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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, 2020

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 733,827,575 shares of common stock, $0.01 par value, outstanding at July 29, 2020.



DuPont de Nemours, Inc.

QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended June 30, 2020

TABLE OF CONTENTS

PAGE
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
Item 3.
Item 4.
 
 
 
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 4.
Item 5.
Item 6.
 
 
 


3



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 its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock (the “Dow Distribution”). On June 1, 2019, the Company completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock (the “Corteva Distribution”).

Following the Corteva Distribution, DuPont holds the specialty products business as continuing operations. The results of operations of DuPont for the 2019 interim periods presented reflect the historical financial results of Dow and Corteva as discontinued operations, as applicable. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable period. 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 Dow or Corteva.

On December 15, 2019, DuPont and International Flavors & Fragrances Inc. ("IFF") announced entry into definitive agreements to combine DuPont’s Nutrition & Biosciences business (the "N&B Business") with IFF in a transaction that would result in IFF issuing shares to DuPont shareholders. The transaction is expected to close in the first quarter of 2021, subject to approval by IFF shareholders and other customary closing conditions, including regulatory approvals and receipt by DuPont of an opinion of tax counsel.

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: (i) the parties’ ability to meet expectations regarding the timing, completion and accounting and tax treatments of the intended transaction with IFF; changes in relevant tax and other laws, (ii) failure to obtain necessary regulatory approvals, approval of IFF’s shareholders, anticipated tax treatment or any required financing or to satisfy any of the other conditions to the intended transaction with IFF, (iii) the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies that could impact the value, timing or pursuit of the intended transaction with IFF, (iv) risks and costs and pursuit and/or implementation of the separation of the N&B Business, including timing anticipated to complete the separation, any changes to the configuration of businesses included in the separation if implemented, (v) risks and costs related to the Dow Distribution and the Corteva Distribution (together, the “Distributions”) including (a) with respect to achieving all expected benefits from the Distributions; (b) the incurrence of significant costs in connection with the Distributions, including costs to service debt incurred by the Company to establish the relative credit profiles of Corteva, Dow and DuPont and increased costs related to supply, service and other arrangements that, prior to the Dow Distribution, were between entities under the common control of DuPont; (c) indemnification of certain legacy liabilities of E. I. du Pont de Nemours and Company ("Historical EID") in connection with the Corteva Distribution; and (d) potential liability arising from fraudulent conveyance and similar laws in connection with the Distributions; (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) potential inability or reduced access to the capital markets or increased cost of borrowings, including as a result of a

4



credit rating downgrade (ix) 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 (x) other risks to DuPont's business, operations and results of operations including from: failure to develop and market new products and optimally manage product life cycles; ability, cost and impact on business operations, including the supply chain, of responding to changes in market acceptance, rules, regulations and policies and failure to respond to such changes; outcome of significant litigation, environmental matters and other commitments and contingencies; failure to appropriately manage process safety and product stewardship issues; global economic and capital market conditions, including the continued availability of capital and financing, as well as inflation, interest and currency exchange rates; changes in political conditions, including tariffs, trade disputes and retaliatory actions; impairment of goodwill or intangible assets; the availability of and fluctuations in the cost of energy and raw materials; business or supply disruption, including in connection with the Distributions; ability to effectively manage costs as the company’s portfolio evolves; security threats, such as acts of sabotage, terrorism or war, global health concerns and pandemics, natural disasters and weather events and patterns which could or could continue to result in a significant operational event for DuPont, adversely impact demand or production; ability to discover, develop and protect new technologies and to protect and enforce DuPont's intellectual property rights; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities, as well as management's response to any of the aforementioned factors. These risks are and will be more fully discussed in DuPont's current, quarterly and annual reports and other filings made with the U.S. Securities and Exchange Commission, in each case, as may be amended from time to time in future filings with the SEC. While the list of factors presented here is considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization 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 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. A detailed discussion of some of the significant risks and uncertainties which may cause results and events to differ materially from such forward-looking statements is included in the section titled “Risk Factors” in (Part I, Item 1A) of DuPont’s 2019 Annual Report on Form 10-K and in (Part II, Item 1A) of this Form 10-Q.







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)
2020
2019
2020
2019
Net sales
$
4,828

$
5,468

$
10,049

$
10,882

Cost of sales
3,291

3,496

6,609

7,117

Research and development expenses
209

232

445

499

Selling, general and administrative expenses
541

642

1,174

1,368

Amortization of intangibles
528

252

1,061

508

Restructuring and asset related charges - net
19

137

423

208

Goodwill impairment charges
2,498

1,175

3,031

1,175

Integration and separation costs
145

347

342

958

Equity in earnings of nonconsolidated affiliates
103

49

142

89

Sundry income (expense) - net
(14
)
(19
)
197

65

Interest expense
193

165

376

316

Loss from continuing operations before income taxes
(2,507
)
(948
)
(3,073
)
(1,113
)
(Benefit from) provision for income taxes on continuing operations
(36
)
155

8

64

Loss from continuing operations, net of tax
(2,471
)
(1,103
)
(3,081
)
(1,177
)
Income from discontinued operations, net of tax

566


1,212

Net (loss) income
(2,471
)
(537
)
(3,081
)
35

Net income attributable to noncontrolling interests
7

34

13

85

Net loss available for DuPont common stockholders
$
(2,478
)
$
(571
)
$
(3,094
)
$
(50
)
 
 
 
 
 
 
 
 
 
 
Per common share data:
 
 
 
 
Loss per common share from continuing operations - basic
$
(3.37
)
$
(1.48
)
$
(4.20
)
$
(1.59
)
Earnings per common share from discontinued operations - basic

0.72


1.52

Loss per common share - basic
$
(3.37
)
$
(0.76
)
$
(4.20
)
$
(0.07
)
Loss per common share from continuing operations - diluted
$
(3.37
)
$
(1.48
)
$
(4.20
)
$
(1.59
)
Earnings per common share from discontinued operations - diluted

0.72


1.52

Loss per common share - diluted
$
(3.37
)
$
(0.76
)
$
(4.20
)
$
(0.07
)
 
 
 
 
 
Weighted-average common shares outstanding - basic
734.3

749.0

736.5

749.6

Weighted-average common shares outstanding - diluted
734.3

749.0

736.5

749.6

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)
2020
2019
2020
2019
Net (loss) income
$
(2,471
)
$
(537
)
$
(3,081
)
$
35

Other comprehensive income (loss), net of tax
 
 
 
 
Unrealized gains on investments



67

Cumulative translation adjustments
345

(38
)
(59
)
(135
)
Pension and other post employment benefit plans
3

56

5

191

Derivative instruments

17


(58
)
Total other comprehensive income (loss)
348

35

(54
)
65

Comprehensive (loss) income
(2,123
)
(502
)
(3,135
)
100

Comprehensive income attributable to noncontrolling interests, net of tax
10

41

8

98

Comprehensive (loss) income attributable to DuPont
$
(2,133
)
$
(543
)
$
(3,143
)
$
2

See Notes to the Consolidated Financial Statements.

7



DuPont de Nemours, Inc.
Condensed Consolidated Balance Sheets

In millions, except share amounts (Unaudited)
June 30, 2020
December 31, 2019
Assets
 
 
Current Assets
 
 
Cash and cash equivalents
$
3,737

$
1,540

Accounts and notes receivable - net
3,615

3,802

Inventories
4,307

4,319

Other current assets
327

338

Total current assets
11,986

9,999

Investments
 
 
Investments in nonconsolidated affiliates
1,212

1,204

Other investments
24

24

Noncurrent receivables
31

32

Total investments
1,267

1,260

Property, plant and equipment - net of accumulated depreciation (June 30, 2020 - $5,466; December 31, 2019 - $4,969)
9,909

10,143

Other Assets
 
 
Goodwill
30,018

33,151

Other intangible assets
12,349

13,593

Deferred income tax assets
195

236

Deferred charges and other assets
1,029

1,014

Total other assets
43,591

47,994

Total Assets
$
66,753

$
69,396

Liabilities and Equity
 
 
Current Liabilities
 
 
Short-term borrowings and finance lease obligations
$
3,559

$
3,830

Accounts payable
2,632

2,934

Income taxes payable
323

240

Accrued and other current liabilities
1,496

1,342

Total current liabilities
8,010

8,346

Long-Term Debt
15,608

13,617

Other Noncurrent Liabilities
 
 
Deferred income tax liabilities
3,174

3,514

Pension and other post employment benefits - noncurrent
1,166

1,172

Other noncurrent obligations
1,218

1,191

Total other noncurrent liabilities
5,558

5,877

Total Liabilities
29,176

27,840

Commitments and contingent liabilities
 
 
Stockholders' Equity
 
 
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2020: 733,819,825 shares; 2019: 738,564,728 shares)
7

7

Additional paid-in capital
50,191

50,796

(Accumulated deficit) Retained earnings
(11,728
)
(8,400
)
Accumulated other comprehensive loss
(1,465
)
(1,416
)
Total DuPont stockholders' equity
37,005

40,987

Noncontrolling interests
572

569

Total equity
37,577

41,556

Total Liabilities and Equity
$
66,753

$
69,396

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)
2020
2019
Operating Activities
 
 
Net (loss) income
$
(3,081
)
$
35

Adjustments to reconcile net income to net cash provided by (used for) operating activities:
 
 
Depreciation and amortization
1,546

2,163

Credit for deferred income tax and other tax related items
(310
)
(560
)
Earnings of nonconsolidated affiliates (in excess of) less than dividends received
(103
)
733

Net periodic pension benefit cost (credit)
16

(53
)
Pension contributions
(49
)
(463
)
Net gain on sales of assets, businesses and investments
(193
)
(55
)
Restructuring and asset related charges - net
423

482

Goodwill impairment charges
3,031

1,175

Amortization of merger-related inventory step-up

253

Other net loss
92

274

Changes in assets and liabilities, net of effects of acquired and divested companies:
 
 
Accounts and notes receivable
111

(2,535
)
Inventories
(12
)
302

Accounts payable
34

(695
)
Other assets and liabilities, net
15

(1,107
)
Cash provided by (used for) operating activities
1,520

(51
)
Investing Activities
 
 
Capital expenditures
(719
)
(1,800
)
Investment in gas field developments

(25
)
Proceeds from sales of property and businesses, net of cash divested
427

126

Acquisitions of property and businesses, net of cash acquired
(73
)

Proceeds from sale of ownership interests in nonconsolidated affiliates

21

Purchases of investments
(1
)
(192
)
Proceeds from sales and maturities of investments
1

228

Other investing activities, net
17

(15
)
Cash used for investing activities
(348
)
(1,657
)
Financing Activities
 
 
Changes in short-term notes payable
(274
)
2,517

Proceeds from issuance of long-term debt
2,025

4,005

Payments on long-term debt
(27
)
(6,892
)
Purchases of common stock
(232
)
(1,681
)
Proceeds from issuance of Company stock
34

67

Employee taxes paid for share-based payment arrangements
(13
)
(76
)
Distributions to noncontrolling interests
(10
)
(12
)
Dividends paid to stockholders
(442
)
(1,165
)
Cash held by Dow and Corteva at the respective Distributions

(7,315
)
Debt extinguishment costs

(104
)
Other financing activities, net
(11
)
(5
)
Cash provided by (used for) financing activities
1,050

(10,661
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(30
)
48

Increase (Decrease) in cash, cash equivalents and restricted cash
2,192

(12,321
)
Cash, cash equivalents and restricted cash from continuing operations, beginning of period
1,577

8,591

Cash, cash equivalents and restricted cash from discontinued operations, beginning of period

5,431

Cash, cash equivalents and restricted cash at beginning of period
1,577

14,022

Cash, cash equivalents and restricted cash from continuing operations, end of period
3,769

1,701

Cash, cash equivalents and restricted cash from discontinued operations, end of period


Cash, cash equivalents and restricted cash at end of period
$
3,769

$
1,701

See Notes to the Consolidated Financial Statements.

9



DuPont de Nemours, Inc.
Consolidated Statements of Equity
For the six months ended June 30, 2020 and 2019

In millions (Unaudited)
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comp Loss
Unearned ESOP
Treasury Stock
Non-controlling Interests
Total Equity
Balance at December 31, 2018
$
8

$
81,976

$
30,257

$
(12,394
)
$
(134
)
$
(5,421
)
$
1,608

$
95,900

Adoption of accounting standards


(111
)




(111
)
Net (loss) income


(50
)



85

35

Other comprehensive income



65



13

78

Dividends ($1.86 per common share)

(224
)
(1,165
)




(1,389
)
Common stock issued/sold

67






67

Stock-based compensation and allocation of ESOP shares

153



29



182

Distributions to non-controlling interests






(12
)
(12
)
Purchases of treasury stock





(1,681
)

(1,681
)
Retirement of treasury stock


(7,102
)


7,102



Spin-off of Dow and Corteva

(30,843
)
(30,123
)
11,498

105


(1,124
)
(50,487
)
Other
(1
)

(5
)




(6
)
Balance at June 30, 2019
$
7

$
51,129

$
(8,299
)
$
(831
)
$

$

$
570

$
42,576

 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
$
7

$
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 ($.90 per common share)

(662
)





(662
)
Common stock issued/sold

34






34

Stock-based compensation

57






57

Distributions to non-controlling interests






(10
)
(10
)
Purchases of treasury stock





(232
)

(232
)
Retirement of treasury stock


(232
)


232



Other

(34
)
1




5

(28
)
Balance at June 30, 2020
$
7

$
50,191

$
(11,728
)
$
(1,465
)
$

$

$
572

$
37,577

See Notes to the Consolidated Financial Statements.




















10



DuPont de Nemours, Inc.
Consolidated Statements of Equity
For the three months ended June 30, 2020 and 2019


In millions (Unaudited)
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comp Loss
Unearned ESOP
Treasury Stock
Non-controlling Interests
Total Equity
Balance at March 31, 2019
$
8

$
82,141

$
29,486

$
(12,364
)
$
(105
)
$
(7,000
)
$
1,654

$
93,820

Net (loss) income


(571
)



34

(537
)
Other comprehensive income



35



7

42

Dividends ($.30 per common share)

(224
)
11





(213
)
Common stock issued/sold

4






4

Stock-based compensation and allocation of ESOP shares

51






51

Distributions to non-controlling interests






(1
)
(1
)
Purchases of treasury stock





(102
)

(102
)
Retirement of treasury stock


(7,102
)


7,102



Spin-off of Dow and Corteva

(30,843
)
(30,123
)
11,498

105


(1,124
)
(50,487
)
Other
(1
)






(1
)
Balance at June 30, 2019
$
7

$
51,129

$
(8,299
)
$
(831
)
$

$

$
570

$
42,576

 
 
 
 
 
 
 
 
 
Balance at March 31, 2020
$
7

$
50,605

$
(9,251
)
$
(1,810
)
$

$

$
566

$
40,117

Net (loss) income


(2,478
)



7

(2,471
)
Other comprehensive income



345



3

348

Dividends ($.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
)
1






Balance at June 30, 2020
$
7

$
50,191

$
(11,728
)
$
(1,465
)
$

$

$
572

$
37,577

See Notes to the Consolidated Financial Statements.






11



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Table of Contents



12



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 Annual Report on Form 10-K for the year ended December 31, 2019, collectively referred to as the “2019 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.

Impact of the Novel Coronavirus (“COVID-19”) Pandemic
The COVID-19 pandemic has resulted in significant economic disruption and continues to adversely impact the broader global economy. The extent of the impact on the Company's operational and financial performance will depend on future developments, including, but not limited to, the duration and spread of the outbreak and its impact on the Company's customers and suppliers. As of the date of issuance of these interim Consolidated Financial Statements, the full extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain.
 
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 ("Historical Dow") and E. I. du Pont de Nemours and Company ("Historical EID") each merged with subsidiaries of DowDuPont Inc. ("DowDuPont") and, as a result, Historical Dow and Historical EID became subsidiaries of DowDuPont (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. Historical Dow was determined to be the accounting acquirer in the Merger.

Except as otherwise indicated by the context, the term "Historical Dow" includes Historical Dow and its consolidated subsidiaries, "Historical EID" includes Historical EID and its consolidated subsidiaries, and "Dow Silicones" means Dow Silicones Corporation, a wholly owned subsidiary of Historical Dow.

Distributions
Effective as of 5:00 p.m. on April 1, 2019, the Company completed the separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock (the “Dow Common Stock”), to holders of the Company’s common stock (the “DowDuPont common stock”), as of the close of business on March 21, 2019 (the “Dow Distribution”).

Effective as of 12:01 a.m. on June 1, 2019, the Company completed the separation of its agriculture business into a separate and independent public company by way of a distribution of Corteva, Inc. (“Corteva”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Corteva’s common stock (the “Corteva Common Stock”), to holders of the Company’s common stock as of the close of business on May 24, 2019 (the “Corteva Distribution” and, together with the Dow Distribution, the “Distributions”).

Following the Corteva Distribution, DuPont holds the specialty products business. 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."
 
The results of operations of DuPont for the 2019 interim periods presented reflect the historical financial results of Dow and Corteva as discontinued operations, as applicable. The cash flows and comprehensive income related to Dow and Corteva have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable period. 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 Dow or Corteva.





13



On December 15, 2019, the Company entered into definitive agreements to separate and combine the Nutrition & Biosciences business segment (the "N&B Business") with International Flavors & Fragrances Inc. ("IFF") in a tax-efficient Reverse Morris Trust transaction, (the "Intended N&B Transaction"). The transaction is expected to close in the first quarter of 2021, subject to approval by IFF shareholders and other customary closing conditions, including regulatory approvals and receipt by DuPont of an opinion of tax counsel. The financial results of the N&B Business are included in continuing operations for the periods presented.


NOTE 2 - RECENT ACCOUNTING GUIDANCE
Recently Adopted Accounting Guidance
In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and associated ASUs related to Topic 326. The new guidance introduces the current expected credit loss (“CECL”) model, which requires organizations to record an allowance for credit losses for certain financial instruments and financial assets, including trade receivables, based on expected losses rather than incurred losses. Under this update, on initial recognition and at each reporting period, an entity will be required to recognize an allowance that reflects the entity’s current estimate of credit losses expected to be incurred over the life of the financial instrument. This update became effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019.

The Company adopted the new standard in the first quarter of 2020, which required a modified retrospective transition approach, applying the new standard's cumulative-effect adjustment at the date of initial adoption. This cumulative-effect has been reflected as of January 1, 2020 and prior periods have not been restated. The impact of initial adoption was not material to the Company’s interim Condensed Consolidated Balance Sheet, interim Consolidated Statements of Operations, and interim Consolidated Statement of Cash Flows.



14



NOTE 3 - DIVESTITURES
Separation Agreements
In connection with the Dow Distribution and the Corteva Distribution, the Company entered into certain agreements that, among other things, effected the separations, provides for the allocation of assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among DuPont, Dow, and Corteva (together, the “Parties” and each a “Party”), and provides a framework for DuPont’s relationship with Dow and Corteva following the Distributions. Effective April 1, 2019, the Parties entered into the following agreements: the Separation and Distribution Agreement; the Tax Matters Agreement; the Employee Matters Agreement; and the Intellectual Property Cross-License Agreement (the “DuPont-Dow IP Cross-License Agreement”). In addition to the agreements above, DuPont has entered into certain various supply agreements with Dow. These agreements provide for different pricing than the historical intercompany and intracompany practices prior to the Distributions.

Effective June 1, 2019, in connection with the Corteva Distribution, DuPont and Corteva entered into the following agreements: the Intellectual Property Cross-License Agreement (the “DuPont-Corteva IP Cross-License Agreement”); the Letter Agreement; and the Amended and Restated Tax Matters Agreement.

Materials Science Division
On April 1, 2019, DowDuPont completed the separation of its Materials Science businesses, including the businesses and operations that comprised the Company's former Performance Materials & Coating, Industrial Intermediates & Infrastructure and the Packaging & Specialty Plastics segments, (the "Materials Science Division") through the consummation of the Dow Distribution.

On April 1, 2019, prior to the Dow Distribution, the Company contributed $2,024 million in cash to Dow.

The results of operations of the Materials Science Division are presented as discontinued operations as summarized below:
 
Six Months Ended
June 30, 2019
In millions
Net sales
$
10,867

Cost of sales
8,917

Research and development expenses
163

Selling, general and administrative expenses
329

Amortization of intangibles
116

Restructuring and asset related charges - net
157

Integration and separation costs
44

Equity in earnings of nonconsolidated affiliates
(13
)
Sundry income (expense) - net
99

Interest expense
240

Income from discontinued operations before income taxes
987

Provision for income taxes on discontinued operations
261

Income from discontinued operations, net of tax
726

Income from discontinued operations attributable to noncontrolling interests, net of tax
37

Income from discontinued operations attributable to DuPont stockholders, net of tax
$
689



The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division:
 
Six Months Ended
June 30, 2019
In millions
Depreciation and amortization
$
744

Capital expenditures
$
597



Agriculture Division
On June 1, 2019, the Company completed the separation of its Agriculture business, including the businesses and operations that comprised the Company's former Agriculture segment (the "Agriculture Division"), through the consummation of the Corteva Distribution.


15



In 2019, prior to the distribution of Corteva, the Company contributed $7,139 million in cash to Corteva, a portion of which was used to retire indebtedness of Historical EID.

The results of operations of the Agriculture Division are presented as discontinued operations as summarized below:
 
Three Months Ended
June 30, 2019
Six Months Ended
June 30, 2019
In millions
Net sales
$
3,776

$
7,144

Cost of sales
2,026

4,218

Research and development expenses
183

470

Selling, general and administrative expenses
677

1,294

Amortization of intangibles
74

176

Restructuring and asset related charges - net
58

117

Integration and separation costs
272

430

Equity in earnings of nonconsolidated affiliates
(3
)
(4
)
Sundry income (expense) - net 
(7
)
58

Interest expense
28

91

Income from discontinued operations before income taxes
448

402

Provision for income taxes on discontinued operations 
48

82

Income from discontinued operations, net of tax
400

320

Income from discontinued operations attributable to noncontrolling interests, net of tax
25

35

Income from discontinued operations attributable to DuPont stockholders, net of tax
$
375

$
285



The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division:
 
Three Months Ended
June 30, 2019
Six Months Ended
June 30, 2019
In millions
Depreciation and amortization
$
136

$
385

Capital expenditures
$
161

$
383



Indemnifications
In connection with the Distributions, Dow and Corteva indemnify the Company against, and DuPont indemnifies Dow and Corteva against certain litigation, environmental, income taxes, workers' compensation and other liabilities that arose prior to the Distributions, as applicable. The term of this indemnification is indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. At June 30, 2020, indemnified assets were $142 million within "Accounts and notes receivable, net" and $135 million within "Deferred charges and other assets" and indemnified liabilities were $81 million within "Accrued and other current liabilities" and $96 million within "Other noncurrent obligations."

Refer to Note 13 for additional information regarding treatment of litigation and environmental related matters under the Separation and Distribution Agreement and the Letter Agreement.

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 & Imaging segment, to SK Siltron. The proceeds received in the first quarter of 2020 related to the sale of the business were approximately $420 million. The sale resulted in a pre-tax gain of $197 million ($102 million net of tax) recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations for the six months ended June 30, 2020.

Other Discontinued Operations Activity
For the three and six months ended June 30, 2019, the Company recorded "Income from discontinued operations, net of tax" of $86 million related to the adjustment of certain unrecognized tax benefits for positions taken on items from prior years from previously divested businesses and $80 million related to changes in accruals for certain prior year tax positions related to the divested crop protection business and research and development assets of Historical EID.


16



Integration and Separation Costs
Integration and separation costs for continuing operations through June 30, 2020, 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, post-Merger integration, the Distributions, and beginning in the fourth quarter of 2019, the intended separation of the Nutrition & Biosciences business.

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
2020
2019
2020
2019
Integration and separation costs
$
145

$
347

$
342

$
958




NOTE 4 - 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.

During the second quarter of 2020, Electronics & Imaging realigned a component within the Semiconductor Technologies product line to the Image Solutions product line. The reporting changes have been retrospectively reflected for all periods presented.
Net Trade Revenue by Segment and Business or Major Product Line
Three Months Ended
June 30,
Six Months Ended
June 30,
In millions
2020
2019
2020
2019
Image Solutions
$
155

$
169

$
319

$
340

Interconnect Solutions
274

282

540

520

Semiconductor Technologies
476

407

930

823

Electronics & Imaging
$
905

$
858

$
1,789

$
1,683

Food & Beverage
$
739

$
746

$
1,477

$
1,501

Health & Biosciences
579

604

1,184

1,174

Pharma Solutions
221

208

429

418

Nutrition & Biosciences
$
1,539

$
1,558

$
3,090

$
3,093

Healthcare & Specialty
$
291

$
388

$
650

$
772

Industrial & Consumer
181

293

447

601

Mobility Solutions
360

588

879

1,213

Transportation & Industrial
$
832

$
1,269

$
1,976

$
2,586

Safety Solutions
$
581

$
657

$
1,212

$
1,322

Shelter Solutions
316

398

664

755

Water Solutions
347

286

644

547

Safety & Construction
$
1,244

$
1,341

$
2,520

$
2,624

Biomaterials
$
27

$
53

$
61

$
112

Clean Technologies
67

76

127

141

DuPont Teijin Films
34

42

77

79

Photovoltaic & Advanced Materials
180

230

409

484

Sustainable Solutions 1

41


80

Non-Core
$
308

$
442

$
674

$
896

Total
$
4,828

$
5,468

$
10,049

$
10,882

1. The Sustainable Solutions business was divested in the third quarter of 2019.

17



Net Trade Revenue by Geographic Region
Three Months Ended
June 30,
Six Months Ended
June 30,
In millions
2020
2019
2020
2019
U.S. & Canada
$
1,513

$
1,826

$
3,255

$
3,602

EMEA 1
1,065

1,291

2,336

2,671

Asia Pacific
2,012

2,034

3,925

3,979

Latin America
238

317

533

630

Total
$
4,828

$
5,468

$
10,049

$
10,882


1.
Europe, Middle East and Africa.

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 receivable when the right to consideration becomes unconditional. Contract assets include amounts related to the Company’s contractual 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 2020 from amounts included in contract liabilities at the beginning of the period was approximately $14 million (approximately $25 million in the first six months of 2019). The amount of contract assets reclassified to receivables as a result of the right to the transaction consideration becoming unconditional was insignificant. The Company did not recognize any asset impairment charges related to contract assets during the period.
Contract Balances
June 30, 2020
December 31, 2019
In millions
Accounts and notes receivable - trade 1
$
2,921

$
3,007

Contract assets - current 2
$
42

$
35

Deferred revenue - current 3
$
44

$
20

Deferred revenue - noncurrent 4
$
49

$
24

1.
Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets.
2.
Included in "Other current assets" in the interim Condensed Consolidated Balance Sheets.
3.
Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets.
4.
Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets.


NOTE 5 - RESTRUCTURING AND ASSET RELATED CHARGES - NET
Charges for restructuring programs and asset related charges, which include other asset impairments, were $19 million and $423 million for the three and six months ended June 30, 2020 ($137 million and $208 million for the three and six months ended June 30, 2019). 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 $164 million at June 30, 2020 ($162 million at December 31, 2019). Restructuring activity consists of the following:

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 expected closure of the Intended N&B Transaction (the "2020 Restructuring Program").

The following tables summarize the charges related to the 2020 Restructuring Program for the three and six months ended June 30, 2020:
 
Three Months Ended June 30, 2020
Six Months Ended June 30, 2020
In millions
Severance and related benefit costs
$
6

$
102

Asset related charges
9

24

Total restructuring and asset related charges - net
$
15

$
126




18



2020 Restructuring Program Charges (Credits) by Segment
Three Months Ended June 30, 2020
Six Months Ended June 30, 2020
In millions
Electronics & Imaging
$

$
4

Nutrition & Biosciences
1

7

Transportation & Industrial
(3
)
21

Safety & Construction
2

22

Non-Core


Corporate 
15

72

Total
$
15

$
126



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
Year-to-date restructuring charges
$
102

$
24

$
126

Charges against the reserve

(24
)
(24
)
Cash payments
(21
)

(21
)
Reserve balance at June 30, 2020
$
81

$

$
81



At June 30, 2020, total liabilities related to the 2020 Restructuring Program were $81 million, recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The Company expects actions related to this program to be substantially complete by the end of 2020.

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 Distributions (the "2019 Restructuring Program"). The Company has recorded pre-tax restructuring charges of $140 million inception-to-date, consisting of severance and related benefit costs of $106 million and asset related charges of $34 million.

The following table summarizes the charges incurred related to the 2019 Restructuring Program for the three and six months ended June 30, 2020 and 2019:
 
Three Months Ended June 30,
Six Months Ended June 30,
In millions
2020
2019
2020
2019
Severance and related benefit (credits) costs
$
(16
)
$
50

$
2

$
50

Asset related charges

3


3

Total restructuring and asset related (credits) charges - net
$
(16
)
$
53

$
2

$
53



2019 Restructuring Program (Credits) Charges by Segment
Three Months Ended June 30,
Six Months Ended June 30,
In millions
2020
2019
2020
2019
Electronics & Imaging
$
(3
)
$
7

$
(3
)
$
7

Nutrition & Biosciences
(3
)
14

(3
)
14

Transportation & Industrial
(8
)
12

(7
)
12

Safety & Construction
(14
)
17

(14
)
17

Non-Core




Corporate 
12

3

29

3

Total
$
(16
)
$
53

$
2

$
53




19



The following table summarizes the activities related to the 2019 Restructuring Program:
2019 Restructuring Program
Severance and Related Benefit Costs
In millions
Reserve balance at December 31, 2019
$
86

Year-to-date restructuring charges
2

Non-cash compensation
(6
)
Cash payments
(40
)
Reserve balance at June 30, 2020
$
42



At June 30, 2020, total liabilities related to the 2019 Restructuring Program were $42 million, recognized in "Accrued and other current liabilities" ($86 million at December 31, 2019) in the interim Condensed Consolidated Balance Sheets. The 2019 Restructuring Program is considered substantially complete at June 30, 2020.

DowDuPont Cost Synergy Program
In September and November 2017, the Company approved post-merger restructuring actions under the DowDuPont Cost Synergy Program, which was designed to integrate and optimize the organization following the Merger and in preparation for the Distributions. The portions of the charges, costs and expenses attributable to integration and optimization within the Agriculture and Materials Science Divisions are reflected in discontinued operations. The Company has recorded pre-tax restructuring charges attributable to the continuing operations of DuPont of $489 million inception-to-date, consisting of severance and related benefit costs of $213 million, asset related charges of $209 million and contract termination and other charges of $67 million.

The following tables summarize the charges incurred related to the DowDuPont Cost Synergy Program:
 
Three Months Ended June 30,
Six Months Ended June 30,
In millions
2020
2019
2020
2019
Severance and related benefit (credits) costs
$
(2
)
$
6

$
(2
)
$
49

Contract termination and other charges
1


6

16

Asset related charges

16


29

Total restructuring and asset related (credits) charges - net 1
$
(1
)
$
22

$
4

$
94


1. The charge for the three and six months ended June 30, 2019 includes $21 million and $92 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $2 million which was recognized in "Equity in earnings of nonconsolidated affiliates" in the interim Consolidated Statements of Operations.

DowDuPont Cost Synergy Program Charges (Credits) by Segment
Three Months Ended June 30,
Six Months Ended June 30,
In millions
2020
2019
2020
2019
Electronics & Imaging
$

$

$

$

Nutrition & Biosciences

8


35

Transportation & Industrial
1


1


Safety & Construction

3

5

5

Non-Core

1



Corporate 
(2
)
10

(2
)
54

Total
$
(1
)
$
22

$
4

$
94



The following table summarizes the activities related to the DowDuPont Cost Synergy Program:
DowDuPont Cost Synergy Program
Severance and Related Benefit Costs
Contract Termination Charges
Total
In millions
Reserve balance at December 31, 2019
$
74

$
2

$
76

Year-to-date restructuring (credits) charges
(2
)
6

4

Charges against the reserve

(1
)
(1
)
Cash payments
(36
)
(2
)
(38
)
Reserve balance at June 30, 2020
$
36

$
5

$
41



20



At June 30, 2020, total liabilities related to the DowDuPont Cost Synergy Program were $41 million, recognized in "Accrued and other current liabilities" ($76 million at December 31, 2019) in the interim Condensed Consolidated Balance Sheets. The DowDuPont Cost Synergy Program is considered substantially complete at June 30, 2020.

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 Transportation & Industrial 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 11 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 the Non-Core segment 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 Operations for the six months ended June 30, 2020 with the charge impacting definite-lived intangible assets and property, plant, and equipment.

Equity Method Investment Impairment Related Charges
In preparation for the Corteva Distribution, Historical EID completed the separation of the assets and liabilities related to its specialty products businesses into separate legal entities (the “SP Legal Entities”) and on May 1, 2019, Historical EID distributed the SP Legal Entities to DowDuPont (the “Internal SP Distribution”). The Internal SP Distribution served as a triggering event requiring the Company to perform an impairment analysis related to equity method investments held by the Company as of May 1, 2019. The Company applied the net asset value method under the cost approach to determine the fair value of the equity method investments in the Nutrition & Biosciences segment. Based on updated projections, the Company determined the fair value of the equity method investment was below the carrying value and had no expectation the fair value would recover in the short-term due to the current economic environment. As a result, management concluded the impairment was other-than-temporary and recorded an impairment charge of $63 million in “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations related to the Nutrition & Biosciences segment for the three and six months ended June 30, 2019.


NOTE 6 - SUPPLEMENTARY INFORMATION
Sundry Income (Expense) - Net
Three Months Ended June 30,
Six Months Ended June 30,
In millions
2020
2019
2020
2019
Non-operating pension and other post employment benefit (OPEB) credits
$
8

$
18

$
19

$
39

Interest income
2

9

4

49

Net (loss) gain on divestiture and sales of other assets and investments 1,2
(4
)
10

193

63

Foreign exchange losses, net 
(23
)
(17
)
(31
)
(78
)
Miscellaneous income (expenses) - net 3
3

(39
)
12

(8
)
Sundry income (expense) - net
$
(14
)
$
(19
)
$
197

$
65

1. 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 & Imaging segment.
2. The six months ended June 30, 2019 includes income of $51 million related to a sale of assets within the Electronics & Imaging segment.
3. Miscellaneous income (expenses) - net for the three and six months ended June 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year settlement. The six months ended June 30, 2019 also includes $26 million related to licensing income within the Safety & Construction segment.


21



Cash, Cash Equivalents and Restricted Cash
From time to time, the Company is required to set aside funds for various activities that arise in the normal course of business. These funds typically have legal restrictions associated with them and are deposited in an escrow account or held in a separately identifiable account by the Company. Historical EID entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring Historical EID 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. After the distribution of Corteva, the Trust assets related to Corteva employees were transferred to a new trust for Corteva (the "Corteva Trust"). As a result, the Trust currently held by DuPont relates to funding obligations to DuPont employees. At June 30, 2020, the Company had restricted cash of $32 million ($37 million at December 31, 2019) included in "Other current assets" in the interim Condensed Consolidated Balance Sheets which was completely attributed to the Trust.

Accrued and Other Current Liabilities
"Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets were $1,496 million at June 30, 2020 and $1,342 million at December 31, 2019. No component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at June 30, 2020. Accrued payroll, which is a component of "Accrued and other current liabilities," was $479 million at December 31, 2019. No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at December 31, 2019.


NOTE 7 - INCOME TAXES
For periods between the Merger and the 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 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 Tax Matters Agreement.

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 2020 was 1.4 percent, compared with an effective tax rate of (16.4) percent for the second quarter of 2019. For the first six months of 2020, the effective tax rate on continuing operations was (0.3) percent, compared with (5.8) percent for the first six months of 2019. The effective tax rate for the second quarter and for the first six months of 2020 was principally the result of a non-tax-deductible goodwill impairment charge impacting the Transportation and Industrial segment in the second quarter and a non-tax-deductible goodwill impairment charge impacting the Non-Core segment in the first quarter. The tax rate in the second quarter of 2019 and for the first six months of 2019 was principally the result of the non-tax-deductible goodwill impairment charges impacting the Nutrition & Biosciences and Non-Core segments. See Note 11 for more information regarding the goodwill impairment charges.

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.



22



NOTE 8 - EARNINGS PER SHARE CALCULATIONS
The following tables provide earnings per share calculations for the three and six months ended June 30, 2020 and 2019:
Net Income for Earnings Per Share Calculations - Basic & Diluted
Three Months Ended June 30,
Six Months Ended June 30,
In millions
2020
2019
2020
2019
Loss from continuing operations, net of tax
$
(2,471
)
$
(1,103
)
$
(3,081
)
$
(1,177
)
Net income from continuing operations attributable to noncontrolling interests
7

9

13

13

Net income from continuing operations attributable to participating securities 1



1

Loss from continuing operations attributable to common stockholders
$
(2,478
)
$
(1,112
)
$
(3,094
)
$
(1,191
)
Income from discontinued operations, net of tax

566


1,212

Net income from discontinued operations attributable to noncontrolling interests

25


72

Income from discontinued operations attributable to common stockholders

541


1,140

Net loss attributable to common stockholders
$
(2,478
)
$
(571
)
$
(3,094
)
$
(51
)
Earnings Per Share Calculations - Basic
Three Months Ended June 30,
Six Months Ended June 30,
Dollars per share
2020
2019
2020
2019
Loss from continuing operations attributable to common stockholders
$
(3.37
)
$
(1.48
)
$
(4.20
)
$
(1.59
)
Income from discontinued operations, net of tax

0.72</