Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Jan. 31, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 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 | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 56.6 | ||
Entity Common Stock, Shares Outstanding | 864,574,000 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net sales | [1] | $ 24,594 | $ 25,130 | $ 28,406 |
Cost of goods sold | 14,469 | 15,112 | 17,023 | |
Other operating charges | 686 | 459 | 645 | |
Selling, general and administrative expenses | 4,319 | 4,615 | 4,891 | |
Research and development expense | 1,641 | 1,898 | 1,958 | |
Other income, net | (708) | (697) | (1,277) | |
Interest expense | 370 | 342 | 377 | |
Employee separation / asset related charges, net | 552 | 810 | 476 | |
Income from continuing operations before income taxes | 3,265 | 2,591 | 4,313 | |
Provision for income taxes on continuing operations | 744 | 696 | 1,168 | |
Income from continuing operations after income taxes | 2,521 | 1,895 | 3,145 | |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 4 | 64 | 491 | |
Net income | 2,525 | 1,959 | 3,636 | |
Less: Net income attributable to noncontrolling interests | 12 | 6 | 11 | |
Net income attributable to DuPont | $ 2,513 | $ 1,953 | $ 3,625 | |
Basic earnings per share of common stock from continuing operations | $ 2.86 | $ 2.10 | $ 3.42 | |
Basic earnings per share of common stock from discontinued operations | 0 | 0.07 | 0.54 | |
Basic earnings per share of common stock | 2.87 | 2.17 | 3.95 | |
Diluted earnings per share of common stock from continuing operations | 2.85 | 2.09 | 3.39 | |
Diluted earnings per share of common stock from discontinued operations | 0 | 0.07 | 0.53 | |
Diluted earnings per share of common stock | 2.85 | 2.16 | 3.92 | |
Dividends per share of common stock | $ 1.52 | $ 1.72 | $ 1.84 | |
[1] | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 2,525 | $ 1,959 | $ 3,636 |
Cumulative translation adjustment | (510) | (1,605) | (876) |
Net change in unrealized gains (losses) on securities | 20 | (19) | 0 |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | 31 | (18) | 42 |
Other comprehensive loss | (515) | (1,308) | (3,265) |
Total other comprehensive income | 2,010 | 651 | 371 |
Less: Comprehensive income attributable to noncontrolling interests, net of tax | 12 | 6 | 12 |
Comprehensive income attributable to DuPont | 1,998 | 645 | 359 |
Other Post Employment Benefit Plans [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (379) | (240) | (232) |
Pension Plan [Member] | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | $ 323 | $ 574 | $ (2,199) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and cash equivalents | $ 4,605 | $ 5,300 | |
Marketable securities | 1,362 | 906 | |
Accounts and notes receivable, net | 4,971 | 4,643 | |
Inventories | 5,673 | 6,140 | |
Prepaid expenses | 506 | 398 | |
Total current assets | 17,117 | 17,387 | |
Property, plant and equipment | 23,967 | 24,130 | |
Less: Accumulated depreciation | 14,736 | 14,346 | |
Net property, plant and equipment | [1] | 9,231 | 9,784 |
Goodwill | 4,180 | 4,248 | |
Other intangible assets | 3,664 | 4,144 | |
Investments in affiliates | 649 | 688 | |
Deferred income taxes | 3,308 | 3,799 | |
Other assets | 1,815 | 1,116 | |
Total | 39,964 | 41,166 | |
Liabilities and Equity | |||
Accounts payable | 3,705 | 3,398 | |
Short-term borrowings and capital lease obligations | 429 | 1,165 | |
Taxes Payable, Current | 101 | 173 | |
Other accrued liabilities | 4,662 | 5,580 | |
Total current liabilities | 8,897 | 10,316 | |
Long-term borrowings and capital lease obligations | 8,107 | 7,642 | |
Other liabilities | 12,333 | 12,591 | |
Deferred income taxes | 431 | 417 | |
Total liabilities | 29,768 | 30,966 | |
Commitments and contingent liabilities | |||
Stockholders' equity | |||
Common stock, $0.30 par value; 1,800,000 shares authorized; Issued at December 31, 2016 - 950,044,000; 2015 - 958,388,000 | 285 | 288 | |
Additional paid-in capital | 11,190 | 11,081 | |
Reinvested earnings | 14,924 | 14,510 | |
Accumulated other comprehensive loss | (9,911) | (9,396) | |
Common stock held in treasury, at cost (Shares: December 31, 2016 and 2015 - 87,041,000) | (6,727) | (6,727) | |
Total DuPont stockholders' equity | 9,998 | 9,993 | |
Noncontrolling interests | 198 | 207 | |
Total equity | 10,196 | 10,200 | |
Total | 39,964 | 41,166 | |
$4.50 Series-1,673,000 shares (callable at $120) [Member] | |||
Stockholders' equity | |||
Preferred stock, without par value-cumulative; 23,000,000 shares authorized; issued at December 31, 2016 and 2015; $4.50 Series- 1,673,000 shares (callable at $120) $3.50 Series-700,000 shares (callable at $102) | 167 | 167 | |
$3.50 Series-700,000 shares (callable at $102) [Member] | |||
Stockholders' equity | |||
Preferred stock, without par value-cumulative; 23,000,000 shares authorized; issued at December 31, 2016 and 2015; $4.50 Series- 1,673,000 shares (callable at $120) $3.50 Series-700,000 shares (callable at $102) | $ 70 | $ 70 | |
[1] | Net property is presented for locations with greater than two percent of the total and includes property, plant and equipment less accumulated depreciation. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value | $ 0.30 | $ 0.30 |
Common stock, shares authorized | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued | 950,044,000 | 958,388,000 |
Common stock held in treasury, shares | 87,041,000 | 87,041,000 |
$4.50 Series-1,673,000 shares (callable at $120) [Member] | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 23,000,000 | 23,000,000 |
Preferred stock, shares issued | 1,673,000 | 1,673,000 |
Preferred stock, redemption amount | $ 120 | $ 120 |
$3.50 Series-700,000 shares (callable at $102) [Member] | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 23,000,000 | 23,000,000 |
Preferred stock, shares issued | 700,000 | 700,000 |
Preferred stock, redemption amount | $ 102 | $ 102 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Reinvested Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Balance at Dec. 31, 2013 | $ 16,286 | $ 237 | $ 304 | $ 11,072 | $ 16,633 | $ (5,290) | $ (6,727) | $ 57 |
Sale of a majority interest in a consolidated subsidiary | (5) | (5) | ||||||
Net income | 3,636 | 3,625 | 11 | |||||
Other comprehensive (loss) income | (3,265) | (3,266) | 1 | |||||
Common dividends | (1,701) | (1,695) | (6) | |||||
Preferred dividends | (10) | (10) | ||||||
Common Stock | ||||||||
Issued - compensation plans | 437 | 3 | 434 | |||||
Repurchased | (2,000) | (2,000) | ||||||
Retired | 0 | (9) | (332) | (1,659) | 2,000 | |||
Balance at Dec. 31, 2014 | 13,378 | 237 | 298 | 11,174 | 16,894 | (8,556) | (6,727) | 58 |
Consolidation of a joint venture | 150 | (1) | 151 | |||||
Net income | 1,959 | 1,953 | 6 | |||||
Other comprehensive (loss) income | (1,308) | (1,308) | ||||||
Common dividends | (1,546) | (1,542) | (4) | |||||
Preferred dividends | (10) | (10) | ||||||
Common Stock | ||||||||
Issued - compensation plans | 361 | 2 | 359 | |||||
Repurchased | (2,353) | (2,353) | ||||||
Retired | 0 | (12) | (451) | (1,890) | 2,353 | |||
Spin-off of Chemours | (431) | (895) | 468 | (4) | ||||
Balance at Dec. 31, 2015 | 10,200 | 237 | 288 | 11,081 | 14,510 | (9,396) | (6,727) | 207 |
Sale of a majority interest in a consolidated subsidiary | (9) | (4) | (5) | |||||
Net income | 2,525 | 2,513 | 12 | |||||
Other comprehensive (loss) income | (515) | (515) | ||||||
Common dividends | (1,347) | (1,331) | (16) | |||||
Preferred dividends | (10) | (10) | ||||||
Common Stock | ||||||||
Issued - compensation plans | 268 | 1 | 267 | |||||
Repurchased | (916) | (916) | ||||||
Retired | 0 | (4) | (154) | (758) | 916 | |||
Balance at Dec. 31, 2016 | $ 10,196 | $ 237 | $ 285 | $ 11,190 | $ 14,924 | $ (9,911) | $ (6,727) | $ 198 |
Consolidated Statements of Equ7
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, dividends, per share, declared | $ 1.52 | $ 1.72 | $ 1.84 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net income | $ 2,525 | $ 1,959 | $ 3,636 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation | 939 | 1,104 | 1,254 |
Amortization of intangible assets | 319 | 362 | 363 |
Net periodic pension benefit cost | 572 | 591 | 406 |
Contributions to pension plans | (535) | (308) | (311) |
Gain on sales of business and other assets | 436 | 59 | 726 |
Asset related charges | 682 | 147 | 174 |
Other operating activities - net | 366 | 106 | 192 |
(Increase) decrease in operating assets: | |||
Accounts and notes receivable | (270) | (448) | (88) |
Inventories and other operating assets | (54) | 164 | (318) |
Increase (decrease) in operating liabilities: | |||
Accounts payable and other operating liabilities | (704) | (1,063) | (1,064) |
Accrued interest and income taxes | (104) | (239) | 194 |
Cash provided by operating activities | 3,300 | 2,316 | 3,712 |
Investing activities | |||
Purchases of property, plant and equipment | (1,019) | (1,629) | (2,020) |
Investments in affiliates | (19) | (76) | (42) |
Payments for businesses - net of cash acquired | 0 | (152) | 0 |
Proceeds from sale of businesses and other assets - net | 316 | 156 | 1,092 |
Purchases of short-term financial instruments | (2,633) | (1,897) | (936) |
Proceeds from maturities and sales of short-term financial instruments | 2,181 | 1,121 | 950 |
Foreign currency exchange contract settlements | (385) | 615 | 430 |
Other investing activities - net | 45 | 34 | 189 |
Cash (used for) provided by for investing activities | (1,514) | (1,828) | (337) |
Financing activities | |||
Dividends paid to stockholders | (1,335) | (1,546) | (1,696) |
Net increase (decrease) in short-term (less than 90 days) borrowings | 387 | (1) | (11) |
Long-term and other borrowings: | |||
Receipts | 813 | 3,679 | 104 |
Payments | (1,440) | (1,537) | (1,794) |
Repurchase of common stock | (916) | (2,353) | (2,000) |
Proceeds from exercise of stock options | 181 | 274 | 327 |
Cash transferred to Chemours at spin-off | 0 | (250) | 0 |
Other financing activities - net | (18) | (89) | (4) |
Cash used for financing activities | (2,328) | (1,823) | (5,074) |
Effect of exchange rate changes on cash | (153) | (275) | (332) |
(Decrease) increase in cash and cash equivalents | (695) | (1,610) | (2,031) |
Cash and cash equivalents at beginning of year | 5,300 | 6,910 | 8,941 |
Cash and cash equivalents at end of year | 4,605 | 5,300 | 6,910 |
Supplemental cash flow information: | |||
Interest, net of amounts capitalized | 386 | 341 | 394 |
Income taxes | $ 735 | $ 885 | $ 1,016 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The company follows generally accepted accounting principles in the United States of America (GAAP). The significant accounting policies described below, together with the other notes that follow, are an integral part of the Consolidated Financial Statements. Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Basis of Consolidation The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has significant influence but not a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities (VIEs). The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2016 and 2015 , the maximum exposure to loss related to the unconsolidated VIEs is not considered material to the Consolidated Financial Statements. Basis of Presentation Certain reclassifications of prior year's data have been made to conform to current year's presentation, including recasting the segment financial information as a result of the change in reportable segments which impacted the Industrial Biosciences segment, the DuPont Protection Solutions segment and Other. Refer to Note 21 for further information. As noted below under “Recent Accounting Pronouncements”, effective January 1, 2016, the company adopted Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position on a retrospective basis. In conjunction with the adoption of ASU No. 2015-17, the company also retrospectively reclassified deferred charges previously recorded in the current deferred income taxes line item to prepaid expenses on the Consolidated Balance Sheets. 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 assets and liabilities related to the Performance Chemicals segment are presented as assets of discontinued operations and liabilities of discontinued operations in the Consolidated Balance Sheets for all periods presented. The cash flows and comprehensive income related to the Performance Chemicals segment have not been segregated and are included in the Consolidated Statements of Cash Flows and Comprehensive Income, respectively, for all periods presented. Amounts related to the Performance Chemicals segment are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. See Note 3 for additional information. Revenue Recognition The company recognizes revenue when the earnings process is complete. The company's revenues are from the sale of a wide range of products to a diversified base of customers around the world. Revenue for product sales is recognized upon delivery, when title and risk of loss have been transferred, collectability is reasonably assured and pricing is fixed or determinable. A majority of product sales are sold FOB (free on board) shipping point or, with respect to non United States of America (U.S.) customers, an equivalent basis. Accruals are made for sales returns and other allowances based on the company's experience. The company accounts for cash sales incentives as a reduction in sales and noncash sales incentives as a charge to cost of goods sold or selling expense, depending on the nature of the incentive. Amounts billed to customers for shipping and handling fees are included in net sales and costs incurred by the company for the delivery of goods are classified as cost of goods sold in the Consolidated Income Statements. Taxes on revenue-producing transactions are excluded from net sales. The company periodically enters into prepayment contracts with customers in the Agriculture segment and receives advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue (classified as other accrued liabilities) or debt, depending on the nature of the program. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. Licensing and royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured. Cost of Goods Sold Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead. Other Operating Charges Other operating charges includes product claim charges and recoveries, non-capitalizable costs associated with capital projects and other operational expenses. Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products and regulatory approval of new and existing products. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Cash and Cash Equivalents Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss). Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2016 and 2015, approximately 55 , 30 and 15 percent of the company’s inventories were accounted for under the first-in, first-out (FIFO), average cost and last-in, first-out (LIFO) methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds, certain food-ingredients and enzymes. The company establishes allowances for obsolescence of inventory based upon quality considerations and assumptions about future demand and market conditions. Property, Plant and Equipment Property, plant and equipment is carried at cost and is depreciated using the straight-line method. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 5 to 7 years. When assets are surrendered, retired, sold or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. Maintenance and repairs are charged to operations; replacements and improvements are capitalized. Goodwill and Other Intangible Assets Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company's fair value methodology is primarily based on discounted cash flow techniques. Definite-lived intangible assets, such as purchased and licensed technology, patents and customer lists are amortized over their estimated useful lives, generally for periods ranging from 1 to 20 years or amortized based on units of production. The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of other than by sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived assets classified as held for sale. Royalty Expense The company’s Agriculture segment currently has certain third party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions. These payments are reflected as prepaid expenses and other assets and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the life of the license. The company evaluates the carrying value of the prepaid royalties when events or changes in circumstances indicate the carrying value may not be recoverable. Environmental Accruals for environmental matters are recorded in operating expenses when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued liabilities do not include claims against third parties and are not discounted. Costs related to environmental remediation and restoration are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property or reduce or prevent contamination from future operations, in which case, they are capitalized. Litigation The company accrues for liabilities related to litigation matters when the information available indicates that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred. Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be indefinitely reinvested. Investment tax credits or grants are accounted for in the period earned (the flow-through method). Interest accrued related to unrecognized tax benefits is included in miscellaneous income and expenses, net, within other income, net. Income tax related penalties are included in the provision for income taxes. Foreign Currency Translation The company's worldwide operations utilize the U.S. dollar (USD) or local currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the local currency are re-measured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. As a result of the separation of its Performance Chemicals segment, coupled with the company’s redesign initiative, the functional currency at certain of the company’s foreign entities was re-evaluated which, in some cases, resulted in a change in the foreign entities' functional currency during 2015. Venezuelan Foreign Currency Venezuela is considered a highly inflationary economy under GAAP and the USD is the functional currency for the company's subsidiaries in Venezuela. The official exchange rate continues to be set through the National Center for Foreign Commerce (CENCOEX, previously CADIVI). Based on its evaluation of the restrictions and limitations affecting the availability of specific exchange rate mechanisms, management concluded in the second quarter of 2014 that the Alternative Currency Exchange System (SICAD 2) auction process would be the most likely mechanism available. As a result, in the second quarter of 2014, the company changed from the official exchange rate to the SICAD 2 exchange rate, which resulted in a pre-tax charge of $58 . The charge is recorded within other income, net in the company's Consolidated Income Statements for the year ended December 31, 2014. During the first quarter of 2015, the Venezuelan government enacted additional changes to the country's foreign exchange systems including the introduction of the Foreign Exchange Marginal System (SIMADI) auction process. Management has concluded that the SIMADI auction process would be the most likely exchange mechanism available. As a result, effective in the first quarter of 2015, the company changed from the SICAD 2 to the SIMADI exchange rate, to re-measure its Bolivar Fuertes (VEF) denominated net monetary assets which resulted in a pre-tax charge of $3 . The charge is recorded within other income, net in the company's Consolidated Income Statements for the year ended December 31, 2015. The remaining net monetary assets and non-monetary assets are immaterial at December 31, 2016 and 2015, respectively. Hedging and Trading Activities Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. For derivative instruments designated as fair value hedges, changes in the fair values of the derivative instruments will generally be offset in the income statement by changes in the fair value of the hedged items. For derivative instruments designated as cash flow hedges, the effective portion of any hedge is reported in accumulated other comprehensive income (loss) until it is cleared to earnings during the same period in which the hedged item affects earnings. The ineffective portion of all hedges is recognized in current period earnings. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, gains or losses realized at termination are deferred and included in the measurement of the hedged transaction. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. Cash flows from derivative instruments accounted for as either fair value hedges or cash flow hedges are reported in the same category as the cash flows from the items being hedged. Cash flows from all other derivative instruments are generally reported as investing activities in the Consolidated Statements of Cash Flows. See Note 19 for additional discussion regarding the company's objectives and strategies for derivative instruments. Recent Accounting Pronouncements Accounting Pronouncements Implemented in 2016 In November 2015, the Financial Accounting Standards Board (FASB) issued 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 only impacts disclosure and did not impact the company's Consolidated Financial Statements. New Accounting Pronouncements to be Implemented In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. The new guidance requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset is sold to an outside party. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period (as of the first interim period if an entity issues interim financial statements). The new guidance requires adoption on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The company is currently evaluating the impact this guidance will have on the Consolidated Financial Statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The new guidance makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim 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 new guidance requires adoption on a retrospective basis unless it is impracticable to apply, in which case the company would be required to apply the amendments prospectively as of the earliest date practicable. The company is currently evaluating the impact this guidance will have on the Consolidated Financial Statements and related disclosures. 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 income tax consequences, forfeitures 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. The company will adopt this standard on January 1, 2017. The primary effects of adoption for the company relate to changes in classification within the Consolidated Statements of Cash Flows and recognition of tax effects related to share-based payments. The new guidance requires all tax related cash flows resulting from share-based payments to be reported as cash provided by operating activities in the Consolidated Statements of Cash Flows. This is a change from the current requirement to present excess tax benefits as cash inflows from financing activities and tax deficiencies as cash outflows from operating activities. As permitted by the standard, the company has elected to adopt this reclassification on a retrospective basis. The updated guidance also requires all tax effects related to share-based payments to be recognized within the provision for income taxes in the Consolidated Income Statements. Previously excess tax benefits and tax deficiencies were recognized in additional paid-in capital in the Consolidated Balance Sheets. The standard does not permit retrospective adoption of this update. As such, the company will adopt this update on a prospective basis. The remaining updates required by this standard are not expected to have a material impact to the company’s Consolidated Financial Statements. 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. 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. The company is the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases as discussed in Note 15. In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which was further updated in March, April, May, and December 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. The new standard also will result in additional disclosure requirements to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. 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 standard permits the use of either the retrospective or modified retrospective (cumulative-effect) transition method of adoption. The company continues to evaluate the impact of the new standard on its Consolidated Financial Statements and disclosures. Based on the analysis conducted to date, the company does not believe the impact upon adoption will be material to its Consolidated Financial Statements. The company plans to adopt the standard in the first quarter of 2018 under the modified retrospective transition method. |
Proposed Merger with Dow Chemic
Proposed Merger with Dow Chemical | 12 Months Ended |
Dec. 31, 2016 | |
Proposed Merger with Dow Chemical [Abstract] | |
Proposed Merger with Dow Chemical | PLANNED MERGER WITH DOW 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 subject to satisfaction of customary closing conditions, including receipt of regulatory approval. The combined company will be named DowDuPont Inc. (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 Intended Business Separations). Subject to the terms and conditions of the Merger Agreement, each share of common stock, par value $0.30 per share, of DuPont (DuPont Common Stock) issued and outstanding immediately prior to the Effective Time, excluding any shares of DuPont Common Stock that are held in treasury, will be converted into the right to receive 1.2820 shares common stock, par value $0.01 per share, of DowDuPont (DowDuPont Common Stock), for each share of DuPont Common Stock with cash in lieu of any fractional share of DowDuPont. Each share of DuPont Preferred Stock-$4.50 Series and DuPont Preferred Stock-$3.50 Series, in each case issued and outstanding immediately prior to the Effective Time, shall remain issued and outstanding and be unaffected by the merger. Subject to the terms and conditions set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $2.50 per share, of Dow (the Dow Common Stock) issued and outstanding immediately prior to the Effective Time, excluding any shares of Dow Common Stock that are held in treasury, will be converted into the right to receive one share of DowDuPont Common Stock. On December 30, 2016, (the Dow Preferred Conversion Date) each share of Cumulative Convertible Perpetual Preferred Stock, Series A, par value $1.00 per share, of Dow (the Dow Preferred) issued and outstanding immediately prior thereto, converted to 24.2010 shares of Dow Common Stock. As a result, on the Dow Preferred Conversion Date, Dow issued 96,804,000 shares of Common Stock. Based on the aforementioned 1.2820 exchange ratio set forth in the Merger Agreement and the conversion of the Dow Preferred to Dow Common Stock, it is expected that DuPont common stockholders and Dow common stockholders will own approximately 48 percent and 52 percent, respectively, of the outstanding shares of DowDuPont Common Stock immediately following the Effective Time. Conditions to the Merger The completion of the merger is subject to the satisfaction or waiver of certain conditions, including (i) the receipt of certain domestic and foreign approvals under competition laws; (ii) DuPont and Dow reasonably determining that the merger does not constitute an acquisition of a 50 percent or greater interest in DuPont and Dow, respectively, under the principles of Section 355(e) of the Internal Revenue Code; (iii) the absence of governmental restraints or prohibitions preventing the consummation of the merger; and (iv) the approval of the shares of DowDuPont Common Stock to be issued in the merger for listing on the NYSE. The obligation of each of DuPont and Dow to consummate the merger is also conditioned on, among other things, the receipt of a tax opinion from the tax counsel as to the tax-free nature of the merger, and the truth and correctness of the representations and warranties made by the other party as of the closing date (subject to certain “materiality” and “material adverse effect” qualifiers). Additional information about the Merger Agreement and the Intended Business Separations is set forth in the company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the SEC) on December 11, 2015; the company’s 2015 Annual Report filed with the SEC on February 4, 2016 and the registration statement on Form S-4 (File No. 333-209869) (as amended, the Registration Statement) filed by DowDuPont and declared effective by the SEC on June 9, 2016. The Registration Statement constitutes a prospectus of DowDuPont and includes a joint proxy statement of Dow and DuPont. The joint proxy statement relates to the separate special meetings of the companies’ respective common stock shareholders of record as of the close of business on June 2, 2016, to adopt the Merger Agreement and related matters. DuPont's special meeting of stockholders was held on July 20, 2016, which resulted in a vote for adoption of the Merger Agreement and approval of related matters. Consummation of the merger is contingent on satisfaction of customary closing conditions, including the receipt of regulatory approval from the U.S., European Union, China, Brazil and Canada. Subject to satisfaction of these customary closing conditions, including the receipt of regulatory approvals, closing would be expected to occur in first half of 2017. Certain Other Terms of the Merger Agreement The Merger Agreement contains mutual customary representations and warranties made by each of DuPont and Dow, and also contains mutual customary pre-closing covenants, including covenants, among others, (i) to operate its businesses in the ordinary course consistent with past practice and to refrain from taking certain actions without the other party’s consent, (ii) not to solicit, initiate, knowingly encourage or knowingly take any other action designed to facilitate, and, subject to certain exceptions, not to participate in any discussions or negotiations, or cooperate in any way with respect to, any inquiries or the making of, any proposal of an alternative transaction, (iii) subject to certain exceptions, not to withdraw, qualify or modify the support of its Board of Directors for the Merger Agreement and the merger, as applicable, and (iv) to use their respective reasonable best efforts to obtain governmental, regulatory and third party approvals, including by agreeing to any required divestiture of assets or business. The Merger Agreement contains certain termination rights for each of DuPont and Dow, including in the event that (i) the merger is not consummated on or before March 15, 2017, subject to each party having the right to unilaterally extend the termination date of the Merger Agreement until June 15, 2017 (the Outside Date) in the event that the regulatory closing conditions have not been satisfied or (ii) if any restraint having the effect of preventing the consummation of the merger shall have become final and non-appealable or if any governmental entity that must grant a requisite regulatory approval has denied approval of the merger. The Merger Agreement further provides that, upon termination of the Merger Agreement under specified circumstances, including (i) a change in the recommendation of the Board of Directors of DuPont and Dow or (ii) a termination of the Merger Agreement by DuPont and Dow, because of a material breach by the other party or because the merger is not consummated by the Outside Date, in each case set forth in this clause (ii) at a time when there was an offer or proposal for an alternative transaction with respect to such party and such party enters into or consummates an alternative transaction within 12 months following such date of termination, DuPont and Dow, as the case may be, will pay to the other party a termination fee equal to $1,900 in cash. During the years ended December 31, 2016 and 2015, the company incurred $386 and $10 , respectively, of costs in connection with the planned merger with Dow and the Intended Business Separations, including costs relating to integration and separation planning. These costs were recorded in selling, general and administrative expenses in the company's 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 | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | DIVESTITURES AND OTHER TRANSACTIONS DuPont (Shenzhen) Manufacturing Limited In March 2016, the company recognized the sale of its 100 percent 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 Consolidated Income Statements for the year ended December 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 agreed in principle to prepay $190 for certain goods and services expected to be delivered by Chemours. As of December 31, 2016 , the balance of the prepayment was $60 recorded within prepaid expenses on the Consolidated Balance Sheet, which is expected to be fully utilized through delivery of goods and services during 2017. 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. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At December 31, 2016 , the indemnified assets are $81 within accounts and notes receivable, net and $444 within other assets along with the corresponding liabilities of $81 within other accrued liabilities and $444 within other liabilities on the Consolidated Balance Sheet. The results of operations of the Performance Chemicals segment are presented as discontinued operations as summarized below: For the year ended December 31, 2016 2015 2014 Net sales $ — $ 2,810 $ 6,317 Cost of goods sold — 2,215 4,680 Other operating charges 36 386 422 Selling, general and administrative expenses — (87 ) 453 Research and development expense — 40 109 Other income, net (3 ) (27 ) (46 ) Interest expense — 32 — Employee separation / asset related charges, net — 59 21 (Loss) income from discontinued operations before income taxes (33 ) 192 678 (Benefit from) provision for income taxes (28 ) 106 202 (Loss) income from discontinued operations after income taxes $ (5 ) $ 86 $ 476 During the years ended December 31, 2016 , 2015 and 2014, the company incurred $35 , $306 , and $175 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 years ended December 31, 2016 , 2015 and 2014, includes $35 , $260 and $142 of these costs, respectively. Income from continuing operations during the years ended December 31, 2015 and 2014, includes $26 and $33 of these costs, respectively, recorded in other operating charges in the company's Consolidated Income Statements. Income from continuing operations during the year ended December 31, 2015 also included $20 of transaction costs incurred for a premium associated with the early retirement of DuPont debt. The company exchanged notes received from Chemours in May 2015 (as part of a dividend payment) for DuPont debt that it then retired. These costs were reported in interest expense in the company's Consolidated Income Statements. During the year ended December 31, 2015, in connection with the separation, the company recorded an other post employment benefit plan curtailment gain of $274 and a pension curtailment gain of $7 . See Note 17 for further discussion. Income from discontinued operations during the year ended December 31, 2015, included a restructuring charge of $59 , consisting of severance and related benefit costs associated with the Performance Chemicals segment to achieve fixed cost and operational productivity improvements for Chemours post-spin. In connection with the spin-off, the company received a dividend from Chemours in May 2015 of $3,923 comprised of a cash distribution of $3,416 and a distribution in-kind of $507 of 7 percent senior unsecured notes due 2025 (Chemours Notes Received). Chemours financed the dividend payment through issuance of approximately $4,000 of debt, including the Chemours Notes Received (Chemours' Debt). Net assets of $431 were transferred to Chemours on July 1, 2015, including the $4,000 of Chemours' Debt. The following table presents the depreciation, amortization and purchases of property, plant and equipment of the discontinued operations related to Performance Chemicals: For the year ended December 31, 2015 2014 Depreciation $ 126 $ 248 Amortization of intangible assets 2 3 Purchases of property, plant and equipment 235 525 Glass Laminating Solutions/Vinyls In June 2014, the company sold Glass Laminating Solutions/Vinyls (GLS/Vinyls), a part of the Performance Materials segment, to Kuraray Co. Ltd. The sale resulted in a pre-tax gain of $391 ( $273 net of tax). The gain was recorded in other income, net in the company's Consolidated Income Statements for the year ended December 31, 2014. Performance Coatings In February 2013, the company sold its Performance Coatings business to Flash Bermuda Co. Ltd., a Bermuda exempted limited liability company formed by affiliates of The Carlyle Group (collectively referred to as "Carlyle"). The results of discontinued operations related to Performance Coatings are summarized below: For the year ended December 31, 2016 2015 2014 Net sales $ — $ — $ — Income (loss) from discontinued operations before income taxes 1,2 $ 6 $ (23 ) $ — Benefit from income taxes 3 (3 ) (1 ) (15 ) Income (loss) from discontinued operations after income taxes $ 9 $ (22 ) $ 15 1. The year ended December 31, 2016 includes a pre-tax benefit of $6 primarily related to a postretirement settlement gain. 2. The year ended December 31, 2015 includes a pre-tax net charge of $(23) related to a postretirement settlement charge and other employee related settlement adjustments. 3. The year ended December 31, 2014 includes a tax benefit of $ (15) related to a change in estimate of income taxes resulting from the filing of various tax returns impacted by the sale of Performance Coatings. |
Employee Separation _ Asset Rel
Employee Separation / Asset Related Charges, Net | 12 Months Ended |
Dec. 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 year ended December 31, 2016, a pre-tax charge of $68 was recorded in employee separation / asset related charges, net which included $41 of asset related charges, $11 of contract termination costs, and $16 of employee severance and related benefit costs. 2016 Global Cost Savings and Restructuring Program In December 2015, DuPont committed to take structural actions across all businesses and staff functions globally to operate more efficiently by further consolidating businesses and aligning staff functions more closely with them as part of a 2016 global cost savings and restructuring plan. As a result, during the year ended December 31, 2015, a pre-tax charge of $798 was recorded, consisting of $793 of employee separation / asset related charges, net and $5 in other income, net in the company's Consolidated Income Statements. The charges consisted of $656 in severance and related benefit costs, $109 in asset related charges, and $33 in contract termination charges. During the year ended December 31, 2016, in connection with the restructuring actions, the company recorded a net pre-tax benefit to earnings of $(85) , consisting of $(88) in employee separation / asset related charges, net, and a $3 charge to other income, net in the company's Consolidated Income Statements. The net benefit was comprised of a reduction of $(154) in severance and related benefit costs, offset by $53 of asset related charges, and $16 of contract termination costs. This was primarily due to a reduction in severance and related benefit costs partially offset by the identification of additional projects in certain segments. The reduction in severance and related benefit costs was driven by elimination of positions at a lower cost than expected as a result of redeployments and attrition as well as lower than estimated individual severance costs. The restructuring actions associated with this charge impacted approximately 10 percent of DuPont’s workforce and are substantially complete. The 2016 restructuring program (benefits) charges related to the segments, as well as corporate expenses, were as follows: For the year ended December 31, 2016 2015 Agriculture $ 23 $ 161 Electronics & Communications (2 ) 93 Industrial Biosciences (5 ) 60 Nutrition & Health (7 ) 47 Performance Materials (4 ) 61 Protection Solutions (13 ) 44 Other 11 2 Corporate Expenses (88 ) 330 $ (85 ) $ 798 At December 31, 2016 and 2015, total liabilities related to the restructuring program were $122 and $680 , respectively. 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 (393 ) — (26 ) (419 ) Net translation adjustment (1 ) — — (1 ) Other adjustments (154 ) 53 16 (85 ) Asset write-offs — (53 ) — (53 ) Balance at December 31, 2016 $ 100 $ — $ 22 $ 122 1. Other non-personnel charges consist of contractual obligation costs. 2014 Restructuring Program In June 2014, DuPont announced its global, multi-year initiative to redesign its global organization and operating model to reduce costs and improve productivity and agility across all businesses and functions. DuPont commenced a restructuring plan to realign and rebalance staff function support, enhance operational efficiency, and to reduce residual costs associated with the separation of its Performance Chemicals segment. At December 31, 2016 and 2015, total liabilities related to the 2014 restructuring program were $9 and $ 78 , respectively. During the year ended December 31, 2016 a benefit of $(21) was recorded in employee separation / asset related charges, net in the company's Consolidated Income Statements to reduce the accrual for severance costs. During the year ended December 31, 2015, a net benefit of $(21) was recorded to adjust the estimated costs associated with the 2014 restructuring program in employee separation / asset related charges, net in the company's Consolidated Income Statements. This was primarily due to lower than estimated individual severance costs and workforce reductions achieved through non-severance programs, offset by the identification of additional projects in certain segments. During the year ended December 31, 2014 a pre-tax charge of $541 was recorded, consisting of $476 in employee separation / asset related charges, net and $65 in other income, net in the company's Consolidated Income Statements. The charges consisted of $301 of severance and related benefit costs, $17 of other non-personnel charges, and $223 of asset related charges, including $65 of charges associated with the restructuring actions of a joint venture within the Performance Materials segment. The 2014 restructuring program (benefits) charges related to the segments, as well as corporate expenses, were as follows: For the year ended December 31, 2016 2015 2014 Agriculture $ (1 ) $ 3 $ 134 Electronics & Communications (2 ) (15 ) 84 Industrial Biosciences (1 ) 1 20 Nutrition & Health (2 ) 3 15 Performance Materials (1 ) 1 99 Protection Solutions (1 ) (4 ) 45 Other — 1 10 Corporate Expenses (13 ) (11 ) 134 $ (21 ) $ (21 ) $ 541 Asset Impairments In the fourth quarter 2015, the company elected to defer further testing and deployment of a multi-year, phased implementation of an enterprise resource planning (ERP) system; which had not been placed in service as of year-end 2016. At December 31, 2016, the company had capitalized costs associated with the ERP system of $435 . In connection with IT strategy reviews conducted during the fourth quarter of 2016, the company reviewed considerations around the timing of restarting testing and deployment of the ERP system. As a result, the company intends to complete and place in service the ERP system, however, given the uncertainties related to implementation timing as well as potential developments and changes to technologies in the market place at the time of restart, use of this ERP system can no longer be considered probable. As a result, due to the specificity of the design related to the ERP system, the company determined that the uncompleted ERP system has a fair value of zero and recorded a pre-tax charge of $435 in employee separation / asset related charges, net in the company's Consolidated Income Statements during the year ended December 31, 2016. The company recognized a $158 pre-tax impairment charge in employee separation / asset related charges, net in the company's Consolidated Income Statements during the year ended December 31, 2016 related to indefinite-lived intangible trade names within the Industrial Biosciences segment. In connection with business strategy reviews and brand realignment conducted during the third quarter 2016, the company decided to phase out the use of certain acquired trade names within the segment resulting in a change from an indefinite life to a finite useful life for these assets. As a result of these changes, the carrying value of the trade name assets exceeded the fair value. $28 , which represented fair value. $38 pre-tax impairment charge was recorded in employee separation / asset related charges, net within the Other segment in the company's Consolidated Income Statements. The majority relates to a cost basis investment in which the assessment resulted from the venture's revised operating plan reflecting underperformance of its European wheat based ethanol facility and deteriorating European ethanol market conditions. One of the primary investors communicated that they would not fund the revised operating plan of the investee. As a result, the carrying value of DuPont's 6 percent cost basis investment in this venture exceeds its fair value by $37 , such that an impairment charge was recorded. |
Other Income, Net
Other Income, Net | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income, Net | OTHER INCOME, NET 2016 2015 2014 Royalty income $ 170 $ 138 $ 156 Interest income 107 129 129 Equity in earnings (loss) of affiliates, net 99 49 (36 ) Net gains on sales of businesses and other assets 1 435 92 710 Net exchange (losses) gains (106 ) 30 196 Miscellaneous income and expenses, net 2 3 259 122 Other income, net $ 708 $ 697 $ 1,277 1. Includes a pre-tax gain of $369 ( $214 net of tax) for the year ended December 31, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 3 for additional information. 2. Miscellaneous income and expenses, net, includes interest items, gains related to litigation settlements, gains/losses on available-for-sale securities and other items. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results from operations for the years ended December 31, 2016, 2015 and 2014. 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 are largely taxable in the U.S., whereas the offsetting exchange losses on the re-measurement of the net monetary asset positions are often not 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 on the Consolidated Income Statements. 2016 2015 2014 Subsidiary/Affiliate Monetary Position Gain (Loss) Pretax exchange gain (loss) $ 198 $ (404 ) $ (411 ) Local tax expenses (126 ) (61 ) (207 ) Net after-tax impact from subsidiary exchange gain (loss) $ 72 $ (465 ) $ (618 ) Hedging Program Gain (Loss) Pretax exchange (loss) gain $ (304 ) $ 434 $ 607 Tax benefits (expenses) 110 (157 ) (212 ) Net after-tax impact from hedging program exchange (loss) gain $ (194 ) $ 277 $ 395 Total Exchange Gain (Loss) Pretax exchange (loss) gain $ (106 ) $ 30 $ 196 Tax expenses (16 ) (218 ) (419 ) Net after-tax exchange loss $ (122 ) $ (188 ) $ (223 ) |
Provision for Income Taxes Note
Provision for Income Taxes Notes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Provision for income taxes | PROVISION FOR INCOME TAXES 2016 2015 2014 Current tax expense on continuing operations: U.S. federal $ 40 $ 218 $ 656 U.S. state and local 11 7 38 International 592 466 449 Total current tax expense on continuing operations 643 691 1,143 Deferred tax expense on continuing operations: U.S. federal 27 139 91 U.S. state and local (29 ) 4 (42 ) International 103 (138 ) (24 ) Total deferred tax expense on continuing operations 101 5 25 Provision for income taxes on continuing operations $ 744 $ 696 $ 1,168 The significant components of deferred tax assets and liabilities at December 31, 2016 and 2015 , are as follows: 2016 2015 Asset Liability Asset Liability Depreciation $ — $ 742 $ — $ 953 Accrued employee benefits 4,529 410 4,812 374 Other accrued expenses 617 222 624 61 Inventories 163 144 89 99 Unrealized exchange gains/losses — 346 — 224 Tax loss/tax credit carryforwards/backs 1,808 — 2,124 — Investment in subsidiaries and affiliates 126 230 133 154 Amortization of intangibles 210 1,345 187 1,331 Other 257 86 215 77 Valuation allowance (1,308 ) — (1,529 ) — $ 6,402 $ 3,525 $ 6,655 $ 3,273 Net deferred tax asset $ 2,877 $ 3,382 An analysis of the company's effective income tax rate (EITR) on continuing operations is as follows: 2016 2015 2014 Statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Exchange gains/losses 1 1.6 8.0 8.1 Domestic operations (3.7 ) (2.8 ) (2.8 ) Lower effective tax rates on international operations-net (9.3 ) (11.1 ) (11.4 ) Tax settlements (0.1 ) (0.7 ) (0.6 ) Sale of a business (0.1 ) (0.2 ) (0.4 ) U.S. research & development credit (0.6 ) (1.3 ) (0.8 ) 22.8 % 26.9 % 27.1 % 1. Principally reflects the impact of foreign exchange losses on net monetary assets for which no corresponding tax benefit is realized. Further information about the company's foreign currency hedging program is included in Note 5 and Note 19 under the heading Foreign Currency Risk. Consolidated income from continuing operations before income taxes for U.S. and international operations was as follows: 2016 2015 2014 U.S. (including exports) $ 1,457 $ 1,397 $ 2,537 International 1,808 1,194 1,776 Income from continuing operations before income taxes $ 3,265 $ 2,591 $ 4,313 The increase in international pre-tax earnings from continuing operations from 2015 to 2016 is primarily driven by the gain on the sale of DuPont (Shenzhen) Manufacturing Limited in 2016 in addition to the absence of 2015 employee separation / asset related charges, net. The decrease in pre-tax earnings from continuing operations from 2014 to 2015 is primarily driven by lower worldwide sales volume, the absence of 2014 gains on sales of businesses primarily in the U.S., higher employee separation / asset related charges, net, as well as the results of the company’s hedging program. In 2016 and 2015 , the U.S. recorded a net exchange (loss) gain associated with the hedging program of $(304) and $434 , respectively. While the taxation of the amounts reflected on the chart above does not correspond precisely to the jurisdiction of taxation (due to taxation in multiple countries, exchange gains/losses, etc.), it represents a reasonable approximation of the income before income taxes split between U.S. and international jurisdictions. See Note 19 for additional information regarding the company's hedging program. Under the tax laws of various jurisdictions in which the company operates, deductions or credits that cannot be fully utilized for tax purposes during the current year may be carried forward or back, subject to statutory limitations, to reduce taxable income or taxes payable in future or prior years. At December 31, 2016 , the tax effect of such carryforwards/backs, net of valuation allowance approximated $516 . Of this amount, $285 has no expiration date, $3 expires after 2016 but before the end of 2021 and $228 expires after 2021 . At December 31, 2016 , unremitted earnings of subsidiaries outside the U.S. totaling $17,380 were deemed to be indefinitely reinvested. No deferred tax liability has been recognized with regard to the remittance of such earnings. It is not practicable to estimate the income tax liability that might be incurred if such earnings were remitted to the U.S. Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. It is reasonably possible that net reductions to the company’s global unrecognized tax benefits could be in the range of $70 to $90 within the next 12 months with the majority due to the settlement of uncertain tax positions with various tax authorities. The company and/or its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and non-U.S. jurisdictions. With few exceptions, the company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2004. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 2016 2015 2014 Total unrecognized tax benefits as of January 1 $ 846 $ 986 $ 901 Gross amounts of decreases in unrecognized tax benefits as a result of tax positions taken during the prior period (41 ) (98 ) (50 ) Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the prior period 32 13 84 Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period 55 69 92 Amount of decreases in the unrecognized tax benefits relating to settlements with taxing authorities (314 ) (58 ) (15 ) Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (30 ) (30 ) (3 ) Exchange loss (gain) 2 (36 ) (23 ) Total unrecognized tax benefits as of December 31 $ 550 $ 846 $ 986 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 429 $ 651 $ 818 Total amount of interest and penalties recognized in the Consolidated Income Statements $ 20 $ (8 ) $ 5 Total amount of interest and penalties recognized in the Consolidated Balance Sheets $ 98 $ 105 $ 117 |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 12 Months Ended |
Dec. 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: 2016 2015 2014 Numerator: Income from continuing operations after income taxes attributable to DuPont $ 2,509 $ 1,889 $ 3,135 Preferred dividends (10 ) (10 ) (10 ) Income from continuing operations after income taxes available to DuPont common stockholders $ 2,499 $ 1,879 $ 3,125 Income from discontinued operations after income taxes $ 4 $ 64 $ 490 Net income available to common stockholders $ 2,503 $ 1,943 $ 3,615 Denominator: Weighted-average number of common shares outstanding – Basic 872,560,000 893,992,000 914,752,000 Dilutive effect of the company's equity compensation plans 4,476,000 5,535,000 7,121,000 Weighted-average number of common shares outstanding – Diluted 877,036,000 899,527,000 921,873,000 The weighted-average number of common shares outstanding in 2016 and 2015 decreased as a result of the company's repurchase and retirement of its common stock, partially offset by the issuance of new shares from the company's equity compensation plans(see Notes 16 and 18, respectively). The following average number of stock options are antidilutive and therefore, are not included in the diluted earnings per share calculation: 2016 2015 2014 Average number of stock options 4,794,000 4,715,000 3,000 The change in the average number of stock options that were antidilutive in 2016 and 2015 was due to changes in the company's average stock price. |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Accounts and Notes Receivable, Net | ACCOUNTS AND NOTES RECEIVABLE, NET December 31, 2016 2015 Accounts receivable – trade 1 $ 3,610 $ 3,435 Notes receivable – trade 1,2 206 301 Other 3 1,155 907 $ 4,971 $ 4,643 1. Accounts and notes receivable – trade are net of allowances of $287 at 2016 and $225 at 2015 . Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Notes receivable – trade primarily consists of receivables within the Agriculture segment for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2016 and 2015 , there were no significant past due notes receivable, nor were there any significant impairments related to current loan agreements. 3. Other includes receivables in relation to fair value of derivative instruments, indemnification assets, value added tax, general sales tax and other taxes. Accounts and notes receivable are carried at amounts that approximate fair value. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Inventories | INVENTORIES December 31, 2016 2015 Finished products $ 3,113 $ 3,779 Semi-finished products 2,009 1,780 Raw materials, stores and supplies 719 783 5,841 6,342 Adjustment of inventories to a LIFO basis (168 ) (202 ) $ 5,673 $ 6,140 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | PROPERTY, PLANT AND EQUIPMENT December 31, 2016 2015 Buildings $ 4,495 $ 4,468 Equipment 17,534 17,410 Land 514 506 Construction 1 1,424 1,746 $ 23,967 $ 24,130 1. The decrease in construction is the result of an impairment charge of $435 related to the company's uncompleted ERP system. See Note 4 for additional information. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table summarizes changes in the carrying amount of goodwill for the years ended December 31, 2016 and 2015 , by reportable segment: Balance as of December 31, 2016 Goodwill Adjustments and Acquisitions Balance as of December 31, 2015 Goodwill Adjustments and Acquisitions Balance as of December 31, 2014 Agriculture $ 343 $ 7 $ 336 $ 18 $ 318 Electronics & Communications 149 — 149 — 149 Industrial Biosciences 1,175 (34 ) 1,209 (9 ) 1,218 Nutrition & Health 2,053 (39 ) 2,092 (101 ) 2,193 Performance Materials 381 (2 ) 383 8 375 Protection Solutions 34 — 34 — 34 Other 45 — 45 — 45 Total $ 4,180 $ (68 ) $ 4,248 $ (84 ) $ 4,332 Changes in goodwill in 2016 and 2015 primarily relate to currency translation adjustments . In 2016 and 2015 , the company performed impairment tests for goodwill and determined that no goodwill impairments existed. Other Intangible Assets The following table summarizes the gross carrying amounts and accumulated amortization of other intangible assets by major class: December 31, 2016 December 31, 2015 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived) Customer lists $ 1,574 $ (586 ) $ 988 $ 1,621 $ (529 ) $ 1,092 Patents 446 (259 ) 187 454 (220 ) 234 Purchased and licensed technology 964 (579 ) 385 1,173 (649 ) 524 Trademarks/tradenames 1 53 (15 ) 38 26 (13 ) 13 Other 2 171 (82 ) 89 180 (72 ) 108 3,208 (1,521 ) 1,687 3,454 (1,483 ) 1,971 Intangible assets not subject to amortization (Indefinite-lived) In-process research and development 73 — 73 72 — 72 Microbial cell factories 3 306 — 306 306 — 306 Pioneer germplasm 4 1,053 — 1,053 1,048 — 1,048 Trademarks/tradenames 1 545 — 545 747 — 747 1,977 — 1,977 2,173 — 2,173 Total $ 5,185 $ (1,521 ) $ 3,664 $ 5,627 $ (1,483 ) $ 4,144 1. The decrease in indefinite-lived intangible trademarks / trade names is the result of a $158 impairment charge recorded during the year ended December 31, 2016 associated with certain acquired trade names. The remaining net book value of the trade names are reflected in definite-lived trademarks / trade names at December 31, 2016. See Note 4 for additional information. 2. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. 3. Microbial cell factories, derived from natural microbes, are used to sustainably produce enzymes, peptides and chemicals using natural metabolic processes. The company recognized the microbial cell factories as an intangible asset upon the acquisition of Danisco. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. 4. Pioneer germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $319 , $360 and $360 for 2016 , 2015 and 2014 , respectively. The estimated aggregate pre-tax amortization expense from continuing operations for 2017 , 2018 , 2019 , 2020 and 2021 is $208 , $211 , $213 , $187 and $138 , respectively. |
Short-Term and Long-Term Borrow
Short-Term and Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Short-Term and Long-Term Borrowings | SHORT-TERM AND LONG-TERM BORROWINGS The following table summarizes the company's short-term borrowings and capital lease obligations: December 31, 2016 2015 Commercial paper $ 386 $ — Other loans - various currencies 39 49 Long-term debt payable within one year 4 1,115 Capital lease obligations — 1 $ 429 $ 1,165 The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy, as described in Note 1. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings was $430 and $1,190 at December 31, 2016 and 2015 , respectively. Unused bank credit lines were approximately $7,900 and $4,900 at December 31, 2016 and 2015 , respectively. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit and have a remaining life of up to two years. Outstanding letters of credit were $188 and $203 at December 31, 2016 and 2015 , respectively. These letters of credit support commitments made in the ordinary course of business. The weighted-average interest rate on short-term borrowings outstanding at December 31, 2016 and 2015 was 2.2 percent and 4.1 percent , respectively. The decrease in the interest rate for 2016 was primarily due to lower long-term debt maturities within one year. The following table summarizes the company's long-term borrowings and capital lease obligations: December 31, 2016 2015 U.S. dollar: Medium-term notes due 2038 – 2041 1 $ 111 $ 111 1.95% notes due 2016 2 — 348 2.75% notes due 2016 2 — 223 5.25% notes due 2016 2 — 541 6.00% notes due 2018 3 1,290 1,314 5.75% notes due 2019 500 499 4.625% notes due 2020 999 998 3.625% notes due 2021 999 999 4.25% notes due 2021 499 499 2.80% notes due 2023 1,250 1,250 6.50% debentures due 2028 299 299 5.60% notes due 2036 396 396 4.90% notes due 2041 494 494 4.15% notes due 2043 749 749 Term loan due 2019 500 — Other loans 2,4 22 25 Other loans- various currencies 2 29 32 8,137 8,777 Less short-term portion of long-term debt 4 1,115 8,133 7,662 Less debt issuance costs 35 32 8,098 7,630 Capital lease obligations 9 12 Total $ 8,107 $ 7,642 1. Average interest rates on medium-term notes were 0.6 percent and 0.1 percent at December 31, 2016 and 2015 , respectively. 2. Includes long-term debt due within one year. 3. During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85 percent . 4. Average interest rates on other loans were 4.3 percent at December 31, 2016 and 2015 . In connection with the spin-off of Chemours, as discussed in Note 3, the company received a dividend from Chemours in May 2015 of $3,923 comprised of a cash distribution of $3,416 and a distribution in-kind of $507 of 7 percent senior unsecured notes due 2025 (Chemours Notes Received). In 2015, DuPont exchanged the Chemours Notes Received for $488 of company debt due in 2016 as follows: $152 of 1.95 percent notes, $277 of 2.75 percent notes, and $59 of 5.25 percent notes. The company paid a premium of $20 , recorded in interest expense in the company's Consolidated Income Statements in 2015, in connection with the early retirement of the $488 of 2016 notes. This debt for debt exchange was considered an extinguishment. Maturities of long-term borrowings are $1,323 , $1,004 , $1,003 and $1,503 for the years 2018 , 2019 , 2020 and 2021 , respectively, and $3,300 thereafter. The estimated fair value of the company's long-term borrowings, was determined using Level 2 inputs within the fair value hierarchy, as described in Note 1. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's long-term borrowings was $8,460 and $7,860 at December 31, 2016 and 2015 , respectively. 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 percent to 1.25 percent (LIBOR Loan Rate) depending on DuPont's long term credit rating. As of December 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 percent plus a margin from 0.00 percent to 0.25 percent depending on DuPont's long term credit rating (Margin) or c) the prime rate plus Margin. December 31, 2016 2015 U.S. dollar: Medium-term notes due 2038 – 2041 1 $ 111 $ 111 1.95% notes due 2016 2 — 348 2.75% notes due 2016 2 — 223 5.25% notes due 2016 2 — 541 6.00% notes due 2018 3 1,290 1,314 5.75% notes due 2019 500 499 4.625% notes due 2020 999 998 3.625% notes due 2021 999 999 4.25% notes due 2021 499 499 2.80% notes due 2023 1,250 1,250 6.50% debentures due 2028 299 299 5.60% notes due 2036 396 396 4.90% notes due 2041 494 494 4.15% notes due 2043 749 749 Term loan due 2019 500 — Other loans 2,4 22 25 Other loans- various currencies 2 29 32 8,137 8,777 Less short-term portion of long-term debt 4 1,115 8,133 7,662 Less debt issuance costs 35 32 8,098 7,630 Capital lease obligations 9 12 Total $ 8,107 $ 7,642 1. Average interest rates on medium-term notes were 0.6 percent and 0.1 percent at December 31, 2016 and 2015 , respectively. 2. Includes long-term debt due within one year. 3. During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85 percent . 4. Average interest rates on other loans were 4.3 percent at December 31, 2016 and 2015 . |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Other Accrued Liabilities Text Block | OTHER ACCRUED LIABILITIES December 31, 2016 2015 Deferred revenue $ 2,223 $ 2,519 Compensation and other employee-related costs 813 699 Employee benefits (Note 17) 353 364 Discounts and rebates 299 284 Derivative instruments (Note 19) 173 91 Accrual for restructuring programs (Note 4) 131 758 Miscellaneous 670 865 $ 4,662 $ 5,580 Deferred revenue principally includes advance customer payments within the Agriculture segment. Miscellaneous other accrued liabilities principally includes accruals for plant and operating expenses, interest costs, environmental remediation costs, commissions costs, and royalties. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities [Abstract] | |
Schedule of Other Liabilities | OTHER LIABILITIES December 31, 2016 2015 Employee benefits: Accrued pension benefit costs (Note 17) $ 8,100 $ 8,478 Accrued other post employment benefit costs (Note 17) 2,554 2,524 Accrued environmental remediation costs 337 367 Miscellaneous 1,342 1,222 $ 12,333 $ 12,591 Miscellaneous includes litigation accruals, tax contingencies, accrued royalties, non-current portion of employee separation accruals and certain obligations related to divested businesses. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES Guarantees Indemnifications In connection with acquisitions and divestitures, the company has indemnified respective parties against certain liabilities that may arise in connection with these transactions and business activities prior to the completion of the transaction. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. In addition, the company indemnifies its duly elected or appointed directors and officers to the fullest extent permitted by Delaware law, against liabilities incurred as a result of their activities for the company, such as adverse judgments relating to litigation matters. If the indemnified party were to incur a liability or have a liability increase as a result of a successful claim, pursuant to the terms of the indemnification, the company would be required to reimburse the indemnified party. The maximum amount of potential future payments is generally unlimited. Obligations for Equity Affiliates & Others The company has directly guaranteed various debt obligations under agreements with third parties related to equity affiliates, customers and suppliers. At December 31, 2016 , the company had directly guaranteed $354 of such obligations. This amount represents the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees. The company would be required to perform on these guarantees in the event of default by the guaranteed party. The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. In certain cases, the company has recourse to assets held as collateral, as well as personal guarantees from customers and suppliers. Assuming liquidation, these assets are estimated to cover approximately 23 percent of the $167 of guaranteed obligations of customers and suppliers. Set forth below are the company's guaranteed obligations at December 31, 2016 : Short-Term Long-Term Total Obligations for customers and suppliers 1 : Bank borrowings (terms up to 5 years) $ 149 $ 18 $ 167 Obligations for equity affiliates 2 : Bank borrowings (terms up to 1 year) 161 — 161 Obligations for Chemours 3 : Chemours' purchase obligations (final expiration - 2018) 15 11 26 Total $ 325 $ 29 $ 354 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. Operating Leases The company uses various leased facilities and equipment in its operations. The terms for these leased assets vary depending on the lease agreement. Future minimum lease payments (including residual value guarantee amounts) under non-cancelable operating leases are $263 , $233 , $207 , $158 and $123 for the years 2017 , 2018 , 2019 , 2020 and 2021 , respectively, and $219 for subsequent years and are not reduced by non-cancelable minimum sublease rentals due in the future in the amount of $2 . Net rental expense under operating leases was $245 , $271 and $249 in 2016 , 2015 and 2014 , respectively. 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 December 31, 2016 , DuPont has an accrual balance of $117 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 $117 corresponding to the accrual balance as of December 31, 2016 . Since 2006, DuPont has undertaken obligations under agreements with the U.S. Environmental Protection Agency (EPA), including a 2009 consent decree under the Safe Drinking Water Act (the order), and voluntary commitments to the New Jersey Department of Environmental Protection (NJDEP). 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 health advisory level, even if provisional, as established from time to time by EPA. A provisional health advisory level was set in 2009 at 0.4 parts per billion (ppb) for PFOA in drinking water considering episodic exposure. In May 2016, EPA announced a health advisory level of 0.07 ppb for PFOA in drinking water considering lifetime versus episodic exposure. In January 2017, EPA announced it had amended the order to include Chemours, and to make the new health advisory level the trigger for additional actions by the companies, thus expanding the obligations to the EPA beyond the previously established testing and water supply commitments around the Washington Works facility. The company's accrual balance of $17 at December 31, 2016 related to these obligations and voluntary commitments reflects the impacts of the new health advisory level and expanded obligations under the amended order. 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 December 31, 2016, less than $1 has been disbursed. 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. 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. Multi-District Litigation Leach class members may pursue personal injury claims against DuPont only for the six human diseases for which the C8 Science Panel determined a probable link exists. At December 31, 2016 there were about 3,550 lawsuits, of which about 30 allege wrongful death, pending in various federal and state courts in Ohio and West Virginia. These lawsuits are consolidated in multi-district litigation (MDL) in the U.S. District Court for the Southern District of Ohio (the Court). The approximate number of lawsuits pending in the MDL remained constant year-over-year. However, the company has refined the number pending at December 31, 2016, in connection with updates to the table below. DuPont, through Chemours, denies the allegations in these lawsuits and is defending itself vigorously. The table below approximates the number of lawsuits based on primary alleged disease. Alleged Injury Number of Claims Kidney cancer 210 Testicular cancer 70 Ulcerative colitis 300 Preeclampsia 200 Thyroid disease 1,430 High cholesterol 1,340 In 2014, six cases from the MDL were selected for individual trial. In 2016, three of these cases, two kidney cancer and one ulcerative colitis, were settled for amounts immaterial individually and in the aggregate, and one case was voluntarily withdrawn by plaintiffs. The other two matters, (Barlett v DuPont, kidney cancer, and Freeman v DuPont, testicular cancer) were tried to jury verdicts in 2015 and 2016, respectively. The Bartlett jury awarded compensatory damages of $1.6 and no punitive damages. The company has appealed the Bartlett verdict to the U.S. Court of Appeals for the Sixth Circuit (the Sixth Circuit) which is expected to issue a ruling in the first half of 2017. In 2016, the Freeman jury awarded compensatory damages of $5.1 and $0.5 in punitive damages and attorneys’ fees. Pending a post-trial motion, the company will appeal to the Sixth Circuit. In January 2016, the Court determined that 40 cases asserting cancer claims, to be identified by plaintiffs' attorneys, would be scheduled for trial through year-end 2017. In the first two matters selected for trial, (Vigneron v DuPont and Moody v DuPont) plaintiffs make testicular cancer claims. After a fourth quarter 2016 trial, the Vigneron jury awarded compensatory damages of $2 and punitive damages of $10.5 . Pending post-trial motions, the company will appeal to the Sixth Circuit. The Moody trial began in January 2017 and the jury is expected to render a verdict in the first quarter 2017. The remaining 38 trials are scheduled to begin each week starting in May 2017. In 2016, the Court ordered the parties to participate in confidential, nonbinding mediation regarding global resolution of the MDL. This process continues. At December 31, 2016, the company has established an accrual of $100 related to the MDL, representing the company’s estimate of the low end of the range of potential loss. While DuPont could incur liabilities in excess of the amount accrued, the upper end of the range of such loss cannot be reasonably estimated. The range of possible loss is unpredictable and involves significant uncertainty due to the uniqueness of individual plaintiff's claims and the company's defenses as to potential liability and damages on an individual claims basis, and the timing and outcome of the appellate process, among other factors. This type of litigation could take place over many years and interim results do not predict the final outcomes of cases. 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. Under the Separation Agreement, all liabilities associated with the PFOA matters discussed above, including liabilities related to judgments, including punitive damages, or settlements associated with the MDL, are subject to indemnification by Chemours. Environmental The company is also subject to contingencies pursuant to environmental laws and regulations that in the future may require the company to take further action to correct the effects on the environment of prior disposal practices or releases of chemical or petroleum substances by the company or other parties. The company accrues for environmental remediation activities consistent with the policy set forth in Note 1. Much of this liability results from the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, often referred to as Superfund), RCRA and similar state and global laws. These laws require the company to undertake certain investigative, remediation and restoration activities at sites where the company conducts or once conducted operations or at sites where company-generated waste was disposed. The accrual also includes estimated costs related to a number of sites identified by the company for which it is probable that environmental remediation will be required, but which are not currently the subject of enforcement activities. Remediation activities vary substantially in duration and cost from site to site. These activities, and their associated costs, depend on the mix of unique site characteristics, evolving remediation technologies, diverse regulatory agencies and enforcement policies, as well as the presence or absence of potentially responsible parties. At December 31, 2016 , the Consolidated Balance Sheet included a liability of $457 , 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 $900 above the amount accrued as of December 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 $457 , that have an estimated liability of $250 as of December 31, 2016 and a potential exposure that ranges up to approximately $500 above the amount accrued. As such, the company has recorded an indemnification asset of $250 corresponding to the company's accrual balance related to these matters at December 31, 2016 . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 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 and second quarters of 2016. The company had limited opportunity to repurchase shares in 2016, primarily due to the planned merger with Dow. However, during the second half of 2016, the company purchased and retired 13.2 million shares in the open market for a total cost of $916 . As of December 31, 2016, in aggregate, the company has paid $2,916 and received and retired 48.2 million shares. As of January 1, 2017, the authorization under this buyback program has expired. 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 2014, the company purchased and retired 30.1 million shares for $2,000 under two separate accelerated share repurchase (ASR) agreements as well as open market purchases. During 2015, the company repurchased and retired 4.6 million shares in the open market for a total cost of $353 . There were no share repurchases under this plan during 2016. As of December 31, 2016, in aggregate, the company has purchased 34.7 million shares at a total cost of $2,353 under the plan. As a result, $2,647 buyback authority remains under this program. There is no required completion date for the remaining stock purchases under the 2014 plan. Common stock held in treasury is recorded at cost. When retired, the excess of the cost of treasury stock over its par value is allocated between reinvested earnings and additional paid-in capital. Set forth below is a reconciliation of common stock share activity for the years ended December 31, 2016 , 2015 and 2014 : Shares of common stock Issued Held In Treasury Balance January 1, 2014 1,014,027,000 (87,041,000 ) Issued 8,103,000 — Repurchased — (30,110,000 ) Retired (30,110,000 ) 30,110,000 Balance December 31, 2014 992,020,000 (87,041,000 ) Issued 5,932,000 — Repurchased — (39,564,000 ) Retired (39,564,000 ) 39,564,000 Balance December 31, 2015 958,388,000 (87,041,000 ) Issued 4,808,000 — Repurchased — (13,152,000 ) Retired (13,152,000 ) 13,152,000 Balance December 31, 2016 950,044,000 (87,041,000 ) Noncontrolling Interest In September 2015, the company obtained a controlling interest in a joint venture included in the Performance Materials segment. Accordingly, the company consolidated the entity at December 31, 2015 and recorded the fair value of the noncontrolling interest in the amount of $151 in the Consolidated Balance Sheet. Other Comprehensive Loss The changes and after-tax balances of components comprising accumulated other comprehensive loss are summarized below: Cumulative Translation Adjustment 1 Net Gains (Losses) on Cash Flow Hedging Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Securities Total 2014 Balance January 1, 2014 $ (43 ) $ (48 ) $ (5,695 ) $ 494 $ 2 $ (5,290 ) Other comprehensive (loss) income before reclassifications (876 ) 33 (2,601 ) (131 ) — (3,575 ) Amounts reclassified from accumulated other comprehensive loss — 9 401 (101 ) — 309 Net other comprehensive (loss) income $ (876 ) $ 42 $ (2,200 ) $ (232 ) $ — $ (3,266 ) Balance December 31, 2014 $ (919 ) $ (6 ) $ (7,895 ) $ 262 $ 2 $ (8,556 ) 2015 Other comprehensive (loss) income before reclassifications (1,605 ) (25 ) 39 3 (17 ) (1,605 ) Amounts reclassified from accumulated other comprehensive loss — 7 535 (243 ) (2 ) 297 Net other comprehensive (loss) income $ (1,605 ) $ (18 ) $ 574 $ (240 ) $ (19 ) $ (1,308 ) Spin-off of Chemours 191 — 278 — (1 ) 468 Balance December 31, 2015 $ (2,333 ) $ (24 ) $ (7,043 ) $ 22 $ (18 ) $ (9,396 ) 2016 Other comprehensive (loss) income before reclassifications (510 ) 20 (271 ) (81 ) (8 ) (850 ) Amounts reclassified from accumulated other comprehensive loss — 11 594 (298 ) 28 335 Net other comprehensive (loss) income $ (510 ) $ 31 $ 323 $ (379 ) $ 20 $ (515 ) Balance December 31, 2016 $ (2,843 ) $ 7 $ (6,720 ) $ (357 ) $ 2 $ (9,911 ) 1. The currency translation loss for the year ended December 31, 2016 is primarily driven by the strengthening of the U.S. dollar (USD) against the European Euro (EUR) partially offset by the weakening of the USD against the Brazilian real (BRL). The currency translation loss for the years ended December 31, 2015 and 2014 is driven by the strengthening USD against primarily the EUR and BRL. For the year ended December 31, 2015, the increase over prior year is also due to changes in certain foreign entity's functional currency as described in Note 1. The tax benefit (expense) on the net activity related to each component of other comprehensive loss were as follows: For the year ended December 31, 2016 2015 2014 Net gains (losses) on cash flow hedging derivative instruments $ (19 ) $ 7 $ (26 ) Pension benefit plans, net (163 ) (317 ) 1,274 Other benefit plans, net 194 135 155 Benefit from (provision for) income taxes related to other comprehensive (loss) income items $ 12 $ (175 ) $ 1,403 A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows: 2016 2015 2014 Consolidated Statements of Income Classification Net gains (losses) on cash flow hedging derivative instruments, before tax: $ 18 $ 12 $ 15 See (1) below Tax benefit (7 ) (5 ) (6 ) See (2) below After-tax $ 11 $ 7 $ 9 Amortization of pension benefit plans: Prior service (benefit) cost (6 ) (9 ) 2 See (3) below Actuarial losses 822 768 601 See (3) below Curtailment loss (gain) 40 (6 ) 4 See (3) below Settlement loss 62 76 7 See (3) below Total before tax $ 918 $ 829 $ 614 Tax benefit (324 ) (294 ) (213 ) See (2) below After-tax $ 594 $ 535 $ 401 Amortization of other benefit plans: Prior service benefit (134 ) (182 ) (214 ) See (3) below Actuarial losses 78 78 57 See (3) below Curtailment gain (392 ) (274 ) — See (3) below Total before tax $ (448 ) $ (378 ) $ (157 ) Tax expense 150 135 56 See (2) below After-tax $ (298 ) $ (243 ) $ (101 ) Net realized gains (losses) on investments, before tax: 28 (2 ) — See (4) below Tax expense — — — See (2) below After-tax $ 28 $ (2 ) $ — Total reclassifications for the period, after-tax $ 335 $ 297 $ 309 1. Net sales and cost of goods sold 2. Provision for income taxes from continuing operations 3. These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost of the company's pension and other benefit plans. See Note 17 for additional information. 4. Other income, net The tax benefit (expense) recorded in Stockholders' Equity was $33 , $(138) and $1,461 for the years 2016 , 2015 and 2014 , respectively. Included in these amounts were tax benefits of $21 , $37 and $58 for the years 2016 , 2015 and 2014 , respectively, associated with stock compensation programs. The remainder consists of amounts recorded within other comprehensive loss as shown in the table above. |
Long-Term Employee Benefits
Long-Term Employee Benefits | 12 Months Ended |
Dec. 31, 2017 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Long Term Employee Benefits | LONG-TERM EMPLOYEE BENEFITS The company offers various long-term benefits to its employees. Where permitted by applicable law, the company reserves the right to change, modify or discontinue the plans. Defined Benefit Pensions The company has both funded and unfunded noncontributory defined benefit pension plans covering a majority of the U.S. employees. The benefits under these plans are based primarily on years of service and employees' pay near retirement. In November 2016, the company announced changes to the U.S. pension plans. The company will freeze the pay and service amounts used to calculate pension benefits for active employees who participate in the U.S. pension plans at the earlier of the effective date of the first of the Intended Business Separations or November 30, 2018 (the Effective Date). See Note 2 for further discussion of the Intended Business Separations. Therefore, as of the Effective Date, active employees in the U.S. will not accrue additional benefits for future service and eligible compensation received. These changes resulted in a $527 decline in the projected benefit obligation, which is reflected in actuarial loss (gain) in the below table, and recognition of a $25 pre-tax curtailment gain during the fourth quarter of 2016. The decline in the projected benefit obligation is primarily due to the decrease in expected future compensation. Most employees hired on or after January 1, 2007 are not eligible to participate in the U.S. defined benefit pension plans. The company's funding policy is consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of the company's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. The workforce reductions in 2016 related to the 2016 global cost savings and restructuring plan triggered curtailments for certain of the company's pension plans, including the principal U.S. pension plan. For the principal U.S. pension plan, the company recorded curtailment losses of $ 63 during 2016 driven by the changes 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 the fourth quarter 2016, about $550 of lump-sum payments were made from the principal U.S. pension plan trust fund to a group of separated, vested plan participants who were extended a limited-time opportunity and voluntarily elected to receive their pension benefits in a single lump-sum payment. Since the company recognizes pension settlements only when the lump-sum payments exceed the sum of the plan's service and interest cost components of net periodic pension cost for the year, these lump-sum payments did not result in the recognition of a pension settlement charge. Other Post Employment Benefits The parent company and certain subsidiaries provide medical, dental and life insurance benefits to pensioners and survivors. The associated plans for retiree benefits are unfunded and the cost of the approved claims is paid from company funds. Essentially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. benefit plans. The non-Medicare eligible retiree medical plan is contributory with pensioners and survivors' contributions adjusted annually to achieve a 50/50 target sharing of cost increases between the company and pensioners and survivors. In addition, limits are applied to the company's portion of the retiree medical cost coverage. For Medicare eligible pensioners and survivors, the company provides a company-funded Health Reimbursement Arrangement (HRA). In November 2016, the company announced that eligible employees who will be under the age of 50 at the Effective Date, as defined above, will not receive post-retirement medical, dental and life insurance benefits. As a result of these changes, the company recognized a pre-tax curtailment gain of $357 during the fourth quarter of 2016. Beginning January 1, 2015, eligible employees who retire on and after that date will receive the same life insurance benefit payment, regardless of age. The majority of U.S. employees hired on or after January 1, 2007 are not eligible to participate in the post-retirement medical, dental and life insurance plans. As a result of the workforce reductions noted above, curtailments were triggered for the company’s other post employment benefit plans. The company recorded curtailment gains of $35 during the year ended December 31, 2016. The curtailment gains were 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. The company also provides disability benefits to employees. Employee disability benefit plans are insured in many countries. However, primarily in the U.S., such plans are generally self-insured. Obligations and expenses for self-insured plans are reflected in the figures below. Summarized information on the company's pension and other post employment benefit plans is as follows: Pension Benefits Other Benefits Obligations and Funded Status at December 31, 2016 2015 2016 2015 Change in benefit obligation Benefit obligation at beginning of year $ 26,094 $ 29,669 $ 2,758 $ 2,889 Service cost 174 232 11 15 Interest cost 800 1,084 87 112 Plan participants' contributions 18 19 36 45 Actuarial loss (gain) 460 (1,404 ) 153 (4 ) Benefits paid 1 (2,374 ) (1,761 ) (254 ) (282 ) Amendments — — (28 ) — Effect of foreign exchange rates (348 ) (456 ) 1 (6 ) Acquisitions/divestitures/other activity 7 (52 ) 65 — Spin-off of Chemours — (1,237 ) — (11 ) Benefit obligation at end of year $ 24,831 $ 26,094 $ 2,829 $ 2,758 Change in plan assets Fair value of plan assets at beginning of year $ 17,497 $ 20,446 $ — $ — Actual gain on plan assets 1,219 88 — — Employer contributions 535 308 218 237 Plan participants' contributions 18 19 36 45 Benefits paid 1 (2,374 ) (1,761 ) (254 ) (282 ) Effect of foreign exchange rates (239 ) (330 ) — — Acquisitions/divestitures/other activity — (47 ) — — Spin-off of Chemours — (1,226 ) — — Fair value of plan assets at end of year $ 16,656 $ 17,497 $ — $ — Funded status U.S. plan with plan assets $ (6,391 ) $ (6,662 ) $ — $ — Non-U.S. plans with plan assets (674 ) (748 ) — — All other plans 2 (1,110 ) (1,187 ) (2,829 ) (2,758 ) Total $ (8,175 ) $ (8,597 ) $ (2,829 ) $ (2,758 ) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 3 $ 11 $ — $ — Other accrued liabilities (Note 12) (78 ) (130 ) (275 ) (234 ) Other liabilities (Note 14) (8,100 ) (8,478 ) (2,554 ) (2,524 ) Net amount recognized $ (8,175 ) $ (8,597 ) $ (2,829 ) $ (2,758 ) 1. 2016 benefits paid includes about $550 of lump sum benefits associated with the limited-time opportunity provided to certain separated, vested participants in the principal U.S. pension plan. See further discussion above. 2. Includes pension plans maintained around the world where funding is not customary. The pre-tax amounts recognized in accumulated other comprehensive loss are summarized below: Pension Benefits Other Benefits December 31, 2016 2015 2016 2015 Net loss $ (10,280 ) $ (10,803 ) $ (830 ) $ (787 ) Prior service benefit 17 54 281 811 $ (10,263 ) $ (10,749 ) $ (549 ) $ 24 The accumulated benefit obligation for all pension plans was $24,345 and $24,984 at December 31, 2016 and 2015 , respectively. Information for pension plans with projected benefit obligation in excess of plan assets 2016 2015 Projected benefit obligation $ 24,779 $ 25,769 Accumulated benefit obligation 24,297 24,715 Fair value of plan assets 16,601 17,162 Information for pension plans with accumulated benefit obligations in excess of plan assets 2016 2015 Projected benefit obligation $ 23,946 $ 25,515 Accumulated benefit obligation 23,591 24,508 Fair value of plan assets 15,838 16,930 Pension Benefits Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive loss 2016 2015 2014 Net periodic benefit cost Service cost $ 174 $ 232 $ 241 Interest cost 800 1,084 1,162 Expected return on plan assets (1,320 ) (1,554 ) (1,611 ) Amortization of loss 822 768 601 Amortization of prior service (benefit) cost (6 ) (9 ) 2 Curtailment loss (gain) 40 (6 ) 4 Settlement loss 62 76 7 Net periodic benefit cost - Total $ 572 $ 591 $ 406 Less: Discontinued operations (5 ) (5 ) 40 Net period benefit cost - Continuing operations $ 577 $ 596 $ 366 Changes in plan assets and benefit obligations recognized in other comprehensive loss Net loss $ 570 $ 57 $ 4,131 Amortization of loss (822 ) (768 ) (601 ) Prior service benefit — — (44 ) Amortization of prior service benefit (cost) 6 9 (2 ) Curtailment (loss) gain (40 ) 6 (4 ) Settlement loss (62 ) (76 ) (7 ) Effect of foreign exchange rates (138 ) (119 ) — Spin-off of Chemours — (382 ) — Total (benefit) loss recognized in other comprehensive loss $ (486 ) $ (1,273 ) $ 3,473 Noncontrolling interest — — 1 Total (benefit) loss recognized in other comprehensive loss, attributable to DuPont $ (486 ) $ (1,273 ) $ 3,474 Total recognized in net periodic benefit cost and other comprehensive loss $ 86 $ (682 ) $ 3,880 The estimated pre-tax net loss and prior service benefit for the defined benefit pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2017 are $758 and $(4) , respectively. These amounts do not include any potential settlement charges related to the company's Pension Restoration Plan which provides lump sum payments to certain eligible retirees. Other Benefits Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive loss 2016 2015 2014 Net periodic benefit cost Service cost $ 11 $ 15 $ 17 Interest cost 87 112 121 Amortization of loss 78 78 57 Amortization of prior service benefit (134 ) (182 ) (214 ) Curtailment gain (392 ) (274 ) — Net periodic benefit credit - Total $ (350 ) $ (251 ) $ (19 ) Less: Discontinued operations — (272 ) 3 Net periodic benefit (credit) cost - Continuing operations $ (350 ) $ 21 $ (22 ) Changes in plan assets and benefit obligations recognized in other comprehensive loss Net loss (gain) $ 153 $ (4 ) $ 280 Amortization of loss (78 ) (78 ) (57 ) Prior service benefit (28 ) — (50 ) Amortization of prior service benefit 134 182 214 Curtailment gain 392 274 — Effect of foreign exchange rates — 1 — Total loss recognized in other comprehensive loss, attributable to DuPont $ 573 $ 375 $ 387 Total recognized in net periodic benefit cost and other comprehensive loss $ 223 $ 124 $ 368 The estimated pre-tax net loss and prior service benefit for the other post employment benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2017 are $91 and $(69) , respectively. Pension Benefits Other Benefits Weighted-average assumptions used to determine benefit obligations at December 31, 2016 2015 2016 2015 Discount rate 3.80 % 4.13 % 4.03 % 4.32 % Rate of compensation increase 1 3.80 % 3.94 % — % — % 1. The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant's entire career at the company. Pension Benefits Other Benefits Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2016 2015 2014 2016 2015 2014 Discount rate 3.77 % 3.93 % 4.55 % 3.87 % 4.13 % 4.60 % Expected return on plan assets 7.74 % 8.10 % 8.35 % — % — % — % Rate of compensation increase 3.96 % 4.01 % 4.22 % — % — % — % For determining U.S. pension plans' net periodic benefit costs, the discount rate, expected return on plan assets and the rate of compensation increase were 4.04 percent , 8.00 percent and 4.15 percent for 2016 . For determining U.S. pension plans' net periodic benefit costs, the discount rate, expected return on plan assets and the rate of compensation increase were 4.29 percent , 8.50 percent and 4.20 percent for 2015 . For determining U.S. pension plans' net periodic benefit costs, the discount rate, expected return on plan assets and the rate of compensation increase were 4.90 percent , 8.75 percent and 4.50 percent for 2014 . In the U.S., the discount rate is developed by matching the expected cash flow of the benefit plans to a yield curve constructed from a portfolio of high quality fixed-income instruments provided by the plan's actuary as of the measurement date. Effective in 2016, the company changed its method to estimate the service and interest cost components of net periodic benefit cost for the U.S. benefit plans. The company utilized a full yield curve approach in the estimation of service and interest rate components by applying specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. For non-U.S. benefit plans, the company utilizes prevailing long-term high quality corporate bond indices to determine the discount rate applicable to each country at the measurement date. The long-term rate of return on assets in the U.S. was selected from within the reasonable range of rates determined by historical real returns (net of inflation) for the asset classes covered by the investment policy, expected performance, and projections of inflation over the long-term period during which benefits are payable to plan participants. Consistent with prior years, the long-term rate of return on plan assets in the U.S. reflects the asset allocation of the plan and the effect of the company's active management of the plan's assets. For non-U.S. plans, assumptions reflect economic assumptions applicable to each country. In October 2014, the Society of Actuaries released final reports of new mortality tables and a mortality improvement scale for measurement of retirement program obligations in the U.S. The Society of Actuaries published other mortality improvement scales in October 2015 and October 2016. The company adopted these tables in measuring the 2015 and 2016 long-term employee benefit obligations, respectively. The effect of these adoptions is amortized into net periodic benefit cost for the years following the adoption. Assumed health care cost trend rates at December 31, 2016 2015 Health care cost trend rate assumed for next year 7 % 7 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5 % 5 % Year that the rate reaches the ultimate trend rate 2023 2023 Assumed health care cost trend rates have a modest effect on the amount reported for the health care plan. A one-percentage point change in assumed health care cost trend rates would have the following effects: 1-Percentage Point Increase 1-Percentage Point Decrease Increase (decrease) on total of service and interest cost $ — $ — Increase (decrease) on post-retirement benefit obligation 11 (11 ) Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is approved by management. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 (ERISA). These principles include discharging the company's investment responsibilities for the exclusive benefit of plan participants and in accordance with the "prudent expert" standard and other ERISA rules and regulations. The company establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. U.S. plan assets and a portion of non-U.S. plan assets are managed by investment professionals employed by the company. The remaining assets are managed by professional investment firms unrelated to the company. The company's pension investment professionals have discretion to manage the assets within established asset allocation ranges approved by management of the company. Additionally, pension trust funds are permitted to enter into certain contractual arrangements generally described as "derivatives". Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner. The weighted-average target allocation for plan assets of the company's U.S. and non-U.S. pension plans is summarized as follows: Target allocation for plan assets at December 31, 2016 2015 U.S. equity securities 27 % 29 % Non-U.S. equity securities 24 22 Fixed income securities 33 32 Hedge funds 2 2 Private market securities 8 9 Real estate 4 3 Cash and cash equivalents 2 3 Total 100 % 100 % Global equity securities include varying market capitalization levels. U.S. equity investments are primarily large-cap companies. Global fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S fixed income securities. Other investments include cash and cash equivalents, hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The tables below presents the fair values of the company's pension assets by level within the fair value hierarchy, as described in Note 1, as of December 31, 2016 and 2015 , respectively. Fair Value Measurements at December 31, 2016 Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,505 $ 1,480 $ 25 $ — U.S. equity securities 1 4,071 4,033 20 18 Non-U.S. equity securities 3,278 3,126 151 1 Debt – government-issued 2,067 864 1,203 — Debt – corporate-issued 2,475 273 2,163 39 Debt – asset-backed 721 39 682 — Hedge funds 1 — 1 — Private market securities 67 — 25 42 Real estate 275 175 2 98 Derivatives – asset position 53 7 46 — Derivatives – liability position (47 ) — (47 ) — Other 4 — 4 — Subtotal $ 14,470 $ 9,997 $ 4,275 $ 198 Investments measured at net asset value Hedge funds 434 Private market securities 1,416 Real estate funds 444 Total investments measured at net asset value $ 2,294 Other items to reconcile to fair value of plan assets Pension trust receivables 2 264 Pension trust payables 3 (372 ) Total $ 16,656 1. The company's pension plans directly held $732 ( 4 percent of total plan assets) of DuPont common stock at December 31, 2016 . 2. Primarily receivables for investment securities sold. 3. Primarily payables for investment securities purchased. Fair Value Measurements at December 31, 2015 Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,962 $ 1,961 $ 1 $ — U.S. equity securities 1 3,873 3,843 10 20 Non-U.S. equity securities 3,597 3,480 115 2 Debt – government-issued 2,028 852 1,176 — Debt – corporate-issued 2,374 291 2,049 34 Debt – asset-backed 831 44 786 1 Hedge funds 1 — 1 — Private market securities 54 — 17 37 Real estate 246 98 4 144 Derivatives – asset position 58 10 48 — Derivatives – liability position (59 ) 1 (60 ) — Subtotal $ 14,965 $ 10,580 $ 4,147 $ 238 Investments measured at net asset value Debt - government issued $ 8 Debt - corporate issued 6 Hedge funds 429 Private market securities 1,553 Real estate funds 457 Total investments measured at net asset value $ 2,453 Other items to reconcile to fair value of plan assets Pension trust receivables 2 783 Pension trust payables 3 (704 ) Total $ 17,497 1. The company's pension plans directly held $664 ( 4 percent of total plan assets) of DuPont common stock at December 31, 2015 . 2. Primarily receivables for investment securities sold. 3. Primarily payables for investment securities purchased. The company's pension plans hold Level 3 assets which are primarily ownership interests in investment partnerships and trusts that own private market securities and real estate. Fair value is generally based on the company's units of ownership and net asset value of the investment entity or the company's share of the investment entity's total equity. The table below presents a rollforward of activity for these assets for the years ended December 31, 2016 and 2015 : Level 3 Assets Total U.S. Equity Securities Non-U.S. Equity Debt- Corporate Issued Debt- Asset- Backed Private Market Securities Real Estate Beginning balance at December 31, 2014 $ 286 $ 29 $ 4 $ 15 $ 1 $ 37 $ 200 Realized (loss) gain (32 ) (14 ) — (18 ) — — — Change in unrealized (loss) gain (11 ) 5 (3 ) 15 — (5 ) (23 ) Purchases, sales and settlements, net (18 ) — — 10 — 5 (33 ) Transfers in (out) of Level 3 13 — 1 12 — — — Ending balance at December 31, 2015 $ 238 $ 20 $ 2 $ 34 $ 1 $ 37 $ 144 Realized (loss) gain (28 ) (3 ) — (25 ) — — — Change in unrealized (loss) gain 19 1 (1 ) 27 — 2 (10 ) Purchases, sales and settlements, net (37 ) — — (3 ) (1 ) 3 (36 ) Transfers in (out) of Level 3 6 — — 6 — — — Ending balance at December 31, 2016 $ 198 $ 18 $ 1 $ 39 $ — $ 42 $ 98 The following table presents additional information about the pension plan assets valued using net asset value as a practical expedient: 2016 2015 Fair Value Unfunded Commitments Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Range Debt - government issued $ — $ — $ 8 $ — Monthly 3 days Debt - corporate issued — — 6 — Monthly 3 days Hedge funds 1 434 — 429 — Monthly, Quarterly Ranges from 3-45 days monthly, 3-90 days quarterly Private market securities 2 1,416 693 1,553 632 Not applicable Not applicable Real estate funds 2 444 244 457 361 Not applicable Not applicable Total $ 2,294 $ 937 $ 2,453 $ 993 1. Less than 5 percent of hedge funds have gates in place at the investor level for year end redemptions. Hedge funds also contain either no lock up or a lock up period of less than 1 year . 2. The remaining life of private market securities and real estate funds is an average of 15 years per investment. Cash Flow Contributions No contributions to its principal U.S. pension plan were made in 2014 or 2015 . The company contributed $230 to the principal U.S. pension plan in 2016 and is expected to contribute about the same amount to this plan in 2017. The company contributed $121 , $184 , and $218 to its pension plans other than the principal U.S. pension plan, its remaining plans with no plan assets and its other post employment benefit plans, respectively, in 2016 . The company contributed $164 , $144 , and $237 to its pension plans other than the principal U.S. pension plan, its remaining plans with no plan assets and its other post employment benefit plans, respectively, in 2015 . In 2017 , the company expects to contribute $95 to its pension plans other than the principal U.S. pension plan, $85 to its remaining plans with no plan assets, and $275 to its other post employment benefit plans. Estimated Future Benefit Payments The following benefit payments, which reflect future service, as appropriate, are expected to be paid: Pension Benefits Other Benefits 2017 $ 1,622 $ 275 2018 1,601 233 2019 1,589 226 2020 1,575 217 2021 1,567 210 Years 2022-2026 7,596 931 Defined Contribution Plan The company provides defined contribution benefits to its employees. The most significant is the Retirement Savings Plan (the Plan), which covers all U.S. full-service employees. This Plan includes a non-leveraged Employee Stock Ownership Plan (ESOP). Employees are not required to participate in the ESOP and those who do are free to diversify out of the ESOP. The purpose of the Plan is to provide retirement savings benefits for employees and to provide employees an opportunity to become stockholders of the company. The Plan is a tax qualified contributory profit sharing plan, with cash or deferred arrangement and any eligible employee of the company may participate. Currently, the company contributes 100 percent of the first 6 percent of the employee's contribution election and also contributes 3 percent of each eligible employee's eligible compensation regardless of the employee's contribution. The company's contributions to the Plan were $187 , $219 and $262 for the years ended December 31, 2016 , 2015 and 2014 , respectively. The company's matching contributions vest immediately upon contribution. The 3 percent nonmatching company contribution vests after employees complete three years of service. In addition, the company made contributions to other defined contribution plans of $33 , $57 and $66 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Included in the company's contributions are amounts related to discontinued operations of $32 and $57 for the years ended December 31, 2015 and 2014 , respectively. The company expects to contribute about the same amount as 2016 to its defined contribution plans in 2017 . |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation Plans [Abstract] | |
Compensation Plans | COMPENSATION PLANS The total stock-based compensation cost included in continuing operations within the Consolidated Income Statements was $119 , $128 and $136 for 2016 , 2015 and 2014 , respectively. The income tax benefits related to stock-based compensation arrangements were $39 , $42 and $45 for 2016 , 2015 and 2014 , respectively. The company's Equity Incentive Plan, as amended and restated effective March 14, 2016, (EIP), provides for equity-based and cash incentive awards to certain employees, directors, and consultants. Under the amended EIP, the maximum number of shares reserved for the grant or settlement of awards is 110 million shares, provided that each share in excess of 30 million that is issued with respect to any award that is not an option or stock appreciation right will be counted against the 110 million share limit as four and one-half shares. At December 31, 2016 , approximately 37 million shares were authorized for future grants under the EIP. The company satisfies stock option exercises and vesting of time-vested restricted stock units (RSUs) and performance-based restricted stock units (PSUs) with newly issued shares of DuPont common stock. The company's Compensation Committee determines the long-term incentive mix, including stock options, RSUs and PSUs and may authorize new grants annually. Stock Options The exercise price of shares subject to option is equal to the market price of the company's stock on the date of grant. All options vest serially over a three-year period. Stock option awards granted between 2009 and 2015 expire seven years after the grant date and options granted in 2016 expire ten years after the grant date. The plan allows retirement-eligible employees to retain any granted awards upon retirement provided the employee has rendered at least six months of service following grant date. For purposes of determining the fair value of stock options awards, the company uses the Black-Scholes option pricing model and the assumptions set forth in the table below. The weighted-average grant-date fair value of options granted in 2016 , 2015 and 2014 was $13.40 , $11.57 and $13.68 , respectively. 2016 2015 2014 Dividend yield 2.6 % 2.5 % 2.9 % Volatility 28.27 % 22.52 % 31.33 % Risk-free interest rate 1.8 % 1.4 % 1.7 % Expected life (years) 7.2 5.3 5.3 The company determines the dividend yield by dividing the current annual dividend on the company's stock by the option exercise price. A historical daily measurement of volatility is determined based on the expected life of the option granted. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by reference to the company's historical experience. Stock option awards as of December 31, 2016 , and changes during the year then ended were as follows: Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2015 18,160 $ 54.89 Granted 1,690 58.79 Exercised (3,638 ) 43.31 Forfeited (281 ) 67.17 Canceled (122 ) 39.71 Outstanding, December 31, 2016 15,809 $ 58.11 3.92 $ 240,030 Exercisable, December 31, 2016 9,519 $ 53.48 3.10 $ 189,624 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the company's closing stock price on the last trading day of 2016 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at year end. This amount changes based on the fair market value of the company's stock. Total intrinsic value of options exercised for 2016 , 2015 and 2014 were $86 , $160 and $219 , respectively. In 2016 , the company realized a tax benefit of $28 from options exercised. As of December 31, 2016 , $19 of total unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 1.52 years. RSUs and PSUs The company issues RSUs that serially vest over a three-year period and, upon vesting, convert one-for-one to DuPont common stock. A retirement-eligible employee retains any granted awards upon retirement provided the employee has rendered at least six months of service following the grant date. Additional RSUs are also granted periodically to key senior management employees. These RSUs generally vest over periods ranging from two to five years. The fair value of all stock-settled RSUs is based upon the market price of the underlying common stock as of the grant date. The company also grants PSUs to senior leadership. In 2016 , there were 365,177 PSUs granted. Vesting for PSUs granted in 2016 is based upon total shareholder return (TSR) relative to peer companies. Vesting for PSUs granted in 2015 is equally based upon change in operating net income relative to target and TSR relative to peer companies. Operating net income is net income attributable to DuPont excluding income from discontinued operations after taxes, significant after tax benefits (charges), and non-operating pension and OPEB costs. Vesting for PSUs granted in 2014 is equally based upon corporate revenue growth relative to peer companies and TSR relative to peer companies. Performance and payouts are determined independently for each metric. The actual award, delivered as DuPont common stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant-date fair value of the PSUs granted in 2016 , subject to the TSR metric, was $56.15 , and estimated using a Monte Carlo simulation. The weighted-average grant-date fair value of the PSUs, subject to the revenue metric, was based upon the market price of the underlying common stock as of the grant date. Non-vested awards of RSUs and PSUs as of December 31, 2016 and 2015 are shown below. The weighted-average grant-date fair value of RSUs and PSUs granted during 2016 , 2015 and 2014 was $59.50 , $71.66 and $64.64 , respectively. Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested, December 31, 2015 3,936 $ 59.54 Granted 1,701 59.50 Vested (1,460 ) 56.89 Forfeited (286 ) 62.06 Nonvested, December 31, 2016 3,891 $ 63.11 As of December 31, 2016 , there was $75 of unrecognized stock-based compensation expense related to nonvested awards. That cost is expected to be recognized over a weighted-average period of 1.80 years. The total fair value of stock units vested during 2016 , 2015 and 2014 was $83 , $64 and $75 , respectively. Other Cash-based Awards Cash awards under the EIP plan may be granted to employees who have contributed most to the company's success, with consideration being given to the ability to succeed to more important managerial responsibility. Such awards resulted in compensation expense of $53 , $31 and $34 for 2016 , 2015 and 2014 , respectively included in income from continuing operations within the Consolidated Financial Statements. The amounts of the awards are dependent on company earnings and are subject to maximum limits as defined under the governing plans. In addition, the company has other variable compensation plans under which cash awards may be granted. These plans include the company's regional and local variable compensation plans and Pioneer's Annual Reward Program. Such awards resulted in compensation expense of $248 , $150 and $137 for 2016 , 2015 and 2014 , respectively, included in income from continuing operations within the Consolidated Financial Statements. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments, Disclosure | FINANCIAL INSTRUMENTS Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, the company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any nonderivatives as hedging instruments. The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company's derivative assets and liabilities are reported on a gross basis in the Consolidated Balance Sheets. The company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. The notional amounts of the company's derivative instruments were as follows: December 31, 2016 2015 Derivatives designated as hedging instruments: Foreign currency contracts $ — $ 10 Commodity contracts 422 356 Derivatives not designated as hedging instruments: Foreign currency contracts 9,896 8,065 Commodity contracts 7 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 forward exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities of its operations. The primary business objective of this hedging program is to maintain an approximately balanced position in foreign currencies so that exchange gains and losses resulting from exchange rate changes, net of related tax effects, are minimized. The company also uses foreign currency exchange contracts to offset a portion of the company's exposure to certain foreign currency-denominated revenues so that gains and losses on these contracts offset changes in the USD value of the related foreign currency-denominated revenues. The objective of the hedge program is to reduce earnings and cash flow volatility related to changes in foreign currency exchange rates. Interest Rate Risk The company uses interest rate swaps to manage the interest rate mix of the total debt portfolio and related overall cost of borrowing. Interest rate swaps involve the exchange of fixed for floating rate interest payments to effectively convert fixed rate debt into floating rate debt based on USD LIBOR. Interest rate swaps allow the company to achieve a target range of floating rate debt. The company had no interest rate swaps outstanding at December 31, 2016 and 2015. 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 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 years ended December 31, 2016 and 2015 : December 31, 2016 2015 Beginning balance $ (24 ) $ (6 ) Additions and revaluations of derivatives designated as cash flow hedges 20 (25 ) Clearance of hedge results to earnings, after-tax 11 7 Ending balance $ 7 $ (24 ) At December 31, 2016 , an after-tax net loss of $10 is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. 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 the 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 Note 1, as of December 31, 2016 and 2015 . Fair Value at December 31 Using Level 2 Inputs Balance Sheet Location 2016 2015 Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts 1 Accounts and notes receivable, net $ 182 $ 74 Total asset derivatives 2 $ 182 $ 74 Cash collateral 1 Other accrued liabilities $ 52 $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other accrued liabilities 121 80 Commodity contracts Other accrued liabilities — 4 121 84 Total liability derivatives 2 $ 121 $ 84 1. Cash collateral held as of December 31, 2016 and 2015 is related to foreign currency derivatives not related to hedging instruments. 2. The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $114 and $35 at December 31, 2016 and 2015 . Effect of Derivative Instruments Amount of Gain (Loss) Recognized in OCL 1 (Effective Portion) Amount of Gain (Loss) Recognized in Income 2 2016 2015 2014 2016 2015 2014 Income Statement Classification Derivatives designated as hedging instruments: Fair value hedges: Interest rate swaps $ — $ — $ — $ — $ (1 ) $ (28 ) Interest expense 3 Cash flow hedges: Foreign currency contracts — (2 ) 27 — 10 11 Net sales Foreign currency contracts — — — — — 4 Income from discontinued operations after income taxes Commodity contracts 32 (35 ) 26 (18 ) (22 ) (30 ) Cost of goods sold 32 (37 ) 53 (18 ) (13 ) (43 ) Derivatives not designated as hedging instruments: Foreign currency contracts — — — (304 ) 434 607 Other income, net 4 Foreign currency contracts — — — (12 ) (3 ) — Net sales Commodity contracts — — — (11 ) (2 ) (21 ) Cost of goods sold — — — (327 ) 429 586 Total derivatives $ 32 $ (37 ) $ 53 $ (345 ) $ 416 $ 543 1. OCI is defined as other comprehensive loss. 2. For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCL into income during the period. For the years ended December 31, 2016 , 2015 and 2014 , there was no material ineffectiveness with regard to the company's cash flow hedges. 3. Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. 4. Gain (loss) recognized in other income, net, was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations, see Note 5 for additional information. Cash, Cash Equivalents and Marketable Securities The company's cash, cash equivalents and marketable securities as of December 31, 2016 and 2015 are comprised of the following: December 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 $ 1,892 $ — $ 1,892 $ 1,938 $ — $ 1,938 Level 1: Money market funds $ — $ — $ — $ 550 $ — $ 550 U.S. Treasury securities 1 — — — — 788 788 Level 2: Certificate of deposit / time deposits 2 $ 2,713 $ 1,362 $ 4,075 $ 2,812 $ 118 $ 2,930 Total cash, cash equivalents and marketable securities $ 4,605 $ 1,362 $ 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 $788 and $75 in the years ended December 31, 2016, and 2015, respectively. 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 December 31, 2016 and 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 December 31, 2016 and 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 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 December 31, 2015 were held by certain foreign subsidiaries in which the USD is not the functional currency. The fluctuations in foreign exchange were recorded in accumulated other comprehensive loss within the Consolidated Statements of Equity. These fluctuations were subsequently reclassified from accumulated other comprehensive loss to earnings in the period in which the marketable securities were sold and the gains and losses on these securities offset a portion of the foreign exchange fluctuations in earnings for the company. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Geographic Areas, Revenues from External Customers [Abstract] | |
Geographic Information | GEOGRAPHIC INFORMATION Net Sales 1 2016 2015 2014 United States $ 9,683 $ 10,021 $ 10,556 Canada $ 730 $ 734 $ 826 EMEA 2 France 535 575 678 Germany 909 959 1,180 Italy 527 546 655 Other 3,768 3,963 4,806 Total EMEA $ 5,739 $ 6,043 $ 7,319 Asia Pacific China 2,200 2,067 2,325 India 704 615 603 Japan 840 843 961 Other 2,057 2,092 2,267 Total Asia Pacific $ 5,801 $ 5,617 $ 6,156 Latin America Brazil 1,392 1,401 2,051 Mexico 583 622 682 Other 666 692 816 Total Latin America $ 2,641 $ 2,715 $ 3,549 Total $ 24,594 $ 25,130 $ 28,406 1. Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. 2. Europe, Middle East, and Africa (EMEA). Net Property 1 2016 2015 2014 United States $ 6,203 $ 6,706 $ 6,570 Canada $ 127 $ 131 $ 138 EMEA 2 Denmark 211 217 242 France 218 217 239 Spain 188 200 251 Luxembourg 210 222 248 Other 740 747 883 Total EMEA $ 1,567 $ 1,603 $ 1,863 Asia Pacific China 339 362 306 Other 536 565 539 Total Asia Pacific $ 875 $ 927 $ 845 Latin America Brazil 314 263 411 Other 145 154 181 Total Latin America $ 459 $ 417 $ 592 Total $ 9,231 $ 9,784 $ 10,008 1. Net property is presented for locations with greater than two percent of the total and includes property, plant and equipment less accumulated depreciation. 2. Europe, Middle East, and Africa (EMEA). |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The company consists of 7 businesses which are aggregated into 6 reportable segments based on similar economic characteristics, the nature of the products and production processes, end-use markets, channels of distribution and regulatory environment. The company's reportable segments are Agriculture, Electronics & Communications, Industrial Biosciences, Nutrition & Health, Performance Materials and Protection Solutions. The company includes certain businesses not included in the reportable segments, such as pre-commercial programs, nonaligned businesses and pharmaceuticals in Other. Pre-commercial programs include approximately $420 for the investment in a cellulosic biofuel facility in Nevada, Iowa which includes all material, engineering, and technical design costs involved in construction of the facility. The facility is expected to commence initial production activities in mid-2017. Major products by segment include: Agriculture (corn hybrids and soybean varieties, herbicides, fungicides and insecticides); Electronics & Communications (printing and packaging materials, photopolymers and electronic materials); Industrial Biosciences (enzymes, bio-based materials and process technologies); Nutrition & Health (probiotics, cultures, emulsifiers, texturants, natural sweeteners and soy-based food ingredients); Performance Materials (engineering polymers, packaging and industrial polymers, films and elastomers); and Protection Solutions (nonwovens, aramids and solid surfaces). The company operates globally in substantially all of its product lines. In general, the accounting policies of the segments are the same as those described in Note 1. Exceptions are noted as follows and are shown in the reconciliations below. Segment net assets includes net working capital, net property, plant and equipment, and other noncurrent operating assets and liabilities of the segment. Depreciation and amortization includes depreciation on research and development facilities and amortization of other intangible assets, excluding write-down of assets. 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 post employment benefit (OPEB) costs, exchange gains (losses), corporate expenses and interest. Non-operating pension and OPEB 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 former 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. Reclassifications of prior year data have been made to conform to current year classifications. Agriculture Electronics & Communications Industrial Biosciences Nutrition & Health Performance Materials Protection Solutions Other Total 2016 Net sales $ 9,516 $ 1,960 $ 1,500 $ 3,268 $ 5,249 $ 2,954 $ 147 $ 24,594 Operating earnings 1,758 358 270 504 1,297 668 (215 ) 4,640 Depreciation and amortization 417 87 100 223 130 146 10 1,113 Equity in earnings (losses) of affiliates, net 7 31 12 — 27 33 (11 ) 99 Segment net assets 6,342 1,186 2,855 5,182 2,711 2,220 321 20,817 Affiliate net assets 222 146 39 4 146 81 11 649 Purchases of property, plant and equipment 345 51 64 111 160 120 28 879 2015 Net sales $ 9,798 $ 2,070 $ 1,478 $ 3,256 $ 5,305 $ 3,039 $ 184 $ 25,130 Operating earnings 1,646 359 243 373 1,216 641 (235 ) 4,243 Depreciation and amortization 453 100 101 236 125 156 6 1,177 Equity in earnings (losses) of affiliates, net 31 24 7 — (8 ) 23 (30 ) 47 Segment net assets 6,751 1,323 3,154 5,457 2,918 2,295 258 22,156 Affiliate net assets 234 139 41 9 171 71 23 688 Purchases of property, plant and equipment 334 45 84 120 159 96 132 970 2014 Net sales $ 11,296 $ 2,381 $ 1,624 $ 3,529 $ 6,059 $ 3,304 $ 213 $ 28,406 Operating earnings 2,352 336 269 369 1,267 672 (233 ) 5,032 Depreciation and amortization 436 97 102 264 139 168 8 1,214 Equity in earnings (losses) of affiliates, net 31 20 8 — (77 ) 28 (47 ) (37 ) Segment net assets 6,696 1,359 3,241 5,942 3,125 2,339 316 23,018 Affiliate net assets 240 137 45 7 238 78 16 761 Purchases of property, plant and equipment 407 52 94 112 134 98 203 1,100 Reconciliation to Consolidated Financial Statements Segment operating earnings to income from continuing operations before income taxes 2016 2015 2014 Total segment operating earnings $ 4,640 $ 4,243 $ 5,032 Significant pre-tax (charges) benefits not included in segment operating earnings (168 ) (38 ) 434 Non-operating pension and OPEB costs (40 ) (374 ) (128 ) Net exchange (losses) gains (106 ) 30 196 Corporate expenses (691 ) (928 ) (844 ) Interest expense (370 ) (342 ) (377 ) Income from continuing operations before income taxes $ 3,265 $ 2,591 $ 4,313 Segment net assets to total assets at December 31, 2016 2015 2014 Total segment net assets $ 20,817 $ 22,156 $ 23,018 Corporate assets 1 11,306 11,163 12,889 Liabilities included in segment net assets 7,841 7,847 8,356 Assets related to discontinued operations 2 — — 6,227 Total assets $ 39,964 $ 41,166 $ 50,490 1. Pension assets are included in corporate assets. 2. See Note 1 for additional information on the presentation of Performance Chemicals which met the criteria for discontinued operations. Other items Segment Totals Adjustments 1 Consolidated Totals 2016 Depreciation and amortization $ 1,113 $ 145 $ 1,258 Equity in earnings of affiliates, net 99 — 99 Affiliate net assets 649 — 649 Purchases of property, plant and equipment 879 140 1,019 2015 Depreciation and amortization $ 1,177 $ 289 $ 1,466 Equity in earnings of affiliates, net 47 2 49 Affiliate net assets 688 — 688 Purchases of property, plant and equipment 970 659 1,629 2014 Depreciation and amortization $ 1,214 $ 403 $ 1,617 Equity in (losses) earnings of affiliates, net (37 ) 1 (36 ) Affiliate net assets 761 1 762 Purchases of property, plant and equipment 1,100 920 2,020 1. Adjustments include amounts related to Corporate in all periods presented, and to the Performance Chemicals business in 2015 and 2014, as it met the criteria for discontinued operations during 2015. See Note 1 for additional information on the presentation of discontinued operations and See Note 3 for depreciation, amortization and purchases of property, plant and equipment related to Performance Chemicals for the years ended December 31, 2015 and 2014. Additional Segment Details 2016 included the following significant pre-tax benefits (charges) which are excluded from segment operating earnings: Agriculture 1,2,3,4 $ (37 ) Electronics & Communications 2,4 4 Industrial Biosciences 2,4,5 (152 ) Nutrition & Health 2,4 9 Performance Materials 2,4 5 Protection Solutions 2,4 14 Other 2 (11 ) $ (168 ) 1. Included $30 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis ® herbicide. Included a benefit of $23 in other operating charges for reduction in the accrual for customer claims related to the use of the Imprelis ® herbicide. 2. The company recorded a $(3) net restructuring charge in employee separation / asset related charges, net for the year ended December 31, 2016, associated with the 2016 global cost savings and restructuring program. See Note 4 for additional information. 3. Includes a $(68) restructuring charge recorded in employee separation / asset related charges, net for the year ended December 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. The company recorded a $8 restructuring benefit recorded in employee separation/asset related charges, net, for adjustments to the previously recognized severance costs related to the 2014 restructuring program. See Note 4 for additional information. 5. The company recorded a $(158) charge in employee separation / asset related charges, net, for the year ended December 31, 2016, related to the write-down of indefinite lived intangible assets. See Note 4 for additional information. 2015 included the following significant pre-tax benefits (charges) which are excluded from segment operating earnings: Agriculture 1,2,5 $ 148 Electronics & Communications 1,5 (78 ) Industrial Biosciences 1,5 (61 ) Nutrition & Health 1,5 (50 ) Performance Materials 1,5 (62 ) Protection Solutions 1,3,5 105 Other 1,4,5 (40 ) $ (38 ) 1. Included a $10 net restructuring benefit recorded in employee separation/asset related charges, net, associated with the 2014 restructuring program. These adjustments were primarily due to the identification of additional projects in certain segments, offset by lower than estimated individual severance costs and workforce reductions achieved through non-severance programs. See Note 4 for additional information. 2. Included $182 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis ® herbicide. Included a benefit of $130 in other operating charges for reduction in the accrual for customer claims related to the use of the Imprelis ® herbicide. 3. Included a gain of $145 , net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. 4. Included 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. 5. Included a $(468) restructuring charge consisting of $(463) recorded in employee separation/asset related charges, net and $(5) recorded in other income, net associated with the 2016 global cost savings and restructuring program. See Note 4 for additional information. 2014 included the following significant pre-tax benefits (charges) which are excluded from segment operating earnings: Agriculture 1,2,3 $ 316 Electronics & Communications 1 (84 ) Industrial Biosciences 1 (20 ) Nutrition & Health 1 (15 ) Performance Materials 1,4 292 Protection Solutions 1 (45 ) Other 1 (10 ) $ 434 1. Included a $(407) restructuring charge associated with the 2014 restructuring program consisting of $(342) recorded in employee separation / asset related charges, net and $(65) recorded in other income, net. See Note 4 for additional information. 2. Included income of $210 for insurance recoveries, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis ® herbicide. 3. Included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. 4. Included a gain of $391 recorded in other income, net associated with the sale of Glass Laminating Solutions / Vinyls. See Note 3 for additional information. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data | 22. QUARTERLY FINANCIAL DATA Unaudited For the quarter ended March 31, June 30, September 30, December 31, 2016 Net sales $ 7,405 $ 7,061 $ 4,917 $ 5,211 Cost of goods sold 4,242 3,990 3,090 3,147 Employee separation / asset related charges, net 2 77 (90 ) 172 393 Income (loss) from continuing operations before income taxes 1,635 3,4,5 1,333 3,4 (56 ) 3 353 3 Net income 1,232 1,024 6 263 Basic earnings per share of common stock from continuing operations 1 1.40 1.17 0.01 0.29 Diluted earnings per share of common stock from continuing operations 1 1.39 1.16 0.01 0.29 2015 Net sales $ 7,837 $ 7,121 $ 4,873 $ 5,299 Cost of goods sold 4,516 4,103 3,084 3,409 Employee separation / asset related charges, net 2 38 2 — 770 Income (loss) from continuing operations before income taxes 1,551 6,7,8 1,234 6,9 227 6,7 (421 ) 7,9,10 Net income 1,035 945 235 (256 ) Basic earnings per share of common stock from continuing operations 1 1.12 1.07 0.14 (0.26 ) Diluted earnings per share of common stock from continuing operations 1 1.11 1.06 0.14 (0.26 ) 1. Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. 2. See Note 4 for additional information. 3. First, second, third and fourth quarter 2016 included charges of $(24) , $(76) , $(122) , and $(164) , respectively, recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. 4. First quarter 2016 included a benefit of $23 , in other operating charges, for reductions in the accrual for customer claims related to the use of the Imprelis ® herbicide. The company recorded insurance recoveries of $30 in the second quarter 2016, in other operating charges, for recovery of costs for customer claims related to the use of the Agriculture's segment Imprelis ® herbicide. 5. First quarter 2016 included a gain of $369 recorded in other income, net associated with the sale of the DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. See Note 3 for additional information. 6. First and third quarter 2015 included charges of $(12) and $(9) , respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. Second quarter 2015 included charges of $(5) recorded in other operating charges and $(20) recorded in interest expense. See Note 3 for additional information. 7. First and third quarter 2015 included net insurance recoveries of $35 and $147 , respectively, recorded in other operating charges in the Agriculture segment, for recovery of costs for customer claims related to the use of the Imprelis ® herbicide. Fourth quarter 2015 included a benefit of $130 in other operating charges for reduction in accrual for customer claims related to the use of the Agriculture segment’s Imprelis ® herbicide. 8. First quarter 2015 included a $(40) pre-tax charge within other income, net associated with the re-measurement of the Ukraine hyrvnia net monetary assets. 9. Second and fourth quarter 2015 included gains of $112 and $33 , respectively, net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. This matter relates to the Protection Solutions segment. 10. Fourth quarter 2015 included charges of $(10) recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 23. SUBSEQUENT EVENTS On January 31, 2017, the company entered into a committed receivable repurchase facility of up to $1,300 (the 2017 repurchase facility) that expires on November 30, 2017. Under the 2017 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 agree to repurchase at a future date. The 2017 repurchase facility is considered a secured borrowing with the customer notes receivables, inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the repurchase facility will have an interest rate of LIBOR + 0.75 percent . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II—Valuation and Qualifying Accounts (Dollars in millions) Year Ended December 31, 2016 2015 2014 Accounts Receivable—Allowance for Doubtful Receivables Balance at beginning of period $ 225 $ 235 $ 262 Additions charged to expenses 119 58 58 Deductions from reserves 1 (57 ) (68 ) (85 ) Balance at end of period $ 287 $ 225 $ 235 Inventory—Obsolescence Reserve Balance at beginning of period $ 237 $ 180 $ 212 Additions charged to expenses 298 391 386 Deductions from reserves 2 (320 ) (334 ) (418 ) Balance at end of period $ 215 $ 237 $ 180 Deferred Tax Assets—Valuation Allowance Balance at beginning of period $ 1,529 $ 1,704 $ 1,711 Net benefits to income tax expense (184 ) (71 ) (47 ) (Deductions) additions to other comprehensive (loss) income (37 ) (104 ) 40 Balance at end of period $ 1,308 $ 1,529 $ 1,704 1. Deductions include write-offs, recoveries and currency translation adjustments. 2. Deductions include disposals and currency translation adjustments. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Preparation of Financial Statements | Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Basis of Consolidation | Basis of Consolidation The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has significant influence but not a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities (VIEs). The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2016 and 2015 , the maximum exposure to loss related to the unconsolidated VIEs is not considered material to the Consolidated Financial Statements. |
Basis of Presentation | Basis of Presentation Certain reclassifications of prior year's data have been made to conform to current year's presentation, including recasting the segment financial information as a result of the change in reportable segments which impacted the Industrial Biosciences segment, the DuPont Protection Solutions segment and Other. Refer to Note 21 for further information. As noted below under “Recent Accounting Pronouncements”, effective January 1, 2016, the company adopted Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740), Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position on a retrospective basis. In conjunction with the adoption of ASU No. 2015-17, the company also retrospectively reclassified deferred charges previously recorded in the current deferred income taxes line item to prepaid expenses on the Consolidated Balance Sheets. 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 assets and liabilities related to the Performance Chemicals segment are presented as assets of discontinued operations and liabilities of discontinued operations in the Consolidated Balance Sheets for all periods presented. The cash flows and comprehensive income related to the Performance Chemicals segment have not been segregated and are included in the Consolidated Statements of Cash Flows and Comprehensive Income, respectively, for all periods presented. Amounts related to the Performance Chemicals segment are consistently included or excluded from the Notes to the Consolidated Financial Statements based on the respective financial statement line item. See Note 3 for additional information. |
Revenue Recognition | Revenue Recognition The company recognizes revenue when the earnings process is complete. The company's revenues are from the sale of a wide range of products to a diversified base of customers around the world. Revenue for product sales is recognized upon delivery, when title and risk of loss have been transferred, collectability is reasonably assured and pricing is fixed or determinable. A majority of product sales are sold FOB (free on board) shipping point or, with respect to non United States of America (U.S.) customers, an equivalent basis. Accruals are made for sales returns and other allowances based on the company's experience. The company accounts for cash sales incentives as a reduction in sales and noncash sales incentives as a charge to cost of goods sold or selling expense, depending on the nature of the incentive. Amounts billed to customers for shipping and handling fees are included in net sales and costs incurred by the company for the delivery of goods are classified as cost of goods sold in the Consolidated Income Statements. Taxes on revenue-producing transactions are excluded from net sales. The company periodically enters into prepayment contracts with customers in the Agriculture segment and receives advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue (classified as other accrued liabilities) or debt, depending on the nature of the program. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer. Licensing and royalty income is recognized in accordance with agreed upon terms, when performance obligations are satisfied, the amount is fixed or determinable and collectability is reasonably assured. |
Costs of Goods Sold | Cost of Goods Sold Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead. |
Other Operating Charges | Other Operating Charges Other operating charges includes product claim charges and recoveries, non-capitalizable costs associated with capital projects and other operational expenses. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products and regulatory approval of new and existing products. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. |
Marketable Securities | Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss). |
Fair Value Measurements | Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. |
Inventories | Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2016 and 2015, approximately 55 , 30 and 15 percent of the company’s inventories were accounted for under the first-in, first-out (FIFO), average cost and last-in, first-out (LIFO) methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds, certain food-ingredients and enzymes. The company establishes allowances for obsolescence of inventory based upon quality considerations and assumptions about future demand and market conditions. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment is carried at cost and is depreciated using the straight-line method. Substantially all equipment and buildings are depreciated over useful lives ranging from 15 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 5 to 7 years. When assets are surrendered, retired, sold or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. Maintenance and repairs are charged to operations; replacements and improvements are capitalized. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill and indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company's fair value methodology is primarily based on discounted cash flow techniques. Definite-lived intangible assets, such as purchased and licensed technology, patents and customer lists are amortized over their estimated useful lives, generally for periods ranging from 1 to 20 years or amortized based on units of production. The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of other than by sale are classified as held for use until their disposal. Long-lived assets to be disposed of by sale are classified as held for sale and are reported at the lower of carrying amount or fair market value less cost to sell. Depreciation is discontinued for long-lived assets classified as held for sale. |
Royalty Expense | Royalty Expense The company’s Agriculture segment currently has certain third party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions. These payments are reflected as prepaid expenses and other assets and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the life of the license. The company evaluates the carrying value of the prepaid royalties when events or changes in circumstances indicate the carrying value may not be recoverable. |
Environmental | Environmental Accruals for environmental matters are recorded in operating expenses when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Accrued liabilities do not include claims against third parties and are not discounted. Costs related to environmental remediation and restoration are charged to expense. Other environmental costs are also charged to expense unless they increase the value of the property or reduce or prevent contamination from future operations, in which case, they are capitalized. |
Litigation | Litigation The company accrues for liabilities related to litigation matters when the information available indicates that it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs such as outside counsel fees and expenses are charged to expense in the period incurred. |
Insurance/Self-Insurance | Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. |
Income Taxes | Income Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of the company's assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of subsidiaries and affiliates, except for subsidiaries in which earnings are deemed to be indefinitely reinvested. Investment tax credits or grants are accounted for in the period earned (the flow-through method). Interest accrued related to unrecognized tax benefits is included in miscellaneous income and expenses, net, within other income, net. Income tax related penalties are included in the provision for income taxes. |
Foreign Currency Translation | Foreign Currency Translation The company's worldwide operations utilize the U.S. dollar (USD) or local currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive income (loss) in equity. Assets and liabilities denominated in other than the local currency are re-measured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. As a result of the separation of its Performance Chemicals segment, coupled with the company’s redesign initiative, the functional currency at certain of the company’s foreign entities was re-evaluated which, in some cases, resulted in a change in the foreign entities' functional currency during 2015. Venezuelan Foreign Currency Venezuela is considered a highly inflationary economy under GAAP and the USD is the functional currency for the company's subsidiaries in Venezuela. The official exchange rate continues to be set through the National Center for Foreign Commerce (CENCOEX, previously CADIVI). Based on its evaluation of the restrictions and limitations affecting the availability of specific exchange rate mechanisms, management concluded in the second quarter of 2014 that the Alternative Currency Exchange System (SICAD 2) auction process would be the most likely mechanism available. As a result, in the second quarter of 2014, the company changed from the official exchange rate to the SICAD 2 exchange rate, which resulted in a pre-tax charge of $58 . The charge is recorded within other income, net in the company's Consolidated Income Statements for the year ended December 31, 2014. During the first quarter of 2015, the Venezuelan government enacted additional changes to the country's foreign exchange systems including the introduction of the Foreign Exchange Marginal System (SIMADI) auction process. Management has concluded that the SIMADI auction process would be the most likely exchange mechanism available. As a result, effective in the first quarter of 2015, the company changed from the SICAD 2 to the SIMADI exchange rate, to re-measure its Bolivar Fuertes (VEF) denominated net monetary assets which resulted in a pre-tax charge of $3 . The charge is recorded within other income, net in the company's Consolidated Income Statements for the year ended December 31, 2015. The remaining net monetary assets and non-monetary assets are immaterial at December 31, 2016 and 2015, respectively. |
Hedging and Trading Activities | Hedging and Trading Activities Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. For derivative instruments designated as fair value hedges, changes in the fair values of the derivative instruments will generally be offset in the income statement by changes in the fair value of the hedged items. For derivative instruments designated as cash flow hedges, the effective portion of any hedge is reported in accumulated other comprehensive income (loss) until it is cleared to earnings during the same period in which the hedged item affects earnings. The ineffective portion of all hedges is recognized in current period earnings. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, gains or losses realized at termination are deferred and included in the measurement of the hedged transaction. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. Cash flows from derivative instruments accounted for as either fair value hedges or cash flow hedges are reported in the same category as the cash flows from the items being hedged. Cash flows from all other derivative instruments are generally reported as investing activities in the Consolidated Statements of Cash Flows. See Note 19 for additional discussion regarding the company's objectives and strategies for derivative instruments. |
New Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Implemented in 2016 In November 2015, the Financial Accounting Standards Board (FASB) issued 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 only impacts disclosure and did not impact the company's Consolidated Financial Statements. New Accounting Pronouncements to be Implemented In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. The new guidance requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset is sold to an outside party. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period (as of the first interim period if an entity issues interim financial statements). The new guidance requires adoption on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The company is currently evaluating the impact this guidance will have on the Consolidated Financial Statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The new guidance makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim 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 new guidance requires adoption on a retrospective basis unless it is impracticable to apply, in which case the company would be required to apply the amendments prospectively as of the earliest date practicable. The company is currently evaluating the impact this guidance will have on the Consolidated Financial Statements and related disclosures. 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 income tax consequences, forfeitures 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. The company will adopt this standard on January 1, 2017. The primary effects of adoption for the company relate to changes in classification within the Consolidated Statements of Cash Flows and recognition of tax effects related to share-based payments. The new guidance requires all tax related cash flows resulting from share-based payments to be reported as cash provided by operating activities in the Consolidated Statements of Cash Flows. This is a change from the current requirement to present excess tax benefits as cash inflows from financing activities and tax deficiencies as cash outflows from operating activities. As permitted by the standard, the company has elected to adopt this reclassification on a retrospective basis. The updated guidance also requires all tax effects related to share-based payments to be recognized within the provision for income taxes in the Consolidated Income Statements. Previously excess tax benefits and tax deficiencies were recognized in additional paid-in capital in the Consolidated Balance Sheets. The standard does not permit retrospective adoption of this update. As such, the company will adopt this update on a prospective basis. The remaining updates required by this standard are not expected to have a material impact to the company’s Consolidated Financial Statements. 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. 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. The company is the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases as discussed in Note 15. In May 2014, the FASB and the International Accounting Standards Board (IASB) jointly issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which was further updated in March, April, May, and December 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. The new standard also will result in additional disclosure requirements to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. 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 standard permits the use of either the retrospective or modified retrospective (cumulative-effect) transition method of adoption. The company continues to evaluate the impact of the new standard on its Consolidated Financial Statements and disclosures. Based on the analysis conducted to date, the company does not believe the impact upon adoption will be material to its Consolidated Financial Statements. The company plans to adopt the standard in the first quarter of 2018 under the modified retrospective transition method. |
Divestitures and Other Transa34
Divestitures and Other Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Performance Chemicals [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of results of operations from discontinued operations | For the year ended December 31, 2016 2015 2014 Net sales $ — $ 2,810 $ 6,317 Cost of goods sold — 2,215 4,680 Other operating charges 36 386 422 Selling, general and administrative expenses — (87 ) 453 Research and development expense — 40 109 Other income, net (3 ) (27 ) (46 ) Interest expense — 32 — Employee separation / asset related charges, net — 59 21 (Loss) income from discontinued operations before income taxes (33 ) 192 678 (Benefit from) provision for income taxes (28 ) 106 202 (Loss) income from discontinued operations after income taxes $ (5 ) $ 86 $ 476 |
Schedule of cash flow information of discontinued operations | For the year ended December 31, 2015 2014 Depreciation $ 126 $ 248 Amortization of intangible assets 2 3 Purchases of property, plant and equipment 235 525 |
Performance Coatings [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of results of operations from discontinued operations | For the year ended December 31, 2016 2015 2014 Net sales $ — $ — $ — Income (loss) from discontinued operations before income taxes 1,2 $ 6 $ (23 ) $ — Benefit from income taxes 3 (3 ) (1 ) (15 ) Income (loss) from discontinued operations after income taxes $ 9 $ (22 ) $ 15 1. The year ended December 31, 2016 includes a pre-tax benefit of $6 primarily related to a postretirement settlement gain. 2. The year ended December 31, 2015 includes a pre-tax net charge of $(23) related to a postretirement settlement charge and other employee related settlement adjustments. 3. The year ended December 31, 2014 includes a tax benefit of $ (15) related to a change in estimate of income taxes resulting from the filing of various tax returns impacted by the sale of Performance Coatings. |
Employee Separation _ Asset R35
Employee Separation / Asset Related Charges, Net (Tables) | 12 Months Ended |
Dec. 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 (393 ) — (26 ) (419 ) Net translation adjustment (1 ) — — (1 ) Other adjustments (154 ) 53 16 (85 ) Asset write-offs — (53 ) — (53 ) Balance at December 31, 2016 $ 100 $ — $ 22 $ 122 1. Other non-personnel charges consist of contractual obligation costs. |
2014 Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Adjustment by Segment [Table Text Block] | For the year ended December 31, 2016 2015 2014 Agriculture $ (1 ) $ 3 $ 134 Electronics & Communications (2 ) (15 ) 84 Industrial Biosciences (1 ) 1 20 Nutrition & Health (2 ) 3 15 Performance Materials (1 ) 1 99 Protection Solutions (1 ) (4 ) 45 Other — 1 10 Corporate Expenses (13 ) (11 ) 134 $ (21 ) $ (21 ) $ 541 |
Other Segment [Member] | 2016 Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring Adjustment by Segment [Table Text Block] | For the year ended December 31, 2016 2015 Agriculture $ 23 $ 161 Electronics & Communications (2 ) 93 Industrial Biosciences (5 ) 60 Nutrition & Health (7 ) 47 Performance Materials (4 ) 61 Protection Solutions (13 ) 44 Other 11 2 Corporate Expenses (88 ) 330 $ (85 ) $ 798 |
Other Income, Net (Tables)
Other Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income | 2016 2015 2014 Royalty income $ 170 $ 138 $ 156 Interest income 107 129 129 Equity in earnings (loss) of affiliates, net 99 49 (36 ) Net gains on sales of businesses and other assets 1 435 92 710 Net exchange (losses) gains (106 ) 30 196 Miscellaneous income and expenses, net 2 3 259 122 Other income, net $ 708 $ 697 $ 1,277 1. Includes a pre-tax gain of $369 ( $214 net of tax) for the year ended December 31, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 3 for additional information. 2. Miscellaneous income and expenses, net, includes interest items, gains related to litigation settlements, gains/losses on available-for-sale securities and other items. |
Foreign Currency Exchange Gain (Loss) [Line Items] | |
Schedule of Foreign Currency Exchange Gain (Loss) | 2016 2015 2014 Subsidiary/Affiliate Monetary Position Gain (Loss) Pretax exchange gain (loss) $ 198 $ (404 ) $ (411 ) Local tax expenses (126 ) (61 ) (207 ) Net after-tax impact from subsidiary exchange gain (loss) $ 72 $ (465 ) $ (618 ) Hedging Program Gain (Loss) Pretax exchange (loss) gain $ (304 ) $ 434 $ 607 Tax benefits (expenses) 110 (157 ) (212 ) Net after-tax impact from hedging program exchange (loss) gain $ (194 ) $ 277 $ 395 Total Exchange Gain (Loss) Pretax exchange (loss) gain $ (106 ) $ 30 $ 196 Tax expenses (16 ) (218 ) (419 ) Net after-tax exchange loss $ (122 ) $ (188 ) $ (223 ) |
Provision for Income Taxes Prov
Provision for Income Taxes Provision for Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Current and Deferred Income Tax Expense | 2016 2015 2014 Current tax expense on continuing operations: U.S. federal $ 40 $ 218 $ 656 U.S. state and local 11 7 38 International 592 466 449 Total current tax expense on continuing operations 643 691 1,143 Deferred tax expense on continuing operations: U.S. federal 27 139 91 U.S. state and local (29 ) 4 (42 ) International 103 (138 ) (24 ) Total deferred tax expense on continuing operations 101 5 25 Provision for income taxes on continuing operations $ 744 $ 696 $ 1,168 |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | 2016 2015 Asset Liability Asset Liability Depreciation $ — $ 742 $ — $ 953 Accrued employee benefits 4,529 410 4,812 374 Other accrued expenses 617 222 624 61 Inventories 163 144 89 99 Unrealized exchange gains/losses — 346 — 224 Tax loss/tax credit carryforwards/backs 1,808 — 2,124 — Investment in subsidiaries and affiliates 126 230 133 154 Amortization of intangibles 210 1,345 187 1,331 Other 257 86 215 77 Valuation allowance (1,308 ) — (1,529 ) — $ 6,402 $ 3,525 $ 6,655 $ 3,273 Net deferred tax asset $ 2,877 $ 3,382 |
Analysis of Company's Effective Income Tax Rate | 2016 2015 2014 Statutory U.S. federal income tax rate 35.0 % 35.0 % 35.0 % Exchange gains/losses 1 1.6 8.0 8.1 Domestic operations (3.7 ) (2.8 ) (2.8 ) Lower effective tax rates on international operations-net (9.3 ) (11.1 ) (11.4 ) Tax settlements (0.1 ) (0.7 ) (0.6 ) Sale of a business (0.1 ) (0.2 ) (0.4 ) U.S. research & development credit (0.6 ) (1.3 ) (0.8 ) 22.8 % 26.9 % 27.1 % 1. Principally reflects the impact of foreign exchange losses on net monetary assets for which no corresponding tax benefit is realized. Further information about the company's foreign currency hedging program is included in Note 5 and Note 19 under the heading Foreign Currency Risk. |
Consolidated Income Before Income Taxes for U.S. and International Operations | 2016 2015 2014 U.S. (including exports) $ 1,457 $ 1,397 $ 2,537 International 1,808 1,194 1,776 Income from continuing operations before income taxes $ 3,265 $ 2,591 $ 4,313 |
Reconciliation of the Beginning and Ending Amounts of Unrecognized Tax Benefits | 2016 2015 2014 Total unrecognized tax benefits as of January 1 $ 846 $ 986 $ 901 Gross amounts of decreases in unrecognized tax benefits as a result of tax positions taken during the prior period (41 ) (98 ) (50 ) Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the prior period 32 13 84 Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period 55 69 92 Amount of decreases in the unrecognized tax benefits relating to settlements with taxing authorities (314 ) (58 ) (15 ) Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (30 ) (30 ) (3 ) Exchange loss (gain) 2 (36 ) (23 ) Total unrecognized tax benefits as of December 31 $ 550 $ 846 $ 986 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 429 $ 651 $ 818 Total amount of interest and penalties recognized in the Consolidated Income Statements $ 20 $ (8 ) $ 5 Total amount of interest and penalties recognized in the Consolidated Balance Sheets $ 98 $ 105 $ 117 |
Earnings Per Share of Common 38
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock Reconciliation | 2016 2015 2014 Numerator: Income from continuing operations after income taxes attributable to DuPont $ 2,509 $ 1,889 $ 3,135 Preferred dividends (10 ) (10 ) (10 ) Income from continuing operations after income taxes available to DuPont common stockholders $ 2,499 $ 1,879 $ 3,125 Income from discontinued operations after income taxes $ 4 $ 64 $ 490 Net income available to common stockholders $ 2,503 $ 1,943 $ 3,615 Denominator: Weighted-average number of common shares outstanding – Basic 872,560,000 893,992,000 914,752,000 Dilutive effect of the company's equity compensation plans 4,476,000 5,535,000 7,121,000 Weighted-average number of common shares outstanding – Diluted 877,036,000 899,527,000 921,873,000 |
Average Number of Anitdilutive Stock Options | 2016 2015 2014 Average number of stock options 4,794,000 4,715,000 3,000 |
Accounts and Notes Receivable39
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Schedule of Accounts and Notes Receivable | December 31, 2016 2015 Accounts receivable – trade 1 $ 3,610 $ 3,435 Notes receivable – trade 1,2 206 301 Other 3 1,155 907 $ 4,971 $ 4,643 1. Accounts and notes receivable – trade are net of allowances of $287 at 2016 and $225 at 2015 . Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Notes receivable – trade primarily consists of receivables within the Agriculture segment for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2016 and 2015 , there were no significant past due notes receivable, nor were there any significant impairments related to current loan agreements. 3. Other includes receivables in relation to fair value of derivative instruments, indemnification assets, value added tax, general sales tax and other taxes. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory, Net [Abstract] | |
Schedule of Inventories | December 31, 2016 2015 Finished products $ 3,113 $ 3,779 Semi-finished products 2,009 1,780 Raw materials, stores and supplies 719 783 5,841 6,342 Adjustment of inventories to a LIFO basis (168 ) (202 ) $ 5,673 $ 6,140 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | December 31, 2016 2015 Buildings $ 4,495 $ 4,468 Equipment 17,534 17,410 Land 514 506 Construction 1 1,424 1,746 $ 23,967 $ 24,130 |
Goodwill and Other Intangible42
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | Balance as of December 31, 2016 Goodwill Adjustments and Acquisitions Balance as of December 31, 2015 Goodwill Adjustments and Acquisitions Balance as of December 31, 2014 Agriculture $ 343 $ 7 $ 336 $ 18 $ 318 Electronics & Communications 149 — 149 — 149 Industrial Biosciences 1,175 (34 ) 1,209 (9 ) 1,218 Nutrition & Health 2,053 (39 ) 2,092 (101 ) 2,193 Performance Materials 381 (2 ) 383 8 375 Protection Solutions 34 — 34 — 34 Other 45 — 45 — 45 Total $ 4,180 $ (68 ) $ 4,248 $ (84 ) $ 4,332 |
Schedule of Other Intangible Assets | December 31, 2016 December 31, 2015 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived) Customer lists $ 1,574 $ (586 ) $ 988 $ 1,621 $ (529 ) $ 1,092 Patents 446 (259 ) 187 454 (220 ) 234 Purchased and licensed technology 964 (579 ) 385 1,173 (649 ) 524 Trademarks/tradenames 1 53 (15 ) 38 26 (13 ) 13 Other 2 171 (82 ) 89 180 (72 ) 108 3,208 (1,521 ) 1,687 3,454 (1,483 ) 1,971 Intangible assets not subject to amortization (Indefinite-lived) In-process research and development 73 — 73 72 — 72 Microbial cell factories 3 306 — 306 306 — 306 Pioneer germplasm 4 1,053 — 1,053 1,048 — 1,048 Trademarks/tradenames 1 545 — 545 747 — 747 1,977 — 1,977 2,173 — 2,173 Total $ 5,185 $ (1,521 ) $ 3,664 $ 5,627 $ (1,483 ) $ 4,144 1. The decrease in indefinite-lived intangible trademarks / trade names is the result of a $158 impairment charge recorded during the year ended December 31, 2016 associated with certain acquired trade names. The remaining net book value of the trade names are reflected in definite-lived trademarks / trade names at December 31, 2016. See Note 4 for additional information. 2. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. 3. Microbial cell factories, derived from natural microbes, are used to sustainably produce enzymes, peptides and chemicals using natural metabolic processes. The company recognized the microbial cell factories as an intangible asset upon the acquisition of Danisco. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. 4. Pioneer germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. |
Short-Term and Long-Term Borr43
Short-Term and Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Debt | December 31, 2016 2015 Commercial paper $ 386 $ — Other loans - various currencies 39 49 Long-term debt payable within one year 4 1,115 Capital lease obligations — 1 $ 429 $ 1,165 |
Debt Disclosure | SHORT-TERM AND LONG-TERM BORROWINGS The following table summarizes the company's short-term borrowings and capital lease obligations: December 31, 2016 2015 Commercial paper $ 386 $ — Other loans - various currencies 39 49 Long-term debt payable within one year 4 1,115 Capital lease obligations — 1 $ 429 $ 1,165 The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy, as described in Note 1. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings was $430 and $1,190 at December 31, 2016 and 2015 , respectively. Unused bank credit lines were approximately $7,900 and $4,900 at December 31, 2016 and 2015 , respectively. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit and have a remaining life of up to two years. Outstanding letters of credit were $188 and $203 at December 31, 2016 and 2015 , respectively. These letters of credit support commitments made in the ordinary course of business. The weighted-average interest rate on short-term borrowings outstanding at December 31, 2016 and 2015 was 2.2 percent and 4.1 percent , respectively. The decrease in the interest rate for 2016 was primarily due to lower long-term debt maturities within one year. The following table summarizes the company's long-term borrowings and capital lease obligations: December 31, 2016 2015 U.S. dollar: Medium-term notes due 2038 – 2041 1 $ 111 $ 111 1.95% notes due 2016 2 — 348 2.75% notes due 2016 2 — 223 5.25% notes due 2016 2 — 541 6.00% notes due 2018 3 1,290 1,314 5.75% notes due 2019 500 499 4.625% notes due 2020 999 998 3.625% notes due 2021 999 999 4.25% notes due 2021 499 499 2.80% notes due 2023 1,250 1,250 6.50% debentures due 2028 299 299 5.60% notes due 2036 396 396 4.90% notes due 2041 494 494 4.15% notes due 2043 749 749 Term loan due 2019 500 — Other loans 2,4 22 25 Other loans- various currencies 2 29 32 8,137 8,777 Less short-term portion of long-term debt 4 1,115 8,133 7,662 Less debt issuance costs 35 32 8,098 7,630 Capital lease obligations 9 12 Total $ 8,107 $ 7,642 1. Average interest rates on medium-term notes were 0.6 percent and 0.1 percent at December 31, 2016 and 2015 , respectively. 2. Includes long-term debt due within one year. 3. During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85 percent . 4. Average interest rates on other loans were 4.3 percent at December 31, 2016 and 2015 . In connection with the spin-off of Chemours, as discussed in Note 3, the company received a dividend from Chemours in May 2015 of $3,923 comprised of a cash distribution of $3,416 and a distribution in-kind of $507 of 7 percent senior unsecured notes due 2025 (Chemours Notes Received). In 2015, DuPont exchanged the Chemours Notes Received for $488 of company debt due in 2016 as follows: $152 of 1.95 percent notes, $277 of 2.75 percent notes, and $59 of 5.25 percent notes. The company paid a premium of $20 , recorded in interest expense in the company's Consolidated Income Statements in 2015, in connection with the early retirement of the $488 of 2016 notes. This debt for debt exchange was considered an extinguishment. Maturities of long-term borrowings are $1,323 , $1,004 , $1,003 and $1,503 for the years 2018 , 2019 , 2020 and 2021 , respectively, and $3,300 thereafter. The estimated fair value of the company's long-term borrowings, was determined using Level 2 inputs within the fair value hierarchy, as described in Note 1. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's long-term borrowings was $8,460 and $7,860 at December 31, 2016 and 2015 , respectively. 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 percent to 1.25 percent (LIBOR Loan Rate) depending on DuPont's long term credit rating. As of December 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 percent plus a margin from 0.00 percent to 0.25 percent depending on DuPont's long term credit rating (Margin) or c) the prime rate plus Margin. December 31, 2016 2015 U.S. dollar: Medium-term notes due 2038 – 2041 1 $ 111 $ 111 1.95% notes due 2016 2 — 348 2.75% notes due 2016 2 — 223 5.25% notes due 2016 2 — 541 6.00% notes due 2018 3 1,290 1,314 5.75% notes due 2019 500 499 4.625% notes due 2020 999 998 3.625% notes due 2021 999 999 4.25% notes due 2021 499 499 2.80% notes due 2023 1,250 1,250 6.50% debentures due 2028 299 299 5.60% notes due 2036 396 396 4.90% notes due 2041 494 494 4.15% notes due 2043 749 749 Term loan due 2019 500 — Other loans 2,4 22 25 Other loans- various currencies 2 29 32 8,137 8,777 Less short-term portion of long-term debt 4 1,115 8,133 7,662 Less debt issuance costs 35 32 8,098 7,630 Capital lease obligations 9 12 Total $ 8,107 $ 7,642 1. Average interest rates on medium-term notes were 0.6 percent and 0.1 percent at December 31, 2016 and 2015 , respectively. 2. Includes long-term debt due within one year. 3. During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85 percent . 4. Average interest rates on other loans were 4.3 percent at December 31, 2016 and 2015 . |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Other Accrued Liabilities | December 31, 2016 2015 Deferred revenue $ 2,223 $ 2,519 Compensation and other employee-related costs 813 699 Employee benefits (Note 17) 353 364 Discounts and rebates 299 284 Derivative instruments (Note 19) 173 91 Accrual for restructuring programs (Note 4) 131 758 Miscellaneous 670 865 $ 4,662 $ 5,580 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities [Abstract] | |
Other Liabilities | December 31, 2016 2015 Employee benefits: Accrued pension benefit costs (Note 17) $ 8,100 $ 8,478 Accrued other post employment benefit costs (Note 17) 2,554 2,524 Accrued environmental remediation costs 337 367 Miscellaneous 1,342 1,222 $ 12,333 $ 12,591 |
Commitments and Contingent Li46
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Loss Contingencies [Line Items] | |
Schedule of Guaranteed Obligations | Short-Term Long-Term Total Obligations for customers and suppliers 1 : Bank borrowings (terms up to 5 years) $ 149 $ 18 $ 167 Obligations for equity affiliates 2 : Bank borrowings (terms up to 1 year) 161 — 161 Obligations for Chemours 3 : Chemours' purchase obligations (final expiration - 2018) 15 11 26 Total $ 325 $ 29 $ 354 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. |
PFOA Matters: Multi-District Litigation [Member] | |
Loss Contingencies [Line Items] | |
Schedule of Pending MDL lawsuits | Alleged Injury Number of Claims Kidney cancer 210 Testicular cancer 70 Ulcerative colitis 300 Preeclampsia 200 Thyroid disease 1,430 High cholesterol 1,340 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Reconciliation of Common Stock Share Activity | Shares of common stock Issued Held In Treasury Balance January 1, 2014 1,014,027,000 (87,041,000 ) Issued 8,103,000 — Repurchased — (30,110,000 ) Retired (30,110,000 ) 30,110,000 Balance December 31, 2014 992,020,000 (87,041,000 ) Issued 5,932,000 — Repurchased — (39,564,000 ) Retired (39,564,000 ) 39,564,000 Balance December 31, 2015 958,388,000 (87,041,000 ) Issued 4,808,000 — Repurchased — (13,152,000 ) Retired (13,152,000 ) 13,152,000 Balance December 31, 2016 950,044,000 (87,041,000 ) |
Schedule of Accumulated Other Comprehensive Loss | Cumulative Translation Adjustment 1 Net Gains (Losses) on Cash Flow Hedging Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Securities Total 2014 Balance January 1, 2014 $ (43 ) $ (48 ) $ (5,695 ) $ 494 $ 2 $ (5,290 ) Other comprehensive (loss) income before reclassifications (876 ) 33 (2,601 ) (131 ) — (3,575 ) Amounts reclassified from accumulated other comprehensive loss — 9 401 (101 ) — 309 Net other comprehensive (loss) income $ (876 ) $ 42 $ (2,200 ) $ (232 ) $ — $ (3,266 ) Balance December 31, 2014 $ (919 ) $ (6 ) $ (7,895 ) $ 262 $ 2 $ (8,556 ) 2015 Other comprehensive (loss) income before reclassifications (1,605 ) (25 ) 39 3 (17 ) (1,605 ) Amounts reclassified from accumulated other comprehensive loss — 7 535 (243 ) (2 ) 297 Net other comprehensive (loss) income $ (1,605 ) $ (18 ) $ 574 $ (240 ) $ (19 ) $ (1,308 ) Spin-off of Chemours 191 — 278 — (1 ) 468 Balance December 31, 2015 $ (2,333 ) $ (24 ) $ (7,043 ) $ 22 $ (18 ) $ (9,396 ) 2016 Other comprehensive (loss) income before reclassifications (510 ) 20 (271 ) (81 ) (8 ) (850 ) Amounts reclassified from accumulated other comprehensive loss — 11 594 (298 ) 28 335 Net other comprehensive (loss) income $ (510 ) $ 31 $ 323 $ (379 ) $ 20 $ (515 ) Balance December 31, 2016 $ (2,843 ) $ 7 $ (6,720 ) $ (357 ) $ 2 $ (9,911 ) 1. The currency translation loss for the year ended December 31, 2016 is primarily driven by the strengthening of the U.S. dollar (USD) against the European Euro (EUR) partially offset by the weakening of the USD against the Brazilian real (BRL). The currency translation loss for the years ended December 31, 2015 and 2014 is driven by the strengthening USD against primarily the EUR and BRL. For the year ended December 31, 2015, the increase over prior year is also due to changes in certain foreign entity's functional currency as described in Note 1. |
Provision for taxes related to other comprehensive income [Table Text Block] | For the year ended December 31, 2016 2015 2014 Net gains (losses) on cash flow hedging derivative instruments $ (19 ) $ 7 $ (26 ) Pension benefit plans, net (163 ) (317 ) 1,274 Other benefit plans, net 194 135 155 Benefit from (provision for) income taxes related to other comprehensive (loss) income items $ 12 $ (175 ) $ 1,403 |
Schedule of Components of Other Comprehensive Income / (Loss) | 2016 2015 2014 Consolidated Statements of Income Classification Net gains (losses) on cash flow hedging derivative instruments, before tax: $ 18 $ 12 $ 15 See (1) below Tax benefit (7 ) (5 ) (6 ) See (2) below After-tax $ 11 $ 7 $ 9 Amortization of pension benefit plans: Prior service (benefit) cost (6 ) (9 ) 2 See (3) below Actuarial losses 822 768 601 See (3) below Curtailment loss (gain) 40 (6 ) 4 See (3) below Settlement loss 62 76 7 See (3) below Total before tax $ 918 $ 829 $ 614 Tax benefit (324 ) (294 ) (213 ) See (2) below After-tax $ 594 $ 535 $ 401 Amortization of other benefit plans: Prior service benefit (134 ) (182 ) (214 ) See (3) below Actuarial losses 78 78 57 See (3) below Curtailment gain (392 ) (274 ) — See (3) below Total before tax $ (448 ) $ (378 ) $ (157 ) Tax expense 150 135 56 See (2) below After-tax $ (298 ) $ (243 ) $ (101 ) Net realized gains (losses) on investments, before tax: 28 (2 ) — See (4) below Tax expense — — — See (2) below After-tax $ 28 $ (2 ) $ — Total reclassifications for the period, after-tax $ 335 $ 297 $ 309 1. Net sales and cost of goods sold 2. Provision for income taxes from continuing operations 3. These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost of the company's pension and other benefit plans. See Note 17 for additional information. 4. Other income, net |
Long-Term Employee Benefits (Ta
Long-Term Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |
Summarized Information on Pension and Other Long-Term Benefits Plans | Pension Benefits Other Benefits Obligations and Funded Status at December 31, 2016 2015 2016 2015 Change in benefit obligation Benefit obligation at beginning of year $ 26,094 $ 29,669 $ 2,758 $ 2,889 Service cost 174 232 11 15 Interest cost 800 1,084 87 112 Plan participants' contributions 18 19 36 45 Actuarial loss (gain) 460 (1,404 ) 153 (4 ) Benefits paid 1 (2,374 ) (1,761 ) (254 ) (282 ) Amendments — — (28 ) — Effect of foreign exchange rates (348 ) (456 ) 1 (6 ) Acquisitions/divestitures/other activity 7 (52 ) 65 — Spin-off of Chemours — (1,237 ) — (11 ) Benefit obligation at end of year $ 24,831 $ 26,094 $ 2,829 $ 2,758 Change in plan assets Fair value of plan assets at beginning of year $ 17,497 $ 20,446 $ — $ — Actual gain on plan assets 1,219 88 — — Employer contributions 535 308 218 237 Plan participants' contributions 18 19 36 45 Benefits paid 1 (2,374 ) (1,761 ) (254 ) (282 ) Effect of foreign exchange rates (239 ) (330 ) — — Acquisitions/divestitures/other activity — (47 ) — — Spin-off of Chemours — (1,226 ) — — Fair value of plan assets at end of year $ 16,656 $ 17,497 $ — $ — Funded status U.S. plan with plan assets $ (6,391 ) $ (6,662 ) $ — $ — Non-U.S. plans with plan assets (674 ) (748 ) — — All other plans 2 (1,110 ) (1,187 ) (2,829 ) (2,758 ) Total $ (8,175 ) $ (8,597 ) $ (2,829 ) $ (2,758 ) Amounts recognized in the Consolidated Balance Sheets consist of: Other assets $ 3 $ 11 $ — $ — Other accrued liabilities (Note 12) (78 ) (130 ) (275 ) (234 ) Other liabilities (Note 14) (8,100 ) (8,478 ) (2,554 ) (2,524 ) Net amount recognized $ (8,175 ) $ (8,597 ) $ (2,829 ) $ (2,758 ) 1. 2016 benefits paid includes about $550 of lump sum benefits associated with the limited-time opportunity provided to certain separated, vested participants in the principal U.S. pension plan. See further discussion above. 2. Includes pension plans maintained around the world where funding is not customary. |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Pension Benefits Other Benefits December 31, 2016 2015 2016 2015 Net loss $ (10,280 ) $ (10,803 ) $ (830 ) $ (787 ) Prior service benefit 17 54 281 811 $ (10,263 ) $ (10,749 ) $ (549 ) $ 24 |
Schedule of Information for Pension Plans with Projected Benefit Obligation in Excess of Plan Assets | Information for pension plans with projected benefit obligation in excess of plan assets 2016 2015 Projected benefit obligation $ 24,779 $ 25,769 Accumulated benefit obligation 24,297 24,715 Fair value of plan assets 16,601 17,162 |
Schedule of Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with accumulated benefit obligations in excess of plan assets 2016 2015 Projected benefit obligation $ 23,946 $ 25,515 Accumulated benefit obligation 23,591 24,508 Fair value of plan assets 15,838 16,930 |
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost [Text Block] | Pension Benefits Other Benefits Weighted-average assumptions used to determine benefit obligations at December 31, 2016 2015 2016 2015 Discount rate 3.80 % 4.13 % 4.03 % 4.32 % Rate of compensation increase 1 3.80 % 3.94 % — % — % 1. The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant's entire career at the company. |
Schedule of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates at December 31, 2016 2015 Health care cost trend rate assumed for next year 7 % 7 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 5 % 5 % Year that the rate reaches the ultimate trend rate 2023 2023 |
Schedule of a One-Percentage Point Change in Assumed Health Care Cost Trend Rates | 1-Percentage Point Increase 1-Percentage Point Decrease Increase (decrease) on total of service and interest cost $ — $ — Increase (decrease) on post-retirement benefit obligation 11 (11 ) |
Schedule of Weighted Average Target Allocations for Plan Assets | Target allocation for plan assets at December 31, 2016 2015 U.S. equity securities 27 % 29 % Non-U.S. equity securities 24 22 Fixed income securities 33 32 Hedge funds 2 2 Private market securities 8 9 Real estate 4 3 Cash and cash equivalents 2 3 Total 100 % 100 % |
Schedule of Fair Value of Plan Assets Held in Level 3 | Level 3 Assets Total U.S. Equity Securities Non-U.S. Equity Debt- Corporate Issued Debt- Asset- Backed Private Market Securities Real Estate Beginning balance at December 31, 2014 $ 286 $ 29 $ 4 $ 15 $ 1 $ 37 $ 200 Realized (loss) gain (32 ) (14 ) — (18 ) — — — Change in unrealized (loss) gain (11 ) 5 (3 ) 15 — (5 ) (23 ) Purchases, sales and settlements, net (18 ) — — 10 — 5 (33 ) Transfers in (out) of Level 3 13 — 1 12 — — — Ending balance at December 31, 2015 $ 238 $ 20 $ 2 $ 34 $ 1 $ 37 $ 144 Realized (loss) gain (28 ) (3 ) — (25 ) — — — Change in unrealized (loss) gain 19 1 (1 ) 27 — 2 (10 ) Purchases, sales and settlements, net (37 ) — — (3 ) (1 ) 3 (36 ) Transfers in (out) of Level 3 6 — — 6 — — — Ending balance at December 31, 2016 $ 198 $ 18 $ 1 $ 39 $ — $ 42 $ 98 |
NAV as Practical Expedient [Table Text Block] | 2016 2015 Fair Value Unfunded Commitments Fair Value Unfunded Commitments Redemption Frequency Redemption Notice Period Range Debt - government issued $ — $ — $ 8 $ — Monthly 3 days Debt - corporate issued — — 6 — Monthly 3 days Hedge funds 1 434 — 429 — Monthly, Quarterly Ranges from 3-45 days monthly, 3-90 days quarterly Private market securities 2 1,416 693 1,553 632 Not applicable Not applicable Real estate funds 2 444 244 457 361 Not applicable Not applicable Total $ 2,294 $ 937 $ 2,453 $ 993 |
Schedule of Estimated Future Benefit Payments | Pension Benefits Other Benefits 2017 $ 1,622 $ 275 2018 1,601 233 2019 1,589 226 2020 1,575 217 2021 1,567 210 Years 2022-2026 7,596 931 |
Schedule of Assumptions Used to Determine Net Periodic Benefit Cost [Text Block] | Pension Benefits Other Benefits Weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2016 2015 2014 2016 2015 2014 Discount rate 3.77 % 3.93 % 4.55 % 3.87 % 4.13 % 4.60 % Expected return on plan assets 7.74 % 8.10 % 8.35 % — % — % — % Rate of compensation increase 3.96 % 4.01 % 4.22 % — % — % — % |
ScheduleOfFairValueOfPlanAssetsTable [Table Text Block] | Fair Value Measurements at December 31, 2016 Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,505 $ 1,480 $ 25 $ — U.S. equity securities 1 4,071 4,033 20 18 Non-U.S. equity securities 3,278 3,126 151 1 Debt – government-issued 2,067 864 1,203 — Debt – corporate-issued 2,475 273 2,163 39 Debt – asset-backed 721 39 682 — Hedge funds 1 — 1 — Private market securities 67 — 25 42 Real estate 275 175 2 98 Derivatives – asset position 53 7 46 — Derivatives – liability position (47 ) — (47 ) — Other 4 — 4 — Subtotal $ 14,470 $ 9,997 $ 4,275 $ 198 Investments measured at net asset value Hedge funds 434 Private market securities 1,416 Real estate funds 444 Total investments measured at net asset value $ 2,294 Other items to reconcile to fair value of plan assets Pension trust receivables 2 264 Pension trust payables 3 (372 ) Total $ 16,656 1. The company's pension plans directly held $732 ( 4 percent of total plan assets) of DuPont common stock at December 31, 2016 . 2. Primarily receivables for investment securities sold. 3. Primarily payables for investment securities purchased. Fair Value Measurements at December 31, 2015 Asset Category Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 1,962 $ 1,961 $ 1 $ — U.S. equity securities 1 3,873 3,843 10 20 Non-U.S. equity securities 3,597 3,480 115 2 Debt – government-issued 2,028 852 1,176 — Debt – corporate-issued 2,374 291 2,049 34 Debt – asset-backed 831 44 786 1 Hedge funds 1 — 1 — Private market securities 54 — 17 37 Real estate 246 98 4 144 Derivatives – asset position 58 10 48 — Derivatives – liability position (59 ) 1 (60 ) — Subtotal $ 14,965 $ 10,580 $ 4,147 $ 238 Investments measured at net asset value Debt - government issued $ 8 Debt - corporate issued 6 Hedge funds 429 Private market securities 1,553 Real estate funds 457 Total investments measured at net asset value $ 2,453 Other items to reconcile to fair value of plan assets Pension trust receivables 2 783 Pension trust payables 3 (704 ) Total $ 17,497 1. The company's pension plans directly held $664 ( 4 percent of total plan assets) of DuPont common stock at December 31, 2015 . 2. Primarily receivables for investment securities sold. 3. Primarily payables for investment securities purchased. |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs and Other Comprehensive Income Tables [Table Text Block] | Pension Benefits Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive loss 2016 2015 2014 Net periodic benefit cost Service cost $ 174 $ 232 $ 241 Interest cost 800 1,084 1,162 Expected return on plan assets (1,320 ) (1,554 ) (1,611 ) Amortization of loss 822 768 601 Amortization of prior service (benefit) cost (6 ) (9 ) 2 Curtailment loss (gain) 40 (6 ) 4 Settlement loss 62 76 7 Net periodic benefit cost - Total $ 572 $ 591 $ 406 Less: Discontinued operations (5 ) (5 ) 40 Net period benefit cost - Continuing operations $ 577 $ 596 $ 366 Changes in plan assets and benefit obligations recognized in other comprehensive loss Net loss $ 570 $ 57 $ 4,131 Amortization of loss (822 ) (768 ) (601 ) Prior service benefit — — (44 ) Amortization of prior service benefit (cost) 6 9 (2 ) Curtailment (loss) gain (40 ) 6 (4 ) Settlement loss (62 ) (76 ) (7 ) Effect of foreign exchange rates (138 ) (119 ) — Spin-off of Chemours — (382 ) — Total (benefit) loss recognized in other comprehensive loss $ (486 ) $ (1,273 ) $ 3,473 Noncontrolling interest — — 1 Total (benefit) loss recognized in other comprehensive loss, attributable to DuPont $ (486 ) $ (1,273 ) $ 3,474 Total recognized in net periodic benefit cost and other comprehensive loss $ 86 $ (682 ) $ 3,880 |
Other Post Employment Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of Net Benefit Costs and Other Comprehensive Income Tables [Table Text Block] | Other Benefits Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive loss 2016 2015 2014 Net periodic benefit cost Service cost $ 11 $ 15 $ 17 Interest cost 87 112 121 Amortization of loss 78 78 57 Amortization of prior service benefit (134 ) (182 ) (214 ) Curtailment gain (392 ) (274 ) — Net periodic benefit credit - Total $ (350 ) $ (251 ) $ (19 ) Less: Discontinued operations — (272 ) 3 Net periodic benefit (credit) cost - Continuing operations $ (350 ) $ 21 $ (22 ) Changes in plan assets and benefit obligations recognized in other comprehensive loss Net loss (gain) $ 153 $ (4 ) $ 280 Amortization of loss (78 ) (78 ) (57 ) Prior service benefit (28 ) — (50 ) Amortization of prior service benefit 134 182 214 Curtailment gain 392 274 — Effect of foreign exchange rates — 1 — Total loss recognized in other comprehensive loss, attributable to DuPont $ 573 $ 375 $ 387 Total recognized in net periodic benefit cost and other comprehensive loss $ 223 $ 124 $ 368 |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation Plans [Abstract] | |
Schedule of Assumptions Used in Calculating the Fair Value of Stock Options | 2016 2015 2014 Dividend yield 2.6 % 2.5 % 2.9 % Volatility 28.27 % 22.52 % 31.33 % Risk-free interest rate 1.8 % 1.4 % 1.7 % Expected life (years) 7.2 5.3 5.3 |
Schedule of Stock Option Awards | Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding, December 31, 2015 18,160 $ 54.89 Granted 1,690 58.79 Exercised (3,638 ) 43.31 Forfeited (281 ) 67.17 Canceled (122 ) 39.71 Outstanding, December 31, 2016 15,809 $ 58.11 3.92 $ 240,030 Exercisable, December 31, 2016 9,519 $ 53.48 3.10 $ 189,624 |
Schedule of Restricted Stock Units and Performance Stock Units | Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested, December 31, 2015 3,936 $ 59.54 Granted 1,701 59.50 Vested (1,460 ) 56.89 Forfeited (286 ) 62.06 Nonvested, December 31, 2016 3,891 $ 63.11 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Financial Instruments Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | December 31, 2016 2015 Derivatives designated as hedging instruments: Foreign currency contracts $ — $ 10 Commodity contracts 422 356 Derivatives not designated as hedging instruments: Foreign currency contracts 9,896 8,065 Commodity contracts 7 70 |
Schedule of Cash Flows Hedges Included in Accumulated Other Comprehensive Income (Loss) | December 31, 2016 2015 Beginning balance $ (24 ) $ (6 ) Additions and revaluations of derivatives designated as cash flow hedges 20 (25 ) Clearance of hedge results to earnings, after-tax 11 7 Ending balance $ 7 $ (24 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Fair Value at December 31 Using Level 2 Inputs Balance Sheet Location 2016 2015 Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts 1 Accounts and notes receivable, net $ 182 $ 74 Total asset derivatives 2 $ 182 $ 74 Cash collateral 1 Other accrued liabilities $ 52 $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other accrued liabilities 121 80 Commodity contracts Other accrued liabilities — 4 121 84 Total liability derivatives 2 $ 121 $ 84 1. Cash collateral held as of December 31, 2016 and 2015 is related to foreign currency derivatives not related to hedging instruments. 2. The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $114 and $35 at December 31, 2016 and 2015 . |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Amount of Gain (Loss) Recognized in OCL 1 (Effective Portion) Amount of Gain (Loss) Recognized in Income 2 2016 2015 2014 2016 2015 2014 Income Statement Classification Derivatives designated as hedging instruments: Fair value hedges: Interest rate swaps $ — $ — $ — $ — $ (1 ) $ (28 ) Interest expense 3 Cash flow hedges: Foreign currency contracts — (2 ) 27 — 10 11 Net sales Foreign currency contracts — — — — — 4 Income from discontinued operations after income taxes Commodity contracts 32 (35 ) 26 (18 ) (22 ) (30 ) Cost of goods sold 32 (37 ) 53 (18 ) (13 ) (43 ) Derivatives not designated as hedging instruments: Foreign currency contracts — — — (304 ) 434 607 Other income, net 4 Foreign currency contracts — — — (12 ) (3 ) — Net sales Commodity contracts — — — (11 ) (2 ) (21 ) Cost of goods sold — — — (327 ) 429 586 Total derivatives $ 32 $ (37 ) $ 53 $ (345 ) $ 416 $ 543 1. OCI is defined as other comprehensive loss. 2. For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCL into income during the period. For the years ended December 31, 2016 , 2015 and 2014 , there was no material ineffectiveness with regard to the company's cash flow hedges. 3. Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. 4. Gain (loss) recognized in other income, net, was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations, see Note 5 for additional information. |
Schedule of Cash, Cash Equivalents and Marketable Securities | December 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 $ 1,892 $ — $ 1,892 $ 1,938 $ — $ 1,938 Level 1: Money market funds $ — $ — $ — $ 550 $ — $ 550 U.S. Treasury securities 1 — — — — 788 788 Level 2: Certificate of deposit / time deposits 2 $ 2,713 $ 1,362 $ 4,075 $ 2,812 $ 118 $ 2,930 Total cash, cash equivalents and marketable securities $ 4,605 $ 1,362 $ 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 $788 and $75 in the years ended December 31, 2016, and 2015, respectively. 2. Held-to-maturity investments are reported at amortized cost. |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Geographic Areas, Revenues from External Customers [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Net Sales 1 2016 2015 2014 United States $ 9,683 $ 10,021 $ 10,556 Canada $ 730 $ 734 $ 826 EMEA 2 France 535 575 678 Germany 909 959 1,180 Italy 527 546 655 Other 3,768 3,963 4,806 Total EMEA $ 5,739 $ 6,043 $ 7,319 Asia Pacific China 2,200 2,067 2,325 India 704 615 603 Japan 840 843 961 Other 2,057 2,092 2,267 Total Asia Pacific $ 5,801 $ 5,617 $ 6,156 Latin America Brazil 1,392 1,401 2,051 Mexico 583 622 682 Other 666 692 816 Total Latin America $ 2,641 $ 2,715 $ 3,549 Total $ 24,594 $ 25,130 $ 28,406 1. Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. 2. Europe, Middle East, and Africa (EMEA). |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Net Property 1 2016 2015 2014 United States $ 6,203 $ 6,706 $ 6,570 Canada $ 127 $ 131 $ 138 EMEA 2 Denmark 211 217 242 France 218 217 239 Spain 188 200 251 Luxembourg 210 222 248 Other 740 747 883 Total EMEA $ 1,567 $ 1,603 $ 1,863 Asia Pacific China 339 362 306 Other 536 565 539 Total Asia Pacific $ 875 $ 927 $ 845 Latin America Brazil 314 263 411 Other 145 154 181 Total Latin America $ 459 $ 417 $ 592 Total $ 9,231 $ 9,784 $ 10,008 1. Net property is presented for locations with greater than two percent of the total and includes property, plant and equipment less accumulated depreciation. 2. Europe, Middle East, and Africa (EMEA). |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Agriculture Electronics & Communications Industrial Biosciences Nutrition & Health Performance Materials Protection Solutions Other Total 2016 Net sales $ 9,516 $ 1,960 $ 1,500 $ 3,268 $ 5,249 $ 2,954 $ 147 $ 24,594 Operating earnings 1,758 358 270 504 1,297 668 (215 ) 4,640 Depreciation and amortization 417 87 100 223 130 146 10 1,113 Equity in earnings (losses) of affiliates, net 7 31 12 — 27 33 (11 ) 99 Segment net assets 6,342 1,186 2,855 5,182 2,711 2,220 321 20,817 Affiliate net assets 222 146 39 4 146 81 11 649 Purchases of property, plant and equipment 345 51 64 111 160 120 28 879 2015 Net sales $ 9,798 $ 2,070 $ 1,478 $ 3,256 $ 5,305 $ 3,039 $ 184 $ 25,130 Operating earnings 1,646 359 243 373 1,216 641 (235 ) 4,243 Depreciation and amortization 453 100 101 236 125 156 6 1,177 Equity in earnings (losses) of affiliates, net 31 24 7 — (8 ) 23 (30 ) 47 Segment net assets 6,751 1,323 3,154 5,457 2,918 2,295 258 22,156 Affiliate net assets 234 139 41 9 171 71 23 688 Purchases of property, plant and equipment 334 45 84 120 159 96 132 970 2014 Net sales $ 11,296 $ 2,381 $ 1,624 $ 3,529 $ 6,059 $ 3,304 $ 213 $ 28,406 Operating earnings 2,352 336 269 369 1,267 672 (233 ) 5,032 Depreciation and amortization 436 97 102 264 139 168 8 1,214 Equity in earnings (losses) of affiliates, net 31 20 8 — (77 ) 28 (47 ) (37 ) Segment net assets 6,696 1,359 3,241 5,942 3,125 2,339 316 23,018 Affiliate net assets 240 137 45 7 238 78 16 761 Purchases of property, plant and equipment 407 52 94 112 134 98 203 1,100 |
Reconciliation of Segment operating earnings to income from continuing operations before income taxes | Segment operating earnings to income from continuing operations before income taxes 2016 2015 2014 Total segment operating earnings $ 4,640 $ 4,243 $ 5,032 Significant pre-tax (charges) benefits not included in segment operating earnings (168 ) (38 ) 434 Non-operating pension and OPEB costs (40 ) (374 ) (128 ) Net exchange (losses) gains (106 ) 30 196 Corporate expenses (691 ) (928 ) (844 ) Interest expense (370 ) (342 ) (377 ) Income from continuing operations before income taxes $ 3,265 $ 2,591 $ 4,313 |
Schedule of Reconciliation of Segment Net Assets to Total Assets | Segment net assets to total assets at December 31, 2016 2015 2014 Total segment net assets $ 20,817 $ 22,156 $ 23,018 Corporate assets 1 11,306 11,163 12,889 Liabilities included in segment net assets 7,841 7,847 8,356 Assets related to discontinued operations 2 — — 6,227 Total assets $ 39,964 $ 41,166 $ 50,490 1. Pension assets are included in corporate assets. 2. See Note 1 for additional information on the presentation of Performance Chemicals which met the criteria for discontinued operations |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated | Other items Segment Totals Adjustments 1 Consolidated Totals 2016 Depreciation and amortization $ 1,113 $ 145 $ 1,258 Equity in earnings of affiliates, net 99 — 99 Affiliate net assets 649 — 649 Purchases of property, plant and equipment 879 140 1,019 2015 Depreciation and amortization $ 1,177 $ 289 $ 1,466 Equity in earnings of affiliates, net 47 2 49 Affiliate net assets 688 — 688 Purchases of property, plant and equipment 970 659 1,629 2014 Depreciation and amortization $ 1,214 $ 403 $ 1,617 Equity in (losses) earnings of affiliates, net (37 ) 1 (36 ) Affiliate net assets 761 1 762 Purchases of property, plant and equipment 1,100 920 2,020 1. Adjustments include amounts related to Corporate in all periods presented, and to the Performance Chemicals business in 2015 and 2014, as it met the criteria for discontinued operations during 2015. See Note 1 for additional information on the presentation of discontinued operations and See Note 3 for depreciation, amortization and purchases of property, plant and equipment related to Performance Chemicals for the years ended December 31, 2015 and 2014. |
Schedule of Additional Segment Details | Additional Segment Details 2016 included the following significant pre-tax benefits (charges) which are excluded from segment operating earnings: Agriculture 1,2,3,4 $ (37 ) Electronics & Communications 2,4 4 Industrial Biosciences 2,4,5 (152 ) Nutrition & Health 2,4 9 Performance Materials 2,4 5 Protection Solutions 2,4 14 Other 2 (11 ) $ (168 ) 1. Included $30 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis ® herbicide. Included a benefit of $23 in other operating charges for reduction in the accrual for customer claims related to the use of the Imprelis ® herbicide. 2. The company recorded a $(3) net restructuring charge in employee separation / asset related charges, net for the year ended December 31, 2016, associated with the 2016 global cost savings and restructuring program. See Note 4 for additional information. 3. Includes a $(68) restructuring charge recorded in employee separation / asset related charges, net for the year ended December 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. The company recorded a $8 restructuring benefit recorded in employee separation/asset related charges, net, for adjustments to the previously recognized severance costs related to the 2014 restructuring program. See Note 4 for additional information. 5. The company recorded a $(158) charge in employee separation / asset related charges, net, for the year ended December 31, 2016, related to the write-down of indefinite lived intangible assets. See Note 4 for additional information. 2015 included the following significant pre-tax benefits (charges) which are excluded from segment operating earnings: Agriculture 1,2,5 $ 148 Electronics & Communications 1,5 (78 ) Industrial Biosciences 1,5 (61 ) Nutrition & Health 1,5 (50 ) Performance Materials 1,5 (62 ) Protection Solutions 1,3,5 105 Other 1,4,5 (40 ) $ (38 ) 1. Included a $10 net restructuring benefit recorded in employee separation/asset related charges, net, associated with the 2014 restructuring program. These adjustments were primarily due to the identification of additional projects in certain segments, offset by lower than estimated individual severance costs and workforce reductions achieved through non-severance programs. See Note 4 for additional information. 2. Included $182 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis ® herbicide. Included a benefit of $130 in other operating charges for reduction in the accrual for customer claims related to the use of the Imprelis ® herbicide. 3. Included a gain of $145 , net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. 4. Included 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. 5. Included a $(468) restructuring charge consisting of $(463) recorded in employee separation/asset related charges, net and $(5) recorded in other income, net associated with the 2016 global cost savings and restructuring program. See Note 4 for additional information. 2014 included the following significant pre-tax benefits (charges) which are excluded from segment operating earnings: Agriculture 1,2,3 $ 316 Electronics & Communications 1 (84 ) Industrial Biosciences 1 (20 ) Nutrition & Health 1 (15 ) Performance Materials 1,4 292 Protection Solutions 1 (45 ) Other 1 (10 ) $ 434 1. Included a $(407) restructuring charge associated with the 2014 restructuring program consisting of $(342) recorded in employee separation / asset related charges, net and $(65) recorded in other income, net. See Note 4 for additional information. 2. Included income of $210 for insurance recoveries, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis ® herbicide. 3. Included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. 4. Included a gain of $391 recorded in other income, net associated with the sale of Glass Laminating Solutions / Vinyls. See Note 3 for additional information. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Data | Unaudited For the quarter ended March 31, June 30, September 30, December 31, 2016 Net sales $ 7,405 $ 7,061 $ 4,917 $ 5,211 Cost of goods sold 4,242 3,990 3,090 3,147 Employee separation / asset related charges, net 2 77 (90 ) 172 393 Income (loss) from continuing operations before income taxes 1,635 3,4,5 1,333 3,4 (56 ) 3 353 3 Net income 1,232 1,024 6 263 Basic earnings per share of common stock from continuing operations 1 1.40 1.17 0.01 0.29 Diluted earnings per share of common stock from continuing operations 1 1.39 1.16 0.01 0.29 2015 Net sales $ 7,837 $ 7,121 $ 4,873 $ 5,299 Cost of goods sold 4,516 4,103 3,084 3,409 Employee separation / asset related charges, net 2 38 2 — 770 Income (loss) from continuing operations before income taxes 1,551 6,7,8 1,234 6,9 227 6,7 (421 ) 7,9,10 Net income 1,035 945 235 (256 ) Basic earnings per share of common stock from continuing operations 1 1.12 1.07 0.14 (0.26 ) Diluted earnings per share of common stock from continuing operations 1 1.11 1.06 0.14 (0.26 ) 1. Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. 2. See Note 4 for additional information. 3. First, second, third and fourth quarter 2016 included charges of $(24) , $(76) , $(122) , and $(164) , respectively, recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. 4. First quarter 2016 included a benefit of $23 , in other operating charges, for reductions in the accrual for customer claims related to the use of the Imprelis ® herbicide. The company recorded insurance recoveries of $30 in the second quarter 2016, in other operating charges, for recovery of costs for customer claims related to the use of the Agriculture's segment Imprelis ® herbicide. 5. First quarter 2016 included a gain of $369 recorded in other income, net associated with the sale of the DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. See Note 3 for additional information. 6. First and third quarter 2015 included charges of $(12) and $(9) , respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. Second quarter 2015 included charges of $(5) recorded in other operating charges and $(20) recorded in interest expense. See Note 3 for additional information. 7. First and third quarter 2015 included net insurance recoveries of $35 and $147 , respectively, recorded in other operating charges in the Agriculture segment, for recovery of costs for customer claims related to the use of the Imprelis ® herbicide. Fourth quarter 2015 included a benefit of $130 in other operating charges for reduction in accrual for customer claims related to the use of the Agriculture segment’s Imprelis ® herbicide. 8. First quarter 2015 included a $(40) pre-tax charge within other income, net associated with the re-measurement of the Ukraine hyrvnia net monetary assets. 9. Second and fourth quarter 2015 included gains of $112 and $33 , respectively, net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. This matter relates to the Protection Solutions segment. 10. Fourth quarter 2015 included charges of $(10) recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. |
Summary of Significant Accoun54
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Line Items] | |||
SICAD 2 pre-tax charge | $ 58 | ||
SIMADI pre-tax charge | $ 3 | ||
Minimum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Marketable securities, maturity timing in months | 3 months | ||
Definite-lived intangible assets, useful life | 1 year | ||
Minimum [Member] | Equipment and Buildings [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 15 years | ||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 5 years | ||
Maximum [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Cash, maturity timing in months | 3 months | ||
Marketable securities, maturity timing in months | 12 months | ||
Definite-lived intangible assets, useful life | 20 years | ||
Maximum [Member] | Equipment and Buildings [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 25 years | ||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Accounting Standards Update 2015-17 [Member] | |||
Summary of Significant Accounting Policies [Line Items] | |||
Deferred Tax Assets, Net, Current | 368 | ||
Deferred Tax Liabilities, Net, Current | $ 37 |
Summary of Significant Accoun55
Summary of Significant Accounting Policies (Inventory) (Narrative) (Details) | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Policy [Abstract] | ||
Percentage of FIFO Inventory | 55.00% | 55.00% |
Percentage of LIFO Inventory | 15.00% | 15.00% |
Percentage of average cost inventory | 30.00% | 30.00% |
Proposed Merger with Dow Chem56
Proposed Merger with Dow Chemical (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 30, 2016 | Dec. 11, 2015 | Jun. 23, 2015 | |
Proposed Merger with Dow Chemical [Line Items] | ||||||||||
Common stock, par value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||||
DuPont to DowDuPont share exchange ratio | 1.2820 | |||||||||
Share of DowDuPont Common Stock | 1 | |||||||||
Dow Preferred Stock to Common Stock exchange ratio | 24.2010 | |||||||||
Shares of Dow Common Stock Issued | 96,804,000 | |||||||||
DuPont's DowDuPont Common Stock share ownership | 48.00% | |||||||||
Dow's DowDuPont Common Stock share ownership | 52.00% | |||||||||
Business acquisition, percentage of voting interests acquired | 50.00% | |||||||||
Time following termination of Merger Agreement for alternative transaction | 12 months | |||||||||
Merger termination fee | $ 1,900 | |||||||||
Merger related transaction costs | $ 164 | $ 122 | $ 76 | $ 24 | $ 10 | $ 386 | $ 10 | |||
DowDuPont [Member] | ||||||||||
Proposed Merger with Dow Chemical [Line Items] | ||||||||||
Common stock, par value | $ 0.01 | |||||||||
Dow [Member] | ||||||||||
Proposed Merger with Dow Chemical [Line Items] | ||||||||||
Common stock, par value | $ 2.50 | |||||||||
Preferred stock, par value | $ 1 |
Divestitures and Other Transa57
Divestitures and Other Transactions - Shenzhen, Performance Coatings, GLS/Vinyls, Performance Chemicals (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
May 31, 2015 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 30, 2016 | Dec. 11, 2015 | Jul. 01, 2015 | Jun. 23, 2015 | May 12, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Chemours shares distributed to DD stockholders | 1 | |||||||||
Common stock, par value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||||||
Shares of DD stock converted | 5 | |||||||||
Separation related transaction costs | $ 35 | $ 306 | $ 175 | |||||||
Dividend received from Chemours | $ 3,923 | |||||||||
Cash distribution received from Chemours | 3,416 | |||||||||
Net assets transferred at spin-off | $ 431 | |||||||||
Ownership interest in DuPont (Shenzhen) Manufacturing Limited [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Ownership interest in an entity | 100.00% | |||||||||
Gain on disposition of assets | $ 369 | $ 369 | ||||||||
Gain on disposition of assets, after-tax | 214 | |||||||||
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 | 60 | $ 190 | ||||||||
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 | 35 | 260 | 142 | |||||||
GLS/Vinyls [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Pre-tax gain on sale of business, continuing operations | 391 | |||||||||
After-tax gain on sale of business, continuing operations | 273 | |||||||||
Accounts and notes receivable, net [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnification assets | 81 | |||||||||
Other Assets [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnification assets | 444 | |||||||||
Other Current Liabilities [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnified liabilities | 81 | |||||||||
Other liabilities [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnified liabilities | $ 444 | |||||||||
Other Post Employment Benefit Plans [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Curtailment gain (loss) | 274 | |||||||||
Pension Plan [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Curtailment gain (loss) | 7 | |||||||||
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 | 26 | $ 33 | ||||||||
Corporate Expenses [Member] | Loss on extinguishment of debt [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Separation related transaction costs | 20 | |||||||||
Chemours Restructuring Program [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Restructuring charges | $ 59 | |||||||||
Chemours Notes Received [Member] | SeniorNotes7PercenteDue2025 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Senior notes | $ 507 | |||||||||
Debt instrument, interest rate, stated percentage | 7.00% | |||||||||
Chemours' Debt [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from issuance of debt | $ 4,000 |
Divestitures and Other Transa58
Divestitures and Other Transactions (Schedule of results of operations from discontinued operations) (Performance Chemicals) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
(Loss) income from discontinued operations after income taxes | $ 4 | $ 64 | $ 491 |
Performance Chemicals [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net sales | 0 | 2,810 | 6,317 |
Costs of goods sold | 0 | 2,215 | 4,680 |
Other operating charges | 36 | 386 | 422 |
Selling, general and administrative expenses | 0 | (87) | 453 |
Research and development expense | 0 | 40 | 109 |
Other income, net | (3) | (27) | (46) |
Interest expense | 0 | 32 | 0 |
Employee separation / asset related charges, net | 0 | 59 | 21 |
(Loss) income from discontinued operations before income taxes | (33) | 192 | 678 |
(Benefit from) provision for income taxes | (28) | 106 | 202 |
(Loss) income from discontinued operations after income taxes | $ (5) | $ 86 | $ 476 |
Divestitures and Other Transa59
Divestitures and Other Transactions (Schedule of cash flow information of discontinued operations) (Performance Chemicals) (Details) - Performance Chemicals [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation | $ 126 | $ 248 |
Amortization of intangible assets | 2 | 3 |
Purchases of property, plant and equipment | $ 235 | $ 525 |
Divestitures and Other Transa60
Divestitures and Other Transactions - Performance Coatings (Summarized Financial Info) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Income Statement Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (loss) from discontinued operations after income taxes | $ 4 | $ 64 | $ 491 | |||
Performance Coatings [Member] | Discontinued Operations [Member] | ||||||
Income Statement Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net sales | 0 | 0 | 0 | |||
Income (loss) from discontinued operations before income taxes | 6 | [1] | (23) | [2] | 0 | |
Benefit from income taxes | (3) | (1) | (15) | [3] | ||
Income (loss) from discontinued operations after income taxes | $ 9 | $ (22) | $ 15 | |||
[1] | The year ended December 31, 2016 includes a pre-tax benefit of $6 primarily related to a postretirement settlement gain. | |||||
[2] | The year ended December 31, 2015 includes a pre-tax net charge of $(23) related to a postretirement settlement charge and other employee related settlement adjustments. | |||||
[3] | The year ended December 31, 2014 includes a tax benefit of $(15) related to a change in estimate of income taxes resulting from the filing of various tax returns impacted by the sale of Performance Coatings. |
Employee Separation _ Asset R61
Employee Separation / Asset Related Charges, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | $ 122 | $ 680 | ||
Restructuring Reserve, Accrual Adjustment | $ (85) | |||
Restructuring charges | 798 | |||
Expected percentage reduction in workforce | 10.00% | |||
2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | $ 9 | 78 | ||
Restructuring charges | $ 541 | |||
Agriculture [Member] | La Porte [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 68 | |||
Agriculture [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 23 | |||
Restructuring charges | 161 | |||
Agriculture [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (1) | 3 | ||
Restructuring charges | 134 | |||
Electronics & Communications [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (2) | |||
Restructuring charges | 93 | |||
Electronics & Communications [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (2) | (15) | ||
Restructuring charges | 84 | |||
Industrial Biosciences [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (5) | |||
Restructuring charges | 60 | |||
Industrial Biosciences [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (1) | 1 | ||
Restructuring charges | 20 | |||
Nutrition & Health [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (7) | |||
Restructuring charges | 47 | |||
Nutrition & Health [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (2) | 3 | ||
Restructuring charges | 15 | |||
Performance Materials [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (4) | |||
Restructuring charges | 61 | |||
Performance Materials [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (1) | 1 | ||
Restructuring charges | 99 | |||
Protection Solutions [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (13) | |||
Restructuring charges | 44 | |||
Protection Solutions [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (1) | (4) | ||
Restructuring charges | 45 | |||
Other [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | 11 | |||
Restructuring charges | 2 | |||
Corporate Expenses [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (88) | |||
Restructuring charges | 330 | |||
Corporate Expenses [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (13) | (11) | ||
Restructuring charges | 134 | |||
Employee Separation / Asset Related Charges, Net [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (88) | |||
Restructuring charges | 793 | |||
Employee Separation / Asset Related Charges, Net [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 476 | |||
Other income, net [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charge associated with restructuring actions | 3 | 5 | ||
Other income, net [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charge associated with restructuring actions | 65 | |||
Other income, net [Member] | Performance Materials [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charge associated with restructuring actions | 65 | |||
Employee Severance [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 100 | 648 | ||
Restructuring Reserve, Accrual Adjustment | (154) | |||
Restructuring charges | 656 | |||
Employee Severance [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Accrual Adjustment | (21) | (21) | ||
Restructuring charges | 301 | |||
Employee Severance [Member] | Agriculture [Member] | La Porte [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 16 | |||
Other Non-Personnel Charges [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | [1] | 22 | 32 | |
Restructuring Reserve, Accrual Adjustment | [1] | 16 | ||
Restructuring charges | 33 | |||
Other Non-Personnel Charges [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 17 | |||
Other Non-Personnel Charges [Member] | Agriculture [Member] | La Porte [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | 11 | |||
Asset Related [Member] | 2016 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring reserve | 0 | 0 | ||
Restructuring Reserve, Accrual Adjustment | 53 | |||
Restructuring charges | $ 109 | |||
Asset Related [Member] | 2014 Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 223 | |||
Asset Related [Member] | Agriculture [Member] | La Porte [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring charges | $ 41 | |||
[1] | 1. Other non-personnel charges consist of contractual obligation costs. |
Employee Separation _ Asset R62
Employee Separation / Asset Related Charges, Net (Schedule of 2016 Restructuring Program Charges) (Details) - 2016 Restructuring Program [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, payments | $ (419) | ||
Net Translation Adjustment | (1) | ||
Restructuring Reserve, Accrual Adjustment | (85) | ||
Restructuring and Related Cost, Incurred Cost | $ 798 | ||
Restructuring reserve, asset write-offs and adjustments | (53) | ||
Restructuring reserve | 122 | 680 | |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, payments | (393) | ||
Net Translation Adjustment | (1) | ||
Restructuring Reserve, Accrual Adjustment | (154) | ||
Restructuring and Related Cost, Incurred Cost | 656 | ||
Restructuring reserve, asset write-offs and adjustments | 0 | ||
Restructuring reserve | 100 | 648 | |
Asset Related [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, payments | 0 | ||
Net Translation Adjustment | 0 | ||
Restructuring Reserve, Accrual Adjustment | 53 | ||
Restructuring and Related Cost, Incurred Cost | 109 | ||
Restructuring reserve, asset write-offs and adjustments | (53) | ||
Restructuring reserve | 0 | 0 | |
Other Non-Personnel Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, payments | [1] | (26) | |
Net Translation Adjustment | [1] | 0 | |
Restructuring Reserve, Accrual Adjustment | [1] | 16 | |
Restructuring and Related Cost, Incurred Cost | 33 | ||
Restructuring reserve, asset write-offs and adjustments | [1] | 0 | |
Restructuring reserve | [1] | 22 | 32 |
Agriculture [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | 23 | ||
Restructuring and Related Cost, Incurred Cost | 161 | ||
Electronics & Communications [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (2) | ||
Restructuring and Related Cost, Incurred Cost | 93 | ||
Industrial Biosciences [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (5) | ||
Restructuring and Related Cost, Incurred Cost | 60 | ||
Nutrition & Health [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (7) | ||
Restructuring and Related Cost, Incurred Cost | 47 | ||
Performance Materials [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (4) | ||
Restructuring and Related Cost, Incurred Cost | 61 | ||
Protection Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (13) | ||
Restructuring and Related Cost, Incurred Cost | 44 | ||
Other Segment [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | 11 | ||
Restructuring and Related Cost, Incurred Cost | 2 | ||
Corporate Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (88) | ||
Restructuring and Related Cost, Incurred Cost | 330 | ||
Employee Separation / Asset Related Charges, Net [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Reserve, Accrual Adjustment | (88) | ||
Restructuring and Related Cost, Incurred Cost | 793 | ||
Other Income [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Charge Associated With Restructuring Actions | $ 3 | $ 5 | |
[1] | 1. Other non-personnel charges consist of contractual obligation costs. |
Employee Separation _ Asset R63
Employee Separation / Asset Related Charges, Net (Schedule of 2014 Restructuring Program Charges) (Details) - 2014 Restructuring Program [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 541 | ||
Restructuring reserve | $ 9 | $ 78 | |
Employee Severance [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 301 | ||
Restructuring Reserve, Accrual Adjustment | (21) | (21) | |
Asset Related [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 223 | ||
Other Non-Personnel Charges [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 17 | ||
Agriculture [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 134 | ||
Restructuring Reserve, Accrual Adjustment | (1) | 3 | |
Electronics & Communications [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 84 | ||
Restructuring Reserve, Accrual Adjustment | (2) | (15) | |
Industrial Biosciences [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 20 | ||
Restructuring Reserve, Accrual Adjustment | (1) | 1 | |
Nutrition & Health [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 15 | ||
Restructuring Reserve, Accrual Adjustment | (2) | 3 | |
Protection Solutions [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 45 | ||
Restructuring Reserve, Accrual Adjustment | (1) | (4) | |
Performance Materials [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 99 | ||
Restructuring Reserve, Accrual Adjustment | (1) | 1 | |
Other Restructuring [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 10 | ||
Restructuring Reserve, Accrual Adjustment | 0 | 1 | |
Corporate Expenses [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 134 | ||
Restructuring Reserve, Accrual Adjustment | $ (13) | $ (11) |
Employee Separation _ Asset R64
Employee Separation / Asset Related Charges, Net ( Asset Impairments )(Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Capitalized computer software, gross | $ 435 | |
Property, Plant, and Equipment, Fair Value Disclosure | 0 | |
Finite-lived Intangible Assets, Fair Value Disclosure | 28 | |
Cost basis investment ownership | 6.00% | |
Other Segments [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset impairment charges | $ 38 | |
Cost basis investment impairment [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Cost basis investment impairment | $ 37 | |
Trade Names [Member] | Industrial Biosciences [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset impairment charges | 158 | |
Construction in Progress [Member] | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||
Asset impairment charges | $ 435 |
Other Income, Net (Schedule of
Other Income, Net (Schedule of Other Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Other Income and Expenses [Line Items] | ||||||
Royalty income | $ 170 | $ 138 | $ 156 | |||
Interest income | 107 | 129 | 129 | |||
Income (Loss) from Equity Method Investments | 99 | 49 | (36) | |||
Net gains on sales of businesses and other assets | 435 | [1] | 92 | 710 | ||
Net exchange (losses) gains | (106) | 30 | 196 | |||
Miscellaneous income and expenses, net | [2] | 3 | 259 | 122 | ||
Total | 708 | 697 | 1,277 | |||
Other Income [Member] | ||||||
Other Income and Expenses [Line Items] | ||||||
Income (Loss) from Equity Method Investments | 99 | $ 49 | $ (36) | |||
Ownership interest in DuPont (Shenzhen) Manufacturing Limited [Member] | ||||||
Other Income and Expenses [Line Items] | ||||||
Gain on disposition of assets | $ 369 | 369 | ||||
Gain on disposition of assets, after-tax | $ 214 | |||||
[1] | Includes a pre-tax gain of $369 ($214 net of tax) for the year ended December 31, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 3 for additional information. | |||||
[2] | Miscellaneous income and expenses, net, includes interest items, gains related to litigation settlements, gains/losses on available-for-sale securities and other items. |
Other Income, Net (Schedule o66
Other Income, Net (Schedule of Foreign Exchange Gain (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Foreign Currency Exchange Gain (Loss) [Line Items] | |||
Net exchange (losses) gains | $ (106) | $ 30 | $ 196 |
Net exchange gains (losses), tax | (16) | (218) | (419) |
Net exchange gains (losses), after-tax | (122) | (188) | (223) |
Subsidiaries [Member] | |||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||
Net exchange (losses) gains | 198 | (404) | (411) |
Net exchange gains (losses), tax | (126) | (61) | (207) |
Net exchange gains (losses), after-tax | 72 | (465) | (618) |
Hedging Program [Member] | |||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||
Net exchange (losses) gains | (304) | 434 | 607 |
Net exchange gains (losses), tax | 110 | (157) | (212) |
Net exchange gains (losses), after-tax | $ (194) | $ 277 | $ 395 |
Provision for Income Taxes (Nar
Provision for Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes Information [Line Items] | ||
Net exchange (loss) gain associated with hedging program | $ (304) | $ 434 |
Tax credit carryforward/back, net | 516 | |
Tax effect of net carryforwards/backs, net of valuation allowances, not subject to expiration | 285 | |
Unremitted earnings of subsidiaries outside the U.S. | 17,380 | |
Expires After 2016 but before 2021 [Member] | ||
Income Taxes Information [Line Items] | ||
Tax credit carryforward/back, net | $ 3 | |
Expiration date of net carryforwards/backs | before the end of 2021 | |
Expires After 2021 [Member] | ||
Income Taxes Information [Line Items] | ||
Tax credit carryforward/back, net | $ 228 | |
Expiration date of net carryforwards/backs | after 2,021 | |
Minimum [Member] | ||
Income Taxes Information [Line Items] | ||
Minimum amount of net reductions to company's global unrecognized tax benefit | $ 70 | |
Maximum [Member] | ||
Income Taxes Information [Line Items] | ||
Minimum amount of net reductions to company's global unrecognized tax benefit | $ 90 |
Provision for Income Taxes (Sch
Provision for Income Taxes (Schedule of Current and Deferred Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current U.S. federal tax expense, on continuing operations | $ 40 | $ 218 | $ 656 |
Current U.S. state and local tax expense, on continuing operations | 11 | 7 | 38 |
Current international tax expense, on continuing operations | 592 | 466 | 449 |
Total current tax expense, on continuing operations | 643 | 691 | 1,143 |
Deferred U.S. federal tax expense, on continuing operations | 27 | 139 | 91 |
Deferred U.S. state and local tax (benefit) expense, on continuing operations | (29) | 4 | (42) |
Deferred international tax expense (benefit), on continuing operations | 103 | (138) | (24) |
Total deferred tax expense, on continuing operations | 101 | 5 | 25 |
Provision for income taxes on continuing operations | $ 744 | $ 696 | $ 1,168 |
Provision for Income Taxes (S69
Provision for Income Taxes (Schedule of Significant Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Deferred tax assets, depreciation | $ 0 | $ 0 |
Deferred tax assets, accrued employee benefits | 4,529 | 4,812 |
Deferred tax assets, other accrued expenses | 617 | 624 |
Deferred tax assets, inventories | 163 | 89 |
Deferred tax assets, unrealized exchange gains/losses | 0 | 0 |
Deferred tax assets,tax loss/tax credit carryforwards/backs | 1,808 | 2,124 |
Deferred tax assets, investments in subsidiaries and affiliates | 126 | 133 |
Deferred tax assets, amortization of intangibles | 210 | 187 |
Deferred tax assets, other | 257 | 215 |
Valuation Allowance | (1,308) | (1,529) |
Deferred tax assets, net of valuation allowance | 6,402 | 6,655 |
Net deferred tax asset | 2,877 | 3,382 |
Liabilities [Abstract] | ||
Deferred tax liabilities, depreciation | 742 | 953 |
Deferred tax liabilities, accrued employee benefits | 410 | 374 |
Deferred tax liabilities, other accrued expenses | 222 | 61 |
Deferred tax liabilities, inventories | 144 | 99 |
Deferred tax liabilities, unrealized exchange gains/losses | 346 | 224 |
Deferred tax liabilities, tax loss/tax credit carryforwards/backs | 0 | 0 |
Deferred tax liabilities, investments in subsidiaries and affiliates | 230 | 154 |
Deferred tax liabilities, amortization of intangibles | 1,345 | 1,331 |
Deferred tax liabilities, other | 86 | 77 |
Deferred tax liabilities | $ 3,525 | $ 3,273 |
Provision for Income Taxes (S70
Provision for Income Taxes (Schedule of Effective Income Tax Rate) (Details) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ||||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 35.00% | |
Exchange gains/losses | [1] | 1.60% | 8.00% | 8.10% |
Domestic operations | (3.70%) | (2.80%) | (2.80%) | |
Lower effective tax rates on international operations-net | (9.30%) | (11.10%) | (11.40%) | |
Tax settlements | (0.10%) | (0.70%) | (0.60%) | |
Sale of a business | (0.10%) | (0.20%) | (0.40%) | |
U.S. research & development credit | (0.60%) | (1.30%) | (0.80%) | |
Effective income tax rate on continuing operations | 22.80% | 26.90% | 27.10% | |
[1] | Principally reflects the impact of foreign exchange losses on net monetary assets for which no corresponding tax benefit is realized. Further information about the company's foreign currency hedging program is included in Note 5 and Note 19 under the heading Foreign Currency Risk. |
Provision for Income Taxes (S71
Provision for Income Taxes (Schedule of Consolidated Income for U.S. and International Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2016 | [1],[2] | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2],[3] | Mar. 31, 2016 | [2],[3],[4] | Dec. 31, 2015 | [5],[6],[7] | Sep. 30, 2015 | [8],[9] | Jun. 30, 2015 | [7],[8] | Mar. 31, 2015 | [5],[8],[9] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||||||||||||||||||
U.S. (including exports) | $ 1,457 | $ 1,397 | $ 2,537 | ||||||||||||||||
International | 1,808 | 1,194 | 1,776 | ||||||||||||||||
Income from continuing operations before income taxes | $ 353 | $ (56) | $ 1,333 | $ 1,635 | $ (421) | $ 227 | $ 1,234 | $ 1,551 | $ 3,265 | $ 2,591 | $ 4,313 | ||||||||
[1] | . | ||||||||||||||||||
[2] | First, second, third and fourth quarter 2016 included charges of $(24), $(76), $(122), and $(164), respectively, recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. | ||||||||||||||||||
[3] | First quarter 2016 included a benefit of $23, in other operating charges, for reductions in the accrual for customer claims related to the use of the Imprelis® herbicide. The company recorded insurance recoveries of $30 in the second quarter 2016, in other operating charges, for recovery of costs for customer claims related to the use of the Agriculture's segment Imprelis® herbicide. | ||||||||||||||||||
[4] | First quarter 2016 included a gain of $369 recorded in other income, net associated with the sale of the DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. See Note 3 for additional information. | ||||||||||||||||||
[5] | First quarter 2015 included a $(40) pre-tax charge within other income, net associated with the re-measurement of the Ukraine hyrvnia net monetary assets. | ||||||||||||||||||
[6] | Fourth quarter 2015 included charges of $(10) recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. | ||||||||||||||||||
[7] | Second and fourth quarter 2015 included gains of $112 and $33, respectively, net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. This matter relates to the Protection Solutions segment. | ||||||||||||||||||
[8] | First and third quarter 2015 included charges of $(12) and $(9), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. Second quarter 2015 included charges of $(5) recorded in other operating charges and $(20) recorded in interest expense. See Note 3 for additional information. | ||||||||||||||||||
[9] | First and third quarter 2015 included net insurance recoveries of $35 and $147, respectively, recorded in other operating charges in the Agriculture segment, for recovery of costs for customer claims related to the use of the Imprelis® herbicide. Fourth quarter 2015 included a benefit of $130 in other operating charges for reduction in accrual for customer claims related to the use of the Agriculture segment’s Imprelis® herbicide. |
Provision for Income Taxes (Rec
Provision for Income Taxes (Reconciliation of Amounts of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Total unrecognized tax benefits as of January 1 | $ 846 | $ 986 | $ 901 |
Gross amounts of decreases in unrecognized tax benefits as a result of tax positions taken during the prior period | (41) | (98) | (50) |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the prior period | 32 | 13 | 84 |
Gross amounts of increases in unrecognized tax benefits as a result of tax positions taken during the current period | 55 | 69 | 92 |
Amount of decreases in the unrecognized tax benefits relating to settlements | (314) | (58) | (15) |
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (30) | (30) | (3) |
Exchange loss (gain) | 2 | (36) | (23) |
Total unrecognized tax benefits as of December 31 | 550 | 846 | 986 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 429 | 651 | 818 |
Total amount of interest and penalties recognized in the Consolidated Income Statements | 20 | (8) | 5 |
Total amount of interest and penalties recognized in the Consolidated Balance Sheets | $ 98 | $ 105 | $ 117 |
Earnings Per Share of Common 73
Earnings Per Share of Common Stock (Earnings Per Share of Common Stock Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Income from continuing operations after income taxes attributable to DuPont | $ 2,509 | $ 1,889 | $ 3,135 |
Preferred dividends | (10) | (10) | (10) |
Income from continuing operations after income taxes available to DuPont common shareholders | 2,499 | 1,879 | 3,125 |
Income from discontinued operations after income taxes | 4 | 64 | 490 |
Net income available to common stockholders | $ 2,503 | $ 1,943 | $ 3,615 |
Weighted-average number of common shares outstanding - Basic | 872,560,000 | 893,992,000 | 914,752,000 |
Dilutive effect of the company's equity compensation plans | 4,476,000 | 5,535,000 | 7,121,000 |
Weighted average number of common shares outstanding - Diluted | 877,036,000 | 899,527,000 | 921,873,000 |
Earnings Per Share of Common 74
Earnings Per Share of Common Stock (Schedule of Average Number of Antidilutive Stock Options) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Average number of stock options | 4,794,000 | 4,715,000 | 3,000 |
Accounts and Notes Receivable75
Accounts and Notes Receivable, Net (Schedule of Accounts and Notes Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Accounts receivable - trade | [1] | $ 3,610 | $ 3,435 |
Notes receivable - trade | [1],[2] | 206 | 301 |
Other | [3] | 1,155 | 907 |
Accounts and notes receivable, net | 4,971 | 4,643 | |
Accounts and notes receivable - trade, allowance | $ 287 | $ 225 | |
[1] | Accounts and notes receivable – trade are net of allowances of $287 at 2016 and $225 at 2015. Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. | ||
[2] | Notes receivable – trade primarily consists of receivables within the Agriculture segment for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of December 31, 2016 and 2015, there were no significant past due notes receivable, nor were there any significant impairments related to current loan agreements. | ||
[3] | Other includes receivables in relation to fair value of derivative instruments, indemnification assets, value added tax, general sales tax and other taxes. |
Inventories (Schedule of Invent
Inventories (Schedule of Inventories) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory, Net [Abstract] | ||
Finished products | $ 3,113 | $ 3,779 |
Semi-finished products | 2,009 | 1,780 |
Raw materials, stores and supplies | 719 | 783 |
Total inventories before LIFO adjustment | 5,841 | 6,342 |
Adjustment of inventories to a LIFO basis | (168) | (202) |
Total | $ 5,673 | $ 6,140 |
Property, Plant and Equipment77
Property, Plant and Equipment (Schedule of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | $ 23,967 | $ 24,130 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 4,495 | 4,468 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 17,534 | 17,410 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 514 | 506 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment | 1,424 | [1] | $ 1,746 |
Asset impairment charges | $ 435 | ||
[1] | The decrease in construction is the result of an impairment charge of $435 related to the company's uncompleted ERP system. See Note 4 for additional information. |
Goodwill and Other Intangible78
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Other Intangible Assets [Line Items] | |||
Goodwill impairment | $ 0 | $ 0 | |
Aggregate pre-tax amortization expense | 319 | 362 | $ 363 |
Continuing Operations [Member] | |||
Goodwill and Other Intangible Assets [Line Items] | |||
Aggregate pre-tax amortization expense | 319 | $ 360 | $ 360 |
Pre-tax amortization expense, 2017 | 208 | ||
Pre-tax amortization expense, 2018 | 211 | ||
Pre-tax amortization expense, 2019 | 213 | ||
Pre-tax amortization expense, 2020 | 187 | ||
Pre-tax amortization expense, 2021 | $ 138 |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | |||
Goodwill balance | $ 4,180 | $ 4,248 | $ 4,332 |
Goodwill adjustments and acquisitions | (68) | (84) | |
Agriculture [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 343 | 336 | 318 |
Goodwill adjustments and acquisitions | 7 | 18 | |
Electronics & Communications [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 149 | 149 | 149 |
Goodwill adjustments and acquisitions | 0 | 0 | |
Industrial Biosciences [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 1,175 | 1,209 | 1,218 |
Goodwill adjustments and acquisitions | (34) | (9) | |
Nutrition & Health [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 2,053 | 2,092 | 2,193 |
Goodwill adjustments and acquisitions | (39) | (101) | |
Performance Materials [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 381 | 383 | 375 |
Goodwill adjustments and acquisitions | (2) | 8 | |
Protection Solutions [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 34 | 34 | 34 |
Goodwill adjustments and acquisitions | 0 | 0 | |
Other Segment [Member] | |||
Goodwill [Line Items] | |||
Goodwill balance | 45 | 45 | $ 45 |
Goodwill adjustments and acquisitions | $ 0 | $ 0 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets (Schedule of Other Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | $ 3,208 | $ 3,454 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (1,521) | (1,483) | ||
Definite-lived Intangible Assets, Net | 1,687 | 1,971 | ||
Indefinite-lived Intangible Assets, Net | 1,977 | 2,173 | ||
Intangible Assets, Gross (Excluding Goodwill) | 5,185 | 5,627 | ||
Total Intangible Assets, Accumulated Amortization | (1,521) | (1,483) | ||
Intangible Assets Net Excluding Goodwill | 3,664 | 4,144 | ||
In-process research and development [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Net | 73 | 72 | ||
Microbial Cell Factories [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Net | [1] | 306 | 306 | |
Pioneer Germplasm [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Net | [2] | 1,053 | 1,048 | |
Trademarks/tradenames [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets, Net | [3] | 545 | 747 | |
Customer Lists [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 1,574 | 1,621 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (586) | (529) | ||
Definite-lived Intangible Assets, Net | 988 | 1,092 | ||
Patents [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 446 | 454 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (259) | (220) | ||
Definite-lived Intangible Assets, Net | 187 | 234 | ||
Purchased and Licensed Technology [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 964 | 1,173 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (579) | (649) | ||
Definite-lived Intangible Assets, Net | 385 | 524 | ||
Trademarks/tradenames [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | 53 | [3] | 26 | |
Definite-lived Intangible Assets, Accumulated Amortization | (15) | [3] | (13) | |
Definite-lived Intangible Assets, Net | 38 | [3] | 13 | |
Other Intangible Assets [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Definite-lived Intangible Assets, Gross | [4] | 171 | 180 | |
Definite-lived Intangible Assets, Accumulated Amortization | [4] | (82) | (72) | |
Definite-lived Intangible Assets, Net | [4] | 89 | $ 108 | |
Industrial Biosciences [Member] | Trademarks/tradenames [Member] | ||||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ (158) | |||
[1] | Microbial cell factories, derived from natural microbes, are used to sustainably produce enzymes, peptides and chemicals using natural metabolic processes. The company recognized the microbial cell factories as an intangible asset upon the acquisition of Danisco. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | |||
[2] | Pioneer germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | |||
[3] | The decrease in indefinite-lived intangible trademarks / trade names is the result of a $158 impairment charge recorded during the year ended December 31, 2016 associated with certain acquired trade names. The remaining net book value of the trade names are reflected in definite-lived trademarks / trade names at December 31, 2016. See Note 4 for additional information. | |||
[4] | Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. |
Short-Term and Long-Term Borr81
Short-Term and Long-Term Borrowings (Schedule of Short-Term Borrowings) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Commercial paper | $ 386 | $ 0 |
Other loans-various currencies | 39 | 49 |
Long-term debt payable within one year | 4 | 1,115 |
Capital lease obligations | 0 | 1 |
Total short term borrowings and capital lease obligations | $ 429 | $ 1,165 |
Short-Term and Long-Term Borr82
Short-Term and Long-Term Borrowings (Short-Term Borrowings) (Narrative) (Details) - USD ($) $ in Millions | 48 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | |||
Unused bank credit lines | $ 7,900 | $ 4,900 | |
Outstanding letters of credit | $ 188 | $ 203 | |
Weighted-average interest rate | 2.20% | 4.10% | |
Fair Value, Inputs, Level 2 [Member] | |||
Short-term Debt [Line Items] | |||
Fair value of short-term borrowings | $ 430 | $ 1,190 | |
Scenario, Forecast [Member] | |||
Short-term Debt [Line Items] | |||
Line of Credit Facility, Description | 2 years |
Short-Term and Long-Term Borr83
Short-Term and Long-Term Borrowings Short-Term and Long-Term Borrowings (Schedule of Long-Term Borrowings) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2008 | |||
Debt Instrument [Line Items] | |||||||
Long term debt, current and non-current, before unamortized discount or premium | $ 8,137 | $ 8,777 | |||||
Less short-term portion of long-term debt | 4 | 1,115 | |||||
Long term debt, excluding current maturities, before unamortized discount or premium | 8,133 | 7,662 | |||||
Less debt issuance costs | 35 | 32 | |||||
Long-term debt, excluding current maturities | 8,098 | 7,630 | |||||
Capital lease obligations | 9 | 12 | |||||
Long-term borrowings and capital lease obligations | $ 8,107 | $ 7,642 | |||||
Medium-term notes due 2038-2041 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 0.60% | 0.10% | |||||
Medium-term Notes | [1] | $ 111 | $ 111 | ||||
Senior Note 1 Point 95 Percent Due 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.95% | 1.95% | 1.95% | ||||
Senior Notes | $ 0 | [2] | $ 348 | [2] | $ 152 | ||
Senior Note 2 Point 75 Percent Due 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | ||||
Senior Notes | $ 0 | [2] | $ 223 | [2] | $ 277 | ||
Senior Note 5 Point 25 Percent Due 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.25% | ||||
Senior Notes | $ 0 | [2] | $ 541 | [2] | $ 59 | ||
Senior Note 6 Percent Due 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | |||||
Senior Notes | [3] | $ 1,290 | $ 1,314 | ||||
Senior Note 5 Point 75 Percent Due 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | |||||
Senior Notes | $ 500 | $ 499 | |||||
Senior Note 4 Point 625 Percent Due 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | 4.625% | |||||
Senior Notes | $ 999 | $ 998 | |||||
Senior Note 3 Point 625 Percent Due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | 3.625% | |||||
Senior Notes | $ 999 | $ 999 | |||||
Senior Note 4 Point 25 Percent Due 2021 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | 4.25% | |||||
Senior Notes | $ 499 | $ 499 | |||||
Senior Note 2 Point 80 percent notes due 2023 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | 2.80% | |||||
Senior Notes | $ 1,250 | $ 1,250 | |||||
Senior Note 6 Point 50 Percent Due 2028 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | 6.50% | |||||
Debenture notes | $ 299 | $ 299 | |||||
Senior Note 5 Point 60 Percent Due 2036 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | 5.60% | |||||
Senior Notes | $ 396 | $ 396 | |||||
Senior Note 4 Point 90 Percent Due 2041 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | 4.90% | |||||
Senior Notes | $ 494 | $ 494 | |||||
Senior Note 4 Point 15 percent due 2043 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | 4.15% | |||||
Senior Notes | $ 749 | $ 749 | |||||
Term Loan Facility due 2019 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term line of credit, noncurrent | $ 500 | $ 0 | |||||
Other Loans [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 4.30% | 4.30% | |||||
Other Loans Payable | [2],[4] | $ 22 | $ 25 | ||||
Other Loans, Various Currencies [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Other Loans Payable | [2] | $ 29 | $ 32 | ||||
Interest Rate Swap [Member] | Senior Note 6 Percent Due 2018 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Effective Yield On Interest Rate Swap | 3.85% | ||||||
[1] | Average interest rates on medium-term notes were 0.6 percent and 0.1 percent at December 31, 2016 and 2015, respectively. | ||||||
[2] | Includes long-term debt due within one year. | ||||||
[3] | During 2008, the interest rate swap agreement associated with these notes was terminated. The gain will be amortized over the remaining life of the bond, resulting in an effective yield of 3.85 percent. | ||||||
[4] | Average interest rates on other loans were 4.3 percent at December 31, 2016 and 2015. |
Short-Term and Long-Term Borr84
Short-Term and Long-Term Borrowings Short-Term and Long-Term Borrowings (Long-Term Borrowings) (Narrative) (Details) $ in Millions | 1 Months Ended | 12 Months Ended | 36 Months Ended | 48 Months Ended | |||||||
May 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 22, 2019 | Dec. 31, 2018 | Mar. 22, 2016USD ($)yrborrowings | Jun. 30, 2015USD ($) | May 12, 2015USD ($) | |||
Debt Instrument [Line Items] | |||||||||||
Dividend received from Chemours | $ 3,923 | ||||||||||
Cash distribution received from Chemours | $ 3,416 | ||||||||||
Separation related transaction costs | $ 35 | $ 306 | $ 175 | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,323 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,004 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,003 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,503 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 3,300 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 7,900 | 4,900 | |||||||||
Senior Note 1 Point 95 Percent Due 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes | $ 0 | [1] | $ 348 | [1] | $ 152 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.95% | 1.95% | 1.95% | ||||||||
Senior notes due 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes | $ 488 | ||||||||||
Senior Note 2 Point 75 Percent Due 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes | $ 0 | [1] | $ 223 | [1] | $ 277 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.75% | 2.75% | 2.75% | ||||||||
Senior Note 5 Point 25 Percent Due 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes | $ 0 | [1] | $ 541 | [1] | $ 59 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | 5.25% | ||||||||
Term Loan Facility due 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | ||||||||||
Number of borrowings permitted | borrowings | 7 | ||||||||||
Period from closing date for allowed borrowings | yr | 1 | ||||||||||
Long-term line of credit, noncurrent | $ 500 | $ 0 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,000 | ||||||||||
Term Loan Facility due 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ||||||||||
Term Loan Facility due 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||
Term Loan Facility due 2019 [Member] | Federal Funds Effective Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||||||||
Term Loan Facility due 2019 [Member] | Margin [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ||||||||||
Term Loan Facility due 2019 [Member] | Margin [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ||||||||||
Chemours Notes Received [Member] | SeniorNotes7PercenteDue2025 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior Notes | $ 507 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||||||||||
Loss on extinguishment of debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Separation related transaction costs | 20 | ||||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Fair Value | $ 8,460 | $ 7,860 | |||||||||
Scenario, Forecast [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Expiration Period | 2 years | ||||||||||
Scenario, Forecast [Member] | Term Loan Facility due 2019 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Expiration Period | 3 years | ||||||||||
[1] | Includes long-term debt due within one year. |
Other Accrued Liabilities (Sche
Other Accrued Liabilities (Schedule of Other Accrued Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities, Current [Abstract] | ||
Deferred revenue | $ 2,223 | $ 2,519 |
Compensation and other employee-related costs | 813 | 699 |
Employee benefits (Note 17) | 353 | 364 |
Discounts and rebates | 299 | 284 |
Derivative instruments (Note 19) | 173 | 91 |
Accrual for restructuring programs (Note 4) | 131 | 758 |
Miscellaneous | 670 | 865 |
Total other accrued liabilities | $ 4,662 | $ 5,580 |
Other Liabilities (Schedule of
Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Liabilities [Line Items] | ||
Accrued environmental remediation costs | $ 337 | $ 367 |
Miscellaneous | 1,342 | 1,222 |
Total other liabilities | 12,333 | 12,591 |
Pension Plan [Member] | ||
Other Liabilities [Line Items] | ||
Accrued benefit costs (Note 17) | 8,100 | 8,478 |
Other Post Employment Benefit Plans [Member] | ||
Other Liabilities [Line Items] | ||
Accrued benefit costs (Note 17) | $ 2,554 | $ 2,524 |
Commitments and Contingent Li87
Commitments and Contingent Liabilities (Guarantees) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2016USD ($)yrmonth | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 354 | |
Guaranteed Obligations, Short-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 325 | |
Guarantee Obligations, Long-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 29 | |
Customer and Supplier Guarantee, Bank Borrowings [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 167 | [1] |
Guaranteed obligations maximum term, years | yr | 5 | [1] |
Customer and Supplier Guarantee, Bank Borrowings [Member] | Guaranteed Obligations, Short-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 149 | [1] |
Customer and Supplier Guarantee, Bank Borrowings [Member] | Guarantee Obligations, Long-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 18 | [1] |
Equity Affiliates Guarantee, Bank Borrowings [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 161 | [2] |
Guaranteed obligations maximum term, years | yr | 1 | [1] |
Equity Affiliates Guarantee, Bank Borrowings [Member] | Guaranteed Obligations, Short-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 161 | [2] |
Equity Affiliates Guarantee, Bank Borrowings [Member] | Guarantee Obligations, Long-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 0 | [2] |
Chemours purchase obligations [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 26 | [3] |
Guaranteed Obligations Maximum Term, Months | month | 15 | [3] |
Chemours purchase obligations [Member] | Guaranteed Obligations, Short-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 15 | [3] |
Chemours purchase obligations [Member] | Guarantee Obligations, Long-Term [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | 11 | [3] |
Customer and Supplier Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee obligations | $ 167 | |
Collateral assets and personal guarantees percentage | 23.00% | |
[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 Li88
Commitments and Contingent Liabilities (Operating Leases) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Future minimum lease payments for 2017 | $ 263 | ||
Future minimum lease payments for 2018 | 233 | ||
Future minimum lease payments for 2019 | 207 | ||
Future minimum lease payments for 2020 | 158 | ||
Future minimum lease payments for 2021 | 123 | ||
Future minimum lease payments for subsequent years | 219 | ||
Future minimum sublease rental income | 2 | ||
Net rental expense under operating leases | $ 245 | $ 271 | $ 249 |
Commitments and Contingent Li89
Commitments and Contingent Liabilities (Litigation) (Details) $ in Millions | 1 Months Ended | 5 Months Ended | 12 Months Ended | 14 Months Ended | ||||
Jul. 31, 2005USD ($) | Mar. 31, 2017cases | Dec. 31, 2017cases | Dec. 31, 2016USD ($)caseslawsuits | Dec. 31, 2015USD ($) | Dec. 31, 2004 | Dec. 31, 2017cases | Jan. 31, 2012USD ($) | |
PFOA Matters [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Accrual balance | $ 117 | |||||||
Indemnification assets | 117 | |||||||
PFOA Matters [Member] | Environmental Issue [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Accrual balance | 17 | |||||||
PFOA Matters: Drinking Water Actions [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Binding settlement agreement, class size | 80,000 | |||||||
Loss Contingency, Estimate of Possible Loss | 235 | |||||||
Escrow amount per settlement agreement | $ 1 | |||||||
Minimum escrow amount per settlement agreement | $ 0.5 | |||||||
Escrow amount disbursed (less than) | $ 1 | |||||||
PFOA MDL plaintiff cases voluntarily withdrawn | 1 | |||||||
PFOA Matters: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Accrual balance | $ 100 | |||||||
Disease Categories for MDL | 6 | |||||||
Lawsuits alleging personal injury - filed | 3,550 | |||||||
Lawsuits alleging wrongful death | 30 | |||||||
PFOA MDL plaintiffs | 6 | |||||||
PFOA MDL plaintiff cases settled for immaterial amounts | cases | 3 | |||||||
PFOA MDL plaintiff cases tried to a verdict that have been or will be appealed | cases | 2 | |||||||
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: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of cases for trial in 2017 | cases | 40 | |||||||
First cases tried prior to May 2017 | cases | 2 | |||||||
Number of cases starting May 2017 | cases | 38 | |||||||
Kidney cancer [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lawsuits alleging personal injury - filed | lawsuits | 210 | |||||||
PFOA MDL plaintiff cases settled for immaterial amounts | cases | 2 | |||||||
Kidney cancer [Member] | PFOA Matters: Multi-District Litigation [Member] | Punitive [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Awarded, Value | $ 0 | |||||||
Kidney cancer [Member] | PFOA Matters: Multi-District Litigation [Member] | Compensatory [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Awarded, Value | $ 1.6 | |||||||
Testicular cancer [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lawsuits alleging personal injury - filed | lawsuits | 70 | |||||||
Ulcerative colitis [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lawsuits alleging personal injury - filed | lawsuits | 300 | |||||||
PFOA MDL plaintiff cases settled for immaterial amounts | cases | 1 | |||||||
Preeclampsia [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lawsuits alleging personal injury - filed | lawsuits | 200 | |||||||
Thyroid disease [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lawsuits alleging personal injury - filed | lawsuits | 1,430 | |||||||
High cholesterol [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Lawsuits alleging personal injury - filed | lawsuits | 1,340 | |||||||
Freeman [Member] | Testicular cancer [Member] | PFOA Matters: Multi-District Litigation [Member] | Punitive [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Awarded, Value | $ 0.5 | |||||||
Freeman [Member] | Testicular cancer [Member] | PFOA Matters: Multi-District Litigation [Member] | Compensatory [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Awarded, Value | 5.1 | |||||||
Vigneron [Member] | Testicular cancer [Member] | PFOA Matters: Multi-District Litigation [Member] | Punitive [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Awarded, Value | 10.5 | |||||||
Vigneron [Member] | Testicular cancer [Member] | PFOA Matters: Multi-District Litigation [Member] | Compensatory [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Loss Contingency, Damages Awarded, Value | $ 2 |
Commitments and Contingent Li90
Commitments and Contingent Liabilities (Environmental) (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($)yr | |
Site Contingency [Line Items] | |
Accrual for environmental remediation activities | $ 457 |
Potential environmental liability in excess of accrued amount | $ 900 |
Minimum [Member] | |
Site Contingency [Line Items] | |
Average time frame of disbursements of environmental site remediation | yr | 15 |
Maximum [Member] | |
Site Contingency [Line Items] | |
Average time frame of disbursements of environmental site remediation | yr | 20 |
Chemours [Member] | |
Site Contingency [Line Items] | |
Accrual for environmental remediation activities | $ 250 |
Potential environmental liability in excess of accrued amount | 500 |
Indemnification assets | $ 250 |
Stockholders' Equity (Share Rep
Stockholders' Equity (Share Repurchase Program) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | 23 Months Ended | 35 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2016 | Jul. 28, 2015 | Jan. 21, 2015 | Jan. 31, 2014 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Payments for Repurchase of Common Stock | $ 916 | $ 2,353 | $ 2,000 | |||||
Repurchased and retired, shares | 13,152,000 | 39,564,000 | 30,110,000 | |||||
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 | |||||||
Payments for Repurchase of Common Stock | $ 2,916 | |||||||
Repurchased and retired, shares | 48,200,000 | |||||||
YTD 2016 Open Market Purchases [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Payments for Repurchase of Common Stock | $ 916 | |||||||
Repurchased and retired, shares | 13,200,000 | |||||||
January 2014 Buyback Plan [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Share buyback plan, authorized amount | $ 5,000 | |||||||
Payments for Repurchase of Common Stock | $ 2,000 | $ 2,353 | ||||||
Repurchased and retired, shares | 30,100,000 | 34,700,000 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 2,647 | $ 2,647 | $ 2,647 | |||||
YTD 2015 Open Market Purchases [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Payments for Repurchase of Common Stock | $ 353 | |||||||
Repurchased and retired, shares | 4,600,000 |
Stockholders' Equity (Reconcili
Stockholders' Equity (Reconciliation of Common Stock Share Activity) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |||
Common stock, beginning balance | 958,388,000 | 992,020,000 | 1,014,027,000 |
Common stock, issued | 4,808,000 | 5,932,000 | 8,103,000 |
Common stock, retired | (13,152,000) | (39,564,000) | (30,110,000) |
Common stock, ending balance | 950,044,000 | 958,388,000 | 992,020,000 |
Held in treasury, beginning balance | (87,041,000) | (87,041,000) | (87,041,000) |
Held in treasury, repurchased | (13,152,000) | (39,564,000) | (30,110,000) |
Held in treasury, retired | 13,152,000 | 39,564,000 | 30,110,000 |
Held in treasury, ending balance | (87,041,000) | (87,041,000) | (87,041,000) |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholder's Equity (Noncontrolling Interest) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 198 | $ 207 |
Performance Materials [Member] | ||
Noncontrolling Interest [Line Items] | ||
Noncontrolling interests | $ 151 |
Stockholders' Equity Stockhol94
Stockholders' Equity Stockholders' Equity (Schedule of Components of Other Comprehensive Income / (Loss)) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated other comprehensive (loss) income | $ (9,911) | $ (9,396) | $ (8,556) | $ (5,290) | |||
Other comprehensive (loss) income before reclassifications | (850) | (1,605) | (3,575) | ||||
Amounts reclassified from accumulated other comprehensive loss | 335 | 297 | 309 | ||||
Other comprehensive (loss) income | (515) | (1,308) | (3,265) | ||||
Spin-off of Chemours | 468 | ||||||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated other comprehensive (loss) income | (2,843) | [1] | (2,333) | [1] | (919) | [1] | (43) |
Other comprehensive (loss) income before reclassifications | (510) | (1,605) | (876) | ||||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | 0 | ||||
Other comprehensive (loss) income | (510) | (1,605) | (876) | ||||
Spin-off of Chemours | 191 | ||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated other comprehensive (loss) income | 7 | (24) | (6) | (48) | |||
Other comprehensive (loss) income before reclassifications | 20 | (25) | 33 | ||||
Amounts reclassified from accumulated other comprehensive loss | 11 | 7 | 9 | ||||
Other comprehensive (loss) income | 31 | (18) | 42 | ||||
Spin-off of Chemours | 0 | ||||||
Pension Plan [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated other comprehensive (loss) income | (6,720) | (7,043) | (7,895) | (5,695) | |||
Other comprehensive (loss) income before reclassifications | (271) | 39 | (2,601) | ||||
Amounts reclassified from accumulated other comprehensive loss | 594 | 535 | 401 | ||||
Other comprehensive (loss) income | 323 | 574 | (2,200) | ||||
Spin-off of Chemours | 278 | ||||||
Other Post Employment Benefit Plans [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated other comprehensive (loss) income | (357) | 22 | 262 | 494 | |||
Other comprehensive (loss) income before reclassifications | (81) | 3 | (131) | ||||
Amounts reclassified from accumulated other comprehensive loss | (298) | (243) | (101) | ||||
Other comprehensive (loss) income | (379) | (240) | (232) | ||||
Spin-off of Chemours | 0 | ||||||
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated other comprehensive (loss) income | 2 | (18) | 2 | $ 2 | |||
Other comprehensive (loss) income before reclassifications | (8) | (17) | 0 | ||||
Amounts reclassified from accumulated other comprehensive loss | 28 | (2) | 0 | ||||
Other comprehensive (loss) income | 20 | (19) | 0 | ||||
Spin-off of Chemours | (1) | ||||||
Other Comprehensive (Loss) Income, Net of Tax, Attributable to Parent [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other comprehensive (loss) income | (3,266) | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Amounts reclassified from accumulated other comprehensive loss | $ 335 | $ 297 | $ 309 | ||||
[1] | The currency translation loss for the year ended December 31, 2016 is primarily driven by the strengthening of the U.S. dollar (USD) against the European Euro (EUR) partially offset by the weakening of the USD against the Brazilian real (BRL). The currency translation loss for the years ended December 31, 2015 and 2014 is driven by the strengthening USD against primarily the EUR and BRL. For the year ended December 31, 2015, the increase over prior year is also due to changes in certain foreign entity's functional currency as described in Note 1. |
Stockholders' Equity Stockhol95
Stockholders' Equity Stockholder's Equity (Schedule of tax benefit (expense) on net activity) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Comprehensive Income (Loss), Tax | $ 12 | $ (175) | $ 1,403 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Other Comprehensive Income (Loss), Tax | (19) | 7 | (26) |
Pension Plan [Member] | |||
Other Comprehensive Income (Loss), Tax | (163) | (317) | 1,274 |
Other Post Employment Benefit Plans [Member] | |||
Other Comprehensive Income (Loss), Tax | $ 194 | $ 135 | $ 155 |
Stockholders' Equity Stockhol96
Stockholders' Equity Stockholders' Equity (Reclassifications out of accumulated other Comprehensive Income / (Loss)) (Details) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income Tax Expense (Benefit) | $ 744 | $ 696 | $ 1,168 | |
Other income, net | 708 | 697 | 1,277 | |
Income from continuing operations after income taxes | 2,521 | 1,895 | 3,145 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 335 | 297 | 309 | |
Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income Tax Expense (Benefit) | [1] | (7) | (5) | (6) |
Pension Plan [Member] | Prior service (benefit) cost | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | (6) | (9) | 2 |
Pension Plan [Member] | Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | 822 | 768 | 601 |
Pension Plan [Member] | Curtailment loss (gain) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | 40 | (6) | 4 |
Pension Plan [Member] | Settlement loss | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | 62 | 76 | 7 |
Pension Plan [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 918 | 829 | 614 | |
Reclassification from AOCI, Current Period, Tax | [1] | (324) | (294) | (213) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 594 | 535 | 401 | |
Other Post Employment Benefit Plans [Member] | Prior service (benefit) cost | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | (134) | (182) | (214) |
Other Post Employment Benefit Plans [Member] | Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | 78 | 78 | 57 |
Other Post Employment Benefit Plans [Member] | Curtailment loss (gain) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [2] | (392) | (274) | 0 |
Other Post Employment Benefit Plans [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | (448) | (378) | (157) | |
Reclassification from AOCI, Current Period, Tax | [1] | 150 | 135 | 56 |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (298) | (243) | (101) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 335 | 297 | 309 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Net Sales and Cost of Goods Sold | [3] | 18 | 12 | 15 |
Income from continuing operations after income taxes | 11 | 7 | 9 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||||
Income Tax Expense (Benefit) | [1] | 0 | 0 | 0 |
Other income, net | [4] | 28 | (2) | 0 |
Income from continuing operations after income taxes | $ 28 | $ (2) | $ 0 | |
[1] | 2. Provision for income taxes from continuing operations | |||
[2] | 3. These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost of the company's pension and other benefit plans. See Note 17 for additional information. | |||
[3] | 1. Net sales and cost of goods sold | |||
[4] | 4. Other income, net |
Stockholders' Equity Stockhol97
Stockholders' Equity Stockholder's Equity (Schedule of Components of Other Comprehensive Income / (Loss)) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Tax benefit (expense) recorded in Stockholders' Equity | $ 33 | $ (138) | $ 1,461 |
Tax benefits associated with stock compensation programs | $ 21 | $ 37 | $ 58 |
Long-Term Employee Benefits (Na
Long-Term Employee Benefits (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Re-measurement Impact, Benefit Obligation | $ 527 | |||
Defined Benefit Plan, Benefits Paid | $ 550 | |||
Other Post Employment Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain (loss) | $ 274 | |||
Discount rate | 3.87% | 4.13% | 4.60% | |
Expected return on plan assets | 0.00% | 0.00% | 0.00% | |
Rate of compensation increase | 0.00% | 0.00% | 0.00% | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain (loss) | $ 7 | |||
Accumulated benefit obligation | $ 24,345 | $ 24,984 | ||
Discount rate | 3.77% | 3.93% | 4.55% | |
Expected return on plan assets | 7.74% | 8.10% | 8.35% | |
Rate of compensation increase | 3.96% | 4.01% | 4.22% | |
United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discount rate | 4.04% | 4.29% | 4.90% | |
Expected return on plan assets | 8.00% | 8.50% | 8.75% | |
Rate of compensation increase | 4.15% | 4.20% | 4.50% | |
Scenario, Forecast [Member] | Other Post Employment Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pre-tax net loss that will be amortized from accumulated other comprehensive income in next fiscal year | $ 91 | |||
Pre-tax prior service cost/(credit) that will be amortized from accumulated other comprehensive income in next fiscal year | (69) | |||
Scenario, Forecast [Member] | Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pre-tax net loss that will be amortized from accumulated other comprehensive income in next fiscal year | 758 | |||
Pre-tax prior service cost/(credit) that will be amortized from accumulated other comprehensive income in next fiscal year | $ (4) | |||
November 2016 Pension and OPEB Changes [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain (loss) | $ 25 | |||
November 2016 Pension and OPEB Changes [Member] | Other Post Employment Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain (loss) | 357 | |||
Workforce Reductions [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain (loss) | (63) | |||
Workforce Reductions [Member] | Other Post Employment Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Curtailment gain (loss) | $ 35 |
Long-Term Employee Benefits (Su
Long-Term Employee Benefits (Summarized Information on Pension and Other Long-Term Benefits Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | $ 17,497 | |||
Benefits paid | (550) | |||
Fair value of plan assets at end of year | 16,656 | $ 17,497 | ||
Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other liabilities (Note 14) | (8,100) | (8,478) | ||
Other Post Employment Benefit Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Employer contributions | 218 | 237 | ||
Other liabilities (Note 14) | (2,554) | (2,524) | ||
Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | (8,175) | (8,597) | ||
Net amount recognized | (8,175) | (8,597) | ||
Pension Plan [Member] | Change In Benefit Obligation [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 26,094 | 29,669 | ||
Service cost | 174 | 232 | ||
Interest cost | 800 | 1,084 | ||
Plan participants' contributions | 18 | 19 | ||
Actuarial loss (gain) | 460 | (1,404) | ||
Amendments | 0 | 0 | ||
Benefits paid | (2,374) | [1] | (1,761) | |
Effect of foreign exchange rates | (348) | (456) | ||
Defined benefit plan acquisitions divestitures and other activity | (7) | 52 | ||
Spin-off of Chemours | 0 | (1,237) | ||
Benefit obligation at end of year | 24,831 | 26,094 | ||
Pension Plan [Member] | Change In Plan Assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 17,497 | 20,446 | ||
Plan participants' contributions | 18 | 19 | ||
Actual gain on plan assets | 1,219 | 88 | ||
Employer contributions | 535 | 308 | ||
Benefits paid | (2,374) | [1] | (1,761) | |
Defined benefit plan acquisitions divestitures and other activity | 0 | 47 | ||
Effect of foreign exchange rates | (239) | (330) | ||
Spin-off of Chemours | 0 | 1,226 | ||
Fair value of plan assets at end of year | 16,656 | 17,497 | ||
Pension Plan [Member] | United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | (6,391) | (6,662) | ||
Pension Plan [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | (674) | (748) | ||
Pension Plan [Member] | All Other Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | [2] | (1,110) | (1,187) | |
Pension Plan [Member] | Other assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other assets | 3 | 11 | ||
Pension Plan [Member] | Other accrued liabilities [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other accrued liabilities (Note 12) | (78) | (130) | ||
Pension Plan [Member] | Other liabilities [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other liabilities (Note 14) | (8,100) | (8,478) | ||
Other Post Employment Benefit Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | (2,829) | (2,758) | ||
Net amount recognized | (2,829) | (2,758) | ||
Other Post Employment Benefit Plans [Member] | Change In Benefit Obligation [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Benefit obligation at beginning of year | 2,758 | 2,889 | ||
Service cost | 11 | 15 | ||
Interest cost | 87 | 112 | ||
Plan participants' contributions | 36 | 45 | ||
Actuarial loss (gain) | 153 | (4) | ||
Amendments | (28) | 0 | ||
Benefits paid | (254) | (282) | ||
Effect of foreign exchange rates | 1 | (6) | ||
Defined benefit plan acquisitions divestitures and other activity | (65) | 0 | ||
Spin-off of Chemours | 0 | (11) | ||
Benefit obligation at end of year | 2,829 | 2,758 | ||
Other Post Employment Benefit Plans [Member] | Change In Plan Assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Fair value of plan assets at beginning of year | 0 | 0 | ||
Plan participants' contributions | 36 | 45 | ||
Actual gain on plan assets | 0 | 0 | ||
Employer contributions | 218 | 237 | ||
Benefits paid | (254) | (282) | ||
Defined benefit plan acquisitions divestitures and other activity | 0 | 0 | ||
Effect of foreign exchange rates | 0 | 0 | ||
Spin-off of Chemours | 0 | 0 | ||
Fair value of plan assets at end of year | 0 | 0 | ||
Other Post Employment Benefit Plans [Member] | United States Pension Plan of US Entity [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | 0 | 0 | ||
Other Post Employment Benefit Plans [Member] | Foreign Pension Plan [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | 0 | 0 | ||
Other Post Employment Benefit Plans [Member] | All Other Plans [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Funded status of plan | (2,829) | (2,758) | ||
Other Post Employment Benefit Plans [Member] | Other assets [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other assets | 0 | 0 | ||
Other Post Employment Benefit Plans [Member] | Other accrued liabilities [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other accrued liabilities (Note 12) | (275) | (234) | ||
Other Post Employment Benefit Plans [Member] | Other liabilities [Member] | ||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||||
Other liabilities (Note 14) | $ (2,554) | $ (2,524) | ||
[1] | 2016 benefits paid includes about $550 of lump sum benefits associated with the limited-time opportunity provided to certain separated, vested participants in the principal U.S. pension plan. See further discussion above. | |||
[2] | Includes pension plans maintained around the world where funding is not customary. |
Long-Term Employee Benefits (Sc
Long-Term Employee Benefits (Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | $ (10,280) | $ (10,803) |
Prior service benefit | 17 | 54 |
Pre-tax amounts recognized in accumulated other comprehensive loss | (10,263) | (10,749) |
Other Post Employment Benefit Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | (830) | (787) |
Prior service benefit | 281 | 811 |
Pre-tax amounts recognized in accumulated other comprehensive loss | $ (549) | $ 24 |
Long-Term Employee Benefits 101
Long-Term Employee Benefits (Schedule of Information for Pension Plans with Projected Benefit Obligation in Excess of Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 24,779 | $ 25,769 |
Accumulated benefit obligation | 24,297 | 24,715 |
Fair value of plan assets | $ 16,601 | $ 17,162 |
Long-Term Employee Benefits 102
Long-Term Employee Benefits (Schedule of Information for Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - Pension Plan [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 23,946 | $ 25,515 |
Accumulated benefit obligation | 23,591 | 24,508 |
Fair value of plan assets | $ 15,838 | $ 16,930 |
Long-Term Employee Benefits 103
Long-Term Employee Benefits (Schedules of Net Periodic Benefit Cost of Pension Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (credit) cost | $ 572 | $ 591 | $ 406 |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Noncontrolling interest | 0 | 0 | 1 |
Total (benefit) loss recognized in other comprehensive loss, attributable to DuPont | (486) | (1,273) | 3,474 |
Total recognized in net periodic benefit cost and other comprehensive loss | 86 | (682) | 3,880 |
Net Periodic Benefit (Credit) Cost [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 174 | 232 | 241 |
Interest cost | 800 | 1,084 | 1,162 |
Expected return on plan assets | (1,320) | (1,554) | (1,611) |
Amortization of loss | 822 | 768 | 601 |
Amortization of prior service (benefit) cost | (6) | (9) | 2 |
Curtailment gain (loss) | (40) | 6 | (4) |
Settlement loss | 62 | 76 | 7 |
Net periodic benefit (credit) cost | 572 | 591 | 406 |
Changes in Plan Assets and Benefit Obligations Recognized in OCI [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net loss | (570) | (57) | (4,131) |
Amortization of loss | (822) | (768) | (601) |
Prior service benefit | 0 | 0 | (44) |
Amortization of prior service benefit (cost) | 6 | 9 | (2) |
Curtailment (loss) gain | (40) | 6 | (4) |
Settlement loss | (62) | (76) | (7) |
Effect of foreign exchange rates | (138) | (119) | 0 |
Spin-off of Chemours | 0 | 382 | 0 |
Total (benefit) loss recognized in other comprehensive loss | (486) | (1,273) | 3,473 |
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Net Periodic Benefit (Credit) Cost [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (credit) cost | (5) | (5) | 40 |
Continuing Operations [Member] | Net Periodic Benefit (Credit) Cost [Member] | Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (credit) cost | $ 577 | $ 596 | $ 366 |
Long-Term Employee Benefits 104
Long-Term Employee Benefits (Schedules of Net Periodic Benefit Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (credit) cost | $ 572 | $ 591 | $ 406 |
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain (loss) | 274 | ||
Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total loss recognized in other comprehensive loss, attributable to DuPont | 573 | 375 | 387 |
Total recognized in net periodic benefit cost and other comprehensive loss | 223 | 124 | 368 |
Other Postretirement Benefit Plan [Member] | Net Periodic Benefit (Credit) Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 11 | 15 | 17 |
Interest cost | 87 | 112 | 121 |
Amortization of loss | 78 | 78 | 57 |
Amortization of prior service (benefit) cost | (134) | (182) | (214) |
Curtailment gain (loss) | (392) | (274) | 0 |
Net periodic benefit (credit) cost | (350) | (251) | (19) |
Other Postretirement Benefit Plan [Member] | Changes in Plan Assets and Benefit Obligations Recognized in OCI [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net loss (gain) | (153) | 4 | (280) |
Amortization of loss | (78) | (78) | (57) |
Prior service benefit | (28) | 0 | (50) |
Amortization of prior service benefit | 134 | 182 | 214 |
Curtailment gain | 392 | 274 | 0 |
Effect of foreign exchange rates | 0 | 1 | 0 |
Other Postretirement Benefit Plan [Member] | Discontinued Operations, Disposed of by Means Other than Sale, Spinoff [Member] | Net Periodic Benefit (Credit) Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (credit) cost | 0 | (272) | 3 |
Other Postretirement Benefit Plan [Member] | Continuing Operations [Member] | Net Periodic Benefit (Credit) Cost [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (credit) cost | (350) | $ 21 | $ (22) |
November 2016 Pension and OPEB Changes [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain (loss) | 25 | ||
November 2016 Pension and OPEB Changes [Member] | Other Postretirement Benefit Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment gain (loss) | $ 357 |
Long-Term Employee Benefits 105
Long-Term Employee Benefits (Schedule of Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.80% | 4.13% | |
Rate of compensation increase | [1] | 3.80% | 3.94% |
Other Post Employment Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.03% | 4.32% | |
Rate of compensation increase | [1] | 0.00% | 0.00% |
[1] | The rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant's entire career at the company. |
Long-Term Employee Benefits 106
Long-Term Employee Benefits (Schedule of Assumptions Used to Determine Net Periodic Benefit Cost) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Post Employment Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.87% | 4.13% | 4.60% |
Expected return on plan assets | 0.00% | 0.00% | 0.00% |
Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.77% | 3.93% | 4.55% |
Expected return on plan assets | 7.74% | 8.10% | 8.35% |
Rate of compensation increase | 3.96% | 4.01% | 4.22% |
Long-Term Employee Benefits 107
Long-Term Employee Benefits (Schedule of Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | ||
Health care cost trend rate assumed for next year | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,023 | 2,023 |
Long-Term Employee Benefits 108
Long-Term Employee Benefits (Schedule of a One-Percentage Point Change in Assumed Health Care Cost Trend Rates) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Effect of a 1-percentage point increase on total of service and interest cost | $ 0 |
Effect of a 1-percentage point decrease on total of service and interest cost | 0 |
Effect of a 1-percentage point increase on postretirement benefit obligation | 11 |
Effect of a 1-percentage point decrease on postretirement benefit obligation | $ (11) |
Long-Term Employee Benefits (Pl
Long-Term Employee Benefits (Plan Assets) (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 27.00% | 29.00% |
Non-U.S. Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 24.00% | 22.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 33.00% | 32.00% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 2.00% | 2.00% |
Private market securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 8.00% | 9.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 4.00% | 3.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average target plan asset allocations | 2.00% | 3.00% |
Long-Term Employee Benefits 110
Long-Term Employee Benefits (Schedule of Fair Value of Pension Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | ||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 16,656 | $ 17,497 | |||
Fair value of plan assets excluding trust receivables and payables and assets measured at NAV | 14,470 | 14,965 | |||
Pension trust receivables | 264 | [1] | 783 | [2] | |
Pension trust payables | (372) | [3] | (704) | [4] | |
DuPont securities held in plan assets | $ 732 | $ 664 | |||
Percent of plan assets which are DuPont securities | 4.00% | 4.00% | |||
Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 1,505 | $ 1,962 | |||
U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,071 | [5] | 3,873 | [6] | |
Non-U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,278 | 3,597 | |||
Debt - government issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,067 | 2,028 | |||
Debt - corporate issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,475 | 2,374 | |||
Debt - Asset-backed [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 721 | 831 | |||
Hedge funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1 | 1 | |||
Private market securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 67 | 54 | |||
Real Estate Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 275 | 246 | |||
Derivatives - Asset Position [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 53 | 58 | |||
Derivatives - Liability Position [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | (47) | (59) | |||
Other Assets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4 | ||||
Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 9,997 | 10,580 | |||
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,480 | 1,961 | |||
Fair Value, Inputs, Level 1 [Member] | U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,033 | [5] | 3,843 | [6] | |
Fair Value, Inputs, Level 1 [Member] | Non-U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,126 | 3,480 | |||
Fair Value, Inputs, Level 1 [Member] | Debt - government issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 864 | 852 | |||
Fair Value, Inputs, Level 1 [Member] | Debt - corporate issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 273 | 291 | |||
Fair Value, Inputs, Level 1 [Member] | Debt - Asset-backed [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 39 | 44 | |||
Fair Value, Inputs, Level 1 [Member] | Hedge funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Private market securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 1 [Member] | Real Estate Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 175 | 98 | |||
Fair Value, Inputs, Level 1 [Member] | Derivatives - Asset Position [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 7 | 10 | |||
Fair Value, Inputs, Level 1 [Member] | Derivatives - Liability Position [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 1 | |||
Fair Value, Inputs, Level 1 [Member] | Other Assets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4,275 | 4,147 | |||
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 25 | 1 | |||
Fair Value, Inputs, Level 2 [Member] | U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 20 | [5] | 10 | [6] | |
Fair Value, Inputs, Level 2 [Member] | Non-U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 151 | 115 | |||
Fair Value, Inputs, Level 2 [Member] | Debt - government issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,203 | 1,176 | |||
Fair Value, Inputs, Level 2 [Member] | Debt - corporate issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,163 | 2,049 | |||
Fair Value, Inputs, Level 2 [Member] | Debt - Asset-backed [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 682 | 786 | |||
Fair Value, Inputs, Level 2 [Member] | Hedge funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1 | 1 | |||
Fair Value, Inputs, Level 2 [Member] | Private market securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 25 | 17 | |||
Fair Value, Inputs, Level 2 [Member] | Real Estate Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 4 | |||
Fair Value, Inputs, Level 2 [Member] | Derivatives - Asset Position [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 46 | 48 | |||
Fair Value, Inputs, Level 2 [Member] | Derivatives - Liability Position [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | (47) | (60) | |||
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4 | ||||
Fair Value, Inputs, Level 3 Inputs [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 198 | 238 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Cash and Cash Equivalents [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 18 | [5] | 20 | [6] | |
Fair Value, Inputs, Level 3 Inputs [Member] | Non-U.S. Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1 | 2 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Debt - government issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Debt - corporate issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 39 | 34 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Debt - Asset-backed [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 1 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Hedge funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Private market securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 42 | 37 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Real Estate Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 98 | 144 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Derivatives - Asset Position [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Derivatives - Liability Position [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Other Assets [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Investments Measured at Net Asset Value [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,294 | 2,453 | |||
Investments Measured at Net Asset Value [Member] | Debt - government issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 8 | |||
Investments Measured at Net Asset Value [Member] | Debt - corporate issued [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 6 | |||
Investments Measured at Net Asset Value [Member] | Hedge funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [7] | 434 | 429 | ||
Investments Measured at Net Asset Value [Member] | Private market securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [8] | 1,416 | 1,553 | ||
Investments Measured at Net Asset Value [Member] | Real Estate Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | [8] | $ 444 | $ 457 | ||
[1] | Primarily receivables for investment securities sold. | ||||
[2] | Primarily receivables for investment securities sold. | ||||
[3] | Primarily payables for investment securities purchased. | ||||
[4] | Primarily payables for investment securities purchased. | ||||
[5] | The company's pension plans directly held $732 (4 percent of total plan assets) of DuPont common stock at December 31, 2016. | ||||
[6] | The company's pension plans directly held $664 (4 percent of total plan assets) of DuPont common stock at December 31, 2015. | ||||
[7] | Less than 5 percent of hedge funds have gates in place at the investor level for year end redemptions. Hedge funds also contain either no lock up or a lock up period of less than 1 year. | ||||
[8] | The remaining life of private market securities and real estate funds is an average of 15 years per investment. |
Long-Term Employee Benefits 111
Long-Term Employee Benefits (Schedule of Fair Value of Plan Assets Held in Level 3) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 16,656 | $ 17,497 | |||
Hedge Funds with gates in place | 5.00% | ||||
Remaining useful life private market securities and real estate funds | 15 years | ||||
Hedge Fund lock up period | 1 year | ||||
U.S. Equity Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 4,071 | [1] | 3,873 | [2] | |
Non-U.S. Equity Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 3,278 | 3,597 | |||
US Treasury and Government [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,067 | 2,028 | |||
Debt - corporate issued [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,475 | 2,374 | |||
Debt - Asset-backed [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 721 | 831 | |||
Hedge funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 | |||
Private market securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 67 | 54 | |||
Real Estate Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 275 | 246 | |||
Investments Measured at Net Asset Value [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 2,294 | 2,453 | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 937 | 993 | |||
Investments Measured at Net Asset Value [Member] | US Treasury and Government [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 8 | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | 0 | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 3 days | ||||
Investments Measured at Net Asset Value [Member] | Debt - corporate issued [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 0 | 6 | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | 0 | |||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period | 3 days | ||||
Investments Measured at Net Asset Value [Member] | Hedge funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [3] | $ 434 | 429 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | [3] | $ 0 | 0 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Monthly, Quarterly | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period, Range | Ranges from 3-45 days monthly, 3-90 days quarterly | ||||
Investments Measured at Net Asset Value [Member] | Private market securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | $ 1,416 | 1,553 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | [4] | $ 693 | 632 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Not applicable | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period, Not Applicable | Not applicable | ||||
Investments Measured at Net Asset Value [Member] | Real Estate Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | [4] | $ 444 | 457 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | [4] | $ 244 | 361 | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Frequency | Not applicable | ||||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Investment Redemption, Notice Period, Not Applicable | Not applicable | ||||
Fair Value, Inputs, Level 3 Inputs [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | $ 238 | 286 | |||
Realized (loss) gain | (28) | (32) | |||
Change in unrealized (loss) gain | 19 | (11) | |||
Purchases, sales and settlements, net | (37) | (18) | |||
Transfers in (out) of Level 3 | 6 | 13 | |||
Ending balance | 198 | 238 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 198 | 238 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | U.S. Equity Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 20 | 29 | |||
Realized (loss) gain | (3) | (14) | |||
Change in unrealized (loss) gain | 1 | 5 | |||
Purchases, sales and settlements, net | 0 | 0 | |||
Transfers in (out) of Level 3 | 0 | 0 | |||
Ending balance | 18 | 20 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 18 | [1] | 20 | [2] | |
Fair Value, Inputs, Level 3 Inputs [Member] | Non-U.S. Equity Securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 2 | 4 | |||
Realized (loss) gain | 0 | 0 | |||
Change in unrealized (loss) gain | (1) | (3) | |||
Purchases, sales and settlements, net | 0 | 0 | |||
Transfers in (out) of Level 3 | 0 | 1 | |||
Ending balance | 1 | 2 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 2 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | US Treasury and Government [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Debt - corporate issued [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 34 | 15 | |||
Realized (loss) gain | (25) | (18) | |||
Change in unrealized (loss) gain | 27 | 15 | |||
Purchases, sales and settlements, net | (3) | 10 | |||
Transfers in (out) of Level 3 | 6 | 12 | |||
Ending balance | 39 | 34 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 39 | 34 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Debt - Asset-backed [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 1 | 1 | |||
Realized (loss) gain | 0 | 0 | |||
Change in unrealized (loss) gain | 0 | 0 | |||
Purchases, sales and settlements, net | (1) | 0 | |||
Transfers in (out) of Level 3 | 0 | 0 | |||
Ending balance | 0 | 1 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Hedge funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Private market securities [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 37 | 37 | |||
Realized (loss) gain | 0 | 0 | |||
Change in unrealized (loss) gain | 2 | (5) | |||
Purchases, sales and settlements, net | 3 | 5 | |||
Transfers in (out) of Level 3 | 0 | 0 | |||
Ending balance | 42 | 37 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 42 | 37 | |||
Fair Value, Inputs, Level 3 Inputs [Member] | Real Estate Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning balance | 144 | 200 | |||
Realized (loss) gain | 0 | 0 | |||
Change in unrealized (loss) gain | (10) | (23) | |||
Purchases, sales and settlements, net | (36) | (33) | |||
Transfers in (out) of Level 3 | 0 | 0 | |||
Ending balance | 98 | 144 | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 98 | $ 144 | |||
[1] | The company's pension plans directly held $732 (4 percent of total plan assets) of DuPont common stock at December 31, 2016. | ||||
[2] | The company's pension plans directly held $664 (4 percent of total plan assets) of DuPont common stock at December 31, 2015. | ||||
[3] | Less than 5 percent of hedge funds have gates in place at the investor level for year end redemptions. Hedge funds also contain either no lock up or a lock up period of less than 1 year. | ||||
[4] | The remaining life of private market securities and real estate funds is an average of 15 years per investment. |
Long-Term Employee Benefits (Co
Long-Term Employee Benefits (Contributions) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Plan Other Than Principal Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 121 | $ 164 | ||
Other Post Employment Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 218 | 237 | ||
Remaining pension plans with no plan assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | 184 | 144 | ||
U.S. Pension Plan Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 230 | $ 0 | $ 0 | |
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Contribution Plan Estimated Future Employer Contributions In Next Fiscal Year | about the same | |||
Scenario, Forecast [Member] | Pension Plan Other Than Principal Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 95 | |||
Scenario, Forecast [Member] | Other Post Employment Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | 275 | |||
Scenario, Forecast [Member] | Remaining pension plans with no plan assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | $ 85 | |||
Scenario, Forecast [Member] | U.S. Pension Plan Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plans, Estimated Future Employer Contributions in Next Fiscal Year | about the same |
Long-Term Employee Benefits 113
Long-Term Employee Benefits (Schedule of Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Pension Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | $ 1,622 |
2,018 | 1,601 |
2,019 | 1,589 |
2,020 | 1,575 |
2,021 | 1,567 |
Years 2022 - 2026 | 7,596 |
Other Post Employment Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2,017 | 275 |
2,018 | 233 |
2,019 | 226 |
2,020 | 217 |
2,021 | 210 |
Years 2022 - 2026 | $ 931 |
Long-Term Employee Benefits (De
Long-Term Employee Benefits (Defined Contribution Plan) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Defined Contribution Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution | $ 33 | $ 57 | $ 66 | |
Discontinued Operations [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution | 32 | 57 | ||
U.S. Defined Contribution Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contribution | $ 187 | $ 219 | $ 262 | |
US Retirement Savings Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percent of portion of employee's contribution matched by the employer | 100.00% | |||
Maximum percent of eligible compensation matched by employer | 6.00% | |||
Percent of eligible compensation contributed to defined contribution plan | 3.00% | |||
Requisite service period, years | 3 years | |||
Scenario, Forecast [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined contribution plan estimated future employer contributions in next fiscal year | about the same |
Compensation Plans (Narrative)
Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total stock based compensation cost | $ 119 | $ 128 | $ 136 | |
Income tax benefits related to stock-based compensation arrangements | $ 39 | $ 42 | $ 45 | |
Equity and Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum Number Of Shares Reserved For Grant Or Settlement Of Awards | 110,000,000 | |||
Shares in excess must be counted against maximum number of shares granted | 30,000,000 | |||
Number Of Shares Each Share Counts Against maximum Once Base Threshold Is Exceeded | 4.5 | |||
Shares authorized for future grants | 37,000,000 |
Compensation Plans (Stock Optio
Compensation Plans (Stock Options) (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefits related to stock-based compensation arrangements | $ 39 | $ 42 | $ 45 |
Stock Options Granted between 2009 and 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option term | 7 years | ||
Stock Options Granted in 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Option term | 10 years | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Weighted-average grant date fair value of options granted | $ 13.40 | $ 11.57 | $ 13.68 |
Total intrinsic value of options exercised | $ 86 | $ 160 | $ 219 |
Income tax benefits related to stock-based compensation arrangements | 28 | ||
Unrecognized stock-based compensation expense | $ 19 | ||
Unrecognized stock-based compensation expense, weighted-average recognition period, in years | 1 year 6 months 9 days | ||
Requisite service period for retirement eligible employees | 6 months |
Compensation Plans (Schedule of
Compensation Plans (Schedule of Assumptions Used in Determining Fair Value of Stock Options) (Details) - Stock Options [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.60% | 2.50% | 2.90% |
Volatility | 28.27% | 22.52% | 31.33% |
Risk-free interest rate | 1.80% | 1.40% | 1.70% |
Expected life (years) | 7 years 2 months 13 days | 5 years 3 months 19 days | 5 years 3 months 19 days |
Compensation Plans (Schedule118
Compensation Plans (Schedule of Stock Option Awards) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding, December 31, 2015 | shares | 18,160 |
Number of shares, granted | shares | 1,690 |
Number of shares, exercised | shares | (3,638) |
Number of shares, forfeited | shares | (281) |
Number of shares, cancelled | shares | (122) |
Options outstanding, December 31, 2016 | shares | 15,809 |
Number of shares, exercisable, December 31, 2016 | shares | 9,519 |
Weighted average exercise price outstanding, December 31, 2015 | $ / shares | $ 54.89 |
Weighted average exercise price, granted | $ / shares | 58.79 |
Weighted average exercise price, exercised | $ / shares | 43.31 |
Weighted average exercise price, forfeited | $ / shares | 67.17 |
Weighted average exercise price, cancelled | $ / shares | 39.71 |
Weighted average exercise price outstanding, December 31, 2016 | $ / shares | 58.11 |
Weighted average exercise price, exercisable, December 31, 2016 | $ / shares | $ 53.48 |
Weighted average remaining contractual term, outstanding, years | 3 years 11 months |
Weighted average remaining contractual term, exercisable, years | 3 years 1 month 6 days |
Aggregate intrinsic value, outstanding | $ | $ 240,030 |
Aggregate intrinsic value, exercisable | $ | $ 189,624 |
Compensation Plans (RSUs and PS
Compensation Plans (RSUs and PSUs) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 1,701,000 | ||
Weighted-average grant date fair value per share, granted | $ 59.50 | ||
Senior Management Restricted Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Senior Management Restricted Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 5 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | 365,177 | ||
Grant date fair value | $ 56.15 | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that will ultimately vest | 0.00% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage that will ultimately vest | 200.00% | ||
Restricted Stock Units and Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value per share, granted | $ 59.50 | $ 71.66 | $ 64.64 |
Unrecognized stock-based compensation expense | $ 75 | ||
Unrecognized stock-based compensation expense, weighted-average recognition period, in years | 1 year 9 months 20 days | ||
Total fair value of stock units vested | $ 83 | $ 64 | $ 75 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Requisite service period for retirement eligible employees | 6 months |
Compensation Plans (Schedule120
Compensation Plans (Schedule of Non-Vested Awards of RSUs and PSUs) (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, December 31, 2015 | shares | 3,936 |
Granted | shares | 1,701 |
Vested | shares | (1,460) |
Forfeited | shares | (286) |
Nonvested, December 31, 2016 | shares | 3,891 |
Nonvested weighted-average grant date fair value per share, December 31, 2015 | $ / shares | $ 59.54 |
Weighted-average grant date fair value per share, granted | $ / shares | 59.50 |
Weighted-average grant date fair value per share, vested | $ / shares | 56.89 |
Weighted-average grant date fair value per share, forfeited | $ / shares | 62.06 |
Nonvested weighted-average grant date fair value per share, December 31, 2016 | $ / shares | $ 63.11 |
Compensation Plans (Other Cash-
Compensation Plans (Other Cash-Based Awards) (Narrative) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash Awards Under the EIP Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash awards | $ 53 | $ 31 | $ 34 |
Other Variable Compensation Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash awards | $ 248 | $ 150 | $ 137 |
Financial Instruments (Notional
Financial Instruments (Notional Amounts of Derivatives) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | ||
Derivative, Remaining Maturity | 2 years | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ 0 | $ 10 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 422 | 356 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | 9,896 | 8,065 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ 7 | $ 70 |
Financial Instruments (Effect o
Financial Instruments (Effect of Cash Flow Hedges on Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Beginning balance, after-tax | $ 7 | $ (24) | $ (6) |
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | 20 | (25) | |
Clearance of hedge results to earnings, after-tax | 11 | 7 | |
Ending balance, after-tax | $ 7 | $ (24) | |
Scenario, Forecast [Member] | |||
Derivative [Line Items] | |||
Portion of ending balance of gain (loss) expected to be reclassified into earnings over the next twelve months, after-tax | $ (10) |
Financial Instruments (Schedule
Financial Instruments (Schedule of the Fair Value of Derivative Instruments) (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset derivatives | [1] | $ 182 | $ 74 |
Liability derivatives | [1] | 121 | 84 |
Derivative assets and liabilities subject to master netting arrangement | 114 | 35 | |
Other accrued liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash collateral | [2] | 52 | 7 |
Not Designated as Hedging Instrument [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability derivatives | 121 | 84 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accounts and notes receivable, net [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset derivatives | [2] | 182 | 74 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other accrued liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability derivatives | 121 | 80 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other accrued liabilities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability derivatives | $ 0 | $ 4 | |
[1] | The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $114 and $35 at December 31, 2016 and 2015. | ||
[2] | Cash collateral held as of December 31, 2016 and 2015 is related to foreign currency derivatives not related to hedging instruments. |
Financial Instruments (Effec125
Financial Instruments (Effect of Derivative Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | [1] | $ 32 | $ (37) | $ 53 |
Amount of Gain (Loss) Recognized in Income | [2] | (345) | 416 | 543 |
Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | [1] | 32 | (37) | 53 |
Amount of Gain (Loss) Recognized in Income | [2] | (18) | (13) | (43) |
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 | 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 | [2],[3] | 0 | (1) | (28) |
Gain (loss) recognized in interest expense, offset | 0 | 0 | 0 | |
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 OCI (Effective Portion) | [1] | 0 | (2) | 27 |
Amount of Gain (Loss) Recognized in Income | [2] | 0 | 10 | 11 |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Income from discontinued operations after income taxes [Member] | Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | [1] | 0 | 0 | 0 |
Amount of Gain (Loss) Recognized in Income | [2] | 0 | 0 | 4 |
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] | 32 | (35) | 26 |
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] | (18) | (22) | (30) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI (Effective Portion) | [1] | 0 | 0 | 0 |
Amount of Gain (Loss) Recognized in Income | [2] | (327) | 429 | 586 |
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 | 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 | (12) | (3) | 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 | [2],[4] | (304) | 434 | 607 |
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 | 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 | [2] | $ (11) | $ (2) | $ (21) |
[1] | OCI is defined as other comprehensive loss. | |||
[2] | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCL into income during the period. For the years ended December 31, 2016, 2015 and 2014, there was no material ineffectiveness with regard to the company's cash flow hedges. | |||
[3] | Gain (loss) recognized in income of derivative is offset to $0 by gain (loss) recognized in income of the hedged item. | |||
[4] | Gain (loss) recognized in other income, net, was partially offset by the related gain (loss) on the foreign currency-denominated monetary assets and liabilities of the company's operations, see Note 5 for additional information. |
Financial Instruments (Cash, Ca
Financial Instruments (Cash, Cash Equivalents and Marketable Securities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash and Cash Equivalents [Line Items] | |||
Cash | $ 1,892 | $ 1,938 | |
Cash, cash equivalents and marketable securities | 4,605 | 5,300 | |
Marketable securities | 1,362 | 906 | |
Proceeds from sale of available-for-sale securities | 788 | 75 | |
Cash and Cash Equivalents [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Cash | 1,892 | 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 | 0 | 550 | |
U.S. Treasury securities | [1] | 0 | 788 |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Money market funds | 0 | 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] | 0 | 788 |
Fair Value, Inputs, Level 2 [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Certificate of deposit / time deposits | [2] | 4,075 | 2,930 |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Certificate of deposit / time deposits | [2] | 2,713 | 2,812 |
Fair Value, Inputs, Level 2 [Member] | Marketable Securities [Member] | |||
Cash and Cash Equivalents [Line Items] | |||
Certificate of deposit / time deposits | [2] | $ 1,362 | $ 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 $788 and $75 in the years ended December 31, 2016, and 2015, respectively. | ||
[2] | Held-to-maturity investments are reported at amortized cost. |
Geographic Information Schedule
Geographic Information Schedule of Net Sales by Country (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | $ 5,211 | $ 4,917 | $ 7,061 | $ 7,405 | $ 5,299 | $ 4,873 | $ 7,121 | $ 7,837 | $ 24,594 | [1] | $ 25,130 | [1] | $ 28,406 | [1] | |
Geographic information threshold | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | ||||||||||
UNITED STATES | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | $ 9,683 | $ 10,021 | $ 10,556 | |||||||||||
CANADA | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 730 | 734 | 826 | |||||||||||
FRANCE | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 535 | 575 | 678 | |||||||||||
GERMANY | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 909 | 959 | 1,180 | |||||||||||
ITALY | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 527 | 546 | 655 | |||||||||||
Europe, Middle East, and Africa, Other [Member] | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 3,768 | 3,963 | 4,806 | |||||||||||
Europe, Middle East, and Africa [Member] | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1],[2] | 5,739 | 6,043 | 7,319 | |||||||||||
CHINA | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 2,200 | 2,067 | 2,325 | |||||||||||
INDIA | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 704 | 615 | 603 | |||||||||||
JAPAN | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 840 | 843 | 961 | |||||||||||
Asia Pacific, Other [Member] | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 2,057 | 2,092 | 2,267 | |||||||||||
Asia Pacific [Member] | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 5,801 | 5,617 | 6,156 | |||||||||||
BRAZIL | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 1,392 | 1,401 | 2,051 | |||||||||||
MEXICO | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 583 | 622 | 682 | |||||||||||
Latin America, Other [Member] | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | 666 | 692 | 816 | |||||||||||
Latin America [Member] | |||||||||||||||
Net Sales by Country [Line Items] | |||||||||||||||
Net sales | [1] | $ 2,641 | $ 2,715 | $ 3,549 | |||||||||||
[1] | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. | ||||||||||||||
[2] | Europe, Middle East, and Africa (EMEA). |
Geographic Information Sched128
Geographic Information Schedule of Net Property by Country (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net Property by Country [Line Items] | ||||
Net Property | [1] | $ 9,231 | $ 9,784 | $ 10,008 |
Geographic information threshold | 2.00% | 2.00% | 2.00% | |
UNITED STATES | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | $ 6,203 | $ 6,706 | $ 6,570 |
CANADA | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 127 | 131 | 138 |
DENMARK | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 211 | 217 | 242 |
FRANCE | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 218 | 217 | 239 |
SPAIN | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 188 | 200 | 251 |
LUXEMBOURG | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 210 | 222 | 248 |
Europe, Middle East, and Africa, Other [Member] | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 740 | 747 | 883 |
Europe, Middle East, and Africa [Member] | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1],[2] | 1,567 | 1,603 | 1,863 |
CHINA | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 339 | 362 | 306 |
Asia Pacific, Other [Member] | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 536 | 565 | 539 |
Asia Pacific [Member] | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 875 | 927 | 845 |
BRAZIL | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 314 | 263 | 411 |
Latin America, Other [Member] | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | 145 | 154 | 181 |
Latin America [Member] | ||||
Net Property by Country [Line Items] | ||||
Net Property | [1] | $ 459 | $ 417 | $ 592 |
[1] | Net property is presented for locations with greater than two percent of the total and includes property, plant and equipment less accumulated depreciation. | |||
[2] | Europe, Middle East, and Africa (EMEA). |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Segment Reporting [Abstract] | |
Number of Businesses | 7 |
Number of Reportable Segments | 6 |
Pre-commercial investment | $ 420 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | $ 5,211 | $ 4,917 | $ 7,061 | $ 7,405 | $ 5,299 | $ 4,873 | $ 7,121 | $ 7,837 | $ 24,594 | [1] | $ 25,130 | [1] | $ 28,406 | [1] |
Segment operating earnings | 4,640 | 4,243 | 5,032 | |||||||||||
Depreciation and amortization | 1,258 | 1,466 | 1,617 | |||||||||||
Equity in earnings (losses) of affiliates, net | 99 | 49 | (36) | |||||||||||
Segment net assets | 20,817 | 22,156 | 20,817 | 22,156 | 23,018 | |||||||||
Affiliate net assets | 649 | 688 | 649 | 688 | 762 | |||||||||
Purchases of property, plant and equipment | 1,019 | 1,629 | 2,020 | |||||||||||
Operating Segments [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 24,594 | 25,130 | 28,406 | |||||||||||
Segment operating earnings | 4,640 | 4,243 | 5,032 | |||||||||||
Depreciation and amortization | 1,113 | 1,177 | 1,214 | |||||||||||
Equity in earnings (losses) of affiliates, net | 99 | 47 | (37) | |||||||||||
Segment net assets | 20,817 | 22,156 | 20,817 | 22,156 | 23,018 | |||||||||
Affiliate net assets | 649 | 688 | 649 | 688 | 761 | |||||||||
Purchases of property, plant and equipment | 879 | 970 | 1,100 | |||||||||||
Agriculture [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 9,516 | 9,798 | 11,296 | |||||||||||
Segment operating earnings | 1,758 | 1,646 | 2,352 | |||||||||||
Depreciation and amortization | 417 | 453 | 436 | |||||||||||
Equity in earnings (losses) of affiliates, net | 7 | 31 | 31 | |||||||||||
Segment net assets | 6,342 | 6,751 | 6,342 | 6,751 | 6,696 | |||||||||
Affiliate net assets | 222 | 234 | 222 | 234 | 240 | |||||||||
Purchases of property, plant and equipment | 345 | 334 | 407 | |||||||||||
Electronics & Communications [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,960 | 2,070 | 2,381 | |||||||||||
Segment operating earnings | 358 | 359 | 336 | |||||||||||
Depreciation and amortization | 87 | 100 | 97 | |||||||||||
Equity in earnings (losses) of affiliates, net | 31 | 24 | 20 | |||||||||||
Segment net assets | 1,186 | 1,323 | 1,186 | 1,323 | 1,359 | |||||||||
Affiliate net assets | 146 | 139 | 146 | 139 | 137 | |||||||||
Purchases of property, plant and equipment | 51 | 45 | 52 | |||||||||||
Industrial Biosciences [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 1,500 | 1,478 | 1,624 | |||||||||||
Segment operating earnings | 270 | 243 | 269 | |||||||||||
Depreciation and amortization | 100 | 101 | 102 | |||||||||||
Equity in earnings (losses) of affiliates, net | 12 | 7 | 8 | |||||||||||
Segment net assets | 2,855 | 3,154 | 2,855 | 3,154 | 3,241 | |||||||||
Affiliate net assets | 39 | 41 | 39 | 41 | 45 | |||||||||
Purchases of property, plant and equipment | 64 | 84 | 94 | |||||||||||
Nutrition & Health [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 3,268 | 3,256 | 3,529 | |||||||||||
Segment operating earnings | 504 | 373 | 369 | |||||||||||
Depreciation and amortization | 223 | 236 | 264 | |||||||||||
Equity in earnings (losses) of affiliates, net | 0 | 0 | 0 | |||||||||||
Segment net assets | 5,182 | 5,457 | 5,182 | 5,457 | 5,942 | |||||||||
Affiliate net assets | 4 | 9 | 4 | 9 | 7 | |||||||||
Purchases of property, plant and equipment | 111 | 120 | 112 | |||||||||||
Performance Materials [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 5,249 | 5,305 | 6,059 | |||||||||||
Segment operating earnings | 1,297 | 1,216 | 1,267 | |||||||||||
Depreciation and amortization | 130 | 125 | 139 | |||||||||||
Equity in earnings (losses) of affiliates, net | 27 | (8) | (77) | |||||||||||
Segment net assets | 2,711 | 2,918 | 2,711 | 2,918 | 3,125 | |||||||||
Affiliate net assets | 146 | 171 | 146 | 171 | 238 | |||||||||
Purchases of property, plant and equipment | 160 | 159 | 134 | |||||||||||
Protection Solutions [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 2,954 | 3,039 | 3,304 | |||||||||||
Segment operating earnings | 668 | 641 | 672 | |||||||||||
Depreciation and amortization | 146 | 156 | 168 | |||||||||||
Equity in earnings (losses) of affiliates, net | 33 | 23 | 28 | |||||||||||
Segment net assets | 2,220 | 2,295 | 2,220 | 2,295 | 2,339 | |||||||||
Affiliate net assets | 81 | 71 | 81 | 71 | 78 | |||||||||
Purchases of property, plant and equipment | 120 | 96 | 98 | |||||||||||
Other [Member] | ||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||
Net sales | 147 | 184 | 213 | |||||||||||
Segment operating earnings | (215) | (235) | (233) | |||||||||||
Depreciation and amortization | 10 | 6 | 8 | |||||||||||
Equity in earnings (losses) of affiliates, net | (11) | (30) | (47) | |||||||||||
Segment net assets | 321 | 258 | 321 | 258 | 316 | |||||||||
Affiliate net assets | $ 11 | $ 23 | 11 | 23 | 16 | |||||||||
Purchases of property, plant and equipment | $ 28 | $ 132 | $ 203 | |||||||||||
[1] | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. |
Segment Information (Reconcilia
Segment Information (Reconciliation to Consolidated Financial Statements) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [2] | Jun. 30, 2016 | [2],[3] | Mar. 31, 2016 | [2],[3],[4] | Dec. 31, 2015 | Sep. 30, 2015 | [8],[9] | Jun. 30, 2015 | [7],[8] | Mar. 31, 2015 | [5],[8],[9] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Segment operating earnings | $ 4,640 | $ 4,243 | $ 5,032 | |||||||||||||||||
Significant pre-tax (charges) benefits not included in segment operating earnings | (168) | (38) | 434 | |||||||||||||||||
Non-operating pension and OPEB costs | (40) | (374) | (128) | |||||||||||||||||
Net exchange (losses) gains | (106) | 30 | 196 | |||||||||||||||||
Corporate expenses | (691) | (928) | (844) | |||||||||||||||||
Interest expense | (370) | (342) | (377) | |||||||||||||||||
Income from continuing operations before income taxes | $ 353 | [1],[2] | $ (56) | $ 1,333 | $ 1,635 | $ (421) | [5],[6],[7] | $ 227 | $ 1,234 | $ 1,551 | 3,265 | 2,591 | 4,313 | |||||||
Total segment net assets | 20,817 | 22,156 | 20,817 | 22,156 | 23,018 | |||||||||||||||
Corporate assets | [10] | 11,306 | 11,163 | 11,306 | 11,163 | 12,889 | ||||||||||||||
Liabilities included in segment net assets | 7,841 | 7,847 | 7,841 | 7,847 | 8,356 | |||||||||||||||
Total assets | 39,964 | 41,166 | 39,964 | 41,166 | 50,490 | |||||||||||||||
Divestitures [Member] | ||||||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||||||
Assets of discontinued operations | [11] | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,227 | ||||||||||||||
[1] | . | |||||||||||||||||||
[2] | First, second, third and fourth quarter 2016 included charges of $(24), $(76), $(122), and $(164), respectively, recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. | |||||||||||||||||||
[3] | First quarter 2016 included a benefit of $23, in other operating charges, for reductions in the accrual for customer claims related to the use of the Imprelis® herbicide. The company recorded insurance recoveries of $30 in the second quarter 2016, in other operating charges, for recovery of costs for customer claims related to the use of the Agriculture's segment Imprelis® herbicide. | |||||||||||||||||||
[4] | First quarter 2016 included a gain of $369 recorded in other income, net associated with the sale of the DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. See Note 3 for additional information. | |||||||||||||||||||
[5] | First quarter 2015 included a $(40) pre-tax charge within other income, net associated with the re-measurement of the Ukraine hyrvnia net monetary assets. | |||||||||||||||||||
[6] | Fourth quarter 2015 included charges of $(10) recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. | |||||||||||||||||||
[7] | Second and fourth quarter 2015 included gains of $112 and $33, respectively, net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. This matter relates to the Protection Solutions segment. | |||||||||||||||||||
[8] | First and third quarter 2015 included charges of $(12) and $(9), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. Second quarter 2015 included charges of $(5) recorded in other operating charges and $(20) recorded in interest expense. See Note 3 for additional information. | |||||||||||||||||||
[9] | First and third quarter 2015 included net insurance recoveries of $35 and $147, respectively, recorded in other operating charges in the Agriculture segment, for recovery of costs for customer claims related to the use of the Imprelis® herbicide. Fourth quarter 2015 included a benefit of $130 in other operating charges for reduction in accrual for customer claims related to the use of the Agriculture segment’s Imprelis® herbicide. | |||||||||||||||||||
[10] | Pension assets are included in corporate assets. | |||||||||||||||||||
[11] | See Note 1 for additional information on the presentation of Performance Chemicals which met the criteria for discontinued operations |
Segment Information (Reconci132
Segment Information (Reconciliation of Other Items) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 1,258 | $ 1,466 | $ 1,617 | |
Equity in earnings (losses) of affiliates, net | 99 | 49 | (36) | |
Affiliate net assets | 649 | 688 | 762 | |
Purchases of property, plant and equipment | 1,019 | 1,629 | 2,020 | |
Segment Totals [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 1,113 | 1,177 | 1,214 | |
Equity in earnings (losses) of affiliates, net | 99 | 47 | (37) | |
Affiliate net assets | 649 | 688 | 761 | |
Purchases of property, plant and equipment | 879 | 970 | 1,100 | |
Corporate and Discontinued Operations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | [1] | 145 | 289 | 403 |
Equity in earnings (losses) of affiliates, net | [1] | 0 | 2 | 1 |
Affiliate net assets | [1] | 0 | 0 | 1 |
Purchases of property, plant and equipment | [1] | $ 140 | $ 659 | $ 920 |
[1] | Adjustments include amounts related to Corporate in all periods presented, and to the Performance Chemicals business in 2015 and 2014, as it met the criteria for discontinued operations during 2015. See Note 1 for additional information on the presentation of discontinued operations and See Note 3 for depreciation, amortization and purchases of property, plant and equipment related to Performance Chemicals for the years ended December 31, 2015 and 2014. |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment significant benefits / (charges) | $ (168) | $ (38) | $ 434 | |||||||||
Agriculture [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment significant benefits / (charges) | (37) | [1],[2],[3],[4] | 148 | [5],[6],[7] | 316 | [8],[9],[10] | ||||||
Pre-tax gain on sale of business, continuing operations | 240 | |||||||||||
Agriculture [Member] | Imprelis [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Insurance recoveries | 210 | |||||||||||
Insurance recoveries, net of legal expenses | $ 30 | $ 147 | $ 35 | 30 | 182 | |||||||
Loss contingency accrual, period decrease | $ 23 | $ 130 | 23 | 130 | ||||||||
Electronics & Communications [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment significant benefits / (charges) | 4 | [3],[4] | (78) | [6],[7] | (84) | [8] | ||||||
Industrial Biosciences [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment significant benefits / (charges) | (152) | [3],[4],[11] | (61) | [6],[7] | (20) | [8] | ||||||
Nutrition & Health [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment significant benefits / (charges) | 9 | [3],[4] | (50) | [6],[7] | (15) | [8] | ||||||
Performance Materials [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment significant benefits / (charges) | 5 | [3],[4] | (62) | [6],[7] | 292 | [8],[12] | ||||||
Protection Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment significant benefits / (charges) | 14 | [3],[4] | 105 | [6],[7],[13] | (45) | [8] | ||||||
Gain related to litigation settlement | $ 33 | $ 112 | 145 | |||||||||
Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Segment significant benefits / (charges) | (11) | [3] | (40) | [6],[7],[14] | (10) | [8] | ||||||
2014 Restructuring Program [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring charges | (541) | |||||||||||
2014 Restructuring Program [Member] | Segment Total [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | 8 | 10 | ||||||||||
Restructuring charges | (407) | |||||||||||
2014 Restructuring Program [Member] | Agriculture [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (1) | 3 | ||||||||||
Restructuring charges | (134) | |||||||||||
2014 Restructuring Program [Member] | Electronics & Communications [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (2) | (15) | ||||||||||
Restructuring charges | (84) | |||||||||||
2014 Restructuring Program [Member] | Industrial Biosciences [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (1) | 1 | ||||||||||
Restructuring charges | (20) | |||||||||||
2014 Restructuring Program [Member] | Nutrition & Health [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (2) | 3 | ||||||||||
Restructuring charges | (15) | |||||||||||
2014 Restructuring Program [Member] | Performance Materials [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (1) | 1 | ||||||||||
Restructuring charges | (99) | |||||||||||
2014 Restructuring Program [Member] | Protection Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (1) | (4) | ||||||||||
Restructuring charges | (45) | |||||||||||
2014 Restructuring Program [Member] | Employee Separation / Asset Related Charges, Net [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring charges | (476) | |||||||||||
2014 Restructuring Program [Member] | Employee Separation / Asset Related Charges, Net [Member] | Segment Total [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring charges | (342) | |||||||||||
2014 Restructuring Program [Member] | Other income, net [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Charge associated with restructuring actions | (65) | |||||||||||
2014 Restructuring Program [Member] | Other income, net [Member] | Performance Materials [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Charge associated with restructuring actions | (65) | |||||||||||
2016 Restructuring Program [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (85) | |||||||||||
Restructuring charges | (798) | |||||||||||
2016 Restructuring Program [Member] | Segment Total [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (3) | |||||||||||
Restructuring charges | (468) | |||||||||||
2016 Restructuring Program [Member] | Agriculture [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | 23 | |||||||||||
Restructuring charges | (161) | |||||||||||
2016 Restructuring Program [Member] | Electronics & Communications [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (2) | |||||||||||
Restructuring charges | (93) | |||||||||||
2016 Restructuring Program [Member] | Industrial Biosciences [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (5) | |||||||||||
Restructuring charges | (60) | |||||||||||
2016 Restructuring Program [Member] | Nutrition & Health [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (7) | |||||||||||
Restructuring charges | (47) | |||||||||||
2016 Restructuring Program [Member] | Performance Materials [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (4) | |||||||||||
Restructuring charges | (61) | |||||||||||
2016 Restructuring Program [Member] | Protection Solutions [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (13) | |||||||||||
Restructuring charges | (44) | |||||||||||
2016 Restructuring Program [Member] | Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | 11 | |||||||||||
Restructuring charges | (2) | |||||||||||
2016 Restructuring Program [Member] | Employee Separation / Asset Related Charges, Net [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring Reserve, Accrual Adjustment | (88) | |||||||||||
Restructuring charges | (793) | |||||||||||
2016 Restructuring Program [Member] | Employee Separation / Asset Related Charges, Net [Member] | Segment Total [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring charges | (463) | |||||||||||
2016 Restructuring Program [Member] | Other income, net [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Charge associated with restructuring actions | (3) | (5) | ||||||||||
La Porte [Member] | Agriculture [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Restructuring charges | (68) | |||||||||||
GLS/Vinyls [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Pre-tax gain on sale of business, continuing operations | $ 391 | |||||||||||
Cost basis investment impairment [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Cost basis investment impairment | (37) | |||||||||||
Cost basis investment impairment [Member] | Other [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Cost basis investment impairment | $ (37) | |||||||||||
Trade Names [Member] | Industrial Biosciences [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ (158) | |||||||||||
[1] | Included $30 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis® herbicide. Included a benefit of $23 in other operating charges for reduction in the accrual for customer claims related to the use of the Imprelis® herbicide. | |||||||||||
[2] | Includes a $(68) restructuring charge recorded in employee separation / asset related charges, net for the year ended December 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. | |||||||||||
[3] | The company recorded a $(3) net restructuring charge in employee separation / asset related charges, net for the year ended December 31, 2016, associated with the 2016 global cost savings and restructuring program. See Note 4 for additional information. | |||||||||||
[4] | The company recorded a $8 restructuring benefit recorded in employee separation/asset related charges, net, for adjustments to the previously recognized severance costs related to the 2014 restructuring program. See Note 4 for additional information. | |||||||||||
[5] | Included $182 of net insurance recoveries recorded in other operating charges for recovery of costs for customer claims related to the use of the Imprelis® herbicide. Included a benefit of $130 in other operating charges for reduction in the accrual for customer claims related to the use of the Imprelis® herbicide. | |||||||||||
[6] | Included a $(468) restructuring charge consisting of $(463) recorded in employee separation/asset related charges, net and $(5) recorded in other income, net associated with the 2016 global cost savings and restructuring program. See Note 4 for additional information. | |||||||||||
[7] | Included a $10 net restructuring benefit recorded in employee separation/asset related charges, net, associated with the 2014 restructuring program. These adjustments were primarily due to the identification of additional projects in certain segments, offset by lower than estimated individual severance costs and workforce reductions achieved through non-severance programs. See Note 4 for additional information. | |||||||||||
[8] | Included a $(407) restructuring charge associated with the 2014 restructuring program consisting of $(342) recorded in employee separation / asset related charges, net and $(65) recorded in other income, net. See Note 4 for additional information. | |||||||||||
[9] | Included a gain of $240 recorded in other income, net associated with the sale of the copper fungicide and land management businesses, both within the Agriculture segment. | |||||||||||
[10] | Included income of $210 for insurance recoveries, recorded in other operating charges associated with the company's process to fairly resolve claims related to the use of Imprelis® | |||||||||||
[11] | The company recorded a $(158) charge in employee separation / asset related charges, net, for the year ended December 31, 2016, related to the write-down of indefinite lived intangible assets. See Note 4 for additional information. | |||||||||||
[12] | Included a gain of $391 recorded in other income, net associated with the sale of Glass Laminating Solutions / Vinyls. See Note 3 for additional information. | |||||||||||
[13] | Included a gain of $145, net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. | |||||||||||
[14] | Included a $(37) pre-tax impairment charge recorded in employee separation / asset related charges, net for a cost basis investment. See Note 4 for additional information. |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||||
Net sales | $ 5,211 | $ 4,917 | $ 7,061 | $ 7,405 | $ 5,299 | $ 4,873 | $ 7,121 | $ 7,837 | $ 24,594 | [1] | $ 25,130 | [1] | $ 28,406 | [1] | ||||||||
Cost of goods sold | 3,147 | 3,090 | 3,990 | 4,242 | 3,409 | 3,084 | 4,103 | 4,516 | 14,469 | 15,112 | 17,023 | |||||||||||
Employee separation / asset related charges, net | 393 | [2] | 172 | [2] | (90) | [2] | 77 | [2] | 770 | [2] | 0 | [2] | 2 | [2] | 38 | [2] | 552 | 810 | 476 | |||
Income from continuing operations before income taxes | 353 | [3],[4] | (56) | [4] | 1,333 | [4],[5] | 1,635 | [4],[5],[6] | (421) | [7],[8],[9] | 227 | [10],[11] | 1,234 | [9],[10] | 1,551 | [7],[10],[11] | 3,265 | 2,591 | 4,313 | |||
Net income | $ 263 | $ 6 | $ 1,024 | $ 1,232 | $ (256) | $ 235 | $ 945 | $ 1,035 | $ 2,525 | $ 1,959 | $ 3,636 | |||||||||||
Basic earnings per share of common stock from continuing operations | $ 0.29 | [12] | $ 0.01 | [12] | $ 1.17 | [12] | $ 1.40 | [12] | $ (0.26) | [12] | $ 0.14 | [12] | $ 1.07 | [12] | $ 1.12 | [12] | $ 2.86 | $ 2.10 | $ 3.42 | |||
Diluted earnings per share of common stock from continuing operations | $ 0.29 | [12] | $ 0.01 | [12] | $ 1.16 | [12] | $ 1.39 | [12] | $ (0.26) | [12] | $ 0.14 | [12] | $ 1.06 | [12] | $ 1.11 | [12] | $ 2.85 | $ 2.09 | $ 3.39 | |||
[1] | Net sales, based on the location of the customer, are generally presented for locations with greater than two percent of total net sales. | |||||||||||||||||||||
[2] | See Note 4 for additional information. | |||||||||||||||||||||
[3] | . | |||||||||||||||||||||
[4] | First, second, third and fourth quarter 2016 included charges of $(24), $(76), $(122), and $(164), respectively, recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. | |||||||||||||||||||||
[5] | First quarter 2016 included a benefit of $23, in other operating charges, for reductions in the accrual for customer claims related to the use of the Imprelis® herbicide. The company recorded insurance recoveries of $30 in the second quarter 2016, in other operating charges, for recovery of costs for customer claims related to the use of the Agriculture's segment Imprelis® herbicide. | |||||||||||||||||||||
[6] | First quarter 2016 included a gain of $369 recorded in other income, net associated with the sale of the DuPont (Shenzhen) Manufacturing Limited entity, which held certain buildings and other assets. See Note 3 for additional information. | |||||||||||||||||||||
[7] | First quarter 2015 included a $(40) pre-tax charge within other income, net associated with the re-measurement of the Ukraine hyrvnia net monetary assets. | |||||||||||||||||||||
[8] | Fourth quarter 2015 included charges of $(10) recorded in selling, general and administrative expenses related to transaction costs associated with the planned merger with the Dow Chemical Company announced on December 11, 2015. See Note 2 for additional information. | |||||||||||||||||||||
[9] | Second and fourth quarter 2015 included gains of $112 and $33, respectively, net of legal expenses, recorded in other income, net related to the company's settlement of a legal claim. This matter relates to the Protection Solutions segment. | |||||||||||||||||||||
[10] | First and third quarter 2015 included charges of $(12) and $(9), respectively, recorded in other operating charges associated with transaction costs related to the separation of the Performance Chemicals segment. Second quarter 2015 included charges of $(5) recorded in other operating charges and $(20) recorded in interest expense. See Note 3 for additional information. | |||||||||||||||||||||
[11] | First and third quarter 2015 included net insurance recoveries of $35 and $147, respectively, recorded in other operating charges in the Agriculture segment, for recovery of costs for customer claims related to the use of the Imprelis® herbicide. Fourth quarter 2015 included a benefit of $130 in other operating charges for reduction in accrual for customer claims related to the use of the Agriculture segment’s Imprelis® herbicide. | |||||||||||||||||||||
[12] | Earnings per share for the year may not equal the sum of quarterly earnings per share due to changes in average share calculations. |
Quarterly Financial Data (Sc135
Quarterly Financial Data (Schedule of Quarterly Financial Data) (additional) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Quarterly Financial Data [Line Items] | |||||||||||
Merger related transaction costs | $ (164) | $ (122) | $ (76) | $ (24) | $ (10) | $ (386) | $ (10) | ||||
Separation related transaction costs | (35) | (306) | $ (175) | ||||||||
Net exchange (losses) gains | (106) | 30 | $ 196 | ||||||||
Performance Chemicals [Member] | Other operating charges [Member] | |||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||
Separation related transaction costs | $ (9) | $ (5) | $ (12) | ||||||||
Loss on extinguishment of debt [Member] | Interest expense [Member] | |||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||
Separation related transaction costs | (20) | ||||||||||
Agriculture [Member] | Imprelis [Member] | |||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||
Loss contingency accrual, period decrease | 23 | 130 | 23 | 130 | |||||||
Insurance recoveries, net of legal expenses | $ 30 | $ 147 | 35 | 30 | 182 | ||||||
Protection Solutions [Member] | |||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||
Gain related to litigation settlement | $ 33 | $ 112 | $ 145 | ||||||||
Charge associated with remeasuring Ukrainian net monetary assets [Member] | |||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||
Net exchange (losses) gains | $ (40) | ||||||||||
Ownership interest in DuPont (Shenzhen) Manufacturing Limited [Member] | |||||||||||
Schedule of Quarterly Financial Data [Line Items] | |||||||||||
Gain on disposition of assets | $ 369 | $ 369 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ in Billions | Jan. 31, 2017USD ($) |
Subsequent Event [Line Items] | |
Line of credit facility, outstanding borrowings, current | $ 1.3 |
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% |
Interest rate in addition to LIBOR | 0.75% |
Schedule II - Valuation and 137
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Accounts Receivable - Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 225 | $ 235 | $ 262 | |
Additions charged to cost and expenses | 119 | 58 | 58 | |
Deductions from reserves | [1] | (57) | (68) | (85) |
Balance at end of period | 287 | 225 | 235 | |
Inventory Valuation Reserve [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 237 | 180 | 212 | |
Additions charged to cost and expenses | 298 | 391 | 386 | |
Deductions from reserves | [2] | (320) | (334) | (418) |
Balance at end of period | 215 | 237 | 180 | |
Deferred Tax Assets - Valuation Allowance [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 1,529 | 1,704 | 1,711 | |
Net benefits to income tax expense | (184) | (71) | (47) | |
(Deductions) additions charged to other comprehensive (loss) income | (37) | (104) | 40 | |
Balance at end of period | $ 1,308 | $ 1,529 | $ 1,704 | |
[1] | Deductions include write-offs, recoveries and currency translation adjustments. | |||
[2] | Deductions include disposals and currency translation adjustments. |