Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017shares | |
Entity Information [Line Items] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Sep. 30, 2017 |
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 | 2,017 |
Document Fiscal Period Focus | Q3 |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 100 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Predecessor | |||||
Net sales | $ 2,991 | $ 4,646 | $ 17,281 | $ 18,306 | |
Cost of goods sold | 1,975 | 2,997 | 10,205 | 10,923 | |
Other operating charges | 136 | 172 | 504 | 490 | |
Research and Development Expense | 278 | 378 | 1,064 | 1,159 | |
Selling, General and Administrative Expense | 798 | 970 | 3,306 | 3,227 | |
Restructuring and Asset Related Charges - Net | 11 | 172 | 323 | 162 | |
Integration and Separation Costs | 210 | 122 | 581 | 222 | |
Sundry Income (Expense) - Net | (112) | (15) | 166 | 407 | |
Interest Expense | 71 | 93 | 254 | 278 | |
(Loss) Income from Continuing Operations before Income Taxes, Noncontrolling Interest | (390) | (151) | 1,791 | 2,474 | |
(Benefit from) Provision for income taxes on continuing operations | (132) | (85) | 149 | 559 | |
(Loss) Income from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (258) | (66) | 1,642 | 1,915 | |
(Loss) Income from discontinued operations after income taxes | 29 | 72 | 119 | 347 | |
Net (loss) income | (229) | 6 | 1,761 | 2,262 | |
Net (loss) income attributable to noncontrolling interests | 5 | 4 | 20 | 14 | |
Net (loss) income attributable to DuPont | $ (234) | $ 2 | $ 1,741 | $ 2,248 | |
Basic (loss) earnings per share of common stock from continuing operations | $ (0.30) | $ (0.08) | $ 1.86 | $ 2.17 | |
Basic earnings per share of common stock from discontinued operations | 0.03 | 0.08 | 0.13 | 0.40 | |
Basic (loss) earnings per share of common stock | (0.27) | 0 | 2 | 2.56 | |
Diluted (loss) earnings per share of common stock from continuing operations | (0.30) | (0.08) | 1.85 | 2.16 | |
Diluted earnings per share of common stock from discontinued operations | 0.03 | 0.08 | 0.13 | 0.39 | |
Diluted (loss) earnings per share of common stock | (0.27) | 0 | 1.99 | 2.55 | |
Dividends per share of common stock | $ 0.38 | $ 0.38 | $ 1.14 | $ 1.14 | |
Successor | |||||
Net sales | $ 1,735 | ||||
Cost of goods sold | 1,511 | ||||
Research and Development Expense | 116 | ||||
Selling, General and Administrative Expense | 267 | ||||
Amortization of Intangible Assets | 89 | ||||
Restructuring and Asset Related Charges - Net | 40 | ||||
Integration and Separation Costs | 71 | ||||
Sundry Income (Expense) - Net | 88 | ||||
Interest Expense | 27 | ||||
(Loss) Income from Continuing Operations before Income Taxes, Noncontrolling Interest | (298) | ||||
(Benefit from) Provision for income taxes on continuing operations | (23) | ||||
(Loss) Income from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (275) | ||||
(Loss) Income from discontinued operations after income taxes | (20) | ||||
Net (loss) income | (295) | ||||
Net (loss) income attributable to noncontrolling interests | (2) | ||||
Net (loss) income attributable to DuPont | $ (293) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | ||
Predecessor | ||||||
Net (loss) income | $ (229) | $ 6 | $ 1,761 | $ 2,262 | ||
Unrealized gains on investments | 0 | 5 | 0 | 11 | ||
Cumulative Translation Adjustment | 389 | 114 | 1,042 | 187 | ||
Derivative instruments | 1 | (2) | (10) | 32 | ||
Other comprehensive (loss) income | 443 | 90 | 1,289 | (1,271) | ||
Comprehensive (loss) income | 214 | 96 | 3,050 | 991 | ||
Less: comprehensive (loss) income attributable to noncontrolling interests, net of tax | 5 | 4 | 20 | 14 | ||
Comprehensive (loss) income attributable to DuPont | 209 | 92 | 3,030 | 977 | ||
Predecessor | Pension Plan | ||||||
Other Comprehensive (Income) Loss, Pension and Other Post Employment Benefit Plans, Adjustment, Net of Tax | (50) | 16 | (247) | 1,271 | ||
Other comprehensive (loss) income | 247 | (1,271) | [1] | |||
Predecessor | Other Post Employment Benefit Plans | ||||||
Other Comprehensive (Income) Loss, Pension and Other Post Employment Benefit Plans, Adjustment, Net of Tax | $ (3) | $ 11 | (10) | 230 | ||
Other comprehensive (loss) income | $ 10 | $ (230) | ||||
Successor | ||||||
Net (loss) income | $ (295) | |||||
Unrealized gains on investments | 0 | |||||
Cumulative Translation Adjustment | (572) | |||||
Derivative instruments | 0 | |||||
Other comprehensive (loss) income | (572) | |||||
Comprehensive (loss) income | (867) | |||||
Less: comprehensive (loss) income attributable to noncontrolling interests, net of tax | (2) | |||||
Comprehensive (loss) income attributable to DuPont | (865) | |||||
Successor | Pension Plan | ||||||
Other Comprehensive (Income) Loss, Pension and Other Post Employment Benefit Plans, Adjustment, Net of Tax | 0 | |||||
Other comprehensive (loss) income | 0 | |||||
Successor | Other Post Employment Benefit Plans | ||||||
Other Comprehensive (Income) Loss, Pension and Other Post Employment Benefit Plans, Adjustment, Net of Tax | 0 | |||||
Other comprehensive (loss) income | $ 0 | |||||
[1] | The Pension Benefit Plans loss recognized in other comprehensive (loss) income during the nine months ended September 30, 2016 includes the impact of the remeasurement of the principal U.S. pension plan as of June 30, 2016. See Note 15 for additional information. |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Predecessor | ||
Assets | ||
Cash and cash equivalents | $ 4,548 | |
Marketable securities | 1,362 | |
Accounts and notes receivable - net | 4,959 | |
Inventories | 5,350 | |
Other current assets | 505 | |
Assets Held-for-sale, Current | 789 | |
Total current assets | 17,513 | |
Investment in nonconsolidated affiliates | 649 | |
Property, plant and equipment - net of accumulated depreciation (September 30, 2017 - $121; December 31, 2016 - $14,164) | 8,851 | |
Goodwill | 4,169 | |
Other intangible assets | 3,664 | |
Deferred income taxes | 3,308 | |
Other Assets | 1,810 | |
Total | 39,964 | |
Liabilities and Equity | ||
Short-term borrowings and capital lease obligations | 429 | |
Accounts payable | 3,678 | |
Income taxes payable | 101 | |
Accrued and Other Current Liabilities | 4,650 | |
Liabilities held for sale - Current | 74 | |
Total current liabilities | 8,932 | |
Long-Term Debt | 8,107 | |
Deferred income taxes | 425 | |
Pension and Other Post Employment Benefit Plans - Noncurrent | ||
Other noncurrent obligations | 12,304 | |
Total noncurrent liabilities | 20,836 | |
Stockholders' equity | ||
Common stock, $.30 par value; 1,800,000,000 shares authorized; issued at September 30, 2017 - 100 and December 31, 2016 – 950,044,000 | 285 | |
Additional paid-in capital | 11,190 | |
(Accumulated deficit) retained earnings | 14,924 | |
Accumulated other comprehensive loss | (9,911) | |
Common stock held in treasury, at cost (Shares: December 31, 2016 – 87,041,000) | (6,727) | |
Total DuPont stockholders' equity | 9,998 | |
Noncontrolling interests | 198 | |
Total equity | 10,196 | |
Total Liabilities and Equity | 39,964 | |
Successor | ||
Assets | ||
Cash and cash equivalents | $ 4,754 | |
Marketable securities | 1,826 | |
Accounts and notes receivable - net | 7,898 | |
Inventories | 8,783 | |
Other current assets | 371 | |
Assets Held-for-sale, Current | 3,171 | |
Total current assets | 26,803 | |
Investment in nonconsolidated affiliates | 1,675 | |
Property, plant and equipment - net of accumulated depreciation (September 30, 2017 - $121; December 31, 2016 - $14,164) | 11,902 | |
Goodwill | 45,213 | |
Other intangible assets | 27,668 | |
Deferred income taxes | 491 | |
Other Assets | 2,068 | |
Total | 115,820 | |
Liabilities and Equity | ||
Short-term borrowings and capital lease obligations | 5,920 | |
Accounts payable | 3,694 | |
Income taxes payable | 134 | |
Accrued and Other Current Liabilities | 2,477 | |
Liabilities held for sale - Current | 108 | |
Total current liabilities | 12,333 | |
Long-Term Debt | 9,815 | |
Deferred income taxes | 9,443 | |
Pension and Other Post Employment Benefit Plans - Noncurrent | 8,015 | |
Other noncurrent obligations | 1,976 | |
Total noncurrent liabilities | 29,249 | |
Stockholders' equity | ||
Common stock, $.30 par value; 1,800,000,000 shares authorized; issued at September 30, 2017 - 100 and December 31, 2016 – 950,044,000 | 0 | |
Additional paid-in capital | 74,706 | |
(Accumulated deficit) retained earnings | (295) | |
Accumulated other comprehensive loss | (572) | |
Common stock held in treasury, at cost (Shares: December 31, 2016 – 87,041,000) | 0 | |
Total DuPont stockholders' equity | 74,078 | |
Noncontrolling interests | 160 | |
Total equity | 74,238 | |
Total Liabilities and Equity | 115,820 | |
$4.50 Series preferred stock [Member] | Predecessor | ||
Stockholders' equity | ||
Preferred stock | 167 | |
$4.50 Series preferred stock [Member] | Successor | ||
Stockholders' equity | ||
Preferred stock | 169 | |
$3.50 Series preferred stock [Member] | Predecessor | ||
Stockholders' equity | ||
Preferred stock | $ 70 | |
$3.50 Series preferred stock [Member] | Successor | ||
Stockholders' equity | ||
Preferred stock | $ 70 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Successor | ||
Accumulated depreciation | $ 121 | |
Common Stock, Par or Stated Value Per Share | $ 0.30 | |
Common stock, shares authorized | 1,800,000,000 | |
Common Stock, Shares, Issued | 100 | |
Predecessor | ||
Accumulated depreciation | $ 14,164 | |
Common Stock, Par or Stated Value Per Share | $ 0.30 | |
Common stock, shares authorized | 1,800,000,000 | |
Common Stock, Shares, Issued | 950,044,000 | |
Treasury Stock, Shares | 87,041,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows $ in Millions | 1 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($) | Aug. 31, 2017USD ($) | Sep. 30, 2016USD ($) | |
Successor | |||
Operating activities | |||
Net (loss) income | $ (295) | ||
Depreciation and Amortization | 200 | ||
Provision for deferred income tax | 211 | ||
Net periodic pension (benefit) cost | (28) | ||
Pension contributions | (19) | ||
Net gain on sales of property, businesses, consolidated companies, and investments | (1) | ||
Restructuring and asset related charges - net | 40 | ||
Amortization of inventory step-up | 429 | ||
Other net (gain) loss | (61) | ||
Change in operating assets and liabilities - net | (786) | ||
Cash used for operating activities | (310) | ||
Investing activities | |||
Capital expenditures | (92) | ||
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested | 1 | ||
Acquisitions of businesses - net of cash acquired | 3 | ||
Investments in and loans to nonconsilidated affiliates | 0 | ||
Purchases of investments | (26) | ||
Proceeds from sales and maturities of investments | 1,049 | ||
Foreign currency exchange contract settlements | |||
Other investing activities - net | 0 | ||
Cash provided by (used for) investing activities | 935 | ||
Financing activities | |||
Change in short-term (less than 90 days) borrowings | 588 | ||
Proceeds from issuance of long-term debt | 0 | ||
Payments on long-term debt | (41) | ||
Repurchase of Common Stock | |||
Proceeds from exercise of stock options | 11 | ||
Dividends paid to stockholders | (326) | ||
Other financing activities - net | (2) | ||
Cash provided by financing activities | 230 | ||
Effect of exchange rate changes on cash | (69) | ||
Cash reclassified as held for sale | (37) | ||
Increase (decrease) in cash and cash equivalents | 749 | ||
Cash and cash equivalents at beginning of period | 4,005 | ||
Cash and cash equivalents at end of period | 4,754 | $ 4,005 | |
Predecessor | |||
Operating activities | |||
Net (loss) income | 1,761 | $ 2,262 | |
Depreciation and Amortization | 749 | 979 | |
Provision for deferred income tax | |||
Net periodic pension (benefit) cost | 295 | 474 | |
Pension contributions | (3,024) | (427) | |
Net gain on sales of property, businesses, consolidated companies, and investments | (204) | (385) | |
Asset related charges | 279 | 247 | |
Amortization of inventory step-up | |||
Other net (gain) loss | 481 | 421 | |
Change in operating assets and liabilities - net | (4,286) | (4,598) | |
Cash used for operating activities | (3,949) | (1,027) | |
Investing activities | |||
Capital expenditures | (687) | (759) | |
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested | 300 | 240 | |
Acquisitions of businesses - net of cash acquired | (246) | 0 | |
Investments in and loans to nonconsilidated affiliates | (22) | (2) | |
Purchases of investments | (5,457) | (1,462) | |
Proceeds from sales and maturities of investments | 3,977 | 1,294 | |
Foreign currency exchange contract settlements | (206) | (370) | |
Other investing activities - net | (41) | (16) | |
Cash provided by (used for) investing activities | (2,382) | (1,075) | |
Financing activities | |||
Change in short-term (less than 90 days) borrowings | 3,610 | 2,624 | |
Proceeds from issuance of long-term debt | 2,734 | 783 | |
Payments on long-term debt | (229) | (831) | |
Repurchase of Common Stock | 0 | (416) | |
Proceeds from exercise of stock options | 235 | 118 | |
Dividends paid to stockholders | (666) | (1,004) | |
Other financing activities - net | (52) | (44) | |
Cash provided by financing activities | 5,632 | 1,230 | |
Effect of exchange rate changes on cash | 187 | 24 | |
Cash reclassified as held for sale | (31) | (19) | |
Increase (decrease) in cash and cash equivalents | (543) | (867) | |
Cash and cash equivalents at beginning of period | $ 4,005 | 4,548 | 5,228 |
Cash and cash equivalents at end of period | $ 4,005 | $ 4,361 |
Consolidated Statement of Equit
Consolidated Statement of Equity Statement - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] |
Beginning Balance (Predecessor) at Dec. 31, 2015 | $ 10,200 | $ 237 | $ 288 | $ 11,081 | $ 14,510 | $ (9,396) | $ (6,727) | $ 207 |
Net (loss) income | Predecessor | 2,262 | 2,248 | 14 | |||||
Other comprehensive (loss) income | Predecessor | (1,271) | (1,271) | ||||||
Common dividends | Predecessor | $ (1,013) | (1,001) | (12) | |||||
Dividends per share of common stock | Predecessor | $ 1.14 | |||||||
Preferred dividends | Predecessor | $ (7) | (7) | ||||||
Common stock issued - compensation plans | Predecessor | 207 | 207 | ||||||
Common stock repurchased | Predecessor | (419) | (1) | (416) | (2) | ||||
Common stock retired | Predecessor | 3 | (70) | (343) | 416 | ||||
Sale of majority interest in a consolidated subsidiary | Predecessor | (8) | (4) | (4) | |||||
Ending Balance (Predecessor) at Sep. 30, 2016 | 9,954 | 237 | 287 | 11,214 | 15,407 | (10,667) | (6,727) | 203 |
Beginning Balance (Predecessor) at Dec. 31, 2016 | 10,196 | 237 | 285 | 11,190 | 14,924 | (9,911) | (6,727) | 198 |
Net (loss) income | Predecessor | 1,761 | 1,741 | 20 | |||||
Other comprehensive (loss) income | Predecessor | 1,289 | 1,289 | ||||||
Common dividends | Predecessor | $ (995) | (991) | (4) | |||||
Dividends per share of common stock | Predecessor | $ 1.14 | |||||||
Preferred dividends | Predecessor | $ (7) | (7) | ||||||
Common stock issued - compensation plans | Predecessor | 275 | 2 | 273 | |||||
Common stock repurchased | Predecessor | 0 | |||||||
Common stock retired | Predecessor | 0 | (26) | (1,044) | (5,657) | 6,727 | |||
Sale of majority interest in a consolidated subsidiary | Predecessor | (2) | (2) | ||||||
Ending Balance (Predecessor) at Aug. 31, 2017 | 12,517 | 237 | $ 261 | 10,419 | 10,010 | (8,622) | $ 0 | 212 |
Ending Balance (Successor) at Aug. 31, 2017 | 75,081 | 239 | 74,680 | 0 | 0 | 162 | ||
Net (loss) income | Successor | (295) | (293) | (2) | |||||
Other comprehensive (loss) income | Successor | (572) | (572) | ||||||
Issuance of parent company stock | Successor | 11 | 11 | ||||||
Common stock issued - compensation plans | Successor | 15 | 15 | ||||||
Other | Successor | (2) | (2) | ||||||
Ending Balance (Successor) at Sep. 30, 2017 | $ 74,238 | $ 239 | $ 74,706 | $ (295) | $ (572) | $ 160 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Interim Financial Statements The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2016, collectively referred to as the “2016 Annual Report”. The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Principles of Consolidation and Basis of Presentation DowDuPont Inc. ("DowDuPont") was formed on December 9, 2015 to effect an all-stock, merger of equals strategic combination between The Dow Chemical Company ("Dow") and E. I. du Pont de Nemours and Company ("DuPont") (the "Merger Transaction"). On August 31, 2017 at 11:59 pm ET, (the "Merger Effectiveness Time") pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 (the "Merger Agreement"), Dow and DuPont each merged with wholly owned subsidiaries of DowDuPont ("Mergers") and, as a result of the Mergers, Dow and DuPont became subsidiaries of DowDuPont (collectively, the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. DowDuPont intends 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). For purposes of DowDuPont's financial statement presentation, Dow was determined to be the accounting acquirer in the Merger and DuPont's assets and liabilities are reflected at fair value as of the Merger Effectiveness Time. In connection with the Merger and the related accounting determination, DuPont has elected to apply push-down accounting and reflect in its financial statements, the fair value of its assets and liabilities. DuPont's interim Consolidated Financial Statements for periods following the close of the Merger are labeled “Successor” and reflect DowDuPont’s basis in the fair values of the assets and liabilities of DuPont. All periods prior to the closing of the Merger reflect the historical accounting basis in DuPont's assets and liabilities and are labeled “Predecessor.” The interim Consolidated Financial Statements and Footnotes include a black line division between the columns titled "Predecessor" and "Successor" to signify that the amounts shown for the periods prior to and following the Merger are not comparable. See Note 3 for additional information on the Merger. Transactions between DowDuPont, DuPont, Dow and their affiliates and other associated companies are reflected in the Successor consolidated financial statements and disclosed as related party transactions when material. Related party transactions with DowDuPont and Dow and their affiliates were not material as of September 30, 2017 and for the period September 1 through September 30, 2017. As a condition of the regulatory approval for the Merger Transaction, the company is required to divest certain assets related to its Crop Protection business and research and development ("R&D") organization, specifically the company’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr ® , Cyazypyr ® and Indoxacarb as well as the Crop Protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs. On March 31, 2017, the company entered into a definitive agreement (the "FMC Transaction Agreement") with FMC Corporation ("FMC"). Under the FMC Transaction Agreement, FMC will acquire the Crop Protection business and R&D assets that DuPont is required to divest in order to obtain European Commission ("EC") approval of the Merger Transaction as described above, (the "Divested Ag Business") and DuPont has agreed to acquire certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products, (the "Acquired H&N Business") (collectively, the "FMC Transactions"). This transaction closed on November 1; see Note 4 for further information regarding the closing. The assets and liabilities related to the Divested Ag Business at September 30, 2017 are presented as held for sale in the interim Consolidated Balance Sheet. The sale of the Divested Ag Business meets the criteria for discontinued operations and as such, earnings are included within income from discontinued operations after income taxes for all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows and comprehensive income related to the Divested Ag Business have not been segregated and are included in the interim Condensed Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Amounts related to the Divested Ag Business are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 4 for further information. 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 results of operations of the Performance Chemicals segment are presented as discontinued operations and, as such, have been excluded from continuing operations 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. Certain reclassifications of prior year's data have been made to conform to current year's presentation. As described in Note 2, effective January 1, 2017, the company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. In conjunction with the adoption of this ASU, the company retrospectively reclassified cash flows related to income tax impacts associated with employee share-based payments in the interim Condensed Consolidated Statements of Cash Flows, as described in Note 2. Significant Accounting Policies The company's accounting policies described below have been aligned with DowDuPont as a result of the Merger. See Note 1 in the 2016 Annual Report for information on DuPont's other significant accounting policies. Cost of Goods Sold Successor periods - Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects and other operational expenses. Predecessor periods - 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 Predecessor periods - Other operating charges includes product claim charges and recoveries, non-capitalizable costs associated with capital projects and other operational expenses. Selling, General and Administrative Expenses Successor periods - Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Predecessor periods - Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, business management expenses and integration and separation costs. Integration and Separation Costs Successor periods - Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses and costs incurred to prepare for the Intended Business Separations. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. Changes in Accounting and Reporting Within the Successor period, DuPont made the following changes in accounting and reporting to harmonize its accounting and reporting with DowDuPont. Within the Successor period of the interim Consolidated Statements of Operations: • Included royalty income within net sales. In the Predecessor periods, royalty income is included within sundry income (expense) - net. • Eliminated the other operating charges line item. In the Successor period, these charges are included in costs of goods sold, selling, general and administrative expenses and amortization of intangibles. • Presented amortization of intangibles as a separate line item. In the Predecessor periods, amortization is included within selling, general and administrative expenses, other operating charges, and research and development expenses • Presented integration and separation costs as a separate line item. In the Predecessor periods, these costs are included within selling, general and administrative expenses. • Included interest accrued related to unrecognized tax benefits in the provision for income taxes. In the Predecessor period, interest accrued related to unrecognized tax benefits is included in sundry income (expense) - net. Within the Successor period of the interim Condensed Consolidated Balance Sheets: • Included loans to nonconsolidated affiliates within noncurrent receivables. In the Predecessor period, loans are included within investment in nonconsolidated affiliates. • Included accrued discounts and rebates within accounts payable. In the Predecessor period, accrued discounts and rebates are included within accrued and other current liabilities. • Included non-current pension liabilities within pension and other post employment benefits - noncurrent. In the Predecessor period, non-current pension liabilities are included within other noncurrent obligations. Within the Successor period of the interim Condensed Consolidated Statements of Cash Flows: • Included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. In the Predecessor period, DuPont reflected non-qualified hedge programs, specifically forward contracts, options and cash collateral activity, within cash flows from investing activities. In the Predecessor period, DuPont reflected cash flows from qualified programs within the line item it related to (i.e., revenue hedge cash flows presented within changes from accounts receivable). • Aligned the line items within the "change in operating assets and liabilities - net" to the DowDuPont presentation, including accounts and notes receivable, inventories, accounts payable, and other assets and liabilities. In the Predecessor period, the line item "changes in operating assets and liabilities - net" includes accounts and notes receivable, inventories and other operating assets, accounts payable and other operating liabilities, and accrued interest and income taxes. Use of Estimates In connection with the Merger, DowDuPont has performed a preliminary allocation of the total consideration exchanged for the DuPont assets and liabilities it acquired using preliminary estimates. The estimates are subject to change as discussed in Note 3. Segments Prior to the Merger, DuPont's reportable segments included Agriculture, Electronics & Communication, Industrial Biosciences, Nutrition & Health, Performance Materials, Protection Solutions and Other. Effective with the Merger, DuPont’s business activities are components of its parent company’s business operations. DuPont’s business activities, including the assessment of performance and allocation of resources, will be reviewed and managed by DowDuPont. Information used by the chief operating decision maker of DuPont relates to the company in its entirety. Accordingly, there are no separate reportable business segments for DuPont under Accounting Standards Codification ("ASC") Topic 280 “Segment Reporting” and DuPont's business results are reported in this Form 10-Q as a single operating segment. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance | 9 Months Ended |
Sep. 30, 2017 | |
Recent Accounting Guidance [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Guidance Recently Adopted Accounting Guidance In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting, which modifies the accounting for certain aspects of share-based payments to employees. The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when stock awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows the company to repurchase more of an employee’s vested shares for tax withholding purposes without triggering liability accounting, and clarifies that all cash payments made to tax authorities on an employee’s behalf for withheld shares should be presented as a financing activity on the statement of cash flows. The company adopted this standard as of January 1, 2017. The primary impact of adoption was the recognition of excess tax benefits in the company's provision for income taxes rather than additional paid-in capital, which is applied prospectively in accordance with the guidance. Adoption of the new standard resulted in the recognition of $5 million , $30 million and $0 million of excess tax benefits in the company's provision for income taxes rather than additional paid-in capital for the period July 1 through August 31, 2017 , the period January 1 through August 31, 2017 , and the period September 1 through September 30, 2017 , respectively. The company elected to apply the presentation requirements for cash flows related to excess tax benefits retrospectively to all periods presented which resulted in a decrease to both net cash used for operating activities and net cash provided by financing activities of $22 million for the nine months ended September 30, 2016. The presentation requirements for cash flows related to employee taxes paid for withheld shares resulted in a decrease to both net cash used for operating activities and net cash provided by financing activities of $28 million for the nine months ended September 30, 2016. The remaining updates required by this standard did not have a material impact to the company’s interim Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of September 30, 2017 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged items in the financial statements. For cash flow and net investment hedges existing as of the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year in which an entity adopts. Presentation and disclosure guidance is required to be adopted prospectively. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted in any interim period. All transition requirements and elections should be applied to hedging relationships existing (that is, hedging relationships in which the hedging instrument has not expired, been sold, terminated, or exercised or the entity has not removed the designation of the hedging relationship) on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The company is currently evaluating the impact this guidance will have on the Consolidated Financial Statements and related disclosures. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance requires registrants to present the service cost component of net periodic benefit cost in the same income statement line item or items as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Registrants will present the other components of net periodic benefit cost separately from the service cost component; and, the line item or items used in the income statement to present the other components of net periodic benefit cost must be disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The new standard must be adopted retrospectively for the presentation of the service cost component and the other components of net periodic benefit cost in the income statement, and prospectively for the capitalization of the service cost component of net periodic benefit cost in assets. The company plans to adopt this guidance in the first quarter of 2018 and is currently evaluating the impact on the Consolidated Financial Statements and related disclosures. See Note 15 for the components of net periodic benefit cost. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. The new guidance eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. In connection with the Merger Transaction, the company adopted the policy of the parent company and will perform its annual goodwill impairment test in the fourth quarter. Previously, the annual impairment test was performed in the third quarter. The company is planning to early adopt the new guidance for the annual goodwill impairment test that will be performed in the fourth quarter of 2017. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The new guidance narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the "set") is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs, as defined by the ASU. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, and should be applied prospectively. Early adoption is permitted. The company will adopt this standard on January 1, 2018 and will apply it prospectively to all applicable transactions after the adoption date. 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. 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 plans to adopt this guidance in the first quarter of 2018 with the expectation that this guidance will have an immaterial impact 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, but does not expect there to be a significant impact. 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 the Consolidated Financial Statements and related disclosures. The company is the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases. A complete discussion of these leases is included in the company's 2016 Annual Report in Note 15, "Commitments and Contingent Liabilities." In May 2014, the FASB 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. 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 company continues to evaluate the impact of the new standard on the Consolidated Financial Statements and related 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. |
Business Combinations Business
Business Combinations Business Combinations | 9 Months Ended |
Sep. 30, 2017 | |
Business Acquisition [Line Items] | |
Business Combinations | Business Combinations Acquisition of Granular, Inc. On August 31, 2017, the Company acquired Granular, Inc., a leading provider of software and analytics tools that helps farms improve efficiency, profitability, and sustainability. The purchase price was approximately $250 million and was primarily allocated to goodwill, developed technology and customer relationships.The fair value of the acquired assets relate to Granular, Inc. are included in the fair value measurement of DuPont’s assets and liabilities as a result of the application of push down accounting in connection with the Merger discussed below. Merger with Dow Upon completion of the Merger, (i) each share of common stock, par value $0.30 per share, of the company (the “DuPont Common Stock”) was converted into the right to receive 1.2820 fully paid and non-assessable shares of DowDuPont common stock, par value $0.01 per share, ("DowDuPont Common Stock"), in addition to cash in lieu of any fractional shares of DowDuPont Common Stock, and (ii) each share of DuPont Preferred Stock— $4.50 Series and DuPont Preferred Stock— $3.50 Series (collectively, the “DuPont Preferred Stock”) issued and outstanding immediately prior to the Merger Effectiveness Time remains issued and outstanding and was unaffected by the Mergers. As provided in the Merger Agreement, at the Merger Effectiveness Time, all options relating to shares of DuPont Common Stock that were outstanding immediately prior to the effective time of the Mergers were generally automatically converted into options relating to shares of DowDuPont Common Stock and all restricted stock units and performance based restricted stock units relating to shares of DuPont Common Stock that were outstanding immediately prior to the effective time of the Mergers were generally automatically converted into restricted stock units relating to shares of DowDuPont Common Stock, in each case, after giving effect to appropriate adjustments to reflect the Mergers and otherwise generally on the same terms and conditions as applied under the applicable plans and award agreements immediately prior to the Merger Effectiveness Time. See Note 16 for further discussion. Prior to the Merger, shares of DuPont Common Stock were registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended and listed on the New York Stock Exchange (the “NYSE”). As a result of the Merger, on August 31, 2017 , the company requested that the NYSE withdraw the shares of DuPont Common Stock from listing on the NYSE and filed a Form 25 with the U.S. Securities and Exchange Commission ("SEC") to report that DuPont Common Stock is no longer listed on the NYSE. DuPont continues to have Preferred Stock outstanding and it remains listed on the NYSE. DowDuPont Common Stock is listed and trades on the NYSE, ticker symbol DWDP. As a condition of the regulatory approval of the Merger, DuPont was required to divest a portion of its Crop Protection business, including certain research and development capabilities. See Note 4 for additional information. 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, specialty products and material science businesses through a series of tax-efficient transactions (collectively, the Intended Business Separations). Preliminary Allocation of Purchase Price Based on an evaluation of the provisions of ASC 805, "Business Combinations", Dow was determined to be the accounting acquirer in the Merger. DowDuPont has applied the acquisition method of accounting with respect to the assets and liabilities of DuPont, which have been measured at fair value as of the date of the Merger. In connection with the Merger and the related accounting determination, DuPont has elected to apply push-down accounting and reflect in its financial statements, the fair value of assets and liabilities. Such fair values have been reflected in the Successor Consolidated Financial Statements. DuPont's assets and liabilities were measured at estimated fair values as of the Merger Effectiveness Time, primarily using Level 3 inputs. Estimates of fair value represent management's best estimate which require a complex series of judgments about future events and uncertainties. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. The total fair value of consideration transferred for the Merger was approximately $74,680 million . Total consideration is comprised of the equity value of the DowDuPont shares as of the Merger Effectiveness Time, that were issued in exchange for DuPont shares, the cash value for fractional shares, and the portion of DuPont's share awards and share options earned as of the Merger Effectiveness Time. Share awards and share options converted to DowDupont equity instruments, but not vested, were $144 million as of August 31, 2017, which will be expensed over the remaining future vesting period. The following table summarizes the fair value of consideration exchanged as a result of the Merger: Consideration In millions (except exchange ratio) DuPont Common Stock outstanding as of the Merger Effectiveness Time 868.3 DuPont exchange ratio 1.2820 DowDuPont Common Stock issued in exchange for DuPont Common Stock 1,113.2 Fair value of DowDuPont Common Stock issued 1 $ 74,195 Fair value of DowDuPont equity awards issued in exchange for outstanding DuPont equity awards 2 485 Total consideration $ 74,680 1. Amount was determined based on the price per share of Dow Common Stock of $66.65 on August 31, 2017. 2. Represents the fair value of replacement awards issued for DuPont's equity awards outstanding immediately before the Merger and attributable to the service periods prior to the Merger. The previous DuPont equity awards were converted into the right to receive 1.2820 shares of DowDuPont Common Stock. The acquisition method of accounting requires, among other things, that identifiable assets acquired and liabilities assumed be recognized on the balance sheet at the fair values as of the acquisition date. In determining the fair value, DowDuPont utilized various forms of the income, cost and market approaches depending on the asset or liability being fair valued. The estimation of fair value required significant judgment related to future net cash flows (including net sales, cost of products sold, selling and marketing costs, and working capital/contributory asset charges), discount rates reflecting the risk inherent in each cash flow stream, competitive trends, market comparables and other factors. Inputs were generally determined by taking into account historical data, supplemented by current and anticipated market conditions, and growth rates. The table below presents the preliminary fair value that was allocated to DuPont's assets and liabilities based upon fair values as determined by DowDuPont. The valuation process to determine the fair values is not yet complete. The company will finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the Merger. Final determination of the fair values may result in further adjustments to the values presented in the following table. Fair Value of DuPont Assets and Liabilities as of the Merger Effectiveness Time (In millions) Fair Value of Assets Cash and cash equivalents $ 4,005 Marketable securities 2,849 Accounts and notes receivable - net 7,851 Inventories 8,886 Other current assets 360 Investment in nonconsolidated affiliates 1,685 Assets held for sale - current 3,184 Property, plant and equipment - net 12,122 Goodwill 1 45,501 Other intangible assets 1 27,844 Deferred income tax assets 487 Other assets 2,076 Total Assets $ 116,850 Fair Value of Liabilities Short-term borrowings and capital lease obligations $ 5,319 Accounts payable 3,283 Income taxes payable 140 Accrued and other current liabilities 3,517 Liabilities held for sale - current 104 Long-term debt 9,878 Deferred income tax liabilities 9,408 Pension and other post employment benefits - noncurrent 2 8,092 Other noncurrent obligations 2,028 Total Liabilities $ 41,769 Noncontrolling interests 162 Preferred stock 239 Fair Value of Net Assets (Consideration for the Merger) $ 74,680 1. See Note 11 for additional information. 2. Includes pension and other post employment benefits as well as long-term disability obligations. The significant fair value adjustments included in the preliminary allocation of purchase price are discussed below. Inventories Inventory is primarily comprised of finished products of $5,115 million , semi-finished products of $3,066 million and raw materials of $705 million . Fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. Fair value of work-in-process inventory was primarily calculated as the estimated selling price, adjusted for estimated costs to complete the manufacturing, estimated costs of the selling effort, as well as a reasonable profit margin on the remaining manufacturing and selling effort. The fair value of raw materials was determined to approximate the historical carrying value. For inventory accounted for under the first-in, first-out method and average cost method, the preliminary fair value step-up of inventory will be recognized in costs of goods sold as the inventory is sold. The pre-tax amount recognized for the period September 1 through September 30, 2017, was $429 million , of which $360 million is reflected in costs of goods sold within loss from continuing operations before income taxes and $69 million is reflected in loss from discontinued operations after income taxes in the Consolidated Statements of Operations. For inventory accounted for under the last-in, first-out ("LIFO") method, the preliminary fair value of inventory becomes the LIFO base layer inventory. Property, Plant & Equipment Property, plant and equipment is comprised of land and land improvements of $967 million , buildings of $2,615 million , machinery and equipment of $7,540 million and construction in progress of $1,000 million . The preliminary estimated fair value of property and equipment was primarily determined using a market approach for land and certain types of equipment, and a replacement cost approach for property and equipment. The market approach for certain types of equipment represents a sales comparison that measures the value of an asset through an analysis of sales and offerings of comparable assets. The replacement cost approach used for all other depreciable property and equipment measures the value of an asset by estimating the cost to acquire or construct comparable assets and adjusts for age and condition of the asset. Goodwill The excess of the consideration for the Merger over the preliminary net fair value of assets and liabilities was recorded as goodwill. The Merger resulted in the recognition of $45,501 million of goodwill, which is not deductible for tax purposes. Goodwill largely consists of expected cost synergies resulting from the Merger and the Intended Business Separations, the assembled workforce of DuPont and future technology and customers. Cost synergies will be achieved through a combination of workforce consolidations and savings from actions such as procurement synergies, harmonizing energy contracts at large sites, optimizing warehouse and logistics footprints, implementing materials and maintenance best practices and leveraging existing research and development knowledge management systems. Other Intangible Assets Other intangible assets primarily consist of customer-related, developed technology, trademarks and trade names and germplasm. The preliminary customer-related value was determined using the excess earnings method while the preliminary developed technology, trademarks and trade names and germplasm values were primarily determined utilizing the relief from royalty method. Both the excess earnings and relief from royalty methods are forms of the income approach. Refer to Note 11 for further information on other intangible assets. Income Taxes The deferred income tax assets and liabilities include the expected future federal, state and foreign tax consequences associated with temporary differences between the preliminary fair values of the assets and liabilities and the respective tax bases. Tax rates utilized in calculating deferred income taxes generally represent the enacted statutory tax rates in the jurisdictions in which legal title of the underlying asset or liability resides. The preliminary fair value of “Deferred income tax assets” includes a $172 million adjustment to establish a valuation allowance for certain historical net operating losses that will not be fully realized as a result of the Merger. Included in the fair value adjustment related to “Deferred income tax liabilities” is a $546 million adjustment reflecting a change in determination as to the reinvestment strategy of certain foreign operations of the company. Integration and Separation Costs Integration and separation costs have been and are expected to be significant. These costs to date primarily have consisted of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of activities related to the Merger. These costs are recorded within Integration and separation costs in the Successor period and the costs are recorded within selling, general and administrative expenses in the Predecessor periods within the Consolidated Statements of Operations. Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Integration and separation costs $ 71 Selling, general and administrative expenses $ 210 $ 122 $ 581 $ 222 |
Divestitures and Other Transact
Divestitures and Other Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Divestitures and Other Transactions Merger Remedy - Divested Ag Business As a condition of the regulatory approval of the Merger Transaction, the company is required to divest certain assets related to its Crop Protection business and research and development ("R&D") organization, specifically the company’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr ® , Cyazypyr ® and Indoxacarb as well as the Crop Protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs. On March 31, 2017, the company entered into a definitive agreement (the "FMC Transaction Agreement") with FMC Corporation ("FMC"). Under the FMC Transaction Agreement, FMC will acquire the Crop Protection business and R&D assets that DuPont is required to divest in order to obtain European Commission ("EC") approval of the Merger Transaction as described above, (the "Divested Ag Business") and DuPont has agreed to acquire certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products, (the "Acquired H&N Business") (collectively, the "FMC Transactions"). The assets and liabilities related to the Divested Ag Business at September 30, 2017 are presented as held for sale in the interim Consolidated Balance Sheet. The sale of the Divested Ag Business meets the criteria for discontinued operations and as such, earnings are included within (loss) income from discontinued operations after income taxes for all periods presented. On November 1, 2017, the company completed the FMC Transactions through the disposition of the Divested Ag Business and the acquisition of the Acquired H&N Business. The preliminary fair value as determined by the company of the Acquired H&N Business is $1,900 million . The FMC Transactions includes cash consideration payment to DuPont of approximately $1,200 million , which reflects the difference in value between the Divested Ag Business and the Acquired H&N Business, subject to adjustments for inventory of the Divested Ag Business and net working capital of the Acquired H&N Business. The company will apply the acquisition method of accounting in accordance with ASC 805, Business Combinations, to the Acquired H&N Business which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. As a result of the very recent closing of the FMC Transactions and the company's limited access to Acquired H&N Business information prior to the closing, the initial accounting for the business combination is incomplete at this time. As a result, the company is unable to provide amounts recognized as of the acquisition date for major classes of assets acquired and liabilities assumed. In addition, the company is unable to provide the supplemental pro forma revenue and earnings for the combined business. The company will include this information in its Annual Report on Form 10-K for the year ending December 31, 2017. The results of operations of the Divested Ag Business are presented as discontinued operations as summarized below: Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Net sales $ 116 $ 191 $ 271 $ 1,068 $ 1,077 Cost of goods sold 110 79 93 412 399 Other operating charges 5 4 17 14 Research and development expenses 9 24 32 95 101 Selling, general and administrative expenses 29 46 46 146 128 Restructuring and asset related charges - net — — — — (3 ) Sundry income (expense) - net — — (1 ) 7 — (Loss) income from discontinued operations before income taxes (32 ) 37 95 405 438 (Benefit from) provision for income taxes (12 ) 8 16 79 84 (Loss) Income from discontinued operations after income taxes $ (20 ) $ 29 $ 79 $ 326 $ 354 The following table presents depreciation and capital expenditures of the discontinued operations related to the Divested Ag Business: Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Depreciation $ — $ 5 $ 8 $ 21 $ 24 Capital expenditures $ 4 $ — $ 8 $ 8 $ 18 The carrying amount of major classes of assets and liabilities classified as assets and liabilities held for sale at September 30, 2017 and December 31, 2016 related to the Divested Ag Business consist of the following: Successor Predecessor (In millions) September 30, 2017 December 31, 2016 Cash and cash equivalents $ 125 $ 57 Accounts and notes receivable - net 39 12 Inventories 973 323 Other current assets 1 1 Property, plant and equipment - net 523 380 Goodwill 145 11 Other intangible assets 1,360 — Other assets 5 5 Assets held for sale $ 3,171 $ 789 Accounts payable 62 27 Accrued and other current liabilities 13 12 Deferred income tax liabilities — 6 Pension and other post employment benefits - noncurrent 12 — Other noncurrent obligations 21 29 Liabilities held for sale $ 108 $ 74 Food Safety Diagnostic Sale In February 2017, the company completed the sale of its global food safety diagnostic business, a part of the Nutrition & Health business, to Hygiena LLC. The sale resulted in a pre-tax gain of $162 million ( $86 million net of tax). The gain was recorded in sundry income (expense) - net in the company's interim Consolidated Statement of Operations for the period January 1 through August 31, 2017 . 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 million ( $214 million net of tax). The gain was recorded in sundry income (expense) - net in the company's interim Consolidated Statement of Operations for the nine months ended September 30, 2016 . Performance Chemicals On July 1, 2015, DuPont completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours Company (the "Separation"). In connection with the Separation, the company and The Chemours Company ("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. 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 generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In 2017, DuPont and Chemours amended the Separation Agreement to provide for a limited sharing of potential future PFOA liabilities for a period of five years beginning July 6, 2017. See Note 13 for further information. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At September 30, 2017 , the indemnified assets are $96 million within accounts and notes receivable - net and $342 million within other assets on the interim Condensed Consolidated Balance Sheet. See Note 13 for further discussion of certain litigation and environmental matters indemnified by Chemours. Income (loss) from discontinued operations after taxes in the company's interim Consolidated Statement of Operations during the period January 1 through August 31, 2017 reflects a tax benefit of $10 million associated with an adjustment to the tax benefit recognized in the first quarter of 2017 related to the charge for the perfluorooctanoic acid ("PFOA") multi-district litigation settlement. Income (loss) from discontinued operations after taxes for the period January 1 through August 31, 2017 includes a charge of $335 million ( $214 million net of tax) in connection with the PFOA multi-district litigation settlement. See Note 13 for further discussion. Income (loss) from discontinued operations after taxes during the three and nine months ended September 30, 2016 , includes $10 million and $30 million , respectively, of costs in connection with the separation transaction primarily related to professional fees associated with preparation of regulatory filings and separation activities within finance, tax, legal, and information system functions. |
Restructuring and Asset Related
Restructuring and Asset Related Charges - Net | 9 Months Ended |
Sep. 30, 2017 | |
Restructuring Charges [Abstract] | |
Employee Separation / Asset Related Charges, Net | DowDuPont Cost Synergy Program In September 2017, DowDuPont approved initial post-merger actions under the DowDuPont Cost Synergy Program (the “Synergy Program”) which is designed to integrate and optimize the organization following the Merger and Intended Business Separations. In connection with the approved actions under the Synergy Program, DuPont expects to incur pre-tax charges of approximately $70 million , comprised primarily of severance and related benefit costs. For the period September 1 through September 30, 2017, the company recognized pre-tax charges of $40 million in restructuring and asset related charges - net in the company's interim Consolidated Statements of Operations. These actions are expected to be substantially complete by the end of 2018. DuPont account balances and activity for the DowDuPont Cost Synergy Program are summarized below: (In millions) Severance and Related Benefit Costs Charges to (loss) income from continuing operations for the period September 1 through September 30, 2017 (Successor) $ 40 Payments (1 ) Non-cash compensation (7 ) Balance as of September 30, 2017 $ 32 On November 1, 2017, the company approved additional restructuring actions under the Synergy Program, adopted by the DowDuPont Board of Directors. Based on all actions approved to date under the Synergy Program, DuPont expects to record total pre-tax restructuring charges of about $850 million , comprised of approximately $350 million to $400 million of severance and related benefits costs; up to $360 million of asset related charges, and $110 million to $140 million of costs related to contract terminations. DuPont’s current estimated total pre-tax restructuring charges include the $40 million recorded for the period September 1 through September 30, 2017, comprised of severance and related benefit costs. DuPont expects to record pre-tax restructuring charges of approximately $115 million in the fourth quarter of 2017, with the remaining restructuring charges to be incurred by the end of 2019. The Synergy Program includes certain asset actions, including strategic decisions regarding the cellulosic biofuel business reflected in the preliminary fair value measurement of DuPont’s assets as of the merger date. Current estimated total pre-tax restructuring charges could be impacted by future adjustments to the preliminary fair value of DuPont’s assets. 2017 Restructuring Program During the first quarter 2017, DuPont committed to take actions to improve plant productivity and better position its businesses for productivity and growth before and after the anticipated closing of the Merger Transaction (the "2017 restructuring program"). In connection with these actions, the company incurred pre-tax charges of $1 million and $313 million , during the period July 1 through August 31, 2017 and January 1 through August 31, 2017 ("Predecessor" periods), respectively, recognized in restructuring and asset related charges - net in the company's interim Consolidated Statements of Operations. The charge for the period July 1 through August 31, 2017 is severance and related benefit costs. The charge for the period January 1 through August 31, 2017 is comprised of $279 million of asset-related charges and $34 million in severance and related benefit costs. The charges primarily relate to the second quarter closure of the Protection Solutions business Cooper River manufacturing site located near Charleston, South Carolina. The asset-related charges mainly consist of accelerated depreciation associated with the closure. The actions associated with this plan are expected to be substantially complete by the end of 2017. Account balances and activity for the 2017 restructuring program are summarized below: (In millions) Severance and Related Benefit Costs Asset Related Charges 1 Total Charges to income from continuing operations for the period January 1 through August 31, 2017 (Predecessor) $ 34 $ 279 $ 313 Payments (8 ) — (8 ) Asset write-offs — (279 ) $ (279 ) Balance as of August 31, 2017 $ 26 $ — $ 26 Charges to income from continuing operations for the period September 1 through September 30, 2017 (Successor) $ — $ — $ — Payments (1 ) — (1 ) Balance as of September 30, 2017 $ 25 $ — $ 25 1. Includes accelerated depreciation related to site closure. Charge for accelerated depreciation represents the difference between the depreciation expense to be recognized over the revised useful life of the site, based upon the anticipated date the site will be closed and depreciation expense as determined utilizing the useful life prior to the restructuring action. La Porte Plant, La Porte, Texas In March 2016, DuPont announced its decision to not re-start the Agriculture business's insecticide manufacturing facility at the La Porte site located in La Porte, Texas. The facility manufactured Lannate ® and Vydate ® insecticides and has been shut down since November 2014. As a result of this decision, during the nine months ended September 30, 2016 , a pre-tax charge of $75 million was recorded in restructuring and asset related charges - net in the company's interim Consolidated Statement of Operations which included $41 million of asset related charges, $18 million of contract termination costs, and $16 million of employee severance and related benefit costs. 2016 Global Cost Savings and Restructuring Plan At September 30, 2017 , total liabilities related to the program were $35 million . A complete discussion of restructuring initiatives is included in the company's 2016 Annual Report in Note 4, "Restructuring and Asset Related Charges - Net." In connection with these actions, the company incurred pre-tax charges of $10 million during the period July 1 through August 31, 2017, recognized in restructuring and asset related charges - net in the company’s interim Consolidated Statement of Operations. This was due to additional severance payments owed to previously terminated executives that became probable during the period. Account balances and activity for the restructuring program are summarized below: (In millions) Severance and Related Benefit Costs Other Non-Personnel Charges 1 Total Balance at December 31, 2016 (Predecessor) $ 100 $ 22 $ 122 Payments (76 ) (11 ) (87 ) Net translation adjustment 2 — 2 Other adjustments 10 — 10 Balance as of August 31, 2017 $ 36 $ 11 $ 47 Balance at September 1, 2017 (Successor) $ 36 $ 11 $ 47 Payments (11 ) (1 ) (12 ) Balance as of September 30, 2017 $ 25 $ 10 $ 35 1. Other non-personnel charges consist of contractual obligation costs. During the three months ended September 30, 2016, a net charge of $17 million was recorded, consisting of $14 million of restructuring and asset related charges - net and $3 million in sundry income (expense) -net in the company's interim Consolidated Statement of Operations. During the nine months ended September 30, 2016, a net (benefit) charge of $(68) million was recorded, consisting of $(71) million in restructuring and asset related charges - net and $3 million in sundry income (expense)-net in the company's interim Consolidated Statement of Operations. This was primarily due to a reduction in severance and related benefit costs partially offset by the identification of additional projects in certain businesses. The reduction in severance and related benefit costs was driven by the 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. Asset Impairment During the third quarter 2016, the company recognized a $158 million pre-tax impairment charge in restructuring and asset related charges - net in the company's interim Consolidated Statements of Operations related to indefinite-lived intangible trade names within the Industrial Biosciences business. 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 business 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. The basis of the fair value for the charges was calculated utilizing an income approach (relief from royalty method) using Level 3 inputs within the fair value hierarchy, as described in the company’s 2016 Annual Report in Note 1, “Summary of Significant Accounting Policies.” The key assumptions used in the calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. After the recognition of the impairment charge, the remaining net book value of the trade names was $28 million , which represented fair value. |
Supplementary Information
Supplementary Information | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Sundry Income (Expense) Net | Sundry Income (Expense) - Net Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Royalty income 1 $ 11 $ 27 $ 84 $ 108 Interest income $ 12 26 30 83 71 Equity in (losses) earnings of affiliates - net (4 ) 13 22 55 60 Net gain on sales of businesses and other assets 2,3 1 2 — 205 384 Net exchange gains (losses) 77 (195 ) (76 ) (394 ) (212 ) Miscellaneous income and expenses - net 4 2 31 (18 ) 133 (4 ) Sundry income (expense) - net $ 88 $ (112 ) $ (15 ) $ 166 $ 407 1. In the Successor period, royalty income of $9 million is included in Net Sales. 2. Includes a pre-tax gain of $162 million ( $86 million net of tax) for the period January 1 through August 31, 2017 related to the sale of the global food safety diagnostic business. See Note 4 for additional information. 3. Includes a pre-tax gain of $369 million ( $214 million net of tax) for the nine months ended September 30, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 4 for additional information. 4. Miscellaneous income and expenses - net, includes interest items, gains (losses) on available for sale securities, gains related to litigation settlements, licensing income, gains on purchases, and other items. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the United States (U.S.), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in sundry income (expense) - net and the related tax impact is recorded in provision for income taxes on continuing operations in the interim Consolidated Statements of Operations. Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Subsidiary Monetary Position (Loss) Gain Pre-tax exchange (loss) gain $ (35 ) $ 65 $ 6 $ 37 $ 185 Local tax (expenses) benefits (31 ) 88 18 217 (29 ) Net after-tax impact from subsidiary exchange (loss) gain $ (66 ) $ 153 $ 24 $ 254 $ 156 Hedging Program Gain (Loss) Pre-tax exchange gain (loss) $ 112 $ (260 ) $ (82 ) $ (431 ) $ (397 ) Tax (expenses) benefits (40 ) 94 30 155 143 Net after-tax impact from hedging program exchange gain (loss) $ 72 $ (166 ) $ (52 ) $ (276 ) $ (254 ) Total Exchange Gain (Loss) Pre-tax exchange gain (loss) $ 77 $ (195 ) $ (76 ) $ (394 ) $ (212 ) Tax (expenses) benefits $ (71 ) $ 182 $ 48 $ 372 $ 114 Net after-tax exchange gain (loss) $ 6 $ (13 ) $ (28 ) $ (22 ) $ (98 ) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | Income Taxes Effective with the Merger, the company and Dow are subsidiaries of DowDuPont. The company is included in DowDuPont consolidated tax groups and related income tax returns within certain jurisdictions. The company will continue to record a separate tax liability for its share of the taxable income and tax attributes and obligations on DowDuPont’s consolidated income tax returns following a formula consistent with the economic sharing of tax attributes and obligations. Dow and DuPont compute the amount due to DowDuPont for their share of taxable income and tax attributes on DowDuPont’s consolidated tax return. The amounts reported as income tax payable or receivable represent the company’s payment obligation (or refundable amount) to DowDuPont based on a theoretical tax liability calculated based on the methodologies agreed, elected or required in each combined or consolidated filing jurisdiction. 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 changes to the company's global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. During the period January 1 through August 31, 2017 , the company recognized tax expense of $29 million associated with the elimination of the U.S. domestic manufacturing deduction recorded in 2016 due to taxable income limitations triggered by the Company's decision to deduct the second quarter 2017 principal U.S. pension plan contribution on its 2016 consolidated U.S. tax return. Additionally, during the period January 1 through August 31, 2017 , the company recognized a tax benefit of $57 million , as well as a pre-tax benefit of $50 million on associated accrued interest reversals, related to a reduction in the company's unrecognized tax benefits due to the closure of various tax statutes of limitations. Income from continuing operations during the period January 1 through August 31, 2017 includes a tax benefit of $53 million and a pre-tax benefit of $47 million for accrued interest reversals (recorded in sundry income (expense) - net). Income (loss) from discontinued operations after taxes during the period January 1 through August 31, 2017 includes a tax benefit of $4 million and a pre-tax benefit of $3 million for the accrued interest reversal. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
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 Predecessor periods indicated below: Predecessor For the Period Three Months Ended For the Period Nine Months Ended Numerator: (Loss) income from continuing operations after income taxes attributable to DuPont (263 ) (70 ) 1,624 1,902 Preferred dividends (2 ) (2 ) (7 ) (7 ) (Loss) income from continuing operations after income taxes available to DuPont common stockholders $ (265 ) $ (72 ) $ 1,617 $ 1,895 Income from discontinued operations after income taxes available to DuPont common stockholders 29 72 117 346 Net (loss) income available to common stockholders $ (236 ) $ — $ 1,734 $ 2,241 Denominator: Weighted-average number of common shares outstanding - Basic 868,992,000 874,292,000 867,888,000 874,274,000 Dilutive effect of the company’s employee compensation plans 1 — 5,099,000 4,532,000 4,332,000 Weighted-average number of common shares outstanding - Diluted 1 868,992,000 879,391,000 872,420,000 878,606,000 1. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. The following average number of stock options were antidilutive, and therefore not included in the dilutive earnings per share calculations: Predecessor For the Period Three Months Ended For the Period Nine Months Ended Average number of stock options 4,832,000 4,558,000 1,906 4,885,000 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory, Net [Abstract] | |
Inventories | Inventories Successor Predecessor (In millions) September 30, December 31, Finished products $ 4,132 $ 2,961 Semi-finished products 3,310 1,877 Raw materials 388 292 Stores and supplies 336 398 Total 8,166 5,528 Adjustment of inventories to a last-in, first-out (LIFO) basis 617 (178 ) Total inventories $ 8,783 $ 5,350 Total inventories increased $3,433 million from December 31, 2016, primarily reflecting inventory at fair value at the date of the Merger. See Note 3 for additional information regarding the Merger. |
Property Property
Property Property | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment Disclosure [Text Block] | Successor Predecessor (In millions) September 30, 2017 December 31, 2016 Land and land improvements $ 941 $ 501 Buildings 2,558 4,224 Machinery and equipment 7,559 16,909 Construction in progress 965 1,381 Total property, plant and equipment 12,023 23,015 Accumulated depreciation (121 ) (14,164 ) Total property, plant and equipment - net $ 11,902 $ 8,851 Net property increased $3,051 million from December 31, 2016, primarily reflecting property, plant and equipment at fair value at the date of the Merger. See Note 3 for additional information regarding the Merger. Equipment and buildings are depreciated over useful lives on a straight-line basis ranging from 1 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 1 to 8 years. Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Depreciation expense $ 111 $ 143 $ 226 $ 589 $ 683 |
Other Intangible Assets
Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: Successor Predecessor September 30, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Customer-related $ 9,383 $ (45 ) $ 9,338 $ 1,574 $ (586 ) $ 988 Developed technology 4,112 (34 ) 4,078 1,410 (838 ) 572 Trademarks/trade names 1,071 (6 ) 1,065 53 (15 ) 38 Microbial cell factories 1 430 (2 ) 428 Other 2 297 (2 ) 295 171 (82 ) 89 Total other intangible assets with finite lives 15,293 (89 ) 15,204 3,208 (1,521 ) 1,687 Intangible assets not subject to amortization (Indefinite-lived): In-process research and development ("IPR&D") 655 — 655 73 — 73 Microbial cell factories 1 306 — 306 Germplasm 3 6,773 — 6,773 1,053 — 1,053 Trademarks / trade names 5,036 — 5,036 545 — 545 Total other intangible assets 12,464 — 12,464 1,977 — 1,977 Total $ 27,757 $ (89 ) $ 27,668 $ 5,185 $ (1,521 ) $ 3,664 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 intangible assets upon the acquisition of Danisco. As a result of the valuation as part of the merger, it was determined that this now has a definite life and therefore it has been moved from indefinite-lived to definite-lived as of September 1, 2017. 2. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. 3. Pioneer germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. In connection with the Merger, the company recorded $27,844 million of intangible assets, as shown in the table below, representing the preliminary fair values at the Merger date. See Note 3 for additional information regarding the Merger. Intangible Assets Gross Carrying Amount Weighted-average Amortization Period (years) (In millions) Intangible assets with finite lives: Customer-related $ 9,434 18 Developed technology 4,124 12 Trademarks/trade names 1,073 12 Microbial cell factories 430 23 Other 294 15 Total other intangible assets with finite lives $ 15,355 Intangible assets with indefinite lives: IPR&D $ 655 Germplasm 6,773 Trademarks/trade names 5,061 Total intangible assets $ 27,844 The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $89 million for the period September 1 through September 30, 2017 , $31 million for the period July 1 through August 31, 2017 , and $139 million for the period January 1 through August 31, 2017 . The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $46 million and $272 million for the three and nine months ended September 30, 2016. Total estimated amortization expense for the next five fiscal years is as follows: (In millions) 2017 $ 512 2018 1,096 2019 1,090 2020 1,080 2021 1,067 2022 1,060 |
Notes Payable, Long-Term Debt a
Notes Payable, Long-Term Debt and Available Credit Facilities Notes Payable, Long-Term Debt and Available Credit Facilities | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | The following tables summarize the company's short-term borrowings and capital lease obligations and long-term debt: Short-term borrowings and capital lease obligations Successor Predecessor (In millions) September 30, 2017 December 31, 2016 Commercial paper $ 3,244 $ 386 Other loans - various currencies 48 39 Long-term debt payable within one year 1,328 4 Repurchase facility 1,300 — Total short-term borrowings and capital lease obligations $ 5,920 $ 429 Long Term Debt Successor 1 Predecessor September 30, 2017 December 31, 2016 (In millions) Amount Weighted Average Rate Amount Promissory notes and debentures: Final maturity 2018 $ 1,293 1.59 % $ 1,290 Final maturity 2019 525 2.23 % 500 Final maturity 2020 3,079 1.78 % 999 Final maturity 2021 1,586 2.07 % 1,498 Final maturity 2023 and thereafter 3,496 3.32 % 3,188 Other facilities: Term loan due 2019 1,000 2.24 % 500 Other loans 19 4.32 % 22 Foreign currency loans, various rates and maturities 30 2.84 % 29 Medium-term notes, varying maturities through 2043 110 0.98 % 111 Capital lease obligations 5 9 Less: Unamortized debt discount and issuance costs — 35 Less: Long-term debt due within one year 1,328 4 Total $ 9,815 $ 8,107 1. The Successor period includes the reflection of debt at fair value at the date of the Merger. See Note 3 for additional information regarding the Merger. Principal payments of long-term debt for the next five years are as follows: Maturities of Long-Term Debt For Next Five Years (In millions) 2017 $ 2 2018 1,284 2019 1,505 2020 3,005 2021 1,505 2022 2 Available Committed Credit Facilities The following table summarizes the company's credit facilities: Committed and Available Credit Facilities at September 30, 2017 (Successor) (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest DuPont Revolving Credit Facility March 2016 $ 3,000 $ 2,945 May 2019 Floating Rate DuPont Term Loan Facility March 2016 4,500 3,500 March 2019 Floating Rate Repurchase Facility (see below) January 2017 1,300 — November 2017 Floating Rate Total Committed and Available Credit Facilities $ 8,800 $ 6,445 Debt Offering In May 2017, the company completed an underwritten public offering of $1,250 million of the company's 2.20 percent Notes due 2020 and $750 million of the company's Floating Rate Notes due 2020 (the "May 2017 Debt Offering"). The proceeds of this offering were used to make a discretionary pension contribution to the company's principal U.S. pension plan. See Note 15 for further discussion regarding this contribution. Repurchase Facility In January 2017, the company entered into a committed receivable repurchase agreement of up to $1,300 million (the "Repurchase Facility"). The Repurchase Facility is structured to account for the seasonality of the agriculture business and expires on November 30, 2017. Under the Repurchase Facility, the company may sell a portfolio of available and eligible outstanding customer notes receivables within the Agriculture business to participating institutions and simultaneously agree to repurchase such notes receivable at a future date. The Repurchase Facility is considered a secured borrowing with the customer notes receivables utilized as collateral. The amount of collateral required equals 105 percent of the outstanding borrowing amounts. Borrowings under the Repurchase Facility have an interest rate of the London interbank offered rate ("LIBOR") plus 0.75 percent . As of September 30, 2017 , $1,365 million of notes receivable, recorded in accounts and notes receivable - net, were pledged as collateral against outstanding borrowings under the Repurchase Facility of $1,300 million , recorded in Short-term borrowings and capital lease obligations on the interim Consolidated Balance Sheet. 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 million (as amended from time to time, the "Term Loan Facility"). In the first quarter of 2017, the Term Loan Facility was amended to extend the date on which the commitment to lend terminates. As a result, DuPont may make up to seven term loan borrowings through July 27, 2018; 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. As of September 30, 2017 , the company had borrowed $1,000 million and had unused commitments of $3,500 million under the Term Loan Facility. In October 2017, under the Term Loan Facility, DuPont borrowed $500 million at the LIBOR Loan Rate, primarily to pay down commercial paper. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities Commitments and Contingent Liabilities (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingent Liabilities Guarantees Indemnifications In connection with acquisitions and divestitures as of September 30, 2017 , 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 transactions. 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. Additionally, in connection with the Separation, the company has directly guaranteed Chemours' purchase obligations under an agreement with a third-party supplier. At September 30, 2017 and December 31, 2016 , the company had directly guaranteed $323 million and $388 million , respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees. The company would be required to perform on these guarantees in the event of default by the guaranteed party. The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. In certain cases, the company has recourse to assets held as collateral, as well as personal guarantees from customers and suppliers. Assuming liquidation, these assets are estimated to cover 16 percent of the $111 million of guaranteed obligations of customers and suppliers as of September 30, 2017. The following tables provide a summary of the final expiration and maximum future payments for each type of guarantee: Guarantees at September 30, 2017 (Successor) Final Expiration Maximum Future Payments (In millions) Obligations for customers and suppliers 1 : Bank borrowings 2022 $ 111 Obligations for non-consolidated affiliates 2 : Bank borrowings 2017 164 Obligations for Chemours 3 : Chemours' purchase obligations 2018 11 Residual value guarantees 4 2029 37 Total guarantees $ 323 1. Existing guarantees for customers and suppliers, as part of contractual agreements. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. 3. Guarantee for Chemours' raw material purchase obligations under agreement with third party supplier. 4. The company provides guarantees related to leased assets specifying the residual value that will be available to the lessor at lease termination through sale of the assets to the lessee or third parties. 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 September 30, 2017 , DuPont had a total accrual balance of $15 million related to the PFOA matters discussed below and has recorded a total indemnification asset of $15 million . Leach v. DuPont 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 approximately 80,000 residents, pursuant to which DuPont paid the plaintiffs' attorneys' fees and expenses of $23 million and made a payment of $70 million that class counsel designated to fund a community health project (the "Leach Settlement"). In addition, 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 C8 Science Panel found probable links, as defined in the Leach Settlement, between exposure to PFOA and pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. Under the Leach Settlement, the company is obligated to fund up to $235 million 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 million into an escrow account to fund medical monitoring as required by the settlement agreement. As of September 30, 2017 , less than $1 million had been disbursed from the account. While it is probable that the company will incur liabilities related to funding the medical monitoring program, the company does not expect any such liabilities to be material. In addition, under the Leach Settlement, 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, 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. Following the Leach Settlement, approximately 3,550 lawsuits alleging personal injury claims were filed 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. In the first quarter of 2017, the MDL was settled for $670.7 million in cash (the "MDL Settlement"), half of which was to be paid by Chemours and half paid by DuPont. At September 30, 2017, all payments under the settlement agreement have been made by both companies. DuPont’s payment is not subject to indemnification or reimbursement by Chemours. In exchange for that payment, DuPont and Chemours receive releases of all claims by the settling plaintiffs. The MDL Settlement was entered into solely by way of compromise and settlement and is not in any way an admission of liability or fault by DuPont or Chemours. Claims from a small number of plaintiffs opting out of the MDL Settlement remain pending. Additional Actions 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. 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 the 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, the EPA announced a health advisory level of 0.07 ppb for PFOA in drinking water considering lifetime versus episodic exposure. In January 2017, the EPA announced it had amended the Order to include Chemours, and to make the new health advisory level the trigger for additional actions by DuPont and Chemours, 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 at September 30, 2017 , includes $15 million related to these obligations and voluntary commitments. Concurrent with the MDL Settlement, DuPont and Chemours amended the Separation Agreement to provide for a limited sharing of potential future PFOA liabilities (i.e., indemnifiable losses, as defined in the Separation Agreement) for a period of five years beginning July 6, 2017. During that five -year period, Chemours will annually pay future PFOA liabilities up to $25 million and, if such amount is exceeded, DuPont would pay any excess amount up to the next $25 million (which payment will not be subject to indemnification by Chemours), with Chemours annually bearing any further excess liabilities. After the five -year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Separation Agreement would continue unchanged. There have been no charges incurred by DuPont under this arrangement through September 30, 2017. Chemours has also agreed that it will not contest its liability to DuPont under the Separation Agreement for PFOA liabilities on the basis of ostensible defenses generally applicable to the indemnification provisions under the Separation Agreement, including defenses relating to punitive damages, fines or penalties or attorneys’ fees, and waives any such defenses with respect to PFOA liabilities. Chemours has, however, retained defenses as to whether any particular PFOA claim is within the scope of the indemnification provisions of the Separation Agreement. It is possible that new lawsuits could be filed against DuPont related to PFOA that may not be within the scope of the MDL Settlement. Any such new litigation would be subject to indemnification by Chemours under the Separation Agreement, as amended. Prior to the separation of Chemours, the company introduced GenX as a polymerization processing aid at the Fayetteville Works facility in North Carolina. The facility is now owned and operated by Chemours which continues to manufacture and use GenX as a polymerization processing aid. Chemours is responding to ongoing inquiries and investigations from federal, state and local investigators, regulators and other governmental authorities as well as inquiries from the media and local community stakeholders. These inquiries and investigations involve the discharge of the polymerization processing aid GenX and certain similar compounds from the Chemours’ facility in Fayetteville, North Carolina into the Cape Fear River. In August 2017, the U.S. Attorney’s Office for the Eastern District of North Carolina served the company with a subpoena for testimony and the production of documents to a grand jury. The subpoena seeks documents related to alleged discharges of PFOA and/or GenX, (the replacement product for PFOA) from the Fayetteville Works facility into the Cape Fear River in Bladen County, North Carolina. In the fourth quarter of 2017, lawsuits, including purported class actions, were filed against Chemours and the company, one of which also names DowDuPont, alleging that certain perflourinated chemicals, discharged into the Cape Fear River, Bladen County, North Carolina, from the operations and wastewater treatment at the Fayetteville Works facility, contaminated the water supply causing economic or property damage. It is possible that these ongoing inquiries and investigations, including the grand jury subpoena, could result in penalties or sanctions, or that additional litigation will be instituted against Chemours and/or the company. The company has an indemnification claim against Chemours with respect to current and future inquiries, investigations, and claims, including lawsuits, related to the foregoing. Environmental Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At September 30, 2017, the company had accrued obligations of $455 million for probable environmental remediation and restoration costs, including $74 million for the remediation of Superfund sites. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the interim Consolidated Balance Sheets. This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to $910 million above the amount accrued at September 30, 2017 . Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows. It is the opinion of the company’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the company’s results of operations, financial condition or cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. At December 31, 2016, the company had accrued obligations of $457 million for probable environmental remediation and restoration costs, including $17 million for the remediation of Superfund sites. Pursuant to the DuPont and Chemours Separation Agreement, the company is indemnified by Chemours for certain environmental matters, included in the liability of $455 million , that have an estimated liability of $256 million as of September 30, 2017 , and a potential exposure that ranges up to approximately $436 million above the amount accrued. As such, the company has recorded an indemnification asset of $256 million corresponding to the company’s accrual balance related to these matters at September 30, 2017 , including $54 million related to the Superfund sites. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Treasury Stock Immediately prior to the closing of the Merger Transaction, all 87 million shares of DuPont common stock that were held in treasury were automatically canceled and retired for no consideration. Common stock held in treasury was recorded at cost. When retired, the excess of the cost of treasury stock over its par value was allocated between reinvested earnings ( $5,657 million ) and additional paid-in capital ( $1,044 million ). Other Comprehensive Income (Loss) The changes and after-tax balances of components comprising accumulated other comprehensive loss are summarized below: (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments Total 2017 Balance January 1, 2017 ( Predecessor ) $ (2,843 ) $ 7 $ (6,720 ) $ (357 ) $ 2 $ (9,911 ) Other comprehensive income (loss) before reclassifications 1,042 3 (78 ) — 1 968 Amounts reclassified from accumulated other comprehensive income (loss) — (13 ) 325 10 (1 ) 321 Net other comprehensive income (loss) 1,042 (10 ) 247 10 — 1,289 Balance August 31, 2017 ( Predecessor ) $ (1,801 ) $ (3 ) $ (6,473 ) $ (347 ) $ 2 $ (8,622 ) Balance September 1, 2017 ( Successor ) 2 $ — $ — $ — $ — $ — $ — Other comprehensive loss before reclassifications (572 ) — — — — (572 ) Net other comprehensive loss (572 ) — — — — (572 ) Balance September 30, 2017 ( Successor ) $ (572 ) $ — $ — $ — $ — $ (572 ) 1. The cumulative translation adjustment gain for the period January 1 through August 31, 2017 is primarily driven by the weakening of the U.S dollar (USD) against the European Euro (EUR). The cumulative translation adjustment loss for the period September 1 through September 30, 2017 is primarily driven by the modest strengthening of the USD against the EUR. 2. In connection with the Merger, previously unrecognized prior service benefits and net losses related to DuPont's pension and OPEB plans were eliminated as a result of the reflecting the balance sheet at fair value as of the date of the Merger. See Note 3 and 15 for further information regarding the Merger and pension and OPEB plans, respectively. (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans 2 Other Benefit Plans Unrealized Gain (Loss) on Securities Total 2016 Balance January 1, 2016 $ (2,333 ) $ (24 ) $ (7,043 ) $ 22 $ (18 ) $ (9,396 ) Other comprehensive (loss) income before reclassifications 187 21 (1,740 ) (172 ) (8 ) (1,712 ) Amounts reclassified from accumulated other comprehensive income (loss) — 11 469 (58 ) 19 441 Net other comprehensive (loss) income 187 32 (1,271 ) (230 ) 11 (1,271 ) Balance September 30, 2016 $ (2,146 ) $ 8 $ (8,314 ) $ (208 ) $ (7 ) $ (10,667 ) 1. The cumulative translation adjustment gain for the nine months ended September 30, 2016 is primarily driven by the modest weakening of the U.S. dollar (USD) against the European Euro (EUR) and the Brazilian real (BRL). 2. The Pension Benefit Plans loss recognized in other comprehensive (loss) income during the nine months ended September 30, 2016 includes the impact of the remeasurement of the principal U.S. pension plan as of June 30, 2016. See Note 15 for additional information. The tax (expense) benefit on the net activity related to each component of other comprehensive income (loss) were as follows: Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Derivative instruments $ — $ — $ 1 $ 6 $ (20 ) Pension benefit plans - net — (31 ) (40 ) (145 ) 668 Other benefit plans - net — (1 ) 6 (5 ) 125 (Provision for) benefit from income taxes related to other comprehensive income (loss) items $ — $ (32 ) $ (33 ) $ (144 ) $ 773 A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows: Successor Predecessor Income Classification (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Derivative Instruments: $ — $ — $ — $ (21 ) $ 18 (1) Tax expense (benefit) — — — 8 (7 ) (2) After-tax $ — $ — $ — $ (13 ) $ 11 Amortization of pension benefit plans: Prior service benefit — (1 ) (2 ) (3 ) (5 ) (3) Actuarial losses — 127 229 506 605 (3) Curtailment (loss) gain — — (1 ) — 65 (3) Settlement loss — — 22 — 60 (3) Total before tax $ — $ 126 $ 248 $ 503 $ 725 Tax benefit — (45 ) (88 ) (178 ) (256 ) (2) After-tax $ — $ 81 $ 160 $ 325 $ 469 Amortization of other benefit plans: Prior service benefit — (11 ) (36 ) (46 ) (111 ) (3) Actuarial losses — 15 21 61 56 (3) Curtailment gain — — — — (33 ) (3) Total before tax $ — $ 4 $ (15 ) $ 15 $ (88 ) Tax (benefit) expense — (1 ) 6 (5 ) 30 (2) After-tax $ — $ 3 $ (9 ) $ 10 $ (58 ) Net realized gains (losses) on investments, before tax: — — 6 (1 ) 19 (4) Tax expense — — — — — (2) After-tax $ — $ — $ 6 $ (1 ) $ 19 Total reclassifications for the period, after-tax $ — $ 84 $ 157 $ 321 $ 441 1. 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 15 for additional information. 4. Sundry income (expense) - net. |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 9 Months Ended |
Sep. 30, 2017 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension Plans and Other Post Employment Benefits | As a result of the Merger, the company re-measured its pension and other post employment benefit (OPEB) plans. The remeasurement of the company’s pension and OPEB plans are included in the fair value measurement of DuPont’s assets and liabilities as a result of the application of push down accounting in connection with the Merger. In addition, net losses and prior service benefits recognized in accumulated other comprehensive loss were eliminated. Dow and DuPont did not merge their pension plans and other post employment benefit plans as a result of the Merger. See Note 3 for details on the Merger. Pension Plans The company’s remeasurement of its pension plans upon the effective date of the Merger resulted in an increase in the underfunded status of $596 million . In connection with the remeasurement, the company updated the weighted average discount rate from 3.80 percent at December 31, 2016 to 3.42 percent as of August 31, 2017. During the period January 1 through August 31, 2017 , the company made total contributions of $2,900 million to its principal U.S. pension plan funded through the May 2017 Debt Offering; short-term borrowings, including commercial paper issuance; and cash. See Note 12 for further discussion related to the May 2017 Debt Offering. Additionally, the company made total contributions of $19 million during the period September 1 through September 30, 2017 for plans other than the principal U.S. pension plan. DuPont expects to contribute approximately $50 million to its pension plans in the remainder of 2017. 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 million during the nine months ended September 30, 2016 and re-measured the principal U.S. pension plan as of March 31, 2016 and June 30, 2016. The curtailment losses were 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 connection with the remeasurements, the company recognized a pre-tax net loss of $2,352 million within other comprehensive income (loss) for the nine months ended September 30, 2016. The loss was driven by the decrease in the discount rate from 4.47 percent at December 31, 2015 to 3.74 percent as of June 30, 2016. In addition, the company recorded $15 million and $51 million settlement charges during the three and nine months ended September 30, 2016 related to the company's Pension Restoration Plan which provides for lump sum payments to certain eligible retirees. The following sets forth the components of the company’s net periodic benefit cost for pensions: Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Service cost $ 12 $ 25 $ 44 $ 92 $ 133 Interest cost 62 132 189 524 612 Expected return on plan assets (102 ) (207 ) (327 ) (824 ) (996 ) Amortization of loss — 127 229 506 605 Amortization of prior service benefit — (1 ) (2 ) (3 ) (5 ) Curtailment (gain) loss — — (1 ) — 65 Settlement loss — — 22 — 60 Net periodic benefit (credit) cost - Total $ (28 ) $ 76 $ 154 $ 295 $ 474 Less: Discontinued operations — 1 1 3 — Net periodic benefit (credit) cost - Continuing operations $ (28 ) $ 75 $ 153 $ 292 $ 474 In determining the U.S. pension plan net periodic benefit costs for the Successor period, the company updated the expected return on plan assets assumption from 8.00 percent for the period July 1 through August 31, 2017 to 6.25 percent for the period September 1 through September 30, 2017. The lower return assumption reflects the company's updated strategic asset allocation for the U.S. pension trust. Other Post Employment Benefits The company’s remeasurement of its OPEB plans upon the effective date of the Merger resulted in an increase in the benefit obligation of $41 million . In connection with the remeasurement, the company lowered the weighted average discount rate to 3.62 percent as of August 31, 2017 from 4.03 percent as of December 31, 2016. As a result of the workforce reductions noted above, a curtailment was triggered for the company's other post employment benefit plans. The company recorded curtailment gains of $33 million for the nine months ended September 30, 2016 and re-measured the associated plans as of March 31, 2016 and June 30, 2016. The curtailment gain was driven by accelerated recognition of a portion of the prior service benefit partially offset by the change in the benefit obligation based on the demographics of the terminated positions. In connection with the remeasurement, the company updated the associated plans’ weighted average discount rate assumed at December 31, 2015 from 4.30 percent to 3.55 percent as of June 30, 2016. The remeasurement resulted in a net increase of $265 million to the company’s other post employment benefit obligation with a corresponding increase to net loss within other comprehensive loss for the nine months ended September 30, 2016 . The following sets forth the components of the company’s net periodic benefit cost (credit) for other post employment benefits: Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Service cost $ 1 $ 2 $ 2 $ 6 $ 9 Interest cost 6 15 20 60 64 Amortization of loss — 15 21 61 56 Amortization of prior service benefit — (11 ) (36 ) (46 ) (111 ) Curtailment gain — — — — (33 ) Net periodic benefit cost (credit) - Continuing operations $ 7 $ 21 $ 7 $ 81 $ (15 ) |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation The DuPont Equity and Incentive Plan ("EIP") provides for equity-based and cash incentive awards to certain employees, directors, and consultants. All outstanding DuPont equity awards as of the Merger date were converted into equity awards with respect to DowDuPont Common Stock. The previous DuPont equity awards were converted into the right to receive 1.2820 shares of DowDuPont Common Stock and had a fair value of approximately $629 million at the Merger closing date, which was included in the total consideration exchanged. The converted DuPont equity awards were measured at their fair value and included $485 million as consideration exchanged and $144 million (includes $23 million of incremental expense as a result of the conversion) that will be amortized to stock compensation expense over the remaining vesting period of the awards. The fair values of the converted awards were based on valuation assumptions developed by management and other information including, but not limited to, historical volatility and exercise trends of DuPont and Dow. DuPont and Dow did not merge their equity and incentive plans as a result of the Merger. As of September 30, 2017 , the company had unrecognized pre-tax compensation expense of $24 million and $110 million related to non-vested stock options and non-vested restricted stock units (RSUs), respectively. Performance stock units held prior to merger were converted to RSUs. As of September 30, 2017 , the expected remaining weighted-average recognition period for non-vested stock options, non-vested RSUs is 1.80 years and 1.91 years, respectively. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Financial Instruments Disclosure [Abstract] | |
Financial Instruments | Financial Instruments At September 30, 2017 , the company had $1,826 million ( $1,362 million at December 31, 2016) of held-to-maturity securities (primarily time deposits) classified as marketable securities as these securities had maturities of more than three months to less than 1 year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. Available-for-sale securities are reported at estimated fair value with unrealized gains and losses reported as a component of accumulated other comprehensive loss. There were no sales of available-for-sale securities for the period September 1 through September 30, 2017 or for the period January 1 through August 31, 2017 . The proceeds from the sale of available-for-sale securities for the three and nine months ended September 30, 2016 were $161 million and $626 million , respectively. Derivative Instruments Objectives and Strategies for Holding Derivative Instruments In the ordinary course of business, the company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any nonderivatives as hedging instruments. The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company 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: Notional Amounts Successor Predecessor (In millions) September 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Commodity contracts $ — $ 422 Derivatives not designated as hedging instruments: Foreign currency contracts 11,528 9,896 Commodity contracts 8 7 The notional amounts of the company's commodity derivatives were as follows: Commodity Gross Aggregate Notionals Successor September 30, 2017 Predecessor December 31, 2016 Notional Volume Unit Derivatives designated as hedging instruments: Corn — 55.2 million bushels Soybean — 22.1 million bushels Derivatives not designated as hedging instruments: Soybean 0.5 0.2 million bushels Soybean Oil 3.3 7.3 million pounds Soybean Meal 4.8 9.1 kilotons 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. Commodity Price Risk Commodity price risk management programs serve to reduce exposure to price fluctuations on purchases of inventory such as corn, soybeans, soybean oil 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. Derivatives Designated as 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: Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Beginning balance $ — $ (4 ) $ 10 $ 7 $ (24 ) Additions and revaluations of derivatives designated as cash flow hedges — 1 (2 ) 3 21 Clearance of hedge results to earnings — — — (13 ) 11 Ending balance $ — $ (3 ) $ 8 $ (3 ) $ 8 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, soybean oil and soybean meal. Fair Value of Derivative Instruments During the Predecessor period, the company's derivative assets and liabilities are reported on a gross basis in the interim Condensed Consolidated Balance Sheets. During the Successor period, to conform with DowDuPont's presentation post-merger, asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Condensed Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows: Successor September 30, 2017 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 88 $ (75 ) $ 13 Total asset derivatives $ 88 $ (75 ) $ 13 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 107 $ (75 ) $ 32 Total liability derivatives $ 107 $ (75 ) $ 32 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. The company held cash collateral of $0 million as of September 30, 2017. Predecessor (In millions) Balance Sheet Location December 31, 2016 Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts 1 Accounts and notes receivable - net $ 182 Total asset derivatives 2 $ 182 Cash collateral 1 Accrued and other current liabilities $ 52 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 121 Total liability derivatives 2 $ 121 1. Cash collateral held as of December 31, 2016 is related to foreign currency derivatives not designated as hedging instruments. 2. The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $114 million at December 31, 2016. Effect of Derivative Instruments Amount of Gain (Loss) Recognized in OCI 1 (Effective Portion) Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts $ — $ 1 $ (3 ) $ 5 $ 34 Total derivatives $ — $ 1 $ (3 ) $ 5 $ 34 1. OCI is defined as other comprehensive income (loss). Amount of Gain (Loss) Recognized in Income 1 Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ — $ — $ — $ 21 $ (18 ) Derivatives not designated as hedging instruments: Foreign currency contracts 4 112 (260 ) (82 ) (431 ) (397 ) Foreign currency contracts 3 — — — — (15 ) Commodity contracts 2 — 2 (1 ) 2 (11 ) Total derivatives $ 112 $ (258 ) $ (83 ) $ (408 ) $ (441 ) 1. For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. There was no material ineffectiveness with regard to the company's cash flow hedges during the period. 2. Recorded in cost of goods sold 3. Recorded in net sales. 4. Gain recognized in sundry income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $65 million for the periods July 1 through August 31, 2017 and $6 million for the three months ended September 30, 2016, and $37 million for the period January 1 through August 31, 2017 and $185 million for the nine months ended September 30, 2016. See Note 6 for additional information. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurement | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis at September 30, 2017 and December 31, 2016: September 30, 2017 Significant Other Observable Inputs (Level 2) Total (In millions) Assets at fair value: Cash equivalents 1 $ 3,251 $ 3,251 Marketable securities 1,826 1,826 Derivatives relating to: 2 Foreign currency 13 13 Total assets at fair value $ 5,090 $ 5,090 Liabilities at fair value: Long-term debt 3 $ 11,097 $ 11,097 Derivatives relating to: 2 Foreign currency 32 32 Total liabilities at fair value $ 11,129 $ 11,129 1. Time deposits included in "Cash and cash equivalents" in the consolidated balance sheets are held at amortized cost, which approximates fair value. 2. See Note 17 for the classification of derivatives in the consolidated balance sheets. 3. See Note 12 for information on fair value measurements of long-term debt. December 31, 2016 Significant Other Observable Inputs (Level 2) Total (In millions) Assets at fair value: Cash equivalents 1 $ 2,713 $ 2,713 Marketable securities 1,362 1,362 Derivatives relating to: 2 Foreign currency 182 182 Total assets at fair value $ 4,257 $ 4,257 Liabilities at fair value: Long-term debt 3 $ 8,464 $ 8,464 Derivatives relating to: 2 Foreign currency 121 121 Total liabilities at fair value $ 8,585 $ 8,585 1. Time deposits included in "Cash and cash equivalents" in the consolidated balance sheets are held at amortized cost, which approximates fair value. 2. See Note 17 for the classification of derivatives in the consolidated balance sheets. 3. See Note 12 for information on fair value measurements of long-term debt. |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | Subsequent Events In October 2017, under the Term Loan Facility, DuPont borrowed $500 million at the LIBOR Loan Rate, primarily to pay down commercial paper. On November 1, 2017, the company approved additional restructuring actions under the Synergy Program. See Note 5 for further information. On November 1, 2017, the company completed the FMC Transactions. See Notes 3 and 4 for further information. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Annual Report on Form 10-K for the year ended December 31, 2016, collectively referred to as the “2016 Annual Report”. The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. |
Pushdown Accounting [Policy Text Block] | DowDuPont Inc. ("DowDuPont") was formed on December 9, 2015 to effect an all-stock, merger of equals strategic combination between The Dow Chemical Company ("Dow") and E. I. du Pont de Nemours and Company ("DuPont") (the "Merger Transaction"). On August 31, 2017 at 11:59 pm ET, (the "Merger Effectiveness Time") pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 (the "Merger Agreement"), Dow and DuPont each merged with wholly owned subsidiaries of DowDuPont ("Mergers") and, as a result of the Mergers, Dow and DuPont became subsidiaries of DowDuPont (collectively, the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. DowDuPont intends 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). For purposes of DowDuPont's financial statement presentation, Dow was determined to be the accounting acquirer in the Merger and DuPont's assets and liabilities are reflected at fair value as of the Merger Effectiveness Time. In connection with the Merger and the related accounting determination, DuPont has elected to apply push-down accounting and reflect in its financial statements, the fair value of its assets and liabilities. DuPont's interim Consolidated Financial Statements for periods following the close of the Merger are labeled “Successor” and reflect DowDuPont’s basis in the fair values of the assets and liabilities of DuPont. All periods prior to the closing of the Merger reflect the historical accounting basis in DuPont's assets and liabilities and are labeled “Predecessor.” The interim Consolidated Financial Statements and Footnotes include a black line division between the columns titled "Predecessor" and "Successor" to signify that the amounts shown for the periods prior to and following the Merger are not comparable. See Note 3 for additional information on the Merger. Transactions between DowDuPont, DuPont, Dow and their affiliates and other associated companies are reflected in the Successor consolidated financial statements and disclosed as related party transactions when material. Related party transactions with DowDuPont and Dow and their affiliates were not material as of September 30, 2017 and for the period September 1 through September 30, 2017. |
Discontinued Operations, Policy [Policy Text Block] | The assets and liabilities related to the Divested Ag Business at September 30, 2017 are presented as held for sale in the interim Consolidated Balance Sheet. The sale of the Divested Ag Business meets the criteria for discontinued operations and as such, earnings are included within income from discontinued operations after income taxes for all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows and comprehensive income related to the Divested Ag Business have not been segregated and are included in the interim Condensed Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Amounts related to the Divested Ag Business are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 4 for further information. 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 results of operations of the Performance Chemicals segment are presented as discontinued operations and, as such, have been excluded from continuing operations 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. |
Reclassification, Policy [Policy Text Block] | Certain reclassifications of prior year's data have been made to conform to current year's presentation. As described in Note 2, effective January 1, 2017, the company adopted the Financial Accounting Standards Board (“FASB”) Accounting Standards Update ("ASU") No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. In conjunction with the adoption of this ASU, the company retrospectively reclassified cash flows related to income tax impacts associated with employee share-based payments in the interim Condensed Consolidated Statements of Cash Flows, as described in Note 2. |
Cost of Sales, Policy [Policy Text Block] | Successor periods - Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects and other operational expenses. Predecessor periods - Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead. |
Nonoperating Income [Policy Text Block] | Predecessor periods - Other operating charges includes product claim charges and recoveries, non-capitalizable costs associated with capital projects and other operational expenses. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Successor periods - Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Predecessor periods - Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, business management expenses and integration and separation costs. |
Integration and Separation Policy [Policy Text Block] | Successor periods - Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses and costs incurred to prepare for the Intended Business Separations. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. |
Use of Estimates, Policy [Policy Text Block] | In connection with the Merger, DowDuPont has performed a preliminary allocation of the total consideration exchanged for the DuPont assets and liabilities it acquired using preliminary estimates. The estimates are subject to change as discussed in Note 3. |
Segment Reporting, Policy [Policy Text Block] | Prior to the Merger, DuPont's reportable segments included Agriculture, Electronics & Communication, Industrial Biosciences, Nutrition & Health, Performance Materials, Protection Solutions and Other. Effective with the Merger, DuPont’s business activities are components of its parent company’s business operations. DuPont’s business activities, including the assessment of performance and allocation of resources, will be reviewed and managed by DowDuPont. Information used by the chief operating decision maker of DuPont relates to the company in its entirety. Accordingly, there are no separate reportable business segments for DuPont under Accounting Standards Codification ("ASC") Topic 280 “Segment Reporting” and DuPont's business results are reported in this Form 10-Q as a single operating segment. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Guidance Recently Adopted Accounting Guidance In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting, which modifies the accounting for certain aspects of share-based payments to employees. The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when stock awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from other income tax cash flows. The standard also allows the company to repurchase more of an employee’s vested shares for tax withholding purposes without triggering liability accounting, and clarifies that all cash payments made to tax authorities on an employee’s behalf for withheld shares should be presented as a financing activity on the statement of cash flows. The company adopted this standard as of January 1, 2017. The primary impact of adoption was the recognition of excess tax benefits in the company's provision for income taxes rather than additional paid-in capital, which is applied prospectively in accordance with the guidance. Adoption of the new standard resulted in the recognition of $5 million , $30 million and $0 million of excess tax benefits in the company's provision for income taxes rather than additional paid-in capital for the period July 1 through August 31, 2017 , the period January 1 through August 31, 2017 , and the period September 1 through September 30, 2017 , respectively. The company elected to apply the presentation requirements for cash flows related to excess tax benefits retrospectively to all periods presented which resulted in a decrease to both net cash used for operating activities and net cash provided by financing activities of $22 million for the nine months ended September 30, 2016. The presentation requirements for cash flows related to employee taxes paid for withheld shares resulted in a decrease to both net cash used for operating activities and net cash provided by financing activities of $28 million for the nine months ended September 30, 2016. The remaining updates required by this standard did not have a material impact to the company’s interim Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of September 30, 2017 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged items in the financial statements. For cash flow and net investment hedges existing as of the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year in which an entity adopts. Presentation and disclosure guidance is required to be adopted prospectively. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted in any interim period. All transition requirements and elections should be applied to hedging relationships existing (that is, hedging relationships in which the hedging instrument has not expired, been sold, terminated, or exercised or the entity has not removed the designation of the hedging relationship) on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The company is currently evaluating the impact this guidance will have on the Consolidated Financial Statements and related disclosures. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance requires registrants to present the service cost component of net periodic benefit cost in the same income statement line item or items as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Registrants will present the other components of net periodic benefit cost separately from the service cost component; and, the line item or items used in the income statement to present the other components of net periodic benefit cost must be disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted as of the beginning of an annual period. The new standard must be adopted retrospectively for the presentation of the service cost component and the other components of net periodic benefit cost in the income statement, and prospectively for the capitalization of the service cost component of net periodic benefit cost in assets. The company plans to adopt this guidance in the first quarter of 2018 and is currently evaluating the impact on the Consolidated Financial Statements and related disclosures. See Note 15 for the components of net periodic benefit cost. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350), Simplifying the Test for Goodwill Impairment. The new guidance eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new standard is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019, and should be applied on a prospective basis. Early adoption is permitted for annual or interim goodwill impairment testing performed after January 1, 2017. In connection with the Merger Transaction, the company adopted the policy of the parent company and will perform its annual goodwill impairment test in the fourth quarter. Previously, the annual impairment test was performed in the third quarter. The company is planning to early adopt the new guidance for the annual goodwill impairment test that will be performed in the fourth quarter of 2017. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The new guidance narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the "set") is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs, as defined by the ASU. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, and should be applied prospectively. Early adoption is permitted. The company will adopt this standard on January 1, 2018 and will apply it prospectively to all applicable transactions after the adoption date. 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. 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 plans to adopt this guidance in the first quarter of 2018 with the expectation that this guidance will have an immaterial impact 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, but does not expect there to be a significant impact. 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 the Consolidated Financial Statements and related disclosures. The company is the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases. A complete discussion of these leases is included in the company's 2016 Annual Report in Note 15, "Commitments and Contingent Liabilities." In May 2014, the FASB 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. 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 company continues to evaluate the impact of the new standard on the Consolidated Financial Statements and related 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. |
Business Combinations (Tables)
Business Combinations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Consideration Transferred | Consideration In millions (except exchange ratio) DuPont Common Stock outstanding as of the Merger Effectiveness Time 868.3 DuPont exchange ratio 1.2820 DowDuPont Common Stock issued in exchange for DuPont Common Stock 1,113.2 Fair value of DowDuPont Common Stock issued 1 $ 74,195 Fair value of DowDuPont equity awards issued in exchange for outstanding DuPont equity awards 2 485 Total consideration $ 74,680 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Fair Value of DuPont Assets and Liabilities as of the Merger Effectiveness Time (In millions) Fair Value of Assets Cash and cash equivalents $ 4,005 Marketable securities 2,849 Accounts and notes receivable - net 7,851 Inventories 8,886 Other current assets 360 Investment in nonconsolidated affiliates 1,685 Assets held for sale - current 3,184 Property, plant and equipment - net 12,122 Goodwill 1 45,501 Other intangible assets 1 27,844 Deferred income tax assets 487 Other assets 2,076 Total Assets $ 116,850 Fair Value of Liabilities Short-term borrowings and capital lease obligations $ 5,319 Accounts payable 3,283 Income taxes payable 140 Accrued and other current liabilities 3,517 Liabilities held for sale - current 104 Long-term debt 9,878 Deferred income tax liabilities 9,408 Pension and other post employment benefits - noncurrent 2 8,092 Other noncurrent obligations 2,028 Total Liabilities $ 41,769 Noncontrolling interests 162 Preferred stock 239 Fair Value of Net Assets (Consideration for the Merger) $ 74,680 |
Transaction Costs [Table Text Block] | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Integration and separation costs $ 71 Selling, general and administrative expenses $ 210 $ 122 $ 581 $ 222 |
Divestitures and Other Transa29
Divestitures and Other Transactions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Group Including Discontinued Operations Income Statement [Table Text Block] | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Net sales $ 116 $ 191 $ 271 $ 1,068 $ 1,077 Cost of goods sold 110 79 93 412 399 Other operating charges 5 4 17 14 Research and development expenses 9 24 32 95 101 Selling, general and administrative expenses 29 46 46 146 128 Restructuring and asset related charges - net — — — — (3 ) Sundry income (expense) - net — — (1 ) 7 — (Loss) income from discontinued operations before income taxes (32 ) 37 95 405 438 (Benefit from) provision for income taxes (12 ) 8 16 79 84 (Loss) Income from discontinued operations after income taxes $ (20 ) $ 29 $ 79 $ 326 $ 354 |
Schedule of Disposal Group Including Discontinued Operations Cash Flow Information [Table Text Block] | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Depreciation $ — $ 5 $ 8 $ 21 $ 24 Capital expenditures $ 4 $ — $ 8 $ 8 $ 18 |
Schedule of Disposal Groups Including Discontinued Operations Balance Sheet [Table Text Block] | Successor Predecessor (In millions) September 30, 2017 December 31, 2016 Cash and cash equivalents $ 125 $ 57 Accounts and notes receivable - net 39 12 Inventories 973 323 Other current assets 1 1 Property, plant and equipment - net 523 380 Goodwill 145 11 Other intangible assets 1,360 — Other assets 5 5 Assets held for sale $ 3,171 $ 789 Accounts payable 62 27 Accrued and other current liabilities 13 12 Deferred income tax liabilities — 6 Pension and other post employment benefits - noncurrent 12 — Other noncurrent obligations 21 29 Liabilities held for sale $ 108 $ 74 |
Restructuring and Asset Relat30
Restructuring and Asset Related Charges - net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Program | (In millions) Severance and Related Benefit Costs Charges to (loss) income from continuing operations for the period September 1 through September 30, 2017 (Successor) $ 40 Payments (1 ) Non-cash compensation (7 ) Balance as of September 30, 2017 $ 32 |
2017 Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Program | (In millions) Severance and Related Benefit Costs Asset Related Charges 1 Total Charges to income from continuing operations for the period January 1 through August 31, 2017 (Predecessor) $ 34 $ 279 $ 313 Payments (8 ) — (8 ) Asset write-offs — (279 ) $ (279 ) Balance as of August 31, 2017 $ 26 $ — $ 26 Charges to income from continuing operations for the period September 1 through September 30, 2017 (Successor) $ — $ — $ — Payments (1 ) — (1 ) Balance as of September 30, 2017 $ 25 $ — $ 25 1. Includes accelerated depreciation related to site closure. Charge for accelerated depreciation represents the difference between the depreciation expense to be recognized over the revised useful life of the site, based upon the anticipated date the site will be closed and depreciation expense as determined utilizing the useful life prior to the restructuring action. |
2016 Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Program | (In millions) Severance and Related Benefit Costs Other Non-Personnel Charges 1 Total Balance at December 31, 2016 (Predecessor) $ 100 $ 22 $ 122 Payments (76 ) (11 ) (87 ) Net translation adjustment 2 — 2 Other adjustments 10 — 10 Balance as of August 31, 2017 $ 36 $ 11 $ 47 Balance at September 1, 2017 (Successor) $ 36 $ 11 $ 47 Payments (11 ) (1 ) (12 ) Balance as of September 30, 2017 $ 25 $ 10 $ 35 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Sundry Income (Expense), net | Sundry Income (Expense) - Net Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Royalty income 1 $ 11 $ 27 $ 84 $ 108 Interest income $ 12 26 30 83 71 Equity in (losses) earnings of affiliates - net (4 ) 13 22 55 60 Net gain on sales of businesses and other assets 2,3 1 2 — 205 384 Net exchange gains (losses) 77 (195 ) (76 ) (394 ) (212 ) Miscellaneous income and expenses - net 4 2 31 (18 ) 133 (4 ) Sundry income (expense) - net $ 88 $ (112 ) $ (15 ) $ 166 $ 407 1. In the Successor period, royalty income of $9 million is included in Net Sales. 2. Includes a pre-tax gain of $162 million ( $86 million net of tax) for the period January 1 through August 31, 2017 related to the sale of the global food safety diagnostic business. See Note 4 for additional information. 3. Includes a pre-tax gain of $369 million ( $214 million net of tax) for the nine months ended September 30, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 4 for additional information. 4. Miscellaneous income and expenses - net, includes interest items, gains (losses) on available for sale securities, gains related to litigation settlements, licensing income, gains on purchases, and other items. |
Schedule of Foreign Currency Exchange Gain (Loss) | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Subsidiary Monetary Position (Loss) Gain Pre-tax exchange (loss) gain $ (35 ) $ 65 $ 6 $ 37 $ 185 Local tax (expenses) benefits (31 ) 88 18 217 (29 ) Net after-tax impact from subsidiary exchange (loss) gain $ (66 ) $ 153 $ 24 $ 254 $ 156 Hedging Program Gain (Loss) Pre-tax exchange gain (loss) $ 112 $ (260 ) $ (82 ) $ (431 ) $ (397 ) Tax (expenses) benefits (40 ) 94 30 155 143 Net after-tax impact from hedging program exchange gain (loss) $ 72 $ (166 ) $ (52 ) $ (276 ) $ (254 ) Total Exchange Gain (Loss) Pre-tax exchange gain (loss) $ 77 $ (195 ) $ (76 ) $ (394 ) $ (212 ) Tax (expenses) benefits $ (71 ) $ 182 $ 48 $ 372 $ 114 Net after-tax exchange gain (loss) $ 6 $ (13 ) $ (28 ) $ (22 ) $ (98 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock Reconciliation Table | Predecessor For the Period Three Months Ended For the Period Nine Months Ended Numerator: (Loss) income from continuing operations after income taxes attributable to DuPont (263 ) (70 ) 1,624 1,902 Preferred dividends (2 ) (2 ) (7 ) (7 ) (Loss) income from continuing operations after income taxes available to DuPont common stockholders $ (265 ) $ (72 ) $ 1,617 $ 1,895 Income from discontinued operations after income taxes available to DuPont common stockholders 29 72 117 346 Net (loss) income available to common stockholders $ (236 ) $ — $ 1,734 $ 2,241 Denominator: Weighted-average number of common shares outstanding - Basic 868,992,000 874,292,000 867,888,000 874,274,000 Dilutive effect of the company’s employee compensation plans 1 — 5,099,000 4,532,000 4,332,000 Weighted-average number of common shares outstanding - Diluted 1 868,992,000 879,391,000 872,420,000 878,606,000 1. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. |
Average Number of Antidilutive Stock Options | Predecessor For the Period Three Months Ended For the Period Nine Months Ended Average number of stock options 4,832,000 4,558,000 1,906 4,885,000 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory, Net [Abstract] | |
Schedule of Inventories | Successor Predecessor (In millions) September 30, December 31, Finished products $ 4,132 $ 2,961 Semi-finished products 3,310 1,877 Raw materials 388 292 Stores and supplies 336 398 Total 8,166 5,528 Adjustment of inventories to a last-in, first-out (LIFO) basis 617 (178 ) Total inventories $ 8,783 $ 5,350 |
Property (Tables)
Property (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment [Table Text Block] | Successor Predecessor (In millions) September 30, 2017 December 31, 2016 Land and land improvements $ 941 $ 501 Buildings 2,558 4,224 Machinery and equipment 7,559 16,909 Construction in progress 965 1,381 Total property, plant and equipment 12,023 23,015 Accumulated depreciation (121 ) (14,164 ) Total property, plant and equipment - net $ 11,902 $ 8,851 |
Depreciation Expense [Table Text Block] | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Depreciation expense $ 111 $ 143 $ 226 $ 589 $ 683 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Intangible Assets [Table Text Block] | Successor Predecessor September 30, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Customer-related $ 9,383 $ (45 ) $ 9,338 $ 1,574 $ (586 ) $ 988 Developed technology 4,112 (34 ) 4,078 1,410 (838 ) 572 Trademarks/trade names 1,071 (6 ) 1,065 53 (15 ) 38 Microbial cell factories 1 430 (2 ) 428 Other 2 297 (2 ) 295 171 (82 ) 89 Total other intangible assets with finite lives 15,293 (89 ) 15,204 3,208 (1,521 ) 1,687 Intangible assets not subject to amortization (Indefinite-lived): In-process research and development ("IPR&D") 655 — 655 73 — 73 Microbial cell factories 1 306 — 306 Germplasm 3 6,773 — 6,773 1,053 — 1,053 Trademarks / trade names 5,036 — 5,036 545 — 545 Total other intangible assets 12,464 — 12,464 1,977 — 1,977 Total $ 27,757 $ (89 ) $ 27,668 $ 5,185 $ (1,521 ) $ 3,664 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 intangible assets upon the acquisition of Danisco. As a result of the valuation as part of the merger, it was determined that this now has a definite life and therefore it has been moved from indefinite-lived to definite-lived as of September 1, 2017. 2. Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. 3. Pioneer germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (In millions) 2017 $ 512 2018 1,096 2019 1,090 2020 1,080 2021 1,067 2022 1,060 |
Successor | |
Finite-Lived Intangible Assets [Line Items] | |
Schedule of Intangible Assets as a Result of Business Combination [Table Text Block] | Intangible Assets Gross Carrying Amount Weighted-average Amortization Period (years) (In millions) Intangible assets with finite lives: Customer-related $ 9,434 18 Developed technology 4,124 12 Trademarks/trade names 1,073 12 Microbial cell factories 430 23 Other 294 15 Total other intangible assets with finite lives $ 15,355 Intangible assets with indefinite lives: IPR&D $ 655 Germplasm 6,773 Trademarks/trade names 5,061 Total intangible assets $ 27,844 |
Notes Payable, Long-Term Debt36
Notes Payable, Long-Term Debt and Available Credit Facilities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Instrument [Line Items] | |
Schedule of Debt [Table Text Block] | Short-term borrowings and capital lease obligations Successor Predecessor (In millions) September 30, 2017 December 31, 2016 Commercial paper $ 3,244 $ 386 Other loans - various currencies 48 39 Long-term debt payable within one year 1,328 4 Repurchase facility 1,300 — Total short-term borrowings and capital lease obligations $ 5,920 $ 429 Long Term Debt Successor 1 Predecessor September 30, 2017 December 31, 2016 (In millions) Amount Weighted Average Rate Amount Promissory notes and debentures: Final maturity 2018 $ 1,293 1.59 % $ 1,290 Final maturity 2019 525 2.23 % 500 Final maturity 2020 3,079 1.78 % 999 Final maturity 2021 1,586 2.07 % 1,498 Final maturity 2023 and thereafter 3,496 3.32 % 3,188 Other facilities: Term loan due 2019 1,000 2.24 % 500 Other loans 19 4.32 % 22 Foreign currency loans, various rates and maturities 30 2.84 % 29 Medium-term notes, varying maturities through 2043 110 0.98 % 111 Capital lease obligations 5 9 Less: Unamortized debt discount and issuance costs — 35 Less: Long-term debt due within one year 1,328 4 Total $ 9,815 $ 8,107 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Maturities of Long-Term Debt For Next Five Years (In millions) 2017 $ 2 2018 1,284 2019 1,505 2020 3,005 2021 1,505 2022 2 |
Schedule of Line of Credit Facilities [Table Text Block] | Committed and Available Credit Facilities at September 30, 2017 (Successor) (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest DuPont Revolving Credit Facility March 2016 $ 3,000 $ 2,945 May 2019 Floating Rate DuPont Term Loan Facility March 2016 4,500 3,500 March 2019 Floating Rate Repurchase Facility (see below) January 2017 1,300 — November 2017 Floating Rate Total Committed and Available Credit Facilities $ 8,800 $ 6,445 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guaranteed Obligations | Guarantees at September 30, 2017 (Successor) Final Expiration Maximum Future Payments (In millions) Obligations for customers and suppliers 1 : Bank borrowings 2022 $ 111 Obligations for non-consolidated affiliates 2 : Bank borrowings 2017 164 Obligations for Chemours 3 : Chemours' purchase obligations 2018 11 Residual value guarantees 4 2029 37 Total guarantees $ 323 1. Existing guarantees for customers and suppliers, as part of contractual agreements. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. 3. Guarantee for Chemours' raw material purchase obligations under agreement with third party supplier. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments Total 2017 Balance January 1, 2017 ( Predecessor ) $ (2,843 ) $ 7 $ (6,720 ) $ (357 ) $ 2 $ (9,911 ) Other comprehensive income (loss) before reclassifications 1,042 3 (78 ) — 1 968 Amounts reclassified from accumulated other comprehensive income (loss) — (13 ) 325 10 (1 ) 321 Net other comprehensive income (loss) 1,042 (10 ) 247 10 — 1,289 Balance August 31, 2017 ( Predecessor ) $ (1,801 ) $ (3 ) $ (6,473 ) $ (347 ) $ 2 $ (8,622 ) Balance September 1, 2017 ( Successor ) 2 $ — $ — $ — $ — $ — $ — Other comprehensive loss before reclassifications (572 ) — — — — (572 ) Net other comprehensive loss (572 ) — — — — (572 ) Balance September 30, 2017 ( Successor ) $ (572 ) $ — $ — $ — $ — $ (572 ) 1. The cumulative translation adjustment gain for the period January 1 through August 31, 2017 is primarily driven by the weakening of the U.S dollar (USD) against the European Euro (EUR). The cumulative translation adjustment loss for the period September 1 through September 30, 2017 is primarily driven by the modest strengthening of the USD against the EUR. 2. In connection with the Merger, previously unrecognized prior service benefits and net losses related to DuPont's pension and OPEB plans were eliminated as a result of the reflecting the balance sheet at fair value as of the date of the Merger. See Note 3 and 15 for further information regarding the Merger and pension and OPEB plans, respectively. (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans 2 Other Benefit Plans Unrealized Gain (Loss) on Securities Total 2016 Balance January 1, 2016 $ (2,333 ) $ (24 ) $ (7,043 ) $ 22 $ (18 ) $ (9,396 ) Other comprehensive (loss) income before reclassifications 187 21 (1,740 ) (172 ) (8 ) (1,712 ) Amounts reclassified from accumulated other comprehensive income (loss) — 11 469 (58 ) 19 441 Net other comprehensive (loss) income 187 32 (1,271 ) (230 ) 11 (1,271 ) Balance September 30, 2016 $ (2,146 ) $ 8 $ (8,314 ) $ (208 ) $ (7 ) $ (10,667 ) 1. The cumulative translation adjustment gain for the nine months ended September 30, 2016 is primarily driven by the modest weakening of the U.S. dollar (USD) against the European Euro (EUR) and the Brazilian real (BRL). 2. The Pension Benefit Plans loss recognized in other comprehensive (loss) income during the nine months ended September 30, 2016 includes the impact of the remeasurement of the principal U.S. pension plan as of June 30, 2016. See Note 15 for additional information. |
Provision for taxes related to other comprehensive income [Table Text Block] | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Derivative instruments $ — $ — $ 1 $ 6 $ (20 ) Pension benefit plans - net — (31 ) (40 ) (145 ) 668 Other benefit plans - net — (1 ) 6 (5 ) 125 (Provision for) benefit from income taxes related to other comprehensive income (loss) items $ — $ (32 ) $ (33 ) $ (144 ) $ 773 |
Reclassifications our of Accumulated Other Comprehensive Income (Loss) | Successor Predecessor Income Classification (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Derivative Instruments: $ — $ — $ — $ (21 ) $ 18 (1) Tax expense (benefit) — — — 8 (7 ) (2) After-tax $ — $ — $ — $ (13 ) $ 11 Amortization of pension benefit plans: Prior service benefit — (1 ) (2 ) (3 ) (5 ) (3) Actuarial losses — 127 229 506 605 (3) Curtailment (loss) gain — — (1 ) — 65 (3) Settlement loss — — 22 — 60 (3) Total before tax $ — $ 126 $ 248 $ 503 $ 725 Tax benefit — (45 ) (88 ) (178 ) (256 ) (2) After-tax $ — $ 81 $ 160 $ 325 $ 469 Amortization of other benefit plans: Prior service benefit — (11 ) (36 ) (46 ) (111 ) (3) Actuarial losses — 15 21 61 56 (3) Curtailment gain — — — — (33 ) (3) Total before tax $ — $ 4 $ (15 ) $ 15 $ (88 ) Tax (benefit) expense — (1 ) 6 (5 ) 30 (2) After-tax $ — $ 3 $ (9 ) $ 10 $ (58 ) Net realized gains (losses) on investments, before tax: — — 6 (1 ) 19 (4) Tax expense — — — — — (2) After-tax $ — $ — $ 6 $ (1 ) $ 19 Total reclassifications for the period, after-tax $ — $ 84 $ 157 $ 321 $ 441 1. 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 15 for additional information. 4. Sundry income (expense) - net. |
Pension and Other Post Employme
Pension and Other Post Employment Benefit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedules of Net Periodic Benefit Cost | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Service cost $ 12 $ 25 $ 44 $ 92 $ 133 Interest cost 62 132 189 524 612 Expected return on plan assets (102 ) (207 ) (327 ) (824 ) (996 ) Amortization of loss — 127 229 506 605 Amortization of prior service benefit — (1 ) (2 ) (3 ) (5 ) Curtailment (gain) loss — — (1 ) — 65 Settlement loss — — 22 — 60 Net periodic benefit (credit) cost - Total $ (28 ) $ 76 $ 154 $ 295 $ 474 Less: Discontinued operations — 1 1 3 — Net periodic benefit (credit) cost - Continuing operations $ (28 ) $ 75 $ 153 $ 292 $ 474 |
Other Post Employment Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedules of Net Periodic Benefit Cost | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Service cost $ 1 $ 2 $ 2 $ 6 $ 9 Interest cost 6 15 20 60 64 Amortization of loss — 15 21 61 56 Amortization of prior service benefit — (11 ) (36 ) (46 ) (111 ) Curtailment gain — — — — (33 ) Net periodic benefit cost (credit) - Continuing operations $ 7 $ 21 $ 7 $ 81 $ (15 ) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Financial Instruments Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Notional Amounts Successor Predecessor (In millions) September 30, 2017 December 31, 2016 Derivatives designated as hedging instruments: Commodity contracts $ — $ 422 Derivatives not designated as hedging instruments: Foreign currency contracts 11,528 9,896 Commodity contracts 8 7 The notional amounts of the company's commodity derivatives were as follows: Commodity Gross Aggregate Notionals Successor September 30, 2017 Predecessor December 31, 2016 Notional Volume Unit Derivatives designated as hedging instruments: Corn — 55.2 million bushels Soybean — 22.1 million bushels Derivatives not designated as hedging instruments: Soybean 0.5 0.2 million bushels Soybean Oil 3.3 7.3 million pounds Soybean Meal 4.8 9.1 kilotons |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Beginning balance $ — $ (4 ) $ 10 $ 7 $ (24 ) Additions and revaluations of derivatives designated as cash flow hedges — 1 (2 ) 3 21 Clearance of hedge results to earnings — — — (13 ) 11 Ending balance $ — $ (3 ) $ 8 $ (3 ) $ 8 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Successor September 30, 2017 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 88 $ (75 ) $ 13 Total asset derivatives $ 88 $ (75 ) $ 13 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 107 $ (75 ) $ 32 Total liability derivatives $ 107 $ (75 ) $ 32 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. The company held cash collateral of $0 million as of September 30, 2017. Predecessor (In millions) Balance Sheet Location December 31, 2016 Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts 1 Accounts and notes receivable - net $ 182 Total asset derivatives 2 $ 182 Cash collateral 1 Accrued and other current liabilities $ 52 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 121 Total liability derivatives 2 $ 121 1. Cash collateral held as of December 31, 2016 is related to foreign currency derivatives not designated as hedging instruments. 2. The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $114 million at December 31, 2016. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Amount of Gain (Loss) Recognized in OCI 1 (Effective Portion) Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts $ — $ 1 $ (3 ) $ 5 $ 34 Total derivatives $ — $ 1 $ (3 ) $ 5 $ 34 1. OCI is defined as other comprehensive income (loss). Amount of Gain (Loss) Recognized in Income 1 Successor Predecessor (In millions) For the Period For the Period Three Months Ended For the Period Nine Months Ended Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ — $ — $ — $ 21 $ (18 ) Derivatives not designated as hedging instruments: Foreign currency contracts 4 112 (260 ) (82 ) (431 ) (397 ) Foreign currency contracts 3 — — — — (15 ) Commodity contracts 2 — 2 (1 ) 2 (11 ) Total derivatives $ 112 $ (258 ) $ (83 ) $ (408 ) $ (441 ) 1. For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. There was no material ineffectiveness with regard to the company's cash flow hedges during the period. 2. Recorded in cost of goods sold 3. Recorded in net sales. 4. Gain recognized in sundry income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $65 million for the periods July 1 through August 31, 2017 and $6 million for the three months ended September 30, 2016, and $37 million for the period January 1 through August 31, 2017 and $185 million for the nine months ended September 30, 2016. See Note 6 for additional information. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis at September 30, 2017 and December 31, 2016: September 30, 2017 Significant Other Observable Inputs (Level 2) Total (In millions) Assets at fair value: Cash equivalents 1 $ 3,251 $ 3,251 Marketable securities 1,826 1,826 Derivatives relating to: 2 Foreign currency 13 13 Total assets at fair value $ 5,090 $ 5,090 Liabilities at fair value: Long-term debt 3 $ 11,097 $ 11,097 Derivatives relating to: 2 Foreign currency 32 32 Total liabilities at fair value $ 11,129 $ 11,129 1. Time deposits included in "Cash and cash equivalents" in the consolidated balance sheets are held at amortized cost, which approximates fair value. 2. See Note 17 for the classification of derivatives in the consolidated balance sheets. 3. See Note 12 for information on fair value measurements of long-term debt. December 31, 2016 Significant Other Observable Inputs (Level 2) Total (In millions) Assets at fair value: Cash equivalents 1 $ 2,713 $ 2,713 Marketable securities 1,362 1,362 Derivatives relating to: 2 Foreign currency 182 182 Total assets at fair value $ 4,257 $ 4,257 Liabilities at fair value: Long-term debt 3 $ 8,464 $ 8,464 Derivatives relating to: 2 Foreign currency 121 121 Total liabilities at fair value $ 8,585 $ 8,585 1. Time deposits included in "Cash and cash equivalents" in the consolidated balance sheets are held at amortized cost, which approximates fair value. 2. See Note 17 for the classification of derivatives in the consolidated balance sheets. 3. See Note 12 for information on fair value measurements of long-term debt. |
Recent Accounting Guidance Re42
Recent Accounting Guidance Recent Accounting Guidance (Details) - Accounting Standards Update 2016-09 - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | |
Predecessor | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Excess tax benefits recognized | $ 5 | $ 30 | ||
Excess Tax Benefit from Share-based Compensation, Operating Activities | $ (22) | |||
Excess Tax Benefit from Share-based Compensation, Financing Activities | (22) | |||
Successor | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Excess tax benefits recognized | $ 0 | |||
Cash Flows from Operating Activities | Predecessor | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Payments Related to Tax Withholding for Share-based Compensation | (28) | |||
Cash Flows from Financing Activities | Predecessor | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ (28) |
Business Combinations (Granular
Business Combinations (Granular Acquisition) (Details) $ in Millions | 8 Months Ended |
Aug. 31, 2017USD ($) | |
Predecessor | Granular Acquisition [Member] | |
Business Acquisition [Line Items] | |
Purchase Price | $ 250 |
Business Combinations (Narrativ
Business Combinations (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 31, 2017 | Sep. 30, 2017 | |
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred | $ 74,680 | ||
Business Combination, Consideration Transferred, Equity Interests Issued And Issuable, Converted But Not Yet Earned | 144 | ||
$4.50 Series preferred stock [Member] | |||
Business Acquisition [Line Items] | |||
Preferred Stock, Par or Stated Value Per Share | $ 4.50 | ||
$3.50 Series preferred stock [Member] | |||
Business Acquisition [Line Items] | |||
Preferred Stock, Par or Stated Value Per Share | $ 3.50 | ||
Merger with Dow [Domain] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Inventory, Finished Products | 5,115 | ||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Inventory, Semi-finished products | 3,066 | ||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory, Raw Materials | 705 | ||
Business Combination, Fair Value Step-Up Of Acquired Inventory Including Discontinued Operations | $ 429 | ||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Continuing Operations | 360 | ||
Disposal Group, Including Discontinued Operations, Fair Value Step-Up Of Acquired Inventory | $ 69 | ||
Property, plant and equipment - net | 12,122 | ||
Goodwill | [1] | 45,501 | |
Adjustment to establish valuation allowance | 172 | ||
Adjustment to reflect change in reinvestment strategy | $ 546 | ||
E I DuPont de Nemours & Co [Member] | |||
Business Acquisition [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.30 | ||
DowDuPont [Member] | |||
Business Acquisition [Line Items] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||
Land and Land Improvements [Member] | Merger with Dow [Domain] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment - net | $ 967 | ||
Building [Member] | Merger with Dow [Domain] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment - net | 2,615 | ||
Machinery and Equipment [Member] | Merger with Dow [Domain] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment - net | 7,540 | ||
Construction in Progress [Member] | Merger with Dow [Domain] | |||
Business Acquisition [Line Items] | |||
Property, plant and equipment - net | 1,000 | ||
Equity and Incentive Plan [Member] | Merger with Dow [Domain] | |||
Business Acquisition [Line Items] | |||
Business Combination, Consideration Transferred, Equity Interests Issued And Issuable, Converted But Not Yet Earned | $ 144 | ||
Equity and Incentive Plan [Member] | Common Stock [Member] | Merger with Dow [Domain] | |||
Business Acquisition [Line Items] | |||
DuPont to DowDuPont share exchange ratio | 1.2820 | ||
[1] | See Note 11 for additional information. |
Business Combinations (Schedule
Business Combinations (Schedule of Fair Value of Consideration Transferred) (Details) $ / shares in Units, $ in Millions | Aug. 31, 2017USD ($)$ / sharesshares | |
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred | $ | $ 74,680 | |
E I DuPont de Nemours & Co [Member] | Common Stock [Member] | ||
Business Acquisition [Line Items] | ||
Common Stock, Shares, Outstanding | shares | 868,300,000 | |
DowDuPont [Member] | ||
Business Acquisition [Line Items] | ||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ | $ 485 | [1] |
DowDuPont [Member] | Common Stock [Member] | ||
Business Acquisition [Line Items] | ||
Stock Issued During Period, Shares, New Issues | shares | 1,113,200,000 | |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ | $ 74,195 | [2] |
Common Stock [Member] | Dow [Member] | ||
Business Acquisition [Line Items] | ||
Share Price | $ / shares | $ 66.65 | |
Merger with Dow [Domain] | Equity and Incentive Plan [Member] | Common Stock [Member] | ||
Business Acquisition [Line Items] | ||
DuPont to DowDuPont share exchange ratio | shares | 1.2820 | |
[1] | Represents the fair value of replacement awards issued for DuPont's equity awards outstanding immediately before the Merger and attributable to the service periods prior to the Merger. The previous DuPont equity awards were converted into the right to receive 1.2820 shares of DowDuPont Common Stock. | |
[2] | Amount was determined based on the price per share of Dow Common Stock of $66.65 on August 31, 2017. |
Business Combinations (Schedu46
Business Combinations (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - Merger with Dow [Domain] $ in Millions | Aug. 31, 2017USD ($) | |
Business Acquisition [Line Items] | ||
Cash and Cash Equivalents | $ 4,005 | |
Marketable Securities | 2,849 | |
Accounts and Notes Receivable - net | 7,851 | |
Inventories | 8,886 | |
Other Current Assets | 360 | |
Investment in Nonconsolidated Affiliates | 1,685 | |
Assets Held for Sale | 3,184 | |
Property, plant and equipment - net | 12,122 | |
Goodwill | 45,501 | [1] |
Other Intangible Assets | 27,844 | [1] |
Deferred Income Tax Assets | 487 | |
Other Assets | 2,076 | |
Total Assets | 116,850 | |
Short-term Borrowings and Capital Lease Obligations | 5,319 | |
Accounts Payable | 3,283 | |
Income Taxes Payable | 140 | |
Accrued and Other Current Liabilities | 3,517 | |
Liabilities Held for Sale | 104 | |
Long-term Debt | 9,878 | |
Deferred Tax Liabilities | 9,408 | |
Pension and Other Post Employment Benefits, Noncurrent | 8,092 | [2] |
Other Noncurrent Obligations | 2,028 | |
Total Liabilities | 41,769 | |
Noncontrolling Interest | 162 | |
Preferred Stock | 239 | |
Fair Value of Net Assets (Consideration for the Merger) | $ 74,680 | |
[1] | See Note 11 for additional information. | |
[2] | Includes pension and other post employment benefits as well as long-term disability obligations. |
Business Combinations (Schedu47
Business Combinations (Schedule of Transaction Costs) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Successor | |||||
Business Acquisition [Line Items] | |||||
Integration and Separation Costs | $ 71 | ||||
Predecessor | |||||
Business Acquisition [Line Items] | |||||
Integration and Separation Costs | $ 210 | $ 122 | $ 581 | $ 222 |
Divestitures and Other Transa48
Divestitures and Other Transactions (Narrative) (Details) - USD ($) $ in Millions | Nov. 01, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | Sep. 30, 2017 |
PFOA Matters [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Period for sharing for PFOA Liabilities | 5 years | |||||
Indemnification assets | $ 15 | |||||
Accounts and Notes Receivable [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Indemnification assets | 96 | |||||
Other Assets | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Indemnification assets | $ 342 | |||||
Predecessor | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Separation related transaction costs | $ 10 | $ 30 | ||||
Predecessor | Food Safety Diagnostic Business [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Pre-tax Gain on Disposal | $ 162 | |||||
Gain on Disposal, Net of tax | 86 | |||||
Predecessor | 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 sale of entity | $ 369 | |||||
Gain on sale of entity, after-tax | $ 214 | |||||
Discontinued Operations [Member] | Predecessor | PFOA Matters: Multi-District Litigation [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Other Tax Expense (Benefit) | (10) | |||||
Loss Contingency, Loss in Period | 335 | |||||
Loss Related to litigation Settlement, Net of Tax | $ 214 | |||||
Subsequent Event [Member] | DuPont Remedy [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Preliminary Fair Value | $ 1,900 | |||||
Cash consideration payment | $ 1,200 |
Divestitures and Other Transa49
Divestitures and Other Transactions (Discontinued Operation Income Statement) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Successor | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Loss) Income from Discontinued Operations, after income taxes | $ (20) | ||||
Predecessor | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Loss) Income from Discontinued Operations, after income taxes | $ 29 | $ 72 | $ 119 | $ 347 | |
DuPont Remedy [Member] | Successor | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 116 | ||||
Cost of goods sold | 110 | ||||
Research and Development Expense | 9 | ||||
Selling, General and Administrative Expense | 29 | ||||
Restructuring and Asset Related Charges - Net | 0 | ||||
Sundry Income (Expense) - Net | 0 | ||||
(Loss) Income from Discontinued Operations before Income Taxes | (32) | ||||
(Benefit) provision for income taxes | (12) | ||||
(Loss) Income from Discontinued Operations, after income taxes | $ (20) | ||||
DuPont Remedy [Member] | Predecessor | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net sales | 191 | 271 | 1,068 | 1,077 | |
Cost of goods sold | 79 | 93 | 412 | 399 | |
Other operating charges | 5 | 4 | 17 | 14 | |
Research and Development Expense | 24 | 32 | 95 | 101 | |
Selling, General and Administrative Expense | 46 | 46 | 146 | 128 | |
Restructuring and Asset Related Charges - Net | 0 | 0 | 0 | (3) | |
Sundry Income (Expense) - Net | 0 | (1) | 7 | 0 | |
(Loss) Income from Discontinued Operations before Income Taxes | 37 | 95 | 405 | 438 | |
(Benefit) provision for income taxes | 8 | 16 | 79 | 84 | |
(Loss) Income from Discontinued Operations, after income taxes | $ 29 | $ 79 | $ 326 | $ 354 |
Divestitures and Other Transa50
Divestitures and Other Transactions (Depreciation, Amortization and Capital Expenditures of Discontinued Operations) (Details) - DuPont Remedy [Member] - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Successor | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Depreciation | $ 0 | ||||
Capital Expenditures | $ 4 | ||||
Predecessor | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Depreciation | $ 5 | $ 8 | $ 21 | $ 24 | |
Capital Expenditures | $ 0 | $ 8 | $ 8 | $ 18 |
Divestitures and Other Transa51
Divestitures and Other Transactions (Discontinued Operations Balance Sheet) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Predecessor | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and Cash Equivalents | $ 31 | $ 19 | ||
Successor | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and Cash Equivalents | $ 37 | |||
DuPont Remedy [Member] | Predecessor | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and Cash Equivalents | $ 57 | |||
Accounts and Notes Receivables - Net | 12 | |||
Inventories | 323 | |||
Other current assets | 1 | |||
Net property | 380 | |||
Goodwill | 11 | |||
Other intangible assets | 0 | |||
Other Assets | 5 | |||
Assets Held-for-sale | 789 | |||
Accounts payable | 27 | |||
Accrued and Other Current Liabilities | 12 | |||
Deferred Income Tax Liabilities | 6 | |||
Pension and Other Post Employment Benefits - Noncurrent | 0 | |||
Other noncurrent obligations | 29 | |||
Liabilities held for sale | $ 74 | |||
DuPont Remedy [Member] | Successor | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and Cash Equivalents | 125 | |||
Accounts and Notes Receivables - Net | 39 | |||
Inventories | 973 | |||
Other current assets | 1 | |||
Net property | 523 | |||
Goodwill | 145 | |||
Other intangible assets | 1,360 | |||
Other Assets | 5 | |||
Assets Held-for-sale | 3,171 | |||
Accounts payable | 62 | |||
Accrued and Other Current Liabilities | 13 | |||
Deferred Income Tax Liabilities | 0 | |||
Pension and Other Post Employment Benefits - Noncurrent | 12 | |||
Other noncurrent obligations | 21 | |||
Liabilities held for sale | $ 108 |
Restructuring and Asset Relat52
Restructuring and Asset Related Charges - Net (DowDuPont Cost Synergy Program) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2017 | Nov. 01, 2017 | |
Scenario, Forecast [Member] | Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 70 | ||
Successor | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset Related Charges - Net | 40 | ||
Successor | Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Asset Related Charges - Net | 40 | ||
Payments for Restructuring | (1) | ||
Non-cash compensation | (7) | ||
Restructuring Reserve | $ 32 | ||
Subsequent Event [Member] | DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 850 | ||
Restructuring and Asset Related Charges - Net | $ 115 | ||
Minimum [Member] | Subsequent Event [Member] | Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 350 | ||
Minimum [Member] | Subsequent Event [Member] | Contract Termination [Member] | DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 110 | ||
Maximum [Member] | Subsequent Event [Member] | Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | 400 | ||
Maximum [Member] | Subsequent Event [Member] | Asset Related Charges [Member] | DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost, Asset Related | 360 | ||
Maximum [Member] | Subsequent Event [Member] | Contract Termination [Member] | DowDuPont Cost Synergy Program [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring and Related Cost, Expected Cost | $ 140 |
Restructuring and Asset Relat53
Restructuring and Asset Related Charges - Net (2017 Restructuring Program schedule) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | ||
Predecessor | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | $ 11 | $ 172 | $ 323 | $ 162 | ||
Predecessor | 2017 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | 313 | |||||
Payments for Restructuring | (8) | |||||
Restructuring reserve, asset write-offs | (279) | |||||
Restructuring Reserve | 26 | 26 | ||||
Predecessor | Severance and Related Benefit Costs [Member] | 2017 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | 1 | 34 | ||||
Payments for Restructuring | (8) | |||||
Restructuring reserve, asset write-offs | 0 | |||||
Restructuring Reserve | 26 | 26 | ||||
Predecessor | Asset Related Charges [Member] | 2017 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | [1] | 279 | ||||
Payments for Restructuring | [1] | 0 | ||||
Restructuring reserve, asset write-offs | [1] | (279) | ||||
Restructuring Reserve | [1] | $ 0 | $ 0 | |||
Successor | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | $ 40 | |||||
Successor | 2017 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | 0 | |||||
Payments for Restructuring | (1) | |||||
Restructuring Reserve | 25 | |||||
Successor | Severance and Related Benefit Costs [Member] | 2017 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | 0 | |||||
Payments for Restructuring | (1) | |||||
Restructuring Reserve | 25 | |||||
Successor | Asset Related Charges [Member] | 2017 Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | [1] | 0 | ||||
Payments for Restructuring | [1] | 0 | ||||
Restructuring Reserve | [1] | $ 0 | ||||
[1] | Includes accelerated depreciation related to site closure. Charge for accelerated depreciation represents the difference between the depreciation expense to be recognized over the revised useful life of the site, based upon the anticipated date the site will be closed and depreciation expense as determined utilizing the useful life prior to the restructuring action. |
Restructuring and Asset Relat54
Restructuring and Asset Related Charges - Net (La Porte) (Narrative) (Details) - Predecessor - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | $ 11 | $ 172 | $ 323 | $ 162 |
La Porte [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | 75 | |||
La Porte [Member] | Asset Related Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | 41 | |||
La Porte [Member] | Other Non-Personnel Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | 18 | |||
La Porte [Member] | Severance and Related Benefit Costs [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | $ 16 |
Restructuring and Asset Relat55
Restructuring and Asset Related Charges - Net (2016 Restructuring Program schedule )(Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | Sep. 01, 2017 | Dec. 31, 2016 | ||
Successor | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Asset Related Charges - Net | $ 40 | |||||||
Successor | 2016 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 35 | $ 47 | ||||||
Payments for Restructuring | (12) | |||||||
Successor | Severance and Related Benefit Costs [Member] | 2016 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 25 | 36 | ||||||
Payments for Restructuring | (11) | |||||||
Successor | Other Non-Personnel Charges [Member] | 2016 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | [1] | 10 | $ 11 | |||||
Payments for Restructuring | [1] | $ (1) | ||||||
Predecessor | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Asset Related Charges - Net | $ 11 | $ 172 | $ 323 | $ 162 | ||||
Predecessor | 2016 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 47 | 47 | $ 122 | |||||
Restructuring and Asset Related Charges - Net | 10 | 17 | (68) | |||||
Payments for Restructuring | (87) | |||||||
Restructuring reserve, net translation adjustment | 2 | |||||||
Restructuring Reserve, Other Adjustments | 10 | |||||||
Predecessor | 2016 Restructuring Program [Member] | Restructuring and Asset Related Charges - Net [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Asset Related Charges - Net | 14 | (71) | ||||||
Predecessor | 2016 Restructuring Program [Member] | Sundry Income (Expense) - Net [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring and Asset Related Charges - Net | $ 3 | $ 3 | ||||||
Predecessor | Severance and Related Benefit Costs [Member] | 2016 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | 36 | 36 | 100 | |||||
Payments for Restructuring | (76) | |||||||
Restructuring reserve, net translation adjustment | 2 | |||||||
Restructuring Reserve, Other Adjustments | 10 | |||||||
Predecessor | Other Non-Personnel Charges [Member] | 2016 Restructuring Program [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve | [1] | $ 11 | 11 | $ 22 | ||||
Payments for Restructuring | [1] | (11) | ||||||
Restructuring reserve, net translation adjustment | [1] | 0 | ||||||
Restructuring Reserve, Other Adjustments | [1] | $ 0 | ||||||
[1] | Other non-personnel charges consist of contractual obligation costs. |
Restructuring and Asset Relat56
Restructuring and Asset Related Charges - Net (Asset Impairments) (Details) - Trade Names [Member] - Industrial Biosciences [Member] $ in Millions | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 158 |
Definite-lived Intangible Assets, Gross | $ 28 |
(Schedule of Sundry Income (Exp
(Schedule of Sundry Income (Expense), net) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | ||||
Successor | ||||||||
Component of Other Income [Line Items] | ||||||||
Royalty income | $ 9 | |||||||
Net exchange gains (losses) | 77 | |||||||
Sundry Income (Expense) - Net | 88 | |||||||
Successor | Other Income [Member] | ||||||||
Component of Other Income [Line Items] | ||||||||
Interest income | 12 | |||||||
Equity in (losses) earnings of affiliates - net | (4) | |||||||
Net gain on sales of businesses and other assets | 1 | |||||||
Net exchange gains (losses) | 77 | |||||||
Miscellaneous income and expenses - net | [1] | 2 | ||||||
Sundry Income (Expense) - Net | $ 88 | |||||||
Predecessor | ||||||||
Component of Other Income [Line Items] | ||||||||
Net exchange gains (losses) | $ (195) | $ (76) | $ (394) | $ (212) | ||||
Sundry Income (Expense) - Net | (112) | (15) | 166 | 407 | ||||
Predecessor | Other Income [Member] | ||||||||
Component of Other Income [Line Items] | ||||||||
Royalty income | [2] | 11 | 27 | 84 | 108 | |||
Interest income | 26 | 30 | 83 | 71 | ||||
Equity in (losses) earnings of affiliates - net | 13 | 22 | 55 | 60 | ||||
Net gain on sales of businesses and other assets | 2 | 0 | 205 | [3] | 384 | [4] | ||
Net exchange gains (losses) | (195) | (76) | (394) | (212) | ||||
Miscellaneous income and expenses - net | [1] | 31 | (18) | 133 | (4) | |||
Sundry Income (Expense) - Net | $ (112) | $ (15) | 166 | 407 | ||||
Predecessor | Food Safety Diagnostic Business [Member] | ||||||||
Component of Other Income [Line Items] | ||||||||
Pre-tax Gain on Disposal | 162 | |||||||
Gain on Disposal, Net of tax | $ 86 | |||||||
Predecessor | Ownership interest in DuPont (Shenzhen) Manufacturing Limited [Member] | ||||||||
Component of Other Income [Line Items] | ||||||||
Gain on sale of entity | 369 | |||||||
Gain on sale of entity, after-tax | $ 214 | |||||||
[1] | Miscellaneous income and expenses - net, includes interest items, gains (losses) on available for sale securities, gains related to litigation settlements, licensing income, gains on purchases, and other items. | |||||||
[2] | In the Successor period, royalty income of $9 million is included in Net Sales. | |||||||
[3] | Includes a pre-tax gain of $162 million ($86 million net of tax) for the period January 1 through August 31, 2017 related to the sale of the global food safety diagnostic business. See Note 4 for additional information. | |||||||
[4] | Includes a pre-tax gain of $369 million ($214 million net of tax) for the nine months ended September 30, 2016 related to the sale of DuPont (Shenzhen) Manufacturing Limited. See Note 4 for additional information. |
Supplementary Information (Sche
Supplementary Information (Schedule of Foreign Exchange Gain (Loss)) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Successor | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Net exchange (losses) gains | $ 77 | ||||
Net exchange (losses) gains, tax | (71) | ||||
Net exchange (losses) gains, after-tax | 6 | ||||
Successor | Subsidiary Monetary Position Gain (Loss) [Member] | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Net exchange (losses) gains | (35) | ||||
Net exchange (losses) gains, tax | (31) | ||||
Net exchange (losses) gains, after-tax | (66) | ||||
Successor | Hedging Program Gain (Loss) [Member] | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Net exchange (losses) gains | 112 | ||||
Net exchange (losses) gains, tax | (40) | ||||
Net exchange (losses) gains, after-tax | $ 72 | ||||
Predecessor | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Net exchange (losses) gains | $ (195) | $ (76) | $ (394) | $ (212) | |
Net exchange (losses) gains, tax | 182 | 48 | 372 | 114 | |
Net exchange (losses) gains, after-tax | (13) | (28) | (22) | (98) | |
Predecessor | Subsidiary Monetary Position Gain (Loss) [Member] | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Net exchange (losses) gains | 65 | 6 | 37 | 185 | |
Net exchange (losses) gains, tax | 88 | 18 | 217 | (29) | |
Net exchange (losses) gains, after-tax | 153 | 24 | 254 | 156 | |
Predecessor | Hedging Program Gain (Loss) [Member] | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Net exchange (losses) gains | (260) | (82) | (431) | (397) | |
Net exchange (losses) gains, tax | 94 | 30 | 155 | 143 | |
Net exchange (losses) gains, after-tax | $ (166) | $ (52) | $ (276) | $ (254) |
(Income Taxes) (Details)
(Income Taxes) (Details) $ in Millions | 8 Months Ended |
Aug. 31, 2017USD ($) | |
Income Tax Information | |
Tax benefit related to reduction in company's unrecognized tax benefits | $ 57 |
Pre-tax benefit on associated accrued interest reversals | 50 |
Continuing Operations [Member] | |
Income Tax Information | |
Tax benefit related to reduction in company's unrecognized tax benefits | 53 |
Pre-tax benefit on associated accrued interest reversals | 47 |
Discontinued Operations [Member] | |
Income Tax Information | |
Tax benefit related to reduction in company's unrecognized tax benefits | 4 |
Pre-tax benefit on associated accrued interest reversals | 3 |
2016 RTA [Member] | |
Income Tax Information | |
Other Tax Expense (Benefit) | $ 29 |
(Earnings Per Share of Common S
(Earnings Per Share of Common Stock Reconciliation) (Details) - Predecessor - USD ($) $ in Millions | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
(Loss) income from continuing operations after income taxes attributable to DuPont | $ (263) | $ (70) | $ 1,624 | $ 1,902 |
Preferred dividends | (2) | (2) | (7) | (7) |
(Loss) income from continuing operations after income taxes available to DuPont common stockholders | (265) | (72) | 1,617 | 1,895 |
Income from discontinued operations after income taxes available to DuPont common stockholders | 29 | 72 | 117 | 346 |
Net (loss) income available to common stockholders | $ (236) | $ 0 | $ 1,734 | $ 2,241 |
Weighted-average number of common shares outstanding - Basic | 868,992,000 | 874,292,000 | 867,888,000 | 874,274,000 |
Dilutive effect of the company's employee compensation plans | 0 | 5,099,000 | 4,532,000 | 4,332,000 |
Weighted average number of common shares outstanding - Diluted | 868,992,000 | 879,391,000 | 872,420,000 | 878,606,000 |
Earnings Per Share Calculations
Earnings Per Share Calculations (Schedule of Average Number of Antidilutive Stock Options) (Details) - shares | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average number of stock options | 4,832,000 | 4,558,000 | 1,906 | 4,885,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Inventory [Line Items] | ||
Increase in Inventories | $ 3,433 | |
Successor | ||
Inventory [Line Items] | ||
Finished products | 4,132 | |
Semi-finished products | 3,310 | |
Raw Materials | 388 | |
Stores and supplies | 336 | |
Total inventories before LIFO adjustment | 8,166 | |
Adjustment of inventories to a last-in, first-out (LIFO) basis | 617 | |
Total | $ 8,783 | |
Predecessor | ||
Inventory [Line Items] | ||
Finished products | $ 2,961 | |
Semi-finished products | 1,877 | |
Raw Materials | 292 | |
Stores and supplies | 398 | |
Total inventories before LIFO adjustment | 5,528 | |
Adjustment of inventories to a last-in, first-out (LIFO) basis | (178) | |
Total | $ 5,350 |
Property (Details)
Property (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Successor | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | $ 12,023 | $ 12,023 | |||||
Accumulated depreciation | (121) | (121) | |||||
Property, Plant and Equipment, Net | 11,902 | 11,902 | |||||
Depreciation expense | 111 | ||||||
Successor | Land and Land Improvements [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 941 | 941 | |||||
Successor | Building [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 2,558 | 2,558 | |||||
Successor | Machinery and Equipment [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 7,559 | 7,559 | |||||
Successor | Construction in Progress [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | $ 965 | 965 | |||||
Predecessor | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | $ 23,015 | ||||||
Accumulated depreciation | (14,164) | ||||||
Property, Plant and Equipment, Net | 8,851 | ||||||
Depreciation expense | $ 143 | $ 226 | $ 589 | $ 683 | |||
Predecessor | Land and Land Improvements [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 501 | ||||||
Predecessor | Building [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 4,224 | ||||||
Predecessor | Machinery and Equipment [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | 16,909 | ||||||
Predecessor | Construction in Progress [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Gross | $ 1,381 | ||||||
Merger with Dow [Domain] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Additions | $ 3,051 | ||||||
Minimum [Member] | Equipment and Buildings [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 1 year | ||||||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 1 year | ||||||
Maximum [Member] | Equipment and Buildings [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 25 years | ||||||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, Plant and Equipment, Useful Life | 8 years |
(Schedule of Other Intangible A
(Schedule of Other Intangible Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Successor | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | $ 15,293 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (89) | ||
Definite-lived Intangible Assets, Net | 15,204 | ||
Indefinite-lived Intangible Assets | 12,464 | ||
Intangible Assets, Gross (Excluding Goodwill) | 27,757 | ||
Intangible Assets, Net | 27,668 | ||
Successor | In Process Research and Development [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | 655 | ||
Successor | Pioneer Germplasm [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | [1] | 6,773 | |
Successor | Trademarks and Trade Names [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | 5,036 | ||
Successor | Customer-Related Intangible Assets [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 9,383 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (45) | ||
Definite-lived Intangible Assets, Net | 9,338 | ||
Successor | Developed Technology Rights [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 4,112 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (34) | ||
Definite-lived Intangible Assets, Net | 4,078 | ||
Successor | Trademarks and Trade Names [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 1,071 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (6) | ||
Definite-lived Intangible Assets, Net | 1,065 | ||
Successor | Microbial Cell Factories [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | [2] | 430 | |
Definite-lived Intangible Assets, Accumulated Amortization | [2] | (2) | |
Definite-lived Intangible Assets, Net | [2] | 428 | |
Successor | Other | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | [3] | 297 | |
Definite-lived Intangible Assets, Accumulated Amortization | [3] | (2) | |
Definite-lived Intangible Assets, Net | [3] | $ 295 | |
Predecessor | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | $ 3,208 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (1,521) | ||
Definite-lived Intangible Assets, Net | 1,687 | ||
Indefinite-lived Intangible Assets | 1,977 | ||
Intangible Assets, Gross (Excluding Goodwill) | 5,185 | ||
Intangible Assets, Net | 3,664 | ||
Predecessor | In Process Research and Development [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | 73 | ||
Predecessor | Microbial Cell Factories [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | [2] | 306 | |
Predecessor | Pioneer Germplasm [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | [1] | 1,053 | |
Predecessor | Trademarks and Trade Names [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Indefinite-lived Intangible Assets | 545 | ||
Predecessor | Customer-Related Intangible Assets [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 1,574 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (586) | ||
Definite-lived Intangible Assets, Net | 988 | ||
Predecessor | Developed Technology Rights [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 1,410 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (838) | ||
Definite-lived Intangible Assets, Net | 572 | ||
Predecessor | Trademarks and Trade Names [Member] | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | 53 | ||
Definite-lived Intangible Assets, Accumulated Amortization | (15) | ||
Definite-lived Intangible Assets, Net | 38 | ||
Predecessor | Other | |||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |||
Definite-lived Intangible Assets, Gross | [3] | 171 | |
Definite-lived Intangible Assets, Accumulated Amortization | [3] | (82) | |
Definite-lived Intangible Assets, Net | [3] | $ 89 | |
[1] | 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. | ||
[2] | Microbial cell factories, derived from natural microbes, are used to sustainably produce enzymes, peptides and chemicals using natural metabolic processes. The company recognized the microbial cell factories as intangible assets upon the acquisition of Danisco. As a result of the valuation as part of the merger, it was determined that this now has a definite life and therefore it has been moved from indefinite-lived to definite-lived as of September 1, 2017. | ||
[3] | Primarily consists of sales and grower networks, marketing and manufacturing alliances and noncompetition agreements. |
Other Intangible Assets (Schedu
Other Intangible Assets (Schedule of Intangible Assets as a Result of Business Combination) (Details) - Merger with Dow [Domain] $ in Millions | Aug. 31, 2017USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||
Total Intangible Assets as a result of Merger | $ 27,844 | [1] |
Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total Intangible Assets as a result of Merger | 27,844 | |
Finite-lived intangible assets as a result of the Merger | 15,355 | |
In Process Research and Development [Member] | Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets as a result of the Merger | 655 | |
Pioneer Germplasm [Member] | Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets as a result of the Merger | 6,773 | |
Trademarks and Trade Names [Member] | Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets as a result of the Merger | 5,061 | |
Customer-Related Intangible Assets [Member] | Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets as a result of the Merger | $ 9,434 | |
Finite-lived intangible asset, weighted average amortization period, years | 18 years | |
Developed Technology Rights [Member] | Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets as a result of the Merger | $ 4,124 | |
Finite-lived intangible asset, weighted average amortization period, years | 12 years | |
Trademarks and Trade Names [Member] | Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets as a result of the Merger | $ 1,073 | |
Finite-lived intangible asset, weighted average amortization period, years | 12 years | |
Microbial Cell Factories [Member] | Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets as a result of the Merger | $ 430 | |
Finite-lived intangible asset, weighted average amortization period, years | 23 years | |
Other | Successor | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets as a result of the Merger | $ 294 | |
Finite-lived intangible asset, weighted average amortization period, years | 15 years | |
[1] | See Note 11 for additional information. |
Other Intangible Assets (Summar
Other Intangible Assets (Summary of Future Amortization Expense) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Continuing Operations [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Pre-tax amortization expense, 2017 | $ 512 | ||||
Pre-tax amortization expense, 2018 | 1,096 | ||||
Pre-tax amortization expense, 2019 | 1,090 | ||||
Pre-tax amortization expense, 2020 | 1,080 | ||||
Pre-tax amortization expense, 2021 | 1,067 | ||||
Pre-tax amortization expense, 2022 | 1,060 | ||||
Successor | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Aggregate pre-tax amortization expense - continuing operations | 89 | ||||
Successor | Continuing Operations [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Aggregate pre-tax amortization expense - continuing operations | $ 89 | ||||
Predecessor | Continuing Operations [Member] | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Aggregate pre-tax amortization expense - continuing operations | $ 31 | $ 46 | $ 139 | $ 272 |
Notes Payable, Long-Term Debt67
Notes Payable, Long-Term Debt and Available Credit Facilities (Short Term Borrowings and Capital Lease Obligations) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Successor | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | $ 1,328 | |
Debt, Current | 5,920 | |
Predecessor | ||
Short-term Debt [Line Items] | ||
Long-term Debt, Current Maturities | $ 4 | |
Debt, Current | 429 | |
Commercial Paper [Member] | Successor | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 3,244 | |
Commercial Paper [Member] | Predecessor | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 386 | |
Notes Payable to Banks [Member] | Successor | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 48 | |
Notes Payable to Banks [Member] | Predecessor | ||
Short-term Debt [Line Items] | ||
Short-term Debt | 39 | |
Securities Sold under Agreements to Repurchase [Member] | Repurchase Facility [Member] | Successor | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 1,300 | |
Securities Sold under Agreements to Repurchase [Member] | Repurchase Facility [Member] | Predecessor | ||
Short-term Debt [Line Items] | ||
Short-term Debt | $ 0 |
Notes Payable, Long-Term Debt68
Notes Payable, Long-Term Debt and Available Credit Facilities (Long Term Debt) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Successor | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations | $ 5 | |
Unamortized Debt Discount and Issuance Costs, Net | 0 | |
Long-term Debt, Current Maturities | 1,328 | |
Long-term Debt and Capital Lease Obligations | 9,815 | |
Successor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year One [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,293 | |
Long-term Debt, Weighted Average Interest Rate | 1.59% | |
Successor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year Two [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 525 | |
Long-term Debt, Weighted Average Interest Rate | 2.23% | |
Successor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year Three [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3,079 | |
Long-term Debt, Weighted Average Interest Rate | 1.78% | |
Successor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year Four [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,586 | |
Long-term Debt, Weighted Average Interest Rate | 2.07% | |
Successor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year Six and Thereafter [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 3,496 | |
Long-term Debt, Weighted Average Interest Rate | 3.32% | |
Successor | Loans Payable [Member] | Term Loan Facility due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 1,000 | |
Long-term Debt, Weighted Average Interest Rate | 2.24% | |
Successor | Loans Payable [Member] | Other Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 19 | |
Long-term Debt, Weighted Average Interest Rate | 4.32% | |
Successor | Loans Payable [Member] | Foreign Currency Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 30 | |
Long-term Debt, Weighted Average Interest Rate | 2.84% | |
Successor | Loans Payable [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 110 | |
Long-term Debt, Weighted Average Interest Rate | 0.98% | |
Predecessor | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations | $ 9 | |
Unamortized Debt Discount and Issuance Costs, Net | 35 | |
Long-term Debt, Current Maturities | 4 | |
Long-term Debt and Capital Lease Obligations | 8,107 | |
Predecessor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year One [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,290 | |
Predecessor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year Two [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 500 | |
Predecessor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year Three [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 999 | |
Predecessor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year Four [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 1,498 | |
Predecessor | Loans Payable [Member] | Promissory Notes And Debentures, Final Maturity, Year Six and Thereafter [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 3,188 | |
Predecessor | Loans Payable [Member] | Term Loan Facility due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 500 | |
Predecessor | Loans Payable [Member] | Other Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 22 | |
Predecessor | Loans Payable [Member] | Foreign Currency Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 29 | |
Predecessor | Loans Payable [Member] | Medium-term Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 111 |
Notes Payable, Long-Term Debt69
Notes Payable, Long-Term Debt and Available Credit Facilities (Maturities of Long-Term Debt) (Details) - Successor $ in Millions | Sep. 30, 2017USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 2 |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,284 |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,505 |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,005 |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 1,505 |
Long-Term Debt, Maturities, Repayments Of Principal In Year Six | $ 2 |
Notes Payable, Long-Term Debt70
Notes Payable, Long-Term Debt and Available Credit Facilities (Committed and Available Credit Facilities) (Details) - Successor $ in Millions | Sep. 30, 2017USD ($) |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 8,800 |
Line of Credit Facility, Remaining Borrowing Capacity | 6,445 |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 2,945 |
Term Loan Facility due 2019 [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 4,500 |
Line of Credit Facility, Remaining Borrowing Capacity | 3,500 |
Repurchase Facility [Member] | Securities Sold under Agreements to Repurchase [Member] | |
Line of Credit Facility [Line Items] | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,300 |
Line of Credit Facility, Remaining Borrowing Capacity | $ 0 |
Notes Payable, Long-Term Debt71
Notes Payable, Long-Term Debt and Available Credit Facilities (Narrative) (Details) $ in Millions | 1 Months Ended | 9 Months Ended | 36 Months Ended | |||
Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Mar. 22, 2019 | May 02, 2017USD ($) | Jan. 31, 2017USD ($) | Mar. 22, 2016USD ($)borrowings | |
Term Loan Facility due 2019 [Member] | ||||||
Schedule of Debt [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |||||
Number of borrowings permitted | borrowings | 7 | |||||
Long-term Line of Credit | $ 1,000 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | 3,500 | |||||
Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||||||
Schedule of Debt [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,300 | |||||
Portion of outstanding borrowing amounts required as collateral | 105.00% | |||||
Line of Credit Facility, amount pledged as collateral | 1,365 | |||||
Short-term Debt | $ 1,300 | |||||
Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Schedule of Debt [Line Items] | ||||||
Debt Instrument, basis spread on variable rate | 0.75% | |||||
Senior Note 2 Point 20 Percent Due 2020 [Member] | ||||||
Schedule of Debt [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,250 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |||||
Senior Note Floating Rate due 2020 [Member] | ||||||
Schedule of Debt [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750 | |||||
Subsequent Event [Member] | Term Loan Facility due 2019 [Member] | ||||||
Schedule of Debt [Line Items] | ||||||
Additional Draw - Term Loan Facility | $ 500 | |||||
Scenario, Forecast [Member] | Term Loan Facility due 2019 [Member] | ||||||
Schedule of Debt [Line Items] | ||||||
Line of Credit Facility, expiration period | 3 years |
(Guarantees) (Details)
(Guarantees) (Details) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017USD ($)yrmonth | Dec. 31, 2016USD ($) | ||
Customer and Supplier Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guaranteed obligations maximum term | yr | [1] | 5 | |
Equity Affiliates, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guaranteed Obligations Maximum Term, Months | month | [2] | 3 | |
Chemours purchase obligations [Member] | |||
Guarantor Obligations [Line Items] | |||
Guaranteed Obligations Maximum Term, Months | month | [3] | 12 | |
Residual Value Guarantees [Member] | |||
Guarantor Obligations [Line Items] | |||
Guaranteed obligations maximum term | yr | [4] | 12 | |
Successor | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $ 323 | ||
Successor | Customer and Supplier Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $ 111 | ||
Collateral assets and personal guarantees percentage | 16.00% | ||
Successor | Equity Affiliates, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $ 164 | ||
Successor | Chemours purchase obligations [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | 11 | ||
Successor | Residual Value Guarantees [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $ 37 | ||
Predecessor | |||
Guarantor Obligations [Line Items] | |||
Guarantee obligations | $ 388 | ||
[1] | Existing guarantees for customers and suppliers, as part of contractual agreements. | ||
[2] | Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. | ||
[3] | Guarantee for Chemours' raw material purchase obligations under agreement with third party supplier. | ||
[4] | The company provides guarantees related to leased assets specifying the residual value that will be available to the lessor at lease termination through sale of the assets to the lessee or third parties. |
(Litigation) (Narrative) (Detai
(Litigation) (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($) | Dec. 31, 2004USD ($)resident | Sep. 30, 2017USD ($) | Jan. 01, 2012USD ($)water_district | |
PFOA Matters [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual balance | $ 15 | |||
Indemnification assets | 15 | |||
Period for sharing for PFOA Liabilities | 5 years | |||
Limited Sharing Of Potential Future Liabilities, Maximum Annual Liability Threshold, paid by DuPont | $ 25 | |||
PFOA Matters [Member] | Chemours [Member] | ||||
Loss Contingencies [Line Items] | ||||
Additional annual PFOA liabilities for the next five years paid by Chemours | 25 | |||
PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Binding settlement agreement, class size | resident | 80,000 | |||
Liability For Medical Monitoring Program, Threshold | $ 235 | |||
Escrow deposit | $ 1 | |||
Escrow amount disbursed (less than) | $ 1 | |||
Number Of Water Districts Receiving Water Treatment | water_district | 6 | |||
PFOA Matters: Drinking Water Actions [Member] | Payment for Plaintiffs Attorney Fees [Member] | ||||
Loss Contingencies [Line Items] | ||||
Litigation Settlement, Expense | 23 | |||
PFOA Matters: Drinking Water Actions [Member] | Payment to fund community health project [Member] | ||||
Loss Contingencies [Line Items] | ||||
Settlement payments | $ 70 | |||
PFOA Matters: Multi-District Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Lawsuits alleging personal injury | 3,550 | |||
MDL Settlement Amount | $ 670.7 | |||
PFOA Matters [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual balance | $ 15 |
Commitments and Contingent Li74
Commitments and Contingent Liabilities (Environmental) (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Environmental Remediation [Line Items] | ||
Accrual for environmental remediation activities | $ 455 | $ 457 |
Potential environmental liability in excess of accrued amount | 910 | |
Chemours [Member] | ||
Environmental Remediation [Line Items] | ||
Accrual for environmental remediation activities | 256 | |
Potential environmental liability in excess of accrued amount | 436 | |
Chemours [Member] | Indemnification Agreement [Member] | ||
Environmental Remediation [Line Items] | ||
Indemnification Asset | 256 | |
Superfund Sites [Member] | ||
Environmental Remediation [Line Items] | ||
Accrual for environmental remediation activities | 74 | $ 17 |
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | ||
Environmental Remediation [Line Items] | ||
Indemnification Asset | $ 54 |
Stockholders' Equity Narrative)
Stockholders' Equity Narrative) (Details) - USD ($) $ in Millions | Aug. 31, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2016 |
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury Stock, Shares | 87,000,000 | 87,000,000 | ||
Predecessor | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Excess of cost of treasury stock over par value | $ 0 | $ 3 | ||
Treasury Stock, Shares | 87,041,000 | |||
Retained Earnings [Member] | Predecessor | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Excess of cost of treasury stock over par value | $ 5,657 | |||
Additional Paid-in Capital [Member] | Predecessor | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Excess of cost of treasury stock over par value | $ 1,044 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |||||||
Predecessor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | $ 12,517 | $ 10,196 | $ 10,200 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | $ 443 | $ 90 | 1,289 | (1,271) | |||||||
Ending Balance | 12,517 | 9,954 | 12,517 | 9,954 | |||||||
Predecessor | Pension Plan | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | (6,473) | (6,720) | (7,043) | [1] | |||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | (78) | (1,740) | [1] | ||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 325 | 469 | [1] | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 247 | (1,271) | [1] | ||||||||
Ending Balance | (6,473) | (8,314) | [1] | (6,473) | (8,314) | [1] | |||||
Predecessor | Other Post Employment Benefit Plans | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | (347) | (357) | 22 | ||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 0 | (172) | |||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 10 | (58) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 10 | (230) | |||||||||
Ending Balance | (347) | (208) | (347) | (208) | |||||||
Successor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | 75,081 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (572) | ||||||||||
Ending Balance | 74,238 | 75,081 | 75,081 | ||||||||
Successor | Pension Plan | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | [2] | 0 | |||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 0 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||
Ending Balance | 0 | 0 | [2] | 0 | [2] | ||||||
Successor | Other Post Employment Benefit Plans | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | [2] | 0 | |||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 0 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||
Ending Balance | 0 | 0 | [2] | 0 | [2] | ||||||
Cumulative Translation Adjustment | Predecessor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | (1,801) | [3] | (2,843) | [3] | (2,333) | [4] | |||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 1,042 | [3] | 187 | [4] | |||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 0 | [3] | 0 | [4] | |||||||
Other Comprehensive Income (Loss), Net of Tax | 1,042 | [3] | 187 | [4] | |||||||
Ending Balance | (1,801) | [3] | (2,146) | [4] | (1,801) | [3] | (2,146) | [4] | |||
Cumulative Translation Adjustment | Successor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | [3] | 0 | |||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | [3] | (572) | |||||||||
Other Comprehensive Income (Loss), Net of Tax | [3] | (572) | |||||||||
Ending Balance | [3] | (572) | 0 | 0 | |||||||
Derivative Instruments | Predecessor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | (3) | 7 | (24) | ||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 3 | 21 | |||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | (13) | 11 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (10) | 32 | |||||||||
Ending Balance | (3) | 8 | (3) | 8 | |||||||
Derivative Instruments | Successor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | 0 | ||||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 0 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||
Ending Balance | 0 | 0 | 0 | ||||||||
Unrealized gains (losses) on investments | Predecessor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | 2 | 2 | (18) | ||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 1 | (8) | |||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | (1) | 19 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 11 | |||||||||
Ending Balance | 2 | (7) | 2 | (7) | |||||||
Unrealized gains (losses) on investments | Successor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | 0 | ||||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 0 | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | ||||||||||
Ending Balance | 0 | 0 | 0 | ||||||||
Total | Predecessor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | (8,622) | (9,911) | (9,396) | ||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | 968 | (1,712) | |||||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 321 | 441 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 1,289 | (1,271) | |||||||||
Ending Balance | (8,622) | $ (10,667) | (8,622) | $ (10,667) | |||||||
Total | Successor | |||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||
Beginning Balance | 0 | ||||||||||
Other comprehensive income (loss), before Reclassifications, Net of Tax | (572) | ||||||||||
Other Comprehensive Income (Loss), Net of Tax | (572) | ||||||||||
Ending Balance | $ (572) | $ 0 | $ 0 | ||||||||
[1] | The Pension Benefit Plans loss recognized in other comprehensive (loss) income during the nine months ended September 30, 2016 includes the impact of the remeasurement of the principal U.S. pension plan as of June 30, 2016. See Note 15 for additional information. | ||||||||||
[2] | In connection with the Merger, previously unrecognized prior service benefits and net losses related to DuPont's pension and OPEB plans were eliminated as a result of the reflecting the balance sheet at fair value as of the date of the Merger. See Note 3 and 15 for further information regarding the Merger and pension and OPEB plans, respectively. | ||||||||||
[3] | The cumulative translation adjustment gain for the period January 1 through August 31, 2017 is primarily driven by the weakening of the U.S dollar (USD) against the European Euro (EUR). The cumulative translation adjustment loss for the period September 1 through September 30, 2017 is primarily driven by the modest strengthening of the USD against the EUR. | ||||||||||
[4] | The cumulative translation adjustment gain for the nine months ended September 30, 2016 is primarily driven by the modest weakening of the U.S. dollar (USD) against the European Euro (EUR) and the Brazilian real (BRL). |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of tax benefit (expense) on net activity) (Details) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Successor | |||||
Other Comprehensive Income (Loss), Tax | $ 0 | ||||
Successor | Pension Plan | |||||
Other Comprehensive Income (Loss), Tax | 0 | ||||
Successor | Other Post Employment Benefit Plans | |||||
Other Comprehensive Income (Loss), Tax | 0 | ||||
Successor | Derivative Instruments | |||||
Other Comprehensive Income (Loss), Tax | $ 0 | ||||
Predecessor | |||||
Other Comprehensive Income (Loss), Tax | $ (32) | $ (33) | $ (144) | $ 773 | |
Predecessor | Pension Plan | |||||
Other Comprehensive Income (Loss), Tax | (31) | (40) | (145) | 668 | |
Predecessor | Other Post Employment Benefit Plans | |||||
Other Comprehensive Income (Loss), Tax | (1) | 6 | (5) | 125 | |
Predecessor | Derivative Instruments | |||||
Other Comprehensive Income (Loss), Tax | $ 0 | $ 1 | $ 6 | $ (20) |
Stockholders' Equity (Reclassif
Stockholders' Equity (Reclassifications out of accumulated other Comprehensive Income / (Loss)) (Details) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | ||
Predecessor | ||||||
Cost of goods sold | $ 1,975 | $ 2,997 | $ 10,205 | $ 10,923 | ||
Income Tax Expense (Benefit) | (132) | (85) | 149 | 559 | ||
Income from continuing operations after income taxes | (258) | (66) | 1,642 | 1,915 | ||
Sundry Income (Expense) - Net | (112) | (15) | 166 | 407 | ||
Successor | ||||||
Cost of goods sold | $ 1,511 | |||||
Income Tax Expense (Benefit) | (23) | |||||
Income from continuing operations after income taxes | (275) | |||||
Sundry Income (Expense) - Net | 88 | |||||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | ||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 84 | 157 | 321 | 441 | ||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Derivative Instruments | ||||||
Cost of goods sold | [1] | 0 | 0 | (21) | 18 | |
Income Tax Expense (Benefit) | [2] | 0 | 0 | 8 | (7) | |
Income from continuing operations after income taxes | 0 | 0 | (13) | 11 | ||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Net realized gains (losses) on investments, before tax | ||||||
Income Tax Expense (Benefit) | [2] | 0 | 0 | 0 | 0 | |
Income from continuing operations after income taxes | 0 | 6 | (1) | 19 | ||
Sundry Income (Expense) - Net | [3] | 0 | 6 | (1) | 19 | |
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Pension Plan | Prior service benefit | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | (1) | (2) | (3) | (5) | |
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Pension Plan | Actuarial losses | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 127 | 229 | 506 | 605 | |
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Pension Plan | Curtailment loss (gain) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | (1) | 0 | 65 | |
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Pension Plan | Settlement loss | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | 22 | 0 | 60 | |
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Pension Plan | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 126 | 248 | 503 | 725 | ||
Reclassification from AOCI, Current Period, Tax | [2] | (45) | (88) | (178) | (256) | |
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 81 | 160 | 325 | 469 | ||
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Other Post Employment Benefit Plans | Prior service benefit | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | (11) | (36) | (46) | (111) | |
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Other Post Employment Benefit Plans | Actuarial losses | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 15 | 21 | 61 | 56 | |
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Other Post Employment Benefit Plans | Curtailment loss (gain) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | 0 | 0 | (33) | |
Reclassification out of Accumulated Other Comprehensive Income | Predecessor | Other Post Employment Benefit Plans | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 4 | (15) | 15 | (88) | ||
Reclassification from AOCI, Current Period, Tax | [2] | (1) | 6 | (5) | 30 | |
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | $ 3 | $ (9) | $ 10 | $ (58) | ||
Reclassification out of Accumulated Other Comprehensive Income | Successor | ||||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 0 | |||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Derivative Instruments | ||||||
Cost of goods sold | [1] | 0 | ||||
Income Tax Expense (Benefit) | [2] | 0 | ||||
Income from continuing operations after income taxes | 0 | |||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Net realized gains (losses) on investments, before tax | ||||||
Income Tax Expense (Benefit) | [2] | 0 | ||||
Income from continuing operations after income taxes | 0 | |||||
Sundry Income (Expense) - Net | [3] | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Pension Plan | Prior service benefit | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Pension Plan | Actuarial losses | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Pension Plan | Curtailment loss (gain) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Pension Plan | Settlement loss | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Pension Plan | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||||
Reclassification from AOCI, Current Period, Tax | [2] | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | 0 | |||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Other Post Employment Benefit Plans | Prior service benefit | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Other Post Employment Benefit Plans | Actuarial losses | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Other Post Employment Benefit Plans | Curtailment loss (gain) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [4] | 0 | ||||
Reclassification out of Accumulated Other Comprehensive Income | Successor | Other Post Employment Benefit Plans | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | 0 | |||||
Reclassification from AOCI, Current Period, Tax | [2] | 0 | ||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, Net of Tax | $ 0 | |||||
[1] | Cost of goods sold. | |||||
[2] | Provision for income taxes from continuing operations. | |||||
[3] | Sundry income (expense) - net. | |||||
[4] | 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 15 for additional information. |
Pension Plans and Other Post 79
Pension Plans and Other Post Employment Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Other Post Employment Benefit Plans | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Weighted Average Discount Rate | 3.62% | 3.62% | 4.03% | 3.55% | 4.30% | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 33 | ||||||||
Defined Benefit Plan, Re-measurement Impact, Benefit Obligation | 265 | ||||||||
Predecessor | United States Pension Plan of US Entity [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Contributions by Employer | $ 2,900 | ||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | (63) | ||||||||
Predecessor | Pension Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Weighted Average Discount Rate | 3.42% | 3.42% | 3.80% | 3.74% | 4.47% | ||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 0 | $ 1 | $ 0 | (65) | |||||
Defined Benefit Plan Re-measurement Impact, Underfunded Status | 2,352 | ||||||||
Settlement loss | $ 0 | 22 | 0 | 60 | |||||
Expected Return on Plan Assets | 6.25% | 8.00% | |||||||
Predecessor | Other Post Employment Benefit Plans | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | $ 0 | 0 | $ 0 | 33 | |||||
Successor | All Other Plans [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Contributions by Employer | $ 19 | ||||||||
Successor | Pension Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | ||||||||
Defined Benefit Plan Re-measurement Impact, Underfunded Status | 596 | ||||||||
Settlement loss | 0 | ||||||||
Successor | Other Post Employment Benefit Plans | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | ||||||||
Defined Benefit Plan, Re-measurement Impact, Benefit Obligation | $ 41 | ||||||||
Scenario, Forecast [Member] | Pension Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Defined Benefit Plan, Expected Future Contributions, Remainder of Fiscal Year | $ 50 | ||||||||
Pension Restoration Plan [Member] | Predecessor | Pension Plan | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Settlement loss | $ 15 | $ 51 |
(Schedules of Net Periodic Bene
(Schedules of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | |
Pension Plan | Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 12 | ||||
Interest cost | 62 | ||||
Expected return on plan assets | (102) | ||||
Amortization of loss | 0 | ||||
Amortization of prior service benefit | 0 | ||||
Curtailment (gain) loss | 0 | ||||
Settlement loss | 0 | ||||
Net periodic benefit (credit) cost | (28) | ||||
Pension Plan | Successor | Discontinued Operations [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit (credit) cost | 0 | ||||
Pension Plan | Successor | Continuing Operations [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit (credit) cost | (28) | ||||
Pension Plan | Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 25 | $ 44 | $ 92 | $ 133 | |
Interest cost | 132 | 189 | 524 | 612 | |
Expected return on plan assets | (207) | (327) | (824) | (996) | |
Amortization of loss | 127 | 229 | 506 | 605 | |
Amortization of prior service benefit | (1) | (2) | (3) | (5) | |
Curtailment (gain) loss | 0 | (1) | 0 | 65 | |
Settlement loss | 0 | 22 | 0 | 60 | |
Net periodic benefit (credit) cost | 76 | 154 | 295 | 474 | |
Pension Plan | Predecessor | Discontinued Operations [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit (credit) cost | 1 | 1 | 3 | 0 | |
Pension Plan | Predecessor | Continuing Operations [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit (credit) cost | 75 | 153 | 292 | 474 | |
Other Post Employment Benefit Plans | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment (gain) loss | (33) | ||||
Other Post Employment Benefit Plans | Successor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 1 | ||||
Interest cost | 6 | ||||
Amortization of loss | 0 | ||||
Amortization of prior service benefit | 0 | ||||
Curtailment (gain) loss | 0 | ||||
Other Post Employment Benefit Plans | Successor | Continuing Operations [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit (credit) cost | $ 7 | ||||
Other Post Employment Benefit Plans | Predecessor | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 2 | 2 | 6 | 9 | |
Interest cost | 15 | 20 | 60 | 64 | |
Amortization of loss | 15 | 21 | 61 | 56 | |
Amortization of prior service benefit | (11) | (36) | (46) | (111) | |
Curtailment (gain) loss | 0 | 0 | 0 | (33) | |
Other Post Employment Benefit Plans | Predecessor | Continuing Operations [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit (credit) cost | $ 21 | $ 7 | $ 81 | $ (15) |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions | Aug. 31, 2017 | Sep. 30, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amortized to Stock Compensation Expense | $ 144 | |
Equity and Incentive Plan [Member] | Deferred Compensation, Share-based Payments [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Incremental Expense | 23 | |
Successor | Equity and Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized Pre-tax Compensation Expense Relate to Stock Options | $ 24 | |
Successor | Equity and Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized Pre-tax Compensation Expense Relate to RSUs | $ 110 | |
Weighted-Average Recognition Period | 1 year 332 days | |
Successor | Equity and Incentive Plan [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-Average Recognition Period | 1 year 292 days | |
Merger with Dow [Domain] | Equity and Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of DuPont Equity Awards | 629 | |
Amortized to Stock Compensation Expense | $ 144 | |
Merger with Dow [Domain] | Common Stock [Member] | Equity and Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
DuPont to DowDuPont share exchange ratio | 1.2820 | |
Merger with Dow [Domain] | Equity Awards [Member] | Equity and Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair Value of DuPont Equity Awards, Consideration exchanged | $ 485 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2016 | Sep. 30, 2017 | Dec. 31, 2016 | |
Predecessor | ||||
Proceeds from Sale of Available-for-sale Securities | $ 161 | $ 626 | ||
Marketable Securities [Member] | Predecessor | ||||
Held-to-maturity Securities | $ 1,362 | |||
Marketable Securities [Member] | Successor | ||||
Held-to-maturity Securities | $ 1,826 |
(Notional Amounts of Derivative
(Notional Amounts of Derivatives) (Details) lb in Millions, bu in Millions, $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017USD ($)ktlbbu | Dec. 31, 2016USD ($)ktlbbu | |
Successor | Designated as Hedging Instrument [Member] | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ | $ 0 | |
Successor | Designated as Hedging Instrument [Member] | Commodity Contract, Corn [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Volume | bu | 0 | |
Successor | Designated as Hedging Instrument [Member] | Commodity Contract, Soybean [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Volume | bu | 0 | |
Successor | Not Designated as Hedging Instrument [Member] | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ | $ 8 | |
Successor | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ | $ 11,528 | |
Successor | Not Designated as Hedging Instrument [Member] | Commodity Contract, Soybean [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Volume | bu | 0.5 | |
Successor | Not Designated as Hedging Instrument [Member] | Commodity Contract, Soybean Oil [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Mass | lb | 3.3 | |
Successor | Not Designated as Hedging Instrument [Member] | Commodity Contract, Soybean Meal [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Mass | kt | 4.8 | |
Predecessor | Designated as Hedging Instrument [Member] | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ | $ 422 | |
Predecessor | Designated as Hedging Instrument [Member] | Commodity Contract, Corn [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Volume | bu | 55.2 | |
Predecessor | Designated as Hedging Instrument [Member] | Commodity Contract, Soybean [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Volume | bu | 22.1 | |
Predecessor | Not Designated as Hedging Instrument [Member] | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ | $ 7 | |
Predecessor | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract | ||
Derivative [Line Items] | ||
Derivative notional amounts | $ | $ 9,896 | |
Predecessor | Not Designated as Hedging Instrument [Member] | Commodity Contract, Soybean [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Volume | bu | 0.2 | |
Predecessor | Not Designated as Hedging Instrument [Member] | Commodity Contract, Soybean Oil [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Mass | lb | 7.3 | |
Predecessor | Not Designated as Hedging Instrument [Member] | Commodity Contract, Soybean Meal [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount, Mass | kt | 9.1 |
(Effect of Cash Flows Hedges on
(Effect of Cash Flows Hedges on Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | ||||||
Derivative, Remaining Maturity | 2 years | |||||
Successor | ||||||
Derivative [Line Items] | ||||||
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | $ 0 | |||||
Successor | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Beginning balance, after-tax | 0 | |||||
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | 0 | |||||
Clearance of hedge results to earnings, after-tax | 0 | |||||
Ending balance, after-tax | 0 | $ 0 | $ 0 | $ 0 | ||
Predecessor | ||||||
Derivative [Line Items] | ||||||
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | 1 | $ (3) | 5 | $ 34 | ||
Predecessor | Cash Flow Hedging | ||||||
Derivative [Line Items] | ||||||
Beginning balance, after-tax | $ (3) | (4) | 10 | 7 | $ 7 | (24) |
Additions and revaluations of derivatives designated as cash flow hedges, after-tax | 1 | (2) | 3 | 21 | ||
Clearance of hedge results to earnings, after-tax | 0 | 0 | (13) | 11 | ||
Ending balance, after-tax | $ (3) | $ 8 | $ (3) | $ 8 |
Financial Instruments (Schedule
Financial Instruments (Schedule of Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Successor | |||
Derivatives, Fair Value [Line Items] | |||
Cash Collateral | $ 0 | ||
Successor | Fair Value, Inputs, Level 2 | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Gross | 88 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (75) | |
Derivative Asset, Net Amount Included in Balance Sheet | 13 | ||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (75) | |
Derivative Liability, Net Amount Included in Balance Sheet | 32 | ||
Derivative Liability, Gross | 107 | ||
Successor | Fair Value, Inputs, Level 2 | Foreign Currency Contract | Not Designated as Hedging Instrument [Member] | Other Current Assets [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Gross | 88 | ||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (75) | |
Derivative Asset, Net Amount Included in Balance Sheet | 13 | ||
Successor | Fair Value, Inputs, Level 2 | Foreign Currency Contract | Not Designated as Hedging Instrument [Member] | Accrued and Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (75) | |
Derivative Liability, Net Amount Included in Balance Sheet | 32 | ||
Derivative Liability, Gross | $ 107 | ||
Predecessor | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives subject to enforceable master netting arrangements | $ 114 | ||
Predecessor | Fair Value, Inputs, Level 2 | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Gross | [2] | 182 | |
Derivative Liability, Gross | [2] | 121 | |
Predecessor | Fair Value, Inputs, Level 2 | Accrued and Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Cash Collateral | [3] | 52 | |
Predecessor | Fair Value, Inputs, Level 2 | Foreign Currency Contract | Not Designated as Hedging Instrument [Member] | Accounts and Notes Receivable [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Asset, Gross | [3] | 182 | |
Predecessor | Fair Value, Inputs, Level 2 | Foreign Currency Contract | Not Designated as Hedging Instrument [Member] | Accrued and Other Current Liabilities [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Liability, Gross | $ 121 | ||
[1] | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. The company held cash collateral of $0 million as of September 30, 2017. | ||
[2] | The company's derivative assets and liabilities subject to enforceable master netting arrangements totaled $114 million at December 31, 2016. | ||
[3] | Cash collateral held as of December 31, 2016 is related to foreign currency derivatives not designated as hedging instruments. |
(Effect of Derivative Instrumen
(Effect of Derivative Instruments) (Details) - USD ($) $ in Millions | 1 Months Ended | 2 Months Ended | 3 Months Ended | 8 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Sep. 30, 2016 | Aug. 31, 2017 | Sep. 30, 2016 | ||
Successor | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 0 | |||||
Amount of Gain (Loss) Recognized in Income | 112 | |||||
Successor | Designated as Hedging Instrument [Member] | Commodity Contract | Cash Flow Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 0 | |||||
Successor | Designated as Hedging Instrument [Member] | Commodity Contract | Cost of goods sold | Cash Flow Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Designated as Hedging Instruments, Gain (Loss), Net, Recognized in Income | [1],[2] | 0 | ||||
Successor | Not Designated as Hedging Instrument [Member] | Commodity Contract | Cost of goods sold | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Recognized in Income | [2] | 0 | ||||
Successor | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract | Sundry Income (Expense) - Net | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Recognized in Income | [3] | 112 | ||||
Successor | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract | Net sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Recognized in Income | [4] | $ 0 | ||||
Predecessor | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | $ 1 | $ (3) | $ 5 | $ 34 | ||
Amount of Gain (Loss) Recognized in Income | (258) | (83) | (408) | (441) | ||
Predecessor | Other Nonoperating Income (Expense) [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Gain (loss) on foreign currency denominated monetary assets and liabilities | 65 | 6 | 37 | 185 | ||
Predecessor | Designated as Hedging Instrument [Member] | Commodity Contract | Cash Flow Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | 1 | (3) | 5 | 34 | ||
Predecessor | Designated as Hedging Instrument [Member] | Commodity Contract | Cost of goods sold | Cash Flow Hedging | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Designated as Hedging Instruments, Gain (Loss), Net, Recognized in Income | [1],[2] | 0 | 0 | 21 | (18) | |
Predecessor | Not Designated as Hedging Instrument [Member] | Commodity Contract | Cost of goods sold | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Recognized in Income | [2] | 2 | (1) | 2 | (11) | |
Predecessor | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract | Sundry Income (Expense) - Net | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Recognized in Income | [3] | (260) | (82) | (431) | (397) | |
Predecessor | Not Designated as Hedging Instrument [Member] | Foreign Currency Contract | Net sales | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Recognized in Income | [4] | $ 0 | $ 0 | $ 0 | $ (15) | |
[1] | For cash flow hedges, this represents the effective portion of the gain (loss) reclassified from accumulated OCI into income during the period. There was no material ineffectiveness with regard to the company's cash flow hedges during the period. | |||||
[2] | Recorded in cost of goods sold | |||||
[3] | Gain recognized in sundry income (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations, which were $65 million for the periods July 1 through August 31, 2017 and $6 million for the three months ended September 30, 2016, and $37 million for the period January 1 through August 31, 2017 and $185 million for the nine months ended September 30, 2016. See Note 6 for additional information. | |||||
[4] | Recorded in net sales. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | |
Successor | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value | [1] | $ 3,251 | |
Marketable Securities, Fair Value | 1,826 | ||
Total Assets, Fair Value | 5,090 | ||
Long-term Debt, Fair Value | [2] | 11,097 | |
Total liabilities at fair value, net | 11,129 | ||
Successor | Fair Value, Measurements, Recurring | Foreign Currency Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross | [3] | 13 | |
Derivative Liability, Gross | [3] | 32 | |
Successor | Fair Value, Inputs, Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross | 88 | ||
Derivative Asset, Total | 13 | ||
Derivative Liability, Gross | 107 | ||
Derivative Liability, Total | 32 | ||
Successor | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value | [1] | 3,251 | |
Marketable Securities, Fair Value | 1,826 | ||
Total Assets, Fair Value | 5,090 | ||
Long-term Debt, Fair Value | [2] | 11,097 | |
Total liabilities at fair value, net | 11,129 | ||
Successor | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign Currency Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross | [3] | 13 | |
Derivative Liability, Gross | [3] | $ 32 | |
Predecessor | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value | [4] | $ 2,713 | |
Marketable Securities, Fair Value | 1,362 | ||
Total Assets, Fair Value | 4,257 | ||
Long-term Debt, Fair Value | [5] | 8,464 | |
Total liabilities at fair value, net | 8,585 | ||
Predecessor | Fair Value, Measurements, Recurring | Foreign Currency Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross | [6] | 182 | |
Derivative Liability, Gross | [6] | 121 | |
Predecessor | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash and Cash Equivalents, Fair Value | [4] | 2,713 | |
Marketable Securities, Fair Value | 1,362 | ||
Total Assets, Fair Value | 4,257 | ||
Long-term Debt, Fair Value | [5] | 8,464 | |
Total liabilities at fair value, net | 8,585 | ||
Predecessor | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign Currency Contract | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset, Gross | [6] | 182 | |
Derivative Liability, Gross | [6] | $ 121 | |
[1] | Time deposits included in "Cash and cash equivalents" in the consolidated balance sheets are held at amortized cost, which approximates fair value. | ||
[2] | See Note 12 for information on fair value measurements of long-term debt. | ||
[3] | See Note 17 for the classification of derivatives in the consolidated balance sheets. | ||
[4] | Time deposits included in "Cash and cash equivalents" in the consolidated balance sheets are held at amortized cost, which approximates fair value. | ||
[5] | See Note 12 for information on fair value measurements of long-term debt. | ||
[6] | See Note 17 for the classification of derivatives in the consolidated balance sheets. |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2017USD ($) | |
Term Loan Facility due 2019 [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Additional Draw - Term Loan Facility | $ 500 |