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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 September 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 733,849,605 shares of common stock, $0.01 par value, outstanding at October 28, 2020.


DuPont de Nemours, Inc.

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

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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 customary closing conditions, including receipt of 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, 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 “DWDP Distributions”) including (a) with respect to achieving all expected benefits from the DWDP Distributions; (b) the incurrence of significant costs in connection with the DWDP 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 DWDP 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
4


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 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 DWDP 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.
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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
DuPont de Nemours, Inc.
Consolidated Statements of Operations
Three Months Ended September 30, Nine Months Ended September 30,
In millions, except per share amounts (Unaudited) 2020 2019 2020 2019
Net sales $ 5,096  $ 5,426  $ 15,145  $ 16,308 
Cost of sales 3,392  3,531  10,001  10,648 
Research and development expenses 199  225  644  724 
Selling, general and administrative expenses 524  645  1,698  2,013 
Amortization of intangibles 530  247  1,591  755 
Restructuring and asset related charges - net 384  82  807  290 
Goodwill impairment charges 183  —  3,214  1,175 
Integration and separation costs 127  191  469  1,149 
Equity in earnings of nonconsolidated affiliates 30  43  172  132 
Sundry income (expense) - net 430  79  627  144 
Interest expense 197  177  573  493 
Income (loss) from continuing operations before income taxes 20  450  (3,053) (663)
Provision for income taxes on continuing operations 92  78  100  142 
(Loss) income from continuing operations, net of tax (72) 372  (3,153) (805)
Income from discontinued operations, net of tax
—  —  1,217 
Net (loss) income (72) 377  (3,153) 412 
Net income attributable to noncontrolling interests 20  90 
Net (loss) income available for DuPont common stockholders $ (79) $ 372  $ (3,173) $ 322 
Per common share data:
(Loss) earnings per common share from continuing operations - basic $ (0.11) $ 0.49  $ (4.31) $ (1.10)
Earnings per common share from discontinued operations - basic —  0.01  —  1.53 
(Loss) earnings per common share - basic $ (0.11) $ 0.50  $ (4.31) $ 0.43 
(Loss) earnings per common share from continuing operations - diluted $ (0.11) $ 0.49  $ (4.31) $ (1.10)
Earnings per common share from discontinued operations - diluted —  0.01  —  1.53 
(Loss) earnings per common share - diluted $ (0.11) $ 0.50  $ (4.31) $ 0.43 
Weighted-average common shares outstanding - basic 734.4  745.5  735.8  748.2 
Weighted-average common shares outstanding - diluted 734.4  747.7  735.8  748.2 
See Notes to the Consolidated Financial Statements.
6



DuPont de Nemours, Inc.
Consolidated Statements of Comprehensive Income
Three Months Ended September 30, Nine Months Ended September 30,
In millions (Unaudited) 2020 2019 2020 2019
Net (loss) income $ (72) $ 377  $ (3,153) $ 412 
Other comprehensive income (loss), net of tax
Unrealized gains on investments —  —  —  67 
Cumulative translation adjustments 606  (694) 547  (829)
Pension and other post-employment benefit plans (4) 187 
Derivative instruments —  —  —  (58)
Total other comprehensive income (loss) 610  (698) 556  (633)
Comprehensive income (loss) 538  (321) (2,597) (221)
Comprehensive income attributable to noncontrolling interests, net of tax 11  19  102 
Comprehensive income (loss) attributable to DuPont $ 527  $ (325) $ (2,616) $ (323)
See Notes to the Consolidated Financial Statements.
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DuPont de Nemours, Inc.
Condensed Consolidated Balance Sheets
In millions, except share amounts (Unaudited) September 30, 2020 December 31, 2019
Assets
Current Assets
Cash and cash equivalents
$ 4,008  $ 1,540 
Accounts and notes receivable - net
3,623  3,802 
Inventories
3,902  4,319 
Other current assets
238  338 
Assets held for sale 835  — 
Total current assets
12,606  9,999 
Investments
Investments in nonconsolidated affiliates
951  1,204 
Other investments
24  24 
Noncurrent receivables
147  32 
Total investments
1,122  1,260 
Property, plant and equipment - net of accumulated depreciation (September 30, 2020 - $5,757; December 31, 2019 - $4,969)
9,686  10,143 
Other Assets
Goodwill
29,690  33,151 
Other intangible assets
11,528  13,593 
Restricted cash 6,206  — 
Deferred income tax assets
237  189 
Deferred charges and other assets
1,066  1,014 
Total other assets
48,727  47,947 
Total Assets $ 72,141  $ 69,349 
Liabilities and Equity
Current Liabilities
Short-term borrowings and finance lease obligations
$ 2,394  $ 3,830 
Accounts payable
2,685  2,934 
Income taxes payable
414  240 
Accrued and other current liabilities
1,364  1,342 
Liabilities related to assets held for sale 127  — 
Total current liabilities
6,984  8,346 
Long-Term Debt 21,802  13,617 
Other Noncurrent Liabilities
Deferred income tax liabilities
3,011  3,467 
Pension and other post-employment benefits - noncurrent 1,193  1,172 
Other noncurrent obligations
1,033  1,191 
Total other noncurrent liabilities
5,237  5,830 
Total Liabilities 34,023  27,793 
Commitments and contingent liabilities
Stockholders' Equity
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2020: 733,845,391 shares; 2019: 738,564,728 shares)
Additional paid-in capital
50,219  50,796 
(Accumulated deficit) Retained earnings
(11,808) (8,400)
Accumulated other comprehensive loss
(859) (1,416)
Total DuPont stockholders' equity
37,559  40,987 
Noncontrolling interests
559  569 
Total equity
38,118  41,556 
Total Liabilities and Equity $ 72,141  $ 69,349 
See Notes to the Consolidated Financial Statements.
8



DuPont de Nemours, Inc.
Consolidated Statements of Cash Flows
Nine Months Ended September 30,
In millions (Unaudited) 2020 2019
Operating Activities
Net (loss) income $ (3,153) $ 412 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization 2,326  2,662 
Credit for deferred income tax and other tax related items (481) (658)
Earnings of nonconsolidated affiliates (in excess of) less than dividends received (120) 700 
Net periodic pension benefit cost (credit) 30  (58)
Pension contributions (77) (485)
Net gain on sales of assets, businesses and investments
(612) (119)
Restructuring and asset related charges - net 807  564 
Goodwill impairment charges 3,214  1,175 
Amortization of merger-related inventory step-up —  253 
Other net loss 127  326 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable 133  (2,418)
Inventories 312  339 
Accounts payable 43  (805)
Other assets and liabilities, net 245  (1,057)
Cash provided by operating activities 2,794  831 
Investing Activities
Capital expenditures (922) (2,091)
Investment in gas field developments —  (25)
Proceeds from sales of property, businesses, and ownership interests in nonconsolidated affiliates, net of cash divested 1,008  259 
Acquisitions of property and businesses, net of cash acquired (73) (9)
Purchases of investments (1) (195)
Proceeds from sales and maturities of investments 233 
Other investing activities, net 22  21 
Cash provided by (used for) investing activities 35  (1,807)
Financing Activities
Changes in short-term notes payable (1,439) 2,876 
Proceeds from issuance of long-term debt 8,275  4,005 
Payments on long-term debt (29) (6,899)
Purchases of common stock (232) (2,040)
Proceeds from issuance of Company stock 34  76 
Employee taxes paid for share-based payment arrangements (14) (83)
Distributions to noncontrolling interests (48) (18)
Dividends paid to stockholders (662) (1,389)
Cash held by Dow and Corteva at the respective DWDP Distributions —  (7,315)
Debt extinguishment costs —  (104)
Other financing activities, net (55) (6)
Cash provided by (used for) financing activities 5,830  (10,897)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2)
Increase (Decrease) in cash, cash equivalents and restricted cash 8,663  (11,875)
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 10,240  2,147 
Cash, cash equivalents and restricted cash from discontinued operations, end of period —  — 
Cash, cash equivalents and restricted cash at end of period $ 10,240  $ 2,147 
See Notes to the Consolidated Financial Statements.
9



DuPont de Nemours, Inc.
Consolidated Statements of Equity
For the nine months ended September 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
$ $ 81,976  $ 30,257  $ (12,394) $ (134) $ (5,421) $ 1,608  $ 95,900 
Adoption of accounting standards
—  —  (111) —  —  —  —  (111)
Net income
—  —  322  —  —  —  90  412 
Other comprehensive (loss) income
—  —  —  (633) —  —  12  (621)
Dividends ($1.86 per common share)
—  (224) (1,165) —  —  —  —  (1,389)
Common stock issued/sold
—  76  —  —  —  —  —  76 
Stock-based compensation and allocation of ESOP shares
—  173  (1) —  29  —  —  201 
Distributions to non-controlling interests
—  —  —  —  —  —  (18) (18)
Purchases of treasury stock
—  —  —  —  —  (2,040) —  (2,040)
Retirement of treasury stock
—  —  (7,461) —  —  7,461  —  — 
Spin-off of Dow and Corteva
—  (30,843) (30,123) 11,498  105  —  (1,124) (50,487)
Other
(1) (3) (7) —  —  —  —  (11)
Balance at September 30, 2019
$ $ 51,155  $ (8,289) $ (1,529) $ —  $ —  $ 568  $ 41,912 
Balance at December 31, 2019
$ $ 50,796  $ (8,400) $ (1,416) $ —  $ —  $ 569  $ 41,556 
Adoption of accounting standards
—  —  (3) —  —  —  —  (3)
Net (loss) income
—  —  (3,173) —  —  —  20  (3,153)
Other comprehensive income (loss) —  —  —  557  —  —  (1) 556 
Dividends ($.90 per common share)
—  (662) —  —  —  —  —  (662)
Common stock issued/sold
—  34  —  —  —  —  —  34 
Stock-based compensation
—  81  —  —  —  —  —  81 
Distributions to non-controlling interests
—  —  —  —  —  —  (48) (48)
Purchases of treasury stock
—  —  —  —  —  (232) —  (232)
Retirement of treasury stock
—  —  (232) —  —  232  —  — 
Other
—  (30) —  —  —  —  19  (11)
Balance at September 30, 2020
$ $ 50,219  $ (11,808) $ (859) $ —  $ —  $ 559  $ 38,118 
See Notes to the Consolidated Financial Statements.
10



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

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 June 30, 2019
$ $ 51,129  $ (8,299) $ (831) $ —  $ 570  $ 42,576 
Net income
—  —  372  —  —  377 
Other comprehensive loss —  —  —  (698) —  (1) (699)
Common stock issued/sold
—  —  —  —  — 
Stock-based compensation and allocation of ESOP shares
—  20  (1) —  —  —  19 
Distributions to non-controlling interests
—  —  —  —  —  (6) (6)
Purchases of treasury stock
—  —  —  —  (359) —  (359)
Retirement of treasury stock
—  —  (359) —  359  —  — 
Other
—  (3) (2) —  —  —  (5)
Balance at September 30, 2019
$ $ 51,155  $ (8,289) $ (1,529) $ —  $ 568  $ 41,912 
Balance at June 30, 2020
$ $ 50,191  $ (11,728) $ (1,465) $ —  $ 572  $ 37,577 
Net (loss) income —  —  (79) —  —  (72)
Other comprehensive income
—  —  —  606  —  610 
Common stock issued/sold
—  —  —  —  —  —  — 
Stock-based compensation
—  24  —  —  —  —  24 
Distributions to non-controlling interests
—  —  —  —  —  (38) (38)
Other
—  (1) —  —  14  17 
Balance at September 30, 2020
$ $ 50,219  $ (11,808) $ (859) $ —  $ 559  $ 38,118 
See Notes to the Consolidated Financial Statements.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Table of Contents


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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 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 ("DWDP 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 "DWDP Merger"). Prior to the DWDP Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the DWDP Merger Agreement. Historical Dow was determined to be the accounting acquirer in the DWDP 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 “DWDP 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.

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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 DWDP Distributions. Effective April 1, 2019, the Parties entered into the following agreements referred herein as: the DWDP Separation and Distribution Agreement; the DWDP Tax Matters Agreement; the DWDP 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 DWDP 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 DWDP Tax Matters Agreement.

In connection with the DWDP Distributions, Dow and Corteva indemnify the Company against, and DuPont indemnifies Dow and Corteva against certain litigation, environmental, income taxes, and other liabilities that arose prior to the DWDP Distributions, as applicable. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. Refer to Note 13 for additional information regarding treatment of litigation and environmental related matters under the DWDP Separation and Distribution Agreement and the Letter 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:
Nine Months Ended September 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 1
17 
Interest expense 240 
Income from discontinued operations before income taxes 905 
Provision for income taxes on discontinued operations 1
176 
Income from discontinued operations, net of tax 729 
Income from discontinued operations attributable to noncontrolling interests, net of tax 37 
Income from discontinued operations attributable to DuPont stockholders, net of tax $ 692 
1.The three and nine months ended September 30, 2019 includes $82 million of expense in "Sundry income (expense) - net" and a benefit of $85 million in "Provision for income taxes on discontinued operations" related to certain unrecognized tax benefits for positions taken on items from prior years.






15


The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Materials Science Division:
Nine Months Ended September 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.

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:
Nine Months Ended September 30, 2019
In millions
Net sales $ 7,144 
Cost of sales 4,218 
Research and development expenses 470 
Selling, general and administrative expenses 1,294 
Amortization of intangibles 176 
Restructuring and asset related charges - net 117 
Integration and separation costs 430 
Equity in earnings of nonconsolidated affiliates (4)
Sundry income (expense) - net 1
52 
Interest expense 91 
Income from discontinued operations before income taxes 396 
Provision for income taxes on discontinued operations 1
74 
Income from discontinued operations, net of tax 322 
Income from discontinued operations attributable to noncontrolling interests, net of tax 35 
Income from discontinued operations attributable to DuPont stockholders, net of tax $ 287 
1.The three and nine months ended September 30, 2019 includes $6 million of expense in "Sundry income (expense) - net" and a benefit of $8 million in "Provision for income taxes on discontinued operations" related to certain unrecognized tax benefits for positions taken on items from prior years.

The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the Agriculture Division:
Nine Months Ended September 30, 2019
In millions
Depreciation and amortization $ 385 
Capital expenditures $ 383 

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, for $240 million. The sale is subject to customary closing conditions and is expected to close in the first half of 2021. The Company determined that the assets and liabilities associated with the biomaterials business unit, which are reported in Non-Core, met the held for sale criteria as of September 30, 2020.

In addition, certain other assets and liabilities within Non-Core are expected to be disposed of within one year and met the held for sale criteria during the third quarter of 2020. The following table summarizes the carrying value of the major assets and liabilities of the biomaterials business unit, as well as these certain other assets and liabilities within Non-Core classified as held for sale as of September 30, 2020 (collectively, the “Non-Core Held for Sale Disposal Groups”):
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In millions September 30, 2020
Assets
Accounts and notes receivable - net $ 61 
Inventories 96 
Other current assets 40 
Investments in nonconsolidated affiliates 166 
Property, plant and equipment - net 32 
Goodwill 267 
Other intangible assets 169 
Deferred charges and other assets
     Assets held for sale $ 835 
Liabilities
Accounts payable $ 29 
Income taxes payable
Accrued and other current liabilities 48 
Deferred income tax liabilities 30 
Pension and other post-employment benefits - noncurrent
Other noncurrent obligations 18 
     Liabilities related to assets held for sale $ 127 

In connection with the held for sale classification, the Non-Core Held for Sale Disposal Groups were measured at fair value less estimated cost to sell. As a result, the Company recorded a $25 million pre-tax goodwill impairment charge during the third quarter of 2020 which is reflected in “Goodwill impairment charges” in the Company’s interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020.

Sale of TCS/HSC Disposal Group
In the third quarter of 2020, the Company completed the sale of its trichlorosilane business (“TCS Business”) along with its equity ownership interest in DC HSC Holdings LLC and Hemlock Semiconductor L.L.C. (the "HSC Group,” and together with the TCS Business, the “TCS/HSC Disposal Group” and the sale of the TCS/HSC Disposal Group, the “TCS/HSC Disposal”) to the HSC Group, both of which were part of the Non-Core segment. In connection with the TCS/HSC Disposal, the Company received $550 million in cash at closing, subject to certain claw-back provisions, and will receive an additional $175 million in equal installments over the course of the next three years associated with the settlement of an existing supply agreement dispute with the HSC Group. The TCS/HSC Disposal resulted in a net pre-tax benefit of $393 million ($232 million net of tax), including the settlement of the supply agreement dispute and after allocation of goodwill to the TCS Business. The net pre-tax benefit is recorded in “Sundry income (expense) – net” in the Company’s interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020.

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 nine months ended September 30, 2020.

Sale of DuPont Sustainable Solutions
In the third quarter of 2019, the Company completed the sale of its Sustainable Solutions business unit, a part of the Non-Core segment, to Gyrus Capital. The sale resulted in a pre-tax gain of $28 million ($22 million net of tax). The gain was recorded in "Sundry income (expense) - net" in the Company's interim Consolidated Statements of Operations for the three and nine months ended September 30, 2019.

Other Discontinued Operations Activity
For the nine months ended September 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.


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Integration and Separation Costs
Integration and separation costs for continuing operations through September 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 intended separation of the Nutrition & Biosciences business beginning in the fourth quarter of 2019, the DWDP Merger, 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 September 30, Nine Months Ended September 30,
In millions 2020 2019 2020 2019
Integration and separation costs $ 127  $ 191  $ 469  $ 1,149 

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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 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
September 30,
Nine Months Ended
September 30,
In millions 2020 2019 2020 2019
Image Solutions $ 172  $ 167  $ 491  $ 507 
Interconnect Solutions 370  339  910  859 
Semiconductor Technologies 462  428  1,392  1,251 
Electronics & Imaging $ 1,004  $ 934  $ 2,793  $ 2,617 
Food & Beverage $ 686  $ 736  $ 2,163  $ 2,237 
Health & Biosciences 570  582  1,754  1,756 
Pharma Solutions 211  207  640  625 
Nutrition & Biosciences $ 1,467  $ 1,525  $ 4,557  $ 4,618 
Healthcare & Specialty $ 352  $ 376  $ 1,002  $ 1,148 
Industrial & Consumer 233  274  680  875 
Mobility Solutions 460  559  1,339  1,772 
Transportation & Industrial $ 1,045  $ 1,209  $ 3,021  $ 3,795 
Safety Solutions $ 534  $ 630  $ 1,746  $ 1,952 
Shelter Solutions 387  411  1,051  1,166 
Water Solutions 328  286  972  833 
Safety & Construction $ 1,249  $ 1,327  $ 3,769  $ 3,951 
Biomaterials $ 37  $ 54  $ 98  $ 166 
Clean Technologies 48  78  175  219 
DuPont Teijin Films 47  48  124  127 
Photovoltaic & Advanced Materials 1
199  223  608  707 
Sustainable Solutions 2
—  28  —  108 
Non-Core $ 331  $ 431  $ 1,005  $ 1,327 
Total $ 5,096  $ 5,426  $ 15,145  $ 16,308 
1. The TCS Business within Photovoltaic & Advanced Materials was divested in the third quarter of 2020.
2. The Sustainable Solutions business was divested in the third quarter of 2019.

Net Trade Revenue by Geographic Region Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions 2020 2019 2020 2019
U.S. & Canada $ 1,620  $ 1,822  $ 4,875  $ 5,424 
EMEA 1
1,069  1,227  3,405  3,898 
Asia Pacific 2,120  2,057  6,045  6,036 
Latin America 287  320  820  950 
Total $ 5,096  $ 5,426  $ 15,145  $ 16,308 
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 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 nine months of 2020 from amounts included in contract liabilities at the beginning of the period was approximately $25 million (approximately $28 million in the first nine 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 September 30, 2020 December 31, 2019
In millions
Accounts and notes receivable - trade 1
$ 2,938  $ 3,007 
Contract assets - current 2
$ —  $ 35 
Deferred revenue - current 3
$ 18  $ 20 
Deferred revenue - noncurrent 4
$ 25  $ 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 asset impairments, were $384 million and $807 million for the three and nine months ended September 30, 2020 ($82 million and $290 million for the three and nine months ended September 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 $127 million at September 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 nine months ended September 30, 2020:
Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020
In millions
Severance and related benefit costs $ 10  $ 112 
Asset related charges 28 
Total restructuring and asset related charges - net $ 14  $ 140 
2020 Restructuring Program Charges by Segment Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020
In millions
Electronics & Imaging $ $
Nutrition & Biosciences 12 
Transportation & Industrial —  21 
Safety & Construction 24 
Non-Core
Corporate
77 
Total $ 14  $ 140 

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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
Year-to-date restructuring charges $ 112  $ 28  $ 140 
Charges against the reserve —  (28) (28)
Cash payments (42) —  (42)
Reserve balance at September 30, 2020 $ 70  $ —  $ 70 

At September 30, 2020, total liabilities related to the 2020 Restructuring Program were $70 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 DWDP 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.

There were no charges incurred related to the 2019 Restructuring Program for the three months ended September 30, 2020. The following table summarizes the charges incurred for the three months ended September 30, 2019 and the nine months ended September 30, 2020 and September 30, 2019:
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions 2019 2020 2019
Severance and related benefit costs $ 48  $ $ 98 
Asset related charges 21  —  24 
Total restructuring and asset related charges - net $ 69  $ $ 122 
2019 Restructuring Program Charges (Credits) by Segment Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions 2019 2020 2019
Electronics & Imaging $ 35  $ (3) $ 42 
Nutrition & Biosciences (3) 18 
Transportation & Industrial (7) 18 
Safety & Construction (14) 20 
Non-Core — 
Corporate
18  29  21 
Total $ 69  $ $ 122 

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
Non-cash compensation (6)
Cash payments (55)
Reserve balance at September 30, 2020 $ 27 

At September 30, 2020, total liabilities related to the 2019 Restructuring Program were $27 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 was considered substantially complete at June 30, 2020.



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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 DWDP Merger and in preparation for the DWDP 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.

There were no charges incurred related to the DowDuPont Cost Synergy Program for the three months ended September 30, 2020. The following table summarizes the charges incurred for the three months ended September 30, 2019 and the nine months ended September 30, 2020 and September 30, 2019:
Three Months Ended
September 30,
Nine Months Ended
September 30,
In millions 2019 2020 2019
Severance and related benefit costs (credits) $ —  $ (2) $ 49 
Contract termination and other charges —  16 
Asset related charges 14  —  43 
Total restructuring and asset related charges - net 1
$ 14  $ $ 108 
1. The charge for the three and nine months ended September 30, 2019 includes $13 million and $105 million which was recognized in "Restructuring and asset related charges - net" and $1 million and $3 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
September 30,
Nine Months Ended
September 30,
In millions 2019 2020 2019
Electronics & Imaging $ —  $ —  $ — 
Nutrition & Biosciences —  38 
Transportation & Industrial —  — 
Safety & Construction
Non-Core (1) —  (1)
Corporate
10  (2) 64 
Total $ 14  $ $ 108 

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  $ $ 76 
Year-to-date restructuring (credits) charges (2)
Charges against the reserve —  (1) (1)
Cash payments (47) (2) (49)
Reserve balance at September 30, 2020 $ 25  $ $ 30 

At September 30, 2020, total liabilities related to the DowDuPont Cost Synergy Program were $30 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 was considered substantially complete at June 30, 2020.

Asset Impairments
In the third quarter of 2020, the TCS/HSC Disposal within the Non-Core segment, as well as further softening conditions in the aerospace markets, gave rise to fair value indicators and, thus, served as triggering events requiring the Company to perform a recoverability assessment related to asset groups within its Photovoltaic and Advanced Materials (“PVAM”) business unit. The Company first 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 both an income approach and a market approach utilizing Level 3 unobservable inputs. As a result, the Company recognized a pre-tax impairment charge of $318 million ($242 million net of tax) recorded within “Restructuring and asset
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related charges - net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020 with the charge impacting definite-lived intangible assets and property, plant, and equipment. See Note 11 for further discussion of goodwill impairment charges recorded during the third quarter of 2020 resulting from the above triggering events.

Additionally, the Company recorded a pre-tax asset impairment charge of $52 million ($39 million net of tax) in the third quarter of 2020 related to indefinite-lived intangible assets within the Non-Core segment which were deemed no longer recoverable as a result of the Non-Core Held for Sale Disposal Groups classification (refer to Note 3 for additional information). The charge was recorded within “Restructuring and asset related charges – net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020.

In the second quarter of 2020, the Company recorded a pre-tax impairment charge of $21 million ($16 million net of tax) 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 nine months ended September 30, 2020. See Note 11 for further discussion.
    
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 pre-tax impairment charge of $270 million ($206 million net of tax) recorded within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the nine months ended September 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 a pre-tax impairment charge of $63 million ($47 million net of tax) in “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations related to the Nutrition & Biosciences segment for the nine months ended September 30, 2019.
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NOTE 6 - SUPPLEMENTARY INFORMATION
Sundry Income (Expense) - Net Three Months Ended September 30, Nine Months Ended September 30,
In millions 2020 2019 2020 2019
Non-operating pension and other post-employment benefit (OPEB) credits $ $ 21  $ 24  $ 60 
Interest income 50 
Net gain on divestiture and sales of other assets and investments 1,2,3
419  64  612  127 
Foreign exchange losses, net
(10) (23) (41) (101)
Miscellaneous income (expenses) - net 4
13  16  25 
Sundry income (expense) - net $ 430  $ 79  $ 627  $ 144 
1.The three and nine months ended September 30, 2020 includes a net benefit of $393 million related to the TCS/HSC Disposal, including the settlement of a supply agreement dispute, within the Non-Core segment. Refer to Note 3 for further information.
2. The nine months ended September 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.
3. The three and nine months ended September 30, 2020 includes income of $30 million related to a prior year sale of assets within the Electronics & Imaging segment. The three and nine months ended September 30, 2019 includes income of $34 million and $85 million, respectively, related to a sale of assets within the Electronics & Imaging segment, as well as a gain of $28 million related to the sale of the Sustainable Solutions business unit within the Non-Core segment.
4. Miscellaneous income (expenses) - net for the nine months ended September 30, 2019 includes a $48 million charge reflecting a reduction in gross proceeds from lower withholding taxes related to a prior year settlement. The nine months ended September 30, 2019 also includes $26 million related to licensing income within the Safety & Construction segment.

Cash, Cash Equivalents and Restricted Cash
On September 16, 2020, Nutrition & Biosciences, Inc. (presently a wholly owned subsidiary of DuPont) (“N&B Inc.”) completed 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. In connection with the intended merger of DuPont's Nutrition & Biosciences business with IFF (the "Intended Merger"), N&B Inc. will make a special cash payment of $7.3 billion, (the “Special Cash Payment”), subject to adjustment, to DuPont, which N&B Inc. will fund with the net proceeds from the N&B Notes Offering together with borrowings under N&B Inc.’s existing Term Loan facilities. The availability of the net proceeds to fund part of the Special Cash Payment and to pay the related financing fees and expenses is subject to certain conditions, including among others, satisfaction of substantially all the conditions to the consummation of the intended transaction with IFF. However, if the closing of the Intended Merger has not occurred on or prior to September 15, 2021, or, if prior to such date, the Merger Agreement is validly terminated, (each a “Special Mandatory Redemption Event”), N&B Inc. must redeem all of the Notes on or before the 15th business day following the Special Mandatory Redemption Event (such date of redemption, the “Special Mandatory Redemption Date”) at a redemption price equal to 101% of the aggregate principal amount of the applicable series of Notes, plus accrued and unpaid interest to, but not including, the Special Mandatory Redemption Date.

At September 30, 2020, the Company had approximately $6.2 billion in net proceeds from the N&B Notes Offering recorded within non-current “Restricted cash” in the interim Condensed Consolidated Balance Sheets. See Note 12 for further discussion of the N&B Notes Offering.

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 DWDP 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 September 30, 2020, the Company had restricted cash attributed to the Trust of $26 million ($37 million at December 31, 2019) included in "Other current assets" in the interim Condensed Consolidated Balance Sheets.

Accrued and Other Current Liabilities
"Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets were $1,364 million at September 30, 2020 and $1,342 million at December 31, 2019. Accrued payroll, which is a component of "Accrued and other current liabilities," was $431 million at September 30, 2020 and $479 million at December 31, 2019. No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities.


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NOTE 7 - INCOME TAXES
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.

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 third quarter of 2020 was 460.0 percent, compared with an effective tax rate of 17.3 percent for the third quarter of 2019. The effective tax rate for the third quarter of 2020 was principally the result of a non-tax-deductible goodwill impairment charge and a non-tax-deductible goodwill allocation in connection with the TCS/HSC Disposal impacting the Non-Core segment. The effective tax rate for the third quarter of 2019 was favorably impacted by, among other items, tax benefits related to the adjustment of certain unrecognized benefits for positions taken on items from a prior year.

For the first nine months of 2020, the effective tax rate on continuing operations was (3.3) percent, compared with (21.4) percent for the first nine months of 2019. The effective tax rate for the first nine months of 2020 was principally the result of a non-tax-deductible goodwill impairment charge impacting the Non-Core segment in the first and third quarter and a non-tax-deductible goodwill impairment charge impacting the Transportation and Industrial segment in the second quarter, coupled with an allocation of non-tax-deductible goodwill related to the TCS/HSC Disposal. The tax rate in the first nine 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.
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NOTE 8 - EARNINGS PER SHARE CALCULATIONS
The following tables provide earnings per share calculations for the three and nine months ended September 30, 2020 and 2019:
Net Income for Earnings Per Share Calculations - Basic & Diluted Three Months Ended September 30, Nine Months Ended September 30,
In millions 2020 2019 2020 2019
(Loss) income from continuing operations, net of tax $ (72) $ 372  $ (3,153) $ (805)
Net income from continuing operations attributable to noncontrolling interests 20  18 
Net income from continuing operations attributable to participating securities 1
—  —  — 
(Loss) income from continuing operations attributable to common stockholders $ (79) $ 367  $ (3,173) $ (824)
Income from discontinued operations, net of tax —  —  1,217 
Net income from discontinued operations attributable to noncontrolling interests —  —  —  72 
Income from discontinued operations attributable to common stockholders —  —  1,145 
Net (loss) income attributable to common stockholders $ (79) $ 372  $ (3,173) $ 321 
Earnings Per Share Calculations - Basic Three Months Ended September 30, Nine Months Ended September 30,
Dollars per share 2020 2019 2020 2019
(Loss) earnings from continuing operations attributable to common stockholders $ (0.11) $ 0.49  $ (4.31) $ (1.10)
Income from discontinued operations, net of tax —  0.01  —  1.53 
Net (loss) earnings attributable to common stockholders $ (0.11) $ 0.50  $ (4.31) $ 0.43 
Earnings Per Share Calculations - Diluted Three Months Ended September 30, Nine Months Ended September 30,
Dollars per share 2020 2019 2020 2019
(Loss) earnings from continuing operations attributable to common stockholders $ (0.11) $ 0.49  $ (4.31) $ (1.10)
Income from discontinued operations, net of tax —  0.01  —  1.53 
Net (loss) earnings attributable to common stockholders $ (0.11) $ 0.50  $ (4.31) $ 0.43 
Share Count Information
Three Months Ended September 30, Nine Months Ended September 30,
Shares in millions 2020 2019 2020 2019
Weighted-average common shares - basic 734.4  745.5  735.8  748.2 
Plus dilutive effect of equity compensation plans —  2.2  —  — 
Weighted-average common shares - diluted 734.4  747.7  735.8  748.2 
Stock options and restricted stock units excluded from EPS calculations 2
5.5  3.8  6.3  2.8 
1.Historical Dow restricted stock units are considered participating securities due to Historical Dow's practice of paying dividend equivalents on unvested shares.
2. These outstanding options to purchase shares of common stock and restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.
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NOTE 9 - INVENTORIES
Inventories September 30, 2020 December 31, 2019
In millions
Finished goods $ 2,407  $ 2,621 
Work in process 803  855 
Raw materials 465  599 
Supplies 227  244 
Total inventories $ 3,902  $ 4,319 


NOTE 10 - NONCONSOLIDATED AFFILIATES
The Company's investments in companies accounted for using the equity method ("nonconsolidated affiliates"), by classification in the interim Condensed Consolidated Balance Sheets, are shown in the following table:
Investments in Nonconsolidated Affiliates September 30, 2020 December 31, 2019
In millions
Investments in nonconsolidated affiliates $ 951  $ 1,204 
Accrued and other current liabilities (74) (85)
Other noncurrent obligations —  (358)
Net investment in nonconsolidated affiliates $ 877  $ 761 

At September 30, 2020, the Company had an ownership interest in 18 nonconsolidated affiliates.

HSC Group
In the third quarter of 2020, the Company sold its equity interest in the HSC group. See Note 3 for further discussion. The following table reflects the carrying value of the HSC Group investments at December 31, 2019:
Investment in the HSC Group Investment
In millions Balance Sheet Classification Dec 31, 2019
Hemlock Semiconductor L.L.C. Other noncurrent obligations $ (358)
DC HSC Holdings LLC Investments in nonconsolidated affiliates $ 87 

Sales to nonconsolidated affiliates represented less than 2 percent of total net sales for the three and nine months ended September 30, 2020 and less than 3 percent of total net sales for the three and nine months ended September 30, 2019. Sales to nonconsolidated affiliates are 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. Sales of this raw material to the HSC Group are reflected in Non-Core. Purchases from nonconsolidated affiliates represented less than 2 percent of “Cost of sales” for the three and nine months ended September 30, 2020 and 2019.
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NOTE 11 - GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying amounts of goodwill during the nine months ended September 30, 2020 were as follows:
Elect. & Imaging Nutrition & Biosciences Transp. & Industrial Safety & Const. Non-Core Total
In millions
Balance at December 31, 2019
$ 7,092  $ 11,012  $ 6,931  $ 6,711  $ 1,405  $ 33,151 
Acquisitions
—  —  —  53  —  53 
Divestitures 1
(199) —  —  —  (514) (713)
Impairments
—  —  (2,498) —  (716) (3,214)
Currency Translation Adjustment
41  206  67  84  —  398 
Measurement Period Adjustments
—  —  —  15  —  15 
Balance at September 30, 2020
$ 6,934  $ 11,218  $ 4,500  $ 6,863  $ 175  $ 29,690 
1. Includes $267 million of goodwill related to the Non-Core segment reclassified as held for sale in connection with the Non-Core Held for Sale Disposal Groups. Refer to Note 3 for further information.

The Company tests goodwill and indefinite-lived intangible assets 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, Historical 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.

In the third quarter of 2020, the TCS/HSC Disposal within the Non-Core segment, as well as further softening conditions in aerospace markets, served as triggering events requiring the Company to perform recoverability assessments related to asset groups within its PVAM business unit. These assessments resulted in the Company recording asset impairment charges related to certain long-lived assets whose carrying values were deemed not recoverable (refer to Note 5 for additional information). The Company then performed a series of impairment analyses related to goodwill associated with the PVAM business unit. The goodwill impairment analyses included an assessment of the preceding PVAM reporting unit as well as assessments of re-defined reporting units within the PVAM business unit resulting from the TCS/HSC Disposal along with recent progress in the sales processes for other Non-Core business units, including reallocation of goodwill on a relative fair value basis. As a result of these analyses, the Company determined that the fair value of certain reporting units was below carrying value resulting in impairment charges of goodwill. In connection with the foregoing and as a result of the Non-Core Held For Sale Disposal Groups classification (see Note 3 for additional information), the Company recorded aggregate, pre-tax, non-cash impairment charges of $183 million in the third quarter of 2020 impacting the Non-Core segment and reflected in "Goodwill impairment charges" in the Consolidated Statements of Operations. As a result of the above impairment charges and previous impairment charges recorded impacting Non-Core as discussed below, the carrying value of the reporting units within Non-Core are indicative of fair value. As a result, future changes in fair value could impact the carrying value of these business units which have been and continue to be at risk for impairment charges in future periods.

The Company’s analyses above use a combination of the discounted cash flow models (a form of the income approach) utilizing Level 3 unobservable inputs and the market approach. The Company’s significant assumptions in these analyses include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The Company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the Company’s estimates. If the Company’s ongoing estimates of future cash flows are not met, the Company may have to record additional impairment charges in future periods. As referenced, the Company also uses a form of the market approach (utilizes Level 3 unobservable inputs), which is derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. As such, the Company believes the current assumptions and estimates utilized are both reasonable and appropriate.

In the second quarter of 2020, continued near-term demand weakness in global automotive production resulting from the COVID-19 pandemic, along with revised views of recovery based on third party market information, served as a triggering event requiring the Company to perform an impairment analysis of the goodwill associated with its Transportation & Industrial reporting unit as of June 30, 2020. The carrying value of the Transportation & Industrial reporting unit is comprised substantially of Historical EID’s assets and liabilities which were measured at fair value in connection with the DWDP Merger, and thus inherently considered at risk for impairment. The Company performed quantitative testing on its Transportation &
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Industrial reporting unit as of June 30, 2020, using a combination of the discounted cash flow model (a form of the income approach) utilizing Level 3 unobservable inputs and the Guideline Public Company Method (a form of the market approach). Based on the analysis performed, during the second quarter of 2020, the Company concluded that the carrying amount of the reporting unit exceeded its fair value resulting in a pre-tax, non-cash goodwill impairment charge of $2,498 million, reflected in "Goodwill impairment charges" in the Consolidated Statements of Operations for the nine months ended September 30, 2020.

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, served as triggering events requiring the Company to perform impairment analyses related to goodwill as of March 31, 2020. As part of the analysis, the Company determined that the fair value of its PVAM reporting unit was below its carrying value resulting in an impairment charge to goodwill. Valuations of the PVAM reporting unit under a combination of the market approach and income approach reflected softening conditions in photovoltaics markets as compared to prior estimates. In connection with this analysis, the Company recorded a pre-tax, non-cash goodwill impairment charge of $533 million in the first quarter of 2020 impacting the Non-Core segment. This charge is reflected in "Goodwill impairment charges" in the Consolidated Statements of Operations for the nine months ended September 30, 2020.

In the second quarter of 2019, the Company recorded pre-tax, non-cash goodwill impairment charges of $1,175 million impacting the Nutrition & Biosciences and Non-Core segments which are reflected in "Goodwill impairment charges" in the interim Consolidated Statements of Operations for the nine months ended September 30, 2019.

COVID-19 continues to adversely impact the broader global economy and has caused significant volatility in financial markets. If there is a of lack of recovery, the time period to recovery is longer than expected or further global softening is experienced in certain markets, such as automotive, aerospace, commercial construction, oil & gas and select industrial end-markets, or a sustained decline in the value of the Company's common stock, the Company may be required to perform additional impairment assessments for its goodwill, other intangibles, and long-lived assets, the results of which could result in material impairment charges.

Other Intangible Assets
The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:
September 30, 2020 December 31, 2019
In millions Gross
Carrying
Amount
Accum Amort Net Gross Carrying Amount Accum Amort Net
Intangible assets with finite lives:
  Developed technology $ 4,229  $ (1,705) $ 2,524  $ 4,343  $ (1,361) $ 2,982 
  Trademarks/tradenames 2,395  (1,378) 1,017  2,433  (455) 1,978 
  Customer-related 8,942  (2,644) 6,298  8,986  (2,229) 6,757 
  Other 175  (85) 90  303  (98) 205 
Total other intangible assets with finite lives $ 15,741  $ (5,812) $ 9,929  $ 16,065  $ (4,143) $ 11,922 
Intangible assets with indefinite lives:
  Trademarks/tradenames 1,599  —  1,599  1,671  —  1,671 
Total other intangible assets 1,599  —  1,599  1,671  —  1,671 
Total $ 17,340  $ (5,812) $ 11,528  $ 17,736  $ (4,143) $ 13,593 

In the third quarter of 2020, the Company recorded a pre-tax asset impairment charge of $52 million ($39 million net of tax) related to indefinite-lived intangible assets within the Non-Core segment which were deemed no longer recoverable as a result of the Non-Core Held For Sale Disposal Groups classification (see Note 3 for additional information). The charge was recorded within “Restructuring and asset related charges – net” in the interim Consolidated Statements of Operations for the three and nine months ended September 30, 2020.

In the first quarter and third quarter of 2020, the Company recorded non-cash impairment charges related to definite-lived intangible assets impacting the Non-Core segment reflected within “Restructuring and asset related charges - net” in the interim Consolidated Statements of Operations for the nine months ended September 30, 2020. See Note 5 for further discussion.

In the second quarter of 2020, the Company performed quantitative testing on indefinite-lived intangible assets attributable to the Transportation & Industrial segment, for which the Company determined that the fair value of certain tradenames had declined related to the factors described above. The Company performed an analysis of the fair value using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management
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judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. 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 net of tax), which is reflected in "Restructuring and asset related charges - net," in the Consolidated Statements of Operations for the nine months ended September 30, 2020. The remaining net book value of the tradenames attributable to the Transportation & Industrial segment at September 30, 2020 was approximately $289 million, which represents fair value.

The following table provides the net carrying value of other intangible assets by segment:
<
Net Intangibles by Segment September 30, 2020 December 31, 2019
In millions
Electronics & Imaging $ 1,686  $ 1,833 
Nutrition & Biosciences 3,360  4,377 
Transportation & Industrial 3,429  3,590 
Safety & Construction 2,956  3,082 
Non-Core 97  711