis. The amendments under the new guidance modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. The ASU is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. A reporting entity also may apply the amendments retrospectively. The company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. | |
In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued 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. The FASB proposed that a deferral of the effective date is necessary to provide adequate time to effectively implement the new revenue standard. It is important to note that the FASB’s proposed deferral is not a final decision. 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 adopted 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 previous standards. |
Divestitures_and_Other_Transac
Divestitures and Other Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestitures and Other Transactions |
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 on July 1, 2015, subject to final approval from DuPont's Board of Directors. During the three months ended March 31, 2015 and 2014, respectively, the company incurred $81 and $16 of costs associated with the transaction which were reported in other operating charges in the company's interim Consolidated Income Statements. These transaction costs primarily relate to professional fees associated with preparation of regulatory filings and separation activities within finance, legal and information system functions. |
Employee_Separation_Asset_Rela
Employee Separation / Asset Related Charges, Net | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Restructuring Charges [Abstract] | ||||||||||
Employee Separation / Asset Related Charges, Net | Employee Separation / Asset Related Charges, Net | |||||||||
During first quarter of 2015, a $38 pre-tax impairment charge was recorded in employee separation / asset related charges, net within the Other segment. The majority relates to a cost basis investment in which the assessment resulted from the venture's revised operating plan reflecting underperformance of its European wheat based ethanol facility and deteriorating European ethanol market conditions. One of the primary investors has communicated they would not fund the revised operating plan of the investee. As a result, the carrying value of our 6 percent cost basis investment in this venture exceeded its fair value by $37, such that an impairment charge was required. | ||||||||||
2014 Restructuring Program | ||||||||||
At March 31, 2015, total liabilities related to the 2014 restructuring program were $223. A complete discussion of restructuring initiatives is included in the company's 2014 Annual Report in Note 3, "Employee Separation / Asset Related Charges, Net." | ||||||||||
Account balances for the 2014 restructuring program are summarized below: | ||||||||||
Employee Separation Costs | Other Non-Personnel Charges 1 | Total | ||||||||
Balance at December 31, 2014 | $ | 264 | $ | 4 | $ | 268 | ||||
Payments | (38 | ) | (1 | ) | (39 | ) | ||||
Net translation adjustment | (6 | ) | — | (6 | ) | |||||
Balance as of March 31, 2015 | $ | 220 | $ | 3 | $ | 223 | ||||
1 | Other non-personnel charges consist of contractual obligation costs. |
Other_Income_Net
Other Income, Net | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Other Income and Expenses [Abstract] | |||||||
Other Income, Net | Other Income, Net | ||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Royalty income | $ | 39 | $ | 39 | |||
Interest income | 25 | 28 | |||||
Equity in earnings of affiliates, net | 9 | 13 | |||||
Net gain on sales of other assets | 6 | 7 | |||||
Net exchange gains (losses)1 | 64 | (96 | ) | ||||
Miscellaneous income and expenses, net 2 | 55 | 26 | |||||
Other income, net | $ | 198 | $ | 17 | |||
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 the company's interim Consolidated Income Statements. The increase in pre-tax exchange gains over prior year was driven by gains on foreign currency contracts due to strengthening of the USD versus global currencies partially offset by losses on the related foreign currency-denominated monetary assets and liabilities. The $64 net exchange gain for the three months ended March 31, 2015, includes a $(40) pre-tax exchange loss, $(38) after-tax, associated with the devaluation of the Ukrainian hryvnia. The $(96) net exchange loss for the three months ended March 31, 2014, includes a $(39) pre-tax exchange loss, $(27) after-tax, associated with the devaluation of the Ukrainian hryvnia. | ||||||
2 | Miscellaneous income and expenses, net, includes interest items, certain insurance recoveries and litigation settlements and other items. |
Provision_for_Income_Taxes
Provision for Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Income Taxes |
In the first quarter 2015, the company recorded a tax provision of $566, including $212 of tax expense associated with the company’s policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations and gains or losses on foreign currency contracts. | |
In the first quarter 2014, the company recorded a tax provision of $357, including $28 of tax benefit associated with the company's policy of hedging the foreign currency-denominated monetary assets and liabilities of its operations and gains or losses on foreign currency contracts. | |
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 twelve months with the majority due to the settlement of uncertain tax positions with various tax authorities. |
Earnings_Per_Share_of_Common_S
Earnings Per Share of Common Stock | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share of Common Stock | Earnings Per Share of Common Stock | ||||||
Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the periods indicated: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Numerator: | |||||||
Net income attributable to DuPont | $ | 1,031 | $ | 1,439 | |||
Preferred dividends | (2 | ) | (2 | ) | |||
Net income available to common stockholders | $ | 1,029 | $ | 1,437 | |||
Denominator: | |||||||
Weighted-average number of common shares outstanding - Basic | 906,835,000 | 923,461,000 | |||||
Dilutive effect of the company’s employee compensation plans | 6,984,000 | 7,271,000 | |||||
Weighted-average number of common shares outstanding - Diluted | 913,819,000 | 930,732,000 | |||||
There were no antidilutive stock options in the three months ended March 31, 2015 and March 31, 2014, respectively. |
Inventories
Inventories | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Inventory, Net [Abstract] | |||||||
Inventories | Inventories | ||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Finished products | $ | 4,529 | $ | 4,628 | |||
Semi-finished products | 1,877 | 2,451 | |||||
Raw materials, stores and supplies | 1,138 | 1,255 | |||||
7,544 | 8,334 | ||||||
Adjustment of inventories to a last-in, first-out (LIFO) basis | (493 | ) | (493 | ) | |||
Total | $ | 7,051 | $ | 7,841 | |||
Other_Intangible_Assets
Other Intangible Assets | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Other Intangible Assets | Other Intangible Assets | ||||||||||||||||||
The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: | |||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amortization | Amortization | ||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||
Customer lists | $ | 1,612 | $ | (475 | ) | $ | 1,137 | $ | 1,706 | $ | (470 | ) | $ | 1,236 | |||||
Patents | 470 | (202 | ) | 268 | 493 | (199 | ) | 294 | |||||||||||
Purchased and licensed technology | 1,772 | (1,142 | ) | 630 | 1,789 | (1,074 | ) | 715 | |||||||||||
Trademarks | 31 | (14 | ) | 17 | 31 | (14 | ) | 17 | |||||||||||
Other 1 | 210 | (90 | ) | 120 | 207 | (88 | ) | 119 | |||||||||||
4,095 | (1,923 | ) | 2,172 | 4,226 | (1,845 | ) | 2,381 | ||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||
In-process research and development | 25 | — | 25 | 29 | — | 29 | |||||||||||||
Microbial cell factories | 306 | — | 306 | 306 | — | 306 | |||||||||||||
Pioneer germplasm | 1,063 | — | 1,063 | 1,064 | — | 1,064 | |||||||||||||
Trademarks/tradenames | 741 | — | 741 | 800 | — | 800 | |||||||||||||
2,135 | — | 2,135 | 2,199 | — | 2,199 | ||||||||||||||
Total | $ | 6,230 | $ | (1,923 | ) | $ | 4,307 | $ | 6,425 | $ | (1,845 | ) | $ | 4,580 | |||||
1 | Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. | ||||||||||||||||||
The aggregate pre-tax amortization expense for definite-lived intangible assets was $140 and $125 for the three months ended March 31, 2015 and 2014, respectively. The estimated aggregate pre-tax amortization expense for the remainder of 2015 and each of the next five years is approximately $217, $353, $218, $218, $203 and $184, respectively. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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 March 31, 2015 and December 31, 2014, the company had directly guaranteed $498 and $513, respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees. The company would be required to perform on these guarantees in the event of default by the guaranteed party. | ||||||||||
The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. | ||||||||||
In certain cases, the company has recourse to assets held as collateral, as well as personal guarantees from customers and suppliers. Assuming liquidation, these assets are estimated to cover 47 percent of the $315 of guaranteed obligations of customers and suppliers. Set forth below are the company's guaranteed obligations at March 31, 2015: | ||||||||||
Short-Term | Long-Term | Total | ||||||||
Obligations for customers and suppliers1: | ||||||||||
Bank borrowings (terms up to 7 years) | $ | 230 | $ | 84 | $ | 314 | ||||
Leases on equipment and facilities (terms up to 4 years) | — | 1 | 1 | |||||||
Obligations for equity affiliates2: | ||||||||||
Bank borrowings (terms up to 1 year) | 183 | — | 183 | |||||||
Total | $ | 413 | $ | 85 | $ | 498 | ||||
1 | Existing guarantees for customers and suppliers, as part of contractual agreements. | |||||||||
2 | Existing guarantees for equity affiliates' liquidity needs in normal operations. | |||||||||
Imprelis® | ||||||||||
The company has received claims and 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. About 37 lawsuits are pending claiming property and related damage at March 31, 2015. This represents a decrease of 3 from the number of lawsuits pending at December 31, 2014. | ||||||||||
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. | ||||||||||
DuPont recorded income of $35 for insurance recoveries, within other operating charges in the interim Consolidated Income Statements, for the three months ended March 31, 2015. At March 31, 2015, DuPont had an accrual balance of $231 related to these claims and insurance receivables of $25. | ||||||||||
Insurance recoveries are recognized when collection of payment is considered probable. The remaining coverage under the insurance program is $300 for costs and expenses. 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. Although considerable uncertainty exists, management does not anticipate that the ultimate disposition of these matters will have a material adverse effect on the company's results of operations, consolidated financial position or liquidity. However, the ultimate liabilities could be material 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 March 31, 2015, DuPont has an accrual balance 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 March 31, 2015, there were approximately 3,500 lawsuits filed in various federal and state courts in Ohio and West Virginia, an increase of about 600 over December 31, 2014. 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 32 lawsuits alleging wrongful death. While attorneys for the plaintiffs have indicated that additional lawsuits may be filed, the company expects the rate of such filings to substantially decrease. In 2014, six plaintiffs from the MDL were selected for 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 and LHWA moved for partial summary judgment. In the first quarter of 2015, the court granted in part and denied in part both parties’ motions. As a result, the litigation process will continue with respect to certain of the plaintiffs’ claims. | ||||||||||
PFOA Summary | ||||||||||
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, due to the uniqueness of the individual MDL plaintiff's claims and the company's defenses to those claims both as to potential liability and damages on an individual claims basis, among other factors. | ||||||||||
Environmental | ||||||||||
The company is also subject to contingencies pursuant to environmental laws and regulations that in the future may require the company to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by the company or other parties. The company accrues for environmental remediation activities consistent with the policy as described in the company's 2014 Annual Report in Note 1, “Summary of Significant Accounting Policies.” Much of this liability results from the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, often referred to as Superfund), Resource Conservation and Recovery Act (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 March 31, 2015, the Condensed Consolidated Balance Sheet included a liability of $482, 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 March 31, 2015. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
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. In March 2015, the company purchased and retired 3.6 million shares in the open market which offset the dilution from employee compensation plans in the first quarter 2015. As of March 31, 2015, the company has purchased 33.7 million shares at a total cost of $2,282 under the plan. There is no required completion date for the remaining stock purchases. | ||||||||||||||||||||
Other Comprehensive (Loss) Income | ||||||||||||||||||||
A summary of the changes in other comprehensive (loss) income for the three months ended March 31, 2015 and 2014 is provided as follows: | ||||||||||||||||||||
Three Months Ended | Three Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | (1,189 | ) | $ | — | $ | (1,189 | ) | $ | (72 | ) | $ | — | $ | (72 | ) | See (4) below | |||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (22 | ) | 6 | (16 | ) | 38 | (14 | ) | 24 | See (2) below | ||||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | (8 | ) | 3 | (5 | ) | 1 | — | 1 | Net sales | |||||||||||
Commodity contracts | 15 | (6 | ) | 9 | 17 | (7 | ) | 10 | Cost of goods sold | |||||||||||
Net revaluation and clearance of cash flow hedges to earnings | (15 | ) | 3 | (12 | ) | 56 | (21 | ) | 35 | |||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net (loss) gain | (4 | ) | 1 | (3 | ) | 1 | — | 1 | See (2) below | |||||||||||
Effect of foreign exchange rates | 100 | (27 | ) | 73 | — | — | — | See (2) below | ||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service (benefit) cost | (2 | ) | 1 | (1 | ) | 1 | — | 1 | See (3) below | |||||||||||
Amortization of loss | 209 | (74 | ) | 135 | 149 | (51 | ) | 98 | See (3) below | |||||||||||
Settlement loss | 5 | (2 | ) | 3 | — | — | — | See (3) below | ||||||||||||
Pension benefit plans, net | 308 | (101 | ) | 207 | 151 | (51 | ) | 100 | ||||||||||||
Other benefit plans: | ||||||||||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (52 | ) | 19 | (33 | ) | (53 | ) | 19 | (34 | ) | See (3) below | |||||||||
Amortization of loss | 19 | (7 | ) | 12 | 14 | (4 | ) | 10 | See (3) below | |||||||||||
Other benefit plans, net | (33 | ) | 12 | (21 | ) | (39 | ) | 15 | (24 | ) | ||||||||||
Other comprehensive (loss) income | $ | (929 | ) | $ | (86 | ) | $ | (1,015 | ) | $ | 96 | $ | (57 | ) | $ | 39 | ||||
1 | Represents the income statement line item within the interim Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive (loss) income. | |||||||||||||||||||
2 | These amounts represent changes in accumulated other comprehensive loss excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. | |||||||||||||||||||
3 | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information. | |||||||||||||||||||
4 | The increase over prior year is primarily driven by the strengthening USD against the Euro and Brazilian real. | |||||||||||||||||||
The changes and after-tax balances of components comprising accumulated other comprehensive loss are summarized below: | ||||||||||||||||||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total | |||||||||||||||
2015 | ||||||||||||||||||||
Balance January 1, 2015 | $ | (1,016 | ) | $ | (6 | ) | $ | (7,949 | ) | $ | 262 | $ | 2 | $ | (8,707 | ) | ||||
Other comprehensive (loss) income before reclassifications | (1,189 | ) | (16 | ) | 70 | — | — | (1,135 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 4 | 137 | (21 | ) | — | 120 | |||||||||||||
Balance March 31, 2015 | $ | (2,205 | ) | $ | (18 | ) | $ | (7,742 | ) | $ | 241 | $ | 2 | $ | (9,722 | ) | ||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total | |||||||||||||||
2014 | ||||||||||||||||||||
Balance January 1, 2014 | $ | (140 | ) | $ | (48 | ) | $ | (5,749 | ) | $ | 494 | $ | 2 | $ | (5,441 | ) | ||||
Other comprehensive (loss) income before reclassifications | (72 | ) | 24 | 1 | — | — | (47 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 11 | 99 | (24 | ) | — | 86 | |||||||||||||
Balance March 31, 2014 | $ | (212 | ) | $ | (13 | ) | $ | (5,649 | ) | $ | 470 | $ | 2 | $ | (5,402 | ) | ||||
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Financial Instruments Disclosure [Abstract] | ||||||||||||||
Financial Instruments | Financial Instruments | |||||||||||||
Debt | ||||||||||||||
The estimated fair value of the company's total debt including interest rate financial instruments was determined using level 2 inputs within the fair value hierarchy, as described in the company's 2014 Annual Report in Note 1, “Summary of Significant Accounting Policies.” Based on quoted market prices for the same or similar issues or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's debt was approximately $11,168 and $11,394 as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||
Cash Equivalents | ||||||||||||||
The fair value of cash equivalents approximates its stated value. The estimated fair value of the company's cash equivalents was determined using level 1 and level 2 inputs within the fair value hierarchy, as described in the company's 2014 Annual Report in Note 1, “Summary of Significant Accounting Policies.” Level 1 measurements are based on observable net asset values and level 2 measurements are based on current interest rates for similar investments with comparable credit risk and time to maturity. The company held $0 and $1,436 of money market funds (level 1 measurements) as of March 31, 2015 and December 31, 2014, respectively. The company held $1,700 and $3,293 of other cash equivalents (level 2 measurements) as of March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||
Derivative Instruments | ||||||||||||||
Objectives and Strategies for Holding Derivative Instruments | ||||||||||||||
In the ordinary course of business, the company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. | ||||||||||||||
Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any nonderivatives as hedging instruments. | ||||||||||||||
The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company's derivative assets and liabilities are reported on a gross basis in the Condensed Consolidated Balance Sheets. The company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. | ||||||||||||||
The notional amounts of the company's derivative instruments were as follows: | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | $ | — | $ | 1,000 | ||||||||||
Foreign currency contracts | 71 | 434 | ||||||||||||
Commodity contracts | 265 | 388 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | 8,959 | 10,586 | ||||||||||||
Commodity contracts | 86 | 166 | ||||||||||||
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 and option 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. | ||||||||||||||
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. | ||||||||||||||
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 is not probable of occuring. The following table summarizes the after-tax effect of cash flow hedges on accumulated other comprehensive loss for the three months ended March 31, 2015 and 2014: | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Beginning balance | $ | (6 | ) | $ | (48 | ) | ||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (16 | ) | 24 | |||||||||||
Clearance of hedge results to earnings | 4 | 11 | ||||||||||||
Ending balance | $ | (18 | ) | $ | (13 | ) | ||||||||
At March 31, 2015, an after-tax net loss of $4 is expected to be reclassified from accumulated other comprehensive loss into earnings over the next 12 months. | ||||||||||||||
Derivatives not Designated in Hedging Relationships | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||
The company routinely uses forward exchange and options 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. | ||||||||||||||
Commodity Contracts | ||||||||||||||
The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn, soybeans and soybean meal. | ||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||
The table below presents the fair values of the company's derivative assets and liabilities within the fair value hierarchy, as described in the company's 2014 Annual Report in Note 1, “Summary of Significant Accounting Policies.” | ||||||||||||||
Fair Value Using Level 2 Inputs | ||||||||||||||
Balance Sheet Location | 31-Mar-15 | December 31, 2014 | ||||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps1 | Accounts and notes receivable, net | $ | — | $ | 1 | |||||||||
Foreign currency contracts | Accounts and notes receivable, net | 2 | 10 | |||||||||||
2 | 11 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts2 | Accounts and notes receivable, net | 67 | 254 | |||||||||||
Total asset derivatives3 | $ | 69 | $ | 265 | ||||||||||
Cash collateral1,2 | Other accrued liabilities | $ | 80 | $ | 47 | |||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | $ | 3 | $ | 10 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | 47 | 62 | |||||||||||
Commodity contracts | Other accrued liabilities | 1 | 1 | |||||||||||
48 | 63 | |||||||||||||
Total liability derivatives3 | $ | 51 | $ | 73 | ||||||||||
1 | Cash collateral held as of March 31, 2015 and December 31, 2014 represents $0 and $6, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||||||||||||
2 | Cash collateral held as of March 31, 2015 and December 31, 2014 represents $80 and $41, 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 $45 at March 31, 2015 and $67 at December 31, 2014. | |||||||||||||
Effect of Derivative Instruments | ||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 | Recognized in Income2 | |||||||||||||
(Effective Portion) | ||||||||||||||
Three Months Ended March 31, | 2015 | 2014 | 2015 | 2014 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (1 | ) | $ | (7 | ) | Interest expense | |||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | (2 | ) | (1 | ) | 8 | (1 | ) | Net sales | ||||||
Commodity contracts | (20 | ) | 39 | (15 | ) | (17 | ) | Cost of goods sold | ||||||
(22 | ) | 38 | (8 | ) | (25 | ) | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | 268 | (46 | ) | Other income, net3 | ||||||||
Commodity contracts | — | — | 2 | (24 | ) | Cost of goods sold | ||||||||
— | — | 270 | (70 | ) | ||||||||||
Total derivatives | $ | (22 | ) | $ | 38 | $ | 262 | $ | (95 | ) | ||||
1 | OCI is defined as other comprehensive income (loss). | |||||||||||||
2 | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the three months ended March 31, 2015 and 2014, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||||||||||||
3 | 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 $(204) and $(50) for the three months ended March 31, 2015 and 2014. |
LongTerm_Employee_Benefits
Long-Term Employee Benefits | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||
Long-Term Employee Benefits | Long-Term Employee Benefits | ||||||
Pension Plans | |||||||
In determining the U.S. pension plan 2015 net periodic benefit costs, the company updated the expected return on plan assets assumption from 8.75 percent to 8.50 percent. | |||||||
The following sets forth the components of the company’s net periodic benefit cost for pensions: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Service cost | $ | 66 | $ | 60 | |||
Interest cost | 273 | 292 | |||||
Expected return on plan assets | (404 | ) | (402 | ) | |||
Amortization of loss | 209 | 149 | |||||
Amortization of prior service (benefit) cost | (2 | ) | 1 | ||||
Settlement loss | 5 | — | |||||
Net periodic benefit cost | $ | 147 | $ | 100 | |||
Other Long-Term Employee Benefit Plans | |||||||
The following sets forth the components of the company’s net periodic benefit cost for other long-term employee benefits: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Service cost | $ | 4 | $ | 4 | |||
Interest cost | 28 | 31 | |||||
Amortization of loss | 19 | 14 | |||||
Amortization of prior service benefit | (52 | ) | (53 | ) | |||
Net periodic benefit cost | $ | (1 | ) | $ | (4 | ) |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||||||||||||||||
Segment sales include transfers to another business segment. Segment pre-tax operating income (loss) (PTOI) is defined as income (loss) before income taxes excluding non-operating pension and other postretirement employee benefit costs, exchange gains (losses), corporate expenses and interest. | ||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||
Three Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Other | Total | |||||||||||||||||||||||||||
Ended March 31, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||||||||||
Segment sales | $ | 3,937 | $ | 521 | $ | 285 | $ | 813 | $ | 1,364 | $ | 1,411 | $ | 909 | $ | 1 | $ | 9,241 | ||||||||||||||||||
Less: Transfers | — | 4 | 5 | — | 29 | 30 | 1 | — | 69 | |||||||||||||||||||||||||||
Net sales | 3,937 | 517 | 280 | 813 | 1,335 | 1,381 | 908 | 1 | 9,172 | |||||||||||||||||||||||||||
PTOI | 1,174 | 2 | 85 | 56 | 89 | 129 | 327 | 184 | (103 | ) | 3 | 1,941 | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Segment sales | $ | 4,394 | $ | 580 | $ | 301 | $ | 861 | $ | 1,591 | $ | 1,534 | $ | 947 | $ | 1 | $ | 10,209 | ||||||||||||||||||
Less: Transfers | 3 | 3 | 3 | — | 57 | 14 | 1 | — | 81 | |||||||||||||||||||||||||||
Net sales | 4,391 | 577 | 298 | 861 | 1,534 | 1,520 | 946 | 1 | 10,128 | |||||||||||||||||||||||||||
PTOI | 1,442 | 75 | 56 | 93 | 206 | 293 | 175 | (92 | ) | 2,248 | ||||||||||||||||||||||||||
1 | As of March 31, 2015, Agriculture net assets were $9,005, an increase of $2,310 from $6,695 at December 31, 2014. The increase was primarily due to higher trade receivables due to normal seasonality in the sales and cash collections cycle. | |||||||||||||||||||||||||||||||||||
2 | Included $35 of insurance recoveries during the three months ended March 31, 2015 recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis® herbicide. See Note 9 for additional information. | |||||||||||||||||||||||||||||||||||
3 | Included a $(37) pre-tax impairment charge during the three months ended March 31, 2015 recorded in employee separation / asset related charges, net for a cost basis investment. See Note 3 for additional information. | |||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Income Statements | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Total segment PTOI | $ | 1,941 | $ | 2,248 | ||||||||||||||||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | (75 | ) | (30 | ) | ||||||||||||||||||||||||||||||||
Net exchange gains (losses)2 | 64 | (96 | ) | |||||||||||||||||||||||||||||||||
Corporate expenses1 | (245 | ) | (217 | ) | ||||||||||||||||||||||||||||||||
Interest expense | (84 | ) | (103 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,601 | $ | 1,802 | ||||||||||||||||||||||||||||||||
1 | Included transaction costs associated with the separation of the Performance Chemicals segment of $(81) and $(16) in the three months ended March 31, 2015 and 2014, respectively, which were recorded in other operating charges in the company's interim Consolidated Income Statements. | |||||||||||||||||||||||||||||||||||
2 | Included a charge of $(40) associated with remeasuring the company's Ukranian hryvnia net monetary assets in the three months ended March 31, 2015, which was recorded in other income, net in the company's interim Consolidated Income Statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2014, collectively referred to as the “2014 Annual Report”. The Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained, as well as variable interest entities for which DuPont is the primary beneficiary. | |
Basis of Presentation | |
Certain reclassifications of prior year's data have been made to conform to current year's presentation. | |
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. Other operating charges primarily include, costs associated with the Performance Chemical separation, product claim charges and non-capitalizable costs associated with capital projects. Selling, general and administrative expense primarily includes selling and marketing expenses, commissions, functional costs, and business management expenses. | |
Foreign Currency Translations Policy [Policy Text Block] | 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 clearly 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 planned 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 which, in some cases, has resulted in a change in the foreign entities’ functional currency during the first quarter of 2015. | |
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. The official exchange rate continues to be set through the National Center for Foreign Commerce (CENCOEX, previously CADIVI). Based on its evaluation of the restrictions and limitations affecting the availability of specific exchange rate mechanisms, management concluded in the second quarter of 2014 that the SICAD 2 auction process would be the most likely mechanism available. As a result, in the second quarter of 2014, the company changed from the official exchange rate to the SICAD 2 exchange rate. | |
During the first quarter of 2015, the Venezuelan government enacted additional changes to the country’s foreign exchange systems including the replacement of SICAD 2 and introduction of the SIMADI (Foreign Exchange Marginal System) auction process. Given the replacement of SICAD 2 with SIMADI, management has concluded that the SIMADI auction process would be the most likely exchange mechanism available. As a result, effective in the first quarter of 2015, the company changed from the SICAD 2 to the SIMADI exchange rate, to remeasure its Bolivar Fuertes (VEF) denominated net monetary assets which resulted in a pre-tax charge of $3 recorded within other income, net in the company’s interim Consolidated Income Statements for the three months ended March 31, 2015. The remaining net monetary assets and non-monetary assets are immaterial at March 31, 2015. | |
Recent Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements |
In February 2015, the FASB issued ASU No. 2015-02 Consolidation (Topic 810), Amendments to the Consolidation Analysis. The amendments under the new guidance modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities and eliminate the presumption that a general partner should consolidate a limited partnership. The ASU is effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. A reporting entity also may apply the amendments retrospectively. The company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. | |
In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued 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. The FASB proposed that a deferral of the effective date is necessary to provide adequate time to effectively implement the new revenue standard. It is important to note that the FASB’s proposed deferral is not a final decision. 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 adopted 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 previous standards. |
Employee_Separation_Asset_Rela1
Employee Separation / Asset Related Charges, Net (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Restructuring Charges [Abstract] | ||||||||||
Schedule of Restructuring Program | ||||||||||
Employee Separation Costs | Other Non-Personnel Charges 1 | Total | ||||||||
Balance at December 31, 2014 | $ | 264 | $ | 4 | $ | 268 | ||||
Payments | (38 | ) | (1 | ) | (39 | ) | ||||
Net translation adjustment | (6 | ) | — | (6 | ) | |||||
Balance as of March 31, 2015 | $ | 220 | $ | 3 | $ | 223 | ||||
1 | Other non-personnel charges consist of contractual obligation costs. |
Other_Income_Net_Tables
Other Income, Net (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Other Income and Expenses [Abstract] | |||||||
Schedule of Other Income | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Royalty income | $ | 39 | $ | 39 | |||
Interest income | 25 | 28 | |||||
Equity in earnings of affiliates, net | 9 | 13 | |||||
Net gain on sales of other assets | 6 | 7 | |||||
Net exchange gains (losses)1 | 64 | (96 | ) | ||||
Miscellaneous income and expenses, net 2 | 55 | 26 | |||||
Other income, net | $ | 198 | $ | 17 | |||
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 the company's interim Consolidated Income Statements. The increase in pre-tax exchange gains over prior year was driven by gains on foreign currency contracts due to strengthening of the USD versus global currencies partially offset by losses on the related foreign currency-denominated monetary assets and liabilities. The $64 net exchange gain for the three months ended March 31, 2015, includes a $(40) pre-tax exchange loss, $(38) after-tax, associated with the devaluation of the Ukrainian hryvnia. The $(96) net exchange loss for the three months ended March 31, 2014, includes a $(39) pre-tax exchange loss, $(27) after-tax, associated with the devaluation of the Ukrainian hryvnia. | ||||||
2 | Miscellaneous income and expenses, net, includes interest items, certain insurance recoveries and litigation settlements and other items. |
Earnings_Per_Share_of_Common_S1
Earnings Per Share of Common Stock (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Earnings Per Share [Abstract] | |||||||
Earnings Per Share of Common Stock Reconciliation Table | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Numerator: | |||||||
Net income attributable to DuPont | $ | 1,031 | $ | 1,439 | |||
Preferred dividends | (2 | ) | (2 | ) | |||
Net income available to common stockholders | $ | 1,029 | $ | 1,437 | |||
Denominator: | |||||||
Weighted-average number of common shares outstanding - Basic | 906,835,000 | 923,461,000 | |||||
Dilutive effect of the company’s employee compensation plans | 6,984,000 | 7,271,000 | |||||
Weighted-average number of common shares outstanding - Diluted | 913,819,000 | 930,732,000 | |||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
Inventory, Net [Abstract] | |||||||
Schedule of Inventories | |||||||
March 31, | December 31, | ||||||
2015 | 2014 | ||||||
Finished products | $ | 4,529 | $ | 4,628 | |||
Semi-finished products | 1,877 | 2,451 | |||||
Raw materials, stores and supplies | 1,138 | 1,255 | |||||
7,544 | 8,334 | ||||||
Adjustment of inventories to a last-in, first-out (LIFO) basis | (493 | ) | (493 | ) | |||
Total | $ | 7,051 | $ | 7,841 | |||
Other_Intangible_Assets_Tables
Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||
Schedule of Intangible Assets [Table Text Block] | The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: | ||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Amortization | Amortization | ||||||||||||||||||
Intangible assets subject to amortization (Definite-lived): | |||||||||||||||||||
Customer lists | $ | 1,612 | $ | (475 | ) | $ | 1,137 | $ | 1,706 | $ | (470 | ) | $ | 1,236 | |||||
Patents | 470 | (202 | ) | 268 | 493 | (199 | ) | 294 | |||||||||||
Purchased and licensed technology | 1,772 | (1,142 | ) | 630 | 1,789 | (1,074 | ) | 715 | |||||||||||
Trademarks | 31 | (14 | ) | 17 | 31 | (14 | ) | 17 | |||||||||||
Other 1 | 210 | (90 | ) | 120 | 207 | (88 | ) | 119 | |||||||||||
4,095 | (1,923 | ) | 2,172 | 4,226 | (1,845 | ) | 2,381 | ||||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | |||||||||||||||||||
In-process research and development | 25 | — | 25 | 29 | — | 29 | |||||||||||||
Microbial cell factories | 306 | — | 306 | 306 | — | 306 | |||||||||||||
Pioneer germplasm | 1,063 | — | 1,063 | 1,064 | — | 1,064 | |||||||||||||
Trademarks/tradenames | 741 | — | 741 | 800 | — | 800 | |||||||||||||
2,135 | — | 2,135 | 2,199 | — | 2,199 | ||||||||||||||
Total | $ | 6,230 | $ | (1,923 | ) | $ | 4,307 | $ | 6,425 | $ | (1,845 | ) | $ | 4,580 | |||||
1 | Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
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) | $ | 230 | $ | 84 | $ | 314 | ||||
Leases on equipment and facilities (terms up to 4 years) | — | 1 | 1 | |||||||
Obligations for equity affiliates2: | ||||||||||
Bank borrowings (terms up to 1 year) | 183 | — | 183 | |||||||
Total | $ | 413 | $ | 85 | $ | 498 | ||||
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) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | ||||||||||||||||||||
Three Months Ended | Three Months Ended | Affected Line Item in Consolidated Income Statements1 | ||||||||||||||||||
March 31, 2015 | March 31, 2014 | |||||||||||||||||||
Pre-Tax | Tax | After-Tax | Pre-Tax | Tax | After-Tax | |||||||||||||||
Cumulative translation adjustment | $ | (1,189 | ) | $ | — | $ | (1,189 | ) | $ | (72 | ) | $ | — | $ | (72 | ) | See (4) below | |||
Net revaluation and clearance of cash flow hedges to earnings: | ||||||||||||||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (22 | ) | 6 | (16 | ) | 38 | (14 | ) | 24 | See (2) below | ||||||||||
Clearance of hedge results to earnings: | ||||||||||||||||||||
Foreign currency contracts | (8 | ) | 3 | (5 | ) | 1 | — | 1 | Net sales | |||||||||||
Commodity contracts | 15 | (6 | ) | 9 | 17 | (7 | ) | 10 | Cost of goods sold | |||||||||||
Net revaluation and clearance of cash flow hedges to earnings | (15 | ) | 3 | (12 | ) | 56 | (21 | ) | 35 | |||||||||||
Pension benefit plans: | ||||||||||||||||||||
Net (loss) gain | (4 | ) | 1 | (3 | ) | 1 | — | 1 | See (2) below | |||||||||||
Effect of foreign exchange rates | 100 | (27 | ) | 73 | — | — | — | See (2) below | ||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service (benefit) cost | (2 | ) | 1 | (1 | ) | 1 | — | 1 | See (3) below | |||||||||||
Amortization of loss | 209 | (74 | ) | 135 | 149 | (51 | ) | 98 | See (3) below | |||||||||||
Settlement loss | 5 | (2 | ) | 3 | — | — | — | See (3) below | ||||||||||||
Pension benefit plans, net | 308 | (101 | ) | 207 | 151 | (51 | ) | 100 | ||||||||||||
Other benefit plans: | ||||||||||||||||||||
Reclassifications to net income: | ||||||||||||||||||||
Amortization of prior service benefit | (52 | ) | 19 | (33 | ) | (53 | ) | 19 | (34 | ) | See (3) below | |||||||||
Amortization of loss | 19 | (7 | ) | 12 | 14 | (4 | ) | 10 | See (3) below | |||||||||||
Other benefit plans, net | (33 | ) | 12 | (21 | ) | (39 | ) | 15 | (24 | ) | ||||||||||
Other comprehensive (loss) income | $ | (929 | ) | $ | (86 | ) | $ | (1,015 | ) | $ | 96 | $ | (57 | ) | $ | 39 | ||||
1 | Represents the income statement line item within the interim Consolidated Income Statement affected by the pre-tax reclassification out of other comprehensive (loss) income. | |||||||||||||||||||
2 | These amounts represent changes in accumulated other comprehensive loss excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. | |||||||||||||||||||
3 | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information. | |||||||||||||||||||
4 | The increase over prior year is primarily driven by the strengthening USD against the Euro and Brazilian real. | |||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ||||||||||||||||||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total | |||||||||||||||
2015 | ||||||||||||||||||||
Balance January 1, 2015 | $ | (1,016 | ) | $ | (6 | ) | $ | (7,949 | ) | $ | 262 | $ | 2 | $ | (8,707 | ) | ||||
Other comprehensive (loss) income before reclassifications | (1,189 | ) | (16 | ) | 70 | — | — | (1,135 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 4 | 137 | (21 | ) | — | 120 | |||||||||||||
Balance March 31, 2015 | $ | (2,205 | ) | $ | (18 | ) | $ | (7,742 | ) | $ | 241 | $ | 2 | $ | (9,722 | ) | ||||
Cumulative Translation Adjustment | Net Revaluation and Clearance of Cash Flow Hedges to Earnings | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain on Securities | Total | |||||||||||||||
2014 | ||||||||||||||||||||
Balance January 1, 2014 | $ | (140 | ) | $ | (48 | ) | $ | (5,749 | ) | $ | 494 | $ | 2 | $ | (5,441 | ) | ||||
Other comprehensive (loss) income before reclassifications | (72 | ) | 24 | 1 | — | — | (47 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 11 | 99 | (24 | ) | — | 86 | |||||||||||||
Balance March 31, 2014 | $ | (212 | ) | $ | (13 | ) | $ | (5,649 | ) | $ | 470 | $ | 2 | $ | (5,402 | ) | ||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Financial Instruments Disclosure [Abstract] | ||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps | $ | — | $ | 1,000 | ||||||||||
Foreign currency contracts | 71 | 434 | ||||||||||||
Commodity contracts | 265 | 388 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | 8,959 | 10,586 | ||||||||||||
Commodity contracts | 86 | 166 | ||||||||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Beginning balance | $ | (6 | ) | $ | (48 | ) | ||||||||
Additions and revaluations of derivatives designated as cash flow hedges | (16 | ) | 24 | |||||||||||
Clearance of hedge results to earnings | 4 | 11 | ||||||||||||
Ending balance | $ | (18 | ) | $ | (13 | ) | ||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | ||||||||||||||
Fair Value Using Level 2 Inputs | ||||||||||||||
Balance Sheet Location | 31-Mar-15 | December 31, 2014 | ||||||||||||
Asset derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Interest rate swaps1 | Accounts and notes receivable, net | $ | — | $ | 1 | |||||||||
Foreign currency contracts | Accounts and notes receivable, net | 2 | 10 | |||||||||||
2 | 11 | |||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts2 | Accounts and notes receivable, net | 67 | 254 | |||||||||||
Total asset derivatives3 | $ | 69 | $ | 265 | ||||||||||
Cash collateral1,2 | Other accrued liabilities | $ | 80 | $ | 47 | |||||||||
Liability derivatives: | ||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | $ | 3 | $ | 10 | |||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other accrued liabilities | 47 | 62 | |||||||||||
Commodity contracts | Other accrued liabilities | 1 | 1 | |||||||||||
48 | 63 | |||||||||||||
Total liability derivatives3 | $ | 51 | $ | 73 | ||||||||||
1 | Cash collateral held as of March 31, 2015 and December 31, 2014 represents $0 and $6, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||||||||||||
2 | Cash collateral held as of March 31, 2015 and December 31, 2014 represents $80 and $41, 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 $45 at March 31, 2015 and $67 at December 31, 2014. | |||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | ||||||||||||||
Amount of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Recognized in OCI1 | Recognized in Income2 | |||||||||||||
(Effective Portion) | ||||||||||||||
Three Months Ended March 31, | 2015 | 2014 | 2015 | 2014 | Income Statement Classification | |||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Fair value hedges: | ||||||||||||||
Interest rate swaps | $ | — | $ | — | $ | (1 | ) | $ | (7 | ) | Interest expense | |||
Cash flow hedges: | ||||||||||||||
Foreign currency contracts | (2 | ) | (1 | ) | 8 | (1 | ) | Net sales | ||||||
Commodity contracts | (20 | ) | 39 | (15 | ) | (17 | ) | Cost of goods sold | ||||||
(22 | ) | 38 | (8 | ) | (25 | ) | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | — | — | 268 | (46 | ) | Other income, net3 | ||||||||
Commodity contracts | — | — | 2 | (24 | ) | Cost of goods sold | ||||||||
— | — | 270 | (70 | ) | ||||||||||
Total derivatives | $ | (22 | ) | $ | 38 | $ | 262 | $ | (95 | ) | ||||
1 | OCI is defined as other comprehensive income (loss). | |||||||||||||
2 | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the three months ended March 31, 2015 and 2014, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||||||||||||
3 | 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 $(204) and $(50) for the three months ended March 31, 2015 and 2014. |
LongTerm_Employee_Benefits_Tab
Long-Term Employee Benefits (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||
Schedules of Net Periodic Benefit Cost | The following sets forth the components of the company’s net periodic benefit cost for pensions: | ||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Service cost | $ | 66 | $ | 60 | |||
Interest cost | 273 | 292 | |||||
Expected return on plan assets | (404 | ) | (402 | ) | |||
Amortization of loss | 209 | 149 | |||||
Amortization of prior service (benefit) cost | (2 | ) | 1 | ||||
Settlement loss | 5 | — | |||||
Net periodic benefit cost | $ | 147 | $ | 100 | |||
The following sets forth the components of the company’s net periodic benefit cost for other long-term employee benefits: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2015 | 2014 | ||||||
Service cost | $ | 4 | $ | 4 | |||
Interest cost | 28 | 31 | |||||
Amortization of loss | 19 | 14 | |||||
Amortization of prior service benefit | (52 | ) | (53 | ) | |||
Net periodic benefit cost | $ | (1 | ) | $ | (4 | ) |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||
Schedule of Segment Information | ||||||||||||||||||||||||||||||||||||
Three Months | Agriculture1 | Electronics & | Industrial Biosciences | Nutrition & Health | Performance | Performance | Safety & | Other | Total | |||||||||||||||||||||||||||
Ended March 31, | Communications | Chemicals | Materials | Protection | ||||||||||||||||||||||||||||||||
2015 | ||||||||||||||||||||||||||||||||||||
Segment sales | $ | 3,937 | $ | 521 | $ | 285 | $ | 813 | $ | 1,364 | $ | 1,411 | $ | 909 | $ | 1 | $ | 9,241 | ||||||||||||||||||
Less: Transfers | — | 4 | 5 | — | 29 | 30 | 1 | — | 69 | |||||||||||||||||||||||||||
Net sales | 3,937 | 517 | 280 | 813 | 1,335 | 1,381 | 908 | 1 | 9,172 | |||||||||||||||||||||||||||
PTOI | 1,174 | 2 | 85 | 56 | 89 | 129 | 327 | 184 | (103 | ) | 3 | 1,941 | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||||||||||
Segment sales | $ | 4,394 | $ | 580 | $ | 301 | $ | 861 | $ | 1,591 | $ | 1,534 | $ | 947 | $ | 1 | $ | 10,209 | ||||||||||||||||||
Less: Transfers | 3 | 3 | 3 | — | 57 | 14 | 1 | — | 81 | |||||||||||||||||||||||||||
Net sales | 4,391 | 577 | 298 | 861 | 1,534 | 1,520 | 946 | 1 | 10,128 | |||||||||||||||||||||||||||
PTOI | 1,442 | 75 | 56 | 93 | 206 | 293 | 175 | (92 | ) | 2,248 | ||||||||||||||||||||||||||
1 | As of March 31, 2015, Agriculture net assets were $9,005, an increase of $2,310 from $6,695 at December 31, 2014. The increase was primarily due to higher trade receivables due to normal seasonality in the sales and cash collections cycle. | |||||||||||||||||||||||||||||||||||
2 | Included $35 of insurance recoveries during the three months ended March 31, 2015 recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis® herbicide. See Note 9 for additional information. | |||||||||||||||||||||||||||||||||||
3 | Included a $(37) pre-tax impairment charge during the three months ended March 31, 2015 recorded in employee separation / asset related charges, net for a cost basis investment. See Note 3 for additional information. | |||||||||||||||||||||||||||||||||||
Reconciliation to Consolidated Income Statements | ||||||||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||||||||||
Total segment PTOI | $ | 1,941 | $ | 2,248 | ||||||||||||||||||||||||||||||||
Non-operating pension and other postretirement employee benefit costs | (75 | ) | (30 | ) | ||||||||||||||||||||||||||||||||
Net exchange gains (losses)2 | 64 | (96 | ) | |||||||||||||||||||||||||||||||||
Corporate expenses1 | (245 | ) | (217 | ) | ||||||||||||||||||||||||||||||||
Interest expense | (84 | ) | (103 | ) | ||||||||||||||||||||||||||||||||
Income before income taxes | $ | 1,601 | $ | 1,802 | ||||||||||||||||||||||||||||||||
1 | Included transaction costs associated with the separation of the Performance Chemicals segment of $(81) and $(16) in the three months ended March 31, 2015 and 2014, respectively, which were recorded in other operating charges in the company's interim Consolidated Income Statements. | |||||||||||||||||||||||||||||||||||
2 | Included a charge of $(40) associated with remeasuring the company's Ukranian hryvnia net monetary assets in the three months ended March 31, 2015, which was recorded in other income, net in the company's interim Consolidated Income Statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Venezuelan Foreign Currency Translation (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Venezuelan Foreign Currency Translation [Abstract] | |
SIMADI pre-tax charge | $3 |
Employee_Separation_Asset_Rela2
Employee Separation / Asset Related Charges, Net (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Restructuring and Related Activities [Abstract] | |
Restructuring Reserve | $223 |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Cost basis investment ownership | 6.00% |
Cost basis investment impairment [Member] | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Cost basis investment impairment | 37 |
Other Segments [Member] | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Pre-tax impairment charge | $38 |
Employee_Separation_Asset_Rela3
Employee Separation / Asset Related Charges, Net (2014 Restructuring Program schedule) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $223 | |||
2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve, payments | -39 | |||
Restructuring reserve, Net translation adjustment | -6 | |||
Restructuring Reserve | 223 | 268 | ||
Employee Severance [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve, payments | -38 | |||
Restructuring reserve, Net translation adjustment | -6 | |||
Restructuring Reserve | 220 | 264 | ||
Other Non-Personnel Charges [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve, payments | -1 | [1] | ||
Restructuring reserve, Net translation adjustment | 0 | [1] | ||
Restructuring Reserve | $3 | [1] | $4 | [1] |
[1] | Other non-personnel charges consist of contractual obligation costs. |
Other_Income_Net_Schedule_of_O
Other Income, Net (Schedule of Other Income) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Component of Other Income [Line Items] | ||||
Net exchange gains (losses) | $64 | [1] | ($96) | |
Total | 198 | 17 | ||
Other Income [Member] | ||||
Component of Other Income [Line Items] | ||||
Royalty income | 39 | 39 | ||
Interest income | 25 | 28 | ||
Equity in earnings of affiliates, net | 9 | 13 | ||
Net gain on sales of other assets | 6 | 7 | ||
Net exchange gains (losses) | 64 | [2] | -96 | [2] |
Miscellaneous income and expenses, net | 55 | [3] | 26 | [3] |
Total | 198 | 17 | ||
Foreign currency loss due to devaluation of Ukrainian hryvnia [Member] | ||||
Component of Other Income [Line Items] | ||||
Net exchange gains (losses) | -40 | -39 | ||
Net exchange gains (losses), after tax | ($38) | ($27) | ||
[1] | Included a charge of $(40) associated with remeasuring the company's Ukranian hryvnia net monetary assets in the three months ended March 31, 2015, which was recorded in other income, net in the company's interim Consolidated Income Statements. | |||
[2] | 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 the company's interim Consolidated Income Statements. The increase in pre-tax exchange gains over prior year was driven by gains on foreign currency contracts due to strengthening of the USD versus global currencies partially offset by losses on the related foreign currency-denominated monetary assets and liabilities. The $64 net exchange gain for the three months ended MarchB 31, 2015, includes a $(40) pre-tax exchange loss, $(38) after-tax, associated with the devaluation of the Ukrainian hryvnia. The $(96) net exchange loss for the three months ended MarchB 31, 2014, includes a $(39) pre-tax exchange loss, $(27) after-tax, associated with the devaluation of the Ukrainian hryvnia | |||
[3] | Miscellaneous income and expenses, net, includes interest items, certain insurance recoveries and litigation settlements and other items. |
Provision_for_Income_Taxes_Det
Provision for Income Taxes (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $566 | $357 |
Tax expense (benefit) associated with the company's policy of hedging the foreign currency-denominated monetary assets and liabilities | 212 | -28 |
Low end of range estimate of reasonably possible net reduction in unrecognized tax benefits | 100 | |
High end of range estimate of reasonably possible net reduction in unrecognized tax benefits | $125 |
Earnings_Per_Share_of_Common_S2
Earnings Per Share of Common Stock (Earnings Per Share of Common Stock Reconciliation) (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net income attributable to DuPont | $1,031 | $1,439 |
Preferred dividends | -2 | -2 |
Net income available to common stockholders | $1,029 | $1,437 |
Weighted-average number of common shares outstanding - Basic | 906,835,000 | 923,461,000 |
Dilutive effect of the company's employee compensation plans | 6,984,000 | 7,271,000 |
Weighted average number of common shares outstanding - Diluted | 913,819,000 | 930,732,000 |
Antidilutive stock options | 0 | 0 |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Inventory, Net [Abstract] | ||
Finished products | $4,529 | $4,628 |
Semifinished products | 1,877 | 2,451 |
Raw materials, stores and supplies | 1,138 | 1,255 |
Total inventories before LIFO adjustment | 7,544 | 8,334 |
Adjustment of inventories to a last-in, first-out (LIFO) basis | -493 | -493 |
Total | $7,051 | $7,841 |
Other_Intangible_Assets_Schedu
Other Intangible Assets (Schedule of Other Intangible Assets) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | $4,095 | $4,226 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -1,923 | -1,845 | ||
Definite-lived Intangible Assets, Net | 2,172 | 2,381 | ||
Indefinite-lived Intangible Assets | 2,135 | 2,199 | ||
Total Intangible Assets, Gross | 6,230 | 6,425 | ||
Total Intangible Assets, Accumulated Amortization | -1,923 | -1,845 | ||
Intangible Assets Net Excluding Goodwill | 4,307 | 4,580 | ||
In Process Research and Development [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets | 25 | 29 | ||
Microbial Cell Factories [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets | 306 | 306 | ||
Pioneer Germplasm [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets | 1,063 | 1,064 | ||
Trademarks/Tradenames [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets | 741 | 800 | ||
Customer Lists [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 1,612 | 1,706 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -475 | -470 | ||
Definite-lived Intangible Assets, Net | 1,137 | 1,236 | ||
Patents [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 470 | 493 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -202 | -199 | ||
Definite-lived Intangible Assets, Net | 268 | 294 | ||
Purchased and Licensed Technology [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 1,772 | 1,789 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -1,142 | -1,074 | ||
Definite-lived Intangible Assets, Net | 630 | 715 | ||
Trademarks [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 31 | 31 | ||
Definite-lived Intangible Assets, Accumulated Amortization | -14 | -14 | ||
Definite-lived Intangible Assets, Net | 17 | 17 | ||
Other [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 210 | [1] | 207 | [1] |
Definite-lived Intangible Assets, Accumulated Amortization | -90 | [1] | -88 | [1] |
Definite-lived Intangible Assets, Net | $120 | [1] | $119 | [1] |
[1] | Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. |
Other_Intangible_Assets_Narrat
Other Intangible Assets (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Intangible Assets | ||
Aggregate pre-tax amortization expense | $140 | $125 |
Pre-tax amortization expense, 2015 | 217 | |
Pre-tax amortization expense, 2016 | 353 | |
Pre-tax amortization expense, 2017 | 218 | |
Pre-tax amortization expense, 2018 | 218 | |
Pre-tax amortization expense, 2019 | 203 | |
Pre-tax amortization expense, 2020 | $184 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Guarantees) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | |
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $498 | $513 | |
Customer and Supplier Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 315 | ||
Collateral assets and personal guarantees percentage | 47.00% | ||
Customer and Supplier Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 314 | [1] | |
Guaranteed obligations, maximum term | 7 | [1] | |
Customer and Supplier Guarantee, Leases on Equipment and Facilities [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 1 | [1] | |
Guaranteed obligations, maximum term | 4 | [1] | |
Equity Affiliates, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 183 | [2] | |
Guaranteed obligations, maximum term | 1 | [2] | |
Guarantee Obligations, Long Term [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 85 | ||
Guarantee Obligations, Long Term [Member] | Customer and Supplier Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 84 | [1] | |
Guarantee Obligations, Long Term [Member] | Customer and Supplier Guarantee, Leases on Equipment and Facilities [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 1 | [1] | |
Guarantee Obligations, Long Term [Member] | Equity Affiliates, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 0 | [2] | |
Guaranteed Obligations Short Term [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 413 | ||
Guaranteed Obligations Short Term [Member] | Customer and Supplier Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 230 | [1] | |
Guaranteed Obligations Short Term [Member] | Customer and Supplier Guarantee, Leases on Equipment and Facilities [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 0 | [1] | |
Guaranteed Obligations Short Term [Member] | Equity Affiliates, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $183 | [2] | |
[1] | Existing guarantees for customers and suppliers, as part of contractual agreements. | ||
[2] | Existing guarantees for equity affiliates' liquidity needs in normal operations. |
Commitments_and_Contingent_Lia3
Commitments and Contingent Liabilities (Imprelis) (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2013 |
actions | ||
Product Claims [Line Items] | ||
Insurance program limits | $300 | |
Imprelis [Member] | ||
Product Claims [Line Items] | ||
Plaintiffs' attorney fees to pay per proposed settlement | 7 | |
Claims filed and pending | 37 | |
Loss Contingency, number of claims settled | 3 | |
Accrual balance | 231 | |
Insurance receivables | 25 | |
Insurance recoveries for litigation | $35 |
Commitments_and_Contingent_Lia4
Commitments and Contingent Liabilities (Litigation) (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2004 | Mar. 31, 2015 | Jul. 31, 2005 | Jan. 31, 2012 |
resident | ||||
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 | |||
Loss contingency, potential additional loss | 235 | |||
Escrow deposit | 1 | |||
PFOA Matters: Additional Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lawsuits alleging personal injury - Filed | 3,500 | |||
Lawsuits alleging personal injury, number of new claims filed | 600 | |||
Lawsuits alleging wrongful death | 32 | |||
PFOA MDL plaintiffs | 6 | |||
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_Lia5
Commitments and Contingent Liabilities Commitments and Contingent Liabilities (Environmental) (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Environmental Remediation [Line Items] | |
Accrual for environmental remediation activities | 482 |
Potential environmental liability in excess of accrued amount | 1,100 |
Minimum [Member] | |
Environmental Remediation [Line Items] | |
Average time frame of disbursements of environmental site remediation | 15 years |
Maximum [Member] | |
Environmental Remediation [Line Items] | |
Average time frame of disbursements of environmental site remediation | 20 years |
Stockholders_Equity_Share_Repu
Stockholders' Equity (Share Repurchase Program) (Narrative) (Details) (USD $) | 3 Months Ended | 14 Months Ended | 1 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Jan. 31, 2014 |
Equity, Class of Treasury Stock [Line Items] | |||||
Payments for repurchase of common stock | $282 | $1,061 | |||
January 2014 Buyback Plan [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Share buyback plan, Authorized Amount | 5,000 | ||||
Repurchased and retired, shares | 33.7 | ||||
Payments for repurchase of common stock | $2,282 | ||||
Q1 2015 Open Market Purchases [Member] | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Repurchased and retired, shares | 3.6 |
Stockholders_Equity_Schedule_o
Stockholders' Equity (Schedule of Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative translation adjustment, pre-tax | ($1,189) | [1] | ($72) | [1] |
Cumulative translation adjustment, tax | 0 | 0 | ||
Cumulative translation adjustment, after-tax | -1,189 | [1] | -72 | [1] |
Additions and revaluations of derivatives designated as cash flow hedges, pre-tax | -22 | [2] | 38 | [2] |
Additions and revaluations of derivatives designated as cash flow hedges, tax | 6 | -14 | ||
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | -16 | 24 | ||
Clearance of hedge results to earnings, pre-tax | 7 | 18 | ||
Net revaluation and clearance of cash flow hedges to earnings, pre-tax | -15 | 56 | ||
Net revaluation and clearance of cash flow hedges to earnings, tax | 3 | -21 | ||
Net revaluation and clearance of cash flow hedges to earnings, after-tax | -12 | 35 | ||
Other comprehensive (loss) income, before tax | -929 | 96 | ||
Income tax expense related to items of other comprehensive income | -86 | -57 | ||
Other comprehensive (loss) income, net of tax | -1,015 | 39 | ||
Net sales [Member] | Foreign Currency Contract [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Clearance of hedge results to earnings, pre-tax | -8 | 1 | ||
Clearance of hedge results to earnings, tax | 3 | 0 | ||
Clearance of hedge results to earnings, after-tax | -5 | 1 | ||
Cost of goods sold [Member] | Commodity Contract [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Clearance of hedge results to earnings, pre-tax | 15 | 17 | ||
Clearance of hedge results to earnings, tax | -6 | -7 | ||
Clearance of hedge results to earnings, after-tax | 9 | 10 | ||
Pension Plans [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Net (loss) gain, pre-tax | -4 | [2] | 1 | [2] |
Net (loss) gain, tax | 1 | 0 | ||
Net (loss) gain, after-tax | -3 | 1 | ||
Effect of foreign exchange rates, pre-tax | 100 | [2] | 0 | [2] |
Effect of foreign exchange rates, tax | -27 | 0 | ||
Effect of foreign exchange rates, after-tax | 73 | 0 | ||
Amortization of prior service (benefit) cost, pre-tax | -2 | [3] | 1 | [3] |
Amortization of prior service (benefit) cost, tax | 1 | 0 | ||
Amortization of prior service (benefit) cost, after tax | -1 | 1 | ||
Amortization of loss, pre-tax | 209 | [3] | 149 | [3] |
Amortization of loss, tax | -74 | -51 | ||
Amortization of loss, after tax | 135 | 98 | ||
Settlement loss, pre-tax | 5 | [3] | 0 | [3] |
Settlement loss, tax | -2 | 0 | ||
Settlement loss, after tax | 3 | 0 | ||
Benefit plans, net, pre-tax | 308 | 151 | ||
Benefit plans, net, tax | -101 | -51 | ||
Benefit plans, net, after-tax | 207 | 100 | ||
Other Long-Term Employee Benefit Plans [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service (benefit) cost, pre-tax | -52 | [3] | -53 | [3] |
Amortization of prior service (benefit) cost, tax | 19 | 19 | ||
Amortization of prior service (benefit) cost, after tax | -33 | -34 | ||
Amortization of loss, pre-tax | 19 | [3] | 14 | [3] |
Amortization of loss, tax | -7 | -4 | ||
Amortization of loss, after tax | 12 | 10 | ||
Benefit plans, net, pre-tax | -33 | -39 | ||
Benefit plans, net, tax | 12 | 15 | ||
Benefit plans, net, after-tax | ($21) | ($24) | ||
[1] | The increase over prior year is primarily driven by the strengthening USD against the Euro and Brazilian real. | |||
[2] | These amounts represent changes in accumulated other comprehensive loss excluding changes due to reclassifying amounts to the interim Consolidated Income Statements. | |||
[3] | These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost of the company's pension and other long-term employee benefit plans. See Note 12 for additional information. |
Stockholders_Equity_Schedule_o1
Stockholder's Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | ($8,707) | ($5,441) |
Other comprehensive loss before reclassifications | -1,135 | -47 |
Amounts reclassified from accumulated other comprehensive loss | 120 | 86 |
Accumulated other comprehensive loss, ending balance | -9,722 | -5,402 |
Cumulative Translation Adjustment [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | -1,016 | -140 |
Other comprehensive loss, before reclassifications, CTA | -1,189 | -72 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 |
Accumulated other comprehensive loss, ending balance | -2,205 | -212 |
Net Revaluation and Clearance of Cash Flow Hedges to Earnings | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | -6 | -48 |
Other comprehensive (loss) income, before reclassifications, cash flow hedges | -16 | 24 |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges | 4 | 11 |
Accumulated other comprehensive loss, ending balance | -18 | -13 |
Pension Plans [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | -7,949 | -5,749 |
Other comprehensive income, before reclassifications, pension and other benefit plans | 70 | 1 |
Amounts reclassified from accumulated other comprehensive loss, pension and other benefit plans | 137 | 99 |
Accumulated other comprehensive loss, ending balance | -7,742 | -5,649 |
Other Long-Term Employee Benefit Plans [Member] | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | 262 | 494 |
Other comprehensive income, before reclassifications, pension and other benefit plans | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, pension and other benefit plans | -21 | -24 |
Accumulated other comprehensive loss, ending balance | 241 | 470 |
Unrealized Gain on Securities | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated other comprehensive loss, beginning balance | 2 | 2 |
Other comprehensive income (loss), before reclassifications, securities | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss, securities | 0 | 0 |
Accumulated other comprehensive loss, ending balance | $2 | $2 |
Financial_Instruments_Debt_Nar
Financial Instruments (Debt) (Narrative) (Details) (Fair Value, Inputs, Level 2 [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair value of debt | $11,168 | $11,394 |
Financial_Instruments_Cash_Equ
Financial Instruments (Cash Equivalents) (Narrative) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ||
Fair value of cash equivalents | $0 | $1,436 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value of cash equivalents | $1,700 | $3,293 |
Financial_Instruments_Notional
Financial Instruments (Notional Amounts of Derivatives) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $0 | $1,000 |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 71 | 434 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 265 | 388 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 8,959 | 10,586 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $86 | $166 |
Financial_Instruments_Effect_o
Financial Instruments (Effect of Cash Flows Hedges on Accumulated Other Comprehensive Income (Loss)) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivative [Line Items] | ||
Portion of ending balance of gain (loss) expected to be reclassified into earnings over the next twelve months, after-tax | ($4) | |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Beginning balance, after-tax | -6 | -48 |
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | -16 | 24 |
Clearance of hedge results to earnings, after-tax | 4 | 11 |
Ending balance, after-tax | ($18) | ($13) |
Financial_Instruments_Schedule
Financial Instruments (Schedule of the Fair Value of Derivative Instruments) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative assets and liabilities subject to master netting arrangement | $45 | $67 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 69 | [1] | 265 | [1] |
Liability derivatives | 51 | [1] | 73 | [1] |
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 2 | 11 | ||
Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 48 | 63 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 0 | 6 | ||
Foreign Currency Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 80 | 41 | ||
Accounts and Notes Receivable [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 0 | [2] | 1 | [2] |
Accounts and Notes Receivable [Member] | Foreign Currency Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 2 | 10 | ||
Accounts and Notes Receivable [Member] | Foreign Currency Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Asset derivatives | 67 | [3] | 254 | [3] |
Other accrued liabilities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash collateral | 80 | [2],[3] | 47 | [2],[3] |
Other accrued liabilities [Member] | Foreign Currency Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 3 | 10 | ||
Other accrued liabilities [Member] | Foreign Currency Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | 47 | 62 | ||
Other accrued liabilities [Member] | Commodity Contract [Member] | Not Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liability derivatives | $1 | $1 | ||
[1] | The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $45 at MarchB 31, 2015 and $67 at DecemberB 31, 2014. | |||
[2] | Cash collateral held as of MarchB 31, 2015 and DecemberB 31, 2014 represents $0 and $6, respectively, related to interest rate swap derivatives designated as hedging instruments. | |||
[3] | Cash collateral held as of MarchB 31, 2015 and DecemberB 31, 2014 represents $80 and $41, respectively, related to foreign currency derivatives not designated as hedging instruments. |
Financial_Instruments_Effect_o1
Financial Instruments (Effect of Derivative Instruments) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in OCI (effective portion) | ($22) | [1] | $38 | [1] |
Amount of Gain (Loss) Recognized in Income | 262 | -95 | ||
Other Income, net [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on foreign currency denominated monetary assets and liabilities | -204 | -50 | ||
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) recognized in OCI (effective portion) | -22 | [1] | 38 | [1] |
Amount of Gain (Loss) Recognized in Income | -8 | -25 | ||
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) | -2 | [1] | -1 | [1] |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Net sales [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income | 8 | [2] | -1 | [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) | -20 | [1] | 39 | [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 | -15 | [2] | -17 | [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] |
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 | -1 | -7 | ||
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] |
Amount of Gain (Loss) Recognized in Income | 270 | -70 | ||
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] |
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 | 268 | [3] | -46 | [3] |
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] |
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 | $2 | ($24) | ||
[1] | OCI is defined as other comprehensive income (loss). | |||
[2] | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the three months ended MarchB 31, 2015 and 2014, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||
[3] | 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 $(204) and $(50) for the three months ended MarchB 31, 2015 and 2014. |
LongTerm_Employee_Benefits_Lon
Long-Term Employee Benefits Long Term Employee Benefits Defined Benefit Plans (Narrative) (Details) (United States Pension Plan of US Entity [Member]) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefits costs, expected return on plan assets assumption | 8.50% | 8.75% |
LongTerm_Employee_Benefits_Sch
Long-Term Employee Benefits (Schedules of Net Periodic Benefit Cost) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost | $147 | $100 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 66 | 60 |
Interest cost | 273 | 292 |
Expected return on plan assets | -404 | -402 |
Amortization of loss | 209 | 149 |
Amortization of prior service (benefit) cost | -2 | 1 |
Settlement loss | 5 | 0 |
Net periodic benefit cost | 147 | 100 |
Other Long-Term Employee Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 4 | 4 |
Interest cost | 28 | 31 |
Amortization of loss | 19 | 14 |
Amortization of prior service (benefit) cost | -52 | -53 |
Net periodic benefit cost | ($1) | ($4) |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Information) (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Segment sales | $9,241 | $10,209 | ||
Less: Transfers | 69 | 81 | ||
Net sales | 9,172 | 10,128 | ||
PTOI | 1,941 | 2,248 | ||
Agriculture [Member] | ||||
Segment sales | 3,937 | 4,394 | ||
Less: Transfers | 0 | 3 | ||
Net sales | 3,937 | 4,391 | ||
PTOI | 1,174 | [1] | 1,442 | |
Segment net assets | 9,005 | 6,695 | ||
Increase in net assets | 2,310 | |||
Electronics and Communications [Member] | ||||
Segment sales | 521 | 580 | ||
Less: Transfers | 4 | 3 | ||
Net sales | 517 | 577 | ||
PTOI | 85 | 75 | ||
Industrial Biosciences [Member] | ||||
Segment sales | 285 | 301 | ||
Less: Transfers | 5 | 3 | ||
Net sales | 280 | 298 | ||
PTOI | 56 | 56 | ||
Nutrition & Health [Member] | ||||
Segment sales | 813 | 861 | ||
Less: Transfers | 0 | 0 | ||
Net sales | 813 | 861 | ||
PTOI | 89 | 93 | ||
Performance Chemicals [Member] | ||||
Segment sales | 1,364 | 1,591 | ||
Less: Transfers | 29 | 57 | ||
Net sales | 1,335 | 1,534 | ||
PTOI | 129 | 206 | ||
Performance Materials [Member] | ||||
Segment sales | 1,411 | 1,534 | ||
Less: Transfers | 30 | 14 | ||
Net sales | 1,381 | 1,520 | ||
PTOI | 327 | 293 | ||
Safety and Protection [Member] | ||||
Segment sales | 909 | 947 | ||
Less: Transfers | 1 | 1 | ||
Net sales | 908 | 946 | ||
PTOI | 184 | 175 | ||
Other [Member] | ||||
Segment sales | 1 | 1 | ||
Less: Transfers | 0 | 0 | ||
Net sales | 1 | 1 | ||
PTOI | -103 | [2] | -92 | |
Imprelis [Member] | ||||
Insurance recoveries for litigation | 35 | |||
Cost basis investment impairment [Member] | ||||
Cost basis investment impairment | ($37) | |||
[1] | Included $35 of insurance recoveries during the three months ended MarchB 31, 2015 recorded in other operating charges for recovery of costs for customer claims related to the use of the ImprelisB. herbicide. See Note 9 for additional information. | |||
[2] | Included a $(37) pre-tax impairment charge during the three months ended MarchB 31, 2015 recorded in employee separation / asset related charges, net for a cost basis investment. See Note 3 for additional information. |
Segment_Information_Reconcilia
Segment Information (Reconciliation to Consolidated Income Statements) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Information | |||
Total segment PTOI | $1,941 | $2,248 | |
Non operating pension and other post retirement employee benefit costs | -75 | -30 | |
Net exchange gains (losses) | 64 | [1] | -96 |
Corporate expenses | -245 | [2] | -217 |
Interest expense | -84 | -103 | |
Income before income taxes | 1,601 | 1,802 | |
Corporate Expenses [Member] | |||
Segment Information | |||
Separation related transaction costs | -81 | -16 | |
Foreign currency loss due to devaluation of Ukrainian hryvnia [Member] | |||
Segment Information | |||
Net exchange gains (losses) | ($40) | ($39) | |
[1] | Included a charge of $(40) associated with remeasuring the company's Ukranian hryvnia net monetary assets in the three months ended March 31, 2015, which was recorded in other income, net in the company's interim Consolidated Income Statements. | ||
[2] | Included transaction costs associated with the separation of the Performance Chemicals segment of $(81) and $(16) in the three months ended March 31, 2015 and 2014, respectively, which were recorded in other operating charges in the company's interim Consolidated Income Statements. |