Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 15, 2016 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Entity Registrant Name | DUPONT E I DE NEMOURS & CO | |
Entity Central Index Key | 30,554 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 873,512,000 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net sales | $ 7,405 | $ 7,837 |
Cost of goods sold | 4,242 | 4,516 |
Other operating charges | 185 | 148 |
Selling, general and administrative expenses | 1,128 | 1,220 |
Research and development expense | 418 | 479 |
Other income, net | (372) | (199) |
Interest expense | 92 | 84 |
Employee separation / asset related charges, net | 77 | 38 |
Income from continuing operations before income taxes | 1,635 | 1,551 |
Provision for income taxes on continuing operations | 406 | 530 |
Income from continuing operations after income taxes | 1,229 | 1,021 |
Income from discontinued operations after income taxes | 3 | 14 |
Net income | 1,232 | 1,035 |
Less: Net income attributable to noncontrolling interests | 6 | 4 |
Net income attributable to DuPont | $ 1,226 | $ 1,031 |
Basic earnings per share of common stock from continuing operations | $ 1.40 | $ 1.12 |
Basic earnings per share of common stock from discontinued operations | 0 | 0.01 |
Basic earnings per share of common stock | 1.40 | 1.13 |
Diluted earnings per share of common stock from continuing operations | 1.39 | 1.11 |
Diluted earnings per share of common stock from discontinued operations | 0 | 0.01 |
Diluted earnings per share of common stock | 1.39 | 1.13 |
Dividends per share of common stock | $ 0.38 | $ 0.47 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Net income | $ 1,232 | $ 1,035 | |
Cumulative translation adjustment | [1] | 170 | (1,189) |
Additions and revaluations of derivatives designated as cash flow hedges | [2] | 16 | (22) |
Clearance of hedge results to earnings | 11 | 7 | |
Net revaluation and clearance of cash flow hedges to earnings | 27 | (15) | |
Net unrealized loss on securities | (8) | 0 | |
Other comprehensive loss, before tax | (957) | (929) | |
Income tax benefit (expense) related to items of other comprehensive loss | 402 | (86) | |
Other comprehensive loss, net of tax | (555) | (1,015) | |
Comprehensive income | 677 | 20 | |
Less: comprehensive income attributable to noncontrolling interests | 6 | 4 | |
Comprehensive income attributable to DuPont | 671 | 16 | |
Pension Plans [Member] | |||
Net loss | [2] | (1,191) | (4) |
Effect of foreign exchange rates | [2] | 1 | 100 |
Amortization of prior service benefit | [3] | (2) | (2) |
Amortization of loss | [3] | 172 | 209 |
Curtailment / settlement loss (gain) | 50 | 5 | |
Benefit plans, net | (970) | 308 | |
Other Long-Term Employee Benefit Plans [Member] | |||
Net loss | [2] | (124) | 0 |
Amortization of prior service benefit | [3] | (39) | (52) |
Amortization of loss | [3] | 17 | 19 |
Curtailment / settlement loss (gain) | (30) | 0 | |
Benefit plans, net | $ (176) | $ (33) | |
[1] | The increase in currency translation adjustment gains over prior year for the three months ended March 31, 2016 is primarily driven by the modest weakening of the U.S. dollar (USD) against the European Euro and Brazilian real. The increase in currency translation adjustment losses over prior year for the three months ended March 31, 2015 is primarily driven by the strengthening USD against the European 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. See Notes 13 and 14 for additional information. | ||
[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 14 for additional information. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 4,166 | $ 5,300 |
Marketable securities | 623 | 906 |
Accounts and notes receivable, net | 6,917 | 4,643 |
Inventories | 5,482 | 6,140 |
Prepaid expenses | 677 | 398 |
Total current assets | 17,865 | 17,387 |
Property, plant and equipment, net of accumulated depreciation (March 31, 2016 - $14,621; December 31, 2015 - $14,346) | 9,649 | 9,784 |
Goodwill | 4,256 | 4,248 |
Other intangible assets | 4,071 | 4,144 |
Investment in affiliates | 689 | 688 |
Deferred income taxes | 4,142 | 3,799 |
Other assets | 1,129 | 1,116 |
Total | 41,801 | 41,166 |
Liabilities and Equity | ||
Accounts payable | 2,773 | 3,398 |
Short-term borrowings and capital lease obligations | 1,625 | 1,165 |
Income taxes | 171 | 173 |
Other accrued liabilities | 4,386 | 5,580 |
Total current liabilities | 8,955 | 10,316 |
Long-term borrowings and capital lease obligations | 8,126 | 7,642 |
Other liabilities | 13,700 | 12,591 |
Deferred income taxes | 422 | 417 |
Total liabilities | $ 31,203 | $ 30,966 |
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, 2016 - 960,450,000; December 31, 2015 - 958,388,000 | 288 | 288 |
Additional paid-in capital | 11,140 | 11,081 |
Reinvested earnings | 15,400 | 14,510 |
Accumulated other comprehensive loss | (9,951) | (9,396) |
Common stock held in treasury, at cost (87,041,000 shares at March 31, 2016 and December 31, 2015) | (6,727) | (6,727) |
Total DuPont stockholders' equity | 10,387 | 9,993 |
Noncontrolling interests | 211 | 207 |
Total equity | 10,598 | 10,200 |
Total | $ 41,801 | $ 41,166 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation | $ 14,621 | $ 14,346 |
Common stock, par value | $ 0.30 | $ 0.30 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 960,450,000 | 958,388,000 |
Common stock held in treasury, shares | 87,041,000 | 87,041,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | |
Operating activities | |||
Net income | $ 1,232 | $ 1,035 | |
Adjustments to reconcile net income to cash used for operating activities: | |||
Depreciation | 238 | 306 | |
Amortization of intangible assets | 122 | 140 | |
Net periodic pension benefit cost | 146 | 147 | |
Contributions to pension plans | (88) | (124) | |
Gain on sale of businesses and other assets | 374 | 0 | |
Other operating activities - net | 258 | (1) | |
Change in operating assets and liabilities - net | (3,378) | (3,626) | |
Cash used for operating activities | (1,844) | (2,123) | |
Investing activities | |||
Purchases of property, plant and equipment | (357) | (565) | |
Investments in affiliates | (1) | (45) | |
Proceeds from sale of businesses and other assets - net | 193 | 25 | |
Purchases of short-term financial instruments | (95) | (125) | |
Proceeds from maturities and sales of short-term financial instruments | 377 | 125 | |
Foreign currency exchange contract settlements | (78) | 442 | |
Other investing activities - net | (12) | 3 | |
Cash provided by (used for) investing activities | 27 | (140) | |
Financing activities | |||
Dividends paid to stockholders | (334) | (429) | |
Net increase in short-term (less than 90 days) borrowings | 665 | 980 | |
Long-term and other borrowings - receipts | 654 | 120 | |
Long-term and other borrowings - payments | (361) | (1,409) | |
Repurchase of common stock | 0 | (282) | |
Proceeds from exercise of stock options | 51 | 170 | |
Other financing activities - net | (12) | (1) | |
Cash provided by (used for) financing activities | 663 | (851) | |
Effect of exchange rate changes on cash | 20 | (174) | |
Decrease in cash and cash equivalents | (1,134) | (3,288) | |
Cash and cash equivalents at beginning of period | 5,300 | 6,910 | $ 6,910 |
Cash and cash equivalents at end of period | $ 4,166 | $ 3,622 | $ 4,166 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 , collectively referred to as the “2015 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 (VIEs) 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. On July 1, 2015, the company completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours Company (Chemours). In accordance with GAAP, the financial position and results of operations of the Performance Chemicals segment are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows and comprehensive income related to the Performance Chemicals segment have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Comprehensive Income, respectively, for all periods presented. Amounts related to the Performance Chemicals segment are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 3 for additional information. Recent Accounting Pronouncements Accounting Pronouncements Implemented in 2016 In November 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The company adopted this guidance effective January 1, 2016 on a retrospective basis. As a result of the adoption, $368 and $37 of deferred tax assets and liabilities, respectively, were reclassified from current to noncurrent assets and liabilities, respectively, as of December 31, 2015. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share or its Equivalent. This guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented and early adoption is permissible. The company adopted this guidance effective January 1, 2016. The guidance will only impact disclosure and will not impact the company's financial position or results of operations. New Accounting Pronouncements to be Implemented In March 2016, the FASB Issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. The ASU was issued as part of the FASB Simplification Initiative and involves several aspects of accounting for shared-based payment transactions, including the income tax consequences and classification on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The company is currently evaluating the impact this guidance will have on the Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments under the new guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability, other than leases that meet the definition of a short- term lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new leasing standard will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, requiring application at the beginning of the earliest comparative period presented. 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 was further updated in March and April 2016. The new guidance 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. In July 2015, the FASB approved a deferral of the ASU effective date from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. The company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. |
Proposed Merger with Dow Chemic
Proposed Merger with Dow Chemical | 3 Months Ended |
Mar. 31, 2016 | |
Proposed Merger with Dow Chemical [Abstract] | |
Proposed Merger with Dow Chemical | Proposed Merger with Dow Chemical On December 11, 2015, DuPont and The Dow Chemical Company (Dow) announced entry into an Agreement and Plan of Merger (the Merger Agreement), under which the companies will combine in an all-stock merger of equals. The companies anticipate that the merger will close and become effective (the Effective Time), in the second half of 2016 and the combined company will be named DowDuPont. Following the consummation of the merger, DuPont and Dow intend to pursue, subject to the receipt of approval by the board of directors of DowDuPont, the separation of the combined company’s agriculture business, specialty products business and material science business through a series of tax-efficient transactions (collectively, the Business Separations.) Additional information about the Merger Agreement is set forth in the company’s Current Report on Form 8-K filed with the SEC on December 11, 2015 and the company’s 2015 Annual Report filed with the SEC on February 4, 2016. During the three months ended March 31, 2016 , the company incurred $24 of costs in connection with the planned merger with Dow. These costs were recorded in selling, general and administrative expenses in the company's interim Consolidated Income Statements and primarily include financial advisory, legal, accounting, consulting and other advisory fees and expenses. |
Divestitures and Other Transact
Divestitures and Other Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestitures and Other Transactions DuPont (Shenzhen) Manufacturing Limited In March 2016, the company sold 100 percent of its ownership interest in DuPont (Shenzhen) Manufacturing Limited to the Feixiang Group. The sale of the entity, which held certain buildings and other assets, resulted in a pre-tax gain of $369 ( $214 net of tax). The gain was recorded in other income, net in the company's interim Consolidated Income Statements for the three months ended March 31, 2016 and reflected as a Corporate item. Performance Chemicals On July 1, 2015 (the Distribution Date), DuPont completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of Chemours (the Separation). To effect the spin-off, DuPont distributed to its stockholders one share of Chemours common stock, par value $0.01 per share, for every five shares of DuPont common stock, par value $0.30 per share, (the Distribution) outstanding as of 5:00 p.m. June 23, 2015, the record date for the Distribution. In lieu of fractional shares of Chemours, stockholders of DuPont received cash, which generally was taxable. In connection with the Separation, the company and Chemours entered into a Separation Agreement, discussed below, and a Tax Matters Agreement and certain ancillary agreements, including an employee matters agreement, agreements related to transition and site services, and intellectual property cross licensing arrangements. In addition, the companies have entered into certain supply agreements. In the first quarter 2016, the company prepaid $190 for certain goods and services expected to be delivered by Chemours over twelve to fifteen months. As of March 31, 2016, the balance of the prepayment was $168 recorded within prepaid expenses on the Condensed Consolidated Balance Sheet. Separation Agreement The company and Chemours entered into a Separation Agreement that sets forth, among other things, the agreements between the company and Chemours regarding the principal transactions necessary to effect the Separation and also sets forth ancillary agreements that govern certain aspects of the company’s relationship with Chemours after the separation. Among other matters, the Separation Agreement and the ancillary agreements provide for the allocation between DuPont and Chemours of assets, employees, liabilities and obligations (including investments, property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at and after the completion of the Separation. Pursuant to the Separation Agreement, Chemours indemnifies DuPont against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. The term of this indemnification is indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. At March 31, 2016 , the indemnified assets are $94 within accounts and notes receivable, net and $384 within other assets offset by the corresponding liabilities of $94 within other accrued liabilities and $384 within other liabilities. The results of operations of the Performance Chemicals segment are presented as discontinued operations as summarized below: Three Months Ended March 31, 2016 2015 Net sales $ — $ 1,335 Cost of goods sold — 1,037 Other operating charges 7 135 Selling, general and administrative expenses — 92 Research and development expense — 20 Other income, net — 1 (Loss) income from discontinued operations before income taxes (7 ) 50 (Benefit) provision for income taxes (3 ) 36 (Loss) income from discontinued operations after income taxes $ (4 ) $ 14 During the three months ended March 31, 2016 and 2015 , the company incurred $7 and $81 of costs, respectively, in connection with the transaction primarily related to professional fees associated with preparation of regulatory filings and separation activities within finance, tax, legal, and information system functions. Income from discontinued operations during the three months ended March 31, 2016 and 2015 , includes $7 and $69 of these costs, respectively. Income from continuing operations during the three months ended March 31, 2015 , includes $12 of these costs, respectively, recorded in other operating charges in the company's interim Consolidated Income Statements. The following table presents depreciation, amortization and purchases of property, plant and equipment of the discontinued operations related to Performance Chemicals: Three Months Ended March 31 2016 2015 Depreciation $ — $ 62 Amortization of intangible assets — 1 Purchases of property, plant and equipment — 150 |
Employee Separation _ Asset Rel
Employee Separation / Asset Related Charges, Net | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring Charges [Abstract] | |
Employee Separation / Asset Related Charges, Net | Employee Separation / Asset Related Charges, Net La Porte Plant, La Porte, Texas In March 2016, DuPont announced its decision to not re-start the Agriculture segment’s insecticide manufacturing facility at the La Porte site located in La Porte, Texas. The facility manufactures Lannate ® and Vydate ® insecticides and has been shut down since November 2014. As a result of this decision, during the three months ended March 31, 2016 , a pre-tax charge of $75 was recorded in employee separation / asset related charges, net which included $41 of asset related charges, $18 of contract termination costs, and $16 of employee severance and related benefit costs. 2016 Global Cost Savings and Restructuring Plan At March 31, 2016 , total liabilities related to the program were $504 . A complete discussion of restructuring initiatives is included in the company's 2015 Annual Report in Note 4, "Employee Separation / Asset Related Charges, Net." Account balances and activity for the restructuring program are summarized below: Severance and Related Benefit Costs Asset Related Charges Other Non-Personnel Charges 1 Total Balance at December 31, 2015 $ 648 $ — $ 32 $ 680 Payments (124 ) — (20 ) (144 ) Net translation adjustment 3 — — 3 Other adjustments (44 ) 37 9 2 Asset write-offs — (37 ) — (37 ) Balance as of March 31, 2016 $ 483 $ — $ 21 $ 504 1. Other non-personnel charges consist of contractual obligation costs. During the three months ended March 31, 2016 , a net charge of $2 was recorded associated with the 2016 global cost savings and restructuring plan in employee separation / asset related charges, net in the company's interim Consolidated Income Statements. This was primarily due to the identification of additional projects in certain segments, offset by lower than estimated workforce reductions achieved through non-severance programs. The net charge related to the segments for the three months ended March 31, 2016 as follows: Agriculture - $21 , Electronics & Communications - $(7) , Industrial Biosciences - $(1) , Nutrition & Health - $(1) , Performance Materials - $4 , Protection Solutions - $(3) , Other - $3 , as well as Corporate expenses $(14) . 2014 Restructuring Program At March 31, 2016 , total liabilities related to the 2014 restructuring program were $55 . A complete discussion of restructuring initiatives is included in the company's 2015 Annual Report in Note 4, "Employee Separation / Asset Related Charges, Net." Account balances and activity related to the 2014 restructuring program are summarized below: Severance and Related Benefit Costs Other Non-Personnel Charges 1 Total Balance at December 31, 2015 $ 76 $ 2 $ 78 Payments (23 ) — (23 ) Balance as of March 31, 2016 $ 53 $ 2 $ 55 1. Other non-personnel charges consist of contractual obligation costs. Cost Basis Investment Impairment During the first quarter 2015, a $38 pre-tax impairment charge was recorded in employee separation / asset related charges, net within the Other segment. The majority related 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. As a result, the carrying value of DuPont's 6 percent cost basis investment in this venture exceeded its fair value by $37 , such that an impairment charge was recorded. |
Other Income, Net
Other Income, Net | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | Other Income, Net Three Months Ended March 31, 2016 2015 Royalty income $ 57 $ 34 Interest income 16 25 Equity in earnings of affiliates, net 10 4 Net gain on sales of businesses and other assets 1 373 5 Net exchange (losses) gains 2 (121 ) 79 Miscellaneous income and expenses, net 3 37 52 Other income, net $ 372 $ 199 1. Includes a pre-tax gain of $369 ( $214 net of tax) for the three months ended March 31, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 3 for additional information. 2. The $79 net exchange gain for the three months ended March 31, 2015 , includes a net $(40) pre-tax exchange loss associated with the devaluation of the Ukrainian hryvnia. 3. Miscellaneous income and expenses, net, includes interest items, certain insurance recoveries and gains related to litigation settlements and other items. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations for the three months ended March 31, 2016 and 2015 . 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 hedging program gains (losses) are largely taxable (tax deductible) in the U.S., whereas the offsetting exchange gains (losses) on the re-measurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income, net and the related tax impact is recorded in provision for income taxes on continuing operations in the interim Consolidated Income Statements. Three Months Ended March 31, 2016 2015 Subsidiary Monetary Position Gain (Loss) Pre-tax exchange gain (loss) 1 $ 33 $ (200 ) Local tax benefits (expenses) 13 (109 ) Net after-tax impact from subsidiary exchange gain (loss) 46 (309 ) Hedging Program Gain (Loss) Pre-tax exchange (loss) gain (154 ) 279 Tax benefits (expenses) 55 (100 ) Net after-tax impact from hedging program exchange (loss) gain (99 ) 179 Total Exchange Gain (Loss) Pre-tax exchange (loss) gain (121 ) 79 Tax benefits (expenses) 68 (209 ) Net after-tax exchange loss $ (53 ) $ (130 ) 1. Excludes equity affiliates. |
Provision for Income Taxes
Provision for Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Income Taxes Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. 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 $120 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 St
Earnings Per Share of Common Stock | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 2015 Numerator: Income from continuing operations after income taxes attributable to DuPont $ 1,223 $ 1,017 Preferred dividends (2 ) (2 ) Income from continuing operations after income taxes available to DuPont common stockholders $ 1,221 $ 1,015 Income from discontinued operations after income taxes available to DuPont common stockholders $ 3 $ 14 Net income available to common stockholders $ 1,224 $ 1,029 Denominator: Weighted-average number of common shares outstanding - Basic 873,546,000 906,835,000 Dilutive effect of the company’s employee compensation plans 3,705,000 6,984,000 Weighted-average number of common shares outstanding - Diluted 877,251,000 913,819,000 The following average number of stock options were antidilutive, and therefore not included in the dilutive earnings per share calculations: Three Months Ended March 31, 2016 2015 Average number of stock options 5,104,000 — The change in the average number of stock options that were antidilutive in the three months ended March 31, 2016 compared to the same period last year was due to changes in the company's average stock price. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | Inventories March 31, December 31, Finished products $ 3,401 $ 3,779 Semi-finished products 1,559 1,780 Raw materials, stores and supplies 721 783 5,681 6,342 Adjustment of inventories to a last-in, first-out (LIFO) basis (199 ) (202 ) Total $ 5,482 $ 6,140 |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 December 31, 2015 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Customer lists $ 1,635 $ (552 ) $ 1,083 $ 1,621 $ (529 ) $ 1,092 Patents 457 (232 ) 225 454 (220 ) 234 Purchased and licensed technology 1,204 (736 ) 468 1,173 (649 ) 524 Trademarks 26 (14 ) 12 26 (13 ) 13 Other 1 180 (76 ) 104 180 (72 ) 108 3,502 (1,610 ) 1,892 3,454 (1,483 ) 1,971 Intangible assets not subject to amortization (Indefinite-lived): In-process research and development 71 — 71 72 — 72 Microbial cell factories 306 — 306 306 — 306 Pioneer germplasm 1,048 — 1,048 1,048 — 1,048 Trademarks/tradenames 754 — 754 747 — 747 2,179 — 2,179 2,173 — 2,173 Total $ 5,681 $ (1,610 ) $ 4,071 $ 5,627 $ (1,483 ) $ 4,144 1. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $122 and $139 for the three months ended March 31, 2016 and 2015 , respectively. The estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2016 and each of the next five years is approximately $207 , $207 , $208 , $213 , $200 and $147 , respectively. |
Short-Term and Long-Term Borrow
Short-Term and Long-Term Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
Short-Term and Long-Term Borrowings [Abstract] | |
Debt Disclosure | Short-Term and Long-Term Borrowings Repurchase Facility In February 2016, the company entered into a committed receivable repurchase agreement of up to $1,000 (the Repurchase Facility). The Repurchase Facility is structured to account for the seasonality of the agricultural business and expires on November 30, 2016. Under the Repurchase Facility, the company may sell a portfolio of available and eligible outstanding customer notes receivables within the Agriculture segment to participating institutions and simultaneously must agree to repurchase such notes receivable at a future date. The Repurchase Facility is considered a secured borrowing with the customer notes receivables utilized as collateral. The amount of collateral required equals 105% of the outstanding borrowing amounts. Borrowings under the Repurchase Facility have an interest rate of the London interbank offered rate (LIBOR) plus 0.75% . As of March 31, 2016, $315 of notes receivable, recorded in accounts and notes receivable, net, were pledged as collateral against outstanding borrowings under the Repurchase Facility of $300 , recorded in short-term borrowings and capital lease obligations. Term Loan Facility In March 2016, the company entered into a credit agreement that provides for a three -year, senior unsecured term loan facility in the aggregate principal amount of $4,500 (the Term Loan Facility). DuPont may make up to seven term loan borrowings within one year of the closing date and amounts repaid or prepaid are not available for subsequent borrowings. The Term Loan Facility matures in March 2019 at which time all outstanding borrowings, including accrued but unpaid interest, become immediately due and payable. Under the Term Loan Facility, DuPont can borrow funds at LIBOR plus a spread from 0.75% to 1.25% (LIBOR Loan Rate) depending on DuPont's long term credit rating. As of March 31, 2016, the company had borrowed $500 at the LIBOR Loan Rate and had unused commitments of $4,000 under the Term Loan Facility. DuPont has the option of obtaining a same day loan under the Term Loan Facility at an interest rate based on the higher of a) the LIBOR Loan Rate, b) the federal funds effective rate plus 0.5% plus a margin from 0.00% to 0.25% depending on DuPont's long term credit rating (Margin) or c) the prime rate plus Margin. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | Commitments and Contingent Liabilities Guarantees Indemnifications In connection with acquisitions and divestitures as of March 31, 2016 , 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. In connection with the separation, the company has directly guaranteed Chemours' purchase obligations under an agreement with a third party supplier. At March 31, 2016 and December 31, 2015 , the company had directly guaranteed $323 and $337 , 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 27 percent of the $112 of guaranteed obligations of customers and suppliers. Set forth below are the company's guaranteed obligations at March 31, 2016 : Short-Term Long-Term Total Obligations for customers and suppliers 1 : Bank borrowings (terms up to 6 years) $ 96 $ 16 $ 112 Obligations for equity affiliates 2 : Bank borrowings (terms up to 1 year) 178 — 178 Obligations for Chemours 3 : Chemours' purchase obligations (final expiration - 2018) 22 11 33 Total $ 296 $ 27 $ 323 1. Existing guarantees for customers and suppliers, as part of contractual agreements. 2. Existing guarantees for equity affiliates' liquidity needs in normal operations. 3. Guarantee for Chemours' raw material purchase obligations under agreement with third party supplier. 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, 2016 , DuPont has an accrual balance of $14 related to the PFOA matters discussed below. Pursuant to the Separation Agreement discussed in Note 3, the company is indemnified by Chemours for the PFOA matters discussed below. As a result, the company has recorded an indemnification asset of $14 corresponding to the accrual balance as of March 31, 2016 . 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 established and put $1 into an escrow account to fund medical monitoring as required by the settlement agreement. Under the settlement agreement, the balance in the escrow amount must be at least $0.5 ; as a result, transfers of additional funds may be required periodically. 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; at March 31, 2016, less than $1 has been disbursed. 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, 2016 and December 31, 2015 , there were approximately 3,500 lawsuits pending in various federal and state courts in Ohio and West Virginia. These lawsuits are consolidated in multi-district litigation in Ohio federal court (MDL). About 75 percent of the lawsuits allege personal injury claims associated only with high cholesterol and/or thyroid disease from exposure to PFOA in drinking water. As a result of plaintiffs' corrected pleadings and further discovery, the company has revised downward to 30 the estimated number of pending lawsuits alleging wrongful death. In 2014, six plaintiffs from the MDL were selected for individual trial. The jury awarded $1.6 in compensatory damages in the first individual trial, captioned Bartlett v DuPont, which was tried to a verdict in October 2015. The plaintiff alleged that exposure to PFOA in drinking water had caused kidney cancer. DuPont, through Chemours, is appealing the decision. The second matter selected for trial, Wolf v DuPont, involved allegations that exposure to PFOA in drinking water caused ulcerative colitis, a confidential settlement for an inconsequential amount was reached and substantially completed in Wolf v DuPont. Three cases are scheduled for trial in 2016 starting in May, August and November, respectively; the plaintiffs in each of these cases allege exposure to PFOA in drinking water caused cancer. In January 2016, the court determined that 40 cases in which plaintiffs assert cancer claims, would be scheduled for trial in 2017, beginning in April of that year. Less than 10 percent of the 3,500 pending lawsuits involve claims that exposure to PFOA in drinking water caused cancer. DuPont, through Chemours, denies the allegations in these lawsuits and is defending itself vigorously. Additional Actions In the first quarter 2016, a confidential settlement was reached in the Ohio action brought by the LHWA claiming, “imminent and substantial endangerment to health and or the environment” under the Resource Conservation and Recovery Act (RCRA) in addition to general claims of PFOA contamination of drinking water. The cost of the settlement was paid by Chemours. PFOA Summary While it is probable that the company will incur liabilities related to funding the medical monitoring program, such liabilities 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 additional liabilities related to the other PFOA matters discussed above; however, a range of such liabilities, 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. As noted above, the company is indemnified by Chemours for these PFOA matters. 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 2015 Annual Report in Note 1, “Summary of Significant Accounting Policies.” Much of this liability results from the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, often referred to as Superfund), RCRA and similar state and global laws. These laws require the company to undertake certain investigative, remediation and restoration activities at sites where the company conducts or once conducted operations or at sites where company-generated waste was disposed. The accrual also includes estimated costs related to a number of sites identified by the company for which it is probable that environmental remediation will be required, but which are not currently the subject of enforcement activities. Remediation activities vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, diverse regulatory agencies and enforcement policies, as well as the presence or absence of potentially responsible parties. At March 31, 2016 , the Condensed Consolidated Balance Sheet included a liability of $492 , 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 $1,025 above the amount accrued as of March 31, 2016 . Pursuant to the Separation Agreement discussed in Note 3, the company is indemnified by Chemours for certain environmental matters, included in the liability of $492 , that have an estimated liability of $282 as of March 31, 2016 and a potential exposure that ranges up to approximately $618 above the amount accrued. As such, the company has recorded an indemnification asset of $282 corresponding to the company’s accrual balance related to these matters at March 31, 2016 . |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Share Repurchase Program 2015 Share Buyback Plan In the first quarter 2015, DuPont announced its intention to buy back shares of about $4,000 using the distribution proceeds received from Chemours. In connection with the completion of the spin-off of Chemours, the Board of Directors authorized the use of the distribution proceeds to buy back shares of the company's common stock as follows: $2,000 to be purchased and retired by December 31, 2015, which was completed during 2015, with the remainder to be purchased and retired by December 31, 2016. There were no share repurchases under this plan in the first quarter 2016. As of March 31, 2016 , in aggregate, the company has paid $2,000 and received and retired 35 million shares. 2014 Share Buyback Plan In January 2014, the company's Board of Directors authorized a $5,000 share buyback plan that replaced the 2011 plan. During the three months ended March 31, 2015 , the company purchased and retired 3.6 million shares in the open market for a total cost of $282 , which offset the dilution from employee compensation plans in the first quarter of 2015. There were no share repurchases under this plan in the first quarter 2016. As of March 31, 2016 , in aggregate, the company has purchased 34.7 million shares at a total cost of $2,353 under the plan. There is no required completion date for the remaining stock purchases. Other Comprehensive Income (Loss) A summary of the changes in other comprehensive loss for the three months ended March 31, 2016 and 2015 is provided as follows: Three Months Ended Three Months Ended Affected Line Item in Consolidated Income Statements March 31, 2016 March 31, 2015 Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax Cumulative translation adjustment (1) $ 170 $ — $ 170 $ (1,189 ) $ — $ (1,189 ) Net revaluation and clearance of cash flow hedges to earnings: Additions and revaluations of derivatives designated as cash flow hedges 16 (6 ) 10 (22 ) 6 (16 ) See (2) below Clearance of hedge results to earnings: Foreign currency contracts — — — (8 ) 3 (5 ) Net sales Commodity contracts 11 (4 ) 7 15 (6 ) 9 Cost of goods sold Net revaluation and clearance of cash flow hedges to earnings 27 (10 ) 17 (15 ) 3 (12 ) Pension benefit plans: Net loss (1,191 ) 428 (763 ) (4 ) 1 (3 ) See (2) below Effect of foreign exchange rates 1 — 1 100 (27 ) 73 See (2) below Reclassifications to net income: Amortization of prior service benefit (2 ) 1 (1 ) (2 ) 1 (1 ) See (3) below Amortization of loss 172 (60 ) 112 209 (74 ) 135 See (3) below Curtailment loss 49 (17 ) 32 — — — See (3) below Settlement loss 1 (1 ) — 5 (2 ) 3 See (3) below Pension benefit plans, net (970 ) 351 (619 ) 308 (101 ) 207 Other benefit plans: Net loss (124 ) 45 (79 ) — — — See (2) below Reclassifications to net income: Amortization of prior service benefit (39 ) 13 (26 ) (52 ) 19 (33 ) See (3) below Amortization of loss 17 (7 ) 10 19 (7 ) 12 See (3) below Curtailment gain (30 ) 10 (20 ) — — — See (3) below Other benefit plans, net (176 ) 61 (115 ) (33 ) 12 (21 ) Net unrealized loss on securities: Unrealized loss on securities arising during the period (9 ) — (9 ) — — — See (4) below Reclassification of gain realized in net income 1 — 1 — — — Other income, net Net unrealized loss on securities (8 ) — (8 ) — — — Other comprehensive loss $ (957 ) $ 402 $ (555 ) $ (929 ) $ (86 ) $ (1,015 ) 1. The increase in currency translation adjustment gains over prior year for the three months ended March 31, 2016 is primarily driven by the modest weakening of the U.S. dollar (USD) against the European Euro and Brazilian real. The increase in currency translation adjustment losses over prior year for the three months ended March 31, 2015 is primarily driven by the strengthening USD against the European 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. See Notes 13 and 14 for additional information. 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 14 for additional information. 4. The unrealized loss on securities during the three months ended March 31, 2016 is due to the re-measurement of USD denominated marketable securities held by certain foreign entities at March 31, 2016 with a corresponding offset to cumulative translation adjustment. 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 (Loss) Gain on Securities Total 2016 Balance January 1, 2016 $ (2,333 ) $ (24 ) $ (7,043 ) $ 22 $ (18 ) $ (9,396 ) Other comprehensive income (loss) before reclassifications 170 10 (762 ) (79 ) (9 ) (670 ) Amounts reclassified from accumulated other comprehensive income (loss) — 7 143 (36 ) 1 115 Balance March 31, 2016 $ (2,163 ) $ (7 ) $ (7,662 ) $ (93 ) $ (26 ) $ (9,951 ) Cumulative Translation Adjustment Net Revaluation and Clearance of Cash Flow Hedges to Earnings Pension Benefit Plans Other Benefit Plans Unrealized (Loss) Gain on Securities Total 2015 Balance January 1, 2015 $ (919 ) $ (6 ) $ (7,895 ) $ 262 $ 2 $ (8,556 ) Other comprehensive income (loss) before reclassifications (1,189 ) (16 ) 70 — — (1,135 ) Amounts reclassified from accumulated other comprehensive income (loss) — 4 137 (21 ) — 120 Balance March 31, 2015 $ (2,108 ) $ (18 ) $ (7,688 ) $ 241 $ 2 $ (9,571 ) |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | Financial Instruments Cash, Cash Equivalents and Marketable Securities The company's cash, cash equivalents and marketable securities as of March 31, 2016 and December 31, 2015 are comprised of the following: March 31, 2016 December 31, 2015 Cash and Cash Equivalents Marketable Securities Total Estimated Fair Value Cash and Cash Equivalents Marketable Securities Total Estimated Fair Value Cash $ 1,630 $ — $ 1,630 $ 1,938 $ — $ 1,938 Level 1: Money market funds $ 412 $ — $ 412 $ 550 $ — $ 550 U.S. Treasury securities 1 — 529 529 — 788 788 Level 2: Certificate of deposit / time deposits 2 $ 2,124 $ 94 $ 2,218 $ 2,812 $ 118 $ 2,930 Total cash, cash equivalents and marketable securities $ 4,166 $ 623 $ 5,300 $ 906 1. Available-for-sale securities are reported at estimated fair value with unrealized gains and losses reported as component of accumulated other comprehensive loss. Proceeds from the sale of available-for-sale securities were $260 in the three months ended March 31, 2016 . 2. Held-to-maturity investments are reported at amortized cost. The estimated fair value of the company's cash equivalents, which approximates carrying value as of March 31, 2016 and December 31, 2015 , was determined using level 1 and level 2 inputs within the fair value hierarchy. Level 1 measurements were based on observed net asset values and level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity. The estimated fair value of the held-to-maturity securities, which approximates carrying value as of March 31, 2016 and December 31, 2015 , was determined using level 2 inputs within the fair value hierarchy, as described below. Level 2 measurements were based on current interest rates for similar investments with comparable credit risk and time to maturity. The carrying value approximates fair value due to the short-term nature of the investments. The estimated fair value of the available-for-sale securities as of March 31, 2016 and December 31, 2015 was determined using level 1 inputs within the fair value hierarchy. Level 1 measurements were based on quoted market prices in active markets for identical assets and liabilities. The available-for-sale securities as of March 31, 2016 and December 31, 2015 are held by certain foreign subsidiaries in which the USD is not the functional currency. The fluctuations in foreign exchange are recorded in accumulated other comprehensive loss. These fluctuations are subsequently reclassified from accumulated other comprehensive loss to earnings in the period in which the marketable securities are sold and the gains and losses on these securities offset a portion of the foreign exchange fluctuations in earnings for the company. 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 2015 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 $10,310 and $9,050 as of March 31, 2016 and December 31, 2015 , respe ctively. 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, 2016 December 31, 2015 Derivatives designated as hedging instruments: Foreign currency contracts $ 1 $ 10 Commodity contracts 265 356 Derivatives not designated as hedging instruments: Foreign currency contracts 9,320 8,065 Commodity contracts 16 70 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 foreign currency exchange contracts, including 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. Interest Rate Risk The company may use interest rate swaps to manage the interest rate mix of the total debt portfolio and related overall cost of borrowing. Interest rate swaps involve the exchange of fixed for floating rate interest payments to effectively convert fixed rate debt into floating rate debt based on USD LIBOR. Interest rate swaps allow the company to achieve a target range of floating rate debt. Commodity Price Risk Commodity price risk management programs serve to reduce exposure to price fluctuations on purchases of inventory such as 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 foreign currency 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 occurring. The following table summarizes the after-tax effect of cash flow hedges on accumulated other comprehensive loss for the three months ended March 31, 2016 and 2015 : Three Months Ended March 31, 2016 2015 Beginning balance $ (24 ) $ (6 ) Additions and revaluations of derivatives designated as cash flow hedges 10 (16 ) Clearance of hedge results to earnings 7 4 Ending balance $ (7 ) $ (18 ) At March 31, 2016 , an after-tax net loss of $3 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 foreign currency exchange contracts, including 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. The company also uses foreign currency exchange contracts, including forward exchange and options 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. 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 2015 Annual Report in Note 1, “Summary of Significant Accounting Policies.” Fair Value Using Level 2 Inputs Balance Sheet Location March 31, 2016 December 31, 2015 Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accounts and notes receivable, net $ 51 $ 74 Total asset derivatives 1 $ 51 $ 74 Cash collateral Other accrued liabilities $ — $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 138 $ 80 Commodity contracts Other accrued liabilities 1 4 Total liability derivatives 1 $ 139 $ 84 1. The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $44 at March 31, 2016 and $35 at December 31, 2015 . Effect of Derivative Instruments Amount of Gain (Loss) Recognized in OCI 1 (Effective Portion) Amount of Gain (Loss) Recognized in Income 2 Three Months Ended March 31, 2016 2015 2016 2015 Income Statement Classification Derivatives designated as hedging instruments: Fair value hedges: Interest rate swaps $ — $ — $ — $ (1 ) Interest expense Cash flow hedges: Foreign currency contracts — (2 ) — 8 Net sales Commodity contracts 16 (20 ) 11 (15 ) Cost of goods sold 16 (22 ) 11 (8 ) Derivatives not designated as hedging instruments: Foreign currency contracts — — (154 ) 279 Other income, net 3 Foreign currency contracts — — (4 ) — Net sales Foreign currency contracts — — — (11 ) Income from discontinued operations after income taxes Commodity contracts — — — 2 Cost of goods sold — — (158 ) 270 Total derivatives $ 16 $ (22 ) $ (147 ) $ 262 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, 2016 and 2015 , 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 $33 and $(200) for the three months ended March 31, 2016 and 2015 , respectively. See Note 5 for additional information. |
Long-Term Employee Benefits
Long-Term Employee Benefits | 3 Months Ended |
Mar. 31, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Long-Term Employee Benefits | Long-Term Employee Benefits Pension Plans The workforce reductions in the first quarter of 2016 related to the 2016 global cost savings and restructuring plan triggered a curtailment for company's principal U.S. pension plan. As a result, the company recorded a curtailment loss of $49 and re-measured the principal U.S. pension plan as of March 31, 2016. The curtailment loss was driven by the change in the benefit obligation based on the demographics of the terminated positions partially offset by accelerated recognition of a portion of the prior service benefit. In connection with the re-measurement, the company updated the discount rate assumed at December 31, 2015 from 4.47 percent to 4.13 percent for the plan. The re-measurement increased the underfunded status of the pension plan by $1,191 with a corresponding increase in net loss within other comprehensive loss for the three months ended March 31, 2016. The following sets forth the components of the company’s net periodic benefit cost for pensions: Three Months Ended March 31, 2016 2015 Service cost $ 47 $ 66 Interest cost 217 273 Expected return on plan assets (338 ) (404 ) Amortization of loss 172 209 Amortization of prior service benefit (2 ) (2 ) Curtailment loss 49 — Settlement loss 1 5 Net periodic benefit cost - Total $ 146 $ 147 Less: Discontinued operations (4 ) 1 Net periodic benefit cost - Continuing operations $ 150 $ 146 Other Long-Term Employee Benefit Plans As a result of the workforce reductions noted above a curtailment was triggered for the company's other long term employee benefit plans. The company recorded a curtailment gain of $30 and re-measured the associated plans as of March 31, 2016. The curtailment gain was driven by accelerated recognition of a portion of the prior service benefit partially offset by the change in the benefit obligation based on the demographics of the terminated positions. In connection with the re-measurement, the company updated the associated plans’ weighted average discount rate assumed at December 31, 2015 from 4.30 percent to 3.94 percent . The re-measurement resulted in a net increase of $124 to the company’s other long-term employee benefit obligation with a corresponding increase to net loss within other comprehensive loss for the three months ended March 31, 2016. 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, 2016 2015 Service cost $ 3 $ 4 Interest cost 23 28 Amortization of loss 17 19 Amortization of prior service benefit (39 ) (52 ) Curtailment gain (30 ) — Net periodic benefit cost - Total $ (26 ) $ (1 ) Less: Discontinued operations — 1 Net periodic benefit cost - Continuing operations $ (26 ) $ (2 ) |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Segment operating earnings is defined as income (loss) from continuing operations before income taxes excluding significant pre-tax benefits (charges), non-operating pension and other postretirement employee benefit costs, exchange gains (losses), corporate expenses and interest. Non-operating pension and other postretirement employee benefit costs includes all of the components of net periodic benefit cost from continuing operations with the exception of the service cost component. DuPont Sustainable Solutions, previously within the company's Safety & Protection segment (now Protection Solutions) was comprised of two business units: clean technologies and consulting solutions. Effective January 1, 2016, the clean technologies business unit is reported within the Industrial Biosciences segment, and the consulting solutions business unit is reported within Other. Effective July 1, 2015, certain corporate expenses are included in segment operating earnings. Reclassifications of prior year data have been made to conform to current year classifications. Three Months Ended March 31, Agriculture 1 Electronics & Communications Industrial Biosciences Nutrition & Health Performance Materials Protection Solutions Other Total 2016 Net sales $ 3,786 $ 452 $ 352 $ 801 $ 1,249 $ 729 $ 36 $ 7,405 Operating earnings 1,101 59 63 104 273 176 (59 ) 1,717 2015 Net sales $ 3,937 $ 517 $ 350 $ 813 $ 1,381 $ 790 $ 49 $ 7,837 Operating earnings 1,138 79 54 86 317 167 (31 ) 1,810 1. As of March 31, 2016 , Agriculture net assets were $7,454 , an increase of $703 from $6,751 at December 31, 2015 . The increase was primarily due to higher trade receivables related to normal seasonality in the sales and cash collections cycle. Reconciliation to interim Consolidated Income Statements Three Months Ended March 31, 2016 2015 Total segment operating earnings $ 1,717 $ 1,810 Significant pre-tax charges not included in segment operating earnings (68 ) (2 ) Non-operating pension and other postretirement employee benefit costs (74 ) (86 ) Net exchange (losses) gains 1 (121 ) 79 Corporate income (expenses) 2,3,4,5 273 (166 ) Interest expense (92 ) (84 ) Income from continuing operations before income taxes $ 1,635 $ 1,551 1. Includes a charge of $(40) associated with remeasuring the company's Ukrainian hryvnia net monetary assets in the three months ended March 31, 2015, which were recorded in other income, net in the company's interim Consolidated Income Statements. See Note 5 for additional information. 2. Includes transaction costs associated with the planned merger with Dow and related activities of $(24) , in the three months ended March 31, 2016, which were recorded in selling, general and administrative expenses in the company's interim Consolidated Income Statements. See Note 2 for additional information. 3. Includes a gain of $369 associated with the sale of DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. The gain was recorded in other income net, in the company's interim Consolidated Income Statement for the three months ended March 31, 2016. See Note 3 for additional information. 4. Includes a $14 net benefit recorded in employee separation / asset related charges, net in the three months ended March 31, 2016, associated with the 2016 global cost savings and restructuring plan. See Note 4 for additional information. 5. Includes transaction costs associated with the separation of the Performance Chemicals segment of $(12) in the three months ended March 31, 2015 , which were recorded in other operating charges in the company's interim Consolidated Income Statements. See Note 3 for additional information. Additional Segment Details The three months ended March 31, 2016 and 2015, respectively, included the following significant pre-tax benefits (charges) which are excluded from segment operating earnings: Three Months Ended March 31, 2016 2015 Agriculture 1,2,3 $ (73 ) $ 35 Electronics & Communications 2 7 — Industrial Biosciences 2 1 — Nutrition & Health 2 1 — Performance Materials 2 (4 ) — Protection Solutions 2 3 — Other 2,4 (3 ) (37 ) $ (68 ) $ (2 ) 1. Includes $23 for reduction in accrual recorded in other operating charges for the three months ended March 31, 2016, for customer claims related to the use of the Imprelis ® herbicide. The three months ended March 31, 2015, includes $35 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis ® herbicide. 2. Includes a $(16) net restructuring charge recorded in employee separation / asset related charges, net for the three months ended March 31, 2016, associated with the 2016 global cost savings and restructuring program. The net charge impacted segment earnings as follows: Agriculture - $(21) , Electronics & Communications - $7 , Industrial Biosciences - $1 , Nutrition & Health - $1 , - Performance Materials - $(4) , Protection Solutions - $3 and Other - $(3) . See Note 4 for additional information. 3. Includes a $(75) restructuring charge recorded in employee separation / asset related charges, net for the three months ended March 31, 2016, related to the decision not to re-start the insecticide manufacturing facility at the La Porte site located in La Porte, Texas. See Note 4 for additional information. 4. Includes a $(37) pre-tax impairment charge recorded in employee separation / asset related charges, net for a cost basis investment. See Note 4 for additional information. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2015 , collectively referred to as the “2015 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 (VIEs) 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. On July 1, 2015, the company completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours Company (Chemours). In accordance with GAAP, the financial position and results of operations of the Performance Chemicals segment are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows and comprehensive income related to the Performance Chemicals segment have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Comprehensive Income, respectively, for all periods presented. Amounts related to the Performance Chemicals segment are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 3 for additional information. |
Recent Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Accounting Pronouncements Implemented in 2016 In November 2015, the FASB issued Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes. The amendments under the new guidance require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. The amendments in this ASU may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The company adopted this guidance effective January 1, 2016 on a retrospective basis. As a result of the adoption, $368 and $37 of deferred tax assets and liabilities, respectively, were reclassified from current to noncurrent assets and liabilities, respectively, as of December 31, 2015. In May 2015, the FASB issued ASU No. 2015-07, Fair Value Measurement (Topic 820), Disclosures for Investments in Certain Entities that Calculate Net Asset Value per Share or its Equivalent. This guidance removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. A reporting entity should apply the amendments retrospectively to all periods presented and early adoption is permissible. The company adopted this guidance effective January 1, 2016. The guidance will only impact disclosure and will not impact the company's financial position or results of operations. New Accounting Pronouncements to be Implemented In March 2016, the FASB Issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. The ASU was issued as part of the FASB Simplification Initiative and involves several aspects of accounting for shared-based payment transactions, including the income tax consequences and classification on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The company is currently evaluating the impact this guidance will have on the Consolidated Financial Statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments under the new guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability, other than leases that meet the definition of a short- term lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new leasing standard will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, requiring application at the beginning of the earliest comparative period presented. 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 was further updated in March and April 2016. The new guidance 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. In July 2015, the FASB approved a deferral of the ASU effective date from annual and interim periods beginning after December 15, 2016 to annual and interim periods beginning after December 15, 2017. The company is currently evaluating the impact of adopting this guidance on its financial position and results of operations. |
Divestitures and Other Transa23
Divestitures and Other Transactions Divestitures and Other Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of results of operations from discontinued operations | Three Months Ended March 31, 2016 2015 Net sales $ — $ 1,335 Cost of goods sold — 1,037 Other operating charges 7 135 Selling, general and administrative expenses — 92 Research and development expense — 20 Other income, net — 1 (Loss) income from discontinued operations before income taxes (7 ) 50 (Benefit) provision for income taxes (3 ) 36 (Loss) income from discontinued operations after income taxes $ (4 ) $ 14 |
Schedule of cash flow information of discontinued operations | Three Months Ended March 31 2016 2015 Depreciation $ — $ 62 Amortization of intangible assets — 1 Purchases of property, plant and equipment — 150 |
Employee Separation _ Asset R24
Employee Separation / Asset Related Charges, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
2016 Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Program | Severance and Related Benefit Costs Asset Related Charges Other Non-Personnel Charges 1 Total Balance at December 31, 2015 $ 648 $ — $ 32 $ 680 Payments (124 ) — (20 ) (144 ) Net translation adjustment 3 — — 3 Other adjustments (44 ) 37 9 2 Asset write-offs — (37 ) — (37 ) Balance as of March 31, 2016 $ 483 $ — $ 21 $ 504 1. Other non-personnel charges consist of contractual obligation costs. |
2014 Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Program | Severance and Related Benefit Costs Other Non-Personnel Charges 1 Total Balance at December 31, 2015 $ 76 $ 2 $ 78 Payments (23 ) — (23 ) Balance as of March 31, 2016 $ 53 $ 2 $ 55 1. Other non-personnel charges consist of contractual obligation costs. |
Other Income, Net (Tables)
Other Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | Three Months Ended March 31, 2016 2015 Royalty income $ 57 $ 34 Interest income 16 25 Equity in earnings of affiliates, net 10 4 Net gain on sales of businesses and other assets 1 373 5 Net exchange (losses) gains 2 (121 ) 79 Miscellaneous income and expenses, net 3 37 52 Other income, net $ 372 $ 199 1. Includes a pre-tax gain of $369 ( $214 net of tax) for the three months ended March 31, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 3 for additional information. 2. The $79 net exchange gain for the three months ended March 31, 2015 , includes a net $(40) pre-tax exchange loss associated with the devaluation of the Ukrainian hryvnia. 3. Miscellaneous income and expenses, net, includes interest items, certain insurance recoveries and gains related to litigation settlements and other items. |
Foreign Currency Exchange Gain (Loss) [Line Items] | |
Schedule of Foreign Currency Exchange Gain (Loss) | Three Months Ended March 31, 2016 2015 Subsidiary Monetary Position Gain (Loss) Pre-tax exchange gain (loss) 1 $ 33 $ (200 ) Local tax benefits (expenses) 13 (109 ) Net after-tax impact from subsidiary exchange gain (loss) 46 (309 ) Hedging Program Gain (Loss) Pre-tax exchange (loss) gain (154 ) 279 Tax benefits (expenses) 55 (100 ) Net after-tax impact from hedging program exchange (loss) gain (99 ) 179 Total Exchange Gain (Loss) Pre-tax exchange (loss) gain (121 ) 79 Tax benefits (expenses) 68 (209 ) Net after-tax exchange loss $ (53 ) $ (130 ) 1. Excludes equity affiliates. |
Earnings Per Share of Common 26
Earnings Per Share of Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock Reconciliation Table | Three Months Ended March 31, 2016 2015 Numerator: Income from continuing operations after income taxes attributable to DuPont $ 1,223 $ 1,017 Preferred dividends (2 ) (2 ) Income from continuing operations after income taxes available to DuPont common stockholders $ 1,221 $ 1,015 Income from discontinued operations after income taxes available to DuPont common stockholders $ 3 $ 14 Net income available to common stockholders $ 1,224 $ 1,029 Denominator: Weighted-average number of common shares outstanding - Basic 873,546,000 906,835,000 Dilutive effect of the company’s employee compensation plans 3,705,000 6,984,000 Weighted-average number of common shares outstanding - Diluted 877,251,000 913,819,000 |
Average Number of Antidilutive Stock Options | Three Months Ended March 31, 2016 2015 Average number of stock options 5,104,000 — |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory, Net [Abstract] | |
Schedule of Inventories | March 31, December 31, Finished products $ 3,401 $ 3,779 Semi-finished products 1,559 1,780 Raw materials, stores and supplies 721 783 5,681 6,342 Adjustment of inventories to a last-in, first-out (LIFO) basis (199 ) (202 ) Total $ 5,482 $ 6,140 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets [Table Text Block] | March 31, 2016 December 31, 2015 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Customer lists $ 1,635 $ (552 ) $ 1,083 $ 1,621 $ (529 ) $ 1,092 Patents 457 (232 ) 225 454 (220 ) 234 Purchased and licensed technology 1,204 (736 ) 468 1,173 (649 ) 524 Trademarks 26 (14 ) 12 26 (13 ) 13 Other 1 180 (76 ) 104 180 (72 ) 108 3,502 (1,610 ) 1,892 3,454 (1,483 ) 1,971 Intangible assets not subject to amortization (Indefinite-lived): In-process research and development 71 — 71 72 — 72 Microbial cell factories 306 — 306 306 — 306 Pioneer germplasm 1,048 — 1,048 1,048 — 1,048 Trademarks/tradenames 754 — 754 747 — 747 2,179 — 2,179 2,173 — 2,173 Total $ 5,681 $ (1,610 ) $ 4,071 $ 5,627 $ (1,483 ) $ 4,144 1. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. |
Commitments and Contingent Li29
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guaranteed Obligations | Short-Term Long-Term Total Obligations for customers and suppliers 1 : Bank borrowings (terms up to 6 years) $ 96 $ 16 $ 112 Obligations for equity affiliates 2 : Bank borrowings (terms up to 1 year) 178 — 178 Obligations for Chemours 3 : Chemours' purchase obligations (final expiration - 2018) 22 11 33 Total $ 296 $ 27 $ 323 1. Existing guarantees for customers and suppliers, as part of contractual agreements. 2. Existing guarantees for equity affiliates' liquidity needs in normal operations. 3. Guarantee for Chemours' raw material purchase obligations under agreement with third party supplier. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Comprehensive Income (Loss) | Three Months Ended Three Months Ended Affected Line Item in Consolidated Income Statements March 31, 2016 March 31, 2015 Pre-Tax Tax After-Tax Pre-Tax Tax After-Tax Cumulative translation adjustment (1) $ 170 $ — $ 170 $ (1,189 ) $ — $ (1,189 ) Net revaluation and clearance of cash flow hedges to earnings: Additions and revaluations of derivatives designated as cash flow hedges 16 (6 ) 10 (22 ) 6 (16 ) See (2) below Clearance of hedge results to earnings: Foreign currency contracts — — — (8 ) 3 (5 ) Net sales Commodity contracts 11 (4 ) 7 15 (6 ) 9 Cost of goods sold Net revaluation and clearance of cash flow hedges to earnings 27 (10 ) 17 (15 ) 3 (12 ) Pension benefit plans: Net loss (1,191 ) 428 (763 ) (4 ) 1 (3 ) See (2) below Effect of foreign exchange rates 1 — 1 100 (27 ) 73 See (2) below Reclassifications to net income: Amortization of prior service benefit (2 ) 1 (1 ) (2 ) 1 (1 ) See (3) below Amortization of loss 172 (60 ) 112 209 (74 ) 135 See (3) below Curtailment loss 49 (17 ) 32 — — — See (3) below Settlement loss 1 (1 ) — 5 (2 ) 3 See (3) below Pension benefit plans, net (970 ) 351 (619 ) 308 (101 ) 207 Other benefit plans: Net loss (124 ) 45 (79 ) — — — See (2) below Reclassifications to net income: Amortization of prior service benefit (39 ) 13 (26 ) (52 ) 19 (33 ) See (3) below Amortization of loss 17 (7 ) 10 19 (7 ) 12 See (3) below Curtailment gain (30 ) 10 (20 ) — — — See (3) below Other benefit plans, net (176 ) 61 (115 ) (33 ) 12 (21 ) Net unrealized loss on securities: Unrealized loss on securities arising during the period (9 ) — (9 ) — — — See (4) below Reclassification of gain realized in net income 1 — 1 — — — Other income, net Net unrealized loss on securities (8 ) — (8 ) — — — Other comprehensive loss $ (957 ) $ 402 $ (555 ) $ (929 ) $ (86 ) $ (1,015 ) 1. The increase in currency translation adjustment gains over prior year for the three months ended March 31, 2016 is primarily driven by the modest weakening of the U.S. dollar (USD) against the European Euro and Brazilian real. The increase in currency translation adjustment losses over prior year for the three months ended March 31, 2015 is primarily driven by the strengthening USD against the European 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. See Notes 13 and 14 for additional information. 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 14 for additional information. 4. The unrealized loss on securities during the three months ended March 31, 2016 is due to the re-measurement of USD denominated marketable securities held by certain foreign entities at March 31, 2016 with a corresponding offset to cumulative translation adjustment. |
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 (Loss) Gain on Securities Total 2016 Balance January 1, 2016 $ (2,333 ) $ (24 ) $ (7,043 ) $ 22 $ (18 ) $ (9,396 ) Other comprehensive income (loss) before reclassifications 170 10 (762 ) (79 ) (9 ) (670 ) Amounts reclassified from accumulated other comprehensive income (loss) — 7 143 (36 ) 1 115 Balance March 31, 2016 $ (2,163 ) $ (7 ) $ (7,662 ) $ (93 ) $ (26 ) $ (9,951 ) Cumulative Translation Adjustment Net Revaluation and Clearance of Cash Flow Hedges to Earnings Pension Benefit Plans Other Benefit Plans Unrealized (Loss) Gain on Securities Total 2015 Balance January 1, 2015 $ (919 ) $ (6 ) $ (7,895 ) $ 262 $ 2 $ (8,556 ) Other comprehensive income (loss) before reclassifications (1,189 ) (16 ) 70 — — (1,135 ) Amounts reclassified from accumulated other comprehensive income (loss) — 4 137 (21 ) — 120 Balance March 31, 2015 $ (2,108 ) $ (18 ) $ (7,688 ) $ 241 $ 2 $ (9,571 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Financial Instruments Disclosure [Abstract] | |
Cash, Cash Equivalents and Investments [Table Text Block] | March 31, 2016 December 31, 2015 Cash and Cash Equivalents Marketable Securities Total Estimated Fair Value Cash and Cash Equivalents Marketable Securities Total Estimated Fair Value Cash $ 1,630 $ — $ 1,630 $ 1,938 $ — $ 1,938 Level 1: Money market funds $ 412 $ — $ 412 $ 550 $ — $ 550 U.S. Treasury securities 1 — 529 529 — 788 788 Level 2: Certificate of deposit / time deposits 2 $ 2,124 $ 94 $ 2,218 $ 2,812 $ 118 $ 2,930 Total cash, cash equivalents and marketable securities $ 4,166 $ 623 $ 5,300 $ 906 1. Available-for-sale securities are reported at estimated fair value with unrealized gains and losses reported as component of accumulated other comprehensive loss. Proceeds from the sale of available-for-sale securities were $260 in the three months ended March 31, 2016 . 2. Held-to-maturity investments are reported at amortized cost. |
Schedule of Notional Amounts of Outstanding Derivative Positions | March 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Foreign currency contracts $ 1 $ 10 Commodity contracts 265 356 Derivatives not designated as hedging instruments: Foreign currency contracts 9,320 8,065 Commodity contracts 16 70 |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended March 31, 2016 2015 Beginning balance $ (24 ) $ (6 ) Additions and revaluations of derivatives designated as cash flow hedges 10 (16 ) Clearance of hedge results to earnings 7 4 Ending balance $ (7 ) $ (18 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Fair Value Using Level 2 Inputs Balance Sheet Location March 31, 2016 December 31, 2015 Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accounts and notes receivable, net $ 51 $ 74 Total asset derivatives 1 $ 51 $ 74 Cash collateral Other accrued liabilities $ — $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other accrued liabilities $ 138 $ 80 Commodity contracts Other accrued liabilities 1 4 Total liability derivatives 1 $ 139 $ 84 1. The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $44 at March 31, 2016 and $35 at December 31, 2015 . |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Amount of Gain (Loss) Recognized in OCI 1 (Effective Portion) Amount of Gain (Loss) Recognized in Income 2 Three Months Ended March 31, 2016 2015 2016 2015 Income Statement Classification Derivatives designated as hedging instruments: Fair value hedges: Interest rate swaps $ — $ — $ — $ (1 ) Interest expense Cash flow hedges: Foreign currency contracts — (2 ) — 8 Net sales Commodity contracts 16 (20 ) 11 (15 ) Cost of goods sold 16 (22 ) 11 (8 ) Derivatives not designated as hedging instruments: Foreign currency contracts — — (154 ) 279 Other income, net 3 Foreign currency contracts — — (4 ) — Net sales Foreign currency contracts — — — (11 ) Income from discontinued operations after income taxes Commodity contracts — — — 2 Cost of goods sold — — (158 ) 270 Total derivatives $ 16 $ (22 ) $ (147 ) $ 262 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, 2016 and 2015 , 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 $33 and $(200) for the three months ended March 31, 2016 and 2015 , respectively. See Note 5 for additional information. |
Long-Term Employee Benefits (Ta
Long-Term Employee Benefits (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 2015 Service cost $ 47 $ 66 Interest cost 217 273 Expected return on plan assets (338 ) (404 ) Amortization of loss 172 209 Amortization of prior service benefit (2 ) (2 ) Curtailment loss 49 — Settlement loss 1 5 Net periodic benefit cost - Total $ 146 $ 147 Less: Discontinued operations (4 ) 1 Net periodic benefit cost - Continuing operations $ 150 $ 146 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, 2016 2015 Service cost $ 3 $ 4 Interest cost 23 28 Amortization of loss 17 19 Amortization of prior service benefit (39 ) (52 ) Curtailment gain (30 ) — Net periodic benefit cost - Total $ (26 ) $ (1 ) Less: Discontinued operations — 1 Net periodic benefit cost - Continuing operations $ (26 ) $ (2 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | Three Months Ended March 31, Agriculture 1 Electronics & Communications Industrial Biosciences Nutrition & Health Performance Materials Protection Solutions Other Total 2016 Net sales $ 3,786 $ 452 $ 352 $ 801 $ 1,249 $ 729 $ 36 $ 7,405 Operating earnings 1,101 59 63 104 273 176 (59 ) 1,717 2015 Net sales $ 3,937 $ 517 $ 350 $ 813 $ 1,381 $ 790 $ 49 $ 7,837 Operating earnings 1,138 79 54 86 317 167 (31 ) 1,810 1. As of March 31, 2016 , Agriculture net assets were $7,454 , an increase of $703 from $6,751 at December 31, 2015 . The increase was primarily due to higher trade receivables related to normal seasonality in the sales and cash collections cycle. |
Reconciliation to Consolidated Income Statements | Three Months Ended March 31, 2016 2015 Total segment operating earnings $ 1,717 $ 1,810 Significant pre-tax charges not included in segment operating earnings (68 ) (2 ) Non-operating pension and other postretirement employee benefit costs (74 ) (86 ) Net exchange (losses) gains 1 (121 ) 79 Corporate income (expenses) 2,3,4,5 273 (166 ) Interest expense (92 ) (84 ) Income from continuing operations before income taxes $ 1,635 $ 1,551 1. Includes a charge of $(40) associated with remeasuring the company's Ukrainian hryvnia net monetary assets in the three months ended March 31, 2015, which were recorded in other income, net in the company's interim Consolidated Income Statements. See Note 5 for additional information. 2. Includes transaction costs associated with the planned merger with Dow and related activities of $(24) , in the three months ended March 31, 2016, which were recorded in selling, general and administrative expenses in the company's interim Consolidated Income Statements. See Note 2 for additional information. 3. Includes a gain of $369 associated with the sale of DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. The gain was recorded in other income net, in the company's interim Consolidated Income Statement for the three months ended March 31, 2016. See Note 3 for additional information. 4. Includes a $14 net benefit recorded in employee separation / asset related charges, net in the three months ended March 31, 2016, associated with the 2016 global cost savings and restructuring plan. See Note 4 for additional information. 5. Includes transaction costs associated with the separation of the Performance Chemicals segment of $(12) in the three months ended March 31, 2015 , which were recorded in other operating charges in the company's interim Consolidated Income Statements. See Note 3 for additional information. |
Schedule Of Additional Segment Details | Additional Segment Details The three months ended March 31, 2016 and 2015, respectively, included the following significant pre-tax benefits (charges) which are excluded from segment operating earnings: Three Months Ended March 31, 2016 2015 Agriculture 1,2,3 $ (73 ) $ 35 Electronics & Communications 2 7 — Industrial Biosciences 2 1 — Nutrition & Health 2 1 — Performance Materials 2 (4 ) — Protection Solutions 2 3 — Other 2,4 (3 ) (37 ) $ (68 ) $ (2 ) 1. Includes $23 for reduction in accrual recorded in other operating charges for the three months ended March 31, 2016, for customer claims related to the use of the Imprelis ® herbicide. The three months ended March 31, 2015, includes $35 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis ® herbicide. 2. Includes a $(16) net restructuring charge recorded in employee separation / asset related charges, net for the three months ended March 31, 2016, associated with the 2016 global cost savings and restructuring program. The net charge impacted segment earnings as follows: Agriculture - $(21) , Electronics & Communications - $7 , Industrial Biosciences - $1 , Nutrition & Health - $1 , - Performance Materials - $(4) , Protection Solutions - $3 and Other - $(3) . See Note 4 for additional information. 3. Includes a $(75) restructuring charge recorded in employee separation / asset related charges, net for the three months ended March 31, 2016, related to the decision not to re-start the insecticide manufacturing facility at the La Porte site located in La Porte, Texas. See Note 4 for additional information. 4. Includes a $(37) pre-tax impairment charge recorded in employee separation / asset related charges, net for a cost basis investment. See Note 4 for additional information. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies Recent Accounting Pronouncements (Details) - Accounting Standards Update 2015-17 [Member] $ in Millions | Dec. 31, 2015USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Deferred tax assets, current | $ 368 |
Deferred tax liabilities, current | $ 37 |
Proposed Merger with Dow Chem35
Proposed Merger with Dow Chemical (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Proposed Merger with Dow Chemical [Abstract] | |
Merger related transaction costs | $ 24 |
Divestitures and Other Transa36
Divestitures and Other Transactions (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | 15 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Jan. 30, 2017 | Apr. 30, 2017 | Jan. 30, 2016 | Dec. 31, 2015 | Jun. 23, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain on sale of entity | $ 369 | ||||||
Gain on sale of entity, after-tax | $ 214 | ||||||
Ownership interest in an entity | 100.00% | ||||||
Chemours shares distributed to DD stockholders | 1 | ||||||
Shares of DD stock converted | 5 | ||||||
Common stock, par value | $ 0.30 | $ 0.30 | $ 0.30 | ||||
Separation related transaction costs | $ 7 | $ 81 | |||||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Separation related transaction costs | 7 | 69 | |||||
Corporate Expenses [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Separation related transaction costs | 12 | ||||||
Corporate Expenses [Member] | Continuing Operations [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Separation related transaction costs | $ 12 | ||||||
Chemours [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Common stock, par value | $ 0.01 | ||||||
Prepayment to Chemours for goods and services | 168 | $ 190 | |||||
Accounts and Notes Receivable [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Indemnification assets | 94 | ||||||
Other Assets [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Indemnification assets | 384 | ||||||
Other Accrued Liabilities [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Indemnified liabilities | 94 | ||||||
Other Liabilities [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Indemnified liabilities | $ 384 | ||||||
Maximum [Member] | Scenario, Forecast [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Period of goods and services related to prepayment to Chemours | 15 months | ||||||
Minimum [Member] | Scenario, Forecast [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Period of goods and services related to prepayment to Chemours | 12 months |
Divestitures and Other Transa37
Divestitures and Other Transactions (Schedule of results of operations from discontinued operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
(Loss) income from discontinued operations after income taxes | $ 3 | $ 14 |
Performance Chemicals [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | 0 | 1,335 |
Cost of goods sold | 0 | 1,037 |
Other operating charges | 7 | 135 |
Selling, general and administrative expenses | 0 | 92 |
Research and development expense | 0 | 20 |
Other income, net | 0 | 1 |
(Loss) income from discontinued operations before income taxes | (7) | 50 |
(Benefit) provision for income taxes | (3) | 36 |
(Loss) income from discontinued operations after income taxes | $ (4) | $ 14 |
Divestitures and Other Transa38
Divestitures and Other Transactions (Schedule of cash flow information of discontinued operations) (Details) - Performance Chemicals [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation | $ 0 | $ 62 |
Amortization of intangible assets | 0 | 1 |
Purchases of property, plant and equipment | $ 0 | $ 150 |
Employee Separation _ Asset R39
Employee Separation / Asset Related Charges, Net (La Porte) (Narrative) (Details) - La Porte [Member] - Agriculture [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ 75 |
Asset Related Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 41 |
Other Non-Personnel Charges [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 18 |
Severance and Related Benefit Costs [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ 16 |
Employee Separation _ Asset R40
Employee Separation / Asset Related Charges, Net (2016 Restructuring Program schedule )(Details) - 2016 Restructuring Program [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 2 | ||
Restructuring reserve | 504 | $ 680 | |
Restructuring reserve, payments | (144) | ||
Restructuring reserve, net translation adjustment | 3 | ||
Restructuring reserve, other adjustments | 2 | ||
Restructuring reserve, asset write-offs | (37) | ||
Severance and Related Benefit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 483 | 648 | |
Restructuring reserve, payments | (124) | ||
Restructuring reserve, net translation adjustment | 3 | ||
Restructuring reserve, other adjustments | (44) | ||
Restructuring reserve, asset write-offs | 0 | ||
Asset Related Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 0 | 0 | |
Restructuring reserve, payments | 0 | ||
Restructuring reserve, net translation adjustment | 0 | ||
Restructuring reserve, other adjustments | 37 | ||
Restructuring reserve, asset write-offs | (37) | ||
Other Non-Personnel Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | [1] | 21 | $ 32 |
Restructuring reserve, payments | [1] | (20) | |
Restructuring reserve, net translation adjustment | [1] | 0 | |
Restructuring reserve, other adjustments | [1] | 9 | |
Restructuring reserve, asset write-offs | [1] | 0 | |
Agriculture [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 21 | ||
Electronics & Communications [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (7) | ||
Industrial Biosciences [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (1) | ||
Nutrition & Health [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (1) | ||
Performance Materials [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 4 | ||
Protection Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | (3) | ||
Other Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 3 | ||
Corporate Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ (14) | ||
[1] | Other non-personnel charges consist of contractual obligation costs. |
Employee Separation _ Asset R41
Employee Separation / Asset Related Charges, Net (2014 Restructuring Program schedule) (Details) - 2014 Restructuring Program [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | $ 55 | $ 78 | |
Restructuring reserve, payments | (23) | ||
Severance and Related Benefit Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | 53 | 76 | |
Restructuring reserve, payments | (23) | ||
Other Non-Personnel Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve | [1] | 2 | $ 2 |
Restructuring reserve, payments | [1] | $ 0 | |
[1] | Other non-personnel charges consist of contractual obligation costs. |
Employee Separation _ Asset R42
Employee Separation / Asset Related Charges, Net (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2015USD ($) | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Cost basis investment ownership | 6.00% |
Other Segments [Member] | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Pre-tax impairment charge | $ 38 |
Cost basis investment impairment [Member] | |
Impaired Long-Lived Assets Held and Used [Line Items] | |
Cost basis investment impairment | $ 37 |
Other Income, Net (Schedule of
Other Income, Net (Schedule of Other Income) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | ||||
Component of Other Income [Line Items] | |||||
Net exchange (losses) gains | $ (121) | $ 79 | [1] | ||
Total | 372 | 199 | |||
Gain on sale of entity | 369 | ||||
Gain on sale of entity, after-tax | 214 | ||||
Other Income [Member] | |||||
Component of Other Income [Line Items] | |||||
Royalty income | 57 | 34 | |||
Interest income | 16 | 25 | |||
Equity in earnings of affiliates, net | 10 | 4 | |||
Net gain on sales of businesses and other assets | 373 | [2] | 5 | ||
Net exchange (losses) gains | (121) | 79 | [3] | ||
Miscellaneous income and expenses, net | [4] | 37 | 52 | ||
Total | $ 372 | 199 | |||
Foreign currency loss due to devaluation of Ukrainian hryvnia [Member] | |||||
Component of Other Income [Line Items] | |||||
Net exchange (losses) gains | $ (40) | ||||
[1] | Includes a charge of $(40) associated with remeasuring the company's Ukrainian hryvnia net monetary assets in the three months ended March 31, 2015, which were recorded in other income, net in the company's interim Consolidated Income Statements. See Note 5 for additional information. | ||||
[2] | Includes a pre-tax gain of $369 ($214 net of tax) for the three months ended March 31, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 3 for additional information. | ||||
[3] | The $79 net exchange gain for the three months ended March 31, 2015, includes a net $(40) pre-tax exchange loss associated with the devaluation of the Ukrainian hryvnia | ||||
[4] | Miscellaneous income and expenses, net, includes interest items, certain insurance recoveries and gains related to litigation settlements and other items. |
Other Income, Net (Schedule o44
Other Income, Net (Schedule of Foreign Exchange Gain (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Net exchange (losses) gains | $ (121) | $ 79 | [1] | |
Net exchange (losses) gains, tax | 68 | (209) | ||
Net exchange (losses) gains, after-tax | (53) | (130) | ||
Subsidiary Monetary Position Gain (Loss) [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Net exchange (losses) gains | [2] | 33 | (200) | |
Net exchange (losses) gains, tax | 13 | (109) | ||
Net exchange (losses) gains, after-tax | 46 | (309) | ||
Hedging Program Gain (Loss) [Member] | ||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||
Net exchange (losses) gains | (154) | 279 | ||
Net exchange (losses) gains, tax | 55 | (100) | ||
Net exchange (losses) gains, after-tax | $ (99) | $ 179 | ||
[1] | Includes a charge of $(40) associated with remeasuring the company's Ukrainian hryvnia net monetary assets in the three months ended March 31, 2015, which were recorded in other income, net in the company's interim Consolidated Income Statements. See Note 5 for additional information. | |||
[2] | Excludes equity affiliates. |
Provision for Income Taxes (Det
Provision for Income Taxes (Details) $ in Millions | Mar. 31, 2016USD ($) |
Minimum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Range estimate of reasonably possible net reduction in unrecognized tax benefits | $ 100 |
Maximum [Member] | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |
Range estimate of reasonably possible net reduction in unrecognized tax benefits | $ 120 |
Earnings Per Share of Common 46
Earnings Per Share of Common Stock (Earnings Per Share of Common Stock Reconciliation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Income from continuing operations after income taxes attributable to DuPont | $ 1,223 | $ 1,017 |
Preferred dividends | (2) | (2) |
Income from continuing operations after income taxes available to DuPont common stockholders | 1,221 | 1,015 |
Income from discontinued operations after income taxes available to DuPont common stockholders | 3 | 14 |
Net income available to common stockholders | $ 1,224 | $ 1,029 |
Weighted-average number of common shares outstanding - Basic | 873,546,000 | 906,835,000 |
Dilutive effect of the company's employee compensation plans | 3,705,000 | 6,984,000 |
Weighted average number of common shares outstanding - Diluted | 877,251,000 | 913,819,000 |
Earnings Per Share of Common 47
Earnings Per Share of Common Stock (Schedule of Average Number of Antidilutive Stock Options) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Average number of stock options | 5,104,000 | 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory, Net [Abstract] | ||
Finished products | $ 3,401 | $ 3,779 |
Semifinished products | 1,559 | 1,780 |
Raw materials, stores and supplies | 721 | 783 |
Total inventories before LIFO adjustment | 5,681 | 6,342 |
Adjustment of inventories to a last-in, first-out (LIFO) basis | (199) | (202) |
Total | $ 5,482 | $ 6,140 |
Other Intangible Assets (Schedu
Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | $ 3,502 | $ 3,454 | |
Definite-lived Intangible Assets, Accumulated Amortization | (1,610) | (1,483) | |
Definite-lived Intangible Assets, Net | 1,892 | 1,971 | |
Indefinite-lived Intangible Assets | 2,179 | 2,173 | |
Total Intangible Assets, Gross | 5,681 | 5,627 | |
Total Intangible Assets, Accumulated Amortization | (1,610) | (1,483) | |
Intangible Assets Net Excluding Goodwill | 4,071 | 4,144 | |
In Process Research and Development [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | 71 | 72 | |
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 | 1,048 | 1,048 | |
Trademarks/Tradenames [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | 754 | 747 | |
Customer Lists [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 1,635 | 1,621 | |
Definite-lived Intangible Assets, Accumulated Amortization | (552) | (529) | |
Definite-lived Intangible Assets, Net | 1,083 | 1,092 | |
Patents [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 457 | 454 | |
Definite-lived Intangible Assets, Accumulated Amortization | (232) | (220) | |
Definite-lived Intangible Assets, Net | 225 | 234 | |
Purchased and Licensed Technology [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 1,204 | 1,173 | |
Definite-lived Intangible Assets, Accumulated Amortization | (736) | (649) | |
Definite-lived Intangible Assets, Net | 468 | 524 | |
Trademarks [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 26 | 26 | |
Definite-lived Intangible Assets, Accumulated Amortization | (14) | (13) | |
Definite-lived Intangible Assets, Net | 12 | 13 | |
Other [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | [1] | 180 | 180 |
Definite-lived Intangible Assets, Accumulated Amortization | [1] | (76) | (72) |
Definite-lived Intangible Assets, Net | [1] | $ 104 | $ 108 |
[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 ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Intangible Assets | ||
Aggregate pre-tax amortization expense | $ 122 | $ 140 |
Continuing Operations [Member] | ||
Other Intangible Assets | ||
Aggregate pre-tax amortization expense | 122 | $ 139 |
Pre-tax amortization expense, 2016 | 207 | |
Pre-tax amortization expense, 2017 | 207 | |
Pre-tax amortization expense, 2018 | 208 | |
Pre-tax amortization expense, 2019 | 213 | |
Pre-tax amortization expense, 2020 | 200 | |
Pre-tax amortization expense, 2021 | $ 147 |
Short-Term and Long-Term Borr51
Short-Term and Long-Term Borrowings (Details) $ in Millions | 3 Months Ended | 36 Months Ended |
Mar. 31, 2016USD ($) | Mar. 22, 2019 | |
Repurchase Facility [Member] | ||
Schedule of Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | |
Portion of outstanding borrowing amounts required as collateral | 105.00% | |
Repurchase Facility [Member] | Accounts and Notes Receivable [Member] | ||
Schedule of Debt [Line Items] | ||
Line of Credit Facility, Amount Pledged as Collateral | $ 315 | |
Repurchase Facility [Member] | Short-term Debt [Member] | ||
Schedule of Debt [Line Items] | ||
Line of Credit Facility, Outstanding Borrowings, Current | 300 | |
Term Loan Facility due 2019 [Member] | ||
Schedule of Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |
Number of borrowings permitted | 7 | |
Period from closing date for allowed borrowings | 1 year | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,000 | |
Term Loan Facility due 2019 [Member] | Long-term Debt [Member] | ||
Schedule of Debt [Line Items] | ||
Line of Credit Facility, Outstanding Borrowings, Noncurrent | $ 500 | |
London Interbank Offered Rate (LIBOR) [Member] | Repurchase Facility [Member] | ||
Schedule of Debt [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Federal Funds Effective Rate [Member] | Term Loan Facility due 2019 [Member] | ||
Schedule of Debt [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility due 2019 [Member] | ||
Schedule of Debt [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Minimum [Member] | Margin [Member] | Term Loan Facility due 2019 [Member] | ||
Schedule of Debt [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan Facility due 2019 [Member] | ||
Schedule of Debt [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |
Maximum [Member] | Margin [Member] | Term Loan Facility due 2019 [Member] | ||
Schedule of Debt [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
Scenario, Forecast [Member] | Term Loan Facility due 2019 [Member] | ||
Schedule of Debt [Line Items] | ||
Line of Credit Facility, Expiration Period | 3 years |
Commitments and Contingent Li52
Commitments and Contingent Liabilities (Guarantees) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $ 323 | $ 337 | |
Customer and Supplier Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $ 112 | ||
Collateral assets and personal guarantees percentage | 27.00% | ||
Customer and Supplier Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [1] | $ 112 | |
Guaranteed obligations maximum term | [1] | 6 years | |
Equity Affiliates, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [2] | $ 178 | |
Guaranteed obligations maximum term | [2] | 1 year | |
Chemours purchase obligations [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [3] | $ 33 | |
Guaranteed obligations maximum term | [3] | 2 years | |
Guarantee Obligations, Long Term [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $ 27 | ||
Guarantee Obligations, Long Term [Member] | Customer and Supplier Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [1] | 16 | |
Guarantee Obligations, Long Term [Member] | Equity Affiliates, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [2] | 0 | |
Guarantee Obligations, Long Term [Member] | Chemours purchase obligations [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [3] | 11 | |
Guaranteed Obligations Short Term [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 296 | ||
Guaranteed Obligations Short Term [Member] | Customer and Supplier Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [1] | 96 | |
Guaranteed Obligations Short Term [Member] | Equity Affiliates, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [2] | 178 | |
Guaranteed Obligations Short Term [Member] | Chemours purchase obligations [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | [3] | $ 22 | |
[1] | Existing guarantees for customers and suppliers, as part of contractual agreements. | ||
[2] | Existing guarantees for equity affiliates' liquidity needs in normal operations. | ||
[3] | Guarantee for Chemours' raw material purchase obligations under agreement with third party supplier. |
Commitments and Contingent Li53
Commitments and Contingent Liabilities (Litigation) (Narrative) (Details) $ in Millions | 1 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2005USD ($) | Nov. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2004resident | Mar. 31, 2016USD ($) | Oct. 07, 2015USD ($) | Jan. 31, 2012USD ($) | |
PFOA Matters [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual balance | $ 14 | ||||||
Indemnification assets | 14 | ||||||
PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Binding settlement agreement, class size | resident | 80,000 | ||||||
Loss contingency, potential additional loss | 235 | ||||||
Escrow deposit | $ 1 | ||||||
Minimum escrow amount per settlement agreement | $ 0.5 | ||||||
Escrow amount disbursed (less than) | $ 1 | ||||||
PFOA Matters: Additional Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Lawsuits alleging personal injury - Filed | 3,500 | ||||||
Portion of lawsuits alleging personal injury claims associated only with high cholesterol and/or thyroid disease | 75.00% | ||||||
Lawsuits alleging wrongful death | 30 | ||||||
PFOA MDL plaintiffs | 6 | ||||||
Compensatory damages awarded | $ 1.6 | ||||||
Portion of pending lawsuits claiming that exposure to PFOA in drinking water caused cancer (less than) | 10.00% | ||||||
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 | ||||||
Scenario, Forecast [Member] | PFOA Matters: Additional Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Number of cases for trial in 2016 | 3 | ||||||
Number of cases for trial in 2017 | 40 |
Commitments and Contingent Li54
Commitments and Contingent Liabilities (Environmental) (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)yr | |
Environmental Remediation [Line Items] | |
Accrual for environmental remediation activities | $ 492 |
Potential environmental liability in excess of accrued amount | $ 1,025 |
Minimum [Member] | |
Environmental Remediation [Line Items] | |
Average time frame of disbursements of environmental site remediation | yr | 15 |
Maximum [Member] | |
Environmental Remediation [Line Items] | |
Average time frame of disbursements of environmental site remediation | yr | 20 |
Chemours [Member] | |
Environmental Remediation [Line Items] | |
Accrual for environmental remediation activities | $ 282 |
Potential environmental liability in excess of accrued amount | 618 |
Indemnification assets | $ 282 |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchase Program) (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 15 Months Ended | 26 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2016 | Jul. 28, 2015 | Jan. 21, 2015 | Jan. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Repurchase of common stock | $ 0 | $ 282 | |||||
January 2014 Buyback Plan [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Share buyback plan, Authorized Amount | $ 5,000 | ||||||
Repurchased and retired, shares | 0 | 34.7 | |||||
Repurchase of common stock | $ 0 | $ 2,353 | |||||
YTD 2015 Open Market Purchases [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Repurchased and retired, shares | 3.6 | ||||||
Repurchase of common stock | $ 282 | ||||||
2015 Share Buyback Plan [Member] | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
2015 Share buyback announcement | $ 4,000 | ||||||
Share buyback plan, Authorized Amount | $ 2,000 | ||||||
Repurchased and retired, shares | 0 | 35 | |||||
Repurchase of common stock | $ 0 | $ 2,000 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Cumulative translation adjustment, pre-tax | [1] | $ 170 | $ (1,189) | |
Cumulative translation adjustment, tax | 0 | 0 | ||
Cumulative translation adjustment, after-tax | [1] | 170 | (1,189) | |
Additions and revaluations of derivatives designated as cash flow hedges, pre-tax | [2] | 16 | (22) | |
Additions and revaluations of derivatives designated as cash flow hedges, tax | (6) | 6 | ||
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | 10 | (16) | ||
Clearance of hedge results to earnings, pre-tax | 11 | 7 | ||
Net revaluation and clearance of cash flow hedges to earnings, pre-tax | 27 | (15) | ||
Net revaluation and clearance of cash flow hedges to earnings, tax | (10) | 3 | ||
Net revaluation and clearance of cash flow hedges to earnings, after-tax | 17 | (12) | ||
Net unrealized loss on securities | (8) | 0 | ||
Other comprehensive loss, before tax | (957) | (929) | ||
Income tax benefit (expense) related to items of other comprehensive loss | 402 | (86) | ||
Other comprehensive loss, net of tax | (555) | (1,015) | ||
Net sales [Member] | Foreign Currency Contract [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Clearance of hedge results to earnings, pre-tax | 0 | (8) | ||
Clearance of hedge results to earnings, tax | 0 | 3 | ||
Clearance of hedge results to earnings, after-tax | 0 | (5) | ||
Cost of goods sold [Member] | Commodity Contract [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Clearance of hedge results to earnings, pre-tax | 11 | 15 | ||
Clearance of hedge results to earnings, tax | (4) | (6) | ||
Clearance of hedge results to earnings, after-tax | 7 | 9 | ||
Unrealized (Loss) Gain on Securities | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized loss on securities arising during the period, pre-tax | (9) | [3] | 0 | |
Unrealized loss on securities arising during the period, tax | 0 | 0 | ||
Unrealized loss on securities arising during the period, after-tax | (9) | [3] | 0 | |
Net unrealized loss on securities | (8) | 0 | ||
Net unrealized loss on securities, tax | 0 | 0 | ||
Net unrealized loss on securities, after-tax | (8) | 0 | ||
Unrealized (Loss) Gain on Securities | Other income, net [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification of gain realized in net income, pre-tax | 1 | 0 | ||
Reclassification of gain realized in net income, tax | 0 | 0 | ||
Reclassification of gain realized in net income, after-tax | 1 | 0 | ||
Pension Plans [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Net loss, pre-tax | [2] | (1,191) | (4) | |
Net loss, tax | 428 | 1 | ||
Net loss, after-tax | (763) | (3) | ||
Effect of foreign exchange rates, pre-tax | [2] | 1 | 100 | |
Effect of foreign exchange rates, tax | 0 | (27) | ||
Effect of foreign exchange rates, after-tax | 1 | 73 | ||
Amortization of prior service benefit, pre-tax | [4] | (2) | (2) | |
Amortization of prior service benefit, tax | 1 | 1 | ||
Amortization of prior service benefit, after tax | (1) | (1) | ||
Amortization of loss, pre-tax | [4] | 172 | 209 | |
Amortization of loss, tax | (60) | (74) | ||
Amortization of loss, after tax | 112 | 135 | ||
Curtailment (gain) loss, pre-tax | [4] | 49 | 0 | |
Curtailment (gain) loss, tax | (17) | 0 | ||
Curtailment (gain) loss, after-tax | 32 | 0 | ||
Settlement loss, pre-tax | [4] | 1 | 5 | |
Settlement loss, tax | (1) | (2) | ||
Settlement loss, after tax | 0 | 3 | ||
Benefit plans, net, pre-tax | (970) | 308 | ||
Benefit plans, net, tax | 351 | (101) | ||
Benefit plans, net, after-tax | (619) | 207 | ||
Other Long-Term Employee Benefit Plans [Member] | ||||
Components of Other Comprehensive Income (Loss) [Line Items] | ||||
Net loss, pre-tax | [2] | (124) | 0 | |
Net loss, tax | 45 | 0 | ||
Net loss, after-tax | (79) | 0 | ||
Amortization of prior service benefit, pre-tax | [4] | (39) | (52) | |
Amortization of prior service benefit, tax | 13 | 19 | ||
Amortization of prior service benefit, after tax | (26) | (33) | ||
Amortization of loss, pre-tax | [4] | 17 | 19 | |
Amortization of loss, tax | (7) | (7) | ||
Amortization of loss, after tax | 10 | 12 | ||
Curtailment (gain) loss, pre-tax | [4] | (30) | 0 | |
Curtailment (gain) loss, tax | 10 | 0 | ||
Curtailment (gain) loss, after-tax | (20) | 0 | ||
Benefit plans, net, pre-tax | (176) | (33) | ||
Benefit plans, net, tax | 61 | 12 | ||
Benefit plans, net, after-tax | $ (115) | $ (21) | ||
[1] | The increase in currency translation adjustment gains over prior year for the three months ended March 31, 2016 is primarily driven by the modest weakening of the U.S. dollar (USD) against the European Euro and Brazilian real. The increase in currency translation adjustment losses over prior year for the three months ended March 31, 2015 is primarily driven by the strengthening USD against the European 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. See Notes 13 and 14 for additional information. | |||
[3] | The unrealized loss on securities during the three months ended March 31, 2016 is due to the re-measurement of USD denominated marketable securities held by certain foreign entities at March 31, 2016 with a corresponding offset to cumulative translation adjustment. | |||
[4] | 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 14 for additional information. |
Stockholder's Equity (Schedule
Stockholder's Equity (Schedule of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | $ (9,396) | $ (8,556) | |
Other comprehensive loss before reclassifications | (670) | (1,135) | |
Amounts reclassified from accumulated other comprehensive loss | 115 | 120 | |
Accumulated other comprehensive loss, ending balance | (9,951) | (9,571) | |
Cumulative Translation Adjustment [Member] | |||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (2,333) | (919) | |
Other comprehensive income (loss), before reclassifications, CTA | 170 | (1,189) | |
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | |
Accumulated other comprehensive loss, ending balance | (2,163) | (2,108) | |
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 | (24) | (6) | |
Other comprehensive income (loss), before reclassifications, cash flow hedges | 10 | (16) | |
Amounts reclassified from accumulated other comprehensive loss, cash flow hedges | 7 | 4 | |
Accumulated other comprehensive loss, ending balance | (7) | (18) | |
Pension Plans [Member] | |||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (7,043) | (7,895) | |
Other comprehensive (loss) income, before reclassifications, pension and other benefit plans | (762) | 70 | |
Amounts reclassified from accumulated other comprehensive loss, pension and other benefit plans | 143 | 137 | |
Accumulated other comprehensive loss, ending balance | (7,662) | (7,688) | |
Other Long-Term Employee Benefit Plans [Member] | |||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | 22 | 262 | |
Other comprehensive (loss) income, before reclassifications, pension and other benefit plans | (79) | 0 | |
Amounts reclassified from accumulated other comprehensive loss, pension and other benefit plans | (36) | (21) | |
Accumulated other comprehensive loss, ending balance | (93) | 241 | |
Unrealized (Loss) Gain on Securities | |||
Components of Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (18) | 2 | |
Other comprehensive loss, before reclassifications, securities | (9) | [1] | 0 |
Amounts reclassified from accumulated other comprehensive loss, securities | 1 | 0 | |
Accumulated other comprehensive loss, ending balance | $ (26) | $ 2 | |
[1] | The unrealized loss on securities during the three months ended March 31, 2016 is due to the re-measurement of USD denominated marketable securities held by certain foreign entities at March 31, 2016 with a corresponding offset to cumulative translation adjustment. |
Financial Instruments (Schedule
Financial Instruments (Schedule of Cash, Cash Equivalents and Marketable Securities) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | ||
Cash and Cash Equivalents [Line Items] | |||
Cash | $ 1,630 | $ 1,938 | |
Cash and cash equivalents | 4,166 | 5,300 | |
Marketable securities | 623 | 906 | |
Proceeds from sale of available-for-sale securities | 260 | ||
Cash and Cash Equivalents [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash | 1,630 | 1,938 | |
Marketable Securities [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Money market funds | 412 | 550 | |
U.S. Treasury securities | [1] | 529 | 788 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Money market funds | 412 | 550 | |
U.S. Treasury securities | [1] | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Marketable Securities [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Money market funds | 0 | 0 | |
U.S. Treasury securities | [1] | 529 | 788 |
Fair Value, Inputs, Level 2 [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Certificate of deposits / time deposits | [2] | 2,218 | 2,930 |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Certificate of deposits / time deposits | [2] | 2,124 | 2,812 |
Fair Value, Inputs, Level 2 [Member] | Marketable Securities [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Certificate of deposits / time deposits | [2] | $ 94 | $ 118 |
[1] | Available-for-sale securities are reported at estimated fair value with unrealized gains and losses reported as component of accumulated other comprehensive loss. Proceeds from the sale of available-for-sale securities were $260 in the three months ended March 31, 2016. | ||
[2] | Held-to-maturity investments are reported at amortized cost. |
Financial Instruments (Debt) (N
Financial Instruments (Debt) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair value of debt | $ 10,310 | $ 9,050 |
Financial Instruments (Notional
Financial Instruments (Notional Amounts of Derivatives) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ 1 | $ 10 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 265 | 356 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 9,320 | 8,065 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ 16 | $ 70 |
Financial Instruments (Effect o
Financial Instruments (Effect of Cash Flows Hedges on Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative [Line Items] | ||
Portion of ending balance of gain (loss) expected to be reclassified into earnings over the next twelve months, after-tax | $ (3) | |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Beginning balance, after-tax | (24) | $ (6) |
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | 10 | (16) |
Clearance of hedge results to earnings, after-tax | 7 | 4 |
Ending balance, after-tax | $ (7) | $ (18) |
Financial Instruments (Schedu62
Financial Instruments (Schedule of the Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets and liabilities subject to master netting arrangement | $ 44 | $ 35 | |
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 | [1] | 51 | 74 |
Liability derivatives | [1] | 139 | 84 |
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 | 51 | 74 | |
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 | 0 | 7 | |
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 | 138 | 80 | |
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 | $ 4 | |
[1] | The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $44 at March 31, 2016 and $35 at December 31, 2015. |
Financial Instruments (Effect63
Financial Instruments (Effect of Derivative Instruments) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | [1] | $ 16 | $ (22) |
Amount of Gain (Loss) Recognized in Income | (147) | 262 | |
Other income, net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on foreign currency denominated monetary assets and liabilities | 33 | (200) | |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | [1] | 16 | (22) |
Amount of Gain (Loss) Recognized in Income | 11 | (8) | |
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) | [1] | 0 | (2) |
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 | [2] | 0 | 8 |
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) | [1] | 16 | (20) |
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 | [2] | 11 | (15) |
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) | [1] | 0 | 0 |
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 | 0 | (1) | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | [1] | 0 | 0 |
Amount of Gain (Loss) Recognized in Income | (158) | 270 | |
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) | [1] | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Net sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income | (4) | 0 | |
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 | [3] | (154) | 279 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Income from discontinued operations after income taxes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income | 0 | (11) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | [1] | 0 | 0 |
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 | $ 0 | $ 2 | |
[1] | OCI is defined as other comprehensive income (loss). | ||
[2] | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. For the three months ended March 31, 2016 and 2015, 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 $33 and $(200) for the three months ended March 31, 2016 and 2015, respectively. See Note 5 for additional information. |
Long-Term Employee Benefits (Sc
Long-Term Employee Benefits (Schedules of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ 146 | $ 147 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 47 | 66 | |
Interest cost | 217 | 273 | |
Expected return on plan assets | (338) | (404) | |
Amortization of loss | 172 | 209 | |
Amortization of prior service benefit | (2) | (2) | |
Curtailment (gain) loss | 49 | 0 | |
Settlement loss | 1 | 5 | |
Net periodic benefit cost | $ 146 | 147 | |
Defined benefit plan, discount rate | 4.13% | 4.47% | |
Defined benefit plan, re-measurement impact, underfunded status | $ 1,191 | ||
Other Long-Term Employee Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3 | 4 | |
Interest cost | 23 | 28 | |
Amortization of loss | 17 | 19 | |
Amortization of prior service benefit | (39) | (52) | |
Curtailment (gain) loss | (30) | 0 | |
Net periodic benefit cost | $ (26) | (1) | |
Defined benefit plan, discount rate | 3.94% | 4.30% | |
Defined benefit plan, re-measurement impact, benefit obligation | $ 124 | ||
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | (4) | 1 | |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Other Long-Term Employee Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | 0 | 1 | |
Continuing Operations [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | 150 | 146 | |
Continuing Operations [Member] | Other Long-Term Employee Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit cost | $ (26) | $ (2) |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Net sales | $ 7,405 | $ 7,837 | |
Segment operating earnings | 1,717 | 1,810 | |
Agriculture [Member] | |||
Net sales | 3,786 | 3,937 | |
Segment operating earnings | 1,101 | 1,138 | |
Segment net assets | 7,454 | $ 6,751 | |
Increase in net assets | 703 | ||
Electronics & Communications [Member] | |||
Net sales | 452 | 517 | |
Segment operating earnings | 59 | 79 | |
Industrial Biosciences [Member] | |||
Net sales | 352 | 350 | |
Segment operating earnings | 63 | 54 | |
Nutrition & Health [Member] | |||
Net sales | 801 | 813 | |
Segment operating earnings | 104 | 86 | |
Performance Materials [Member] | |||
Net sales | 1,249 | 1,381 | |
Segment operating earnings | 273 | 317 | |
Protection Solutions [Member] | |||
Net sales | 729 | 790 | |
Segment operating earnings | 176 | 167 | |
Other Segment [Member] | |||
Net sales | 36 | 49 | |
Segment operating earnings | (59) | (31) | |
Operating Segments [Member] | |||
Segment operating earnings | $ 1,717 | $ 1,810 |
Segment Information (Reconcilia
Segment Information (Reconciliation to Consolidated Income Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | |||
Segment Information | ||||
Segment operating earnings | $ 1,717 | $ 1,810 | ||
Segment significant benefits / (charges) | (68) | (2) | ||
Non operating pension and other post retirement employee benefit costs | (74) | (86) | ||
Net exchange (losses) gains | (121) | 79 | [1] | |
Corporate income (expenses) | 273 | [2],[3],[4] | (166) | [5] |
Interest expense | (92) | (84) | ||
Income from continuing operations before income taxes | 1,635 | 1,551 | ||
Merger related transaction costs | (24) | |||
Gain on sale of entity | 369 | |||
Separation related transaction costs | (7) | (81) | ||
Corporate Expenses [Member] | ||||
Segment Information | ||||
Separation related transaction costs | (12) | |||
Other Income [Member] | ||||
Segment Information | ||||
Net exchange (losses) gains | (121) | 79 | [6] | |
Foreign currency loss due to devaluation of Ukrainian hryvnia [Member] | ||||
Segment Information | ||||
Net exchange (losses) gains | $ (40) | |||
2016 Restructuring Program [Member] | ||||
Segment Information | ||||
Net restructuring (charge) benefit | (2) | |||
Corporate Expenses [Member] | 2016 Restructuring Program [Member] | ||||
Segment Information | ||||
Net restructuring (charge) benefit | $ 14 | |||
[1] | Includes a charge of $(40) associated with remeasuring the company's Ukrainian hryvnia net monetary assets in the three months ended March 31, 2015, which were recorded in other income, net in the company's interim Consolidated Income Statements. See Note 5 for additional information. | |||
[2] | Includes a $14 net benefit recorded in employee separation / asset related charges, net in the three months ended March 31, 2016, associated with the 2016 global cost savings and restructuring plan. See Note 4 for additional information. | |||
[3] | Includes a gain of $369 associated with the sale of DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. The gain was recorded in other income net, in the company's interim Consolidated Income Statement for the three months ended March 31, 2016. See Note 3 for additional information. | |||
[4] | Includes transaction costs associated with the planned merger with Dow and related activities of $(24), in the three months ended March 31, 2016, which were recorded in selling, general and administrative expenses in the company's interim Consolidated Income Statements. See Note 2 for additional information. | |||
[5] | Includes transaction costs associated with the separation of the Performance Chemicals segment of $(12) in the three months ended March 31, 2015, which were recorded in other operating charges in the company's interim Consolidated Income Statements. See Note 3 for additional information. | |||
[6] | The $79 net exchange gain for the three months ended March 31, 2015, includes a net $(40) pre-tax exchange loss associated with the devaluation of the Ukrainian hryvnia |
Segment Information (Schedule67
Segment Information (Schedule of Additional Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | ||||
Segment Reporting Information [Line Items] | |||||
Segment significant benefits / (charges) | $ (68) | $ (2) | |||
Agriculture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment significant benefits / (charges) | [1] | (73) | [2],[3] | 35 | |
Electronics & Communications [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment significant benefits / (charges) | 7 | [2] | 0 | ||
Industrial Biosciences [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment significant benefits / (charges) | 1 | [2] | 0 | ||
Nutrition & Health [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment significant benefits / (charges) | 1 | [2] | 0 | ||
Performance Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment significant benefits / (charges) | (4) | [2] | 0 | ||
Protection Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment significant benefits / (charges) | 3 | [2] | 0 | ||
Other Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment significant benefits / (charges) | (3) | [2] | (37) | [4] | |
Imprelis [Member] | Agriculture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Loss contingency accrual, period decrease | 23 | ||||
Insurance recoveries, net of legal expenses | 35 | ||||
2016 Restructuring Program [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net restructuring (charge) benefit | (16) | ||||
Restructuring charges | 2 | ||||
2016 Restructuring Program [Member] | Agriculture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net restructuring (charge) benefit | (21) | ||||
Restructuring charges | 21 | ||||
2016 Restructuring Program [Member] | Electronics & Communications [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net restructuring (charge) benefit | 7 | ||||
Restructuring charges | (7) | ||||
2016 Restructuring Program [Member] | Industrial Biosciences [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net restructuring (charge) benefit | 1 | ||||
Restructuring charges | (1) | ||||
2016 Restructuring Program [Member] | Nutrition & Health [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net restructuring (charge) benefit | 1 | ||||
Restructuring charges | (1) | ||||
2016 Restructuring Program [Member] | Performance Materials [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net restructuring (charge) benefit | (4) | ||||
Restructuring charges | 4 | ||||
2016 Restructuring Program [Member] | Protection Solutions [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net restructuring (charge) benefit | 3 | ||||
Restructuring charges | (3) | ||||
2016 Restructuring Program [Member] | Other Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net restructuring (charge) benefit | (3) | ||||
Restructuring charges | 3 | ||||
La Porte [Member] | Agriculture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring charges | (75) | ||||
Other Non-Personnel Charges [Member] | La Porte [Member] | Agriculture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring charges | (18) | ||||
Severance and Related Benefit Costs [Member] | La Porte [Member] | Agriculture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring charges | (16) | ||||
Asset Related Charges [Member] | La Porte [Member] | Agriculture [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Restructuring charges | $ (41) | ||||
Cost basis investment impairment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost basis investment impairment | 37 | ||||
Cost basis investment impairment [Member] | Other Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Cost basis investment impairment | $ 37 | ||||
[1] | Includes $23 for reduction in accrual recorded in other operating charges for the three months ended March 31, 2016, for customer claims related to the use of the Imprelis® herbicide. The three months ended March 31, 2015, includes $35 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis® herbicide. | ||||
[2] | Includes a $(16) net restructuring charge recorded in employee separation / asset related charges, net for the three months ended March 31, 2016, associated with the 2016 global cost savings and restructuring program. The net charge impacted segment earnings as follows: Agriculture - $(21), Electronics & Communications - $7, Industrial Biosciences - $1, Nutrition & Health - $1, - Performance Materials - $(4), Protection Solutions - $3 and Other - $(3). See Note 4 for additional information. | ||||
[3] | Includes a $(75) restructuring charge recorded in employee separation / asset related charges, net for the three months ended March 31, 2016, related to the decision not to re-start the insecticide manufacturing facility at the La Porte site located in La Porte, Texas. See Note 4 for additional information. | ||||
[4] | Includes a $(37) pre-tax impairment charge recorded in employee separation / asset related charges, net for a cost basis investment. See Note 4 for additional information. |