x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 51-0014090 | |
(State or other Jurisdiction of | (I.R.S. Employer | |
Incorporation or Organization) | Identification No.) | |
Large Accelerated Filer x | Accelerated Filer o | |
Non-Accelerated Filer o | Smaller reporting company o | |
Emerging growth company o | ||
Page | |||
Item 1. | CONSOLIDATED FINANCIAL STATEMENTS |
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions, except per share amounts) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Net sales | $ | 8,545 | $ | 6,971 | $ | 15,244 | $ | 14,290 | ||||
Cost of goods sold | 5,669 | 3,963 | 10,516 | 8,115 | ||||||||
Other operating charges | 168 | 368 | ||||||||||
Research and development expense | 396 | 387 | 778 | 755 | ||||||||
Selling, general and administrative expenses | 1,182 | 1,256 | 2,141 | 2,446 | ||||||||
Amortization of intangibles | 333 | 648 | ||||||||||
Restructuring and asset related charges - net | 91 | 160 | 188 | 312 | ||||||||
Integration and separation costs | 327 | 582 | ||||||||||
Sundry income (expense) - net | 194 | (132 | ) | 241 | 70 | |||||||
Interest expense | 86 | 99 | 166 | 183 | ||||||||
Income from continuing operations before income taxes | 655 | 806 | 466 | 2,181 | ||||||||
Provision for income taxes on continuing operations | 141 | 84 | 168 | 281 | ||||||||
Income from continuing operations after income taxes | 514 | 722 | 298 | 1,900 | ||||||||
Income (loss) from discontinued operations after income taxes | — | 147 | (5 | ) | 90 | |||||||
Net income | 514 | 869 | 293 | 1,990 | ||||||||
Net income attributable to noncontrolling interests | 1 | 7 | 8 | 15 | ||||||||
Net income attributable to DuPont | $ | 513 | $ | 862 | $ | 285 | $ | 1,975 | ||||
Basic earnings per share of common stock: | ||||||||||||
Basic earnings per share of common stock from continuing operations | $ | 0.82 | $ | 2.17 | ||||||||
Basic earnings per share of common stock from discontinued operations | 0.17 | 0.10 | ||||||||||
Basic earnings per share of common stock | $ | 0.99 | $ | 2.27 | ||||||||
Diluted earnings per share of common stock: | ||||||||||||
Diluted earnings per share of common stock from continuing operations | $ | 0.82 | $ | 2.16 | ||||||||
Diluted earnings per share of common stock from discontinued operations | 0.17 | 0.10 | ||||||||||
Diluted earnings per share of common stock | $ | 0.99 | $ | 2.26 | ||||||||
Dividends declared per share of common stock | $ | 0.38 | $ | 0.76 | ||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Net income | $ | 514 | $ | 869 | $ | 293 | $ | 1,990 | ||||
Other comprehensive (loss) income - net of tax: | ||||||||||||
Cumulative translation adjustments | (1,923 | ) | 275 | (966 | ) | 653 | ||||||
Adjustments to pension benefit plans | 3 | 88 | 7 | 197 | ||||||||
Adjustments to other benefit plans | — | 3 | — | 7 | ||||||||
Derivative instruments | (16 | ) | (8 | ) | (5 | ) | (11 | ) | ||||
Total other comprehensive (loss) income | (1,936 | ) | 358 | (964 | ) | 846 | ||||||
Comprehensive (loss) income | (1,422 | ) | 1,227 | (671 | ) | 2,836 | ||||||
Comprehensive income attributable to noncontrolling interests - net of tax | 1 | 7 | 8 | 15 | ||||||||
Comprehensive (loss) income attributable to DuPont | $ | (1,423 | ) | $ | 1,220 | $ | (679 | ) | $ | 2,821 | ||
Successor | ||||||
(In millions, except share amounts) | June 30, 2018 | December 31, 2017 | ||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 4,421 | $ | 7,250 | ||
Marketable securities | 374 | 952 | ||||
Accounts and notes receivable - net | 7,734 | 5,239 | ||||
Inventories | 6,303 | 8,633 | ||||
Other current assets | 1,311 | 981 | ||||
Total current assets | 20,143 | 23,055 | ||||
Investment in nonconsolidated affiliates | 1,459 | 1,595 | ||||
Property, plant and equipment - net of accumulated depreciation (June 30, 2018 - $1,071; December 31, 2017 - $443) | 11,832 | 12,435 | ||||
Goodwill | 45,510 | 45,589 | ||||
Other intangible assets | 26,866 | 27,726 | ||||
Deferred income taxes | 361 | 480 | ||||
Other assets | 1,839 | 2,084 | ||||
Total Assets | $ | 108,010 | $ | 112,964 | ||
Liabilities and Equity | ||||||
Current liabilities | ||||||
Short-term borrowings and capital lease obligations | $ | 3,701 | $ | 2,779 | ||
Accounts payable | 4,002 | 4,831 | ||||
Income taxes payable | 138 | 149 | ||||
Accrued and other current liabilities | 3,024 | 4,384 | ||||
Total current liabilities | 10,865 | 12,143 | ||||
Long-Term Debt | 9,728 | 10,291 | ||||
Other Noncurrent Liabilities | ||||||
Deferred income tax liabilities | 5,424 | 5,836 | ||||
Pension and other post employment benefits - noncurrent | 7,389 | 7,787 | ||||
Other noncurrent obligations | 1,837 | 1,975 | ||||
Total noncurrent liabilities | 24,378 | 25,889 | ||||
Commitments and contingent liabilities | ||||||
Stockholders’ equity | ||||||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at June 30, 2018 and December 31, 2017: | ||||||
$4.50 Series – 1,673,000 shares (callable at $120) | 169 | 169 | ||||
$3.50 Series – 700,000 shares (callable at $102) | 70 | 70 | ||||
Common stock, $.30 par value; 1,800,000,000 shares authorized; issued at June 30, 2018 and December 31, 2017 - 100 | — | — | ||||
Additional paid-in capital | 74,845 | 74,727 | ||||
(Accumulated deficit) Retained earnings | (1,201 | ) | 175 | |||
Accumulated other comprehensive loss | (1,345 | ) | (381 | ) | ||
Total DuPont stockholders’ equity | 72,538 | 74,760 | ||||
Noncontrolling interests | 229 | 172 | ||||
Total equity | 72,767 | 74,932 | ||||
Total Liabilities and Equity | $ | 108,010 | $ | 112,964 | ||
Successor | Predecessor | |||||
(In millions) | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||
Operating activities | ||||||
Net income | $ | 293 | $ | 1,990 | ||
Adjustments to reconcile net income to cash used for operating activities: | ||||||
Depreciation and amortization | 1,314 | 570 | ||||
Provision for deferred income tax | (99 | ) | ||||
Net periodic pension (benefit) cost | (163 | ) | 219 | |||
Pension contributions | (123 | ) | (2,994 | ) | ||
Net gain on sales of property, businesses, consolidated companies, and investments | (13 | ) | (202 | ) | ||
Restructuring and asset related charges - net | 188 | |||||
Asset related charges | 279 | |||||
Amortization of inventory step-up | 1,385 | |||||
Other net loss | 248 | 279 | ||||
Changes in operating assets and liabilities - net | (4,621 | ) | (4,196 | ) | ||
Cash used for operating activities | (1,591 | ) | (4,055 | ) | ||
Investing activities | ||||||
Capital expenditures | (601 | ) | (524 | ) | ||
Proceeds from sales of property, businesses, and consolidated companies - net of cash divested | 50 | 296 | ||||
Investments in and loans to nonconsolidated affiliates | — | (22 | ) | |||
Purchases of investments | (991 | ) | (4,243 | ) | ||
Proceeds from sales and maturities of investments | 1,576 | 2,633 | ||||
Foreign currency exchange contract settlements | (29 | ) | ||||
Other investing activities - net | — | (43 | ) | |||
Cash provided by (used for) investing activities | 34 | (1,932 | ) | |||
Financing activities | ||||||
Change in short-term (less than 90 days) borrowings | 454 | 3,011 | ||||
Proceeds from issuance of long-term debt | 254 | 2,234 | ||||
Payments on long-term debt | (272 | ) | (204 | ) | ||
Proceeds from exercise of stock options | 57 | 203 | ||||
Dividends paid to stockholders | (5 | ) | (664 | ) | ||
Distributions to DowDuPont | (1,658 | ) | ||||
Other financing activities | (41 | ) | (49 | ) | ||
Cash (used for) provided by financing activities | (1,211 | ) | 4,531 | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (103 | ) | 105 | |||
Change in cash classified as held for sale | — | (18 | ) | |||
Decrease in cash, cash equivalents and restricted cash | (2,871 | ) | (1,369 | ) | ||
Cash, cash equivalents and restricted cash at beginning of period | 7,808 | 4,548 | ||||
Cash, cash equivalents and restricted cash at end of period | $ | 4,937 | $ | 3,179 | ||
E.I. du Pont de Nemours and Company | ||
Notes to the Consolidated Financial Statements (Unaudited) | ||
Note | Page | |
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4 | ||
5 | ||
6 | ||
7 | ||
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15 | ||
16 | ||
17 | ||
18 | ||
• | Included royalty income within net sales. In the Predecessor periods, royalty income is included within sundry income (expense) - net. |
• | Eliminated the other operating charges line item. In the Successor periods, a majority of these costs are included within cost of goods sold. These costs are also included in selling, general and administrative expenses and amortization of intangibles in the Successor periods. |
• | Presented amortization of intangibles as a separate line item. In the Predecessor periods, amortization is included within selling, general and administrative expenses, other operating charges, and research and development expenses. |
• | Presented integration and separation costs as a separate line item. In the Predecessor periods, these costs are included within selling, general and administrative expenses. |
• | Included interest accrued related to unrecognized tax benefits within the provision for income taxes on continuing operations. In the Predecessor periods, interest accrued related to unrecognized tax benefits is included within sundry income (expense) - net. |
• | Included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. In the Predecessor period, DuPont reflected non-qualified hedge programs, specifically forward contracts, options and cash collateral activity, within cash flows from investing activities. In the Predecessor period, DuPont reflected cash flows from qualified hedge programs within the line item to which the program related (i.e., revenue hedge cash flows presented within changes from accounts receivable). |
(In millions, except per share amounts) | As Reported December 31, 2017 | Effect of Adoption of ASU 2014-09 | Updated January 1, 2018 | ||||||
Current assets | |||||||||
Accounts and notes receivable - net | $ | 5,239 | $ | 79 | $ | 5,318 | |||
Inventories | 8,633 | (53 | ) | 8,580 | |||||
Other current assets | 981 | 101 | 1,082 | ||||||
Deferred income taxes | $ | 480 | $ | 1 | $ | 481 | |||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Accounts payable | $ | 4,831 | $ | (3 | ) | $ | 4,828 | ||
Accrued and other current liabilities | 4,384 | 120 | 4,504 | ||||||
Deferred income tax liabilities | $ | 5,836 | $ | 3 | $ | 5,839 | |||
Retained earnings | $ | 175 | $ | 8 | $ | 183 | |||
June 30, 2018 | |||||||||
(In millions, except per share amounts) | As Reported | Effect of Change | Balance without Adoption of Topic 606 | ||||||
Current assets | |||||||||
Accounts and notes receivable - net | $ | 7,734 | $ | (150 | ) | $ | 7,584 | ||
Inventories | 6,303 | 57 | 6,360 | ||||||
Other current assets | 1,311 | (119 | ) | 1,192 | |||||
Deferred income taxes | $ | 361 | $ | (1 | ) | $ | 360 | ||
Liabilities and Equity | |||||||||
Current liabilities | |||||||||
Accrued and other current liabilities | $ | 3,024 | $ | (168 | ) | $ | 2,856 | ||
Deferred income tax liabilities | $ | 5,424 | $ | (11 | ) | $ | 5,413 | ||
Accumulated deficit | $ | (1,201 | ) | $ | (34 | ) | $ | (1,235 | ) |
For the Three Months Ended June 30, 2018 (Successor) | |||||||||
(In millions, except per share amounts) | As Reported | Effect of Change | Balance without Adoption of Topic 606 | ||||||
Net sales | $ | 8,545 | $ | (49 | ) | $ | 8,496 | ||
Sundry income (expense) - net | $ | 194 | $ | 31 | $ | 225 | |||
Income from continuing operations before income taxes | $ | 655 | $ | (18 | ) | $ | 637 | ||
Provision for income taxes on continuing operations | $ | 141 | $ | (4 | ) | $ | 137 | ||
Income from continuing operations after income taxes | $ | 514 | $ | (14 | ) | $ | 500 | ||
For the Six Months Ended June 30, 2018 (Successor) | |||||||||
(In millions, except per share amounts) | As Reported | Effect of Change | Balance without Adoption of Topic 606 | ||||||
Net sales | $ | 15,244 | $ | (72 | ) | $ | 15,172 | ||
Sundry income (expense) - net | $ | 241 | $ | 37 | $ | 278 | |||
Income from continuing operations before income taxes | $ | 466 | $ | (35 | ) | $ | 431 | ||
Provision for income taxes on continuing operations | $ | 168 | $ | (8 | ) | $ | 160 | ||
Income from continuing operations after income taxes | $ | 298 | $ | (27 | ) | $ | 271 | ||
Summary of Changes to the interim Consolidated Income Statement | For the Three Months Ended June 30, 2017 (Predecessor) | ||||||||
(in millions) | As Restated for Discontinued Operations | Effect of Change | Updated | ||||||
Cost of goods sold | $ | 4,021 | $ | (58 | ) | $ | 3,963 | ||
Research and development expense | $ | 402 | $ | (15 | ) | $ | 387 | ||
Selling, general and administrative expenses | $ | 1,287 | $ | (31 | ) | $ | 1,256 | ||
Sundry income (expense) - net | $ | (28 | ) | $ | (104 | ) | $ | (132 | ) |
Summary of Changes to the interim Consolidated Income Statement | For the Six Months Ended June 30, 2017 (Predecessor) | ||||||||
(in millions) | As Restated for Discontinued Operations | Effect of Change | Updated | ||||||
Cost of goods sold | $ | 8,230 | $ | (115 | ) | $ | 8,115 | ||
Research and development expense | $ | 786 | $ | (31 | ) | $ | 755 | ||
Selling, general and administrative expenses | $ | 2,508 | $ | (62 | ) | $ | 2,446 | ||
Sundry income (expense) - net | $ | 278 | $ | (208 | ) | $ | 70 | ||
(In millions, except exchange ratio) | |||
DuPont Common Stock outstanding as of the Merger Effectiveness Time | 868.3 | ||
DuPont exchange ratio | 1.2820 | ||
DowDuPont Common Stock issued in exchange for DuPont Common Stock | 1,113.2 | ||
Fair value of DowDuPont Common Stock issued 1 | $ | 74,195 | |
Fair value of DowDuPont equity awards issued in exchange for outstanding DuPont equity awards 2 | 485 | ||
Total consideration | $ | 74,680 | |
1. | Amount was determined based on the price per share of Dow Common Stock of $66.65 on August 31, 2017. |
2. | Represents the fair value of replacement awards issued for DuPont's equity awards outstanding immediately before the Merger and attributable to the service periods prior to the Merger. The previous DuPont equity awards were converted into the right to receive 1.2820 shares of DowDuPont Common Stock. |
Estimated fair value as adjusted | |||
(In millions) | |||
Fair Value of Assets as of the Merger Effectiveness Time | |||
Cash and cash equivalents | $ | 4,005 | |
Marketable securities | 2,849 | ||
Accounts and notes receivable | 7,847 | ||
Inventories | 8,806 | ||
Other current assets | 420 | ||
Investment in nonconsolidated affiliates | 1,626 | ||
Assets held for sale - current | 3,732 | ||
Property, plant and equipment | 11,711 | ||
Goodwill | 45,499 | ||
Other intangible assets | 27,104 | ||
Deferred income tax assets | 284 | ||
Other assets | 2,066 | ||
Total Assets | $ | 115,949 | |
Fair Value of Liabilities | |||
Short-term borrowings and capital lease obligations | $ | 5,319 | |
Accounts payable | 3,298 | ||
Income taxes payable | 261 | ||
Accrued and other current liabilities | 3,517 | ||
Liabilities held for sale - current | 125 | ||
Long-term debt | 9,878 | ||
Deferred income tax liabilities | 8,319 | ||
Pension and other post employment benefits - noncurrent | 8,056 | ||
Other noncurrent obligations | 2,023 | ||
Total Liabilities | $ | 40,796 | |
Noncontrolling interests | 234 | ||
Preferred stock | 239 | ||
Fair Value of Net Assets (Consideration for the Merger) | $ | 74,680 | |
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Integration and separation costs | $ | 327 | $ | 582 | ||||||||
Selling, general and administrative expenses | $ | 201 | $ | 371 | ||||||||
Predecessor | ||||||
(In millions) | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2017 | ||||
Net sales | $ | 453 | $ | 877 | ||
Cost of goods sold | 171 | 333 | ||||
Other operating charges | 8 | 12 | ||||
Research and development expenses | 39 | 71 | ||||
Selling, general and administrative expenses | 61 | 100 | ||||
Sundry income - net | 7 | 7 | ||||
Income from discontinued operations before income taxes | 181 | 368 | ||||
Provision for income taxes | 44 | 71 | ||||
Income from discontinued operations after income taxes | $ | 137 | $ | 297 | ||
Predecessor | ||||||
(In millions) | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2017 | ||||
Depreciation | $ | 8 | $ | 16 | ||
Capital expenditures | $ | 4 | $ | 8 | ||
Contract Balances | June 30, 2018 | Topic 606 Adjustments January 1, 2018 | December 31, 2017 | ||||||
(In millions) | |||||||||
Accounts and notes receivable - trade1 | $ | 6,428 | $ | 87 | $ | 3,976 | |||
Contract assets - current2 | $ | 62 | $ | 40 | $ | — | |||
Deferred revenue - current3 | $ | 392 | $ | 2 | $ | 2,014 | |||
Deferred revenue - noncurrent4 | $ | 42 | $ | — | $ | 48 | |||
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. |
(In millions) | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||
Agriculture | $ | 4,058 | $ | 6,401 | ||
Packaging and Specialty Plastics | 416 | 835 | ||||
Electronics and Imaging | 553 | 1,080 | ||||
Nutrition and Health | 1,057 | 2,081 | ||||
Industrial Biosciences | 429 | 835 | ||||
Transportation and Advanced Polymers | 1,142 | 2,263 | ||||
Safety and Construction | 889 | 1,744 | ||||
Other | 1 | 5 | ||||
Total | $ | 8,545 | $ | 15,244 | ||
(In millions) | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||
U.S. & Canada | $ | 4,755 | $ | 7,270 | ||
EMEA1 | 1,564 | 3,730 | ||||
Asia Pacific | 1,737 | 3,272 | ||||
Latin America | 489 | 972 | ||||
Total | $ | 8,545 | $ | 15,244 | ||
1. | Europe, Middle East, and Africa (EMEA). |
(In millions) | Severance and Related Benefit Costs | Contract Termination Charges | Asset-Related Charges | Total | ||||||||
Balance at December 31, 2017 | $ | 133 | $ | 28 | $ | — | $ | 161 | ||||
Charges to income from continuing operations for the six months ended June 30, 2018 | 152 | 33 | 6 | 191 | ||||||||
Payments | (57 | ) | (28 | ) | — | (85 | ) | |||||
Net translation adjustment | (2 | ) | — | — | (2 | ) | ||||||
Asset write-offs | — | — | (6 | ) | (6 | ) | ||||||
Balance at June 30, 2018 | $ | 226 | $ | 33 | $ | — | $ | 259 | ||||
Successor | ||||||
(In millions) | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | ||||
Net sales | $ | 34 | $ | 78 | ||
Cost of goods sold | $ | 39 | $ | 63 | ||
Sundry Income (Expense) - Net | Successor | Predecessor | Successor | Predecessor | ||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Royalty income1 | $ | 28 | $ | 73 | ||||||||
Interest income | $ | 30 | 32 | 58 | 57 | |||||||
Equity in earnings of affiliates - net | 19 | 24 | 33 | 42 | ||||||||
Net gain on sales of businesses and other assets2 | 11 | 11 | 13 | 203 | ||||||||
Net exchange gains (losses) | 23 | (140 | ) | (109 | ) | (199 | ) | |||||
Non-operating pension and other post employment benefit credit (cost)3 | 95 | (104 | ) | 187 | (208 | ) | ||||||
Miscellaneous income and expenses - net4 | 16 | 17 | 59 | 102 | ||||||||
Sundry income (expense) - net | $ | 194 | $ | (132 | ) | $ | 241 | $ | 70 | |||
1. | In the Successor periods, royalty income of $44 million and $85 million is included in net sales for the three and six months ended June 30, 2018, respectively. |
2. | Includes a pre-tax gain of $162 million ($86 million net of tax) for the six months ended June 30, 2017 related to the sale of global food safety diagnostics. See Note 4 for additional information. |
3. | Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized (gain) loss, amortization of prior service benefit, and curtailment/settlement gain). See Note 2 for discussion of the retrospective adoption of ASU No. 2017-07. |
4. | Miscellaneous income and expenses - net, includes interest items (Predecessor periods only), gains related to litigation settlements, and other items. |
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Subsidiary Monetary Position (Losses) Gains | ||||||||||||
Pre-tax exchange losses | $ | (154 | ) | $ | (54 | ) | $ | (105 | ) | $ | (28 | ) |
Local tax (expenses) benefits | (8 | ) | 94 | 24 | 130 | |||||||
Net after-tax impact from subsidiary exchange (losses) gains | $ | (162 | ) | $ | 40 | $ | (81 | ) | $ | 102 | ||
Hedging Program Gains (Losses) | ||||||||||||
Pre-tax exchange gains (losses)1 | $ | 177 | $ | (86 | ) | $ | (4 | ) | $ | (171 | ) | |
Tax (expenses) benefits | (41 | ) | 31 | 1 | 61 | |||||||
Net after-tax impact from hedging program exchange gains (losses) | $ | 136 | $ | (55 | ) | $ | (3 | ) | $ | (110 | ) | |
Total Exchange Gains (Losses) | ||||||||||||
Pre-tax exchange gains (losses) | $ | 23 | $ | (140 | ) | $ | (109 | ) | $ | (199 | ) | |
Tax (expenses) benefits | (49 | ) | 125 | 25 | 191 | |||||||
Net after-tax exchange losses | $ | (26 | ) | $ | (15 | ) | $ | (84 | ) | $ | (8 | ) |
1. | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Successor | ||||||
(In millions) | June 30, 2018 | December 31, 2017 | ||||
Cash and cash equivalents | $ | 4,421 | $ | 7,250 | ||
Restricted cash | 516 | 558 | ||||
Total cash, cash equivalents and restricted cash | $ | 4,937 | $ | 7,808 | ||
• | 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. However, the company is still analyzing certain aspects of The Act and refining its calculations. In the three and six months ended June 30, 2018, charges of $7 million and $55 million, respectively, were recorded to provision for income taxes on continuing operations in the company's interim Consolidated Income Statements to adjust the provisional amount related to the remeasurement of the company's deferred tax balance, resulting in a benefit of $(2,661) million since the enactment of The Act. |
• | The Act requires a mandatory deemed repatriation of post-1986 undistributed foreign earnings and profits (“E&P”), which results in a one-time transition tax. The company has not yet completed its calculation of the total post-1986 foreign E&P for its foreign subsidiaries as E&P will not be finalized until the Federal income tax return is filed. The company has not recorded a change to the $715 million provisional charge recorded during the fourth quarter 2017 with respect to the one-time transition tax. |
• | In the six months ended June 30, 2018, the company recognized a charge of $16 million to provision for income taxes on continuing operations in the company's interim Consolidated Income Statements as a result of an indirect impact of the Act related to certain inventory. |
• | For tax years beginning after December 31, 2017, The Act introduces new provisions for U.S. taxation of certain global intangible low-taxed income ("GILTI"). The company is evaluating the policy election on whether the additional liability will be recorded in the period in which it is incurred or recognized for the basis differences that would be expected to reverse in future years. |
Predecessor | ||||||
(In millions, except share amounts) | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2017 | ||||
Numerator: | ||||||
Income from continuing operations after income taxes attributable to DuPont | $ | 717 | $ | 1,888 | ||
Preferred dividends | (3 | ) | (5 | ) | ||
Income from continuing operations after income taxes available to DuPont common stockholders | 714 | 1,883 | ||||
Income from discontinued operations after income taxes available to DuPont common stockholders | 145 | 87 | ||||
Net income available to common stockholders | $ | 859 | $ | 1,970 | ||
Denominator: | ||||||
Weighted-average number of common shares outstanding - Basic | 868,481,000 | 867,496,000 | ||||
Dilutive effect of the company’s employee compensation plans | 4,269,000 | 4,424,000 | ||||
Weighted-average number of common shares outstanding - Diluted | 872,750,000 | 871,920,000 | ||||
Predecessor | ||||
Three Months Ended June 30, 2017 | Six Months Ended June 30, 2017 | |||
Average number of stock options | — | 3,000 | ||
Successor | ||||||
(In millions) | June 30, 2018 | December 31, 2017 | ||||
Finished products | $ | 3,645 | $ | 4,500 | ||
Semi-finished products | 1,300 | 2,769 | ||||
Raw materials | 520 | 371 | ||||
Stores and supplies | 306 | 447 | ||||
Total | $ | 5,771 | $ | 8,087 | ||
Adjustment of inventories to a last-in, first out (LIFO) basis | 532 | 546 | ||||
Total inventories | $ | 6,303 | $ | 8,633 | ||
(In millions) | |||
Balance as of December 31, 2017 | $ | 45,589 | |
Currency translation adjustment | (484 | ) | |
Measurement period adjustments - Merger | 394 | ||
Measurement period adjustments - H&N Business | 11 | ||
Balance as of June 30, 2018 | $ | 45,510 | |
Successor | ||||||||||||||||||
(In millions) | June 30, 2018 | December 31, 2017 | ||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | |||||||||||||
Intangible assets subject to amortization (Definite-lived): | ||||||||||||||||||
Customer-related | $ | 9,412 | $ | (469 | ) | $ | 8,943 | $ | 9,502 | $ | (186 | ) | $ | 9,316 | ||||
Developed technology | 4,497 | (390 | ) | 4,107 | 4,364 | (144 | ) | 4,220 | ||||||||||
Trademarks/trade names | 1,086 | (70 | ) | 1,016 | 1,117 | (26 | ) | 1,091 | ||||||||||
Favorable supply contracts | 475 | (64 | ) | 411 | 495 | (17 | ) | 478 | ||||||||||
Microbial cell factories | 391 | (14 | ) | 377 | 397 | (6 | ) | 391 | ||||||||||
Other1 | 378 | (20 | ) | 358 | 459 | (10 | ) | 449 | ||||||||||
Total other intangible assets with finite lives | 16,239 | (1,027 | ) | 15,212 | 16,334 | (389 | ) | 15,945 | ||||||||||
Intangible assets not subject to amortization (Indefinite-lived): | ||||||||||||||||||
In-process research and development ("IPR&D") | 630 | — | 630 | 660 | — | 660 | ||||||||||||
Germplasm2 | 6,265 | — | 6,265 | 6,265 | — | 6,265 | ||||||||||||
Trademarks / trade names | 4,759 | — | 4,759 | 4,856 | — | 4,856 | ||||||||||||
Total other intangible assets | 11,654 | — | 11,654 | 11,781 | — | 11,781 | ||||||||||||
Total | $ | 27,893 | $ | (1,027 | ) | $ | 26,866 | $ | 28,115 | $ | (389 | ) | $ | 27,726 | ||||
1. | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
2. | Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. The company recognized germplasm as an intangible asset upon the acquisition of Pioneer. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. |
Guarantees at June 30, 2018 (Successor) | Final Expiration Year | Maximum Future Payments | ||
(In millions) | ||||
Obligations for customers1: | ||||
Bank borrowings | 2022 | $ | 89 | |
Obligations for non-consolidated affiliates2: | ||||
Bank borrowings | 2018 | 167 | ||
Residual value guarantees3 | 2029 | 36 | ||
Total guarantees | $ | 292 | ||
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, $85 million had terms less than a year. |
2. | Existing guarantees for non-consolidated affiliates' liquidity needs in normal operations. |
3. | The company provides guarantees related to leased assets specifying the residual value that will be available to the lessor at lease termination through sale of the assets to the lessee or third parties. |
(In millions) | Cumulative Translation Adjustment1 | Derivative Instruments | Pension Benefit Plans | Other Benefit Plans | Unrealized Gain (Loss) on Investments | Total | ||||||||||||
2017 | ||||||||||||||||||
Balance January 1, 2017 (Predecessor) | $ | (2,843 | ) | $ | 7 | $ | (6,720 | ) | $ | (357 | ) | $ | 2 | $ | (9,911 | ) | ||
Other comprehensive income (loss) before reclassifications | 653 | 2 | (47 | ) | — | 1 | 609 | |||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | — | (13 | ) | 244 | 7 | (1 | ) | 237 | ||||||||||
Net other comprehensive income (loss) | 653 | (11 | ) | 197 | 7 | — | 846 | |||||||||||
Balance June 30, 2017 | $ | (2,190 | ) | $ | (4 | ) | $ | (6,523 | ) | $ | (350 | ) | $ | 2 | $ | (9,065 | ) | |
2018 | ||||||||||||||||||
Balance January 1, 2018 (Successor) | $ | (454 | ) | $ | (2 | ) | $ | 128 | $ | (53 | ) | $ | — | $ | (381 | ) | ||
Other comprehensive (loss) income before reclassifications | (966 | ) | — | 9 | — | — | (957 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | — | (5 | ) | (2 | ) | — | — | (7 | ) | |||||||||
Net other comprehensive (loss) income | (966 | ) | (5 | ) | 7 | — | — | (964 | ) | |||||||||
Balance June 30, 2018 | $ | (1,420 | ) | $ | (7 | ) | $ | 135 | $ | (53 | ) | $ | — | $ | (1,345 | ) | ||
1. | The cumulative translation adjustment gain for the six months ended June 30, 2017 is primarily driven by the weakening of the U.S. dollar ("USD") against the European Euro ("EUR"). The currency translation loss for the six months ended June 30, 2018 was primarily driven by the strengthening of the USD against the EUR and the Brazilian Real ("BRL"). |
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Derivative instruments | $ | 5 | $ | 5 | $ | 1 | $ | 6 | ||||
Pension benefit plans - net | — | (54 | ) | (2 | ) | (114 | ) | |||||
Other benefit plans - net | — | (2 | ) | — | (4 | ) | ||||||
Provision for income taxes related to other comprehensive income (loss) items | $ | 5 | $ | (51 | ) | $ | (1 | ) | $ | (112 | ) | |
Successor | Predecessor | Successor | Predecessor | Income Classification | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | |||||||||
Derivative Instruments: | $ | (6 | ) | $ | (13 | ) | $ | (7 | ) | $ | (21 | ) | (1) |
Tax expense | 2 | 5 | 2 | 8 | (2) | ||||||||
After-tax | $ | (4 | ) | $ | (8 | ) | $ | (5 | ) | $ | (13 | ) | |
Amortization of pension benefit plans: | |||||||||||||
Prior service benefit | — | (1 | ) | — | (2 | ) | (3) | ||||||
Actuarial (gain) loss | (1 | ) | 189 | (1 | ) | 379 | (3) | ||||||
Settlement gain | (1 | ) | — | (1 | ) | — | (3) | ||||||
Total before tax | $ | (2 | ) | $ | 188 | $ | (2 | ) | $ | 377 | |||
Tax benefit | — | (68 | ) | — | (133 | ) | (2) | ||||||
After-tax | $ | (2 | ) | $ | 120 | $ | (2 | ) | $ | 244 | |||
Amortization of other benefit plans: | |||||||||||||
Prior service benefit | — | (18 | ) | — | (35 | ) | (3) | ||||||
Actuarial losses | — | 23 | — | 46 | (3) | ||||||||
Total before tax | $ | — | $ | 5 | $ | — | $ | 11 | |||||
Tax benefit | — | (2 | ) | — | (4 | ) | (2) | ||||||
After-tax | $ | — | $ | 3 | $ | — | $ | 7 | |||||
Net realized losses on investments, before tax: | — | — | — | (1 | ) | (4) | |||||||
Tax expense | — | — | — | — | (2) | ||||||||
After-tax | $ | — | $ | — | $ | — | $ | (1 | ) | ||||
Total reclassifications for the period, after-tax | $ | (6 | ) | $ | 115 | $ | (7 | ) | $ | 237 | |||
1. | Cost of goods sold. |
2. | Provision for income taxes from continuing operations. |
3. | These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 16 for additional information. |
4. | Sundry income (expense) - net. |
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Defined Benefit Pension Plans: | ||||||||||||
Service cost | $ | 33 | $ | 34 | $ | 67 | $ | 67 | ||||
Interest cost | 189 | 197 | 379 | 392 | ||||||||
Expected return on plan assets | (301 | ) | (309 | ) | (604 | ) | (617 | ) | ||||
Amortization of unrecognized (gain) loss | (1 | ) | 189 | (1 | ) | 379 | ||||||
Amortization of prior service benefit | — | (1 | ) | — | (2 | ) | ||||||
Curtailment/settlement gain1 | (4 | ) | — | (4 | ) | — | ||||||
Net periodic benefit (credit) cost - Total | $ | (84 | ) | $ | 110 | $ | (163 | ) | $ | 219 | ||
Less: Discontinued operations | — | 1 | — | 2 | ||||||||
Net periodic benefit (credit) cost - Continuing operations | $ | (84 | ) | $ | 109 | $ | (163 | ) | $ | 217 | ||
Other Post Employment Benefits: | ||||||||||||
Service cost | $ | 2 | $ | 2 | $ | 4 | $ | 4 | ||||
Interest cost | 22 | 23 | 43 | 45 | ||||||||
Amortization of unrecognized loss | — | 23 | — | 46 | ||||||||
Amortization of prior service benefit | — | (18 | ) | — | (35 | ) | ||||||
Net periodic benefit cost - Continuing operations | $ | 24 | $ | 30 | $ | 47 | $ | 60 | ||||
1. | The 2018 impact relates to the curtailment and settlement of pension plans in the U.S. and Australia. |
Notional Amounts | Successor | |||||
(In millions) | June 30, 2018 | December 31, 2017 | ||||
Derivatives designated as hedging instruments: | ||||||
Commodity contracts | $ | 145 | $ | 587 | ||
Derivatives not designated as hedging instruments: | ||||||
Foreign currency contracts | 3,866 | 3,922 | ||||
Commodity contracts | 8 | 6 | ||||
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Beginning balance | $ | 9 | $ | 4 | $ | (2 | ) | $ | 7 | |||
Additions and revaluations of derivatives designated as cash flow hedges | (12 | ) | — | — | 2 | |||||||
Clearance of hedge results to earnings | (4 | ) | (8 | ) | (5 | ) | (13 | ) | ||||
Ending balance | $ | (7 | ) | $ | (4 | ) | $ | (7 | ) | $ | (4 | ) |
Successor | ||||||||||
June 30, 2018 | ||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the Condensed Consolidated Balance Sheet | ||||||
Asset derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Other current assets | $ | 153 | $ | (35 | ) | $ | 118 | ||
Commodity contracts | Other current assets | 4 | — | 4 | ||||||
Total asset derivatives | $ | 157 | $ | (35 | ) | $ | 122 | |||
Liability derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | 35 | $ | 9 | $ | 44 | |||
Total liability derivatives | $ | 35 | $ | 9 | $ | 44 | ||||
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. |
Successor | ||||||||||
December 31, 2017 | ||||||||||
(In millions) | Balance Sheet Location | Gross | Counterparty and Cash Collateral Netting1 | Net Amounts Included in the Condensed Consolidated Balance Sheet | ||||||
Asset derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Other current assets | $ | 46 | $ | (37 | ) | $ | 9 | ||
Total asset derivatives | $ | 46 | $ | (37 | ) | $ | 9 | |||
Liability derivatives: | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||
Foreign currency contracts | Accrued and other current liabilities | $ | 79 | $ | (32 | ) | $ | 47 | ||
Total liability derivatives | $ | 79 | $ | (32 | ) | $ | 47 | |||
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. |
Amount of (Loss) Gain Recognized in OCI1 - Pre-Tax | ||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Cash flow hedges: | ||||||||||||
Commodity contracts | $ | (15 | ) | $ | — | $ | 1 | $ | 4 | |||
Total derivatives designated as hedging instruments | (15 | ) | — | 1 | 4 | |||||||
Total derivatives | $ | (15 | ) | $ | — | $ | 1 | $ | 4 | |||
1. | OCI is defined as other comprehensive income (loss). |
Amount of Gain (Loss) Recognized in Income - Pre-Tax1 | ||||||||||||
Successor | Predecessor | Successor | Predecessor | |||||||||
(In millions) | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Derivatives designated as hedging instruments: | ||||||||||||
Cash flow hedges: | ||||||||||||
Commodity contracts2 | $ | 6 | $ | 13 | $ | 7 | $ | 21 | ||||
Total derivatives designated as hedging instruments | 6 | 13 | 7 | 21 | ||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Foreign currency contracts3 | 177 | (86 | ) | (4 | ) | (171 | ) | |||||
Foreign currency contracts4 | — | (1 | ) | — | (1 | ) | ||||||
Commodity contracts2 | 8 | — | 5 | 4 | ||||||||
Total derivatives not designated as hedging instruments | 185 | (87 | ) | 1 | (168 | ) | ||||||
Total derivatives | $ | 191 | $ | (74 | ) | $ | 8 | $ | (147 | ) | ||
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 (expense) - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 8 for additional information. |
4. | Recorded in net sales. |
June 30, 2018 | Significant Other Observable Inputs (Level 2) | ||
(In millions) | |||
Assets at fair value: | |||
Cash equivalents and restricted cash equivalents1 | $ | 3,020 | |
Marketable securities | 374 | ||
Derivatives relating to:2 | |||
Commodities | 4 | ||
Foreign currency | 153 | ||
Total assets at fair value | $ | 3,551 | |
Liabilities at fair value: | |||
Long-term debt | $ | 11,186 | |
Derivatives relating to:2 | |||
Foreign currency | 35 | ||
Total liabilities at fair value | $ | 11,221 | |
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 17 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
December 31, 2017 | Significant Other Observable Inputs (Level 2) | ||
(In millions) | |||
Assets at fair value: | |||
Cash equivalents and restricted cash equivalents1 | $ | 5,205 | |
Marketable securities | 952 | ||
Derivatives relating to:2 | |||
Foreign currency | 46 | ||
Total assets at fair value | $ | 6,203 | |
Liabilities at fair value: | |||
Long-term debt | $ | 11,560 | |
Derivatives relating to:2 | |||
Foreign currency | 79 | ||
Total liabilities at fair value | $ | 11,639 | |
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 17 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Successor | Predecessor | Successor | Predecessor | |||||||||
In millions, except per share amounts | Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | ||||||||
Net sales | $ | 8,545 | $ | 6,971 | $ | 15,244 | $ | 14,290 | ||||
Cost of goods sold | $ | 5,669 | $ | 3,963 | $ | 10,516 | $ | 8,115 | ||||
Percent of net sales | 66.3 | % | 56.8 | % | 69.0 | % | 56.8 | % | ||||
Research and development expenses | $ | 396 | $ | 387 | $ | 778 | $ | 755 | ||||
Percent of net sales | 4.6 | % | 5.6 | % | 5.1 | % | 5.3 | % | ||||
Selling, general and administrative expenses | $ | 1,182 | $ | 1,256 | $ | 2,141 | $ | 2,446 | ||||
Percent of net sales | 13.8 | % | 18.0 | % | 14.0 | % | 17.1 | % | ||||
Effective tax rate on continuing operations | 21.5 | % | 10.4 | % | 36.1 | % | 12.9 | % | ||||
Net income | $ | 514 | $ | 869 | $ | 293 | $ | 1,990 | ||||
Net income available for common stockholders | $ | 859 | $ | 1,970 | ||||||||
Basic earnings per share of common stock from continuing operations | $ | 0.82 | $ | 2.17 | ||||||||
Diluted earnings per share of common stock from continuing operations | $ | 0.82 | $ | 2.16 | ||||||||
Successor | Predecessor | |||||||
Three Months Ended June 30, 2018 | Three Months Ended June 30, 2017 | |||||||
Net Sales ($ Billions) | % | Net Sales ($ Billions) | % | |||||
Worldwide | $ | 8.5 | 100 | $ | 7.0 | 100 | ||
U.S. & Canada | 4.8 | 56 | 3.7 | 53 | ||||
Europe, Middle East & Africa (EMEA) | 1.5 | 18 | 1.3 | 18 | ||||
Asia Pacific | 1.7 | 20 | 1.5 | 22 | ||||
Latin America | 0.5 | 6 | 0.5 | 7 | ||||
Successor | Predecessor | |||||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | |||||||
Net Sales ($ Billions) | % | Net Sales ($ Billions) | % | |||||
Worldwide | $ | 15.2 | 100 | $ | 14.3 | 100 | ||
U.S. & Canada | 7.3 | 48 | 7.2 | 51 | ||||
Europe, Middle East & Africa (EMEA) | 3.7 | 25 | 3.2 | 22 | ||||
Asia Pacific | 3.2 | 21 | 2.9 | 20 | ||||
Latin America | 1.0 | 6 | 1.0 | 7 | ||||
Successor | ||||||
(Dollars in millions) | June 30, 2018 | December 31, 2017 | ||||
Cash, cash equivalents and marketable securities | $ | 4,795 | $ | 8,202 | ||
Total debt | 13,429 | 13,070 | ||||
Reporting Unit | Goodwill | Indefinite-Lived Intangible Assets | ||||
Agriculture | $ | 13,267 | $ | 8,749 | ||
Electronics and Communications | 4,037 | 495 | ||||
Protection Solutions | 5,473 | 260 | ||||
Nutrition and Health | 8,833 | 1,437 | ||||
Transportation and Advanced Polymers | 6,360 | 310 | ||||
Packaging and Specialty Plastics | 3,597 | — | ||||
Industrial Biosciences | 3,394 | 403 | ||||
Clean Tech | 549 | — | ||||
Total | $ | 45,510 | $ | 11,654 | ||
Payments Due In | |||||||||||||||
(Dollars in millions) | Total at June 30, 2018 | Remainder of 2018 | 2019-2020 | 2021-2022 | 2023 and beyond | ||||||||||
Purchase obligations | |||||||||||||||
Raw material obligations | $ | 1,999 | $ | 544 | $ | 759 | $ | 677 | $ | 19 | |||||
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 1. | LEGAL PROCEEDINGS |
Summary of Changes to the Consolidated Income Statement (Unaudited) | For the Period September 1 through December 31, 2017 (Successor) | ||||||||
(in millions) | As reported | Effect of Change | Updated | ||||||
Cost of goods sold | $ | 6,165 | $ | 75 | $ | 6,240 | |||
Research and development expense | $ | 473 | $ | 19 | $ | 492 | |||
Selling, general and administrative expenses | $ | 1,101 | $ | 40 | $ | 1,141 | |||
Sundry income - net | $ | 90 | $ | 134 | $ | 224 | |||
Summary of Changes to the Consolidated Income Statement (Unaudited) | For the Period January 1 through August 31, 2017 (Predecessor) | ||||||||
(in millions) | As reported | Effect of Change | Updated | ||||||
Cost of goods sold | $ | 10,205 | $ | (153 | ) | $ | 10,052 | ||
Research and development expense | $ | 1,064 | $ | (42 | ) | $ | 1,022 | ||
Selling, general and administrative expenses | $ | 3,306 | $ | (84 | ) | $ | 3,222 | ||
Sundry income (expense) - net | $ | 166 | $ | (279 | ) | $ | (113 | ) | |
Summary of Changes to the Consolidated Income Statement (Unaudited) | For the Year Ended December 31, 2016 (Predecessor) | ||||||||
(in millions) | As reported | Effect of Change | Updated | ||||||
Cost of goods sold | $ | 13,955 | $ | (18 | ) | $ | 13,937 | ||
Research and development expense | $ | 1,502 | $ | (6 | ) | $ | 1,496 | ||
Selling, general and administrative expenses | $ | 4,143 | $ | (16 | ) | $ | 4,127 | ||
Sundry income (expense) - net | $ | 707 | $ | (40 | ) | $ | 667 | ||
Summary of Changes to the Consolidated Income Statement (Unaudited) | For the Year Ended December 31, 2015 (Predecessor) | ||||||||
(in millions) | As reported | Effect of Change | Updated | ||||||
Cost of goods sold | $ | 14,591 | $ | (168 | ) | $ | 14,423 | ||
Research and development expense | $ | 1,735 | $ | (56 | ) | $ | 1,679 | ||
Selling, general and administrative expenses | $ | 4,428 | $ | (150 | ) | $ | 4,278 | ||
Sundry income (expense) - net | $ | 690 | $ | (374 | ) | $ | 316 | ||
Item 6. | EXHIBITS |
E. I. DU PONT DE NEMOURS AND COMPANY | ||
(Registrant) | ||
Date: | August 3, 2018 | |
By: | /s/ Nicholas C. Fanandakis | |
Nicholas C. Fanandakis | ||
Executive Vice President and | ||
Chief Financial Officer | ||
(As Duly Authorized Officer and | ||
Principal Financial and Accounting Officer) | ||
Exhibit Number | Description | |
Company’s Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the company’s Current Report on Form 8-K (Commission file number 1-815) dated September 1, 2017). | ||
Company’s Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the company's Current Report on Form 8-K (Commission file number 1-815) for the period ended September 1, 2017). | ||
4 | The Company agrees to provide the Commission, on request, copies of instruments defining the rights of holders of long-term debt of the company and its subsidiaries. | |
Separation Agreement by and between the Company and The Chemours Company (incorporated by reference to Exhibit 2.1 to the company's Current Report on Form 8-K (Commission file number 1-815) dated July 8, 2015). | ||
Amendment No. 1 to Separation Agreement by and between the Company and The Chemours Company, dated August 24, 2017 (incorporated by reference to Exhibit 2.1 to the company's Current Report on Form 8-K (Commission file number 1-815) dated August 25, 2017). | ||
Tax Matters Agreement by and between the Company and The Chemours Company (incorporated by reference to Exhibit 2.2 to the company's Current Report on Form 8-K (Commission file number 1-815) dated July 8, 2015). | ||
Master Repurchase Agreement by and among Cooperatieve Rabobank, U.A. (New York Branch), The Bank of Tokyo Mitsubishi UFJ Ltd. (New York Branch) and PHI Financial Services, Inc., dated as of February 13, 2018 (incorporated by reference to Exhibit 10.4 to the company's Annual Report on Form 10-K (Commission file number 1-815) for the period ended December 31, 2017). | ||
Master Framework Agreement by and among Cooperatieve Rabobank, U.A. (New York Branch), The Bank of Tokyo Mitsubishi UFJ Ltd. (New York Branch) and PHI Financial Services, Inc. dated as of February 13, 2018 (incorporated by reference to Exhibit 10.5 to the company's Annual Report on Form 10-K (Commission file number 1-815) for the period ended December 31, 2017). | ||
Transaction Agreement, dated as of March 31, 2017, by and between the Company and FMC Corporation (incorporated by reference to Exhibit 10.25 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-815) for the period ended March 31, 2017). | ||
Purchase Price Allocation Side Letter Agreement, dated as of May 12, 2017, by and between the Company and FMC Corporation (incorporated by reference to Exhibit 10.26 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-815) for the period ended June 30, 2017). | ||
Employment Agreement by and between the Company and Edward D. Breen, dated as of August 31, 2017, (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (Commission file number 1-815) dated September 1, 2017). | ||
The E. I. du Pont de Nemours and Company Equity Incentive Plan, incorporated by reference to Exhibit 4.1 to DowDuPont Inc. Registration Statement on Form S-8 filed September 1, 2017. | ||
The E. I. du Pont de Nemours and Company Stock Performance Plan, incorporated by reference to Exhibit 4.2 to DowDuPont Inc. Registration Statement on Form S-8 filed September 1, 2017. | ||
The E. I. du Pont de Nemours and Company Management Deferred Compensation Plan, incorporated by reference to Exhibit 4.3 to DowDuPont Inc. Registration Statement on Form S-8 filed September 1, 2017. | ||
The E. I. du Pont de Nemours and Company Stock Accumulation and Deferred Compensation Plan for Directors, incorporated by reference to Exhibit 4.4 to DowDuPont Inc. Registration Statement on Form S-8 filed September 1, 2017. | ||
DuPont’s Pension Restoration Plan, as last amended effective June 29, 2015 (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-815) for the period ended June 30, 2015). | ||
DuPont’s Supplemental Retirement Income Plan, as last amended effective December 18, 1996 (incorporated by reference to Exhibit 10.2 to the Company’s Annual Report on Form 10-K (Commission file number 1-815) for the year ended December 31, 2011). | ||
DuPont’s Rules for Lump Sum Payments, as last amended effective May 15, 2014 (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-815) for the period ended June 30, 2015). | ||
DuPont’s Retirement Savings Restoration Plan, as last amended effective May 15, 2014. (incorporated by reference to Exhibit 10.08 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-815) for the period ended June 30, 2014). | ||
DuPont’s Retirement Income Plan for Directors, as last amended January 2011 (incorporated by reference to Exhibit 10.9 to the Company’s Quarterly Report on Form 10-Q (Commission file number 1-815) for the period ended March 31, 2012). | ||
DuPont's Senior Executive Severance Plan, as amended and restated effective December 10, 2015 (incorporated by reference to Exhibit 10.10 to the Company’s Annual Report on Form 10-K (Commission file number 1-815) for the year ended December 31, 2015). | ||
Computation of Ratio of Earnings to Fixed Charges. | ||
Rule 13a-14(a)/15d-14(a) Certification of the company’s Principal Executive Officer. | ||
Rule 13a-14(a)/15d-14(a) Certification of the company’s Principal Financial Officer. | ||
Section 1350 Certification of the company’s Principal Executive Officer. The information contained in this Exhibit shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933, as amended. | ||
Section 1350 Certification of the company’s Principal Financial Officer. The information contained in this Exhibit shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the registrant under the Securities Act of 1933, as amended. | ||
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
* | Management contract or compensatory plan or arrangement. |
** | DuPont hereby undertakes to furnish supplementally a copy of any omitted schedule or exhibit, and amendments or modifications thereto, to such agreement to the U.S. Securities and Exchange Commission upon request. |
Successor | Predecessor | |||||
Six Months Ended June 30, 2018 | Six Months Ended June 30, 2017 | |||||
Income from continuing operations before income taxes | $ | 466 | $ | 2,181 | ||
Adjustment for companies accounted for by the equity method | 76 | (30 | ) | |||
Less: Capitalized interest | (9 | ) | (13 | ) | ||
Add: Amortization of capitalized interest | 1 | 13 | ||||
534 | 2,151 | |||||
Fixed charges: | ||||||
Interest and debt expense | 166 | 183 | ||||
Capitalized interest | 9 | 13 | ||||
Rental expense representative of interest factor | 47 | 47 | ||||
222 | 243 | |||||
Total adjusted earnings available for payment of fixed charges | $ | 756 | $ | 2,394 | ||
Number of times fixed charges earned | 3.4 | 9.9 | ||||
1. | I have reviewed this report on Form 10-Q for the period ended June 30, 2018 of E. I. du Pont de Nemours and Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 3, 2018 | |||
By: | /s/ Edward D. Breen | |||
Edward D. Breen | ||||
Chief Executive Officer and Chair of the Board | ||||
1. | I have reviewed this report on Form 10-Q for the period ended June 30, 2018 of E. I. du Pont de Nemours and Company; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: | August 3, 2018 | |||
By: | /s/ Nicholas C. Fanandakis | |||
Nicholas C. Fanandakis | ||||
Executive Vice President and Chief Financial Officer | ||||
(1) | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Edward D. Breen |
Edward D. Breen |
Chief Executive Officer |
August 3, 2018 |
(1) | The Report fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Nicholas C. Fanandakis |
Nicholas C. Fanandakis |
Chief Financial Officer |
August 3, 2018 |
DEI Document |
6 Months Ended |
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Jun. 30, 2018
shares
| |
| Document and Entity Information [Abstract] | |
| Document Type | 10-Q |
| Amendment Flag | false |
| Document Period End Date | Jun. 30, 2018 |
| 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 | 2018 |
| Document Fiscal Period Focus | Q2 |
| Entity Filer Category | Large Accelerated Filer |
| Entity Common Stock, Shares Outstanding | 100 |
Consolidated Balance Sheets (Parentheticals) - USD ($) |
Jun. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| 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 | $ 1,071,000,000 | $ 443,000,000 |
| $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 | $ 0.00 | $ 0.00 |
| Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
| Preferred Stock, Shares Issued | 700,000 | 700,000 |
| Preferred Stock, Redemption Amount | $ 102 | $ 102 |
Summary of Significant Accounting Policies |
6 Months Ended | ||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||
| 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, 2017, collectively referred to as the “2017 Annual Report”. The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Principles of Consolidation and Basis of Presentation DowDuPont Inc. ("DowDuPont") was formed on December 9, 2015 to effect an all-stock, merger of equals strategic combination between The Dow Chemical Company ("Dow") and DuPont (the "Merger Transaction"). On August 31, 2017 at 11:59 pm ET, (the "Merger Effectiveness Time") pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 (the "Merger Agreement"), Dow and DuPont each merged with wholly owned subsidiaries of DowDuPont ("Mergers") and, as a result of the Mergers, Dow and DuPont became subsidiaries of DowDuPont (collectively, the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. DowDuPont intends to pursue, subject to certain customary conditions, including, among others, the effectiveness of registration statements filed with the Securities and Exchange Commission 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"). For purposes of DowDuPont's financial statement presentation, Dow was determined to be the accounting acquirer in the Merger and DuPont's assets and liabilities are reflected at fair value as of the Merger Effectiveness Time. In connection with the Merger and the related accounting determination, DuPont has elected to apply push-down accounting and reflect in its financial statements the fair value of its assets and liabilities. DuPont's interim Consolidated Financial Statements for periods following the close of the Merger are labeled “Successor” and reflect DowDuPont’s basis in the fair values of the assets and liabilities of DuPont. All periods prior to the closing of the Merger reflect the historical accounting basis in DuPont's assets and liabilities and are labeled “Predecessor.” The interim Consolidated Financial Statements and footnotes include a black line division between the columns titled "Predecessor" and "Successor" to signify that the amounts shown for the periods prior to and following the Merger are not comparable. See Note 3 for additional information on the Merger. Transactions between DuPont and DowDuPont, Dow and their affiliates and other associated companies are reflected in the Successor consolidated financial statements and disclosed as related party transactions when material. Related party transactions with Dow and DowDuPont are included in Note 7. 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 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 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 all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The 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 all periods presented. Amounts related to the Divested Ag Business are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 4 for additional information. Certain reclassifications of prior year's data have been made to conform to current year's presentation. As described in Note 2, effective January 1, 2018, the company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. In conjunction with the adoption of this ASU, the company retrospectively reclassified the non-service components of net periodic benefit cost in the interim Consolidated Income Statements. See Note 2 for more information. Significant Accounting Policies The company has updated its revenue recognition policy since issuance of its 2017 Annual Report as a result of the adoption of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) in the first quarter 2018. See Notes 2 and 5 for additional information. See Note 1, "Summary of Significant Accounting Policies," in the 2017 Annual Report for more information on DuPont's other significant accounting policies. Revenue The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the company determines are within the scope of Topic 606, the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 5 for additional information on revenue recognition. Changes in Accounting and Reporting Within the Successor periods, DuPont made the following changes in accounting and reporting to harmonize its accounting and reporting with DowDuPont. Within the Successor periods of the interim Consolidated Income Statements:
Within the Successor period of the interim Condensed Consolidated Statements of Cash Flows:
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Recent Accounting Guidance |
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| Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) which was further updated in March, April, May and December 2016, as well as September and November 2017. The new guidance clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new standard resulted in additional disclosure requirements to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard permits the use of either the retrospective or modified retrospective (cumulative-effect) transition method of adoption. The company adopted this standard in the first quarter of 2018 and applied the modified retrospective transition method to contracts not completed at the date of initial application. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under Topic 605 (Revenue Recognition). The company recognized the cumulative effect of applying the new revenue standard as an adjustment to the opening balance of retained earnings in the beginning of 2018. See Note 5 for additional disclosures regarding the company's contracts with customers. In accordance with Topic 606, the disclosure of the impact of adoption to the company's Consolidated Balance Sheet was as follows:
The most significant changes as a result of adopting ASU No. 2014-09 relate to the reclassification of the company's return assets and refund liabilities in the agriculture product line on the interim Condensed Consolidated Balance Sheets. Under previous guidance, the company accrued the amount of expected product returns as a reduction of net sales and a reduction of accounts and notes receivable - net, and the value associated with the products expected to be recovered in inventory along with a corresponding reduction in cost of goods sold. Under Topic 606, the company now separately presents the amount of expected product returns as refund liabilities, included in accrued and other current liabilities, and the products expected to be recovered as return assets, included in other current assets in the consolidated balance sheets. The reclassification of return assets and refund liabilities was $61 million and $119 million, respectively, at January 1, 2018. The effect on the interim Condensed Consolidated Statement of Cash Flows was not material. The following table summarizes the effects of adopting the new accounting standard related to revenue recognition on the company's interim Condensed Consolidated Balance Sheet:
In accordance with Topic 606, the impact of adoption to the company’s interim Consolidated Income Statements primarily related to the accounting for interest income from its customer financing arrangements in the agriculture product line. Under previous guidance, the company recorded the interest income from these arrangements over the financing period within sundry income (expense) - net. Under Topic 606, the company elected the practical expedient and does not adjust the promised amount of consideration for the effects of a significant financing component for contracts where payment terms are one year or less. Accordingly, the entire arrangement consideration is recorded in net sales upon satisfaction of the performance obligation. Performance obligations for these arrangements are generally satisfied during the first half of the fiscal year, consistent with the North America growing season. The following tables summarize the effects of adopting the new accounting standard related to revenue recognition on the company's interim Consolidated Income Statements for the three and six months ended June 30, 2018:
In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The new guidance makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The new guidance requires adoption on a retrospective basis unless it is impracticable to apply, in which case the company would be required to apply the amendments prospectively as of the earliest date practicable. The company adopted this standard on January 1, 2018 and there was no material impact. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. The new guidance requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset is sold to an outside party. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The new guidance requires adoption on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The company adopted this standard on January 1, 2018 and there was no adjustment to retained earnings. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows, and, as a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. An entity with a material balance of restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. The company adopted this standard on January 1, 2018. See the interim Condensed Consolidated Statement of Cash Flows for the new presentation of restricted cash as well as Note 8 for a reconciliation of cash, cash equivalents and restricted cash (included in other current assets) presented on 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 January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The new guidance narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the "set") is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs, as defined by the ASU. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, and should be applied prospectively. Early adoption is permitted. The company adopted this standard on January 1, 2018 and will apply it prospectively to all applicable transactions after the adoption date. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance requires registrants to present the service cost component of net periodic benefit cost in the same income statement line item or items as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Registrants will present the other components of net periodic benefit cost separately from the service cost component; and, the line item or items used in the income statement to present the other components of net periodic benefit cost must be disclosed. The new standard must be adopted retrospectively for the presentation of the service cost component and the other components of net periodic benefit cost in the income statement, and prospectively for the capitalization of the service cost component of net periodic benefit cost in assets. The company adopted this guidance on January 1, 2018, and will record the other components of net periodic benefit cost in sundry income (expense) - net. The following tables summarize the reclassification of those costs from cost of goods sold, research and development expense, and selling, general and administrative expenses to sundry income (expense) - net in the interim Consolidated Income Statements:
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged items in the financial statements. For cash flow and net investment hedges existing as of the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year in which an entity adopts. Presentation and disclosure guidance is required to be adopted prospectively. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted in any interim period. All transition requirements and elections should be applied to hedging relationships existing (that is, hedging relationships in which the hedging instrument has not expired, been sold, terminated, or exercised or the entity has not removed the designation of the hedging relationship) on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The company early adopted the new guidance in the second quarter of 2018, and adoption did not have a material impact on the interim Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of June 30, 2018 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments under the new guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability, other than leases that meet the definition of a short-term lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new leasing standard will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, requiring application at the beginning of the earliest comparative period presented. The company is working to quantify the impact and anticipates that the adoption of the new standard will result in a material increase in lease-related assets and liabilities in the Consolidated Balance Sheets. The company is the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases. A complete discussion of these leases is included in the company's 2017 Annual Report in Note 14, "Commitments and Contingent Liabilities." |
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Business Combinations |
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| Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination Disclosure [Text Block] | BUSINESS COMBINATIONS Merger with Dow Upon completion of the Merger, (i) each share of common stock, par value $0.30 per share, of the company (the "DuPont Common Stock") was converted into the right to receive 1.2820 fully paid and non-assessable shares of DowDuPont common stock, par value $0.01 per share, ("DowDuPont Common Stock"), in addition to cash in lieu of any fractional shares of DowDuPont Common Stock, and (ii) each share of DuPont Preferred Stock— $4.50 Series and DuPont Preferred Stock— $3.50 Series (collectively "DuPont Preferred Stock") issued and outstanding immediately prior to the Merger Effectiveness Time remains issued and outstanding and was unaffected by the Merger. As provided in the Merger Agreement, at the Merger Effectiveness Time, all options relating to shares of DuPont Common Stock that were outstanding immediately prior to the effective time of the Merger were generally automatically converted into options relating to shares of DowDuPont Common Stock and all restricted stock units and performance based restricted stock units relating to shares of DuPont Common Stock that were outstanding immediately prior to the effective time of the Mergers were generally automatically converted into restricted stock units relating to shares of DowDuPont Common Stock, in each case, after giving effect to appropriate adjustments to reflect the Mergers and otherwise generally on the same terms and conditions as applied under the applicable plans and award agreements immediately prior to the Merger Effectiveness Time. Prior to the Merger, shares of DuPont Common Stock were registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended and listed on the New York Stock Exchange (the “NYSE”). As a result of the Merger, on August 31, 2017, the company requested that the NYSE withdraw the shares of DuPont Common Stock from listing on the NYSE and filed a Form 25 with the U.S. Securities and Exchange Commission ("SEC") to report that DuPont Common Stock is no longer listed on the NYSE. DuPont continues to have preferred stock outstanding and it remains listed on the NYSE. DowDuPont Common Stock is listed and trades on the NYSE, ticker symbol DWDP. As a condition of the regulatory approval of the Merger, DuPont was required to divest a portion of its crop protection business, including certain research and development capabilities. See Note 4 for additional information. Preliminary Allocation of Purchase Price Based on an evaluation of the provisions of Accounting Standards Codification ("ASC") 805, "Business Combinations" ("ASC 805"), Dow was determined to be the accounting acquirer in the Merger. DowDuPont has applied the acquisition method of accounting with respect to the assets and liabilities of DuPont, which have been measured at fair value as of the date of the Merger. In connection with the Merger and the related accounting determination, DuPont has elected to apply push-down accounting and reflect in its financial statements the fair value of assets and liabilities. Such fair values have been reflected in the Successor periods of the Consolidated Financial Statements. DuPont's assets and liabilities were measured at estimated fair values as of the Merger Effectiveness Time, primarily using Level 3 inputs. Estimates of fair value represent management's best estimate which require a complex series of judgments about future events and uncertainties. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. The total fair value of consideration transferred for the Merger was $74,680 million. Total consideration is comprised of the equity value of the DowDuPont shares as of the Merger Effectiveness Time that were issued in exchange for DuPont shares, the cash value for fractional shares, and the portion of DuPont's share awards and share options earned as of the Merger Effectiveness Time. The following table summarizes the fair value of consideration exchanged as a result of the Merger:
The acquisition method of accounting requires, among other things, that identifiable assets acquired and liabilities assumed be recognized on the balance sheet at their respective fair value as of the acquisition date. In determining the fair value, DowDuPont utilized various forms of the income, cost and market approaches depending on the asset or liability being fair valued. The estimation of fair value required significant judgments related to future net cash flows (including net sales, cost of products sold, selling and marketing costs, and working capital/contributory asset charges), discount rates reflecting the risk inherent in each cash flow stream, competitive trends, market comparables and other factors. Inputs were generally determined by taking into account historical data, supplemented by current and anticipated market conditions, and growth rates. The table below presents the preliminary fair value that was allocated to DuPont's assets and liabilities based upon fair values as determined by DowDuPont. The valuation process to determine the fair values is not yet complete. DuPont estimated the preliminary fair value of acquired assets and liabilities as of the Merger Effectiveness Time based on information currently available and continues to adjust those estimates upon refinement of market participant assumptions for integrating businesses, finalization of tax returns in the pre-merger period and application of push-down accounting at the subsidiary level. During the first half of 2018, DowDuPont made measurement period adjustments to reflect facts and circumstances in existence as of the Merger Effectiveness Time. These adjustments primarily included a $394 million increase in goodwill, a $230 million decrease in property, plant, and equipment, a $117 million decrease in indefinite-lived trademarks and trade names and customer-related assets, a $16 million decrease in assets held for sale, a $60 million increase in other current assets, a $56 million increase in noncontrolling interests and a $28 million decrease in investments in nonconsolidated affiliates. The preliminary fair values are substantially complete with the exception of identifiable intangible assets; property, plant, and equipment; income taxes; and goodwill. As DuPont finalizes the fair values of assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period, but no later than one year from the date of the Merger. DuPont will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. Final determination of the fair values may result in further adjustments to the values presented in the following table.
Integration and Separation Costs Integration and separation costs have been and are expected to be significant. These costs to date primarily have consisted of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of activities related to the Merger and the Intended Business Separations. These costs are recorded within integration and separation costs in the Successor periods and within selling, general and administrative expenses in the Predecessor periods within the interim Consolidated Income Statements.
H&N Business On November 1, 2017, the company completed the FMC Transactions through the acquisition of the H&N Business and the divestiture of the Divested Ag Business. The acquisition is being integrated into the nutrition and health product line to enhance DuPont’s position as a leading provider of sustainable, bio-based food ingredients and allow for expanded capabilities in the pharma excipients space. The company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. The purchase accounting and purchase price allocation for the H&N Business are substantially complete. However, the company continues to refine the preliminary valuation of certain acquired assets, such as intangibles, deferred income taxes, and property, plant and equipment, which could impact the amount of residual goodwill recorded. The company will finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the acquisition. The preliminary fair value allocated to the assets acquired and liabilities assumed for the H&N Business at November 1, 2017 was $1,970 million. There were no material updates to the purchase accounting and purchase price allocation for the six months ended June 30, 2018. For additional information regarding the acquisition of the H&N Business, see Note 3, "Business Combinations," in the 2017 Annual Report. |
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Divestitures and Other Transactions |
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| Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES AND OTHER TRANSACTIONS 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 DuPont was required to divest in order to obtain EC approval of the Merger Transaction and DuPont acquired the H&N Business. See further discussion of the FMC Transactions in Note 1. The sale of the Divested Ag Business meets the criteria for discontinued operations and as such, earnings are included within income (loss) from discontinued operations after income taxes for all periods presented. For the six months ended June 30, 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). The following table summarizes the results of operations of the Divested Ag Business presented as discontinued operations for the three and six months ended June 30, 2017:
The following table presents depreciation and capital expenditures of the discontinued operations related to the Divested Ag Business:
Food Safety Diagnostic Sale In February 2017, the company completed the sale of global food safety diagnostics to Hygiena LLC. The sale resulted in a pre-tax gain of $162 million ($86 million net of tax). The gain was recorded in sundry income (expense) - net in the company's interim Consolidated Income Statement for the six months ended June 30, 2017. Performance Chemicals On July 1, 2015, DuPont completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours Company (the "Separation"). In connection with the Separation, the company and The Chemours Company ("Chemours") entered into a Separation Agreement (the "Separation Agreement"). Pursuant to the Separation Agreement and the amendment to the Separation Agreement, as discussed below, Chemours indemnifies DuPont against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In 2017, DuPont and Chemours amended the Separation Agreement to provide for a limited sharing of potential future 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 June 30, 2018, the indemnification assets are $87 million within accounts and notes receivable - net and $324 million within other assets along with the corresponding liabilities of $87 million within accrued and other current liabilities and $324 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. See Note 14 for further discussion of the amendment to the Separation Agreement and certain litigation and environmental matters indemnified by Chemours. Income from discontinued operations after taxes for the three months ended June 30, 2017 includes a tax benefit of $10 million associated with an adjustment to the tax benefit recognized in the first quarter of 2017 related to the charge for the PFOA multidistrict litigation settlement. Income from discontinued operations after income taxes for the six months ended June 30, 2017 includes a charge of $335 million ($214 million net of tax) in connection with the PFOA multi-district litigation settlement. See Note 14 for further discussion. |
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Revenue (Notes) |
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| Revenue from Contract with Customer | REVENUE Revenue Recognition Products Substantially all of DuPont's revenue is derived from product sales. Product sales consist of sales of DuPont's products to supply manufacturers, distributors, and farmers. 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 from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms for contracts related to product lines other than agriculture generally average 30 to 60 days after invoicing, depending on business and geography. Payment terms for agriculture product line contracts are generally less than one year from invoicing. The company elected the practical expedient and will not adjust the promised amount of consideration for the effects of a significant financing component when DuPont expects it will be one year or less between when a customer obtains control of the company's product and when payment is due. The company has elected to recognize shipping and handling activities when control has transferred to the customer as an expense in cost of goods sold. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, DuPont elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less. The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates for variable consideration are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, DuPont allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances. Licenses of Intellectual Property 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. 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.
The change in deferred revenue from December 31, 2017 to June 30, 2018 was substantially due to the timing of agriculture product line seed deliveries to customers for the North America growing season. Revenue recognized during the six months ended June 30, 2018 from amounts included in deferred revenue at the beginning of the period was $1,815 million. Disaggregation of Revenue Effective with the Merger, DuPont’s business activities are components of DowDuPont’s business operations. 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 DuPont relates to the company in its entirety. Accordingly, there are no separate reportable business segments for DuPont under ASC 280 “Segment Reporting” and 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:
Sales are attributed to geographic regions based on customer location. Net sales by geographic region are included below:
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Restructuring and Asset Related Charges |
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| 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, DuPont expects to record total pre-tax restructuring charges of $430 million to $600 million, comprised of approximately $320 million to $360 million of severance and related benefits costs; $110 million to $140 million of costs related to contract terminations; and up to $100 million of asset related charges. The Synergy Program includes certain asset actions that are reflected in the preliminary fair value measurement of DuPont’s assets as of the Merger Effectiveness Time. Current estimated total pre-tax restructuring charges could be impacted by future adjustments to the preliminary fair value of DuPont’s assets. As a result of these actions, the company recorded pre-tax restructuring charges of $187 million for the period September 1 through December 31, 2017, consisting of severance and related benefit costs of $153 million, contract termination costs of $31 million and asset related charges of $3 million. For the three and six months ended June 30, 2018, the company recorded pre-tax charges of $94 million and $191 million, respectively, recognized in restructuring and asset related charges - net in the company's interim Consolidated Income Statements. The charge for the three months ended June 30, 2018 is comprised of severance and related benefit costs of $84 million, contract termination costs of $4 million and asset-related charges of $6 million. The charge for the six months ended June 30, 2018, is comprised of severance and related benefit costs of $152 million, contract termination costs of $33 million and asset-related charges of $6 million. Substantially all of the remaining restructuring charges are expected to be incurred in 2018 and the related actions, including employee separations, associated with this plan are expected to be substantially complete by the end of 2019. DuPont account balances and activity for the Synergy Program are summarized below:
2017 Restructuring Program At June 30, 2018, total liabilities related to the program were $10 million. The actions associated with this plan were substantially complete in 2017. A complete discussion of restructuring initiatives is included in the company's 2017 Annual Report in Note 5, "Restructuring and Asset Related Charges - Net." The company incurred pre-tax charges of $160 million and $312 million for the three and six months ended June 30, 2017, respectively, recognized in restructuring and asset related charges - net in the company's interim Consolidated Income Statements. The charge for the three months ended June 30, 2017 is comprised of $160 million of asset related charges. The charge for the six months ended June 30, 2017 is comprised of $279 million of asset-related charges and $33 million in severance and related benefit costs. The asset related charges mainly consist of accelerated depreciation associated with the closure of the safety and construction product line at the Cooper River manufacturing site located near Charleston, South Carolina. |
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Related Parties (Notes) |
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| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions Disclosure [Text Block] | RELATED PARTIES Services Provided by and to Dow and its affiliates Following the Merger, DuPont reports transactions with Dow and its affiliates as related party transactions. The table below presents revenue earned and expenses incurred in transactions with Dow and its affiliates following the Merger. DuPont sells to and procures from Dow and its affiliates certain feedstocks and raw materials that are consumed in each company's manufacturing process, as well as finished goods.
For the three and six months ended June 30, 2018, purchases from Dow and its affiliates were $64 million and $107 million, respectively. Transactions with DowDuPont DowDuPont relies on distributions and other intercompany transfers from DuPont and Dow to fund payment of its costs and expenses. 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. In February and May 2018, the Board declared first and second quarter dividends per share of DowDuPont common stock payable on March 15, 2018 and June 15, 2018, respectively. For the six months ended June 30, 2018, DuPont declared and paid distributions to DowDuPont of about $1,658 million, primarily to fund a portion of DowDuPont's first and second quarter share repurchases and dividend payments. In addition, at June 30, 2018 and December 31, 2017, DuPont had a payable to DowDuPont of $391 million and $354 million, respectively, included in accounts payable in the Consolidated Balance Sheets related to its estimated 2017 and 2018 tax liability. See Note 9 for additional information. |
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Supplementary Information |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION
The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the "United States" ("U.S."), whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in sundry income (expense) - net and the related tax impact is recorded in provision for income taxes on continuing operations in the interim Consolidated Income Statements.
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 Condensed Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the interim Condensed Consolidated Statements of Cash Flows.
DuPont entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring 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 June 30, 2018 and December 31, 2017 is related to the Trust. Accounts and Notes Receivable - Net Accounts and notes receivable - net was $7,734 million at June 30, 2018 and $5,239 million at December 31, 2017. Notes receivable, which is a component of accounts and notes receivable - net, was $1,615 million at June 30, 2018 and $199 million at December 31, 2017. The increase was primarily due to normal seasonality in the sales and cash collections cycle in the agriculture product line. |
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Income Taxes |
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| 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 June 30, 2018, the company had not completed its accounting for the tax effects of The Act; however, as described below, the company has made reasonable estimates of the effects on its existing deferred tax balances and the one-time transition tax. In accordance with Staff Accounting Bulletin 118 ("SAB 118"), during the measurement period, income tax effects of the Act may be refined upon obtaining, preparing, or analyzing additional information, and such changes could be material. During the measurement period, provisional amounts may also be adjusted for the effects, if any, of interpretive guidance issued by U.S. regulatory and standard-setting bodies.
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. DuPont and 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 three months ended June 30, 2017, the company recognized tax expense of $29 million associated with the elimination of the U.S. domestic manufacturing deduction recorded in 2016 due to taxable income limitations triggered by the company's decision to deduct the second quarter 2017 principal U.S. pension plan contribution on its 2016 consolidated U.S. tax return. Additionally, during the six months ended June 30, 2017, the company recognized a tax benefit of $57 million, as well as a $50 million pre-tax benefit on associated accrued interest reversals, related to a reduction in the company's unrecognized tax benefits due to the closure of various tax statutes of limitations. Income from continuing operations during the six months ended June 30, 2017 includes a tax benefit of $53 million and a pre-tax benefit of $47 million for accrued interest reversals (recorded in sundry income (expense) - net). Income from discontinued operations during the six months ended June 30, 2017 includes a tax benefit of $4 million and a pre-tax benefit of $3 million for the accrued interest reversal. |
Earnings Per Share of Common Stock |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Text Block] | EARNINGS PER SHARE OF COMMON STOCK Upon completion of the Merger, each share of DuPont Common Stock was converted into the right to receive 1.2820 fully paid and non-assessable shares of DowDuPont Common Stock, in addition to cash in lieu of any fractional shares of DowDuPont Common Stock issued and therefore earnings per share of common stock information is not presented for the Successor periods. Set forth below is a reconciliation of the numerator and denominator for basic and diluted earnings per share calculations for the Predecessor periods indicated below:
The following average number of stock options were antidilutive, and therefore not included in the dilutive earnings per share calculations:
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Inventories |
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| Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Disclosure [Text Block] | INVENTORIES
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Goodwill and Other Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table summarizes changes in the carrying amount of goodwill for the six months ended June 30, 2018:
Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $333 million and $648 million for the three and six months ended June 30, 2018, respectively, and $57 million and $108 million for the three and six months ended June 30, 2017, respectively. The estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2018 and each of the next five years is approximately $618 million, $1,254 million, $1,244 million, $1,228 million, $1,221 million and $1,207 million, respectively. |
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Short-Term Borrowings, Long-Term Debt and Available Credit Facilities |
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| Debt Disclosure [Abstract] | |
| Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES Repurchase Facility In February 2018, the company entered into a new committed receivable repurchase facility of up to $1,300 million (the "2018 Repurchase Facility") which expires in December 2018. From time to time, the company and the banks modify the monthly commitment amounts to better align with working capital requirements. Under the 2018 Repurchase Facility, 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 2018 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 2018 Repurchase Facility have an interest rate of LIBOR + 0.75 percent. As of June 30, 2018, $1,208 million of notes receivable, recorded in accounts and notes receivable - net, were pledged as collateral against outstanding borrowings under the 2018 Repurchase Facility of $1,150 million, recorded in short-term borrowings and capital 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 (as may be amended, from time to time, the "Term Loan Facility") under which 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 will be used for the company's general corporate purposes including debt repayment, working capital and funding a portion of DowDuPont's costs and expenses. The Term Loan Facility was amended in 2018 to extend the maturity date to June 2020, at which time all outstanding borrowings, including accrued but unpaid interest, become immediately due and payable, and to extend the date on which the commitment to lend terminates to June 2019. At June 30, 2018, the company had made three term loan borrowings in an aggregate principal amount of $1,500 million and had unused commitments of $3,000 million under the Term Loan Facility. In addition, in 2018 the company amended its $3,000 million revolving credit facility to extend the maturity date to June 2020. |
Commitments and Contingent Liabilities |
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| 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 June 30, 2018, 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 June 30, 2018 and December 31, 2017, the company had directly guaranteed $292 million and $297 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 24 percent of the $89 million of guaranteed obligations of customers. Set forth below are the company's guaranteed obligations at June 30, 2018. The following tables provide a summary of the final expiration year and maximum future payments for each type of guarantee:
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 Matters DuPont used PFOA (collectively, perfluorooctanoic acids and its salts, including the ammonium salt), as a processing aid to manufacture some fluoropolymer resins at various sites around the world including its Washington Works' plant in West Virginia. Pursuant to the Separation Agreement discussed in Note 4, the company is indemnified by Chemours for the PFOA matters discussed below and has recorded a total indemnification asset of $16 million. U.S. Environmental Protection Agency (“EPA") and New Jersey Department of Environmental Protection (“NJDEP”) DuPont is obligated under agreements with the EPA, including a 2009 consent decree to which Chemours was added in 2017, and has made voluntary commitments to the NJDEP. These obligations and voluntary commitments include surveying, sampling and testing drinking water in and around certain company sites and offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the national health advisory level established from time to time by the EPA. At June 30, 2018, the company had an accrual of $16 million related to these obligations and voluntary commitments. The company recorded an indemnification asset corresponding to the accrual balance at June 30, 2018. Leach v. DuPont In August 2001, a class action, captioned Leach v. DuPont, was filed in West Virginia state court alleging that residents living near the Washington Works facility had suffered, or may suffer, deleterious health effects from exposure to PFOA in drinking water. A settlement was reached in 2004 that binds approximately 80,000 residents, (the "Leach Settlement"). In addition to paying $23 million to plaintiff’s attorneys for fees and expenses and $70 million to fund a community health project, the company is obligated to fund up to $235 million for a medical monitoring program for eligible class members and to pay administrative costs and fees associated with the program. Since the establishment in 2012 of an escrow account to fund medical monitoring as required by the settlement agreement, approximately $2 million has been contributed to the account and approximately $1 million has been disbursed from the account. The company also must continue to provide water treatment designed to reduce the level of PFOA in water to six area water districts, including the Little Hocking Water Association, and private well users. While it is probable that the company will incur liabilities related to funding the medical monitoring program and providing water treatment, the company does not expect any such liabilities to be material. Under the Leach Settlement, the company funded a series of health studies which were completed in October 2012 by an independent science panel of experts (the "C8 Science Panel"). The C8 Science Panel found probable links, as defined in the Leach Settlement, between exposure to PFOA and pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. Leach class members may pursue personal injury claims against DuPont only for the six human diseases for which the C8 Science Panel determined a probable link exists. Following the Leach Settlement, approximately 3,550 lawsuits alleging personal injury claims were filed in various federal and state courts in Ohio and West Virginia. These lawsuits were consolidated in multi-district litigation ("MDL") in the U.S. District Court for the Southern District of Ohio. MDL Settlement In the first quarter of 2017, the MDL was settled for $670.7 million in cash (the "MDL Settlement"), half of which was paid by Chemours and half paid by DuPont. The portion paid by DuPont was recorded, for the six months ended June 30, 2017, within loss from discontinued operations after income taxes in the interim Consolidated Income Statements. In 2017, all payments under the settlement agreement were made by both companies. DuPont’s payment was not subject to indemnification or reimbursement by Chemours. In exchange for that payment, DuPont and Chemours are receiving releases of all claims by the settling plaintiffs. The MDL Settlement was entered into solely by way of compromise and settlement and is not in any way an admission of liability or fault by DuPont or Chemours. All of the MDL plaintiffs participated and resolved their claims within the MDL Settlement. 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 June 30, 2018, about 35 lawsuits alleging personal injury, including kidney and testicular cancer, from exposure to PFOA in drinking water had been filed against the company in West Virginia and Ohio. In addition, three lawsuits are pending in federal court in New York on behalf of five individuals who are residents of Hoosick Falls, New York. The plaintiffs claim personal injuries, including kidney cancer, thyroid disease and ulcerative colitis, from alleged exposure to PFOA discharged into the air and water from nearby manufacturing facilities owned and operated by defendant third parties. Plaintiffs claim that PFOA used at the facilities was purchased from or manufactured by the company and co-defendant, 3M Company. Water Utility and Related Actions Actions filed by local water utilities pending in Alabama state and New Jersey federal court allege contamination from PFOA, and in the case of the Alabama action, perfluorinated chemicals and compounds, including PFOA, (“PFCs”) used in co-defendant manufacturers’ operations. In February 2018, the State of Ohio filed an action in Ohio state court alleging natural resource damages from historical PFOA emissions from the Washington Works site. The plaintiffs in these actions seek monetary damages, remediation and other costs/damages. While it is reasonably possible that the company could incur liabilities related to the post MDL Settlement PFOA personal injury claims and the water utility and related actions described above, any such liabilities are not expected to be material. Chemours is defending and indemnifying the company in these matters in accordance with the amendment to the Separation Agreement discussed below. Amendment to Separation Agreement Concurrent with the MDL Settlement, DuPont and Chemours amended the Separation Agreement to provide for a limited sharing of potential future PFOA liabilities (i.e., indemnifiable losses, as defined in the Separation Agreement) for a period of five years beginning July 6, 2017. During that five-year period, Chemours will annually pay future PFOA liabilities up to $25 million and, if such amount is exceeded, DuPont would pay any excess amount up to the next $25 million (which payment will not be subject to indemnification by Chemours), with Chemours annually bearing any further excess liabilities. After the five-year period, this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Separation Agreement will continue unchanged. There have been no charges incurred by DuPont under this arrangement through June 30, 2018. Chemours has also agreed that it will not contest its liability to DuPont under the Separation Agreement for PFOA liabilities on the basis of ostensible defenses generally applicable to the indemnification provisions under the Separation Agreement, including defenses relating to punitive damages, fines or penalties or attorneys’ fees, and waives any such defenses with respect to PFOA liabilities. Chemours has, however, retained defenses as to whether any particular PFOA claim is within the scope of the indemnification provisions of the Separation Agreement. It is possible that new lawsuits could be filed against DuPont related to PFOA that may not be within the scope of the MDL Settlement. Any such new litigation would be subject to indemnification by Chemours under the Separation Agreement, as amended. 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. The facility is now owned and operated by Chemours which continues to manufacture and use GenX. Chemours is responding to ongoing inquiries and investigations from federal, state and local investigators, regulators and other governmental authorities as well as inquiries from the media and local community stakeholders. These inquiries and investigations involve the discharge of GenX and certain similar compounds from the Chemours’ facility at Fayetteville Works into the Cape Fear River in Bladen County, North Carolina. 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 the production of documents related to alleged discharges of GenX from the Fayetteville Works facility into the Cape Fear River. DuPont has been 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 and/or the company. At June 30, 2018, several actions are pending in federal court against Chemours and the company. These actions have been consolidated into a single purported class action, on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. These actions relate to the alleged discharge of certain PFCs into the river from the operations and wastewater treatment at the Fayetteville Works facility and seek various relief including medical monitoring, property damages and injunctive relief. Separate actions filed by the various North Carolina water authorities including Cape Fear Public Utility Authority and Brunswick County, North Carolina, have been consolidated into one action for purposes of litigation and seek actual and punitive damages as well as injunctive relief. In addition, an action remains pending in North Carolina state court on behalf of about 100 plaintiffs who own property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. Management believes the probability of loss with respect to these actions is remote. The company has an indemnification claim against Chemours with respect to current and future inquiries and claims, including lawsuits, related to the foregoing. At June 30, 2018, Chemours 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 June 30, 2018, the company had accrued obligations of $426 million for probable environmental remediation and restoration costs, including $60 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 $860 million above the amount accrued at June 30, 2018. Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows. It is the opinion of the company’s management, however, that the possibility is remote that costs in excess of the range disclosed will have a material impact on the company’s results of operations, financial condition or cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. Pursuant to the Separation Agreement, the company is indemnified by Chemours for certain environmental matters, included in the liability of $426 million, that have an estimated liability of $236 million as of June 30, 2018, and a potential exposure that ranges up to approximately $420 million above the amount accrued. As such, the company has recorded an indemnification asset of $236 million corresponding to the company’s accrual balance related to these matters at June 30, 2018, including $41 million related to the Superfund sites. |
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Stockholders' Equity |
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| 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:
The tax benefit (expense) on the net activity related to each component of other comprehensive (loss) income were as follows:
A summary of the reclassifications out of accumulated other comprehensive income (loss) is provided as follows:
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Pension Plans and Other Post Employment Benefit Plans |
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| 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:
In accordance with adopted ASU No. 2017-07, service costs are included in cost of goods sold, research and development expense and selling, general and administrative expenses in the interim Consolidated Income Statements. Non-service related components of net periodic benefit (credit) cost are included in sundry income (expense) - net in the interim Consolidated Income Statements. See Notes 1, 2 and 8 for additional information. During the six months ended June 30, 2017, the company made contributions of $2,900 million to its principal U.S. pension plan funded through a debt offering in May of 2017; short-term borrowings, including commercial paper issuance; and cash. |
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Financial Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At June 30, 2018, the company had $3,020 million ($5,205 million at December 31, 2017) 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 $374 million ($952 million at December 31, 2017) 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 nonderivatives as hedging instruments. The company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The company is exposed to credit loss in the event of nonperformance by these counterparties. The company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management. The notional amounts of the company's derivative instruments were as follows:
Foreign Currency Risk The company's objective in managing exposure to foreign currency fluctuations is to reduce earnings and cash flow volatility associated with foreign currency rate changes. Accordingly, the company enters into various contracts that change in value as foreign exchange rates change to protect the value of its existing foreign currency-denominated assets, liabilities, commitments and cash flows. The company routinely uses forward exchange contracts to offset its net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of its operations. The primary business objective of this hedging program is to maintain an approximately balanced position in foreign currencies so that exchange gains and losses resulting from exchange rate changes, net of related tax effects, are minimized. The company also uses foreign currency exchange contracts to offset a portion of the company's exposure to certain foreign currency-denominated revenues so that gains and losses on these contracts offset changes in the USD value of the related foreign currency-denominated revenues. The objective of the hedge program is to reduce earnings and cash flow volatility related to changes in foreign currency exchange rates. Commodity Price Risk Commodity price risk management programs serve to reduce exposure to price fluctuations on purchases of inventory such as corn, soybeans, soybean oil and soybean meal. The company enters into over-the-counter and exchange-traded derivative commodity instruments to hedge the commodity price risk associated with agricultural commodity exposures. Derivatives Designated as Cash Flow Hedges 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:
At June 30, 2018, an after-tax net loss of $5 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:
Effect of Derivative Instruments
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The following tables summarize the bases used to measure certain assets and liabilities at fair value on a recurring basis:
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Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||
| Principles of Consolidation and Basis of Presentation | 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, 2017, collectively referred to as the “2017 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. |
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| Pushdown Accounting [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 ("Dow") and DuPont (the "Merger Transaction"). On August 31, 2017 at 11:59 pm ET, (the "Merger Effectiveness Time") pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 (the "Merger Agreement"), Dow and DuPont each merged with wholly owned subsidiaries of DowDuPont ("Mergers") and, as a result of the Mergers, Dow and DuPont became subsidiaries of DowDuPont (collectively, the "Merger"). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. DowDuPont intends to pursue, subject to certain customary conditions, including, among others, the effectiveness of registration statements filed with the Securities and Exchange Commission 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"). For purposes of DowDuPont's financial statement presentation, Dow was determined to be the accounting acquirer in the Merger and DuPont's assets and liabilities are reflected at fair value as of the Merger Effectiveness Time. In connection with the Merger and the related accounting determination, DuPont has elected to apply push-down accounting and reflect in its financial statements the fair value of its assets and liabilities. DuPont's interim Consolidated Financial Statements for periods following the close of the Merger are labeled “Successor” and reflect DowDuPont’s basis in the fair values of the assets and liabilities of DuPont. All periods prior to the closing of the Merger reflect the historical accounting basis in DuPont's assets and liabilities and are labeled “Predecessor.” The interim Consolidated Financial Statements and footnotes include a black line division between the columns titled "Predecessor" and "Successor" to signify that the amounts shown for the periods prior to and following the Merger are not comparable. See Note 3 for additional information on the Merger. Transactions between DuPont and DowDuPont, Dow and their affiliates and other associated companies are reflected in the Successor consolidated financial statements and disclosed as related party transactions when material. Related party transactions with Dow and DowDuPont are included in Note 7. |
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| 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 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 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 all periods presented. The sum of the individual earnings per share amounts from continuing operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The 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 all periods presented. Amounts related to the Divested Ag Business are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 4 for additional information. |
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| Reclassification, Policy [Policy Text Block] | Changes in Accounting and Reporting Within the Successor periods, DuPont made the following changes in accounting and reporting to harmonize its accounting and reporting with DowDuPont. Within the Successor periods of the interim Consolidated Income Statements:
Within the Successor period of the interim Condensed Consolidated Statements of Cash Flows:
Certain reclassifications of prior year's data have been made to conform to current year's presentation. As described in Note 2, effective January 1, 2018, the company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. In conjunction with the adoption of this ASU, the company retrospectively reclassified the non-service components of net periodic benefit cost in the interim Consolidated Income Statements. See Note 2 |
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| Revenue Recognition, Policy [Policy Text Block] | Revenue The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the company determines are within the scope of Topic 606, the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 5 for additional information on revenue recognition. |
Recent Accounting Guidance Recent Accounting Guidance (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) which was further updated in March, April, May and December 2016, as well as September and November 2017. The new guidance clarifies the principles for recognizing revenue and develops a common revenue standard for GAAP. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new standard resulted in additional disclosure requirements to describe the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard permits the use of either the retrospective or modified retrospective (cumulative-effect) transition method of adoption. The company adopted this standard in the first quarter of 2018 and applied the modified retrospective transition method to contracts not completed at the date of initial application. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with historic accounting under Topic 605 (Revenue Recognition). The company recognized the cumulative effect of applying the new revenue standard as an adjustment to the opening balance of retained earnings in the beginning of 2018. See Note 5 for additional disclosures regarding the company's contracts with customers. In accordance with Topic 606, the disclosure of the impact of adoption to the company's Consolidated Balance Sheet was as follows:
The most significant changes as a result of adopting ASU No. 2014-09 relate to the reclassification of the company's return assets and refund liabilities in the agriculture product line on the interim Condensed Consolidated Balance Sheets. Under previous guidance, the company accrued the amount of expected product returns as a reduction of net sales and a reduction of accounts and notes receivable - net, and the value associated with the products expected to be recovered in inventory along with a corresponding reduction in cost of goods sold. Under Topic 606, the company now separately presents the amount of expected product returns as refund liabilities, included in accrued and other current liabilities, and the products expected to be recovered as return assets, included in other current assets in the consolidated balance sheets. The reclassification of return assets and refund liabilities was $61 million and $119 million, respectively, at January 1, 2018. The effect on the interim Condensed Consolidated Statement of Cash Flows was not material. The following table summarizes the effects of adopting the new accounting standard related to revenue recognition on the company's interim Condensed Consolidated Balance Sheet:
In accordance with Topic 606, the impact of adoption to the company’s interim Consolidated Income Statements primarily related to the accounting for interest income from its customer financing arrangements in the agriculture product line. Under previous guidance, the company recorded the interest income from these arrangements over the financing period within sundry income (expense) - net. Under Topic 606, the company elected the practical expedient and does not adjust the promised amount of consideration for the effects of a significant financing component for contracts where payment terms are one year or less. Accordingly, the entire arrangement consideration is recorded in net sales upon satisfaction of the performance obligation. Performance obligations for these arrangements are generally satisfied during the first half of the fiscal year, consistent with the North America growing season. The following tables summarize the effects of adopting the new accounting standard related to revenue recognition on the company's interim Consolidated Income Statements for the three and six months ended June 30, 2018:
In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments. The new guidance makes eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The new guidance requires adoption on a retrospective basis unless it is impracticable to apply, in which case the company would be required to apply the amendments prospectively as of the earliest date practicable. The company adopted this standard on January 1, 2018 and there was no material impact. In October 2016, the FASB issued ASU No. 2016-16, Income Taxes (Topic 740), Intra-Entity Transfers of Assets Other Than Inventory. The new guidance requires that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, rather than when the asset is sold to an outside party. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The new guidance requires adoption on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The company adopted this standard on January 1, 2018 and there was no adjustment to retained earnings. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (a consensus of the FASB Emerging Issues Task Force), which clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows, and, as a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. An entity with a material balance of restricted cash and restricted cash equivalents must disclose information about the nature of the restrictions. The company adopted this standard on January 1, 2018. See the interim Condensed Consolidated Statement of Cash Flows for the new presentation of restricted cash as well as Note 8 for a reconciliation of cash, cash equivalents and restricted cash (included in other current assets) presented on 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 January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The new guidance narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the "set") is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs, as defined by the ASU. The guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, and should be applied prospectively. Early adoption is permitted. The company adopted this standard on January 1, 2018 and will apply it prospectively to all applicable transactions after the adoption date. In March 2017, the FASB issued ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715), Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The new guidance requires registrants to present the service cost component of net periodic benefit cost in the same income statement line item or items as other employee compensation costs arising from services rendered during the period. In addition, only the service cost component will be eligible for capitalization in assets. Registrants will present the other components of net periodic benefit cost separately from the service cost component; and, the line item or items used in the income statement to present the other components of net periodic benefit cost must be disclosed. The new standard must be adopted retrospectively for the presentation of the service cost component and the other components of net periodic benefit cost in the income statement, and prospectively for the capitalization of the service cost component of net periodic benefit cost in assets. The company adopted this guidance on January 1, 2018, and will record the other components of net periodic benefit cost in sundry income (expense) - net. The following tables summarize the reclassification of those costs from cost of goods sold, research and development expense, and selling, general and administrative expenses to sundry income (expense) - net in the interim Consolidated Income Statements:
In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities. The new guidance expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged items in the financial statements. For cash flow and net investment hedges existing as of the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings as of the beginning of the fiscal year in which an entity adopts. Presentation and disclosure guidance is required to be adopted prospectively. The new standard is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted in any interim period. All transition requirements and elections should be applied to hedging relationships existing (that is, hedging relationships in which the hedging instrument has not expired, been sold, terminated, or exercised or the entity has not removed the designation of the hedging relationship) on the date of adoption. The effect of adoption should be reflected as of the beginning of the fiscal year of adoption. The company early adopted the new guidance in the second quarter of 2018, and adoption did not have a material impact on the interim Consolidated Financial Statements. Accounting Guidance Issued But Not Adopted as of June 30, 2018 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments under the new guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability, other than leases that meet the definition of a short-term lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting. Lessor accounting is similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard. The new leasing standard will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, requiring application at the beginning of the earliest comparative period presented. The company is working to quantify the impact and anticipates that the adoption of the new standard will result in a material increase in lease-related assets and liabilities in the Consolidated Balance Sheets. The company is the lessee under various agreements for facilities and equipment that are currently accounted for as operating leases. A complete discussion of these leases is included in the company's 2017 Annual Report in Note 14, "Commitments and Contingent Liabilities." |
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Revenue Revenue Recognition (Policies) |
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Jun. 30, 2018 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue Recognition, Sales of Goods | Products Substantially all of DuPont's revenue is derived from product sales. Product sales consist of sales of DuPont's products to supply manufacturers, distributors, and farmers. 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 from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms for contracts related to product lines other than agriculture generally average 30 to 60 days after invoicing, depending on business and geography. Payment terms for agriculture product line contracts are generally less than one year from invoicing. The company elected the practical expedient and will not adjust the promised amount of consideration for the effects of a significant financing component when DuPont expects it will be one year or less between when a customer obtains control of the company's product and when payment is due. The company has elected to recognize shipping and handling activities when control has transferred to the customer as an expense in cost of goods sold. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, DuPont elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less. The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates for variable consideration are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, DuPont allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances. |
| Revenue Recognition, Licenses of Intellectual Property | Licenses of Intellectual Property 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. |
Recent Accounting Guidance Accounting Pronouncements (Tables) |
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| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
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| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
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| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
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| Current Period Adjustment [Member] | Income Statement [Member] | Accounting Standards Update 2014-09 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of New Accounting Pronouncements and Changes in Accounting Principles |
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Business Combinations (Tables) - Merger with Dow [Member] |
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| Schedule of Business Acquisitions, by Acquisition |
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| Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] |
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Divestitures and Other Transactions (Tables) - Divested Ag Business [Member] |
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| Disposal Groups, Including Discontinued Operations [Table Text Block] |
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| Disposal Groups, Including Discontinued Operations [Table Text Block] |
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Revenue (Tables) |
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| Contract Balances |
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| Disaggregation of Revenue |
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| Disaggregation of Revenue |
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Restructuring and Asset Related Charges (Tables) |
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| Schedule of Restructuring Reserve by Type of Cost [Table Text Block] |
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Related Parties (Tables) |
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||
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| Schedule of Related Party Transactions [Table Text Block] |
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Supplementary Information (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Other Nonoperating Income (Expense) |
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| Foreign Currency Exchange Gain (Loss) |
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| Restrictions on Cash and Cash Equivalents |
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Earnings Per Share of Common Stock (Tables) |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share of Common Stock Reconciliation |
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
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Inventories (Tables) |
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| Schedule of Inventory, Current [Table Text Block] |
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Goodwill |
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| Other Intangible Assets |
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Commitments and Contingent Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Guarantor Obligations [Table Text Block] |
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Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Comprehensive Income (Loss) |
The tax benefit (expense) on the net activity related to each component of other comprehensive (loss) income were as follows:
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| Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
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Pension Plans and Other Post Employment Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Net Benefit Costs [Table Text Block] |
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Financial Instruments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notional Amounts of Derivatives |
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| After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) |
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| Fair Value of Derivatives Instruments |
|
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| Effect of Derivative Instruments |
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value of Assets and Liabilities Measured on Recurring Basis |
|
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Recent Accounting Guidance Pension ASU (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
|
| As Restated for Discontinued Operations | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Cost of Goods Sold | $ 4,021 | $ 8,230 |
| Research and Development Expense | 402 | 786 |
| Selling, General and Administrative Expenses | 1,287 | 2,508 |
| Sundry income (expense) - net | (28) | 278 |
| Predecessor [Member] | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Cost of Goods Sold | 3,963 | 8,115 |
| Research and Development Expense | 387 | 755 |
| Selling, General and Administrative Expenses | 1,256 | 2,446 |
| Sundry income (expense) - net | (132) | 70 |
| Effect of Adoption of ASU 2017-07 [Member] | ||
| New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
| Cost of Goods Sold | (58) | (115) |
| Research and Development Expense | (15) | (31) |
| Selling, General and Administrative Expenses | (31) | (62) |
| Sundry income (expense) - net | $ (104) | $ (208) |
Business Combinations Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
Aug. 31, 2017 |
|---|---|---|---|
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
| Goodwill | $ 45,510 | $ 45,589 | |
| Merger with Dow [Member] | |||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | |||
| Cash and cash equivalents | $ 4,005 | ||
| Marketable securities | 2,849 | ||
| Accounts and notes receivable | 7,847 | ||
| Inventories | 8,806 | ||
| Other current assets | 420 | ||
| Investment in nonconsolidated affiliates | 1,626 | ||
| Assets held for sale - current | 3,732 | ||
| Property, plant and equipment | 11,711 | ||
| Goodwill | 45,499 | ||
| Other intangible assets | 27,104 | ||
| Deferred income tax assets | 284 | ||
| Other assets | 2,066 | ||
| Total assets | 115,949 | ||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | |||
| Short term borrowings and capital lease obligations | 5,319 | ||
| Accounts payable | 3,298 | ||
| Income taxes payable | 261 | ||
| Accrued and other current liabilities | 3,517 | ||
| Liabilities held for sale - current | 125 | ||
| Long-term Debt | 9,878 | ||
| Deferred income tax liabilities | 8,319 | ||
| Pension and other post employment benefits Noncurrent | 8,056 | ||
| Other noncurrent obligations | 2,023 | ||
| Total liabilities | 40,796 | ||
| Noncontrolling interest | 234 | ||
| Preferred stock | 239 | ||
| Fair value of net assets | $ 74,680 |
Business Combinations H&N Business Acquisition (Details) $ in Millions |
Nov. 01, 2017
USD ($)
|
|---|---|
| H&N Business [Member] | |
| Business Acquisition [Line Items] | |
| H&N Fair Value | $ 1,970 |
Divestitures and Other Transactions Divestitures and Other Transactions - Narrative (Details) - Successor [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2018 |
Jun. 30, 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 Transactions Divestitures and Other Transactions - Divested Ag Business Results of Operations (Details) - Predecessor [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Income (loss) from discontinued operations after income taxes | $ 147 | $ 90 |
| Divested Ag Business [Member] | ||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Net Sales, Discontinued Operations | 453 | 877 |
| Cost of Goods Sold, Discontinued Operations | 171 | 333 |
| Other Operating Charges, Discontinued Operations | 8 | 12 |
| Research and Development Expense, Discontinued Operations | 39 | 71 |
| Selling, General and Administrative, Discontinued Operations | 61 | 100 |
| Sundry income - net, Discontinued Operations | 7 | 7 |
| Income from Discontinued Operation, before Income Taxes | 181 | 368 |
| Provision for Income Taxes, Discontinued Operation | 44 | 71 |
| Income (loss) from discontinued operations after income taxes | $ 137 | $ 297 |
Divestitures and Other Transactions Divestitures and Other Transactions - Divested Ag Business Depreciation and Capital Expenditures (Details) - Predecessor [Member] - Divested Ag Business [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Depreciation, Discontinued Operations | $ 8 | $ 16 |
| Capital Expenditures, Discontinued Operations | $ 4 | $ 8 |
Divestitures and Other Transactions Divestitures and Other Transactions - Food Safety Diagnostic Business (Details) - Predecessor [Member] - Food Safety Diagnostic Business [Member] $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2017
USD ($)
| |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
| Pre-tax gain on disposal | $ 162 |
| Gain on disposal, net of tax | $ 86 |
Divestitures and Other Transactions Divestitures and Other Transactions - PChem Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
Jun. 30, 2018 |
|
| Predecessor [Member] | Discontinued Operations [Member] | PFOA Matters: Multi-District Litigation [Member] | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Other Tax Benefit | $ 10 | ||
| Loss Related to Litigation Settlement | $ 335 | ||
| Loss Related To Litigation Settlement, Net Of Tax | $ 214 | ||
| Accounts and Notes Receivable, Net [Member] | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Indemnification Assets | $ 87 | ||
| Other Assets [Member] | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Indemnification Assets | 324 | ||
| Accrued and Other Current Liabilities [Member] | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Indemnification Liabilities | 87 | ||
| Other noncurrent obligations | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Indemnification Liabilities | $ 324 |
Revenue Narrative (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2018 | |
| Agriculture [Member] | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, Average Payment Terms | 1 year |
| Minimum [Member] | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, Average Payment Terms | 30 days |
| Maximum [Member] | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Revenue, Average Payment Terms | 60 days |
Revenue Contract Balances (Details) - USD ($) $ in Millions |
6 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jan. 01, 2018 |
Dec. 31, 2017 |
||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Accounts and notes receivable - trade | [1] | $ 6,428 | $ 87 | $ 3,976 | ||||||||
| Contract assets - current | [2] | 62 | 40 | 0 | ||||||||
| Deferred revenue recognized during the period | 1,815 | |||||||||||
| Accrued and Other Current Liabilities [Member] | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Deferred Revenue | [3] | 392 | 2 | 2,014 | ||||||||
| Other noncurrent obligations | ||||||||||||
| Disaggregation of Revenue [Line Items] | ||||||||||||
| Deferred Revenue | [4] | $ 42 | $ 0 | $ 48 | ||||||||
| ||||||||||||
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - Successor [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
|
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | $ 8,545 | $ 15,244 |
| Agriculture [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | 4,058 | 6,401 |
| Packaging & Specialty Plastics [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | 416 | 835 |
| Electronics & Imaging [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | 553 | 1,080 |
| Nutrition & Health [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | 1,057 | 2,081 |
| Industrial Biosciences [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | 429 | 835 |
| Transportation & Advanced Polymers [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | 1,142 | 2,263 |
| Safety & Construction [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | 889 | 1,744 |
| Other [Member] | ||
| Disaggregation of Revenue [Line Items] | ||
| Net Sales | $ 1 | $ 5 |
Revenue Disaggregation of Revenue - Geography (Details) - Successor [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
|||
| Disaggregation of Revenue [Line Items] | ||||
| Net Sales | $ 8,545 | $ 15,244 | ||
| U.S. & Canada | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Net Sales | 4,755 | 7,270 | ||
| EMEA | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Net Sales | [1] | 1,564 | 3,730 | |
| Asia Pacific | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Net Sales | 1,737 | 3,272 | ||
| Latin America | ||||
| Disaggregation of Revenue [Line Items] | ||||
| Net Sales | $ 489 | $ 972 | ||
| ||||
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions |
3 Months Ended | 4 Months Ended | 6 Months Ended | |
|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
Jun. 30, 2018 |
Nov. 01, 2017 |
|
| DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring Reserve, Beginning Balance | $ 161 | |||
| Restructuring Reserve, Ending Balance | $ 259 | $ 161 | 259 | |
| Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring Reserve, Beginning Balance | 133 | |||
| Restructuring Reserve, Ending Balance | 226 | 133 | 226 | |
| Contract Termination Charges | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring Reserve, Beginning Balance | 28 | |||
| Restructuring Reserve, Ending Balance | 33 | 28 | 33 | |
| Minimum [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | $ 430 | |||
| Minimum [Member] | Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 320 | |||
| Minimum [Member] | Contract Termination Charges | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 110 | |||
| Maximum [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 600 | |||
| Maximum [Member] | Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 360 | |||
| Maximum [Member] | Contract Termination Charges | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | 140 | |||
| Maximum [Member] | Asset Related Charges [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Related Cost, Expected Cost | $ 100 | |||
| Successor [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Asset Related Charges - Net | 91 | 188 | ||
| Successor [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Asset Related Charges - Net | 94 | 187 | 191 | |
| Payments for Restructuring | (85) | |||
| Restructuring Reserve, Net Translation Adjustment | (2) | |||
| Asset write-offs and adjustments | (6) | |||
| Successor [Member] | Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Asset Related Charges - Net | 84 | 153 | 152 | |
| Payments for Restructuring | (57) | |||
| Restructuring Reserve, Net Translation Adjustment | (2) | |||
| Successor [Member] | Contract Termination Charges | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Asset Related Charges - Net | 4 | 31 | 33 | |
| Payments for Restructuring | (28) | |||
| Restructuring Reserve, Net Translation Adjustment | 0 | |||
| Successor [Member] | Asset Related Charges [Member] | DowDuPont Cost Synergy Program [Member] | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring and Asset Related Charges - Net | $ 6 | $ 3 | 6 | |
| Asset write-offs and adjustments | $ (6) |
Restructuring and Asset Related Charges 2017 Restructuring Program (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
Jun. 30, 2018 |
|
| 2017 Restructuring Program [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring Reserve | $ 10 | ||
| Predecessor [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring and Asset Related Charges - Net | $ 160 | $ 312 | |
| Predecessor [Member] | 2017 Restructuring Program [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring and Asset Related Charges - Net | 160 | 312 | |
| Predecessor [Member] | Asset Related Charges [Member] | 2017 Restructuring Program [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring and Asset Related Charges - Net | $ 160 | 279 | |
| Predecessor [Member] | Employee Severance [Member] | 2017 Restructuring Program [Member] | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring and Asset Related Charges - Net | $ 33 |
Related Parties Transactions with Dow (Details) - Successor [Member] - Dow [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2018 |
|
| Related Party Transaction [Line Items] | ||
| Net sales | $ 34 | $ 78 |
| Cost of goods sold | 39 | 63 |
| Purchases | $ 64 | $ 107 |
Related Parties Transactions with DowDuPont (Details) - USD ($) $ in Millions |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
Nov. 02, 2017 |
|
| DowDuPont [Member] | |||
| Related Party Transaction [Line Items] | |||
| Accounts Payable, DowDuPont | $ 391 | $ 354 | |
| Successor [Member] | |||
| Related Party Transaction [Line Items] | |||
| Stock Repurchase Program, Authorized Amount | $ 4,000 | ||
| Distributions to DowDuPont | 1,658 | ||
| Successor [Member] | DowDuPont [Member] | |||
| Related Party Transaction [Line Items] | |||
| Distributions to DowDuPont | $ 1,658 |
Supplementary Information Sundry Income (Expense) - Net (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||||||||
| Successor [Member] | ||||||||||||
| Schedule of Sundry Income (Expense) - Net [Line Items] | ||||||||||||
| Royalty income | $ 44 | $ 85 | ||||||||||
| Interest income | 30 | 58 | ||||||||||
| Equity in earnings of affiliates - net | 19 | 33 | ||||||||||
| Net gain on sales of businesses and other assets | 11 | 13 | ||||||||||
| Net exchange gains (losses) | 23 | (109) | ||||||||||
| Non-operating pension and other post employment benefit credit (cost) | [1] | 95 | 187 | |||||||||
| Miscellaneous income and expenses, net | [2] | 16 | 59 | |||||||||
| Sundry income (expense) - net | $ 194 | $ 241 | ||||||||||
| Predecessor [Member] | ||||||||||||
| Schedule of Sundry Income (Expense) - Net [Line Items] | ||||||||||||
| Royalty income | $ 28 | $ 73 | ||||||||||
| Interest income | 32 | 57 | ||||||||||
| Equity in earnings of affiliates - net | 24 | 42 | ||||||||||
| Net gain on sales of businesses and other assets | 11 | 203 | [3] | |||||||||
| Net exchange gains (losses) | (140) | (199) | ||||||||||
| Non-operating pension and other post employment benefit credit (cost) | [1] | (104) | (208) | |||||||||
| Miscellaneous income and expenses, net | [2] | 17 | 102 | |||||||||
| Sundry income (expense) - net | $ (132) | 70 | ||||||||||
| Food Safety Diagnostic Business [Member] | Predecessor [Member] | ||||||||||||
| Schedule of Sundry Income (Expense) - Net [Line Items] | ||||||||||||
| Pre-tax gain on disposal | 162 | |||||||||||
| Gain on disposal, net of tax | $ 86 | |||||||||||
| ||||||||||||
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
| Successor [Member] | |||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | |||||||
| Foreign Currency Transaction Gain (Loss), before Tax | $ 23 | $ (109) | |||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | (49) | 25 | |||||
| Foreign Currency Transaction Gain (Loss) After Tax | (26) | (84) | |||||
| Predecessor [Member] | |||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | |||||||
| Foreign Currency Transaction Gain (Loss), before Tax | $ (140) | $ (199) | |||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | 125 | 191 | |||||
| Foreign Currency Transaction Gain (Loss) After Tax | (15) | (8) | |||||
| Subsidiary Monetary Position | Successor [Member] | |||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | |||||||
| Foreign Currency Transaction Gain (Loss), before Tax | (154) | (105) | |||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | (8) | 24 | |||||
| Foreign Currency Transaction Gain (Loss) After Tax | (162) | (81) | |||||
| Subsidiary Monetary Position | Predecessor [Member] | |||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | |||||||
| Foreign Currency Transaction Gain (Loss), before Tax | (54) | (28) | |||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | 94 | 130 | |||||
| Foreign Currency Transaction Gain (Loss) After Tax | 40 | 102 | |||||
| Hedging Program [Member] | Successor [Member] | |||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | |||||||
| Foreign Currency Transaction Gain (Loss), before Tax | 177 | (4) | [1] | ||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | (41) | 1 | |||||
| Foreign Currency Transaction Gain (Loss) After Tax | $ 136 | (3) | |||||
| Hedging Program [Member] | Predecessor [Member] | |||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | |||||||
| Foreign Currency Transaction Gain (Loss), before Tax | (86) | (171) | |||||
| Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | 31 | 61 | |||||
| Foreign Currency Transaction Gain (Loss) After Tax | $ (55) | $ (110) | |||||
| Tax Reform Foreign Currency Exchange Impact [Member] | Hedging Program [Member] | Successor [Member] | |||||||
| Foreign Currency Exchange Gain (Loss) [Line Items] | |||||||
| Foreign Currency Transaction Gain (Loss), before Tax | $ (50) | ||||||
| |||||||
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Restricted Cash and Cash Equivalents Items [Line Items] | ||
| Cash and Cash Equivalents | $ 4,421 | $ 7,250 |
| Cash, Cash Equivalents, and Restricted Cash | 4,937 | 7,808 |
| Other Current Assets [Member] | ||
| Restricted Cash and Cash Equivalents Items [Line Items] | ||
| Restricted Cash | $ 516 | $ 558 |
Supplementary Information Accounts and Notes Receivable - Net (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Receivables [Abstract] | ||
| Accounts and notes receivable - net | $ 7,734 | $ 5,239 |
| Notes receivable | $ 1,615 | $ 199 |
Income Taxes Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||
|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
|
| Successor [Member] | ||||||
| Operating Loss Carryforwards [Line Items] | ||||||
| Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense (Benefit) | $ 7 | $ 55 | $ (2,661) | |||
| Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense | $ 715 | |||||
| Tax Cuts and Jobs Act of 2017, Indirect Impact on Inventory, Income Tax Expense | $ 16 | |||||
| Predecessor [Member] | ||||||
| Operating Loss Carryforwards [Line Items] | ||||||
| Tax benefit related to reduction in company's unrecognized tax benefits | $ 57 | |||||
| Pre tax benefit on associated accrued interest reversals | 50 | |||||
| Continuing Operations [Member] | Predecessor [Member] | ||||||
| Operating Loss Carryforwards [Line Items] | ||||||
| Tax benefit related to reduction in company's unrecognized tax benefits | 53 | |||||
| Pre tax benefit on associated accrued interest reversals | 47 | |||||
| Discontinued Operations [Member] | Predecessor [Member] | ||||||
| Operating Loss Carryforwards [Line Items] | ||||||
| Tax benefit related to reduction in company's unrecognized tax benefits | 4 | |||||
| Pre tax benefit on associated accrued interest reversals | $ 3 | |||||
| 2016 RTA [Member] | Predecessor [Member] | ||||||
| Operating Loss Carryforwards [Line Items] | ||||||
| Tax expense associated with the elimination of the U.S. domestic manufacturing deduction | $ 29 | |||||
Earnings Per Share of Common Stock Earnings Per Share Reconciliation (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
|---|---|---|---|
Aug. 31, 2017 |
Jun. 30, 2017 |
Jun. 30, 2017 |
|
| Predecessor [Member] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Income from Continuing Operations after Income Taxes, attributable to DuPont | $ 717 | $ 1,888 | |
| Preferred Dividends | (3) | (5) | |
| Income from continuing operations after income taxes available to DuPont common stockholders | 714 | 1,883 | |
| Income from Discontinued Operations after income taxes available to DuPont common stockholders | 145 | 87 | |
| Net Income Available to Common Stockholders | $ 859 | $ 1,970 | |
| Weighted Average Number of Shares Outstanding, Basic | 868,481,000 | 867,496,000 | |
| Dilutive effect of the company's employee compensation plans | 4,269,000 | 4,424,000 | |
| Weighted Average Number of Shares Outstanding, Diluted | 872,750,000 | 871,920,000 | |
| Common Stock [Member] | Merger with Dow [Member] | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Share exchange ratio, DuPont to DowDuPont | 1.2820 |
Earnings Per Share of Common Stock Average Number of Antidilutive Stock Options (Details) - shares |
3 Months Ended | 6 Months Ended |
|---|---|---|
Jun. 30, 2017 |
Jun. 30, 2017 |
|
| Predecessor [Member] | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Average number of stock options excluded from diluted calculation | 0 | 3,000 |
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Inventory Disclosure [Abstract] | ||
| Finished Products | $ 3,645 | $ 4,500 |
| Semi-finished Products | 1,300 | 2,769 |
| Raw Materials | 520 | 371 |
| Stores and Supplies | 306 | 447 |
| Total | 5,771 | 8,087 |
| Adjustment of inventories to a LIFO basis | 532 | 546 |
| Total inventories | $ 6,303 | $ 8,633 |
Goodwill and Other Intangible Assets Goodwill (Details) $ in Millions |
6 Months Ended |
|---|---|
|
Jun. 30, 2018
USD ($)
| |
| Goodwill [Line Items] | |
| Goodwill, Beginning Balance | $ 45,589 |
| Currency Translation Adjustment | (484) |
| Goodwill, Ending Balance | 45,510 |
| Merger with Dow [Member] | |
| Goodwill [Line Items] | |
| Measurement Period Adjustments | 394 |
| H&N Acquisition [Member] | |
| Goodwill [Line Items] | |
| Measurement Period Adjustments | $ 11 |
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||
|---|---|---|---|---|---|---|---|
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | $ 16,239 | $ 16,334 | |||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (1,027) | (389) | |||||
| Finite-Lived Intangible Assets, Net | 15,212 | 15,945 | |||||
| Indefinite-Lived Intangible Assets (Excluding Goodwill) | 11,654 | 11,781 | |||||
| Intangible Assets, Gross (Excluding Goodwill) | 27,893 | 28,115 | |||||
| Total other intangible assets | 26,866 | 27,726 | |||||
| In Process Research and Development [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Indefinite-Lived Intangible Assets (Excluding Goodwill) | 630 | 660 | |||||
| Germplasm [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Indefinite-Lived Intangible Assets (Excluding Goodwill) | [1] | 6,265 | 6,265 | ||||
| Trademarks and Trade Names [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Indefinite-Lived Intangible Assets (Excluding Goodwill) | 4,759 | 4,856 | |||||
| Customer-Related Intangible Assets [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 9,412 | 9,502 | |||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (469) | (186) | |||||
| Finite-Lived Intangible Assets, Net | 8,943 | 9,316 | |||||
| Developed Technology Rights [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 4,497 | 4,364 | |||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (390) | (144) | |||||
| Finite-Lived Intangible Assets, Net | 4,107 | 4,220 | |||||
| Trademarks and Trade Names [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 1,086 | 1,117 | |||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (70) | (26) | |||||
| Finite-Lived Intangible Assets, Net | 1,016 | 1,091 | |||||
| Favorable Supply Contract [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 475 | 495 | |||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (64) | (17) | |||||
| Finite-Lived Intangible Assets, Net | 411 | 478 | |||||
| Microbial Cell Factories [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | 391 | 397 | |||||
| Finite-Lived Intangible Assets, Accumulated Amortization | (14) | (6) | |||||
| Finite-Lived Intangible Assets, Net | 377 | 391 | |||||
| Other Intangible Assets [Member] | |||||||
| Acquired Finite-Lived Intangible Assets [Line Items] | |||||||
| Finite-Lived Intangible Assets, Gross | [2] | 378 | 459 | ||||
| Finite-Lived Intangible Assets, Accumulated Amortization | [2] | (20) | (10) | ||||
| Finite-Lived Intangible Assets, Net | [2] | $ 358 | $ 449 | ||||
| |||||||
Goodwill and Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Continuing Operations [Member] | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Pre-tax amortization expense, remainder of 2018 | $ 618 | $ 618 | ||
| Pre-tax amortization expense, 2019 | 1,254 | 1,254 | ||
| Pre-tax amortization expense, 2020 | 1,244 | 1,244 | ||
| Pre-tax amortization expense, 2021 | 1,228 | 1,228 | ||
| Pre-tax amortization expense, 2022 | 1,221 | 1,221 | ||
| Pre-tax amortization expense, 2023 | 1,207 | 1,207 | ||
| Successor [Member] | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | $ 333 | $ 648 | ||
| Predecessor [Member] | ||||
| Finite-Lived Intangible Assets [Line Items] | ||||
| Amortization expense | $ 57 | $ 108 | ||
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Narrative (Details) $ in Millions |
36 Months Ended | |||
|---|---|---|---|---|
Mar. 22, 2019 |
Jun. 30, 2018
USD ($)
|
Feb. 13, 2018
USD ($)
|
Mar. 22, 2016
USD ($)
|
|
| Repurchase Agreements [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 1,300 | |||
| Term Loan Facility due 2019 [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |||
| Line of Credit Facility, Number of Borrowings | 3 | |||
| Long-term Line of Credit | $ 1,500 | |||
| Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | |||
| Term Loan Facility due 2019 [Member] | Scenario, Forecast [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Debt Instrument, Term | 3 years | |||
| Revolving Credit Facility [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | |||
| Securities Sold under Agreements to Repurchase [Member] | ||||
| Short-term Debt [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] | ||||
| Short-term Debt [Line Items] | ||||
| Short-term debt | 1,150 | |||
| Accounts and Notes Receivable, Net [Member] | Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Line of Credit Facility, amount pledged as collateral | $ 1,208 | |||
| Maximum [Member] | Term Loan Facility due 2019 [Member] | ||||
| Short-term Debt [Line Items] | ||||
| Line of Credit Facility, Number of Borrowings | 7 |
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |||
|---|---|---|---|---|
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
| Guarantor Obligations [Line Items] | ||||
| Guarantee Obligations | $ 292 | $ 297 | ||
| Customer Guarantee, Bank Borrowings [Member] | ||||
| Guarantor Obligations [Line Items] | ||||
| Guarantee Obligations | [1] | $ 89 | ||
| Guarantor Obligations, Liquidation Proceeds, Percentage | 24.00% | |||
| ||||
Commitments and Contingent Liabilities Guarantees (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Guarantor Obligations [Line Items] | |||||||||
| Guarantor Obligations, Maximum Exposure, Undiscounted | $ 292 | $ 297 | |||||||
| Customer Guarantee, Bank Borrowings [Member] | |||||||||
| Guarantor Obligations [Line Items] | |||||||||
| Guarantor Obligations, Maximum Exposure, Undiscounted | [1] | $ 89 | |||||||
| Guaranteed Obligations, Maximum Term, Years | 4 years | ||||||||
| Equity Affiliates Guarantee, Bank Borrowings [Member] | |||||||||
| Guarantor Obligations [Line Items] | |||||||||
| Guarantor Obligations, Maximum Exposure, Undiscounted | [2] | $ 167 | |||||||
| Guaranteed Obligations, Maximum Term, Months | 6 months | ||||||||
| Residual Value Guarantee [Member] | |||||||||
| Guarantor Obligations [Line Items] | |||||||||
| Guarantor Obligations, Maximum Exposure, Undiscounted | [3] | $ 36 | |||||||
| Guaranteed Obligations, Maximum Term, Years | 11 years | ||||||||
| Current Portion [Member] | Customer Guarantee, Bank Borrowings [Member] | |||||||||
| Guarantor Obligations [Line Items] | |||||||||
| Guarantor Obligations, Maximum Exposure, Undiscounted | $ 85 | ||||||||
| |||||||||
Commitments and Contingent Liabilities Litigation (Details) |
3 Months Ended | 6 Months Ended | 12 Months Ended | 60 Months Ended | 78 Months Ended | |
|---|---|---|---|---|---|---|
|
Mar. 31, 2017
USD ($)
|
Jun. 30, 2018
USD ($)
lawsuits
|
Dec. 31, 2004
USD ($)
|
Jul. 06, 2022 |
Jun. 30, 2018
USD ($)
lawsuits
|
Jan. 01, 2012 |
|
| PFOA Matters | ||||||
| Loss Contingencies [Line Items] | ||||||
| Accrual balance | $ 16,000,000 | $ 16,000,000 | ||||
| PFOA Matters: Drinking Water Actions [Member] | ||||||
| Loss Contingencies [Line Items] | ||||||
| Binding Settlement Agreement Class Size | 80,000 | |||||
| Escrow Deposit | 2,000,000 | |||||
| Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements To Date | $ 1,000,000 | |||||
| Loss Contingency, Number Of Water Districts Receiving Water Treatment | 6 | |||||
| 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 | ||||
| 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 | ||||
| Period for sharing for PFOA liabilities | 5 years | |||||
| Predecessor [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
| Loss Contingencies [Line Items] | ||||||
| Litigation Settlement, Liability For Medical Monitoring Program, Threshold | $ 235,000,000 | |||||
| Predecessor [Member] | PFOA Matters: Multi-District Litigation [Member] | ||||||
| Loss Contingencies [Line Items] | ||||||
| Litigation Settlement, Amount Awarded to Other Party | $ 670,700,000 | |||||
| Predecessor [Member] | Payment for Plaintiffs Attorney Fees [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
| Loss Contingencies [Line Items] | ||||||
| Plaintiffs' attorneys' fees and expenses | 23,000,000 | |||||
| Predecessor [Member] | Payment to fund community health project [Member] | PFOA Matters: Drinking Water Actions [Member] | ||||||
| Loss Contingencies [Line Items] | ||||||
| Payments to fund community health project | $ 70,000,000 | |||||
| WEST VIRGINIA AND OHIO [Domain] | PFOA Matters: Drinking Water Actions [Member] | ||||||
| Loss Contingencies [Line Items] | ||||||
| Loss Contingency, Pending Claims, Number | 35 | 35 | ||||
| NEW YORK | PFOA Matters: Drinking Water Actions [Member] | ||||||
| Loss Contingencies [Line Items] | ||||||
| Loss Contingency, Pending Claims, Number | 3 | 3 | ||||
| Loss Contingency, Number of Plaintiffs | 5 | |||||
| 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 | $ 16,000,000 | $ 16,000,000 | ||||
| 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 |
Commitments and Contingent Liabilities Environmental (Details) $ in Millions |
Jun. 30, 2018
USD ($)
|
|---|---|
| Loss Contingencies [Line Items] | |
| Accrual for Environmental Loss Contingencies | $ 426 |
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 860 |
| Superfund Sites [Member] | |
| Loss Contingencies [Line Items] | |
| Accrual for Environmental Loss Contingencies | 60 |
| Chemours [Member] | |
| Loss Contingencies [Line Items] | |
| Accrual for Environmental Loss Contingencies | 236 |
| Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 420 |
| Chemours [Member] | Indemnification Agreement [Member] | |
| Loss Contingencies [Line Items] | |
| Indemnification Assets | 236 |
| Chemours [Member] | Indemnification Agreement [Member] | Superfund Sites [Member] | |
| Loss Contingencies [Line Items] | |
| Indemnification Assets | $ 41 |
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | $ 74,932 | ||||||
| Ending Balance | $ 72,767 | 72,767 | |||||
| Predecessor [Member] | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | $ 115 | $ 237 | |||||
| Net other comprehensive income (loss) | 358 | 846 | |||||
| Predecessor [Member] | Pension Plan | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | (6,720) | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (47) | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 244 | ||||||
| Net other comprehensive income (loss) | 197 | ||||||
| Ending Balance | (6,523) | (6,523) | |||||
| Predecessor [Member] | Other Benefit Plans | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | (357) | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 7 | ||||||
| Net other comprehensive income (loss) | 7 | ||||||
| Ending Balance | (350) | (350) | |||||
| Predecessor [Member] | Cumulative Translation Adjustment | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | (2,843) | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | 653 | |||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | ||||||
| Net other comprehensive income (loss) | 653 | ||||||
| Ending Balance | (2,190) | (2,190) | |||||
| Predecessor [Member] | Derivative Instruments | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | 7 | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 2 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (13) | ||||||
| Net other comprehensive income (loss) | (11) | ||||||
| Ending Balance | (4) | (4) | |||||
| Predecessor [Member] | Unrealized gain (loss) on investments | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | 2 | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 1 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | (1) | |||||
| Net other comprehensive income (loss) | 0 | ||||||
| Ending Balance | 2 | 2 | |||||
| Predecessor [Member] | Total | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | (9,911) | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 609 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 237 | ||||||
| Net other comprehensive income (loss) | 846 | ||||||
| Ending Balance | $ (9,065) | $ (9,065) | |||||
| Successor [Member] | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (6) | (7) | |||||
| Net other comprehensive income (loss) | (1,936) | (964) | |||||
| Successor [Member] | Pension Plan | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | 128 | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 9 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (2) | ||||||
| Net other comprehensive income (loss) | 7 | ||||||
| Ending Balance | 135 | 135 | |||||
| Successor [Member] | Other Benefit Plans | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | (53) | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | ||||||
| Net other comprehensive income (loss) | 0 | ||||||
| Ending Balance | (53) | (53) | |||||
| Successor [Member] | Cumulative Translation Adjustment | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | (454) | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | (966) | |||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | ||||||
| Net other comprehensive income (loss) | (966) | ||||||
| Ending Balance | (1,420) | (1,420) | |||||
| Successor [Member] | Derivative Instruments | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | (2) | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (5) | ||||||
| Net other comprehensive income (loss) | (5) | ||||||
| Ending Balance | (7) | (7) | |||||
| Successor [Member] | Unrealized gain (loss) on investments | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | 0 | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | 0 | |||||
| Net other comprehensive income (loss) | 0 | ||||||
| Ending Balance | 0 | 0 | |||||
| Successor [Member] | Total | |||||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
| Beginning Balance | (381) | ||||||
| Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (957) | ||||||
| Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (7) | ||||||
| Net other comprehensive income (loss) | (964) | ||||||
| Ending Balance | $ (1,345) | $ (1,345) | |||||
| |||||||
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Successor [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 5 | $ (1) | ||
| Successor [Member] | Derivative Instruments | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | 5 | 1 | ||
| Predecessor [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (51) | $ (112) | ||
| Predecessor [Member] | Derivative Instruments | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | 5 | 6 | ||
| Pension Plan | Successor [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | 0 | (2) | ||
| Pension Plan | Predecessor [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | (54) | (114) | ||
| Other Benefit Plans | Successor [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 0 | $ 0 | ||
| Other Benefit Plans | Predecessor [Member] | ||||
| Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
| Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ (2) | $ (4) | ||
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||||||||
| Successor [Member] | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Cost of Goods Sold | $ 5,669 | $ 10,516 | |||||||||||
| Income Tax Expense (Benefit) | 141 | 168 | |||||||||||
| Income from continuing operations after income taxes | 514 | 298 | |||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | (6) | (7) | |||||||||||
| Successor [Member] | Derivative Instruments | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Cost of Goods Sold | [1] | (6) | (7) | ||||||||||
| Income Tax Expense (Benefit) | [2] | 2 | 2 | ||||||||||
| Income from continuing operations after income taxes | (4) | (5) | |||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | (5) | ||||||||||||
| Successor [Member] | Unrealized loss on investments | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [3] | 0 | 0 | ||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | 0 | 0 | ||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 0 | 0 | |||||||||||
| Successor [Member] | Pension Plan | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | (2) | ||||||||||||
| Successor [Member] | Pension Plan | Prior Service Benefit | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [4] | 0 | 0 | ||||||||||
| Successor [Member] | 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 | [4] | (1) | (1) | ||||||||||
| Successor [Member] | Pension Plan | Settlement Gain | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [4] | (1) | (1) | ||||||||||
| Successor [Member] | 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 | (2) | (2) | |||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | 0 | 0 | ||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | (2) | (2) | |||||||||||
| Successor [Member] | Other Benefit Plans | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 0 | ||||||||||||
| Successor [Member] | Other Benefit Plans | Prior Service Benefit | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [4] | 0 | 0 | ||||||||||
| Successor [Member] | Other Benefit Plans | Actuarial (Gains) Losses | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [4] | 0 | 0 | ||||||||||
| Successor [Member] | Other Benefit Plans | 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 | 0 | 0 | |||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | 0 | 0 | ||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | $ 0 | $ 0 | |||||||||||
| Predecessor [Member] | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Cost of Goods Sold | $ 3,963 | $ 8,115 | |||||||||||
| Income Tax Expense (Benefit) | 84 | 281 | |||||||||||
| Income from continuing operations after income taxes | 722 | 1,900 | |||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 115 | 237 | |||||||||||
| Predecessor [Member] | Derivative Instruments | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Cost of Goods Sold | [1] | (13) | (21) | ||||||||||
| Income Tax Expense (Benefit) | [2] | 5 | 8 | ||||||||||
| Income from continuing operations after income taxes | (8) | (13) | |||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | (13) | ||||||||||||
| Predecessor [Member] | Unrealized loss on investments | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [3] | 0 | (1) | ||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | 0 | 0 | ||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 0 | (1) | |||||||||||
| Predecessor [Member] | Pension Plan | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 244 | ||||||||||||
| Predecessor [Member] | Pension Plan | Prior Service Benefit | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [4] | (1) | (2) | ||||||||||
| Predecessor [Member] | 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 | [4] | 189 | 379 | ||||||||||
| Predecessor [Member] | Pension Plan | Settlement Gain | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [4] | 0 | 0 | ||||||||||
| Predecessor [Member] | 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 | 188 | 377 | |||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | (68) | (133) | ||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 120 | 244 | |||||||||||
| Predecessor [Member] | Other Benefit Plans | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | 7 | ||||||||||||
| Predecessor [Member] | Other Benefit Plans | Prior Service Benefit | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [4] | (18) | (35) | ||||||||||
| Predecessor [Member] | Other Benefit Plans | Actuarial (Gains) Losses | |||||||||||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [4] | 23 | 46 | ||||||||||
| Predecessor [Member] | Other Benefit Plans | 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 | 5 | 11 | |||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | (2) | (4) | ||||||||||
| Reclassification from Accumulated Other Comprehensive Loss, Current Period, Net of Tax | $ 3 | $ 7 | |||||||||||
| |||||||||||||
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|||
| Successor [Member] | Pension Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Service Cost | $ 33 | $ 67 | ||||
| Interest Cost | 189 | 379 | ||||
| Expected return on plan assets | (301) | (604) | ||||
| Amortization of unrecognized (gain) loss | (1) | (1) | ||||
| Amortization of prior service benefit | 0 | 0 | ||||
| Curtailment/settlement gain | [1] | (4) | (4) | |||
| Net periodic benefit (credit) cost | (84) | (163) | ||||
| Successor [Member] | Other Post Employment Benefits Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Service Cost | 2 | 4 | ||||
| Interest Cost | 22 | 43 | ||||
| Amortization of unrecognized (gain) loss | 0 | 0 | ||||
| Amortization of prior service benefit | 0 | 0 | ||||
| Predecessor [Member] | Pension Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Service Cost | $ 34 | $ 67 | ||||
| Interest Cost | 197 | 392 | ||||
| Expected return on plan assets | (309) | (617) | ||||
| Amortization of unrecognized (gain) loss | 189 | 379 | ||||
| Amortization of prior service benefit | (1) | (2) | ||||
| Curtailment/settlement gain | 0 | 0 | ||||
| Net periodic benefit (credit) cost | 110 | 219 | ||||
| Predecessor [Member] | Other Post Employment Benefits Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Service Cost | 2 | 4 | ||||
| Interest Cost | 23 | 45 | ||||
| Amortization of unrecognized (gain) loss | 23 | 46 | ||||
| Amortization of prior service benefit | (18) | (35) | ||||
| Discontinued Operations [Member] | Successor [Member] | Pension Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net periodic benefit (credit) cost | 0 | 0 | ||||
| Discontinued Operations [Member] | Predecessor [Member] | Pension Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net periodic benefit (credit) cost | 1 | 2 | ||||
| Continuing Operations [Member] | Successor [Member] | Pension Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net periodic benefit (credit) cost | (84) | (163) | ||||
| Continuing Operations [Member] | Successor [Member] | Other Post Employment Benefits Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net periodic benefit (credit) cost | $ 24 | $ 47 | ||||
| Continuing Operations [Member] | Predecessor [Member] | Pension Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net periodic benefit (credit) cost | 109 | 217 | ||||
| Continuing Operations [Member] | Predecessor [Member] | Other Post Employment Benefits Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Net periodic benefit (credit) cost | $ 30 | 60 | ||||
| Principal U.S. Pension Plan [Member] | Predecessor [Member] | Pension Plan | ||||||
| Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
| Employer Contributions | $ 2,900 | |||||
| ||||||
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Cash Equivalents [Member] | ||
| Schedule of Held-to-maturity Securities [Line Items] | ||
| Held-to-maturity Securities | $ 3,020 | $ 5,205 |
| Marketable Securities [Member] | ||
| Schedule of Held-to-maturity Securities [Line Items] | ||
| Held-to-maturity Securities | $ 374 | $ 952 |
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|---|---|---|
| Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative, Notional Amount | $ 145 | $ 587 |
| Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative, Notional Amount | 3,866 | 3,922 |
| Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Derivative, Notional Amount | $ 8 | $ 6 |
Financial Instruments Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
|
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Derivative, Remaining Maturity | 2 years | |||
| After-tax net loss to be reclassified from AOCL into earnings over the next twelve months | $ 5 | |||
| Successor [Member] | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Additions and revaluations of derivatives designated as cash flow hedges | $ (15) | 1 | ||
| Predecessor [Member] | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Additions and revaluations of derivatives designated as cash flow hedges | $ 0 | $ 4 | ||
| Cash Flow Hedging [Member] | Successor [Member] | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Beginning Balance | 9 | (2) | ||
| Additions and revaluations of derivatives designated as cash flow hedges | (12) | 0 | ||
| Clearance of hedge results to earnings | (4) | (5) | ||
| Ending Balance | $ (7) | $ (7) | ||
| Cash Flow Hedging [Member] | Predecessor [Member] | ||||
| Derivative Instruments, Gain (Loss) [Line Items] | ||||
| Beginning Balance | 4 | 7 | ||
| Additions and revaluations of derivatives designated as cash flow hedges | 0 | 2 | ||
| Clearance of hedge results to earnings | (8) | (13) | ||
| Ending Balance | $ (4) | $ (4) | ||
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
|||
|---|---|---|---|---|---|
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Asset, Gross | $ 157 | $ 46 | |||
| Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (35) | (37) | ||
| Derivative Asset, Net | 122 | 9 | |||
| Derivative Liability, Gross | 35 | 79 | |||
| Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 9 | (32) | ||
| Derivative Liability, Net | 44 | 47 | |||
| Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Asset, Gross | 153 | 46 | |||
| Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (35) | (37) | ||
| Derivative Asset, Net | 118 | 9 | |||
| 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 | 35 | 79 | |||
| Derivative Liability, Counterparty and Cash Collateral Netting | [1] | 9 | (32) | ||
| Derivative Liability, Net | 44 | $ 47 | |||
| Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | |||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||
| Derivative Asset, Gross | 4 | ||||
| Derivative Asset, Net | $ 4 | ||||
| |||||
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2018 |
Jun. 30, 2017 |
Jun. 30, 2018 |
Jun. 30, 2017 |
||||||||||
| Successor [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Pre-Tax | $ (15) | $ 1 | |||||||||||
| Gain (Loss) on Derivative Instruments, Net, Pretax | 191 | 8 | |||||||||||
| Successor [Member] | Designated as Hedging Instrument [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Pre-Tax | (15) | 1 | |||||||||||
| Gain on Hedging Activity, Pre-tax | 6 | 7 | |||||||||||
| Successor [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Pre-Tax | (15) | 1 | |||||||||||
| Successor [Member] | 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] | 6 | 7 | ||||||||||
| Successor [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | 185 | 1 | |||||||||||
| Successor [Member] | 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, Gain (Loss), Net, Pre-tax | [2] | 8 | 5 | ||||||||||
| Successor [Member] | 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, Gain (Loss), Net, Pre-tax | [3] | 177 | (4) | ||||||||||
| Successor [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Sales Revenue, Net [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | [4] | $ 0 | $ 0 | ||||||||||
| Predecessor [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Pre-Tax | $ 0 | $ 4 | |||||||||||
| Gain (Loss) on Derivative Instruments, Net, Pretax | (74) | (147) | |||||||||||
| Predecessor [Member] | Designated as Hedging Instrument [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Pre-Tax | 0 | 4 | |||||||||||
| Gain on Hedging Activity, Pre-tax | 13 | 21 | |||||||||||
| Predecessor [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Effective Portion, Pre-Tax | 0 | 4 | |||||||||||
| Predecessor [Member] | 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] | 13 | 21 | ||||||||||
| Predecessor [Member] | Not Designated as Hedging Instrument [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | (87) | (168) | |||||||||||
| Predecessor [Member] | 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, Gain (Loss), Net, Pre-tax | [2] | 0 | 4 | ||||||||||
| Predecessor [Member] | 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, Gain (Loss), Net, Pre-tax | [3] | (86) | (171) | ||||||||||
| Predecessor [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Sales Revenue, Net [Member] | |||||||||||||
| Derivative Instruments, Gain (Loss) [Line Items] | |||||||||||||
| Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | [4] | $ (1) | $ (1) | ||||||||||
| |||||||||||||
Fair Value Measurements Fair Value Tables (Details) - USD ($) $ in Millions |
Jun. 30, 2018 |
Dec. 31, 2017 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
| Derivative Asset | $ 157 | $ 46 | ||||||||||
| Derivative Liability | 35 | 79 | ||||||||||
| Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
| Cash Equivalents and Restricted Cash Equivalents | 3,020 | [1] | 5,205 | [2] | ||||||||
| Marketable Securities | 374 | 952 | ||||||||||
| Assets at Fair Value | 3,551 | 6,203 | ||||||||||
| Long-term Debt, Fair Value | 11,186 | 11,560 | ||||||||||
| Liabilities at Fair Value | 11,221 | 11,639 | ||||||||||
| Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | ||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
| Derivative Asset | [3] | 4 | ||||||||||
| Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||
| Derivative Asset | 153 | [3] | 46 | [4] | ||||||||
| Derivative Liability | $ 35 | [3] | $ 79 | [4] | ||||||||
| ||||||||||||