WILMINGTON, Del., Aug. 3, 2021 /PRNewswire/ -- DuPont (NYSE:
DD) today announced financial results for the second quarter
2021.
"Continued positive momentum in almost all of our key
end-markets, including semiconductor, smartphones, automotive, and
residential construction, enabled us to deliver strong second
quarter results ahead of expectations with year-over-year and
sequential growth in all three reporting segments," said
Ed Breen, DuPont Executive Chairman
and Chief Executive Officer. "Our teams' intense focus on working
closely with customers and suppliers during an environment of
global supply chain and logistics challenges and escalating raw
material costs was critical to our second quarter results."
"In addition to solid financial performance, we continue to
shift our portfolio and investments toward higher growth and higher
margin businesses," Breen continued. "We closed the divestiture of
the Solamet® business at the end of June and on July 1st, we completed the acquisition
of Laird Performance Materials which strategically complements our
Electronics & Industrial segment. It also further strengthens
our ability to address key innovation needs for high frequency
connectivity, high performance computing and advanced mobility with
sustainable offerings that customers and society demand.
Additionally, in line with our balanced capital allocation
approach, we de-levered our balance sheet by paying down
$2 billion of bonds in May and
returned $800 million of capital to
shareholders during the quarter through share purchases and
dividends."
Second Quarter 2021 Results
Net sales totaled $4.1 billion, up
26 percent versus the year-ago period as reported and up 23 percent
on an organic(1) basis. Sales were up double-digit
percent in all three reporting segments driven most notably by the
ongoing recovery in key end-markets adversely impacted by the
COVID-19 pandemic in the year-ago period such as automotive,
construction and industrial, along with continued strength in areas
such as semiconductor and smartphones. On a regional basis, organic
sales growth was 20 percent or greater in all regions.
GAAP EPS from continuing operations totaled $1.04 on GAAP income from continuing operations
of $564 million, versus GAAP EPS from
continuing operations of $(3.26) on a
GAAP loss from continuing operations of $(2.4) billion in the year-ago period. The
improvement is driven mainly by the absence of a prior year
goodwill impairment charge, higher segment earnings and a
significantly lower share count.
Operating EBITDA(1) was $1.06
billion, up 53 percent versus operating EBITDA(1)
in the prior year. The improvement was driven by the ongoing
recovery in key end-markets impacted by the COVID-19 pandemic in
the year-ago period, most notably automotive, and the absence of
approximately $150 million in charges recorded in the year-ago
period associated with temporarily idling certain facilities to
align supply with demand, which were partially offset by the
absence of a $64 million gain
recorded in Corporate in the year-ago period associated with a
joint venture customer settlement. Operating EBITDA improvement
drove 460 basis points of operating EBITDA margin expansion.
Adjusted EPS(1) was $1.06,
up about 240% versus adjusted EPS(1) in the year-ago
period due to higher segment results, a significantly lower share
count, and lower interest expense partially offset by a higher base
tax rate.
Operating cash flow for the quarter was $440 million and included working capital
headwinds of about $140 million led
by higher inventories and higher accounts receivable balances on
increased sales. Capital expenditures of $216 million resulted in free cash
flow(1) of $224
million.
Second Quarter 2021 Segment Highlights
Electronics & Industrial
Electronics &
Industrial reported net sales of $1.3
billion, up 19 percent from the year-ago period. Organic
sales were up 17 percent on a 17 percent increase in volume.
Currency was a 2 percent tailwind.
Sales gains were led by Industrial Solutions, up mid-twenties
percent versus the year-ago period, reflecting broad-based demand
most notably in displays, electronics, healthcare and automotive
markets. Interconnect Solutions also delivered growth over 20
percent driven by continued demand for higher content in premium,
next-generation smartphones, along with improvement in industrial
markets. Continued strength in Semiconductor Technologies resulted
in double-digit volume growth driven by new technology ramps in
advanced nodes within logic and foundry and higher demand for
memory in servers and data centers.
Operating EBITDA for the segment was $424
million, an increase of 26 percent from operating EBITDA of
$336 million in the year-ago period
driven by volume gains. Operating EBITDA margins increased 190
basis points from the year-ago period.
Water & Protection
Water & Protection reported
net sales of $1.4 billion, up 14
percent from the year-ago period. Organic sales were up 11 percent
on an 11 percent increase in volume. Currency was a 3 percent
tailwind.
Sales gains were led by Shelter Solutions, up over 30 percent
versus the year-ago period, reflecting continued strong demand in
North American residential construction and retail channels for
do-it-yourself applications and continued recovery in commercial
construction. Within Safety Solutions, sales were up
high-single-digits on an organic basis as recovery in industrial
and automotive end-markets resulted in significant volume
improvement for aramid fibers. Broad-based demand for Water
Solutions technologies remained strong, however, logistics
challenges impacted our ability to supply customers which resulted
in low-single-digit volume declines versus the year-ago period.
Operating EBITDA for the segment totaled $352 million, an increase of 4 percent compared
to operating EBITDA of $339 million
in the year-ago period. Volume growth was mostly offset by higher
raw materials and logistics costs.
Mobility & Materials
Mobility & Materials
reported net sales of $1.3 billion,
up 61 percent from the year-ago period. Organic sales were up 55
percent on a 42 percent increase in volume and a 13 percent
increase in price. Currency was a 6 percent tailwind.
Sales gains were broad-based as key end-markets continued to
recover from the impact of the COVID-19 pandemic. Most notably, the
continued recovery of the global automotive market helped to
deliver strong volume improvement across Engineering Polymers,
Advanced Solutions and Performance Resins. Within Engineering
Polymers, global supply constraints of key raw materials improved
but are expected to remain tight through the end of the year. We
expect to recover volume lost in the quarter due to these
disruptions as the raw material constraints are alleviated.
Local price increased 13 percent on actions taken to offset raw
material costs and higher metals pricing.
Operating EBITDA for the segment was $294
million, an increase of $317
million from operating EBITDA of ($23) million in the year-ago period. The
improvement was driven primarily by the absence of approximately
$130 million in charges recorded in
the year-ago period associated with temporarily idling certain
facilities to align supply with demand, higher volumes, and pricing
gains.
Third Quarter and Full Year 2021
Outlook
The Company is changing its treatment of intangible amortization
expense for non-GAAP reporting. Beginning third quarter 2021,
DuPont's adjusted EPS(1) will exclude all amortization
of intangible assets and will no longer differentiate based on the
origin of the intangibles. The Company's outlook for adjusted
EPS(1) provided below has been updated to reflect this
change in non-GAAP reporting, including the retroactive impact of
the change on first half 2021 results. For comparative purposes, a
recast of historical periods is included beginning on page 14 of
this release.
"As a result of our strong first half of the year, our
expectations of continued momentum within our key end-markets, and
confidence in our team's ability to navigate through global supply
chain constraints, we are raising our guidance for the year for net
sales, operating EBITDA and adjusted EPS," said Lori Koch, Chief Financial Officer of DuPont.
"In addition, we are adjusting our guidance to reflect the
July 1st acquisition of
Laird Performance Materials, the divestiture of the Solamet®
business at the end of June and the impact of the retroactive
reporting change that we are making for adjusted EPS. For full year
2021, we now estimate net sales to be between $16.45 billion and $16.55
billion and operating EBITDA between $4.21 billion and $4.26
billion. Our outlook for full year adjusted EPS on the new
basis is now in the range of $4.24 to
$4.30 per share, and includes a full
year benefit estimated at $0.27 per
share related to the amortization reporting change."
"We estimate third quarter 2021 net sales to be between
$4.18 billion and $4.23 billion, operating EBITDA between
$1.06 billion and $1.08 billion and adjusted EPS on the new basis
between $1.11 and $1.13 per share."
Conference Call
The Company will host a live webcast
of its second quarter earnings conference call with investors to
discuss its results and business outlook today at 8:00 a.m. ET. The slide presentation that
accompanies the conference call will be posted on the DuPont's
Investor Relations Events and Presentations page. A replay of the
webcast also will be available on the DuPont's Investor Relations
Events and Presentations page following the live event.
About DuPont
DuPont (NYSE: DD) is a global innovation
leader with technology-based materials and solutions that help
transform industries and everyday life. Our employees apply diverse
science and expertise to help customers advance their best ideas
and deliver essential innovations in key markets including
electronics, transportation, construction, water, healthcare and
worker safety. More information about the company, its businesses
and solutions can be found at www.dupont.com. Investors can access
information included on the Investor Relations section of the
website at www.investors.dupont.com.
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.
Overview
Effective August 31, 2017, E. I. du Pont de Nemours and
Company ("EID") and The Dow Chemical Company ("TDCC") each merged
with subsidiaries of DowDuPont Inc. (n/k/a "DuPont") and, as a
result, EID and TDCC became subsidiaries of the Company (the "DWDP
Merger"). On April 1, 2019, the Company completed the
separation of the materials science business through the spin-off
of Dow Inc., ("Dow") including Dow's subsidiary The Dow Chemical
Company (the "Dow Distribution"). On June 1,
2019, the Company completed the separation of the
agriculture business through the spin-off of Corteva, Inc.
("Corteva") including Corteva's subsidiary E. I. du Pont de Nemours
and Company ("EID"), (the "Corteva Distribution and together with
the Dow Distribution, the "DWDP Distributions").
On February 1, 2021, the Company
completed the divestiture of the Nutrition & Biosciences
("N&B") business to International Flavors & Fragrance Inc.
("IFF") in a Reverse Morris Trust transaction (the "N&B
Transaction") that resulted in IFF issuing shares to DuPont
stockholders. The results of operations of DuPont for all periods
presented reflect the historical financial results of N&B as
discontinued operations, as applicable. The cash flows related to
N&B have not been segregated and are included in the
Consolidated Statements of Cash Flows for the applicable
periods.
In addition, the Company includes in discontinued operations
activity related to the indemnification obligations pertaining to
EID legacy liabilities including eligible PFAS costs under the cost
sharing arrangement (the "MOU") by and between DuPont, Corteva and
The Chemours Company.
On July 1, 2021, DuPont completed
the previously announced acquisition of the Laird Performance
Materials business, (the "Laird PM Acquisition").
Cautionary Statement Regarding 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 ability to
achieve expected benefits, synergies and operating efficiencies in
connection with the Laird PM Acquisition within the expected time
frames or at all or to successfully integrate the Laird Performance
Materials business; (ii) ability to achieve anticipated tax
treatments in connection with the N&B Transaction, Laird PM
Acquisition or the DWDP Distributions; (iii) changes in relevant
tax and other laws; (iv) indemnification of certain legacy
liabilities of EID in connection with the Corteva Distribution; (v)
risks and costs related to the performance under and impact of the
cost sharing arrangement by and between DuPont, Corteva and The
Chemours Company related to future eligible PFAS costs; (vi)
failure to effectively manage acquisitions, divestitures,
alliances, joint ventures and other portfolio changes, including
meeting conditions under the Letter Agreement entered in connection
with the Corteva Distribution, related to the transfer of certain
levels of assets and businesses; (vii) uncertainty as to the
long-term value of DuPont common stock; (viii) risks and
uncertainties related to the novel coronavirus (COVID-19) and the
responses thereto (such as voluntary and in some cases, mandatory
quarantines as well as shut downs and other restrictions on travel
and commercial, social and other activities) on DuPont's business,
results of operations, access to sources of liquidity and financial
condition which depend on highly uncertain and unpredictable future
developments, including, but not limited to, the duration and
spread of the COVID-19 outbreak, its severity, the actions to
contain the virus or treat its impact, and how quickly and to what
extent normal economic and operating conditions resume; and (ix)
other risks to DuPont's business, operations; each as further
discussed in detail in and results of operations as discussed in
DuPont's annual report on Form 10-K for the year ended December 31, 2020 and its subsequent reports on
Form 10-Q and Form 8-K. Unlisted factors may present significant
additional obstacles to the realization of forward-looking
statements. Consequences of material differences in results as
compared with those anticipated in the forward-looking statements
could include, among other things, business or supply chain
disruption, operational problems, financial loss, legal liability
to third parties and similar risks, any of which could have a
material adverse effect on DuPont's consolidated financial
condition, results of operations, credit rating or liquidity. You
should not place undue reliance on forward-looking statements,
which speak only as of the date they are made. DuPont assumes no
obligation to publicly provide revisions or updates to any
forward-looking statements whether as a result of new information,
future developments or otherwise, should circumstances change,
except as otherwise required by securities and other applicable
laws.
Non-GAAP Financial Measures
This earnings release includes information that does not conform
to accounting principles generally accepted in the United States of America ("U.S. GAAP") and
are considered non-GAAP measures. Management uses these measures
internally for planning, forecasting and evaluating the performance
of the Company, including allocating resources. DuPont's management
believes these non-GAAP financial measures are useful to investors
because they provide additional information related to the ongoing
performance of DuPont to offer a more meaningful comparison related
to future results of operations. These non-GAAP financial measures
supplement disclosures prepared in accordance with U.S. GAAP, and
should not be viewed as an alternative to U.S. GAAP. Furthermore,
such non-GAAP measures may not be consistent with similar measures
provided or used by other companies. Reconciliations for these
non-GAAP measures to U.S. GAAP are provided in the Selected
Financial Information and Non-GAAP Measures starting on page 11 and
on the Investors section of the Company's website. Non-GAAP
measures included in this release are defined below. The Company
has not provided forward-looking U.S. GAAP financial measures or a
reconciliation of forward-looking non-GAAP financial measures to
the most comparable U.S. GAAP financial measures on a
forward-looking basis because the Company is unable to predict with
reasonable certainty the ultimate outcome of certain future events.
These events include, among others, the impact of portfolio
changes, including asset sales, mergers, acquisitions, and
divestitures; contingent liabilities related to litigation,
environmental and indemnifications matters; impairments and
discrete tax items. These items are uncertain, depend on various
factors, and could have a material impact on U.S. GAAP results for
the guidance period.
Adjusted earnings per common share from continuing operations -
diluted ("Adjusted EPS"), is defined as earnings per common share
from continuing operations - diluted, excluding the after-tax
impact of significant items, after-tax impact of amortization
expense associated with intangibles acquired as part of the DWDP
Merger and the after-tax impact of non-operating pension / other
post employment benefits ("OPEB") benefits / charges. Although
amortization of EID intangibles acquired as part of the DWDP Merger
is excluded from these non-GAAP measures, management believes it is
important for investors to understand that such intangible assets
contribute to revenue generation. Amortization of intangible assets
that relate to past acquisitions will recur in future periods until
such intangible assets have been fully amortized.
Beginning July 1, 2021, adjusted
earnings per common share from continuing operations - diluted
("Updated Adjusted EPS"), is defined as earnings per common share
from continuing operations - diluted, excluding the after-tax
impact of significant items, after-tax impact of amortization
expense of intangibles and the after-tax impact of non-operating
pension / OPEB. Management estimates amortization expense in 2021
associated with intangibles to be between $710 million and $730
million on a pre-tax basis, or approximately $1.00 to $1.05 per
share. The Company will report financial results under this new
definition following the second quarter 2021. Outlook information
above is presented using Updated Adjusted EPS. For additional
information, refer to pages 14 and 15.
Operating EBITDA, is defined as earnings (i.e. income (loss)
from continuing operations before income taxes) before interest,
depreciation, amortization, non-operating pension / OPEB benefits /
charges, and foreign exchange gains / losses, adjusted to exclude
significant items. Operating EBITDA margin is calculated as
operating EBITDA divided by net sales. Operating EBITDA leverage is
calculated as the year-over-year percentage change in operating
EBITDA divided by the year-over-year percentage change in net
sales.
Significant items are items that arise outside the ordinary
course of the Company's business that management believes may cause
misinterpretation of underlying business performance, both
historical and future, based on a combination of some or all of the
item's size, unusual nature and infrequent occurrence. Management
classifies as significant items certain costs and expenses
associated with integration and separation activities related to
transformational acquisitions and divestitures as they are
considered unrelated to ongoing business performance.
Organic Sales is defined as net sales excluding the impacts of
currency and portfolio.
Free cash flow is defined as cash provided by/used for operating
activities less capital expenditures. As a result, free cash flow
represents cash that is available to the Company, after investing
in its asset base, to fund obligations using the Company's primary
source of liquidity, cash provided by operating activities.
Management believes free cash flow, even though it may be defined
differently from other companies, is useful to investors, analysts
and others to evaluate the Company's cash flow and financial
performance, and it is an integral measure used in the Company's
financial planning process.
(1)
|
Adjusted EPS,
operating EBITDA and free cash flow are non-GAAP measures. See page
6 for further discussion. Reconciliation to the most directly
comparable GAAP measure, including details of significant items
begins on page 11 of this communication.
|
DuPont de Nemours,
Inc. Consolidated Statements of Operations
|
|
In millions, except
per share amounts (Unaudited)
|
Three Months
Ended
June
30,
|
Six Months
Ended
June
30,
|
2021
|
2020
|
2021
|
2020
|
Net sales
|
$
|
4,135
|
|
$
|
3,289
|
|
$
|
8,111
|
|
$
|
6,959
|
|
Cost of
sales
|
2,655
|
|
2,298
|
|
5,167
|
|
4,617
|
|
Research and
development expenses
|
148
|
|
153
|
|
304
|
|
326
|
|
Selling, general and
administrative expenses
|
459
|
|
414
|
|
915
|
|
896
|
|
Amortization of
intangibles
|
167
|
|
177
|
|
334
|
|
355
|
|
Restructuring and
asset related charges - net
|
10
|
|
24
|
|
12
|
|
422
|
|
Goodwill impairment
charges
|
—
|
|
2,498
|
|
—
|
|
3,031
|
|
Integration and
separation costs
|
23
|
|
16
|
|
29
|
|
139
|
|
Equity in earnings of
nonconsolidated affiliates
|
25
|
|
102
|
|
51
|
|
141
|
|
Sundry income
(expense) - net
|
146
|
|
(11)
|
|
162
|
|
201
|
|
Interest
expense
|
129
|
|
181
|
|
275
|
|
352
|
|
Income (loss) from
continuing operations before income taxes
|
715
|
|
(2,381)
|
|
1,288
|
|
(2,837)
|
|
Provision for income
taxes on continuing operations
|
151
|
|
8
|
|
183
|
|
102
|
|
Income (loss) from
continuing operations, net of tax
|
564
|
|
(2,389)
|
|
1,105
|
|
(2,939)
|
|
(Loss) income from
discontinued operations, net of tax
|
(77)
|
|
(82)
|
|
4,780
|
|
(142)
|
|
Net income
(loss)
|
487
|
|
(2,471)
|
|
5,885
|
|
(3,081)
|
|
Net income
attributable to noncontrolling interests
|
9
|
|
7
|
|
13
|
|
13
|
|
Net income (loss)
available for DuPont common stockholders
|
$
|
478
|
|
$
|
(2,478)
|
|
$
|
5,872
|
|
$
|
(3,094)
|
|
|
|
|
|
|
Per common share
data:
|
|
|
|
|
Earnings (loss) per
common share from continuing operations - basic
|
$
|
1.05
|
|
$
|
(3.26)
|
|
$
|
1.93
|
|
$
|
(4.01)
|
|
(Loss) earnings per
common share from discontinued operations - basic
|
(0.15)
|
|
(0.11)
|
|
8.43
|
|
(0.19)
|
|
Earnings (loss) per
common share - basic
|
$
|
0.90
|
|
$
|
(3.37)
|
|
$
|
10.36
|
|
$
|
(4.20)
|
|
Earnings (loss) per
common share from continuing operations - diluted
|
$
|
1.04
|
|
$
|
(3.26)
|
|
$
|
1.92
|
|
$
|
(4.01)
|
|
(Loss) earnings per
common share from discontinued operations - diluted
|
(0.14)
|
|
(0.11)
|
|
8.41
|
|
(0.19)
|
|
Earnings (loss) per
common share - diluted
|
$
|
0.90
|
|
$
|
(3.37)
|
|
$
|
10.33
|
|
$
|
(4.20)
|
|
|
Weighted-average
common shares outstanding - basic
|
|
529.6
|
|
|
734.3
|
|
|
567.0
|
|
|
736.5
|
|
Weighted-average
common shares outstanding - diluted
|
|
531.2
|
|
|
734.3
|
|
|
568.5
|
|
|
736.5
|
|
DuPont de Nemours,
Inc. Consolidated Balance Sheets
|
|
In millions, except
share and per share amounts (Unaudited)
|
June 30,
2021
|
December 31,
2020
|
Assets
|
|
|
Current
Assets
|
|
|
Cash and cash
equivalents
|
$
|
3,962
|
|
$
|
2,544
|
|
Accounts and notes
receivable - net
|
2,826
|
|
2,421
|
|
Inventories
|
2,642
|
|
2,393
|
|
Other current
assets
|
216
|
|
181
|
|
Assets held for
sale
|
846
|
|
810
|
|
Assets of discontinued
operations
|
—
|
|
20,659
|
|
Total current
assets
|
10,492
|
|
29,008
|
|
Property, plant and
equipment - net of accumulated depreciation (June 30, 2021 -
$4,528;
December 31, 2020 - $4,256)
|
6,856
|
|
6,867
|
|
Other
Assets
|
|
|
Goodwill
|
18,565
|
|
18,702
|
|
Other intangible
assets
|
7,707
|
|
8,072
|
|
Restricted
cash
|
—
|
|
6,206
|
|
Investments and
noncurrent receivables
|
1,068
|
|
1,047
|
|
Deferred income tax
assets
|
183
|
|
190
|
|
Deferred charges and
other assets
|
968
|
|
812
|
|
Total other
assets
|
28,491
|
|
35,029
|
|
Total
Assets
|
$
|
45,839
|
|
$
|
70,904
|
|
Liabilities and
Equity
|
|
|
Current
Liabilities
|
|
|
Accounts
payable
|
$
|
2,349
|
|
$
|
2,222
|
|
Income taxes
payable
|
236
|
|
169
|
|
Accrued and other
current liabilities
|
1,219
|
|
1,085
|
|
Liabilities related to
assets held for sale
|
136
|
|
140
|
|
Liabilities of
discontinued operations
|
—
|
|
8,610
|
|
Total current
liabilities
|
3,940
|
|
12,226
|
|
Long-Term
Debt
|
10,627
|
|
15,611
|
|
Other Noncurrent
Liabilities
|
|
|
Deferred income tax
liabilities
|
1,869
|
|
2,053
|
|
Pension and other
post-employment benefits - noncurrent
|
1,045
|
|
1,110
|
|
Other noncurrent
obligations
|
894
|
|
834
|
|
Total other noncurrent
liabilities
|
3,808
|
|
3,997
|
|
Total
Liabilities
|
18,375
|
|
31,834
|
|
Commitments and
contingent liabilities
|
|
|
Stockholders'
Equity
|
|
|
Common stock
(authorized 1,666,666,667 shares of $0.01 par value each;
issued 2021: 524,644,217 shares; 2020: 734,204,054
shares)
|
5
|
|
7
|
|
Additional paid-in
capital
|
49,681
|
|
50,039
|
|
Accumulated
deficit
|
(22,783)
|
|
(11,586)
|
|
Accumulated other
comprehensive (loss) income
|
(26)
|
|
44
|
|
Total DuPont
stockholders' equity
|
26,877
|
|
38,504
|
|
Noncontrolling
interests
|
587
|
|
566
|
|
Total
equity
|
27,464
|
|
39,070
|
|
Total Liabilities and
Equity
|
$
|
45,839
|
|
$
|
70,904
|
|
DuPont de Nemours,
Inc. Consolidated Statement of Cash Flows
|
|
In millions
(Unaudited)
|
Six Months
Ended
June
30,
|
2021
|
2020
|
Operating
Activities
|
|
|
Net income
(loss)
|
$
|
5,885
|
|
$
|
(3,081)
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
Depreciation and
amortization
|
724
|
|
1,546
|
|
Credit for deferred
income tax and other tax related items
|
(157)
|
|
(310)
|
|
Earnings of
nonconsolidated affiliates in excess of dividends
received
|
(38)
|
|
(103)
|
|
Net periodic pension
benefit cost
|
3
|
|
16
|
|
Pension
contributions
|
(45)
|
|
(49)
|
|
Net gain on sales and
split-offs of assets, businesses and investments
|
(5,118)
|
|
(193)
|
|
Restructuring and
asset related charges - net
|
14
|
|
423
|
|
Goodwill impairment
charges
|
—
|
|
3,031
|
|
Other net
loss
|
92
|
|
92
|
|
Changes in assets and
liabilities, net of effects of acquired and divested
companies:
|
|
|
Accounts and notes
receivable
|
(346)
|
|
111
|
|
Inventories
|
(337)
|
|
(12)
|
|
Accounts
payable
|
232
|
|
34
|
|
Other assets and
liabilities, net
|
(91)
|
|
15
|
|
Cash provided by
operating activities
|
818
|
|
1,520
|
|
Investing
Activities
|
|
|
Capital
expenditures
|
(499)
|
|
(719)
|
|
Proceeds from sales of
property and businesses, net of cash divested
|
172
|
|
427
|
|
Acquisitions of
property and businesses, net of cash acquired
|
(11)
|
|
(73)
|
|
Purchases of
investments
|
(2,001)
|
|
(1)
|
|
Proceeds from sales
and maturities of investments
|
2,001
|
|
1
|
|
Other investing
activities, net
|
9
|
|
17
|
|
Cash used for
investing activities
|
(329)
|
|
(348)
|
|
Financing
Activities
|
|
|
Changes in short-term
notes payable
|
—
|
|
(274)
|
|
Proceeds from issuance
of long-term debt
|
—
|
|
2,025
|
|
Proceeds from issuance
of long-term debt transferred to IFF at split-off
|
1,250
|
|
—
|
|
Payments on long-term
debt
|
(5,000)
|
|
(27)
|
|
Purchases of common
stock
|
(1,143)
|
|
(232)
|
|
Proceeds from issuance
of Company stock
|
108
|
|
34
|
|
Employee taxes paid
for share-based payment arrangements
|
(25)
|
|
(13)
|
|
Distributions to
noncontrolling interests
|
(24)
|
|
(10)
|
|
Dividends paid to
stockholders
|
(319)
|
|
(442)
|
|
Cash transferred to
IFF at split-off
|
(100)
|
|
—
|
|
Other financing
activities, net
|
(3)
|
|
(11)
|
|
Cash (used for)
provided by financing activities
|
(5,256)
|
|
1,050
|
|
Effect of exchange
rate changes on cash, cash equivalents and restricted
cash
|
(28)
|
|
(30)
|
|
(Decrease)
Increase in cash, cash equivalents and restricted
cash
|
(4,795)
|
|
2,192
|
|
Cash, cash equivalents
and restricted cash from continuing operations, beginning of
period
|
8,767
|
|
1,569
|
|
Cash, cash equivalents
and restricted cash from discontinued operations, beginning of
period
|
8
|
|
8
|
|
Cash, cash
equivalents and restricted cash at beginning of
period
|
8,775
|
|
1,577
|
|
Cash, cash equivalents
and restricted cash from continuing operations, end of
period
|
3,980
|
|
3,762
|
|
Cash, cash equivalents
and restricted cash from discontinued operations, end of
period
|
—
|
|
7
|
|
Cash, cash
equivalents and restricted cash at end of period
|
3,980
|
|
3,769
|
|
DuPont de Nemours,
Inc.
Net Sales by Segment and Geographic Region
|
|
Net Sales by
Segment and Geographic Region
|
Three Months
Ended
|
Six Months
Ended
|
In millions
(Unaudited)
|
Jun 30,
2021
|
Jun 30,
2020
|
Jun 30,
2021
|
Jun 30,
2020
|
Electronics &
Industrial
|
$
|
1,320
|
|
$
|
1,111
|
|
$
|
2,620
|
|
$
|
2,226
|
|
Water &
Protection
|
1,412
|
|
1,244
|
|
2,740
|
|
2,520
|
|
Mobility &
Materials
|
1,270
|
|
790
|
|
2,485
|
|
1,881
|
|
Corporate
|
133
|
|
144
|
|
266
|
|
332
|
|
Total
|
$
|
4,135
|
|
$
|
3,289
|
|
$
|
8,111
|
|
$
|
6,959
|
|
U.S. &
Canada
|
$
|
1,155
|
|
$
|
957
|
|
$
|
2,206
|
|
$
|
2,109
|
|
EMEA
1
|
814
|
|
597
|
|
1,644
|
|
1,388
|
|
Asia
Pacific
|
2,016
|
|
1,641
|
|
3,966
|
|
3,222
|
|
Latin
America
|
150
|
|
94
|
|
295
|
|
240
|
|
Total
|
$
|
4,135
|
|
$
|
3,289
|
|
$
|
8,111
|
|
$
|
6,959
|
|
Net Sales Variance
by Segment
and Geographic Region
|
Three Months Ended
June 30, 2021
|
|
Local Price
&
Product Mix
|
Volume
|
Total
Organic
|
Currency
|
Portfolio /
Other
|
Total
|
|
Percent change from
prior year
(Unaudited)
|
|
Electronics &
Industrial
|
—
|
%
|
17
|
%
|
17
|
%
|
2
|
%
|
—
|
%
|
19
|
%
|
|
Water &
Protection
|
—
|
|
11
|
|
11
|
|
3
|
|
—
|
|
14
|
|
|
Mobility &
Materials
|
13
|
|
42
|
|
55
|
|
6
|
|
—
|
|
61
|
|
|
Corporate
|
7
|
|
2
|
|
9
|
|
3
|
|
(20)
|
|
(8)
|
|
|
Total
|
3
|
%
|
20
|
%
|
23
|
%
|
4
|
%
|
(1)
|
%
|
26
|
%
|
|
U.S. &
Canada
|
3
|
%
|
21
|
%
|
24
|
%
|
—
|
%
|
(3)
|
%
|
21
|
%
|
|
EMEA
1
|
—
|
|
27
|
|
27
|
|
9
|
|
—
|
|
36
|
|
|
Asia
Pacific
|
5
|
|
15
|
|
20
|
|
3
|
|
—
|
|
23
|
|
|
Latin
America
|
(1)
|
|
57
|
|
56
|
|
4
|
|
—
|
|
60
|
|
|
Total
|
3
|
%
|
20
|
%
|
23
|
%
|
4
|
%
|
(1)
|
%
|
26
|
%
|
|
Net Sales Variance
by Segment
and Geographic Region
|
Six Months Ended
June 30, 2021
|
|
Local Price
&
Product Mix
|
Volume
|
Total
Organic
|
Currency
|
Portfolio /
Other
|
Total
|
|
Percent change from
prior year
(Unaudited)
|
|
Electronics &
Industrial
|
(1)
|
%
|
16
|
%
|
15
|
%
|
3
|
%
|
—
|
%
|
18
|
%
|
|
Water &
Protection
|
—
|
|
6
|
|
6
|
|
3
|
|
—
|
|
9
|
|
|
Mobility &
Materials
|
6
|
|
22
|
|
28
|
|
4
|
|
—
|
|
32
|
|
|
Corporate
|
3
|
|
(1)
|
|
2
|
|
2
|
|
(24)
|
|
(20)
|
|
|
Total
|
2
|
%
|
13
|
%
|
15
|
%
|
3
|
%
|
(1)
|
%
|
17
|
%
|
|
U.S. &
Canada
|
1
|
%
|
7
|
%
|
8
|
%
|
—
|
%
|
(3)
|
%
|
5
|
%
|
|
EMEA
1
|
(2)
|
|
12
|
|
10
|
|
8
|
|
—
|
|
18
|
|
|
Asia
Pacific
|
3
|
|
17
|
|
20
|
|
3
|
|
—
|
|
23
|
|
|
Latin
America
|
3
|
|
22
|
|
25
|
|
(2)
|
|
—
|
|
23
|
|
|
Total
|
2
|
%
|
13
|
%
|
15
|
%
|
3
|
%
|
(1)
|
%
|
17
|
%
|
|
|
1. Europe, Middle
East and Africa.
|
DuPont de Nemours,
Inc.
Selected Financial Information and Non-GAAP
Measures
|
|
Operating
EBITDA by Segment
|
Three Months
Ended
|
Six Months
Ended
|
|
In millions
(Unaudited)
|
Jun 30,
2021
|
Jun 30,
2020
|
Jun 30,
2021
|
Jun 30,
2020
|
|
Electronics &
Industrial
|
$
|
424
|
|
$
|
336
|
|
$
|
860
|
|
$
|
663
|
|
|
Water &
Protection
|
352
|
|
339
|
|
707
|
|
696
|
|
|
Mobility &
Materials
|
294
|
|
(23)
|
|
572
|
|
192
|
|
|
Corporate
1
|
(7)
|
|
43
|
|
(29)
|
|
51
|
|
|
Total
|
$
|
1,063
|
|
$
|
695
|
|
$
|
2,110
|
|
$
|
1,602
|
|
|
1. Corporate includes
$(22) million and $(51) million of general corporate expenses for
the three months ended June 30, 2021 and 2020, respectively and
$(64)
million and $(87) million of general corporate expenses for the six
months ended June 30, 2021 and 2020, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in Earnings
of Nonconsolidated Affiliates by Segment
|
Three Months
Ended
|
Six Months
Ended
|
|
In millions
(Unaudited)
|
Jun 30,
2021
|
Jun 30,
2020
|
Jun 30,
2021
|
Jun 30,
2020
|
|
Electronics &
Industrial
|
$
|
10
|
|
$
|
10
|
|
$
|
19
|
|
$
|
19
|
|
|
Water &
Protection
|
8
|
|
5
|
|
20
|
|
12
|
|
|
Mobility &
Materials
|
5
|
|
7
|
|
8
|
|
8
|
|
|
Corporate
1
|
2
|
|
80
|
|
4
|
|
102
|
|
|
Total equity earnings
included in operating EBITDA (GAAP)
|
$
|
25
|
|
$
|
102
|
|
$
|
51
|
|
$
|
141
|
|
|
1. Corporate activity
in 2020 reflects equity earnings associated with the Hemlock
Semiconductor joint venture divested in the third quarter of
2020.
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
"Income (Loss) from continuing operations, net of tax"
to "Operating EBITDA"
|
Three Months
Ended
|
Six Months
Ended
|
|
|
In millions
(Unaudited)
|
Jun 30,
2021
|
Jun 30,
2020
|
Jun 30,
2021
|
Jun 30,
2020
|
|
Income (loss) from
continuing operations, net of tax (GAAP)
|
$
|
564
|
|
$
|
(2,389)
|
|
$
|
1,105
|
|
$
|
(2,939)
|
|
|
+ Provision for income
taxes on continuing operations
|
151
|
|
8
|
|
183
|
|
102
|
|
|
Income (loss) from
continuing operations before income taxes
|
$
|
715
|
|
$
|
(2,381)
|
|
$
|
1,288
|
|
$
|
(2,837)
|
|
|
+ Depreciation and
amortization
|
333
|
|
349
|
|
661
|
|
694
|
|
|
- Interest
income 1
|
2
|
|
2
|
|
4
|
|
4
|
|
|
+ Interest
expense
|
129
|
|
181
|
|
275
|
|
352
|
|
|
- Non-operating
pension/OPEB benefit 1
|
13
|
|
8
|
|
25
|
|
19
|
|
|
- Foreign
exchange losses, net 1
|
(8)
|
|
(18)
|
|
(17)
|
|
(21)
|
|
|
- Significant
items
|
107
|
|
(2,538)
|
|
102
|
|
(3,395)
|
|
|
Operating EBITDA
(non-GAAP)
|
$
|
1,063
|
|
$
|
695
|
|
$
|
2,110
|
|
$
|
1,602
|
|
|
|
1. Included in
"Sundry income (expense) - net."
|
Reconciliation of
"Cash provided by operating activities" to Free Cash
Flow
|
Three Months
Ended
|
Six Months
Ended
|
|
|
In millions
(Unaudited)
|
Jun 30,
2021
|
Jun 30,
2020
|
Jun 30,
2021
|
Jun 30,
2020
|
|
Cash provided by
operating activities (GAAP) 1
|
$
|
440
|
|
$
|
802
|
|
$
|
818
|
|
$
|
1,520
|
|
|
Capital
expenditures
|
(216)
|
|
(238)
|
|
(499)
|
|
(719)
|
|
|
Free cash flow
(non-GAAP)
|
$
|
224
|
|
$
|
564
|
|
$
|
319
|
|
$
|
801
|
|
|
|
|
1.
|
Refer to the
Consolidated Statement of Cash Flows included in the schedules
above for major GAAP cash flow categories as well as further detail
relating to
the changes in "Cash provided by operating activities" for the
three month periods noted. In addition, includes cash activity
related to N&B prior to the N&B
Transaction.
|
DuPont de Nemours,
Inc. Selected Financial Information and Non-GAAP
Measures
|
|
Significant Items
Impacting Results for the Three Months Ended June 30,
2021
|
In millions, except
per share amounts (Unaudited)
|
Pretax
1
|
Net
Income 2
|
EPS
3
|
Income Statement
Classification
|
Reported results
(GAAP)
|
$
|
715
|
|
$
|
555
|
|
$
|
1.04
|
|
|
Less: Significant
items
|
|
|
|
|
Integration and
separation costs 4
|
(23)
|
|
(20)
|
|
(0.04)
|
|
Integration and
separation costs
|
Restructuring and
asset related charges - net 5
|
(10)
|
|
(8)
|
|
(0.02)
|
|
Restructuring and
asset related charges - net
|
Gain on divestitures
6
|
140
|
|
105
|
|
0.20
|
|
Sundry income
(expense) - net
|
Income tax related
item
|
—
|
|
(2)
|
|
—
|
|
Provision for income
taxes on continuing operations
|
Total significant
items
|
$
|
107
|
|
$
|
75
|
|
$
|
0.14
|
|
|
Less: Merger-related
amortization of intangibles
|
(120)
|
|
(93)
|
|
(0.18)
|
|
Amortization of
intangibles
|
Less: Non-op pension
/ OPEB benefit
|
13
|
|
10
|
|
0.02
|
|
Sundry income
(expense) - net
|
Adjusted results
(non-GAAP)
|
$
|
715
|
|
$
|
563
|
|
$
|
1.06
|
|
|
Significant Items
Impacting Results for the Three Months Ended June 30,
2020
|
In millions, except
per share amounts (Unaudited)
|
Pretax
1
|
Net
Income 2
|
EPS
3
|
Income Statement
Classification
|
Reported results
(GAAP)
|
$
|
(2,381)
|
|
$
|
(2,396)
|
|
$
|
(3.26)
|
|
|
Less: Significant
items
|
|
|
|
|
Integration and
separation costs 4
|
(16)
|
|
(14)
|
|
(0.02)
|
|
Integration and
separation costs
|
Restructuring and
asset related charges - net 5
|
(3)
|
|
(3)
|
|
(0.01)
|
|
Restructuring and
asset related charges - net
|
Goodwill impairment
charge 7
|
(2,498)
|
|
(2,498)
|
|
(3.40)
|
|
Goodwill impairment
charges
|
Asset impairment
charges 8
|
(21)
|
|
(16)
|
|
(0.02)
|
|
Restructuring and
asset related charges - net
|
Income tax related
item
|
—
|
|
(3)
|
|
—
|
|
Sundry income
(expense) - net
|
Total significant
items
|
$
|
(2,538)
|
|
$
|
(2,534)
|
|
$
|
(3.45)
|
|
|
Less: Merger-related
amortization of intangibles
|
(125)
|
|
(97)
|
|
(0.13)
|
|
Amortization of
intangibles
|
Less: Non-op pension
/ OPEB benefit
|
8
|
|
6
|
|
0.01
|
|
Sundry income
(expense) - net; Provision for income taxes on continuing
operations
|
Adjusted results
(non-GAAP)
|
$
|
274
|
|
$
|
229
|
|
$
|
0.31
|
|
|
|
|
1.
|
Income (loss) from
continuing operations before income taxes.
|
2.
|
Net income (loss)
from continuing operations available for DuPont common
stockholders. The income tax effect on significant items was
calculated based upon the enacted tax laws and statutory income tax
rates applicable in the tax jurisdiction(s) of the underlying
non-GAAP adjustment.
|
3.
|
Earnings (loss) per
common share from continuing operations - diluted.
|
4.
|
Integration and
separation costs related to strategic initiatives including the
divestiture of the held for sale businesses, post-DWDP Merger
integration and the DWDP Distributions.
|
5.
|
Includes Board
approved restructuring plans and other asset related
charges.
|
6.
|
Reflects $140 million
gain related to the sale of the Solamet® business within
Corporate.
|
7.
|
Reflects a non-cash
goodwill impairment charges of $2,498 million related to the
Mobility & Materials and Electronics & Industrial
segments.
|
8.
|
Reflects a $21
million pre-tax impairment charge related to other intangible
assets within the Mobility & Materials segment.
|
|
|
DuPont de Nemours,
Inc. Selected Financial Information and Non-GAAP
Measures
|
|
Significant Items
Impacting Results for the Six Months Ended June 30,
2021
|
In millions, except
per share amounts (Unaudited)
|
Pretax
1
|
Net
Income 2
|
EPS
3
|
Income Statement
Classification
|
Reported results
(GAAP)
|
$
|
1,288
|
|
$
|
1,092
|
|
$
|
1.92
|
|
|
Less: Significant
items
|
|
|
|
|
Integration and
separation costs 4
|
(29)
|
|
(25)
|
|
(0.04)
|
|
Integration and
separation costs
|
Restructuring and
asset related charges - net 5
|
(12)
|
|
(10)
|
|
(0.02)
|
|
Restructuring and
asset related charges - net
|
Gain on divestitures
6
|
143
|
|
108
|
|
0.19
|
|
Sundry income
(expense) - net
|
Income tax related
item 7
|
—
|
|
74
|
|
0.13
|
|
Provision for income
taxes on continuing operations
|
Total significant
items
|
$
|
102
|
|
$
|
147
|
|
$
|
0.26
|
|
|
Less: Merger-related
amortization of intangibles
|
(240)
|
|
(187)
|
|
(0.33)
|
|
Amortization of
intangibles
|
Less: Non-op pension
/ OPEB benefit
|
25
|
|
19
|
|
0.03
|
|
Sundry income
(expense) - net
|
Adjusted results
(non-GAAP)
|
$
|
1,401
|
|
$
|
1,113
|
|
$
|
1.96
|
|
|
Significant Items
Impacting Results for the Six Months Ended June 30,
2020
|
In millions, except
per share amounts (Unaudited)
|
Pretax
1
|
Net
Income 2
|
EPS
3
|
Income Statement
Classification
|
Reported results
(GAAP)
|
$
|
(2,837)
|
|
$
|
(2,952)
|
|
$
|
(4.01)
|
|
|
Less: Significant
items
|
|
|
|
|
Integration and
separation costs 4
|
(139)
|
|
(108)
|
|
(0.15)
|
|
Integration and
separation costs
|
Restructuring and
asset related charges - net 5
|
(131)
|
|
(101)
|
|
(0.14)
|
|
Restructuring and
asset related charges - net
|
Goodwill impairment
charge 8
|
(3,031)
|
|
(3,031)
|
|
(4.12)
|
|
Goodwill impairment
charges
|
Asset impairment
charges 9
|
(291)
|
|
(222)
|
|
(0.30)
|
|
Restructuring and
asset related charges - net
|
Gain on divestitures
10
|
197
|
|
102
|
|
0.14
|
|
Sundry income
(expense) - net
|
Income tax related
item
|
—
|
|
4
|
|
0.01
|
|
Sundry income
(expense) - net
|
Total significant
items
|
$
|
(3,395)
|
|
$
|
(3,356)
|
|
$
|
(4.56)
|
|
|
Less: Merger-related
amortization of intangibles
|
(254)
|
|
(197)
|
|
(0.27)
|
|
Amortization of
intangibles
|
Less: Non-op pension
/ OPEB benefit
|
19
|
|
14
|
|
0.02
|
|
Sundry income
(expense) - net;
Provision for income taxes on continuing operations
|
Adjusted results
(non-GAAP)
|
$
|
793
|
|
$
|
587
|
|
$
|
0.80
|
|
|
|
|
1.
|
Income (loss) from
continuing operations before income taxes.
|
2.
|
Net income (loss)
from continuing operations available for DuPont common
stockholders. The income tax effect on significant items was
calculated based upon the enacted tax laws and statutory income tax
rates applicable in the tax jurisdiction(s) of the underlying
non-GAAP adjustment.
|
3.
|
Earnings (loss) per
common share from continuing operations - diluted.
|
4.
|
Integration and
separation costs related to strategic initiatives including the
divestiture of the held for sale businesses, post-DWDP Merger
integration and the DWDP Distributions.
|
5.
|
Includes Board
approved restructuring plans and other asset related
charges.
|
6.
|
Reflects the gain
from the sale of the Solamet® business within Corporate and post
closing adjustments related previously divested
businesses.
|
7.
|
Reflects a net $74
million tax benefit primarily related to a $59 million tax benefit
resulting from the impact of tax reform in Switzerland.
|
8.
|
Reflects non-cash
goodwill impairment charges recorded as follows: $533 million
charge recorded in the first quarter 2020 related to a former
non-core business now within Corporate; and a $2,498 million charge
recorded in the second quarter 2020 related to the Mobility &
Materials and Electronics & Industrial segments.
|
9.
|
Reflects a $270
million pre-tax impairment charge recorded in the first quarter
2020 related to a long-lived asset group of a former non-core
business which is now within Corporate, and a $21 million pre-tax
impairment charge recorded in the second quarter 2020 related to
other intangible assets within the Mobility & Materials
segment.
|
10.
|
Reflects a gain on
the first quarter 2020 sale of the Company's Compound Semiconductor
Solutions business within the Electronics & Industrial
segment.
|
DuPont de Nemours, Inc.
Selected Financial Information and Non-GAAP Measures
Beginning July 1, 2021, DuPont is
changing its definition of Adjusted EPS to exclude the after-tax
impact of amortization expense of all intangible assets.
Previously, Adjusted EPS has excluded the amortization expense
associated with intangibles acquired as part of the DWDP Merger.
The Company believes the new definition provides more useful
information about our operating performance due to the recent
acquisitions. Exclusion of amortization expense facilitates more
consistent operating results over time and allows for easier
comparison with both acquisitive and non-acquisitive peer
companies. Updated Adjusted EPS is shown below for comparative
purposes; the Company will report financial results under this new
definition beginning in the third quarter of 2021. These non-GAAP
financial measures supplement disclosures prepared in accordance
with U.S. GAAP, and should not be viewed as an alternative to U.S.
GAAP.
|
Six Month
Ended
|
Three Months
Ended
|
Year
Ended
|
Three Months
Ended
|
Pretax (in
millions)
|
Jun 30,
2021
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Mar 31,
2020
|
Income (loss) from
continuing operations
before income taxes (GAAP)
|
$
|
1,288
|
|
$
|
715
|
|
$
|
573
|
|
$
|
(2,246)
|
|
$
|
383
|
|
$
|
208
|
|
$
|
(2,381)
|
|
$
|
(456)
|
|
Less: Pretax
significant items 1
|
102
|
|
107
|
|
(5)
|
|
(3,643)
|
|
(58)
|
|
(190)
|
|
(2,538)
|
|
(857)
|
|
Less: Amortization of
intangibles 1
|
(334)
|
|
(167)
|
|
(167)
|
|
(696)
|
|
(169)
|
|
(172)
|
|
(177)
|
|
(178)
|
|
Less: Non-op pension
/ OPEB benefit 1
|
25
|
|
13
|
|
12
|
|
30
|
|
7
|
|
4
|
|
8
|
|
11
|
|
Adjusted results,
before tax (non-GAAP)
|
$
|
1,495
|
|
$
|
762
|
|
$
|
733
|
|
$
|
2,063
|
|
$
|
603
|
|
$
|
566
|
|
$
|
326
|
|
$
|
568
|
|
|
Six Month
Ended
|
Three Months
Ended
|
Year
Ended
|
Three Months
Ended
|
Net of tax (in
millions)
|
Jun 30,
2021
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Mar 31,
2020
|
Net income (loss)
from continuing operations
available to DuPont common stockholders
(GAAP)
|
$
|
1,092
|
|
$
|
555
|
|
$
|
537
|
|
$
|
(2,434)
|
|
$
|
439
|
|
$
|
79
|
|
$
|
(2,396)
|
|
$
|
(556)
|
|
Less: Significant
items, net of tax 2
|
147
|
|
75
|
|
72
|
|
(3,544)
|
|
51
|
|
(239)
|
|
(2,534)
|
|
(822)
|
|
Less: Amortization of
intangibles, net of tax 2
|
(259)
|
|
(129)
|
|
(130)
|
|
(540)
|
|
(132)
|
|
(134)
|
|
(136)
|
|
(138)
|
|
Less: Non-op pension
/ OPEB benefit, net of
tax 2
|
19
|
|
10
|
|
9
|
|
24
|
|
7
|
|
3
|
|
6
|
|
8
|
|
Adjusted results, net
of tax (non-GAAP)
|
$
|
1,185
|
|
$
|
599
|
|
$
|
586
|
|
$
|
1,626
|
|
$
|
513
|
|
$
|
449
|
|
$
|
268
|
|
$
|
396
|
|
|
Six Month
Ended 4
|
Three Months
Ended
|
Year
Ended 4
|
Three Months
Ended
|
Earnings per common
share ("EPS") from
continuing operations - diluted
|
Jun 30,
2021
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Mar 31,
2020
|
Earnings (loss) per
common share from
continuing operations - diluted (GAAP)
|
$
|
1.92
|
|
$
|
1.04
|
|
$
|
0.89
|
|
$
|
(3.31)
|
|
$
|
0.60
|
|
$
|
0.11
|
|
$
|
(3.26)
|
|
$
|
(0.75)
|
|
Less: Significant
items - diluted 3
|
0.26
|
|
0.14
|
|
0.12
|
|
(4.82)
|
|
0.07
|
|
(0.33)
|
|
(3.45)
|
|
(1.11)
|
|
Less: Amortization of
intangibles - diluted 3
|
(0.45)
|
|
(0.25)
|
|
(0.21)
|
|
(0.73)
|
|
(0.18)
|
|
(0.17)
|
|
(0.18)
|
|
(0.19)
|
|
Less: Non-op
pension / OPEB benefit - diluted 3
|
0.03
|
|
0.02
|
|
0.01
|
|
0.03
|
|
0.01
|
|
—
|
|
0.01
|
|
0.01
|
|
Updated adjusted
earnings per common share
from continuing operations - diluted (non-
GAAP)
|
$
|
2.08
|
|
$
|
1.13
|
|
$
|
0.97
|
|
$
|
2.21
|
|
$
|
0.70
|
|
$
|
0.61
|
|
$
|
0.36
|
|
$
|
0.54
|
|
|
|
1.
|
Impact on "Income
(loss) from continuing operations before income taxes."
|
2.
|
Impact on "Income
(loss) from continuing operations, net of tax." The income tax
effect for each adjustment was calculated based on the statutory
tax rate for the jurisdiction(s) in which the adjustment was
taxable or deductible.
|
3.
|
Impact on earnings
per common share from continuing operations - diluted.
|
4.
|
Earnings per share
amounts from continuing operations - diluted for the six month
period and the year may not equal the sum of the quarterly earnings
per common share from continuing operations - diluted amounts due
to the change in average share calculations.
|
DuPont de Nemours, Inc.
Selected
Financial Information and Non-GAAP Measures
The following table provides a reconciliation from the adjusted
earnings per common share from continuing operations to the new
basis, excluding amortization of all intangible assets.
|
Six Month
Ended
|
Three Months
Ended
|
Year
Ended
|
Three Months
Ended
|
Pretax (in
millions)
|
Jun 30,
2021
|
Jun 30,
2021
|
Mar 31,
2021
|
Dec 31,
2020
|
Dec 31,
2020
|
Sep 30,
2020
|
Jun 30,
2020
|
Mar 31,
2020
|
Adjusted earnings per
common share from
continuing operations - diluted (as reported)
|
$
|
1.96
|
|
$
|
1.06
|
|
$
|
0.91
|
|
$
|
2.01
|
|
$
|
0.65
|
|
$
|
0.56
|
|
$
|
0.31
|
|
$
|
0.48
|
|
Adjustment for
Non-Merger related
amortization of intangibles
|
0.12
|
|
0.07
|
|
0.06
|
|
0.20
|
|
0.05
|
|
0.05
|
|
0.05
|
|
0.06
|
|
Updated adjusted
earnings per common share
from continuing operations - diluted (new
basis)
|
$
|
2.08
|
|
$
|
1.13
|
|
$
|
0.97
|
|
$
|
2.21
|
|
$
|
0.70
|
|
$
|
0.61
|
|
$
|
0.36
|
|
$
|
0.54
|
|
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SOURCE DuPont