DEI Document
DEI Document | 3 Months Ended |
Mar. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Entity Registrant Name | DUPONT E I DE NEMOURS & CO |
Entity Central Index Key | 0000030554 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 100 |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net Sales | $ 6,288 | $ 6,699 |
Cost of Goods Sold | 4,235 | 4,847 |
Research and Development Expense | 355 | 382 |
Selling, General and Administrative Expenses | 970 | 959 |
Amortization of Intangible Assets | 320 | 315 |
Restructuring and Asset Related Charges - Net | 55 | 97 |
Integration and Separation Costs | 405 | 255 |
Sundry income - net | 157 | 47 |
Interest Expense | 56 | 80 |
Income (loss) from continuing operations before income taxes | 49 | (189) |
(Benefit from) provision for income taxes on continuing operations | (40) | 27 |
Income (loss) from continuing operations after income taxes | 89 | (216) |
Loss from discontinued operations after income taxes | 0 | (5) |
Net income (loss) | 89 | (221) |
Net income attributable to noncontrolling interests | 4 | 7 |
Net income (loss) attributable to Historical DuPont | $ 85 | $ (228) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 89 | $ (221) |
Cumulative Translation Adjustments | (68) | 957 |
Derivatives Instruments | 1 | 11 |
Other comprehensive (loss) income, Net of Tax | (73) | 972 |
Comprehensive income | 16 | 751 |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 4 | 7 |
Comprehensive Income Attributable to Historical DuPont | 12 | 744 |
Pension Plan | ||
Adjustments to benefit plans | $ (6) | $ 4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents | $ 3,796 | $ 4,466 |
Marketable Securities | 18 | 34 |
Accounts and notes receivable - net | 6,768 | 5,534 |
Inventories | 7,147 | 7,407 |
Other current assets | 1,515 | 1,165 |
Total current assets | 19,244 | 18,606 |
Investments in nonconsolidated affiliates | 1,366 | 1,381 |
Property, plant and equipment, net of accumulated depreciation (March 31, 2019 - $2,111; December 31, 2018 - $1,720) | 12,083 | 12,186 |
Goodwill | 40,638 | 40,686 |
Other intangible assets | 25,724 | 26,053 |
Deferred Income Taxes | 306 | 303 |
Other Assets | 2,476 | 1,810 |
Total Assets | 101,837 | 101,025 |
Short-term borrowings and finance lease obligations | 3,205 | 2,160 |
Accounts Payable | 4,200 | 4,982 |
Income Taxes Payable | 137 | 66 |
Accrued and other current liabilities | 4,400 | 4,233 |
Total current liabilities | 11,942 | 11,441 |
Long-term Debt | 6,320 | 5,812 |
Deferred Income Tax Liabilities | 5,164 | 5,381 |
Pension and other post employment benefits - noncurrent | 6,524 | 6,683 |
Other noncurrent obligations | 2,052 | 1,620 |
Total noncurrent liabilities | 20,060 | 19,496 |
Common stock, $0.30 par value; 1,800,000,000 shares authorized; issued at March 31, 2019 and December 31, 2018 - 100 | 0 | 0 |
Additional Paid in Capital | 79,843 | 79,790 |
Accumulated deficit | (7,906) | (7,669) |
Accumulated other comprehensive loss | (2,576) | (2,503) |
Total Historical DuPont Stockholders' Equity | 69,600 | 69,857 |
Noncontrolling Interests | 235 | 231 |
Total Stockholders' Equity | 69,835 | 70,088 |
Total Liabilities and Equity | 101,837 | 101,025 |
$4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Value | 169 | 169 |
$3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Value | $ 70 | $ 70 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Common Stock, Par Value | $ 0.30 | $ 0.30 |
Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 |
Common Stock, Shares, Issued | 100 | 100 |
Accumulated Depreciation | $ 2,111,000,000 | $ 1,720,000,000 |
$4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 |
$3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash used for operating activities | ||
Net income (loss) | $ 89 | $ (221) |
Depreciation and Amortization | 678 | 647 |
(Benefit from) Provision for Deferred Income Tax | (233) | 35 |
Net Periodic Pension Benefit | (70) | (79) |
Pension Contributions | (50) | (70) |
Net gain on sales of property, businesses, consolidated companies, and investments | (55) | (2) |
Restructuring and Asset Related Charges - Net | 55 | 97 |
Amortization of inventory step-up | 205 | 703 |
Other net loss | 72 | 258 |
Changes in operating assets and liabilities - net | (2,113) | (3,343) |
Cash used for operating activities | (1,422) | (1,975) |
Cash (used for) provided by investing activities | ||
Capital expenditures | (625) | (355) |
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 100 | 18 |
Purchases of investments | (16) | (201) |
Proceeds from Sale and Maturities of Investments | 32 | 922 |
Other investing activities - net | (5) | (2) |
Cash (used for) provided by investing activities | (514) | 382 |
Cash provided by (used for) financing activities | ||
Change in short-term (less than 90 days) borrowings | 815 | (97) |
Proceeds from Issuance of Long-term Debt | 1,000 | 253 |
Payments of Long-term Debt | (283) | (31) |
Proceeds from Stock Options Exercised | 35 | 45 |
Payments of Dividends to Stockholders | (2) | (2) |
Distributions to DowDuPont | 317 | 831 |
Other financing activities | (22) | (32) |
Cash provided by (used for) financing activities | 1,226 | (694) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 20 | 108 |
Decrease in cash, cash equivalents and restricted cash | (690) | (2,179) |
Cash, Cash Equivalents, and Restricted Cash, beginning of period | 4,966 | 7,808 |
Cash, Cash Equivalents, and Restricted Cash, end of period | 4,276 | 5,629 |
Cash [Member] | ||
Cash provided by (used for) financing activities | ||
Distributions to DowDuPont | $ (317) | $ (830) |
Consolidated Statements of Equi
Consolidated Statements of Equity Statement - USD ($) $ in Millions | Total | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | AOCI Attributable to Parent [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2017 | $ 74,932 | $ 239 | $ 74,727 | $ 175 | $ (381) | $ 172 |
Net Income | (221) | (228) | 7 | |||
Other comprehensive (loss) income, Net of Tax | 972 | 972 | ||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | (2) | (2) | ||||
Distributions to DowDuPont | (831) | (831) | ||||
Issuance of DowDuPont Stock | 45 | 45 | ||||
Stock-based compensation | 11 | 11 | ||||
Other | 60 | 5 | 55 | |||
Ending Balance at Mar. 31, 2018 | 74,966 | 239 | 74,783 | (881) | 591 | 234 |
Beginning Balance at Dec. 31, 2018 | 70,088 | 239 | 79,790 | (7,669) | (2,503) | 231 |
Net Income | 89 | 85 | 4 | |||
Other comprehensive (loss) income, Net of Tax | (73) | (73) | ||||
Preferred dividends ($4.50 Series - $1.125 per share, $3.50 Series - $0.875 per share) | (2) | (2) | ||||
Distributions to DowDuPont | (317) | (317) | ||||
Issuance of DowDuPont Stock | 35 | 35 | ||||
Stock-based compensation | 18 | 18 | ||||
Other | (3) | (3) | ||||
Ending Balance at Mar. 31, 2019 | $ 69,835 | $ 239 | $ 79,843 | $ (7,906) | $ (2,576) | $ 235 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
$4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | $ 1.125 | $ 1.125 |
$3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | $ 0.875 | $ 0.875 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited interim 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, 2018, collectively referred to as the “2018 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 ("Historical Dow") and Historical 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"), Historical Dow and Historical DuPont each merged with wholly owned subsidiaries of DowDuPont ("Mergers") and, as a result of the Mergers, Historical Dow and Historical 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 certain customary conditions, including, among others, the effectiveness of registration statements filed with the U.S. Securities and Exchange Commission ("SEC") and approval by the Board of Directors of DowDuPont, the separation of the combined company's agriculture business, specialty products business and materials science business through a series of tax-efficient transactions (collectively, the "Intended Business Separations" and the transactions to accomplish the Intended Business Separations, the "separations"). On February 26, 2018, DowDuPont announced the corporate brand names that each company plans to assume once the Intended Business Separations occur. Materials science is called Dow, agriculture will be called Corteva TM Agriscience, and specialty products will be called DuPont. Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share (the “Dow Common Stock”), to holders of DowDuPont's common stock, par value $0.01 per share (the “DowDuPont Common Stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). DowDuPont expects to complete the previously announced intended separation of its agriculture business into a separate and independent public company on June 1, 2019 by way of a distribution of Corteva, Inc., a Delaware corporation and wholly-owned subsidiary of DowDuPont (“Corteva”), through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock, par value $0.01 per share, to holders of DowDuPont Common Stock as of a record date to be set by DowDuPont’s Board of Directors (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”). Refer to Notes 3 and 18 for additional information. Transactions between Historical DuPont and DowDuPont, Historical Dow and their affiliates and other associated companies are reflected in the Consolidated Financial Statements and disclosed as related party transactions when material. Related party transactions with Historical Dow and DowDuPont are included in Note 6 . As a condition of the regulatory approval for the Merger Transaction, the company was 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 would acquire the crop protection business and R&D assets that Historical DuPont was required to divest in order to obtain European Commission ("EC") approval of the Merger Transaction as described above, (the "Divested Ag Business") and Historical DuPont agreed to acquire certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products (the "H&N Business") (collectively, the "FMC Transactions"). On November 1, 2017, the company completed the FMC Transactions through the disposition of the Divested Ag Business and the acquisition of the H&N Business. The sale of the Divested Ag Business meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for the three months ended March 31, 2018. The comprehensive income and cash flows related to the Divested Ag Business have not been segregated and are included in the interim Consolidated Statements of Comprehensive Income and interim Condensed Consolidated Statements of Cash Flows, respectively, for the three months ended March 31, 2018. 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 3 for additional information. Significant Accounting Policies The company has updated its leasing policy since the issuance of its 2018 Annual Report as a result of the adoption of ASU No. 2016-02, Leases (Topic 842) in the first quarter 2019. See Notes 2 and 11 for additional information. See Note 1, "Summary of Significant Accounting Policies," in the 2018 Annual Report for more information on Historical DuPont's other significant accounting policies. Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. |
Recent Accounting Guidance
Recent Accounting Guidance | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on their balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014 (Topic 606). The company adopted this standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 (Leases). In addition, the company has elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, does not require reassessment of prior conclusions related to contracts containing a lease, lease classification, and initial direct lease costs. As an accounting policy election, the company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and will account for nonlease and lease components in a contract as a single component for all asset classes. The following table summarizes the impact of adoption to the company’s interim Condensed Consolidated Balance Sheet: (In millions) As Reported December 31, 2018 Effect of Adoption of ASU 2016-02 Updated January 1, 2019 Assets Property, plant and equipment - net of accumulated depreciation $ 12,186 $ 9 $ 12,195 Other assets $ 1,810 $ 758 $ 2,568 Liabilities and Equity Current liabilities Short-term borrowings and finance lease obligations $ 2,160 $ 1 $ 2,161 Accrued and other current liabilities $ 4,233 $ 234 $ 4,467 Long-Term Debt $ 5,812 $ 8 $ 5,820 Other noncurrent obligations $ 1,620 $ 524 $ 2,144 The adoption of the new guidance did not have a material impact on the company's interim Consolidated Statement of Operations and had no impact on the interim Condensed Consolidated Statement of Cash Flows. |
Divestitures and Other Transact
Divestitures and Other Transactions | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES AND OTHER TRANSACTIONS The Intended Business Separations As discussed in the company’s 2018 Annual Report and in Note 1 , DowDuPont announced its intent to pursue the separation of the combined company's agriculture business, specialty products business and materials science business through a series of tax-efficient transactions. Refer to Note 18 for additional information on the Intended Business Separations and the separations. Integration and Separation Costs Integration and separation costs have been and are expected to be significant. These costs 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 and the Intended Business Separations. These costs are recorded within integration and separation costs within the interim Consolidated Statements of Operations. Three Months Ended March 31, (In millions) 2019 2018 Integration and separation costs $ 405 $ 255 Merger Remedy - Divested Ag Business On March 31, 2017, the company and FMC entered into the FMC Transaction Agreement. Under the FMC Transaction Agreement, and effective upon the closing of the transaction on November 1, 2017, FMC acquired the Divested Ag Business that Historical DuPont was required to divest in order to obtain EC approval of the Merger Transaction and Historical DuPont acquired the H&N Business. See further discussion of the FMC Transactions in Note 1 . The sale of the Divested Ag Business met the criteria for discontinued operations and as such, earnings were included within loss from discontinued operations after income taxes for all periods presented. For the three months ended March 31, 2018, the company recorded a loss from discontinued operations before income taxes related to the Divested Ag Business of $10 million ( $5 million after tax). Performance Chemicals On July 1, 2015, Historical 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 "Chemours Separation"). In connection with the Chemours Separation, the company and The Chemours Company ("Chemours") entered into a Separation Agreement (as amended, the "Chemours Separation Agreement"). Pursuant to the Chemours Separation Agreement, as discussed below, Chemours indemnifies Historical 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, Historical DuPont and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future perfluorooctanoic acid (“PFOA”) liabilities for a period of five years beginning July 6, 2017. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At March 31, 2019, the indemnification assets are $84 million within accounts and notes receivable - net and $289 million within other assets along with the corresponding liabilities of $84 million within accrued and other current liabilities and $289 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. See Note 13 for further discussion of the amendment to the Chemours Separation Agreement and certain litigation and environmental matters indemnified by Chemours. |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE Revenue Recognition Products Substantially all of Historical DuPont's revenue is derived from product sales. Product sales consist of sales of Historical DuPont's products to supply manufacturers, distributors, and farmers. Historical DuPont considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. Licenses of Intellectual Property Historical DuPont enters into licensing arrangements with customers under which it licenses its intellectual property, such as patents and trademarks. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. The company estimates the expected amount of sales-based royalties based on historical sales by customer. Revenue for licensing agreements that contain sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied. Contract Balances Contract liabilities primarily reflect deferred revenue from prepayments under agriculture product line contracts with customers where the company receives advance payments for products to be delivered in future periods. Historical DuPont classifies deferred revenue as current or noncurrent based on the timing of when the company expects to recognize revenue. Contract assets primarily include amounts related to contractual rights to consideration for completed performance not yet invoiced within the industrial biosciences product line. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract Balances March 31, 2019 December 31, 2018 (In millions) Accounts and notes receivable - trade 1 $ 5,619 $ 4,130 Contract assets - current 2 $ 36 $ 48 Deferred revenue - current 3 $ 2,033 $ 1,927 Deferred revenue - noncurrent 4 $ 28 $ 30 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in accrued and other current liabilities in the Consolidated Balance Sheets. 4. Included in other noncurrent obligations in the Consolidated Balance Sheets. The change in deferred revenue from December 31, 2018 to March 31, 2019 was substantially due to the receipt of customer prepayments under agriculture product line contracts, partially offset by agriculture seed deliveries to customers for the North America growing season, which were delayed due to weather conditions. Revenue recognized during the three months ended March 31, 2019 from amounts included in deferred revenue - current at the beginning of the period was approximately $460 million . Disaggregation of Revenue Effective with the Merger, Historical DuPont’s business activities are components of DowDuPont’s business operations. Historical DuPont’s business activities, including the assessment of performance and allocation of resources, are reviewed and managed by DowDuPont. Information used by the chief operating decision maker of Historical DuPont relates to the company in its entirety. Accordingly, there are no separate reportable business segments for Historical DuPont under ASC 280 “Segment Reporting” and Historical DuPont's business results are reported in this Form 10-Q as a single operating segment. The company has one reportable segment with the following principal product lines: agriculture, packaging and specialty plastics, electronics and imaging, nutrition and health, industrial biosciences, transportation and advanced polymers, and safety and construction. The company believes disaggregation of revenue by principal product line best depicts the nature, amount, timing, and uncertainty of its revenue and cash flows. Net sales by principal product line are included below: Three Months Ended March 31, (In millions) 2019 2018 Agriculture $ 2,108 $ 2,343 Packaging and Specialty Plastics 363 419 Electronics and Imaging 455 527 Nutrition and Health 1,014 1,024 Industrial Biosciences 376 406 Transportation and Advanced Polymers 1,071 1,121 Safety and Construction 899 855 Other 2 4 Total $ 6,288 $ 6,699 Sales are attributed to geographic regions based on customer location. Net sales by geographic region are included below: Three Months Ended March 31, (In millions) 2019 2018 U.S. & Canada $ 2,250 $ 2,515 EMEA 1 2,110 2,166 Asia Pacific 1,459 1,535 Latin America 469 483 Total $ 6,288 $ 6,699 1. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Related
Restructuring and Asset Related Charges | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Cost Synergy Program In September and November 2017, DowDuPont and the company approved post-merger restructuring actions under the DowDuPont Cost Synergy Program (the “Synergy Program”), adopted by the DowDuPont Board of Directors. The Synergy Program is designed to integrate and optimize the organization following the Merger and in preparation for the Intended Business Separations. Based on all actions approved to date under the Synergy Program, Historical DuPont expects to record total pre-tax restructuring charges of $695 million to $755 million , comprised of approximately $420 million to $440 million of severance and related benefits costs; $125 million to $145 million of costs related to contract terminations; and $150 million to $170 million of asset related charges. The below is a summary of charges incurred related to the Synergy Program for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, (In millions) 2019 2018 Severance and related benefit costs $ 40 $ 68 Contract termination charges — 29 Asset related charges 16 — Total restructuring and asset related charges - net 1 $ 56 $ 97 1. The charge for the three months ended March 31, 2019 includes $55 million which was recognized in restructuring and asset related charges - net and $1 million which was recognized in sundry income - net in the company's Condensed Consolidated Statement of Operations. Historical DuPont recorded pre-tax restructuring charges of $565 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $412 million , contract termination costs of $71 million , and asset write-downs and write-offs of $82 million . Actions associated with the Synergy Program, including employee separations, are expected to be substantially complete by the end of 2019. Historical DuPont account balances and activity for the Synergy Program are summarized below: (In millions) Severance and Related Benefit Costs Contract Termination Charges Asset Related Charges Total Balance at December 31, 2018 $ 229 $ 18 $ — $ 247 Charges to income from continuing operations for the three months ended March 31, 2019 40 — 16 56 Payments (43 ) (7 ) — (50 ) Asset write-offs — — (15 ) (15 ) Balance at March 31, 2019 $ 226 $ 11 $ 1 $ 238 DowDuPont Agriculture Division Restructuring Program The company expects to record total pre-tax charges of approximately $65 million , comprised of approximately $55 million of severance and related benefits costs; $8 million of asset related charges, and $2 million of costs related to contract terminations, related to the DowDuPont Agriculture Division Restructuring Program. From inception-to-date, Historical DuPont has recorded total pre-tax restructuring charge of $62 million , comprised of $54 million of severance and related benefit costs and $8 million of asset related charges. For the three months ended March 31, 2019, Historical DuPont recorded a pre-tax charge of $3 million for asset related charges in restructuring and asset related charges - net in the company's interim Consolidated Statement of Operations. The company expects actions related to this program to be substantially complete by mid-2019. Historical DuPont account balances and activity for the DowDuPont Agriculture Division Restructuring Program are summarized below: (In millions) Severance and Related Benefit Costs Asset Related Charges Total Balance at December 31, 2018 $ 54 $ — $ 54 Charges to income from continuing operations for the three months ended March 31, 2019 — 3 3 Payments (7 ) — (7 ) Asset write-offs — (3 ) (3 ) Balance at March 31, 2019 $ 47 $ — $ 47 |
Related Parties (Notes)
Related Parties (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTIES Services Provided by and to Historical Dow and its affiliates Following the Merger, Historical DuPont reports transactions with Historical Dow and its affiliates as related party transactions. Historical DuPont sells to and procures from Historical Dow and its affiliates certain feedstocks and raw materials that are consumed in each company's manufacturing process, as well as finished goods. Historical DuPont also provides to Historical Dow and its affiliates certain seed production and distribution services. The following table presents amounts due to or due from Historical Dow and its affiliates at March 31, 2019 and December 31, 2018: (In millions) March 31, 2019 December 31, 2018 Accounts and notes receivable - net $ 112 $ 201 Accounts payable $ 201 $ 288 The table below presents revenue earned and expenses incurred in transactions with Historical Dow and its affiliates for the three months ended March 31, 2019 and 2018: Three Months Ended March 31, (In millions) 2019 2018 Net sales $ 115 $ 44 Cost of goods sold $ 109 $ 24 For the three months ended March 31, 2019 and 2018, respectively, purchases from Historical Dow and its affiliates were $106 million and $43 million , respectively. Historical DuPont also received transfers of certain feedstocks and energy from Historical Dow and its affiliates at cost which totaled $82 million and $79 million for the three months ended March 31, 2019 and 2018, respectively, Transactions with DowDuPont In November 2017, DowDuPont's Board of Directors authorized an initial $4,000 million share repurchase program to buy back shares of DowDuPont common stock. The $4,000 million share repurchase program was completed in the third quarter of 2018. In February 2019 and 2018, the Board declared first quarter dividends per share of DowDuPont common stock payable on March 15, 2019 and March 15, 2018, respectively. For the three months ended March 31, 2019 and 2018, Historical DuPont declared and paid distributions to DowDuPont of about $317 million and $830 million , respectively, primarily to fund a portion of DowDuPont's dividend payments for these periods, and, specific to 2018, to fund a portion of DowDuPont's share repurchases. In addition, at March 31, 2019 and December 31, 2018, Historical DuPont had a payable to DowDuPont of $103 million included in accounts payable in the interim Condensed Consolidated Balance Sheets related to its estimated tax liability for the period beginning with the Merger through the date of the Dow Distribution, during which time the parties filed a consolidated US tax return. See Note 8 for additional information. |
Supplementary Information
Supplementary Information | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Sundry Income - Net Three Months Ended March 31, (In millions) 2019 2018 Interest income $ 23 $ 28 Equity in earnings of affiliates - net 13 14 Net gain on sales of businesses and other assets 1 55 2 Net exchange losses (32 ) (132 ) Non-operating pension and other post employment benefit credit 2 66 92 Miscellaneous income and expenses - net 3 32 43 Sundry income - net $ 157 $ 47 1. The three months ended March 31, 2019 includes a gain on sale of assets within the electronics and imaging product line. 2. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, and amortization of unrecognized loss). 3. Miscellaneous income and expenses - net, includes gains related to litigation settlements and other items. The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. 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 - net and the related tax impact is recorded in (benefit from) provision for income taxes on continuing operations in the interim Consolidated Statements of Operations. (In millions) Three Months Ended March 31, 2019 2018 Subsidiary Monetary Position (Losses) Gains Pre-tax exchange (losses) gains $ (23 ) $ 49 Local tax benefits — 32 Net after-tax impact from subsidiary exchange (losses) gains $ (23 ) $ 81 Hedging Program Losses Pre-tax exchange losses 1 $ (9 ) $ (181 ) Tax benefits 2 42 Net after-tax impact from hedging program exchange losses $ (7 ) $ (139 ) Total Exchange Losses Pre-tax exchange losses $ (32 ) $ (132 ) Tax benefits 2 74 Net after-tax exchange losses $ (30 ) $ (58 ) 1. Includes a $50 million foreign exchange loss for the three months ended March 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. Cash, cash equivalents and restricted cash The following table provides a reconciliation of cash and cash equivalents and restricted cash (included in other current assets) presented in the interim Condensed Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the interim Condensed Consolidated Statements of Cash Flows. (In millions) March 31, 2019 December 31, 2018 Cash and cash equivalents $ 3,796 $ 4,466 Restricted cash 480 500 Total cash, cash equivalents and restricted cash $ 4,276 $ 4,966 Historical DuPont entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring Historical DuPont to fund a trust (the "Trust") for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. Restricted cash at March 31, 2019 and December 31, 2018 is related to the Trust. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted. The Act reduces the U.S. federal corporate income tax rate from 35 percent to 21 percent , requires companies to pay a one-time transition tax (“transition tax”) on earnings of foreign subsidiaries that were previously tax deferred, creates new provisions related to foreign sourced earnings, eliminates the domestic manufacturing deduction and moves towards a territorial system. At December 31, 2018, the company had completed its accounting for the tax effects of The Act. • As a result of The Act, the company remeasured its U.S. federal deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent . In the first quarter of 2018, the company recorded a $48 million charge to provision for income taxes on continuing operations in the company's interim Consolidated Statements of Operations to adjust the provisional amount related to the remeasurement of the company's deferred tax balance. • In the first quarter of 2018, the company recognized a charge of $16 million to provision for income taxes on continuing operations in the company's interim Consolidated Statements of Operations as a result of an indirect impact of the Act related to certain inventory. Historical DuPont and its subsidiaries are included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the DowDuPont U.S. tax group for each year will be apportioned among the members of the consolidated group based on each member’s separate taxable income. Historical DuPont and Historical Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with a tax sharing agreement and/or tax matters agreement. 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. The ultimate resolution of such uncertainties is not expected to have a material impact on the company's results of operations. During the first and second quarters of 2019, in connection with the Intended Business Separations, the company has and expects to continue repatriating certain funds from its foreign subsidiaries that are not needed to finance local operations or separation activities. During the three months ended March 31, 2019, the company recorded tax expense of $13 million associated with these repatriation activities. Beyond these expected repatriations, the company is still asserting indefinite reinvestment related to certain investments in foreign subsidiaries. During the three months ended March 31, 2019, the company recorded a tax benefit of $102 million related to an internal legal entity restructuring associated with the Intended Business Separations. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) March 31, December 31, Finished products $ 4,390 $ 4,204 Semi-finished products 1,338 1,769 Raw materials 523 481 Stores and supplies 385 441 Total $ 6,636 $ 6,895 Adjustment of inventories to a last-in, first out ("LIFO") basis 511 512 Total inventories $ 7,147 $ 7,407 As a result of the Merger, a fair value step-up of $3,840 million was recorded for inventories. Of this amount, $205 million and $641 million was recognized in cost of goods sold within income from continuing operations in the interim Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018, respectively. |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | OTHER INTANGIBLE ASSETS Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) March 31, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Customer-related $ 9,310 $ (884 ) $ 8,426 $ 9,325 $ (744 ) $ 8,581 Developed technology 1 4,926 (735 ) 4,191 4,506 (628 ) 3,878 Trademarks/trade names 1,083 (135 ) 948 1,084 (114 ) 970 Favorable supply contracts 493 (136 ) 357 475 (111 ) 364 Microbial cell factories 384 (26 ) 358 386 (22 ) 364 Other 2 376 (37 ) 339 377 (32 ) 345 Total other intangible assets with finite lives 16,572 (1,953 ) 14,619 16,153 (1,651 ) 14,502 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 1 100 — 100 545 — 545 Germplasm 3 6,265 — 6,265 6,265 — 6,265 Trademarks / trade names 4,740 — 4,740 4,741 — 4,741 Total other intangible assets 11,105 — 11,105 11,551 — 11,551 Total $ 27,677 $ (1,953 ) $ 25,724 $ 27,704 $ (1,651 ) $ 26,053 1. During the first quarter of 2019, the company announced an expanded launch of its Qrome ® corn hybrids following the receipt of regulatory approval from China. As a result, the company reclassified the amounts from indefinite-lived IPR&D to developed technology. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. 3. Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $320 million and $315 million for the three months ended March 31, 2019 and 2018, respectively. The estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2019 and each of the next five years is approximately $1,029 million , $1,270 million , $1,257 million , $1,235 million , $1,120 million and $1,044 million , respectively. |
Leases (Notes)
Leases (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The company has operating and finance leases for real estate, airplanes, railcars, fleet, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of 1 year to 50 years . For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. Certain of the company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee declines over the course of the lease term. The portion of residual value guarantees that are probable of payment are included in the related lease liability on the accompanying Consolidated Balance Sheet other than certain finance leases that include the maximum residual value guarantee amount in the measurement of the related liability given the election to use the package of practical expedients at the date of adoption. At March 31, 2019, the company has future maximum payments for residual value guarantees in operating leases of $46 million with final expirations through 2028. The company's lease agreements do not contain any material restrictive covenants. The components of lease cost were as follows: (In millions) Three Months Ended March 31, 2019 Operating lease cost 54 Finance lease cost Amortization of right-of-use assets 35 Interest on lease liabilities 1 Total finance lease cost 36 Short-term lease cost 5 Variable lease cost 4 Sublease income (8 ) Total lease cost 91 New leases entered into during the three months ended March 31, 2019 were not considered material. Supplemental cash flow information related to leases was as follows: (In millions) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 56 Operating cash flows from finance leases $ 1 Financing cash flows from finance leases $ 20 Supplemental balance sheet information related to leases was as follows: (In millions) March 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 703 Current operating lease liabilities 2 213 Noncurrent operating lease liabilities 3 494 Total operating lease liabilities $ 707 Finance Leases Property, plant, and equipment, gross 152 Accumulated depreciation (38 ) Property, plant, and equipment, net $ 114 Short-term borrowings and finance lease obligations 43 Long-Term Debt 83 Total finance lease liabilities $ 126 1. Included in other assets in the interim Condensed Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. Historical DuPont utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. Lease Term and Discount Rate March 31, 2019 Weighted-average remaining lease term (years) Operating leases 5.31 Finance leases 2.58 Weighted average discount rate Operating leases 3.37 % Finance leases 3.25 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at March 31, 2019 Operating Leases Finance Leases (In millions) 2019 $ 184 $ 36 2020 171 30 2021 132 27 2022 107 27 2023 55 9 2024 and thereafter 129 6 Total lease payments $ 778 $ 135 Less: Interest 71 9 Present value of lease liabilities $ 707 $ 126 Future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year at December 31, 2018 were as follows: Minimum Lease Commitments at December 31, 2018 (In millions) 2019 $ 242 2020 128 2021 90 2022 66 2023 44 2024 and thereafter 85 Total $ 655 |
Short-Term Borrowings, Long-Ter
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Repurchase Facility In February 2019, the company entered into a new committed receivable repurchase facility of up to $1,300 million (the "2019 Repurchase Facility") which expires in December 2019. From time to time, the company and the banks modify the monthly commitment amounts to better align with working capital requirements. Under the 2019 Repurchase Facility, Historical DuPont may sell a portfolio of available and eligible outstanding agriculture product line customer notes receivables to participating institutions and simultaneously agree to repurchase at a future date. The 2019 Repurchase Facility is considered a secured borrowing with the customer notes receivable inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the 2019 Repurchase Facility have an interest rate of LIBOR + 0.75 percent . As of March 31, 2019, $20 million of notes receivable, recorded in accounts and notes receivable - net, were pledged as collateral against outstanding borrowings under the 2019 Repurchase Facility of $19 million , recorded in short-term borrowings and finance lease obligations on the interim Condensed Consolidated Balance Sheet. Term Loan and Revolving Credit Facilities 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 (the "Term Loan Facility") under which Historical DuPont may make up to seven term loan borrowings and amounts repaid or prepaid are not available for subsequent borrowings. The proceeds from the borrowings under the Term Loan Facility were used for the company's general corporate purposes including debt repayment, working capital and funding a portion of DowDuPont's costs and expenses. At March 31, 2019, the company had made six term loan borrowings in an aggregate principal amount of $3,000 million and had unused commitments of $1,500 million under the Term Loan Facility. See Note 18 for further discussion on the repayment of the term loan in May 2019. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 , 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, and customers. At March 31, 2019 and December 31, 2018 , the company had directly guaranteed $239 million and $259 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. Assuming liquidation, these assets are estimated to cover approximately 7 percent of the $73 million of guaranteed obligations of customers. Set forth below are the company's guaranteed obligations at March 31, 2019. The following table provides a summary of the final expiration year and maximum future payments for each type of guarantee: Guarantees at March 31, 2019 Final Expiration Year Maximum Future Payments (In millions) Obligations for customers 1 : Bank borrowings 2022 $ 73 Obligations for non-consolidated affiliates 2 : Bank borrowings 2019 166 Total guarantees $ 239 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. Of the total maximum future payments, $72 million had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. Litigation The company is subject to various legal proceedings arising out of the normal course of its current and former business operations, 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 Liabilities Historical DuPont is a party to legal proceedings relating to the use of PFOA (collectively, perfluorooctanoic acids and its salts, including the ammonium salt) by its former Performance Chemicals segment, which separated from Historical DuPont in July 2015 through the spin-off of all the issued and outstanding stock of Chemours. While it is reasonably possible that the company could incur liabilities related to PFOA, any such liabilities are not expected to be material. As discussed in Note 3 and below, the company is indemnified by Chemours under the Chemours Separation Agreement, as amended. The company has recorded a liability of $22 million and an indemnification asset of $22 million at March 31, 2019 , primarily related to testing drinking water in and around certain historic 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 established from time to time by the EPA. Leach Settlement and MDL Settlement Historical DuPont has residual liabilities under its 2004 settlement of a West Virginia state court class action, Leach v. DuPont, which alleged that PFOA from Historical DuPont’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. The settlement class has about 80,000 members. In addition to relief that was provided to class members years ago, the settlement requires Historical DuPont to continue providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. As of March 31, 2019 , approximately $2 million had been disbursed from the account since its establishment in 2012 and the remaining balance is approximately $1 million . The Leach settlement permits class members to pursue personal injury claims for six health conditions (and no others) that an expert panel appointed under the settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. After the expert panel reported its findings, approximately 3,550 personal injury lawsuits were filed in federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“MDL”). The MDL was settled in early 2017 for $670.7 million in cash, with Chemours and Historical DuPont (without indemnification from Chemours) each paying half. Post-MDL Settlement PFOA Personal Injury Claims The MDL settlement did not resolve claims of plaintiffs who did not have claims in the MDL or whose claims are based on diseases first diagnosed after February 11, 2017. At March 31, 2019 , approximately 57 lawsuits were pending alleging personal injury, including kidney and testicular cancer, thyroid disease and ulcerative colitis, from exposure to PFOA through air or water, only 3 of which are not part of the MDL or were not otherwise filed on behalf of Leach class members. Other PFOA Actions Historical DuPont is a party to other PFOA lawsuits that do not involve claims for personal injury. Chemours, pursuant to the Chemours Separation Agreement, is defending and indemnifying, with reservation, the company in these lawsuits. New York . Historical DuPont is a defendant in about 52 lawsuits, including a putative class action, brought by persons who live in and around Hoosick Falls, New York. These lawsuits assert claims for medical monitoring and property damage based on alleged PFOA releases from manufacturing facilities owned and operated by co-defendants in Hoosick Falls and allege that Historical DuPont and 3M supplied some of the materials used at these facilities. Historical DuPont is also one of more than ten defendants in a lawsuit brought by the Town of East Hampton, New York alleging PFOA and perfluorooctanesulfonic acid ("PFOS") contamination of the town’s well water. New Jersey . At December 31, 2018, two lawsuits were pending, one brought by a local water utility and the second a putative class action, against Historical DuPont alleging that PFOA from Historical DuPont’s former Chambers Works facility contaminated drinking water sources. The putative class action was dismissed without prejudice by the plaintiffs. In late March of 2019, the New Jersey State Attorney General (the “NJAG”) filed four lawsuits against the company, Chemours, 3M and others alleging that former Historical DuPont operations at the Chambers Works, Pompton Lakes Works, Parlin and Repauno sites in New Jersey, caused damage to the State’s natural resources. Two of these lawsuits (those involving the Chambers Works and Parlin sites) allege contamination from per- and polyfluoroalkyl substances (“PFAS”). The lawsuit related to Parlin names an additional DowDuPont subsidiary. The Ridgewood Water District in New Jersey filed suit in the first quarter 2019 against Historical DuPont alleging losses related to the investigation, remediation and monitoring of polyfluorinated surfactants (“PFS”), including PFOA, in water supplies. Alabama . Historical DuPont is one of more than thirty defendants in one lawsuit by a local water utility alleging contamination from perfluorinated chemicals and compounds (“PFCs”), including PFOA, used by co-defendant carpet manufacturers to make their products more stain and grease resistant. Ohio . Historical DuPont is a defendant in three lawsuits: an action by the State of Ohio based on alleged damage to natural resources, a putative nationwide class action brought on behalf of anyone who has detectable levels of perfluorinated chemicals, including PFOA, in their blood, and an action by the City of Dayton claiming losses related to the investigation, remediation and monitoring of PFAS, including PFOA, in water supplies. Other . Dozens of cases have been filed against 3M and other defendants primarily alleging property damage from contamination in connection with the use of firefighting foams that contain PFOS. At March 31, 2019 , Historical DuPont was named in 4 of these cases. Historical DuPont did not make firefighting foam and has never made or supplied PFOS or products that contained PFOS. Chemours Separation Agreement Amendment As discussed in Note 3 , concurrent with the MDL Settlement, Historical DuPont and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future PFOA liabilities for a five -year period that began on July 6, 2017. During that five -year period, Chemours will annually pay the first $25 million of future PFOA liabilities and, if that amount is exceeded, Historical DuPont will pay any excess amount up to the next $25 million , with Chemours annually bearing any excess liabilities above that amount. At the end of the five -year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Chemours Separation Agreement will continue unchanged. As part of this amendment, Chemours also agreed that it would not contest its liability for PFOA liabilities on the basis of certain ostensible defenses it had previously raised, including defenses relating to punitive damages, and would waive 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 Chemours Separation Agreement. There have been no charges incurred by Historical DuPont under this arrangement through March 31, 2019 . Fayetteville Works Facility, North Carolina Prior to the separation of Chemours, the company introduced GenX as a polymerization processing aid and a replacement for PFOA at the Fayetteville Works facility in Bladen County, North Carolina. The facility is now owned and operated by Chemours, which continues to manufacture and use GenX. In 2017, the facility became and continues to be the subject of inquiries and government investigations relating to the alleged discharge of GenX and certain similar compounds into the air and Cape Fear River. In August 2017, the U.S. Attorney’s Office for the Eastern District of North Carolina served the company with a grand jury subpoena for testimony and documents related to these discharges. Historical DuPont was served with additional subpoenas relating to the same issue and in the second quarter 2018, received a subpoena expanding the scope to any PFCs discharged from the Fayetteville Works facility into the Cape Fear River. 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, the company, or both. At March 31, 2019 , several actions are pending in federal court against Chemours and the company. One of these actions is a consolidated putative class action that asserts claims for medical monitoring and property damage on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. In addition, an action is pending in North Carolina state court on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. While it is reasonably possible that the company could incur liabilities related to the actions described above, any such liabilities are not expected to be material. The company has an indemnification claim against Chemours with respect to current and future inquiries and claims, including lawsuits, related to the foregoing. At March 31, 2019 , Chemours, with reservations, is defending and indemnifying the company in the pending civil actions. 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 March 31, 2019 , the company had accrued obligations of $384 million for probable environmental remediation and restoration costs, including $54 million for the remediation of Superfund sites. These obligations are included in accrued and other current liabilities and other noncurrent obligations in the interim Condensed 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 $790 million above the amount accrued at March 31, 2019 . 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. 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. Pursuant to the Chemours Separation Agreement, the company is indemnified by Chemours for certain environmental matters, included in the liability of $384 million , that have an estimated liability of $185 million as of March 31, 2019 , and a potential exposure that ranges up to approximately $355 million above the amount accrued. As such, the company has recorded an indemnification asset of $185 million corresponding to the company’s accrual balance related to these matters at March 31, 2019 , including $35 million related to the Superfund sites. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Other Comprehensive (Loss) Income The changes and after-tax balances of components comprising accumulated other comprehensive (loss) income are summarized below: (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Total 2018 Balance January 1, 2018 $ (454 ) $ (2 ) $ 128 $ (53 ) $ (381 ) Other comprehensive income before reclassifications 957 12 4 — 973 Amounts reclassified from accumulated other comprehensive loss — (1 ) — — (1 ) Net other comprehensive income 957 11 4 — 972 Balance March 31, 2018 $ 503 $ 9 $ 132 $ (53 ) $ 591 2019 Balance January 1, 2019 $ (1,966 ) $ (26 ) $ (590 ) $ 79 $ (2,503 ) Other comprehensive (loss) income before reclassifications (68 ) 4 (7 ) — (71 ) Amounts reclassified from accumulated other comprehensive (loss) income — (3 ) 1 — (2 ) Net other comprehensive (loss) income (68 ) 1 (6 ) — (73 ) Balance March 31, 2019 $ (2,034 ) $ (25 ) $ (596 ) $ 79 $ (2,576 ) 1. The cumulative translation adjustment gain for the three months ended March 31, 2018 was primarily driven by the weakening of the U.S. Dollar ("USD") against the European Euro ("EUR"), as well as the Danish Kroner. The cumulative translation adjustment loss for the three months ended March 31, 2019 was primarily driven by strengthening of the USD against the EUR and the Brazilian Real. The tax expense on the net activity related to each component of other comprehensive loss was as follows: (In millions) Three Months Ended March 31, 2019 2018 Derivative instruments $ (3 ) $ (4 ) Pension benefit plans - net (7 ) (2 ) Provision for income taxes related to other comprehensive loss items $ (10 ) $ (6 ) A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows: (In millions) Three Months Ended March 31, Income Classification 2019 2018 Derivative Instruments: $ (4 ) $ (1 ) (1) Tax expense 1 — (2) After-tax $ (3 ) $ (1 ) Amortization of pension benefit plans: Actuarial losses 1 — (3) Total before tax $ 1 $ — Tax benefit — — (2) After-tax $ 1 $ — Total reclassifications for the period, after-tax $ (2 ) $ (1 ) 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 (credit) cost of the company's pension and other benefit plans. See Note 15 for additional information. |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS The following sets forth the components of the company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits: Three Months Ended March 31, (In millions) 2019 2018 Defined Benefit Pension Plans: Service cost $ 19 $ 34 Interest cost 206 190 Expected return on plan assets (296 ) (303 ) Amortization of unrecognized loss 1 — Net periodic benefit credit $ (70 ) $ (79 ) Other Post Employment Benefits: Service cost $ 2 $ 2 Interest cost 23 21 Net periodic benefit cost $ 25 $ 23 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At March 31, 2019 , the company had $2,750 million ( $3,551 million at December 31, 2018 ) of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents, as these securities had maturities of three months or less at the time of purchase; and $18 million ( $34 million at December 31, 2018 ) 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 one year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. These securities are included in cash and cash equivalents, marketable securities, and other current assets in the Consolidated Balance Sheets. 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 non-derivatives 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 (In millions) March 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Commodity contracts $ 351 $ 525 Derivatives not designated as hedging instruments: Foreign currency contracts $ 1,442 $ 2,057 Commodity contracts $ 125 $ 9 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, after 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 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: Three Months Ended March 31, (In millions) 2019 2018 Beginning balance $ (26 ) $ (2 ) Additions and revaluations of derivatives designated as cash flow hedges 4 12 Clearance of hedge results to earnings (3 ) (1 ) Ending balance $ (25 ) $ 9 At March 31, 2019 , an after-tax net loss of $10 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The company also uses foreign currency exchange contracts to offset a portion of the company's exposure to certain foreign currency-denominated revenues so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated revenues. Commodity Contracts The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn, soybeans, soybean oil and soybean meal. Fair Value of Derivative Instruments 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: March 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Interim Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 58 $ (16 ) $ 42 Total asset derivatives $ 58 $ (16 ) $ 42 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 17 $ (14 ) $ 3 Total liability derivatives $ 17 $ (14 ) $ 3 December 31, 2018 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Interim Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 72 $ (35 ) $ 37 Total asset derivatives $ 72 $ (35 ) $ 37 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 21 $ (15 ) $ 6 Total liability derivatives $ 21 $ (15 ) $ 6 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. Effect of Derivative Instruments Amount of Gain Recognized in OCI 1 - Pre-Tax Three Months Ended March 31, (In millions) 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts $ 8 $ 16 Total derivatives designated as hedging instruments 8 16 Total derivatives $ 8 $ 16 1. OCI is defined as other comprehensive (loss) income. Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 (In millions) Three Months Ended March 31, 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ 4 $ 1 Total derivatives designated as hedging instruments 4 1 Derivatives not designated as hedging instruments: Foreign currency contracts 3 (9 ) (181 ) Commodity contracts 2 7 (3 ) Total derivatives not designated as hedging instruments (2 ) (184 ) Total derivatives $ 2 $ (183 ) 1. For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2. Recorded in cost of goods sold. 3. Gain recognized in sundry income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 for additional information. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: March 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 2,750 Marketable securities 18 Derivatives relating to: 2 Foreign currency 58 Total assets at fair value $ 2,826 Liabilities at fair value: Long-term debt $ 6,865 Derivatives relating to: 2 Foreign currency 17 Total liabilities at fair value $ 6,882 December 31, 2018 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 3,551 Marketable securities 34 Derivatives relating to: 2 Foreign currency 72 Total assets at fair value $ 3,657 Liabilities at fair value: Long-term debt $ 6,100 Derivatives relating to: 2 Foreign currency 21 Total liabilities at fair value $ 6,121 1. Time deposits included in cash and cash equivalents and money market funds included in other current assets in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. 2. See Note 16 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Intended Business Separations Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“DAS”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “SP Entities”). On April 1, 2019, DAS and the SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Intended Business Separations, the company engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization”) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • the assets and liabilities aligned with the company’s materials science business, including Historical DuPont’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“ECP”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; • the assets and liabilities aligned with the company’s specialty products business were transferred or conveyed to separate legal entities (“Specialty Products Entities”); • on April 1, 2019, Historical DuPont transferred and conveyed its Materials Science Entities to DowDuPont; • on May 1, 2019, Historical DuPont distributed its Special Products Entities to DowDuPont; and • on May 2, 2019, DowDuPont conveyed DAS to the company; in connection with the foregoing, the company issued additional shares of its Common Stock to DowDuPont. As a result of the foregoing, at May 2, 2019, the company holds all or substantially all the assets and liabilities associated with DowDuPont’s combined agriculture business. Beginning in the second quarter of 2019, ECP’s financial results for periods prior to April 1, 2019 will be reflected in Historical DuPont's Consolidated Financial Statements as a discontinued operation. Historical DuPont’s specialty products businesses financial results for periods prior to May 1, 2019, will also be reflected in the company’s Consolidated Financial Statements as a discontinued operation beginning in the second quarter of 2019. The transfer or conveyance of DAS to Historical DuPont will be treated as a transfer of entities under common control. As such, Historical DuPont will record the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the "Effective Time of the Merger"). Beginning in the second quarter of 2019, Historical DuPont’s historical financial statements and related notes will be revised to include the historical balances of DAS as of September 1, 2017. Separation Agreements In connection with the Dow Distribution and the intended Corteva Distribution, DowDuPont has entered into or will enter into certain agreements that will effect the separation, provide for the allocation of DowDuPont’s assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among DowDuPont, Dow, and Corteva (together, the “Parties” and each a “Party”) , and provide a framework for DowDuPont’s relationship with Dow and Corteva following the separations and Distributions. Effective April 1, 2019, the Parties entered into the following agreements: • Separation and Distribution Agreement - The Parties entered into an agreement that sets forth, among other things, the agreements among the Parties regarding the principal transactions necessary to effect the Distributions. It also sets forth other agreements that govern certain aspects of the Parties’ ongoing relationships after the completion of the Distributions (the "Separation and Distribution Agreement"). • Tax Matters Agreement - The Parties entered into an agreement that governs their respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. • Employee Matters Agreement - The Parties entered into an agreement that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. • Intellectual Property Cross-License Agreements - Dow and Corteva entered into an Intellectual Property Cross-License Agreement (the “Dow-Corteva IP Cross-License Agreement”). The Intellectual Property Cross-License Agreements set forth the terms and conditions under which the applicable Parties may use in their respective businesses, following each of the Distributions, certain know-how (including trade secrets), copyrights, and software, and certain patents and standards, allocated to another Party pursuant to the Separation and Distribution Agreement. In connection with the intended Corteva Distribution, DowDuPont expects to enter into additional agreements, including an intellectual property cross-license agreement with Corteva. This agreement will set forth the terms and conditions under which DowDuPont and Corteva may use, in their respective businesses following the Corteva Distribution, certain know-how (including trade secrets), copyrights, and software, and certain patents and standards, allocated to another Party pursuant to the Separation and Distribution Agreement. Debt Redemptions/Repayments On March 22, 2019, Historical DuPont issued notices of redemption in full of all of its outstanding notes (the “Make Whole Notes”) listed in the table below: (in millions) Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 The Make Whole Notes were redeemed on April 22, 2019 at the make-whole redemption prices set forth in the respective Make Whole Notes. On and after the date of redemption, the Make Whole Notes were no longer deemed outstanding, interest on the Make Whole Notes ceased to accrue and all rights of the holders of the Make Whole Notes were terminated. On May 2, 2019 Historical DuPont terminated its Term Loan Facility and repaid the aggregate outstanding principal amount of $3 billion plus accrued and unpaid interest through and including May 1, 2019. In connection with the foregoing, Historical DuPont paid a total of $4.6 billion , which included breakage fees and accrued and unpaid interest on the Make Whole Notes and Term Loan Facility. The company funded the payments with cash from operations and a related party revolving loan of $4.1 billion from Corteva, Inc. with an interest rate of 4.275% , repayable in 5 years . Corteva, Inc. funded its loan to the company with contributions from DowDuPont. Historical DuPont anticipates the loss on the early extinguishment of debt to be approximately $18 million related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of Historical DuPont’s debt. On May 7, 2019 , DowDuPont publicly announced the record date in connection with the intended Corteva Distribution. In connection with such announcement, the company will be required to mail a notice of redemption to holders of the $1,250 million aggregate principal amount of 2.200% Notes due 2020 and $750 million aggregate principal amount of Floating Rate Notes due 2020 (collectively, the “SMR Notes”) setting forth the date of redemption of the SMR Notes. The date of redemption will be on or before May 24, 2019. On the date of redemption, the company will be required to redeem all of the SMR Notes at a redemption price equal to 100% of the aggregate principal amount of the SMR Notes plus accrued and unpaid interest, if any, up to but excluding the date of redemption. Following the redemption, the SMR Notes will no longer be outstanding and will cease to bear interest and all rights of the holders of the SMR Notes will terminate. Historical DuPont believes the redemption will be funded with a draw down on the related party revolving loan from Corteva, however, the actual redemption could be funded through a combination of the related party loan and contributions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Policy Text Block] | Interim Financial Statements The accompanying unaudited interim 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, 2018, collectively referred to as the “2018 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 [Policy Text Block] | 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 ("Historical Dow") and Historical 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"), Historical Dow and Historical DuPont each merged with wholly owned subsidiaries of DowDuPont ("Mergers") and, as a result of the Mergers, Historical Dow and Historical 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 certain customary conditions, including, among others, the effectiveness of registration statements filed with the U.S. Securities and Exchange Commission ("SEC") and approval by the Board of Directors of DowDuPont, the separation of the combined company's agriculture business, specialty products business and materials science business through a series of tax-efficient transactions (collectively, the "Intended Business Separations" and the transactions to accomplish the Intended Business Separations, the "separations"). |
Intended Business Separations [Policy Text Block] | On February 26, 2018, DowDuPont announced the corporate brand names that each company plans to assume once the Intended Business Separations occur. Materials science is called Dow, agriculture will be called Corteva TM Agriscience, and specialty products will be called DuPont. Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share (the “Dow Common Stock”), to holders of DowDuPont's common stock, par value $0.01 per share (the “DowDuPont Common Stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”). DowDuPont expects to complete the previously announced intended separation of its agriculture business into a separate and independent public company on June 1, 2019 by way of a distribution of Corteva, Inc., a Delaware corporation and wholly-owned subsidiary of DowDuPont (“Corteva”), through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock, par value $0.01 per share, to holders of DowDuPont Common Stock as of a record date to be set by DowDuPont’s Board of Directors (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”). Refer to Notes 3 and 18 for additional information. |
Related Party Transactions [Policy Text Block] | Transactions between Historical DuPont and DowDuPont, Historical Dow and their affiliates and other associated companies are reflected in the Consolidated Financial Statements and disclosed as related party transactions when material. Related party transactions with Historical Dow and DowDuPont are included in Note 6 . |
Discontinued Operations, Policy [Policy Text Block] | As a condition of the regulatory approval for the Merger Transaction, the company was 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 would acquire the crop protection business and R&D assets that Historical DuPont was required to divest in order to obtain European Commission ("EC") approval of the Merger Transaction as described above, (the "Divested Ag Business") and Historical DuPont agreed to acquire certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products (the "H&N Business") (collectively, the "FMC Transactions"). On November 1, 2017, the company completed the FMC Transactions through the disposition of the Divested Ag Business and the acquisition of the H&N Business. The sale of the Divested Ag Business meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for the three months ended March 31, 2018. The comprehensive income and cash flows related to the Divested Ag Business have not been segregated and are included in the interim Consolidated Statements of Comprehensive Income and interim Condensed Consolidated Statements of Cash Flows, respectively, for the three months ended March 31, 2018. 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 3 for additional information. |
Lessee, Leases [Policy Text Block] | The company has updated its leasing policy since the issuance of its 2018 Annual Report as a result of the adoption of ASU No. 2016-02, Leases (Topic 842) in the first quarter 2019. See Notes 2 and 11 for additional information. See Note 1, "Summary of Significant Accounting Policies," in the 2018 Annual Report for more information on Historical DuPont's other significant accounting policies. Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. The company has operating and finance leases for real estate, airplanes, railcars, fleet, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of 1 year to 50 years . For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | Recently Adopted Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on their balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014 (Topic 606). The company adopted this standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 (Leases). In addition, the company has elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, does not require reassessment of prior conclusions related to contracts containing a lease, lease classification, and initial direct lease costs. As an accounting policy election, the company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and will account for nonlease and lease components in a contract as a single component for all asset classes. The following table summarizes the impact of adoption to the company’s interim Condensed Consolidated Balance Sheet: (In millions) As Reported December 31, 2018 Effect of Adoption of ASU 2016-02 Updated January 1, 2019 Assets Property, plant and equipment - net of accumulated depreciation $ 12,186 $ 9 $ 12,195 Other assets $ 1,810 $ 758 $ 2,568 Liabilities and Equity Current liabilities Short-term borrowings and finance lease obligations $ 2,160 $ 1 $ 2,161 Accrued and other current liabilities $ 4,233 $ 234 $ 4,467 Long-Term Debt $ 5,812 $ 8 $ 5,820 Other noncurrent obligations $ 1,620 $ 524 $ 2,144 The adoption of the new guidance did not have a material impact on the company's interim Consolidated Statement of Operations and had no impact on the interim Condensed Consolidated Statement of Cash Flows. |
Revenue Revenue Recognition (Po
Revenue Revenue Recognition (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Sales of Goods | Products Substantially all of Historical DuPont's revenue is derived from product sales. Product sales consist of sales of Historical DuPont's products to supply manufacturers, distributors, and farmers. Historical DuPont considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year. |
Revenue Recognition, Licenses of Intellectual Property | Licenses of Intellectual Property Historical DuPont enters into licensing arrangements with customers under which it licenses its intellectual property, such as patents and trademarks. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. The company estimates the expected amount of sales-based royalties based on historical sales by customer. Revenue for licensing agreements that contain sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied. |
Leases (Policies)
Leases (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | The company has updated its leasing policy since the issuance of its 2018 Annual Report as a result of the adoption of ASU No. 2016-02, Leases (Topic 842) in the first quarter 2019. See Notes 2 and 11 for additional information. See Note 1, "Summary of Significant Accounting Policies," in the 2018 Annual Report for more information on Historical DuPont's other significant accounting policies. Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. The company has operating and finance leases for real estate, airplanes, railcars, fleet, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of 1 year to 50 years . For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. |
Recent Accounting Guidance Acco
Recent Accounting Guidance Accounting Pronouncements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheet [Member] | Opening Balance Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | (In millions) As Reported December 31, 2018 Effect of Adoption of ASU 2016-02 Updated January 1, 2019 Assets Property, plant and equipment - net of accumulated depreciation $ 12,186 $ 9 $ 12,195 Other assets $ 1,810 $ 758 $ 2,568 Liabilities and Equity Current liabilities Short-term borrowings and finance lease obligations $ 2,160 $ 1 $ 2,161 Accrued and other current liabilities $ 4,233 $ 234 $ 4,467 Long-Term Debt $ 5,812 $ 8 $ 5,820 Other noncurrent obligations $ 1,620 $ 524 $ 2,144 |
Divestitures and Other Transa_2
Divestitures and Other Transactions (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Integration and Separation Costs [Table Text Block] | Three Months Ended March 31, (In millions) 2019 2018 Integration and separation costs $ 405 $ 255 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Contract Balances | Contract Balances March 31, 2019 December 31, 2018 (In millions) Accounts and notes receivable - trade 1 $ 5,619 $ 4,130 Contract assets - current 2 $ 36 $ 48 Deferred revenue - current 3 $ 2,033 $ 1,927 Deferred revenue - noncurrent 4 $ 28 $ 30 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in accrued and other current liabilities in the Consolidated Balance Sheets. 4. Included in other noncurrent obligations in the Consolidated Balance Sheets. |
Principal Product Groups [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Three Months Ended March 31, (In millions) 2019 2018 Agriculture $ 2,108 $ 2,343 Packaging and Specialty Plastics 363 419 Electronics and Imaging 455 527 Nutrition and Health 1,014 1,024 Industrial Biosciences 376 406 Transportation and Advanced Polymers 1,071 1,121 Safety and Construction 899 855 Other 2 4 Total $ 6,288 $ 6,699 |
Location [Domain] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Three Months Ended March 31, (In millions) 2019 2018 U.S. & Canada $ 2,250 $ 2,515 EMEA 1 2,110 2,166 Asia Pacific 1,459 1,535 Latin America 469 483 Total $ 6,288 $ 6,699 1. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended March 31, (In millions) 2019 2018 Severance and related benefit costs $ 40 $ 68 Contract termination charges — 29 Asset related charges 16 — Total restructuring and asset related charges - net 1 $ 56 $ 97 1. The charge for the three months ended March 31, 2019 includes $55 million which was recognized in restructuring and asset related charges - net and $1 million which was recognized in sundry income - net in the company's Condensed Consolidated Statement of Operations. |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (In millions) Severance and Related Benefit Costs Contract Termination Charges Asset Related Charges Total Balance at December 31, 2018 $ 229 $ 18 $ — $ 247 Charges to income from continuing operations for the three months ended March 31, 2019 40 — 16 56 Payments (43 ) (7 ) — (50 ) Asset write-offs — — (15 ) (15 ) Balance at March 31, 2019 $ 226 $ 11 $ 1 $ 238 |
DowDuPont Agriculture Division Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (In millions) Severance and Related Benefit Costs Asset Related Charges Total Balance at December 31, 2018 $ 54 $ — $ 54 Charges to income from continuing operations for the three months ended March 31, 2019 — 3 3 Payments (7 ) — (7 ) Asset write-offs — (3 ) (3 ) Balance at March 31, 2019 $ 47 $ — $ 47 |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended March 31, (In millions) 2019 2018 Net sales $ 115 $ 44 Cost of goods sold $ 109 $ 24 (In millions) March 31, 2019 December 31, 2018 Accounts and notes receivable - net $ 112 $ 201 Accounts payable $ 201 $ 288 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Sundry Income - Net Three Months Ended March 31, (In millions) 2019 2018 Interest income $ 23 $ 28 Equity in earnings of affiliates - net 13 14 Net gain on sales of businesses and other assets 1 55 2 Net exchange losses (32 ) (132 ) Non-operating pension and other post employment benefit credit 2 66 92 Miscellaneous income and expenses - net 3 32 43 Sundry income - net $ 157 $ 47 1. The three months ended March 31, 2019 includes a gain on sale of assets within the electronics and imaging product line. 2. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, and amortization of unrecognized loss). 3. Miscellaneous income and expenses - net, includes gains related to litigation settlements and other items. |
Foreign Currency Exchange Gain (Loss) | (In millions) Three Months Ended March 31, 2019 2018 Subsidiary Monetary Position (Losses) Gains Pre-tax exchange (losses) gains $ (23 ) $ 49 Local tax benefits — 32 Net after-tax impact from subsidiary exchange (losses) gains $ (23 ) $ 81 Hedging Program Losses Pre-tax exchange losses 1 $ (9 ) $ (181 ) Tax benefits 2 42 Net after-tax impact from hedging program exchange losses $ (7 ) $ (139 ) Total Exchange Losses Pre-tax exchange losses $ (32 ) $ (132 ) Tax benefits 2 74 Net after-tax exchange losses $ (30 ) $ (58 ) 1. Includes a $50 million foreign exchange loss for the three months ended March 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Restrictions on Cash and Cash Equivalents | (In millions) March 31, 2019 December 31, 2018 Cash and cash equivalents $ 3,796 $ 4,466 Restricted cash 480 500 Total cash, cash equivalents and restricted cash $ 4,276 $ 4,966 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) March 31, December 31, Finished products $ 4,390 $ 4,204 Semi-finished products 1,338 1,769 Raw materials 523 481 Stores and supplies 385 441 Total $ 6,636 $ 6,895 Adjustment of inventories to a last-in, first out ("LIFO") basis 511 512 Total inventories $ 7,147 $ 7,407 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | (In millions) March 31, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Customer-related $ 9,310 $ (884 ) $ 8,426 $ 9,325 $ (744 ) $ 8,581 Developed technology 1 4,926 (735 ) 4,191 4,506 (628 ) 3,878 Trademarks/trade names 1,083 (135 ) 948 1,084 (114 ) 970 Favorable supply contracts 493 (136 ) 357 475 (111 ) 364 Microbial cell factories 384 (26 ) 358 386 (22 ) 364 Other 2 376 (37 ) 339 377 (32 ) 345 Total other intangible assets with finite lives 16,572 (1,953 ) 14,619 16,153 (1,651 ) 14,502 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 1 100 — 100 545 — 545 Germplasm 3 6,265 — 6,265 6,265 — 6,265 Trademarks / trade names 4,740 — 4,740 4,741 — 4,741 Total other intangible assets 11,105 — 11,105 11,551 — 11,551 Total $ 27,677 $ (1,953 ) $ 25,724 $ 27,704 $ (1,651 ) $ 26,053 1. During the first quarter of 2019, the company announced an expanded launch of its Qrome ® corn hybrids following the receipt of regulatory approval from China. As a result, the company reclassified the amounts from indefinite-lived IPR&D to developed technology. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. 3. Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. 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. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | (In millions) Three Months Ended March 31, 2019 Operating lease cost 54 Finance lease cost Amortization of right-of-use assets 35 Interest on lease liabilities 1 Total finance lease cost 36 Short-term lease cost 5 Variable lease cost 4 Sublease income (8 ) Total lease cost 91 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | (In millions) Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 56 Operating cash flows from finance leases $ 1 Financing cash flows from finance leases $ 20 |
Schedule of Lease Assets and Liabilities [Table Text Block] | (In millions) March 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 703 Current operating lease liabilities 2 213 Noncurrent operating lease liabilities 3 494 Total operating lease liabilities $ 707 Finance Leases Property, plant, and equipment, gross 152 Accumulated depreciation (38 ) Property, plant, and equipment, net $ 114 Short-term borrowings and finance lease obligations 43 Long-Term Debt 83 Total finance lease liabilities $ 126 1. Included in other assets in the interim Condensed Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. |
Lease Term and Discount Rate [Table Text Block] | Lease Term and Discount Rate March 31, 2019 Weighted-average remaining lease term (years) Operating leases 5.31 Finance leases 2.58 Weighted average discount rate Operating leases 3.37 % Finance leases 3.25 % |
Maturities of Lease Liabilities [Table Text Block] | Maturity of Lease Liabilities at March 31, 2019 Operating Leases Finance Leases (In millions) 2019 $ 184 $ 36 2020 171 30 2021 132 27 2022 107 27 2023 55 9 2024 and thereafter 129 6 Total lease payments $ 778 $ 135 Less: Interest 71 9 Present value of lease liabilities $ 707 $ 126 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum Lease Commitments at December 31, 2018 (In millions) 2019 $ 242 2020 128 2021 90 2022 66 2023 44 2024 and thereafter 85 Total $ 655 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations [Table Text Block] | Guarantees at March 31, 2019 Final Expiration Year Maximum Future Payments (In millions) Obligations for customers 1 : Bank borrowings 2022 $ 73 Obligations for non-consolidated affiliates 2 : Bank borrowings 2019 166 Total guarantees $ 239 1. Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. Of the total maximum future payments, $72 million had terms less than a year. 2. Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive (Loss) Income | (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Total 2018 Balance January 1, 2018 $ (454 ) $ (2 ) $ 128 $ (53 ) $ (381 ) Other comprehensive income before reclassifications 957 12 4 — 973 Amounts reclassified from accumulated other comprehensive loss — (1 ) — — (1 ) Net other comprehensive income 957 11 4 — 972 Balance March 31, 2018 $ 503 $ 9 $ 132 $ (53 ) $ 591 2019 Balance January 1, 2019 $ (1,966 ) $ (26 ) $ (590 ) $ 79 $ (2,503 ) Other comprehensive (loss) income before reclassifications (68 ) 4 (7 ) — (71 ) Amounts reclassified from accumulated other comprehensive (loss) income — (3 ) 1 — (2 ) Net other comprehensive (loss) income (68 ) 1 (6 ) — (73 ) Balance March 31, 2019 $ (2,034 ) $ (25 ) $ (596 ) $ 79 $ (2,576 ) 1. The cumulative translation adjustment gain for the three months ended March 31, 2018 was primarily driven by the weakening of the U.S. Dollar ("USD") against the European Euro ("EUR"), as well as the Danish Kroner. The cumulative translation adjustment loss for the three months ended March 31, 2019 was primarily driven by strengthening of the USD against the EUR and the Brazilian Real. The tax expense on the net activity related to each component of other comprehensive loss was as follows: (In millions) Three Months Ended March 31, 2019 2018 Derivative instruments $ (3 ) $ (4 ) Pension benefit plans - net (7 ) (2 ) Provision for income taxes related to other comprehensive loss items $ (10 ) $ (6 ) |
Reclassification out of Accumulated Other Comprehensive (Loss) Income [Table Text Block] | (In millions) Three Months Ended March 31, Income Classification 2019 2018 Derivative Instruments: $ (4 ) $ (1 ) (1) Tax expense 1 — (2) After-tax $ (3 ) $ (1 ) Amortization of pension benefit plans: Actuarial losses 1 — (3) Total before tax $ 1 $ — Tax benefit — — (2) After-tax $ 1 $ — Total reclassifications for the period, after-tax $ (2 ) $ (1 ) 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 (credit) cost of the company's pension and other benefit plans. See Note 15 for additional information. |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, (In millions) 2019 2018 Defined Benefit Pension Plans: Service cost $ 19 $ 34 Interest cost 206 190 Expected return on plan assets (296 ) (303 ) Amortization of unrecognized loss 1 — Net periodic benefit credit $ (70 ) $ (79 ) Other Post Employment Benefits: Service cost $ 2 $ 2 Interest cost 23 21 Net periodic benefit cost $ 25 $ 23 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Amounts of Derivatives | Notional Amounts (In millions) March 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Commodity contracts $ 351 $ 525 Derivatives not designated as hedging instruments: Foreign currency contracts $ 1,442 $ 2,057 Commodity contracts $ 125 $ 9 |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended March 31, (In millions) 2019 2018 Beginning balance $ (26 ) $ (2 ) Additions and revaluations of derivatives designated as cash flow hedges 4 12 Clearance of hedge results to earnings (3 ) (1 ) Ending balance $ (25 ) $ 9 |
Fair Value of Derivatives Instruments | March 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Interim Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 58 $ (16 ) $ 42 Total asset derivatives $ 58 $ (16 ) $ 42 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 17 $ (14 ) $ 3 Total liability derivatives $ 17 $ (14 ) $ 3 December 31, 2018 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Interim Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 72 $ (35 ) $ 37 Total asset derivatives $ 72 $ (35 ) $ 37 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 21 $ (15 ) $ 6 Total liability derivatives $ 21 $ (15 ) $ 6 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. |
Effect of Derivative Instruments | Amount of Gain Recognized in OCI 1 - Pre-Tax Three Months Ended March 31, (In millions) 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts $ 8 $ 16 Total derivatives designated as hedging instruments 8 16 Total derivatives $ 8 $ 16 1. OCI is defined as other comprehensive (loss) income. Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 (In millions) Three Months Ended March 31, 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ 4 $ 1 Total derivatives designated as hedging instruments 4 1 Derivatives not designated as hedging instruments: Foreign currency contracts 3 (9 ) (181 ) Commodity contracts 2 7 (3 ) Total derivatives not designated as hedging instruments (2 ) (184 ) Total derivatives $ 2 $ (183 ) 1. For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2. Recorded in cost of goods sold. 3. Gain recognized in sundry income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 for additional information. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: March 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 2,750 Marketable securities 18 Derivatives relating to: 2 Foreign currency 58 Total assets at fair value $ 2,826 Liabilities at fair value: Long-term debt $ 6,865 Derivatives relating to: 2 Foreign currency 17 Total liabilities at fair value $ 6,882 December 31, 2018 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 3,551 Marketable securities 34 Derivatives relating to: 2 Foreign currency 72 Total assets at fair value $ 3,657 Liabilities at fair value: Long-term debt $ 6,100 Derivatives relating to: 2 Foreign currency 21 Total liabilities at fair value $ 6,121 1. Time deposits included in cash and cash equivalents and money market funds included in other current assets in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. 2. See Note 16 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Redemptions/Repayments [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | (in millions) Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 |
Recent Accounting Guidance Leas
Recent Accounting Guidance Leasing ASU - Balance Sheet Impact of Adoption (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, net of accumulated depreciation | $ 12,083 | $ 12,186 | |
Other Assets | 2,476 | 1,810 | |
Short-term borrowings and finance lease obligations | 3,205 | 2,160 | |
Accrued and other current liabilities | 4,400 | 4,233 | |
Long-term Debt | 6,320 | 5,812 | |
Other noncurrent obligations | $ 2,052 | 1,620 | |
As Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, net of accumulated depreciation | 12,186 | ||
Other Assets | 1,810 | ||
Short-term borrowings and finance lease obligations | 2,160 | ||
Accrued and other current liabilities | 4,233 | ||
Long-term Debt | 5,812 | ||
Other noncurrent obligations | $ 1,620 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, net of accumulated depreciation | $ 9 | ||
Other Assets | 758 | ||
Short-term borrowings and finance lease obligations | 1 | ||
Accrued and other current liabilities | 234 | ||
Long-term Debt | 8 | ||
Other noncurrent obligations | 524 | ||
Updated [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Property, plant and equipment, net of accumulated depreciation | 12,195 | ||
Other Assets | 2,568 | ||
Short-term borrowings and finance lease obligations | 2,161 | ||
Accrued and other current liabilities | 4,467 | ||
Long-term Debt | 5,820 | ||
Other noncurrent obligations | $ 2,144 |
Divestitures and Other Transa_3
Divestitures and Other Transactions Integration and Separation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Integration and Separation Costs [Abstract] | ||
Integration and Separation Costs | $ 405 | $ 255 |
Divestitures and Other Transa_4
Divestitures and Other Transactions Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss from discontinued operations after income taxes | $ 0 | $ (5) |
Divested Ag Business [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Loss from Discontinued Operation, before Income Tax | (10) | |
Loss from discontinued operations after income taxes | $ (5) |
Divestitures and Other Transa_5
Divestitures and Other Transactions PChem Narrative (Details) $ in Millions | Mar. 31, 2019USD ($) |
Accounts and Notes Receivable, Net [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Assets | $ 84 |
Other Assets [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Assets | 289 |
Accrued and Other Current Liabilities [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Liabilities | 84 |
Other noncurrent obligations | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Liabilities | $ 289 |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | ||
Disaggregation of Revenue [Line Items] | |||
Accounts and notes receivable - trade | [1] | $ 5,619 | $ 4,130 |
Contract assets - current | [2] | 36 | 48 |
Deferred revenue recognized during the period | 460 | ||
Accrued and Other Current Liabilities [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Deferred Revenue | [3] | 2,033 | 1,927 |
Other noncurrent obligations | |||
Disaggregation of Revenue [Line Items] | |||
Deferred Revenue | [4] | $ 28 | $ 30 |
[1] | Included in accounts and notes receivable - net in the Consolidated Balance Sheets. | ||
[2] | Included in other current assets in the Consolidated Balance Sheets. | ||
[3] | Included in accrued and other current liabilities in the Consolidated Balance Sheets. | ||
[4] | Included in other noncurrent obligations in the Consolidated Balance Sheets. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 6,288 | $ 6,699 |
Agriculture [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 2,108 | 2,343 |
Packaging & Specialty Plastics [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 363 | 419 |
Electronics & Imaging [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 455 | 527 |
Nutrition & Health [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,014 | 1,024 |
Industrial Biosciences [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 376 | 406 |
Transportation & Advanced Polymers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,071 | 1,121 |
Safety & Construction [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 899 | 855 |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 2 | $ 4 |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geography (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 6,288 | $ 6,699 | |
U.S. & Canada | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 2,250 | 2,515 | |
EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [1] | 2,110 | 2,166 |
Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,459 | 1,535 | |
Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 469 | $ 483 | |
[1] | Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 17 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Nov. 01, 2017 | |||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | $ 55 | $ 97 | ||||
DowDuPont Cost Synergy Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Beginning Balance | 247 | |||||
Restructuring and Asset Related Charges - Net | 56 | [1] | 97 | $ 565 | ||
Payments for Restructuring | (50) | |||||
Asset write-offs and adjustments | (15) | |||||
Restructuring Reserve, Ending Balance | 238 | 238 | ||||
DowDuPont Cost Synergy Program [Member] | Restructuring and Asset Related Charges - Net [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | [1] | 55 | ||||
DowDuPont Cost Synergy Program [Member] | Nonoperating Income (Expense) [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | [1] | 1 | ||||
DowDuPont Cost Synergy Program [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | $ 695 | |||||
DowDuPont Cost Synergy Program [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 755 | |||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Beginning Balance | 229 | |||||
Restructuring and Asset Related Charges - Net | 40 | 68 | 412 | |||
Payments for Restructuring | (43) | |||||
Asset write-offs and adjustments | 0 | |||||
Restructuring Reserve, Ending Balance | 226 | 226 | ||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 420 | |||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 440 | |||||
DowDuPont Cost Synergy Program [Member] | Costs Related To Contract Termination [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Beginning Balance | 18 | |||||
Restructuring and Asset Related Charges - Net | 0 | 29 | 71 | |||
Payments for Restructuring | (7) | |||||
Asset write-offs and adjustments | 0 | |||||
Restructuring Reserve, Ending Balance | 11 | 11 | ||||
DowDuPont Cost Synergy Program [Member] | Costs Related To Contract Termination [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 125 | |||||
DowDuPont Cost Synergy Program [Member] | Costs Related To Contract Termination [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 145 | |||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring Reserve, Beginning Balance | 0 | |||||
Restructuring and Asset Related Charges - Net | 16 | $ 0 | 82 | |||
Payments for Restructuring | 0 | |||||
Asset write-offs and adjustments | (15) | |||||
Restructuring Reserve, Ending Balance | $ 1 | $ 1 | ||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges [Member] | Minimum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | 150 | |||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges [Member] | Maximum [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Related Cost, Expected Cost | $ 170 | |||||
[1] | The charge for the three months ended March 31, 2019 includes $55 million which was recognized in restructuring and asset related charges - net and $1 million which was recognized in sundry income - net in the company's Condensed Consolidated Statement of Operations. |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges DowDuPont Agriculture Division Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | $ 55 | $ 97 | ||
DowDuPont Agriculture Division Restructuring Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 65 | |||
Restructuring Reserve, Beginning Balance | 54 | |||
Restructuring and Asset Related Charges - Net | 3 | $ 62 | ||
Payments for Restructuring | (7) | |||
Asset write-offs and adjustments | (3) | |||
Restructuring Reserve, Ending Balance | 47 | 47 | ||
DowDuPont Agriculture Division Restructuring Program [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 55 | |||
Restructuring Reserve, Beginning Balance | 54 | |||
Restructuring and Asset Related Charges - Net | 0 | 54 | ||
Payments for Restructuring | (7) | |||
Asset write-offs and adjustments | 0 | |||
Restructuring Reserve, Ending Balance | 47 | 47 | ||
DowDuPont Agriculture Division Restructuring Program [Member] | Asset Related Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | 8 | |||
Restructuring Reserve, Beginning Balance | 0 | |||
Restructuring and Asset Related Charges - Net | 3 | 8 | ||
Payments for Restructuring | 0 | |||
Asset write-offs and adjustments | (3) | |||
Restructuring Reserve, Ending Balance | $ 0 | $ 0 | ||
DowDuPont Agriculture Division Restructuring Program [Member] | Costs Related To Contract Termination [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Related Cost, Expected Cost | $ 2 |
Related Parties Transactions wi
Related Parties Transactions with Dow (Details) - Dow [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Accounts Receivable, Related Parties, Current | $ 112 | $ 201 | |
Accounts Payable, Related Parties | 201 | $ 288 | |
Net sales | 115 | $ 44 | |
Cost of goods sold | 109 | 24 | |
Purchases | 106 | 43 | |
Transfers at Cost | $ 82 | $ 79 |
Related Parties Transactions _2
Related Parties Transactions with DowDuPont (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Nov. 02, 2017 | |
Related Party Transaction [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 4,000 | |||
Distributions to DowDuPont | $ 317 | $ 831 | ||
DowDuPont [Member] | ||||
Related Party Transaction [Line Items] | ||||
Distributions to DowDuPont | 317 | $ 830 | ||
Accounts Payable, DowDuPont | $ 103 | $ 103 |
Supplementary Information Sundr
Supplementary Information Sundry Income - Net (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Interest income | $ 23 | $ 28 | ||
Equity in earnings of affiliates - net | 13 | 14 | ||
Net gain on sales of businesses and other assets | 55 | [1] | 2 | |
Net exchange losses | (32) | (132) | ||
Non-operating pension and other post employment benefit credit | [2] | 66 | 92 | |
Miscellaneous income and expenses, net | [3] | 32 | 43 | |
Sundry income - net | $ 157 | $ 47 | ||
[1] | The three months ended March 31, 2019 includes a gain on sale of assets within the electronics and imaging product line. | |||
[2] | Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, and amortization of unrecognized loss). | |||
[3] | Miscellaneous income and expenses - net, includes gains related to litigation settlements and other items. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange (Loss) Gain (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Foreign Currency Exchange (Loss) Gain [Line Items] | |||
Foreign Currency Transaction (Loss) Gain, before Tax | $ (32) | $ (132) | |
Foreign Currency Transaction (Loss) Gain Tax Benefit | 2 | 74 | |
Foreign Currency Transaction (Loss) Gain After Tax | (30) | (58) | |
Subsidiary Monetary Position | |||
Foreign Currency Exchange (Loss) Gain [Line Items] | |||
Foreign Currency Transaction (Loss) Gain, before Tax | (23) | 49 | |
Foreign Currency Transaction (Loss) Gain Tax Benefit | 0 | 32 | |
Foreign Currency Transaction (Loss) Gain After Tax | (23) | 81 | |
Hedging Program [Member] | |||
Foreign Currency Exchange (Loss) Gain [Line Items] | |||
Foreign Currency Transaction (Loss) Gain, before Tax | (9) | (181) | [1] |
Foreign Currency Transaction (Loss) Gain Tax Benefit | 2 | 42 | |
Foreign Currency Transaction (Loss) Gain After Tax | $ (7) | (139) | |
Tax Reform Foreign Currency Exchange Impact [Member] | Hedging Program [Member] | |||
Foreign Currency Exchange (Loss) Gain [Line Items] | |||
Foreign Currency Transaction (Loss) Gain, before Tax | $ 50 | ||
[1] | Includes a $50 million foreign exchange loss for the three months ended March 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and Cash Equivalents | $ 3,796 | $ 4,466 | ||
Cash, Cash Equivalents, and Restricted Cash | 4,276 | 4,966 | $ 5,629 | $ 7,808 |
Other Current Assets [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted Cash | $ 480 | $ 500 |
Income Taxes Income Taxes - Nar
Income Taxes Income Taxes - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Contingency [Line Items] | ||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense | $ 48 | |
Tax Cuts and Jobs Act of 2017, Indirect Impact on Inventory, Income Tax Expense | $ 16 | |
Repatriation Accrual [Member] | ||
Income Tax Contingency [Line Items] | ||
Other Tax Expense (Benefit) | $ 13 | |
Internal Entity Restructuring [Member] | ||
Income Tax Contingency [Line Items] | ||
Other Tax Expense (Benefit) | $ (102) |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Sep. 01, 2017 | |
Inventory [Line Items] | ||||
Finished Products | $ 4,390 | $ 4,204 | ||
Semi-finished Products | 1,338 | 1,769 | ||
Raw Materials | 523 | 481 | ||
Stores and Supplies | 385 | 441 | ||
Total | 6,636 | 6,895 | ||
Adjustment of inventories to a LIFO basis | 511 | 512 | ||
Total inventories | 7,147 | $ 7,407 | ||
Merger with Dow [Member] | ||||
Inventory [Line Items] | ||||
Business Combination, Fair Value Step Up Of Acquired Inventory | $ 3,840 | |||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | $ 205 | $ 641 |
Other Intangible Assets Other I
Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 16,572 | $ 16,153 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,953) | (1,651) | ||
Finite-Lived Intangible Assets, Net | 14,619 | 14,502 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 11,105 | 11,551 | ||
Intangible Assets, Gross (Excluding Goodwill) | 27,677 | 27,704 | ||
Total other intangible assets | 25,724 | 26,053 | ||
In Process Research and Development [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 100 | [1] | 545 | |
Germplasm [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [2] | 6,265 | 6,265 | |
Trademarks and Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 4,740 | 4,741 | ||
Customer-Related Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 9,310 | 9,325 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (884) | (744) | ||
Finite-Lived Intangible Assets, Net | 8,426 | 8,581 | ||
Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 4,926 | [1] | 4,506 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (735) | (628) | ||
Finite-Lived Intangible Assets, Net | 4,191 | [1] | 3,878 | |
Trademarks and Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 1,083 | 1,084 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (135) | (114) | ||
Finite-Lived Intangible Assets, Net | 948 | 970 | ||
Favorable Supply Contract [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 493 | 475 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (136) | (111) | ||
Finite-Lived Intangible Assets, Net | 357 | 364 | ||
Microbial Cell Factories [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 384 | 386 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (26) | (22) | ||
Finite-Lived Intangible Assets, Net | 358 | 364 | ||
Other Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | [3] | 376 | 377 | |
Finite-Lived Intangible Assets, Accumulated Amortization | [3] | (37) | (32) | |
Finite-Lived Intangible Assets, Net | [3] | $ 339 | $ 345 | |
[1] | During the first quarter of 2019, the company announced an expanded launch of its Qrome® corn hybrids following the receipt of regulatory approval from China. As a result, the company reclassified the amounts from indefinite-lived IPR&D to developed technology. | |||
[2] | Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | |||
[3] | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Other Intangible Assets Future
Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 320 | $ 315 |
Continuing Operations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Pre-tax amortization expense, remainder of 2019 | 1,029 | |
Pre-tax amortization expense, 2020 | 1,270 | |
Pre-tax amortization expense, 2021 | 1,257 | |
Pre-tax amortization expense, 2022 | 1,235 | |
Pre-tax amortization expense, 2023 | 1,120 | |
Pre-tax amortization expense, 2024 | $ 1,044 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases - Lease Cost [Abstract] | |
Operating Lease Cost | $ 54 |
Finance Lease, Amortization of Right-of-Use Assets | 35 |
Finance Lease, Interest on Lease Liability | 1 |
Finance Lease Cost | 36 |
Short-term Lease Cost | 5 |
Variable Lease Cost | 4 |
Sublease Income | (8) |
Total Lease Cost | $ 91 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related to Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 56 |
Operating cash flows from finance leases | 1 |
Financing cash flows from finance leases | $ 20 |
Leases Schedule of Lease Assets
Leases Schedule of Lease Assets and Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) | |
Schedule of Lease Assets and Liabilities [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 703 | [1] |
Current Operating Lease Liabilities | 213 | [2] |
Noncurrent Operating Lease Liabilities | 494 | [3] |
Total Operating Lease Liabilities | 707 | |
Finance Lease, Right-of-Use Asset, Gross | 152 | |
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation | (38) | |
Finance Lease, Liability | 126 | |
Property, Plant and Equipment [Member] | ||
Schedule of Lease Assets and Liabilities [Line Items] | ||
Finance Lease, Right-of-Use Asset | 114 | |
Short-term Debt [Member] | ||
Schedule of Lease Assets and Liabilities [Line Items] | ||
Finance Lease, Liability, Current | 43 | |
Long-term Debt [Member] | ||
Schedule of Lease Assets and Liabilities [Line Items] | ||
Finance Lease, Liability, Noncurrent | $ 83 | |
[1] | Included in other assets in the interim Condensed Consolidated Balance Sheet. | |
[2] | Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheet. | |
[3] | Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. |
Leases Maturities of Lease Liab
Leases Maturities of Lease Liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Operating Lease Liability, 2019 | $ 184 | |
Operating Lease Liability, 2020 | 171 | |
Operating Lease Liability, 2021 | 132 | |
Operating Lease Liability, 2022 | 107 | |
Operating Lease Liability, 2023 | 55 | |
Operating Lease Liability, 2024 and thereafter | 129 | |
Operating Lease Liability, Total Payments Due | 778 | |
Operating Lease, Interest | 71 | |
Total Operating Lease Liabilities | 707 | |
Finance Lease Liability, 2019 | 36 | |
Finance Lease Liability, 2020 | 30 | |
Finance Lease Liability, 2021 | 27 | |
Finance Lease Liability, 2022 | 27 | |
Finance Lease Liability, 2023 | 9 | |
Finance Lease Liability, 2024 and thereafter | 6 | |
Finance Lease Liability, Total Payments Due | 135 | |
Finance Lease, Interest | 9 | |
Finance Lease, Liability | $ 126 | |
Future Minimum Lease Payments 2019 | $ 242 | |
Future Minimum Lease Payments 2020 | 128 | |
Future Minimum Lease Payments 2021 | 90 | |
Future Minimum Lease Payments 2022 | 66 | |
Future Minimum Lease Payments 2023 | 44 | |
Future Minimum Lease Payments 2024 and thereafter | 85 | |
Total Future Minimum Lease Payments | $ 655 |
Leases Lease Term, Discount Rat
Leases Lease Term, Discount Rate, and Other Lease Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 239 | $ 259 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 113 days | |
Finance Lease, Weighted Average Remaining Lease Term | 2 years 210 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.37% | |
Finance Lease, Weighted Average Discount Rate, Percent | 3.25% | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee Operating and Finance Leases, Remaining Lease Term | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee Operating and Finance Leases, Remaining Lease Term | 50 years | |
Residual Value Guarantee [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 46 |
Short-Term Borrowings, Long-T_2
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Narrative (Details) $ in Millions | 36 Months Ended | |||
Mar. 22, 2019 | Mar. 31, 2019USD ($) | Feb. 07, 2019USD ($) | Mar. 22, 2016USD ($) | |
Repurchase Agreements [Member] | ||||
Repurchase and Credit Facilities and Term Loans [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,300 | |||
Term Loan Facility due 2020 [Member] | ||||
Repurchase and Credit Facilities and Term Loans [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |||
Line of Credit Facility, Number of Borrowings | 6 | |||
Long-term Line of Credit | $ 3,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 1,500 | |||
Term Loan Facility due 2020 [Member] | Scenario, Forecast [Member] | ||||
Repurchase and Credit Facilities and Term Loans [Line Items] | ||||
Debt Instrument, Term | 3 years | |||
Securities Sold under Agreements to Repurchase [Member] | ||||
Repurchase and Credit Facilities and Term Loans [Line Items] | ||||
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% | |||
Interest rate in addition to LIBOR | 0.75% | |||
Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||||
Repurchase and Credit Facilities and Term Loans [Line Items] | ||||
Short-term debt | 19 | |||
Accounts and Notes Receivable, Net [Member] | Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||||
Repurchase and Credit Facilities and Term Loans [Line Items] | ||||
Line of Credit Facility, amount pledged as collateral | $ 20 | |||
Maximum [Member] | Term Loan Facility due 2020 [Member] | ||||
Repurchase and Credit Facilities and Term Loans [Line Items] | ||||
Line of Credit Facility, Number of Borrowings | 7 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | ||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 239 | $ 259 | |
Customer Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | [1] | $ 73 | |
Guarantor Obligations, Liquidation Proceeds, Percentage | 7.00% | ||
[1] | Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. Of the total maximum future payments, $72 million had terms less than a year. |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Guarantees (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | ||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 239 | $ 259 | |
Customer Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | [1] | $ 73 | |
Guaranteed Obligations, Maximum Term, Years | 3 years | ||
Equity Affiliates Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | [2] | $ 166 | |
Guaranteed Obligations, Maximum Term, Months | 9 months | ||
Current Portion [Member] | Customer Guarantee, Bank Borrowings [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 72 | ||
[1] | Existing guarantees for select customers, as part of contractual agreements. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. Of the total maximum future payments, $72 million had terms less than a year. | ||
[2] | Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities Litigation (Details) | 3 Months Ended | 12 Months Ended | 60 Months Ended | 87 Months Ended | ||
Mar. 31, 2019USD ($)lawsuits | Mar. 31, 2018USD ($) | Dec. 31, 2004USD ($) | Jul. 06, 2022 | Mar. 31, 2019USD ($)lawsuits | Jan. 01, 2012 | |
PFOA Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Accrual balance | $ 22,000,000 | $ 22,000,000 | ||||
PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Binding Settlement Agreement Class Size | 80,000 | |||||
Loss Contingency, Number Of Water Districts Receiving Water Treatment | 6 | |||||
Litigation Settlement, Liability For Medical Monitoring Program, Threshold | $ 235,000,000 | |||||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements To Date | 2,000,000 | |||||
Escrow Account Balance | $ 1,000,000 | $ 1,000,000 | ||||
Loss Contingency, Pending Claims, Number | 57 | 57 | ||||
PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Disease Categories for MDL | 6 | 6 | ||||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | 3,550 | ||||
Litigation Settlement, Amount Awarded to Other Party | $ 670,700,000 | |||||
Loss Contingency, Limited Sharing of Potential Future Liabilities, Period | 5 years | |||||
Additional annual PFOA liabilities for the next five years paid by DuPont | $ 25,000,000 | $ 25,000,000 | ||||
NEW YORK | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 52 | 52 | ||||
NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 2 | 2 | ||||
ALABAMA | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 1 | 1 | ||||
OHIO | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 3 | 3 | ||||
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Number of Additional Plaintiffs | 100 | |||||
Chemours [Member] | PFOA Matters | ||||||
Loss Contingencies [Line Items] | ||||||
Indemnification Assets | $ 22,000,000 | $ 22,000,000 | ||||
Chemours [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Additional annual PFOA liabilities for the next five years paid by Chemours | $ 25,000,000 | $ 25,000,000 | ||||
Not part of MDL or filed on behalf of Leach class members [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 3 | 3 | ||||
Brought by NJAG [Member] | NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 4 | 4 | ||||
Firefighting Foam Cases [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Loss Contingency, Pending Claims, Number | 4 | 4 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities Environmental (Details) $ in Millions | Mar. 31, 2019USD ($) |
Loss Contingencies [Line Items] | |
Accrual for Environmental Loss Contingencies | $ 384 |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 790 |
Superfund Sites [Member] | |
Loss Contingencies [Line Items] | |
Accrual for Environmental Loss Contingencies | 54 |
Chemours [Member] | |
Loss Contingencies [Line Items] | |
Accrual for Environmental Loss Contingencies | 185 |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 355 |
Chemours [Member] | Indemnification Agreement [Member] | |
Loss Contingencies [Line Items] | |
Indemnification Assets | 185 |
Chemours [Member] | Indemnification Agreement [Member] | Superfund Sites [Member] | |
Loss Contingencies [Line Items] | |
Indemnification Assets | $ 35 |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 70,088 | $ 74,932 | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (2) | (1) | |
Net other comprehensive (loss) income | (73) | 972 | |
Ending Balance | 69,835 | 74,966 | |
Pension Plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (590) | 128 | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (7) | 4 | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 1 | 0 | |
Net other comprehensive (loss) income | (6) | 4 | |
Ending Balance | (596) | 132 | |
Other Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 79 | (53) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | 0 | |
Net other comprehensive (loss) income | 0 | 0 | |
Ending Balance | 79 | (53) | |
Cumulative Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,966) | (454) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | [1] | (68) | 957 |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | 0 | |
Net other comprehensive (loss) income | (68) | 957 | |
Ending Balance | (2,034) | 503 | |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (26) | (2) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 4 | 12 | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (3) | (1) | |
Net other comprehensive (loss) income | 1 | 11 | |
Ending Balance | (25) | 9 | |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2,503) | (381) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (71) | 973 | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (2) | (1) | |
Net other comprehensive (loss) income | (73) | 972 | |
Ending Balance | $ (2,576) | $ 591 | |
[1] | The cumulative translation adjustment gain for the three months ended March 31, 2018 was primarily driven by the weakening of the U.S. Dollar ("USD") against the European Euro ("EUR"), as well as the Danish Kroner. The cumulative translation adjustment loss for the three months ended March 31, 2019 was primarily driven by strengthening of the USD against the EUR and the Brazilian Real. |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Loss, Tax Expense | $ (10) | $ (6) |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Loss, Tax Expense | (3) | (4) |
Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Loss, Tax Expense | $ (7) | $ (2) |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of Goods Sold | $ 4,235 | $ 4,847 | |
Income Tax Expense | (40) | 27 | |
Loss from continuing operations after income taxes | 89 | (216) | |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | (2) | (1) | |
Derivative Instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of Goods Sold | [1] | (4) | (1) |
Income Tax Expense | [2] | 1 | 0 |
Loss from continuing operations after income taxes | (3) | (1) | |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | (3) | (1) | |
Pension Plan | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 1 | 0 | |
Pension Plan | Actuarial (Gains) Losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [3] | 1 | 0 |
Pension Plan | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | 1 | 0 | |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | 0 | 0 |
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | $ 1 | $ 0 | |
[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 (credit) cost of the company's pension and other benefit plans. See Note 15 for additional information. |
Pension Plans and Other Post _3
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | $ 19 | $ 34 |
Interest Cost | 206 | 190 |
Expected return on plan assets | (296) | (303) |
Amortization of unrecognized loss | 1 | 0 |
Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service Cost | 2 | 2 |
Interest Cost | 23 | 21 |
Continuing Operations [Member] | Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net periodic benefit (credit) cost | (70) | (79) |
Continuing Operations [Member] | Other Post Employment Benefits Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net periodic benefit (credit) cost | $ 25 | $ 23 |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Cash Equivalents [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | $ 2,750 | $ 3,551 |
Marketable Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-maturity | $ 18 | $ 34 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 351 | $ 525 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 125 | 9 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 1,442 | $ 2,057 |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Remaining Maturity | 2 years | |
Additions and revaluations of derivatives designated as cash flow hedges | $ 8 | $ 16 |
After-tax net loss to be reclassified from AOCL into earnings over the next twelve months | 10 | |
Cash Flow Hedging [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Beginning Balance | (26) | (2) |
Additions and revaluations of derivatives designated as cash flow hedges | 4 | 12 |
Clearance of hedge results to earnings | (3) | (1) |
Ending Balance | $ (25) | $ 9 |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset, Gross | $ 58 | $ 72 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (16) | (35) |
Derivative Asset, Net | 42 | 37 | |
Derivative Liability, Gross | 17 | 21 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (14) | (15) |
Derivative Liability, Net | 3 | 6 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset, Gross | 58 | 72 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (16) | (35) |
Derivative Asset, Net | 42 | 37 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and Other Current Liabilities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Liability, Gross | 17 | 21 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (14) | (15) |
Derivative Liability, Net | $ 3 | $ 6 | |
[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. |
Financial Instruments Effect of
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain Recognized in Other Comprehensive Income, Pre-Tax | $ 8 | $ 16 | |
Gain (Loss) on Derivative Instruments, Net, Pretax | 2 | (183) | |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain Recognized in Other Comprehensive Income, Pre-Tax | 8 | 16 | |
Gain on Hedging Activity, Pre-tax | 4 | 1 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain Recognized in Other Comprehensive Income, Pre-Tax | [1] | 8 | 16 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain on Hedging Activity, Pre-tax | [1],[2] | 4 | 1 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net, Pre-tax | (2) | (184) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net, Pre-tax | [2] | 7 | (3) |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Sundry Income - net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net, Pre-tax | [3] | $ (9) | $ (181) |
[1] | For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. | ||
[2] | Recorded in cost of goods sold. | ||
[3] | Gain recognized in sundry income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 for additional information. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Tables of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | $ 58 | $ 72 | |
Derivative Liability | 17 | 21 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash Equivalents and Restricted Cash Equivalents | [1] | 2,750 | 3,551 |
Marketable Securities | 18 | 34 | |
Assets at Fair Value | 2,826 | 3,657 | |
Long-term Debt, Fair Value | 6,865 | 6,100 | |
Liabilities at Fair Value | 6,882 | 6,121 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative Asset | [2] | 58 | 72 |
Derivative Liability | [2] | $ 17 | $ 21 |
[1] | Time deposits included in cash and cash equivalents and money market funds included in other current assets in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. | ||
[2] | See Note 16 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Subsequent Events Debt Transact
Subsequent Events Debt Transactions (Details) - USD ($) $ in Millions | May 24, 2019 | May 02, 2019 | Mar. 22, 2019 | Mar. 31, 2019 |
Subsequent Event [Line Items] | ||||
Make Whole Notes | $ 1,530 | |||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||
Term Loan Facility due 2020 [Member] | ||||
Subsequent Event [Line Items] | ||||
Long-term Line of Credit | $ 3,000 | |||
4.625% Notes due 2020 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||
Make Whole Notes | $ 474 | |||
3.625% Notes due 2021 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | |||
Make Whole Notes | $ 296 | |||
4.250% Notes due 2021 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||
Make Whole Notes | $ 163 | |||
2.800% Notes due 2023 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |||
Make Whole Notes | $ 381 | |||
6.500% Debentures due 2028 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||
Make Whole Notes | $ 57 | |||
5.600% Senior Notes due 2036 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |||
Make Whole Notes | $ 42 | |||
4.900% Notes due 2041 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | |||
Make Whole Notes | $ 48 | |||
4.150% Notes due 2043 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |||
Make Whole Notes | $ 69 | |||
Senior Note Floating Rate Due 2020 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Face Amount | $ 750 | |||
Scenario, Forecast [Member] | Term Loan Facility due 2020 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Term | 3 years | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Repayments of Long-term Debt, including breakage fees and all applicable accrued and unpaid interest | $ 4,600 | |||
Subsequent Event [Member] | Senior Note 2.20 Percent Due 2020 [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | |||
Debt Instrument, Face Amount | $ 1,250 | |||
Subsequent Event [Member] | Scenario, Forecast [Member] | ||||
Subsequent Event [Line Items] | ||||
Loss on Extinguishment of Debt | 18 | |||
Subsequent Event [Member] | Scenario, Forecast [Member] | Term Loan Facility due 2020 [Member] | ||||
Subsequent Event [Line Items] | ||||
Long-term Line of Credit | $ 3,000 | |||
Corteva [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Related Party Revolving Term Loan | $ 4,100 | |||
Related Party Interest Rate | 4.275% | |||
Debt Instrument, Term | 5 years |