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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-38196

DUPONT DE NEMOURS, INC.
(Exact name of registrant as specified in its charter)
Delaware 81-1224539
State or other jurisdiction of incorporation or organization (I.R.S. Employer Identification No.)
974 Centre Road
Building 730
Wilmington
Delaware
19805
(Address of Principal Executive Offices)
(Zip Code)

(302) 774-3034
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share DD New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
                                                 Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
                                 Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated filer ¨
Non-accelerated filer ¨ Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

The registrant had 523,056,692 shares of common stock, $0.01 par value, outstanding at August 2, 2021.


DuPont de Nemours, Inc.

QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended June 30, 2021

TABLE OF CONTENTS

PAGE
Item 1.
6
7
8
9
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 4.
Item 5.
Item 6.

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DuPont de Nemours, Inc.

Throughout this Quarterly Report on Form 10-Q, except as otherwise noted by the context, the terms "DuPont" or "Company" used herein mean DuPont de Nemours, Inc. and its consolidated subsidiaries. On June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. (“DuPont”) (for certain events prior to June 1, 2019, the Company may be referred to as DowDuPont). Beginning on June 3, 2019, the Company's common stock is traded on the New York Stock Exchange under the ticker symbol "DD."

On April 1, 2019, the Company completed the separation of the materials science business through the spin-off of Dow Inc., (“Dow”) including Dow’s subsidiary The Dow Chemical Company (the “Dow Distribution”). On June 1, 2019, the Company completed the separation of the agriculture business through the spin-off of Corteva, Inc. (“Corteva”) including Corteva’s subsidiary E. I. du Pont de Nemours and Company (“EID”), (the “Corteva Distribution and together with the Dow Distribution, the “DWDP Distributions”).

On February 1, 2021 the Company completed the divestiture of the Nutrition & Biosciences (“N&B”) business to International Flavors & Fragrance Inc. (“IFF”) in a Reverse Morris Trust transaction (the “N&B Transaction”) that resulted in IFF issuing shares to DuPont stockholders.

The financial position of DuPont as of December 31, 2020 and the results of operations of DuPont for the three and six months ended June 30, 2021 and 2020 present the historical financial results of N&B as discontinued operations. The cash flows and comprehensive income related to N&B have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of N&B.

On July 1, 2021, DuPont completed the previously announced acquisition of the Laird Performance Materials business, (the “Laird PM Acquisition”).

DuPontTM and all products, unless otherwise noted, denoted with TM, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.

FORWARD-LOOKING STATEMENTS
This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions and variations or negatives of these words.

Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to the: (i) ability to achieve expected benefits, synergies and operating efficiencies in connection with the Laird PM Acquisition within the expected time frames or at all or to successfully integrate the Laird Performance Materials business; (ii) ability to achieve anticipated tax treatments in connection with the N&B Transaction, Laird PM Acquisition or the DWDP Distributions; (iii) changes in relevant tax and other laws; (iv) indemnification of certain legacy liabilities of EID in connection with the Corteva Distribution; (v) risks and costs related to the performance under and impact of the cost sharing arrangement by and between DuPont, Corteva and The Chemours Company related to future eligible PFAS costs; (vi) failure to effectively manage acquisitions, divestitures, alliances, joint ventures and other portfolio changes, including meeting conditions under the Letter Agreement entered in connection with the Corteva Distribution, related to the transfer of certain levels of assets and businesses; (vii) uncertainty as to the long-term value of DuPont common stock; (viii) risks and uncertainties related to the novel coronavirus (COVID-19) and the responses thereto (such as voluntary and in some cases, mandatory quarantines as well as shut downs and other restrictions on travel and commercial, social and other activities) on DuPont’s business, results of operations, access to sources of liquidity and financial condition which depend on highly uncertain and unpredictable future developments, including, but not limited to, the duration and spread of the COVID-19 outbreak, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating conditions resume; and (ix) other risks to DuPont's business, operations; each as further discussed in detail in and results of operations as discussed in DuPont’s annual report on Form 10-K for the year ended December 31, 2020 and its subsequent reports on Form 10-Q and Form 8-K. Unlisted factors may present significant additional obstacles to the realization
4


of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business or supply chain disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material adverse effect on DuPont’s consolidated financial condition, results of operations, credit rating or liquidity. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. DuPont assumes no obligation to publicly provide revisions or updates to any forward-looking statements whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.
5


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
DuPont de Nemours, Inc.
Consolidated Statements of Operations

Three Months Ended June 30,  Six Months Ended June 30,
In millions, except per share amounts (Unaudited) 2021 2020 2021 2020
Net sales $ 4,135  $ 3,289  $ 8,111  $ 6,959 
Cost of sales 2,655  2,298  5,167  4,617 
Research and development expenses 148  153  304  326 
Selling, general and administrative expenses 459  414  915  896 
Amortization of intangibles 167  177  334  355 
Restructuring and asset related charges - net 10  24  12  422 
Goodwill impairment charge —  2,498  —  3,031 
Integration and separation costs 23  16  29  139 
Equity in earnings of nonconsolidated affiliates 25  102  51  141 
Sundry income (expense) - net 146  (11) 162  201 
Interest expense 129  181  275  352 
Income (loss) from continuing operations before income taxes 715  (2,381) 1,288  (2,837)
Provision for income taxes on continuing operations 151  183  102 
Income (loss) from continuing operations, net of tax 564  (2,389) 1,105  (2,939)
(Loss) income from discontinued operations, net of tax (77) (82) 4,780  (142)
Net income (loss) 487  (2,471) 5,885  (3,081)
Net income attributable to noncontrolling interests 13  13 
Net income (loss) available for DuPont common stockholders $ 478  $ (2,478) $ 5,872  $ (3,094)
Per common share data:
Earnings (loss) per common share from continuing operations - basic $ 1.05  $ (3.26) $ 1.93  $ (4.01)
(Loss) earnings per common share from discontinued operations - basic (0.15) (0.11) 8.43  (0.19)
Earnings (loss) per common share - basic $ 0.90  $ (3.37) $ 10.36  $ (4.20)
Earnings (loss) per common share from continuing operations - diluted $ 1.04  $ (3.26) $ 1.92  $ (4.01)
(Loss) earnings per common share from discontinued operations - diluted (0.14) (0.11) 8.41  (0.19)
Earnings (loss) per common share - diluted $ 0.90  $ (3.37) $ 10.33  $ (4.20)
Weighted-average common shares outstanding - basic 529.6  734.3  567.0  736.5 
Weighted-average common shares outstanding - diluted 531.2  734.3  568.5  736.5 
See Notes to the Consolidated Financial Statements.
6



DuPont de Nemours, Inc.
Consolidated Statements of Comprehensive Income
Three Months Ended June 30,  Six Months Ended June 30,
In millions (Unaudited) 2021 2020 2021 2020
Net income (loss) $ 487  $ (2,471) $ 5,885  $ (3,081)
Other comprehensive (loss) income, net of tax
Cumulative translation adjustments 119  345  (365) (59)
Pension and other post-employment benefit plans (1) 11 
Derivative instruments 18  —  18  — 
Split-off of N&B —  —  258  — 
Total other comprehensive income (loss) 136  348  (78) (54)
Comprehensive income (loss) 623  (2,123) 5,807  (3,135)
Comprehensive income attributable to noncontrolling interests, net of tax 10 
Comprehensive income (loss) attributable to DuPont $ 615  $ (2,133) $ 5,802  $ (3,143)
See Notes to the Consolidated Financial Statements.
7



DuPont de Nemours, Inc.
Condensed Consolidated Balance Sheets
In millions, except share amounts (Unaudited) June 30, 2021 December 31, 2020
Assets
Current Assets
Cash and cash equivalents
$ 3,962  $ 2,544 
Accounts and notes receivable - net
2,826  2,421 
Inventories
2,642  2,393 
Other current assets
216  181 
Assets held for sale 846  810 
Assets of discontinued operations —  20,659 
Total current assets
10,492  29,008 
Property, plant and equipment - net of accumulated depreciation (June 30, 2021 - $4,528; December 31, 2020 - $4,256)
6,856  6,867 
Other Assets
Goodwill
18,565  18,702 
Other intangible assets
7,707  8,072 
Restricted cash —  6,206 
Investments and noncurrent receivables 1,068  1,047 
Deferred income tax assets
183  190 
Deferred charges and other assets
968  812 
Total other assets
28,491  35,029 
Total Assets $ 45,839  $ 70,904 
Liabilities and Equity
Current Liabilities
Accounts payable
$ 2,349  $ 2,222 
Income taxes payable
236  169 
Accrued and other current liabilities
1,219  1,085 
Liabilities related to assets held for sale 136  140 
Liabilities of discontinued operations —  8,610 
Total current liabilities
3,940  12,226 
Long-Term Debt 10,627  15,611 
Other Noncurrent Liabilities
Deferred income tax liabilities
1,869  2,053 
Pension and other post-employment benefits - noncurrent 1,045  1,110 
Other noncurrent obligations
894  834 
Total other noncurrent liabilities
3,808  3,997 
Total Liabilities 18,375  31,834 
Commitments and contingent liabilities
Stockholders' Equity
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2021: 524,644,217 shares; 2020: 734,204,054 shares)
Additional paid-in capital
49,681  50,039 
Accumulated deficit (22,783) (11,586)
Accumulated other comprehensive (loss) income (26) 44 
Total DuPont stockholders' equity
26,877  38,504 
Noncontrolling interests
587  566 
Total equity
27,464  39,070 
Total Liabilities and Equity $ 45,839  $ 70,904 
See Notes to the Consolidated Financial Statements.
8



DuPont de Nemours, Inc.
Consolidated Statements of Cash Flows
 Six Months Ended June 30,
In millions (Unaudited) 2021 2020
Operating Activities
Net income (loss) $ 5,885  $ (3,081)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 724  1,546 
Credit for deferred income tax and other tax related items (157) (310)
Earnings of nonconsolidated affiliates in excess of dividends received (38) (103)
Net periodic pension benefit cost 16 
Pension contributions (45) (49)
Net gain on sales and split-offs of assets, businesses and investments (5,118) (193)
Restructuring and asset related charges - net 14  423 
Goodwill impairment charge —  3,031 
Other net loss 92  92 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable (346) 111 
Inventories (337) (12)
Accounts payable 232  34 
Other assets and liabilities, net (91) 15 
Cash provided by operating activities 818  1,520 
Investing Activities
Capital expenditures (499) (719)
Proceeds from sales of property and businesses, net of cash divested 172  427 
Acquisitions of property and businesses, net of cash acquired (11) (73)
Purchases of investments (2,001) (1)
Proceeds from sales and maturities of investments 2,001 
Other investing activities, net 17 
Cash used for investing activities (329) (348)
Financing Activities
Changes in short-term notes payable —  (274)
Proceeds from issuance of long-term debt —  2,025 
Proceeds from issuance of long-term debt transferred to IFF at split-off 1,250  — 
Payments on long-term debt (5,000) (27)
Purchases of common stock (1,143) (232)
Proceeds from issuance of Company stock 108  34 
Employee taxes paid for share-based payment arrangements (25) (13)
Distributions to noncontrolling interests (24) (10)
Dividends paid to stockholders (319) (442)
Cash transferred to IFF at split-off (100) — 
Other financing activities, net (3) (11)
Cash (used for) provided by financing activities (5,256) 1,050 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (28) (30)
(Decrease) increase in cash, cash equivalents and restricted cash (4,795) 2,192 
Cash, cash equivalents and restricted cash from continuing operations, beginning of period 8,767  1,569 
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period
Cash, cash equivalents and restricted cash at beginning of period 8,775  1,577 
Cash, cash equivalents and restricted cash from continuing operations, end of period 3,980  3,762 
Cash, cash equivalents and restricted cash from discontinued operations, end of period — 
Cash, cash equivalents and restricted cash at end of period $ 3,980  $ 3,769 
See Notes to the Consolidated Financial Statements.
9



DuPont de Nemours, Inc.
Consolidated Statements of Equity
For the six months ended June 30, 2021 and 2020
In millions (Unaudited) Common Stock Additional Paid-in Capital Retained Earnings (Accumulated Deficit) Accumulated Other Comp Loss Treasury Stock Non-controlling Interests Total Equity
Balance at December 31, 2019 $ $ 50,796  $ (8,400) $ (1,416) $ —  $ 569  $ 41,556 
Adoption of accounting standards
—  —  (3) —  —  —  (3)
Net (loss) income —  —  (3,094) —  —  13  (3,081)
Other comprehensive loss —  —  —  (49) —  (5) (54)
Dividends ($0.90 per common share)
—  (662) —  —  —  —  (662)
Common stock issued/sold
—  34  —  —  —  —  34 
Stock-based compensation —  57  —  —  —  —  57 
Contributions from non-controlling interests —  —  —  —  — 
Distributions to non-controlling interests
—  —  —  —  —  (10) (10)
Purchases of treasury stock
—  —  —  —  (232) —  (232)
Retirement of treasury stock —  —  (232) —  232  —  — 
Other
—  (34) —  —  —  (33)
Balance at June 30, 2020 $ $ 50,191  $ (11,728) $ (1,465) $ —  $ 572  $ 37,577 
Balance at December 31, 2020 $ $ 50,039  $ (11,586) $ 44  $ —  $ 566  $ 39,070 
Net income —  —  5,872  —  —  13  5,885 
Other comprehensive loss
—  —  —  (70) —  (8) (78)
Dividends ($0.90 per common share)
—  (476) —  —  —  —  (476)
Common stock issued/sold
—  108  —  —  —  —  108 
Stock-based compensation
—  13  —  —  —  —  13 
Contributions from non-controlling interests —  —  —  —  —  67  67 
Distributions to non-controlling interests
—  —  —  —  —  (24) (24)
Purchases of treasury stock
—  —  —  —  (1,143) —  (1,143)
Retirement of treasury stock
—  —  (1,143) —  1,143  —  — 
Split-off of N&B (2) —  (15,926) —  —  (27) (15,955)
Other
—  (3) —  —  —  —  (3)
Balance at June 30, 2021 $ $ 49,681  $ (22,783) $ (26) $ —  $ 587  $ 27,464 
See Notes to the Consolidated Financial Statements.



10



DuPont de Nemours, Inc.
Consolidated Statements of Equity
For the three months ended June 30, 2021 and 2020

In millions (Unaudited) Common Stock Additional Paid-in Capital Retained Earnings (Accumulated Deficit) Accumulated Other Comp Loss Treasury Stock Non-controlling Interests Total Equity
Balance at March 31, 2020 $ $ 50,605  $ (9,251) $ (1,810) $ —  $ 566  $ 40,117 
Net (loss) income —  —  (2,478) —  —  (2,471)
Other comprehensive income
—  —  —  345  —  348 
Dividends ($0.60 per common share)
—  (440) —  —  —  —  (440)
Common stock issued/sold
—  —  —  —  —  —  — 
Stock-based compensation —  27  —  —  —  —  27 
Distributions to non-controlling interests
—  —  —  —  —  (4) (4)
Purchases of treasury stock
—  —  —  —  —  —  — 
Retirement of treasury stock —  —  —  —  —  —  — 
Other
—  (1) —  —  —  — 
Balance at June 30, 2020 $ $ 50,191  $ (11,728) $ (1,465) $ —  $ 572  $ 37,577 
Balance at March 31, 2021 $ $ 49,964  $ (22,618) $ (163) $ —  $ 517  $ 27,705 
Net income —  —  478  —  —  487 
Other comprehensive loss
—  —  —  137  —  (1) 136 
Dividends ($0.60 per common share)
—  (315) —  —  —  —  (315)
Common stock issued/sold
—  18  —  —  —  —  18 
Stock-based compensation
—  17  —  —  —  —  17 
Contributions from non-controlling interests —  —  —  —  —  67  67 
Distributions to non-controlling interests
—  —  —  —  —  (5) (5)
Purchases of treasury stock
—  —  —  —  (643) —  (643)
Retirement of treasury stock
—  —  (643) —  643  —  — 
Other
—  (3) —  —  —  —  (3)
Balance at June 30, 2021 $ $ 49,681  $ (22,783) $ (26) $ —  $ 587  $ 27,464 
See Notes to the Consolidated Financial Statements.

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Table of Contents
Note Page
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NOTE 1 - 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 ("U.S. 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, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the 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 Current Report on Form 8-K filed on June 3, 2021, collectively referred to as the "Recast 2020 Annual Report," which was filed in order to recast the Company's 2020 Annual Report on Form 10-K to reflect the presentation of the N&B Business as discontinued operations and to reflect the changes in the Company's reportable segments. These interim Consolidated Financial Statements should also be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained.

Basis of Presentation
Effective August 31, 2017, pursuant to the merger of equals transaction contemplated by the Agreement and Plan of Merger, dated as of December 11, 2015, as amended on March 31, 2017 ("Merger Agreement"), The Dow Chemical Company ("TDCC") and E. I. du Pont de Nemours and Company ("EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, TDCC and EID became subsidiaries of DowDuPont (the "DWDP Merger"). Except as otherwise indicated by the context, the term "TDCC" includes TDCC and its consolidated subsidiaries and "EID" includes EID and its consolidated subsidiaries.

On April 1, 2019, the Company completed the separation of the materials science business through the spin-off of Dow Inc., (“Dow”) including Dow’s subsidiary TDCC (the “Dow Distribution”). On June 1, 2019, the Company completed the separation of the agriculture business through the spin-off of Corteva, Inc. (“Corteva”) including Corteva’s subsidiary EID, (the “Corteva Distribution" and together with the Dow Distribution, the “DWDP Distributions”).

Following the Corteva Distribution, DuPont holds the specialty products business as continuing operations. On June 1, 2019, DowDuPont changed its registered name from "DowDuPont Inc." to "DuPont de Nemours, Inc." doing business as "DuPont." Beginning on June 3, 2019, the Company's common stock is traded on the NYSE under the ticker symbol "DD."

N&B Transaction
On February 1, 2021, DuPont completed the separation and distribution of the Nutrition & Biosciences business segment (the "N&B Business"), and merger of Nutrition & Biosciences, Inc. (“N&B”), a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of International Flavors & Fragrances Inc. ("IFF"). The distribution was effected through an exchange offer (the “Exchange Offer”) and the consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). See Note 2 for more information.

The financial position of DuPont as of December 31, 2020 and the results of operations of DuPont for the three and six months ended June 30, 2021 and 2020 present the historical financial results of N&B as discontinued operations. The cash flows and comprehensive income related to N&B have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of N&B.

2021 Segment Realignment
Immediately following the separation and distribution of the N&B Business, the Company made changes to its management and reporting structure (the “2021 Segment Realignment”) (see Note 22 for additional details). The reporting changes have been retrospectively reflected for all periods presented.
13


NOTE 2 - ACQUISITIONS AND DIVESTITURES
Laird Performance Materials
On July 1, 2021, DuPont completed the previously announced acquisition of Laird Performance Materials (“Laird PM”) from Advent International (“Laird PM Acquisition”). See Note 23 for further discussion.

N&B Transaction
On February 1, 2021, DuPont completed the separation and distribution of the N&B Business, and merger of N&B, a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of IFF. The distribution was effected through an exchange offer where, on the terms and subject to the conditions of the Exchange Offer, eligible participating DuPont stockholders had the option to tender all, some or none of their shares of common stock, par value $0.01 per share, of DuPont (the “DuPont Common Stock”) for a number of shares of common stock, par value $0.01 per share, of N&B (the “N&B Common Stock”) and which resulted in all shares of N&B Common Stock being distributed to DuPont stockholders that participated in the Exchange Offer. The consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). The N&B Transaction was subject to IFF shareholder approval, customary regulatory approvals, tax authority rulings including a favorable private letter ruling from the U.S. Internal Revenue Service which confirms the N&B Transaction to be free of U.S. federal income tax, and expiration of the public exchange offer. DuPont does not have an ownership interest in IFF as a result of the N&B Transaction.

In the Exchange Offer, DuPont accepted approximately 197.4 million shares of its common stock in exchange for about 141.7 million shares of N&B Common Stock as of the date of the N&B Transaction. As a result, DuPont reduced its common stock outstanding by 197.4 million shares of DuPont Common Stock. In the N&B Merger, each share of N&B Common Stock was automatically converted into the right to receive one share of IFF common stock, par value $0.125 per share, based on the terms of the N&B Merger Agreement.

The results of operations of N&B are presented as discontinued operations as summarized below:
Three Months Ended June 30,  Six Months Ended June 30,
In millions 2020 2021 2020
Net sales $ 1,539  $ 507  $ 3,090 
Cost of sales 993  352  1,992 
Research and development expenses 56  21  119 
Selling, general and administrative expenses 127  46  278 
Amortization of intangibles 351  38  706 
Restructuring and asset related charges - net (5)
Integration and separation costs 129  172  203 
Equity in earnings of nonconsolidated affiliates — 
Sundry income (expense) - net (3) (4)
Interest expense 12  13  24 
Loss from discontinued operations before income taxes (126) (128) (236)
Benefit from income taxes on discontinued operations (44) (26) (94)
Loss from discontinued operations, net of tax (82) (102) (142)
Non-taxable gain on split-off —  4,950  — 
(Loss) Income from discontinued operations attributable to DuPont stockholders, net of tax $ (82) $ 4,848  $ (142)

The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to N&B:
Three Months Ended June 30,  Six Months Ended June 30,
In millions 2020 2021 2020
Depreciation and amortization $ 425  $ 63  $ 852 
Capital expenditures $ 33  $ 27  $ 125 
14


The carrying amount of major classes of assets and liabilities that were included in discontinued operations at December 31, 2020 related to N&B consist of the following:
In millions December 31, 2020
Assets
Accounts and notes receivable - net $ 1,130 
Inventories 1,333 
Other current assets 65 
Investments and noncurrent receivables 36 
Property, plant, and equipment - net 3,118 
Goodwill 11,542 
Other intangible assets - net 3,072 
Deferred income tax assets 44 
Deferred charges and other assets 319 
Total assets of discontinued operations $ 20,659 
Liabilities
Short-term borrowings and finance lease obligations $
Accounts Payable 742 
Income taxes payable 36 
Accrued and other current liabilities 301 
Long-term debt 6,195 
Deferred income tax liabilities 852 
Pension and other post employment benefits - noncurrent 238 
Other noncurrent obligations 242 
Total liabilities of discontinued operations $ 8,610 

In connection with the N&B Transaction and in accordance with the terms of the N&B Transaction Agreements, defined below, prior to consummation of the Exchange Offer and the N&B Merger, DuPont received a one-time cash payment of approximately $7.3 billion, (the "Special Cash Payment"), which is subject to post closing adjustment pursuant to the terms of the N&B Separation & Distribution Agreement. The special cash payment was partially funded by an offering of $6.25 billion of senior unsecured notes (the “N&B Notes Offering”). The net proceeds of approximately $6.2 billion from the N&B Notes Offering were deposited into an escrow account and at December 31, 2020, are reflected as restricted cash in the Company’s interim Condensed Consolidated Balance Sheets. In order to fund the remainder of the Special Cash Payment, on February 1, 2021, N&B borrowed $1.25 billion under a senior unsecured term loan agreement (the "N&B Term Loan"). The obligations and liabilities associated with the N&B Notes Offering and the N&B Term Loan were separated from the Company on February 1, 2021 upon consummation of the N&B Transaction. The obligations and liabilities of $6.2 billion associated with the N&B Notes Offering are classified as "Liabilities of discontinued operations" in the Company's interim Condensed Consolidated Balance Sheets at December 31, 2020.

The Company recognized a non-taxable gain of approximately $4,950 million on the N&B Transaction. The gain is recorded in "(Loss) Income from discontinued operations, net of tax" in the Company's interim Consolidated Statements of Operations for the six months ended June 30, 2021.

N&B Transaction Agreements
In connection with the N&B Transaction, effective December 15, 2019, the Company, as previously discussed, entered into the following agreements:

A Separation and Distribution Agreement, subsequently amended and joined by Neptune Merger Sub II Inc., a subsidiary of IFF on January 22, 2021, and as amended further on February 1, 2021 (as amended, the “N&B Separation and Distribution Agreement”) with N&B and IFF, which, among other things, governs the separation of the N&B Business from DuPont and certain other post-closing obligations between DuPont and N&B related thereto;

An Agreement and Plan of Merger, (the “N&B Merger Agreement”) with N&B, IFF and Neptune Merger Sub I Inc., governing the N&B Merger and related matters; and

15


An Employee Matters Agreement, subsequently amended on January 22, 2021, (as amended, the “N&B Employee Matters Agreement Agreement”), with N&B and IFF, which, among other things, allocates among the parties the pre- and post-closing liabilities in respect of the current and former employees of the N&B Business (including liabilities in respect of employee compensation and benefit plans).

In connection with the closing of the N&B Transaction, and effective February 1, 2021, the Company entered into the following agreements:

DuPont, N&B and certain of their subsidiaries entered into an Intellectual Property Cross-License Agreement (the “N&B IP Cross-License Agreement”). The IP Cross-License Agreement sets forth the terms and conditions under which the applicable parties may use in their respective businesses certain know-how (including trade secrets), copyrights, design rights, software, and patents, allocated to another party pursuant to the N&B Separation and Distribution Agreement, and pursuant to which N&B may use certain standards retained by DuPont. All licenses under the IP Cross-License Agreement are non-exclusive, worldwide, and royalty-free; and

DuPont, N&B and IFF entered into a Tax Matters Agreement (the “N&B Tax Matters Agreement”), which governs the parties’ rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings, the preservation of the expected tax-free status of the transactions contemplated by the N&B Separation and Distribution Agreement, and other matters regarding taxes. See Note 6 for additional information on the N&B Tax Matters Agreement.

Other Discontinued Operations Activity
The Company recorded a loss from discontinued operations, net of tax of $63 million and $66 million for the three and six months ended June 30, 2021 related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EID and a settlement agreement between Chemours, Corteva and DuPont and Delaware's Attorney General. For additional information on these matters, refer to Note 14.

Assets Held for Sale
In October 2020, the Company entered into a definitive agreement to sell its Biomaterials business unit, which includes the Company's equity method investment in DuPont Tate & Lyle Bio Products. The sale of the Biomaterials business unit is expected to close within one year. In January 2021, the Company entered into a definitive agreement to sell its Clean Technologies business, which is expected to close in the second half of 2021. These divestitures are subject to regulatory approval and customary closing conditions and are expected to generate in aggregate pre-tax cash proceeds of about $750 million. The Company also signed a non-binding letter of intent to sell Chestnut Run labs, a portion of the Company's Chestnut Run campus. This transaction is expected to close within one year.

The assets and liabilities associated with the Biomaterials and Clean Technologies businesses met the held for sale criteria at September 30, 2020, and the assets associated with Chestnut Run labs met the held for sale criteria at March 31, 2021. These assets and liabilities remain classified as held for sale at June 30, 2021. The results of operations of the Biomaterials and Clean Technologies businesses are reported in Corporate.

16


The following table summarizes the carrying value of the major assets and liabilities of the Biomaterials and Clean Technologies business units and Chestnut Run labs as of June 30, 2021 (collectively, the “Held for Sale Disposal Group”) and the Biomaterials and Clean Technologies business units as of December 31, 2020:

In millions June 30, 2021 December 31, 2020
Assets
Accounts and notes receivable - net $ 57  $ 63 
Inventories 69  75 
Other current assets 38  35 
Investments and noncurrent receivables 169  164 
Property, plant and equipment - net 75  34 
Goodwill 267  267 
Other intangible assets 168  168 
Deferred charges and other assets
     Assets held for sale $ 846  $ 810 
Liabilities
Accounts payable $ 52  $ 40 
Income taxes payable
Accrued and other current liabilities 37  50 
Deferred income tax liabilities 29  30 
Pension and other post-employment benefits - noncurrent
Other noncurrent obligations 16  18 
     Liabilities related to assets held for sale $ 136  $ 140 

Sale of Solamet®
On June 30, 2021, the Company completed the sale of its Solamet® business unit, which is part of Corporate. Total consideration received related to the sale of the business is approximately $190 million, of which $47 million will be received in the third quarter. For the three months ended June 30, 2021, a pre-tax gain of $140 million ($105 million net of tax) was recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations.

Sale of Compound Semiconductor Solutions
In the first quarter of 2020, the Company completed the sale of its Compound Semiconductor Solutions business unit, a part of the Electronics & Industrial segment, to SK Siltron. The proceeds received in the first quarter of 2020 related to the sale of the business were approximately $420 million. For the six months ended June 30, 2020, a pre-tax gain of $197 million ($102 million net of tax) was recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations.

Integration and Separation Costs
Integration and separation costs primarily consist of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees. For the three and six months ended June 30, 2021, these costs were primarily associated with the execution of activities related to strategic initiatives including the planned divestiture of the Held for Sale Disposal Group and the divestiture of the Solamet® business unit. For the three and six months ended June 30, 2020, these costs were primarily associated with the execution of activities related to the post-DWDP Merger integration and the DWDP Distributions.

These costs are recorded within "Integration and separation costs" within the interim Consolidated Statements of Operations.
Three Months Ended June 30,  Six Months Ended June 30,
In millions 2021 2020 2021 2020
Integration and separation costs $ 23  $ 16  $ 29  $ 139 


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NOTE 3 - 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 and distributors. 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.

Disaggregation of Revenue
The Company disaggregates its revenue from contracts with customers by segment and business or major product line and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows.

On February 1, 2021, the Company realigned and renamed certain businesses as part of the 2021 Segment Realignment resulting in changes to its management and reporting structure (see Note 22 for additional details). In conjunction with the 2021 Segment Realignment, DuPont made the following changes to its major product lines:
Within Electronics & Industrial (formerly known as Electronics & Imaging) realigned product lines to include businesses formerly in Transportation & Industrial and renamed the Image Solutions product lines as Industrial Solutions;
Renamed Safety & Construction as Water & Protection;
Realigned certain businesses from the former Non-Core segment and renamed product lines within Mobility & Materials (formerly known as Transportation & Industrial) as Advanced Solutions, Engineering Polymers, and Performance Resins.

Net Trade Revenue by Segment and Business or Major Product Line Three Months Ended June 30,  Six Months Ended June 30,
In millions 2021 2020 2021 2020
Industrial Solutions $ 480  $ 379  $ 938  $ 791 
Interconnect Solutions 339  274  669  540 
Semiconductor Technologies 501  458  1,013  895 
Electronics & Industrial $ 1,320  $ 1,111  $ 2,620  $ 2,226 
Safety Solutions $ 650  $ 581  $ 1,287  $ 1,212 
Shelter Solutions 419  316  779  664 
Water Solutions 343  347  674  644 
Water & Protection $ 1,412  $ 1,244  $ 2,740  $ 2,520 
Advanced Solutions $ 391  $ 249  $ 773  $ 555 
Engineering Polymers 557  360  1,054  879 
Performance Resins 322  181  658  447 
Mobility & Materials $ 1,270  $ 790  $ 2,485  $ 1,881 
Corporate 1
$ 133  $ 144  266  332 
Total $ 4,135  $ 3,289  $ 8,111  $ 6,959 
1. Corporate net sales reflect activity of to be divested and previously divested businesses.

Net Trade Revenue by Geographic Region Three Months Ended June 30,  Six Months Ended June 30,
In millions 2021 2020 2021 2020
U.S. & Canada $ 1,155  $ 957  $ 2,206  $ 2,109 
EMEA 1
814  597  1,644  1,388 
Asia Pacific 2,016  1,641  3,966  3,222 
Latin America 150  94  295  240 
Total $ 4,135  $ 3,289  $ 8,111  $ 6,959 
1.Europe, Middle East and Africa.

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Contract Balances
From time to time, the Company enters into arrangements in which it receives payments from customers based upon contractual billing schedules. The Company records accounts receivables when the right to consideration becomes unconditional. Contract assets include amounts related to the Company’s conditional right to consideration for completed performance obligations not yet invoiced. Contract liabilities primarily reflect deferred revenue from advance payment for product that the Company has received from customers. The Company classifies deferred revenue as current or noncurrent based on the timing of when the Company expects to recognize revenue.

Revenue recognized in the first six months of 2021 from amounts included in contract liabilities at the beginning of the period and the amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional were insignificant.
Contract Balances June 30, 2021 December 31, 2020
In millions
Accounts and notes receivable - trade 1
$ 2,198  $ 1,911 
Deferred revenue - current 2
$ 31  $ 16 
Deferred revenue - noncurrent 3
$ 11  $ 21 
1.Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets.
2.Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets.
3.Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets.


NOTE 4 - RESTRUCTURING AND ASSET RELATED CHARGES - NET
Charges for restructuring programs and asset related charges, which includes asset impairments, were $10 million and $12 million for the three and six months ended June 30, 2021 and $24 million and $422 million for the three and six months ended June 30, 2020. These charges were recorded in "Restructuring and asset related charges - net" in the interim Consolidated Statements of Operations. The total liability related to restructuring programs was $48 million at June 30, 2021 and $96 million at December 31, 2020, recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. Restructuring activity consists of the following programs:

2020 Restructuring Program
In the first quarter of 2020, the Company approved restructuring actions designed to capture near-term cost reductions and to further simplify certain organizational structures in anticipation of the N&B Transaction (the "2020 Restructuring Program"). The Company recorded pre-tax restructuring charges of $180 million inception-to-date, consisting of severance and related benefit costs of $128 million and asset related charges of $52 million.

The following tables summarize the charges related to the 2020 Restructuring Program:
Three Months Ended June 30,  Six Months Ended June 30,
In millions 2021 2020 2021 2020
Severance and related benefit costs $ 10  $ $ 10  $ 95 
Asset related charges —  24 
Total restructuring and asset related charges - net $ 10  $ 14  $ 12  $ 119 

2020 Restructuring Program Charges (Credits) by Segment Three Months Ended June 30,  Six Months Ended June 30,
In millions 2021 2020 2021 2020
Electronics & Industrial $ $ —  $ $
Water & Protection —  —  22 
Mobility & Materials (3) 21 
Corporate
15  72 
Total $ 10  $ 14  $ 12  $ 119 

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The following table summarizes the activities related to the 2020 Restructuring Program:
2020 Restructuring Program Severance and Related Benefit Costs Asset Related Charges Total
In millions
Reserve balance at December 31, 2020 $ 62  $ —  $ 62 
Year-to-date restructuring charges 10  12 
Charges against the reserve —  (2) (2)
Cash payments (39) —  (39)
Reserve balance at June 30, 2021 $ 33  $ —  $ 33 

Total liabilities related to the 2020 Restructuring Program were $33 million at June 30, 2021 and $62 million at December 31, 2020, respectively, and recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The 2020 Restructuring Program is considered substantially complete.

2019 Restructuring Program
During the second quarter of 2019 and in connection with the ongoing integration activities, DuPont approved restructuring actions to simplify and optimize certain organizational structures following the completion of the DWDP Distributions (the "2019 Restructuring Program"). The Company has recorded pre-tax restructuring charges of $126 million inception-to-date, consisting of severance and related benefit costs of $99 million and asset related charges of $27 million.

Total liabilities related to the 2019 Restructuring Program were $6 million at June 30, 2021 and $14 million at December 31, 2020, respectively, and recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The 2019 Restructuring Program is considered substantially complete.

DowDuPont Cost Synergy Program
In September and November 2017, the Company approved post-merger restructuring actions under the DowDuPont Cost Synergy Program (the "Synergy Program"), which was designed to integrate and optimize the organization following the DWDP Merger and in preparation for the DWDP Distributions. The Company has recorded pre-tax restructuring charges attributable to the continuing operations of DuPont of $345 million inception-to-date, consisting of severance and related benefit costs of $137 million, asset related charges of $159 million and contract termination charges of $49 million.

Total liabilities related to the Synergy Program were $9 million at June 30, 2021 and $20 million at December 31, 2020, respectively, and recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The Synergy Program is considered substantially complete.

Asset Impairments
In the second quarter of 2020, the Company recorded a $21 million pre-tax impairment charge related to indefinite-lived intangible assets within the Mobility & Materials segment. This charge was recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the three and six months ended June 30, 2020. See Note 12 for further discussion.

The Company reviews and evaluates its long-lived assets for impairment when events and changes in circumstances indicate that the related carrying amount of such assets may not be recoverable and may exceed their fair value. For purposes of determining impairment, assets are grouped at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities.

In the first quarter of 2020, expectations of proceeds related to certain potential divestitures within Corporate gave rise to fair value indicators and, thus, triggering events requiring the Company to perform a recoverability assessment related to its Biomaterials business unit. The Company performed a long-lived asset impairment test and determined that, based on undiscounted cash flows, the carrying amount of certain long-lived assets was not recoverable. Accordingly, the Company estimated the fair value of these assets using a market approach utilizing Level 3 unobservable inputs. As a result, the Company recognized a $270 million pre-tax impairment charge recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operation for the six months ended June 30, 2020 with the charge impacting definite-lived intangible assets and property, plant, and equipment.

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NOTE 5 - SUPPLEMENTARY INFORMATION
Sundry Income (Expense) - Net Three Months Ended June 30,  Six Months Ended June 30,
In millions 2021 2020 2021 2020
Non-operating pension and other post-employment benefit (OPEB) credits $ 13  $ $ 25  $ 19 
Interest income
Net gain (loss) on divestiture and sales of other assets and investments 1
140  (4) 167  193 
Foreign exchange losses, net
(8) (18) (17) (21)
Miscellaneous (expenses) income - net 2
(1) (17)
Sundry income (expense) - net $ 146  $ (11) $ 162  $ 201 
1. The six months ended June 30, 2021 primarily reflects income of $140 million related to the gain on sale of assets within the Corporate segment and $24 million related to the gain on sale of assets within the Electronics & Industrial segment. The six months ended June 30, 2020 includes income of $197 million related to the gain on sale of the Compound Semiconductor Solutions business unit within the Electronics & Industrial segment.
2. The six months ended June 30, 2021 includes an impairment charge of approximately $15 million, recorded in the first quarter of 2021, related to Chestnut Run labs, which is part of the Held for Sale Disposal Group.

Cash, Cash Equivalents and Restricted Cash
At December 31, 2020, the Company had approximately $6.2 billion recorded within non-current “Restricted cash” in the Consolidated Balance Sheet. The restricted cash relates to net proceeds received from an offering of $6.25 billion of senior unsecured notes (the "N&B Notes Offering") associated with the N&B transaction. On February 1, 2021 this amount was released from escrow as part of the N&B Transaction and is no longer restricted. The liability from the N&B Notes Offering was classified as "Liabilities of discontinued operations" in the Company's interim Condensed Consolidated Balance Sheet as of December 31, 2020. See Note 2 for further discussion of the Company's divestiture of the N&B business.

Accrued and Other Current Liabilities
"Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets were $1,219 million at June 30, 2021 and $1,085 million at December 31, 2020. Accrued payroll, which is a component of "Accrued and other current liabilities," was $360 million at June 30, 2021. No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at June 30, 2021 and no component was more than 5 percent of total current liabilities at December 31, 2020.


NOTE 6 - INCOME TAXES
Each year the Company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the Company. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's results of operations.

The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attributes. The effective tax rate on continuing operations for the second quarter of 2021 was 21.1 percent, compared with an effective tax rate of (0.3) percent for the second quarter of 2020. For the first six months of 2021, the effective tax rate on continuing operations was 14.2% percent, compared with (3.6) percent for the first six months of 2020. The effective tax rate for the first six months of 2021 was principally the result of a $59 million tax benefit related to the step-up in tax basis in the goodwill of the Company’s European regional headquarters legal entity. The effective tax rate for the second quarter and for the first six months of 2020 was principally the result of the non-tax-deductible goodwill impairment charge impacting Corporate. See Note 12 for more information regarding the goodwill impairment charge.

Certain internal distributions and reorganizations that occurred in preparation for the N&B Transaction qualified as tax-free transactions under the applicable sections of the Internal Revenue Code. If the aforementioned transactions were to fail to qualify for non-recognition treatment for U.S. federal income tax purposes, then the Company could be subject to significant tax liability. In connection with the closing of the N&B Transaction, DuPont, N&B and IFF entered into the N&B Tax Matters Agreement. Under the N&B Tax Matters Agreement, the Company would generally be allocated such liability and not be indemnified, unless certain non-qualifying actions are undertaken by N&B or IFF. To the extent that the Company is responsible for any such liability, there could be a material adverse impact on the Company's business, financial condition, results of operations and cash flows in future reporting periods.

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For periods between the DWDP Merger and the DWDP Distributions, DuPont's consolidated federal income tax group and consolidated tax return included the Dow and Corteva entities. Generally, the consolidated tax liability of the DuPont U.S. tax group for each year was apportioned among the members of the consolidated group in accordance with the terms of the Amended and Restated DWDP Tax Matters Agreement. DuPont, Corteva 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 the Amended and Restated DWDP Tax Matters Agreement.


NOTE 7 - EARNINGS PER SHARE CALCULATIONS
The following tables provide earnings per share calculations for the three and six months ended June 30, 2021 and 2020:
Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended June 30,  Six Months Ended June 30,
In millions 2021 2020 2021 2020
Income (loss) from continuing operations, net of tax $ 564  $ (2,389) $ 1,105  $ (2,939)
Net income from continuing operations attributable to noncontrolling interests $ 13  $ 13 
Income (loss) from continuing operations attributable to common stockholders $ 555  $ (2,396) $ 1,092  $ (2,952)
(Loss) income from discontinued operations attributable to common stockholders (77) (82) $ 4,780  $ (142)
Net income (loss) attributable to common stockholders $ 478  $ (2,478) $ 5,872  $ (3,094)
Earnings Per Share Calculations - Basic Three Months Ended June 30,  Six Months Ended June 30,
Dollars per share 2021 2020 2021 2020
Earnings (loss) from continuing operations attributable to common stockholders $ 1.05  $ (3.26) $ 1.93  $ (4.01)
(Loss) earnings from discontinued operations, net of tax (0.15) (0.11) 8.43  (0.19)
Earnings (loss) attributable to common stockholders 2
$ 0.90  $ (3.37) $ 10.36  $ (4.20)
Earnings Per Share Calculations - Diluted Three Months Ended June 30,  Six Months Ended June 30,
Dollars per share 2021 2020 2021 2020
Earnings (loss) from continuing operations attributable to common stockholders $ 1.04  $ (3.26) $ 1.92  $ (4.01)
(Loss) earnings from discontinued operations, net of tax (0.14) (0.11) 8.41  (0.19)
Earnings (loss) attributable to common stockholders 2
$ 0.90  $ (3.37) $ 10.33  $ (4.20)
Share Count Information
Three Months Ended June 30,  Six Months Ended June 30,
Shares in millions 2021 2020 2021 2020
Weighted-average common shares - basic 529.6  734.3  567.0  736.5 
Plus dilutive effect of equity compensation plans 1.6  —  1.5  — 
Weighted-average common shares - diluted 531.2  734.3  568.5  736.5 
Stock options and restricted stock units excluded from EPS calculations 1
2.3  6.3  2.4  6.6 
1.These outstanding options to purchase shares of common stock, restricted stock, and performance stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
2.Earnings per share amounts are computed independently for income from continuing operations, income from discontinued operations and net income attributable to common stockholders. As a result, the per share amounts from continuing operations and discontinued operations may not equal the total per share amounts for net income attributable to common stockholders.


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NOTE 8 - ACCOUNTS AND NOTES RECEIVABLE - NET
In millions June 30, 2021 December 31, 2020
Accounts receivable – trade 1
$ 2,141  $ 1,850 
Notes receivable – trade 57  61 
Other 2
628  510 
Total accounts and notes receivable - net $ 2,826  $ 2,421 
1.Accounts receivable – trade is net of allowances of $35 million at June 30, 2021 and $32 million at December 31, 2020. Allowances are equal to the estimated uncollectible amounts and current expected credit loss. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts.
2.Other includes receivables in relation to value added tax, fair value of derivative instruments, indemnification assets, and general sales tax and other taxes. No individual group represents more than ten percent of total receivables.


NOTE 9 - INVENTORIES
Inventories June 30, 2021 December 31, 2020
In millions
Finished goods $ 1,613  $ 1,503 
Work in process 591  515 
Raw materials 289  251 
Supplies 149  124 
Total inventories $ 2,642  $ 2,393 


NOTE 10 - PROPERTY, PLANT, AND EQUIPMENT
Estimated Useful Lives (Years) June 30, 2021 December 31, 2020
In millions
Land and land improvements 1 - 25 $ 621  $ 682 
Buildings 1 - 50 2,065  2,031 
Machinery, equipment, and other 1 - 25 7,397  7,182 
Construction in progress 1,301  1,228 
Total property, plant and equipment $ 11,384  $ 11,123 
Total accumulated depreciation $ 4,528  $ 4,256 
Total property, plant and equipment - net $ 6,856  $ 6,867 

Three Months Ended June 30,  Six Months Ended June 30,
In millions 2021 2020 2021 2020
Depreciation expense $ 166  $ 172  $ 327  $ 340 


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NOTE 11 - NONCONSOLIDATED AFFILIATES
The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates") are recorded in "Investments and noncurrent receivables" in the interim Condensed Consolidated Balance Sheets.

The Company's net investment in nonconsolidated affiliates is shown in the following table:
Investments in Nonconsolidated Affiliates June 30, 2021 December 31, 2020
In millions
Investments and noncurrent receivables $ 914  $ 889 
Accrued and other current liabilities (65) (71)
Net investment in nonconsolidated affiliates $ 849  $ 818 

The Company maintained an ownership interest in 14 nonconsolidated affiliates at June 30, 2021.

Sales to nonconsolidated affiliates represented less than 2 percent of total net sales for the three and six months ended June 30, 2021 and less than 3 percent of total net sales for the three and six months ended June 30, 2020. Sales to nonconsolidated affiliates for three and six months ended June 30, 2020 were primarily related to the sale of trichlorosilane, a raw material used in the production of polycrystalline silicon, to the HSC Group, prior to the TCS/Hemlock Disposal in the third quarter of 2020. Sales of this raw material to the HSC Group are reflected in Corporate. Purchases from nonconsolidated affiliates represented less than 4 percent of “Cost of sales” for the three and six months ended June 30, 2021 and less than 3 percent for the three and six months ended June 30, 2020.


NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying amounts of goodwill during the six months ended June 30, 2021 were as follows:
Electronics & Industrial Water & Protection Mobility & Materials Total
In millions
Balance at December 31, 2020 $ 8,458  $ 6,969  $ 3,275  $ 18,702 
Currency Translation Adjustment
(42) (60) (43) (145)
Other —  — 
Balance at June 30, 2021 $ 8,416  $ 6,909  $ 3,240  $ 18,565 

The Company tests goodwill for impairment annually during the fourth quarter as of October 1, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. As a result of the related acquisition method of accounting in connection with the DWDP Merger, EID’s assets and liabilities were measured at fair value resulting in increases to the Company’s goodwill and other intangible assets. The fair value valuation increased the risk that declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the Company’s reporting units and assets, and therefore could result in an impairment.

The 2021 Segment Realignment served as a triggering event requiring the Company to perform an impairment analysis related to goodwill carried by its reporting units as of February 1, 2021, prior to the realignment. As part of the 2021 Segment Realignment, the Company assessed and re-defined certain reporting units effective February 1, 2021, including reallocation of goodwill on a relative fair value basis, as applicable, to new reporting units identified. Goodwill impairment analyses were then performed for the new reporting units identified in the Electronics & Industrial and Mobility & Materials segments impacted by the 2021 Segment Realignment. No impairments were identified as a result of the analyses described above.

In the second quarter of 2020, the Company recorded pre-tax, non-cash goodwill impairment charges of $2,498 million, impacting its Mobility & Materials and Industrial Solutions reporting units, which is reflected in "Goodwill impairment charges" in the interim Consolidated Statements of Operations for the three and six months ended June 30, 2020.

In the first quarter of 2020, the Company recorded pre-tax, non-cash goodwill impairment charges of $533 million, impacting Corporate, which is reflected in "Goodwill impairment charges" in the interim Consolidated Statements of Operations for the six months ended June 30, 2020.



24


Other Intangible Assets
The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
June 30, 2021 December 31, 2020
In millions Gross
Carrying
Amount
Accum Amort Net Gross Carrying Amount Accum Amort Net
Intangible assets with finite lives:
  Developed technology $ 2,763  $ (1,230) $ 1,533  $ 2,844  $ (1,220) $ 1,624 
  Trademarks/tradenames 1,095  (466) 629  1,095  (440) 655 
  Customer-related 7,004  (2,536) 4,468  7,075  (2,361) 4,714 
  Other 131  (83) 48  131  (81) 50 
Total other intangible assets with finite lives $ 10,993  $ (4,315) $ 6,678  $ 11,145  $ (4,102) $ 7,043 
Intangible assets with indefinite lives:
  Trademarks/tradenames 1,029  —  1,029  1,029  —  1,029 
Total other intangible assets 1,029  —  1,029  1,029  —  1,029 
Total $ 12,022  $ (4,315) $ 7,707  $ 12,174  $ (4,102) $ 8,072 

As part of the 2021 Segment Realignment, the Company reallocated its intangible assets with indefinite lives to align with the new segment structure. This served as a triggering event requiring the Company to perform an impairment analysis related to intangible assets with indefinite lives carried by its existing Electronics & Imaging and Transportation & Industrial segments as of February 1, 2021, prior to the realignment. Subsequent to the realignment the Company realigned intangible assets with indefinite lives as applicable to align the intangible assets with indefinite lives with the new segment structure. Impairment analyses were then performed for the intangible assets with indefinite lives carried by the Electronics & Industrial and Mobility & Materials segments. No impairments were identified as a result of the analyses described above.

In the second quarter of 2020, the Company performed quantitative testing on indefinite-lived intangible assets attributable to the Mobility & Materials segment, for which the Company determined that the fair value of certain tradenames had declined. As a result of the testing, the Company recorded a pre-tax, non-cash indefinite-lived intangible asset impairment charge of $21 million ($16 million after tax), which is reflected in "Restructuring and asset related charges - net," in the Consolidated Statements of Operations for the three and six months ended June 30, 2020. The remaining net book value of the tradenames attributable to the Mobility & Materials segment at June 30, 2020 was approximately $289 million, which represents fair value.

During the first quarter of 2020, the Company recorded non-cash impairment charges related to definite-lived intangible assets impacting Corporate. See Note 4 for further discussion.

The following table provides the net carrying value of other intangible assets by segment:
Net Intangibles by Segment June 30, 2021 December 31, 2020
In millions
Electronics & Industrial $ 2,466  $ 2,611 
Water & Protection 2,802  2,920 
Mobility & Materials 2,439  2,541 
Total $ 7,707  $ 8,072 

Total estimated amortization expense for the remainder of 2021 and the five succeeding fiscal years is as follows:
Estimated Amortization Expense
In millions
Remainder of 2021 $ 324 
2022 $ 607 
2023 $ 582 
2024 $ 562 
2025 $ 513 
2026 $ 495 


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NOTE 13 - SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES
The following table summarizes the Company's finance lease obligations and long-term debt:
Long-Term Debt June 30, 2021 December 31, 2020
In millions Amount Weighted Average Rate Amount Weighted Average Rate
Promissory notes and debentures:
  Final maturity 2023 1,2
$ 2,800  3.89  % $ 4,800  3.18  %
  Final maturity 2025 1
1,850  4.49  % 1,850  4.49  %
  Final maturity 2026 and thereafter 1
6,050  5.13  % 6,050  5.13  %
Other facilities:
  Term loan due 2022 —  —  % 3,000  1.25  %
Finance lease obligations
Less: Unamortized debt discount and issuance costs 74  90 
Less: Long-term debt due within one year
Total $ 10,627  $ 15,611 
1. Represents senior unsecured notes (the "2018 Senior Notes"), which are senior unsecured obligations of the Company.
2. The year ended December 31, 2020 includes $2 billion related to the May 2020 Notes.

Principal Payments of long-term debt for the remainder of 2021 and the five succeeding fiscal years are as follows:
Maturities of Long-Term Debt for Next Five Years at June 30, 2021 Total
In millions
Remainder of 2021 $ — 
2022 $ — 
2023 $ 2,800 
2024 $ — 
2025 $ 1,850 
2026 $ — 

The estimated fair value of the Company's long-term borrowings was determined using Level 2 inputs within the fair value hierarchy, as described in Note 21. Based on quoted market prices for the same or similar issues, or on current rates offered to the Company for debt of the same remaining maturities, the fair value of the Company's long-term borrowings, not including long-term debt due within one year, was $12,965 million and $18,336 million at June 30, 2021 and December 31, 2020, respectively.

Available Committed Credit Facilities
The following table summarizes the Company's credit facilities:
Committed and Available Credit Facilities at June 30, 2021
In millions Effective Date Committed Credit Credit Available Maturity Date Interest
Revolving Credit Facility, Five-year
May 2019 $ 3,000  $ 2,975  May 2024 Floating Rate
364-day Revolving Credit Facility
April 2021 1,000  1,000  April 2022 Floating Rate
Total Committed and Available Credit Facilities $ 4,000  $ 3,975 

N&B Transaction
As part of the N&B Transaction, the Company received a Special Cash Payment of approximately $7.3 billion. The Special Cash Payment was partially funded by the N&B Notes Offering, which was completed on September 16, 2020. In order to fund the remainder of the Special Cash Payment, immediately prior to the consummation of the N&B Transaction, N&B borrowed $1.25 billion under the N&B Term Loan on February 1, 2021. The obligations and liabilities associated with the N&B Notes Offering and the N&B Term Loan were separated from the Company on February 1, 2021 upon consummation of the N&B Transaction. See Note 2 for more information.






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May Debt Offering
On May 1, 2020, the Company completed an underwritten public offering of senior unsecured notes (the “May 2020 Notes”) in the aggregate principal amount of $2 billion of 2.169 percent fixed rate Notes due May 1, 2023 (the “May Debt Offering”). The consummation of the N&B Transaction triggered the special mandatory redemption feature of the May Debt Offering. The Company redeemed the May 2020 Notes on May 13, 2021 and funded the redemption with proceeds from the Special Cash Payment.

Term Loan Facilities
On February 1, 2021, the Company terminated its fully drawn term loan facilities in the aggregate principle amount of $3 billion (the "Term Loan Facilities"). The termination triggered the repayment of the aggregate outstanding principal amount of $3 billion, plus accrued and unpaid interest through and including January 31, 2021. The Company funded the repayment with proceeds from the Special Cash Payment.

Uncommitted Credit Facilities and Outstanding Letters of Credit
Unused bank credit lines on uncommitted credit facilities were $781 million at June 30, 2021. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were $133 million at June 30, 2021. These letters of credit support commitments made in the ordinary course of business.

Debt Covenants and Default Provisions
The Company's indenture covenants include customary limitations on liens, sale and leaseback transactions, and mergers and consolidations, subject to certain limitations. The 2018 Senior Notes also contain customary default provisions. The Five-Year Revolving Credit Facility and the 2021 $1B Revolving Credit Facility contain a financial covenant requiring that the ratio of Total Indebtedness to Total Capitalization for the Company and its consolidated subsidiaries not exceed 0.60. At June 30, 2021, the Company was in compliance with this financial covenant. There were no material changes to the debt covenants and default provisions at June 30, 2021.


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NOTE 14 - COMMITMENTS AND CONTINGENT LIABILITIES
Litigation, Environmental Matters, and Indemnifications
The Company and certain subsidiaries are involved in various lawsuits, claims and environmental actions that have arisen in the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain substances at various sites. In addition, in connection with divestitures and the related transactions, the Company from time to time has indemnified and has been indemnified by third parties against certain liabilities that may arise in connection with, among other things, business activities prior to the completion of the respective transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. The Company records liabilities for ongoing and indemnification matters when the information available indicates that it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated.

As of June 30, 2021, the Company has recorded indemnification assets of $60 million within "Accounts and notes receivable - net" and $240 million within "Deferred charges and other assets" and indemnification liabilities of $166 million within "Accrued and other current liabilities" and $190 million within "Other noncurrent obligations" within the Consolidated Balance Sheets.

The Company’s accruals discussed below for indemnification liabilities related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EID and the Company and to the DWDP Separation and Distribution Agreement and the Letter Agreement between the Company and Corteva (together the “Agreements”), are included in the balances above.

PFAS Stray Liabilities: Future Eligible PFAS Costs
On July 1, 2015, EID, a Corteva subsidiary since June 1, 2019, completed the separation of EID’s Performance Chemicals segment through the spin-off of Chemours to holders of EID common stock (the “Chemours Separation”).

On January 22, 2021, the Company, Corteva, EID and Chemours entered into the MOU pursuant to which the parties have agreed to release certain claims that had been raised by Chemours including any claims arising out of or resulting from the process and manner in which EID structured or conducted the Chemours Separation, and any other claims that challenge the Chemours Separation or the assumption of Chemours Liabilities (as defined in the Chemours Separation Agreement) by Chemours and the allocation thereof, subject in each case to certain exceptions set forth in the MOU. In connection with the MOU, the confidential arbitration process regarding certain claims by Chemours was terminated in February 2021. The parties have further agreed not to bring any future, additional claims regarding the Chemours Separation Agreement or the MOU outside of arbitration.

Pursuant to the MOU, the parties have agreed to share certain costs associated with potential future liabilities related to alleged historical releases of certain PFAS (per- or polyfluoroalkyl substances, which include perfluorooctanoic acids and its ammonium salts (“PFOA”)) out of pre-July 1, 2015 conduct (“eligible PFAS costs”) until the earlier to occur of (i) December 31, 2040, (ii) the day on which the aggregate amount of Qualified Spend, as defined in the MOU, is equal to $4 billion or (iii) a termination in accordance with the terms of the MOU.

The parties have agreed that, during the term of this sharing arrangement, Qualified Spend will be borne 50 percent by Chemours and 50 percent, up to a cap of $2 billion, by the Company and Corteva. The Company and Corteva will split their 50 percent of Qualified Spend in accordance with the Agreements. After the term of this arrangement, Chemours’ indemnification obligations under the Chemours Separation Agreement would continue unchanged, subject in each case to certain exceptions set forth in the MOU.

In order to support and manage any potential future eligible PFAS costs, the parties have also agreed to establish an escrow account. The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million into an escrow account and DuPont and Corteva shall together deposit $100 million in the aggregate into an escrow account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million into an escrow account and DuPont and Corteva shall together deposit $50 million in the aggregate into an escrow account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any year (excluding 2021). Additionally, if on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, Chemours will make 50 percent of the deposits and DuPont and Corteva together will make 50 percent of the deposits necessary to restore the balance of the escrow account to $700 million. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU.

The parties have agreed to cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU.
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Under the Agreements, Divested Operations and Businesses ("DDOB") liabilities of EID not allocated to or retained by Corteva or the Company are categorized as relating to either (i) PFAS Stray Liabilities, if they arise out of actions related to or resulting from the development, testing, manufacture or sale of PFAS; or (ii) Non-PFAS Stray Liabilities, (and together with PFAS Stray Liabilities, the “EID Stray Liabilities”).

The Agreements provide that the Company and Corteva will each bear specified amounts plus an additional $200 million of Indemnifiable Losses, described below, in relation to certain EID Stray Liabilities. The Agreements further provide that the Company and Corteva will each bear 50 percent, $150 million each, of the first $300 million of total Indemnifiable Losses related to PFAS Stray Liabilities. When the companies meet their respective $150 million threshold, Indemnifiable Losses related to PFAS Stray Liabilities will be borne 71 percent by DuPont and 29 percent by Corteva. Indemnifiable Losses up to $150 million incurred for PFAS Stray Liabilities are credited against each company’s $200 million threshold.

Whenever Corteva or DuPont meets its $200 million threshold, the other would generally bear all Non-PFAS Stray Liabilities until meeting its $200 million threshold. Thereafter, DuPont will bear 71 percent and Corteva will bear 29 percent of Indemnifiable Losses related to Non-PFAS Stray Liabilities.

Indemnifiable Losses, as defined in the DWDP Separation and Distribution Agreement, include, among other things, attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense of EID Stray Liabilities.

In connection with the MOU and the Agreements, the Company has recognized the following indemnification liabilities related to eligible PFAS costs:
Indemnified Liabilities Related to the MOU
In millions Jun 30, 2021 Dec 31, 2020 Balance Sheet Classification
Current indemnified liabilities $ 36  $ 12 
Accrued and other current liabilities
Long-term indemnified liabilities $ 95  $ 46  Other noncurrent obligations
Total indemnified liabilities accrued under the MOU 1, 2
$ 131  $ 58 
1.As of June 30, 2021, total indemnified liabilities accrued include $108 million related to Chemours environmental remediation activities at their site in Fayetteville, North Carolina under the Consent Order between Chemours and the North Carolina Department of Environmental Quality.
2.Excludes liabilities of $27 million recognized by the Company as of December 31, 2020 related to the settlement of the Ohio MDL, discussed below.

In addition to the above, as of June 30, 2021, the Company has recognized a liability of $12.5 million related to the settlement agreement between Chemours, Corteva and DuPont and Delaware's Attorney General, discussed below.

Future charges, if any, associated with the MOU would be recognized over the term of the agreement as a component of income from discontinued operations to the extent liabilities become probable and estimable.