EX-99.1 2 ex991segmentrecast2020nb.htm EX-99.1

Exhibit 99.1

Unaudited Revised Combined Statements of Operations and Historical Segment Information

On February 1, 2021, DuPont de Nemours, Inc. (“DuPont” or the “Company”) completed the previously announced separation of its Nutrition & Biosciences business (“N&B Business”) in a Reverse Morris Trust transaction through the distribution to its stockholders of Nutrition & Biosciences, Inc. (“N&B”), formed by DuPont as a wholly owned subsidiary to hold the N&B Business, followed by the merger of N&B with a wholly owned subsidiary of International Flavors & Fragrances (“IFF”), with N&B as the surviving corporation (the “Merger”). DuPont effected the distribution (the “N&B Distribution”) through an offer to exchange (the “Exchange Offer”) all shares of N&B common stock, par value $0.01 per share, owned by DuPont for outstanding shares of DuPont common stock, par value $0.01 per share (the “DuPont Common Stock”).

The following unaudited revised financial information and historical segment information for DuPont are derived from DuPont’s historical consolidated financial statements and accompanying notes adjusted to give effect to the separation of the N&B Business through the N&B Distribution, which is treated as discontinued operations in accordance with Financial Accounting Standards Board Accounting Standards Codification 205, “Presentation of Financial Statements” (“ASC 205”). The unaudited revised financial information reflects the Company’s current best estimate of its historical results. These amounts are considered preliminary, and as such, actual amounts could differ from these estimates. The unaudited revised financial information do not give effect to the reduction in outstanding shares of DuPont Common Stock as a result of the Exchange Offer.

For the twelve months ended December 31, 2019 and 2018 and the three months ended March 31, 2019, reportable segment information as well as reconciliations to total Company results are presented on a pro forma basis as this is a principle measure of results reviewed, evaluated and used by the Company’s chief operating decision maker (“CODM”) and management for meaningful comparability among periods. The unaudited pro forma financial information is derived from DuPont’s Consolidated Financial Statements and accompanying notes, adjusted to give effect to certain events directly attributable to the DWDP Distributions and DWDP Financings (as defined below).

Unaudited Pro Forma Financial Information

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”). In contemplation of the DWDP Distributions and to achieve the respective credit profiles of each of Dow, Corteva and the Company, in the fourth quarter of 2018, the Company borrowed $12.7 billion under the 2018 Senior Notes and entered the Term Loan Facilities with an aggregate principal amount of $3.0 billion. Additionally, DuPont issued approximately $1.4 billion in commercial paper in May 2019 in anticipation of the Corteva Distribution (the “Funding CP Issuance” together with the 2018 Senior Notes and the Term Loan Facilities, the "DWDP Financings"). The historical consolidated financial information has been adjusted to give effect to pro forma events that are (1) directly attributable to the DWDP Distributions and the DWDP Financings, (2) factually supportable and (3) with respect to the statements of operations, expected to have a continuing impact on the results. Events that are not expected to have a continuing impact on the combined results are excluded from the pro forma adjustments. Those pro forma adjustments include the impact of various supply agreements entered into in connection with the Dow Distribution ("supply agreements") and are adjustments to "Cost of sales." The impact of these supply agreements are reflected in pro forma Operating EBITDA for the periods noted above as they are included in the measure of profit/loss reviewed by the CODM in order to show meaningful comparability among periods while assessing performance and making resource allocation decisions. These pro forma adjustments were determined in accordance with Article 11 of Regulation S-X and give effect to the pro forma events as if they had been consummated on January 1, 2018.

The pro forma financial statements are presented for informational purposes only, and do not purport to represent what DuPont's results of operations or financial position would have been had the DWDP Transactions occurred on the dates indicated, nor do they purport to project the results of operations or financial position for any future period or as of any future date.

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Non-GAAP Financial Measures

These supplemental financial schedules include 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 herein and are defined below.

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, the 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. Pro forma adjusted earnings per common share from continuing operations - diluted ("Pro forma adjusted EPS"), is defined as pro forma 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, after-tax impact of non-operating pension / OPEB benefits / charges and the after-tax impact of costs historically allocated to the materials science and agriculture businesses that did not meet the criteria to be recorded as discontinued operations. 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. Any future acquisitions may result in amortization of additional intangible assets.

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. Pro forma operating EBITDA, is defined as earnings (i.e. pro forma income (loss) from continuing operations before income taxes) before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding the impact of costs historically allocated to the materials science and agriculture businesses that did not meet the criteria to be recorded as discontinued operations and adjusted to exclude significant items.

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.

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DuPont de Nemours, Inc.

Summary of Revised Consolidated Statements of Operations (Unaudited)

			Year Ended			Three Months Ended												Year Ended			Three Months Ended												Year Ended
In millions, except per share amounts			Dec 31, 2020			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019 1			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019 1			Dec 31, 2018 1
Net sales			$	14,338		$	3,750		$	3,629		$	3,289		$	3,670		$	15,436		$	3,746		$	3,901		$	3,910		$	3,879		$	16,378
Cost of sales			9,508			2,474			2,417			2,298			2,319			10,042			2,439			2,523			2,471			2,609			11,177
Research and development expenses			625			159			140			153			173			689			162			159			168			200			797
Selling, general and administrative expenses			1,701			402			403			414			482			2,057			502			495			490			570			2,403
Amortization of intangibles			696			169			172			177			178			701			172			172			177			180			733
Restructuring and asset related charges – net			845			45			378			24			398			152			19			74			41			18			97
Goodwill impairment charges			3,214			—			183			2,498			533			242			—			—			242			—			—
Integration and separation costs			177			16			22			16			123			1,084			139			178			337			430			1,352
Equity in earnings of nonconsolidated affiliates			187			17			29			102			39			85			(47)			43			49			40			448
Sundry income (expense) - net			667			36			430			(11)			212			144			11			81			(28)			80			91
Interest expense			672			155			165			181			171			696			175			176			165			180			683
(Loss) Income from continuing operations before income taxes			$	(2,246)		$	383		$	208		$	(2,381)		$	(456)		$	2		$	102		$	248		$	(160)		$	(188)		$	(325)
Provision for (Benefit from) income taxes on continuing operations			160			(64)			122			8			94			29			(26)			26			121			(92)			13
(Loss) Income from continuing operations, net of tax			$	(2,406)		$	447		$	86		$	(2,389)		$	(550)		$	(27)		$	128		$	222		$	(281)		$	(96)		$	(338)
Net income from continuing operations attributable to noncontrolling interests			28			8			7			7			6			29			11			5			9			4			39
Net (loss) income in from continuing operations available to DuPont common stockholders			$	(2,434)		$	439		$	79		$	(2,396)		$	(556)		$	(56)		$	117		$	217		$	(290)		$	(100)		$	(377)
Per common share data:
Earnings per common share from continuing operations - basic 2			$	(3.31)		$	0.60		$	0.11		$	(3.26)		$	(0.75)		$	(0.08)		$	0.16		$	0.29		$	(0.39)		$	(0.13)		$	(0.51)
Earnings per common share from continuing operations - diluted 2			$	(3.31)		$	0.60		$	0.11		$	(3.26)		$	(0.75)		$	(0.08)		$	0.16		$	0.29		$	(0.39)		$	(0.13)		$	(0.51)
Weighted-average common shares outstanding - basic			735.5			734.6			734.4			734.3			738.6			746.3			740.7			745.5			749.0			750.0			767.0
Weighted-average common shares outstanding - diluted			735.5			735.4			734.9			734.3			738.6			746.3			742.0			747.7			749.0			750.0			767.0

1.Statement of Operations for the years ended December 31, 2019 and 2018 and the three months ended March 31, 2019 are presented on a pro forma basis.

2.Earnings per common share from continuing operations for the year may not equal the sum of the quarterly pro forma earnings per common share from continuing operations amounts due to the change in average share calculations.

Refer to subsequent tables for reconciliations of historical consolidated statements of income to the unaudited pro forma statements of operations.

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DuPont de Nemours, Inc.

Selected Revised Historical Segment Information (Unaudited)

The following table reflects the new segment structure of DuPont effective immediately following the N&B Distribution:

			Year Ended			Three Months Ended												Year Ended			Three Months Ended												Year Ended
In millions			Dec 31, 2020			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019 1			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019 1			Dec 31, 2018 1
Net Sales
Electronics & Industrial			$	4,674		$	1,235		$	1,213		$	1,111		$	1,115		$	4,446		$	1,145		$	1,158		$	1,089		$	1,054		$	4,559
Water & Protection			4,993			1,224			1,249			1,244			1,276			5,201			1,250			1,327			1,341			1,283			5,294
Mobility & Materials			4,005			1,128			996			790			1,091			4,690			1,108			1,139			1,198			1,245			5,214
Corporate 2			666			163			171			144			188			1,099			243			277			282			297			1,311
Total Net Sales			$	14,338		$	3,750		$	3,629		$	3,289		$	3,670		$	15,436		$	3,746		$	3,901		$	3,910		$	3,879		$	16,378
Operating EBITDA
Electronics & Industrial			$	1,468		$	384		$	421		$	336		$	327		$	1,454		$	347		$	396		$	329		$	382		$	1,584
Water & Protection			1,313			303			314			339			357			1,370			298			340			369			363			1,222
Mobility & Materials			588			236			160			(23)			215			954			202			208			270			274			1,105
Corporate 2			70			8			11			43			8			366			190			76			49			51			482
Total Operating EBITDA (non-GAAP)			$	3,439		$	931		$	906		$	695		$	907		$	4,144		$	1,037		$	1,020		$	1,017		$	1,070		$	4,393
Equity in Earnings of Nonconsolidated Affiliates
Equity earnings (GAAP)			$	187		$	17		$	29		$	102		$	39		$	85		$	(47)		$	43		$	49		$	40		$	448
Significant items included in equity earnings 3			—			—			—			—			—			228			225			1			1			1			—
Equity earnings included in operating EBITDA (non-GAAP) 4			$	187		$	17		$	29		$	102		$	39		$	313		$	178		$	44		$	50		$	41		$	448
Equity earnings included in operating EBITDA by segment
Electronics & Industrial			$	34		$	7		$	8		$	10		$	9		$	24		$	5		$	11		$	5		$	3		$	23
Water & Protection			26			7			7			5			7			27			5			7			7			8			24
Mobility & Materials			19			6			5			7			1			4			—			1			2			1			(4)
Corporate 2			108			(3)			9			80			22			258			168			25			36			29			405
Total Equity earnings including in operating EBITDA (non-GAAP)			$	187		$	17		$	29		$	102		$	39		$	313		$	178		$	44		$	50		$	41		$	448

1.Operating EBITDA is presented on a pro forma basis.

2.Corporate results reflect activity of to be divested and previously divested businesses.

3.The significant items presented above reflect $4 million of restructuring charges within the Mobility & Materials segment and $224 million related to a joint venture within Corporate which are presented in “Equity in earnings of nonconsolidated affiliates” in the Company’s Consolidated Statement of Operations.

4.Represents equity in earnings (losses) of nonconsolidated affiliates included in Operating EBITDA, the Company's measure of profit/loss for segment reporting purposes, which excludes significant items.

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DuPont de Nemours, Inc.

Revised Disaggregation of Revenue

Historical Net Sales by Segment and Major Product Line (Unaudited)

In conjunction with the Segment Realignment effective February 1, 2021, DuPont made the following changes to its major product lines:

•Realigned certain product lines and renamed its Image Solutions product lines within Electronics & Industrial as Industrial Solutions;

•Renamed the Safety & Construction segment as Water & Protection;

•Realigned certain product lines and renamed its product lines within Mobility & Materials as Advanced Solutions, Engineering Polymers, and Performance Resins

			Year Ended			Three Months Ended												Year Ended			Three Months Ended												Year Ended
In millions			Dec 31, 2020			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019			Dec 31, 2018
Industrial Solutions			$	1,617		$	428		$	398		$	379		$	412		$	1,646		$	409		$	413		$	412		$	412		$	1,656
Interconnect Solutions			1,280			370			370			274			266			1,187			328			339			282			238			1,174
Semiconductor Technologies			1,777			437			445			458			437			1,613			408			406			395			404			1,729
Electronics & Industrial			$	4,674		$	1,235		$	1,213		$	1,111		$	1,115		$	4,446		$	1,145		$	1,158		$	1,089		$	1,054		$	4,559
Safety Solutions			$	2,291		$	545		$	534		$	581		$	631		$	2,549		$	597		$	630		$	657		$	665		$	2,483
Shelter Solutions			1,426			375			387			316			348			1,535			369			411			398			357			1,796
Water Solutions			1,276			304			328			347			297			1,117			284			286			286			261			1,015
Water & Protection			$	4,993		$	1,224		$	1,249		$	1,244		$	1,276		$	5,201		$	1,250		$	1,327		$	1,341		$	1,283		$	5,294
Advanced Solutions			$	1,184		$	326		$	303		$	249		$	306		$	1,232		$	297		$	306		$	317		$	312		$	1,373
Engineering Polymers			1,853			514			460			360			519			2,320			548			559			588			625			2,532
Performance Resins			968			288			233			181			266			1,138			263			274			293			308			1,309
Mobility & Materials			$	4,005		$	1,128		$	996		$	790		$	1,091		$	4,690		$	1,108		$	1,139		$	1,198		$	1,245		$	5,214
Corporate 1			$	666		$	163		$	171		$	144		$	188		$	1,099		$	243		$	277		$	282		$	297		$	1,311
Total			$	14,338		$	3,750		$	3,629		$	3,289		$	3,670		$	15,436		$	3,746		$	3,901		$	3,910		$	3,879		$	16,378

1. Corporate net sales reflect activity of to be divested and previously divested businesses.

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DuPont de Nemours, Inc.

Reconciliation of Revised Income from Continuing Operations, Net of Tax

to Revised Operating EBITDA (Unaudited)

						Year Ended			Three Months Ended												Year Ended			Three Months Ended												Year Ended
In millions						Dec 31, 2020			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019 1			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019 1			Dec 31, 2018 1
Income (loss) from continuing operations, net of tax (GAAP)						$	(2,406)		$	447		$	86		$	(2,389)		$	(550)		$	(27)		$	128		$	222		$	(281)		$	(96)		$	(338)
+			Provision for (Benefit from) income taxes on continuing operations			160			(64)			122			8			94			29			(26)			26			121			(92)			13
Income (loss) from continuing operations before income taxes						$	(2,246)		$	383		$	208		$	(2,381)		$	(456)		$	2		$	102		$	248		$	(160)		$	(188)		$	(325)
+			Depreciation and amortization			1,373			334			345			349			345			1,402			332			345			354			371			1,539
-			Interest income 2			12			4			4			2			2			56			6			1			9			40			40
+			Interest expense			672			155			165			181			171			696			175			176			165			180			683
-			Non-operating pension/OPEB benefit			30			7			4			8			11			72			14			21			17			20			91
-			Foreign exchange gains (losses), net 2, 3			(39)			(12)			(6)			(18)			(3)			(104)			(7)			(20)			(15)			(62)			(34)
+			Costs historically allocated to the materials science and agriculture businesses 4			—			—			—			—			—			256			—			—			—			256			1,044
-			Adjusted significant items			(3,643)			(58)			(190)			(2,538)			(857)			(1,812)			(441)			(253)			(669)			(449)			(1,549)
Operating EBITDA (Non-GAAP)						$	3,439		$	931		$	906		$	695		$	907		$	4,144		$	1,037		$	1,020		$	1,017		$	1,070		$	4,393

1. Information is reflected on a pro forma basis.

2. Included in “Sundry income (expense) - net"” in the unaudited pro forma statements of operations.

3. Excludes a $50 million pretax foreign exchange loss included in adjusted significant items, related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform for the year ended December 31, 2018.

4. Costs previously allocated to the materials science and agriculture businesses that did not meet the definition of expenses related to discontinued operations in accordance with ASC 205.

DuPont de Nemours, Inc.

Revised Significant Items (Unaudited)

						Year Ended			Three Months Ended												Year Ended			Three Months Ended												Year Ended
In millions						Dec 31, 2020			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019 1			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019 1			Dec 31, 2018 1
Integration and separation costs						$	(177)		$	(16)		$	(22)		$	(16)		$	(123)		$	(1,084)		$	(139)		$	(178)		$	(337)		$	(430)		$	(1,352)
Restructuring and asset related charges - net						(184)			(45)			(8)			(3)			(128)			(156)			(20)			(75)			(42)			(19)			(97)
Goodwill impairment charges						(3,214)			—			(183)			(2,498)			(533)			(242)			—			—			(242)			—			—
Asset impairment charges						(661)			—			(370)			(21)			(270)			—			—			—			—			—			—
Net gain (loss) on divestitures and changes in joint venture ownership						593			3			393			—			197			(208)			(208)			—			—			—			(41)
Merger-related inventory step-up amortization 2						—			—			—			—			—			—			—			—			—			—			(9)
Income tax related items 3						—			—			—			—			—			(122)			(74)			—			(48)			—			(50)
Total pretax significant items benefit (charge) 4						$	(3,643)		$	(58)		$	(190)		$	(2,538)		$	(857)		$	(1,812)		$	(441)		$	(253)		$	(669)		$	(449)		$	(1,549)
+			Total tax impact of significant items benefit (charge) 5			(29)			2			(66)			7			28			343			87			60			100			96			247
+			Tax only significant items benefit (charge)			128			107			17			(3)			7			7			54			—			(120)			73			(169)
Total significant items benefit (charge), net of tax 6						$	(3,544)		$	51		$	(239)		$	(2,534)		$	(822)		$	(1,462)		$	(300)		$	(193)		$	(689)		$	(280)		$	(1,471)

1.Significant items are reflected on a pro forma basis.

2.Includes the fair value step-up in EID's inventories as a result of the DWDP Merger and the acquisition of FMC Corporation's Health and Nutrition business in November 2017.

3.Reflected in “Sundry income (expense) - net.”

4.Impact on “Income (loss) from continuing operations before income taxes.”

5.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.

6.Impact on “Net (loss) income from continuing operations available for DuPont common stockholders.”

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DuPont de Nemours, Inc.

Reconciliation of Revised Earnings (Loss) Per Common Share from Continuing Operations - Diluted

to Adjusted Earnings Per Common Share from Continuing Operations - Diluted (Unaudited)

			Year Ended			Three Months Ended												Year Ended			Three Months Ended												Year Ended
Pretax (in millions)			Dec 31, 2020			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019 1			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019 1			Dec 31, 2018 1
Income (loss) from continuing operations before income taxes (GAAP)			$	(2,246)		$	383		$	208		$	(2,381)		$	(456)		$	2		$	102		$	248		$	(160)		$	(188)		$	(325)
Less: Pretax significant items 2			(3,643)			(58)			(190)			(2,538)			(857)			(1,812)			(441)			(253)			(669)			(449)			(1,549)
Less: Merger-related amortization of intangibles 1			(501)			(122)			(125)			(125)			(129)			(506)			(127)			(126)			(126)			(127)			(518)
Less: Non-op pension / OPEB benefit 2			30			7			4			8			11			72			14			21			17			20			91
Less: Costs historically allocated to the materials science and agriculture businesses 2			—			—			—			—			—			(256)			—			—			—			(256)			(1,044)
Adjusted results, before tax (non-GAAP)			$	1,868		$	556		$	519		$	274		$	519		$	2,504		$	656		$	606		$	618		$	624		$	2,695

			Year Ended			Three Months Ended												Year Ended			Three Months Ended												Year Ended
Net of tax (in millions)			Dec 31, 2020			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019 1			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019 1			Dec 31, 2018 1
Net income (loss) from continuing operations available to DuPont common stockholders (GAAP)			$	(2,434)		$	439		$	79		$	(2,396)		$	(556)		$	(56)		$	117		$	217		$	(290)		$	(100)		$	(377)
Less: Significant items, net of tax 3			(3,544)			51			(239)			(2,534)			(822)			(1,462)			(300)			(193)			(689)			(280)			(1,471)
Less: Merger-related amortization of intangibles, net of tax 3			(389)			(98)			(94)			(97)			(100)			(401)			(100)			(99)			(101)			(101)			(412)
Less: Non-op pension / OPEB benefit, net of tax 3			24			7			3			6			8			65			12			18			19			16			76
Less: Costs historically allocated to the materials science and agriculture businesses, net of tax 3			—			—			—			—			—			(197)			—			—			—			(197)			(804)
Adjusted results, net of tax (non-GAAP)			$	1,475		$	479		$	409		$	229		$	358		$	1,939		$	505		$	491		$	481		$	462		$	2,234

			Year Ended 4			Three Months Ended												Year Ended 4			Three Months Ended												Year Ended
Earnings per common share (“EPS”) from continuing operations - diluted			Dec 31, 2020			Dec 31, 2020			Sep 30, 2020			Jun 30, 2020			Mar 31, 2020			Dec 31, 2019 1			Dec 31, 2019			Sep 30, 2019			Jun 30, 2019			Mar 31, 2019 1			Dec 31, 2018 1
Earnings per common share from continuing operations - diluted (GAAP)			$	(3.31)		$	0.60		$	0.11		$	(3.26)		$	(0.75)		$	(0.08)		$	0.16		$	0.29		$	(0.39)		$	(0.13)		$	(0.51)
Less: Significant items - diluted 5			(4.82)			0.07			(0.33)			(3.45)			(1.11)			(1.96)			(0.40)			(0.26)			(0.92)			(0.38)			(1.92)
Less: Merger-related amortization of intangibles - diluted 5			(0.53)			(0.13)			(0.12)			(0.13)			(0.13)			(0.54)			(0.14)			(0.13)			(0.14)			(0.13)			(0.54)
Less: Non-op pension / OPEB benefit - diluted 5			0.03			0.01			—			0.01			0.01			0.09			0.02			0.02			0.03			0.02			0.10
Less: Costs historically allocated to the materials science and agriculture businesses - diluted 5			—			—			—			—			—			(0.26)			—			—			—			(0.26)			(1.04)
Adjusted earnings per common share from continuing operations - diluted (non-GAAP)			$	2.01		$	0.65		$	0.56		$	0.31		$	0.48		$	2.59		$	0.68		$	0.66		$	0.64		$	0.62		$	2.89

1.Information for the year ended December 31, 2019 and 2018 and three months ended March 31, 2019 are reflected on a pro forma basis.

2.Impact on “Income (loss) from continuing operations before income taxes.”

3.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.

4.Earnings per share amounts from continuing operations - diluted for the year may not equal the sum of the quarterly pro forma earnings per common share from continuing operations - diluted amounts due to the change in average share calculations.

5.Impact on earnings per common share from continuing operations - diluted.

7

---

DuPont de Nemours, Inc.

Unaudited Revised Consolidated Statement of Operations

For the Year Ended December 31, 2020

			DuPont			Distribution of N&B 1			DuPont
In millions, except per share amounts			As Reported						Revised
Net sales			$	20,397		$	(6,059)		$	14,338
Cost of sales			13,522			(4,014)			9,508
Research and development expenses			860			(235)			625
Selling, general and administrative expenses			2,235			(534)			1,701
Amortization of intangibles			2,119			(1,423)			696
Restructuring and asset related charges - net			849			(4)			845
Goodwill impairment charges			3,214			—			3,214
Integration and separation costs			594			(417)			177
Equity in earnings of nonconsolidated affiliates			191			(4)			187
Sundry income (expense) - net			675			(8)			667
Interest expense			767			(95)			672
Loss from continuing operations before income taxes			(2,897)			651			(2,246)
Provision for (benefit from) income taxes on continuing operations			(23)			183			160
Loss from continuing operations, net of tax			(2,874)			468			(2,406)
Net income from continuing operations attributable to noncontrolling interests			28			—			28
Net loss from continuing operations attributable to DuPont common stockholders			$	(2,902)		$	468		$	(2,434)
Per common share data:
Earnings per common share from continuing operations - basic			$	(3.95)					$	(3.31)
Earnings per common share from continuing operations - diluted			$	(3.95)					$	(3.31)
Weighted-average common shares outstanding - basic			735.5						735.5
Weighted-average common shares outstanding - diluted			735.5						735.5

1.Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

8

---

DuPont de Nemours, Inc.

Unaudited Revised Consolidated Statement of Operations

For the Three Months Ended December 31, 2020

			DuPont			Distribution of N&B 1			DuPont
In millions, except per share amounts			As Reported						Revised
Net sales			$	5,252		$	(1,502)		$	3,750
Cost of sales			3,521			(1,047)			2,474
Research and development expenses			216			(57)			159
Selling, general and administrative expenses			537			(135)			402
Amortization of intangibles			528			(359)			169
Restructuring and asset related charges - net			42			3			45
Integration and separation costs			125			(109)			16
Equity in earnings of nonconsolidated affiliates			19			(2)			17
Sundry income (expense) - net			48			(12)			36
Interest expense			194			(39)			155
Income from continuing operations before income taxes			156			227			383
Benefit from income taxes on continuing operations			(123)			59			(64)
Income from continuing operations, net of tax			279			168			447
Net income from continuing operations attributable to noncontrolling interests			8			—			8
Net income from continuing operations attributable to DuPont common stockholders			$	271		$	168		$	439
Per common share data:
Earnings per common share from continuing operations - basic			$	0.37					$	0.60
Earnings per common share from continuing operations - diluted			$	0.37					$	0.60
Weighted-average common shares outstanding - basic			734.6						734.6
Weighted-average common shares outstanding - diluted			735.4						735.4

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

9

---

DuPont de Nemours, Inc.

Unaudited Revised Consolidated Statement of Operations

For the Three Months Ended September 30, 2020

			DuPont			Distribution of N&B 1			DuPont
In millions, except per share amounts			As Reported						Revised
Net sales			$	5,096		$	(1,467)		$	3,629
Cost of sales			3,392			(975)			2,417
Research and development expenses			199			(59)			140
Selling, general and administrative expenses			524			(121)			403
Amortization of intangibles			530			(358)			172
Restructuring and asset related charges - net			384			(6)			378
Goodwill impairment charges			183			—			183
Integration and separation costs			127			(105)			22
Equity in earnings of nonconsolidated affiliates			30			(1)			29
Sundry income (expense) - net			430			—			430
Interest expense			197			(32)			165
Income from continuing operations before income taxes			20			188			208
Provision for income taxes on continuing operations			92			30			122
Loss (Income) from continuing operations, net of tax			(72)			158			86
Net income from continuing operations attributable to noncontrolling interests			7			—			7
Net loss (income) from continuing operations attributable to DuPont common stockholders			$	(79)		$	158		$	79
Per common share data:
(Loss) Earnings per common share from continuing operations - basic			$	(0.11)					$	0.11
(Loss) Earnings per common share from continuing operations - diluted			$	(0.11)					$	0.11
Weighted-average common shares outstanding - basic			734.4						734.4
Weighted-average common shares outstanding - diluted			734.4						734.9

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

10

---

DuPont de Nemours, Inc.

Unaudited Revised Consolidated Statement of Operations

For the Three Months Ended June 30, 2020

			DuPont			Distribution of N&B 1			DuPont
In millions, except per share amounts			As Reported						Revised
Net sales			$	4,828		$	(1,539)		$	3,289
Cost of sales			3,291			(993)			2,298
Research and development expenses			209			(56)			153
Selling, general and administrative expenses			541			(127)			414
Amortization of intangibles			528			(351)			177
Restructuring and asset related charges - net			19			5			24
Goodwill impairment charges			2,498			—			2,498
Integration and separation costs			145			(129)			16
Equity in earnings of nonconsolidated affiliates			103			(1)			102
Sundry income (expense) - net			(14)			3			(11)
Interest expense			193			(12)			181
Loss from continuing operations before income taxes			(2,507)			126			(2,381)
(Benefit from) Provision for income taxes on continuing operations			(36)			44			8
Loss from continuing operations, net of tax			(2,471)			82			(2,389)
Net income from continuing operations attributable to noncontrolling interests			7			—			7
Net loss from continuing operations attributable to DuPont common stockholders			$	(2,478)		$	82		$	(2,396)
Per common share data:
Loss per common share from continuing operations - basic			$	(3.37)					$	(3.26)
Loss per common share from continuing operations - diluted			$	(3.37)					$	(3.26)
Weighted-average common shares outstanding - basic			734.3						734.3
Weighted-average common shares outstanding - diluted			734.3						734.3

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

11

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DuPont de Nemours, Inc.

Unaudited Revised Consolidated Statement of Operations

For the Three Months Ended March 31, 2020

			DuPont			Distribution of N&B 1			DuPont
In millions, except per share amounts			As Reported						Revised
Net sales			$	5,221		$	(1,551)		$	3,670
Cost of sales			3,318			(999)			2,319
Research and development expenses			236			(63)			173
Selling, general and administrative expenses			633			(151)			482
Amortization of intangibles			533			(355)			178
Restructuring and asset related charges - net			404			(6)			398
Goodwill impairment charges			533			—			533
Integration and separation costs			197			(74)			123
Equity in earnings of nonconsolidated affiliates			39			—			39
Sundry income (expense) - net			211			1			212
Interest expense			183			(12)			171
Loss from continuing operations before income taxes			(566)			110			(456)
Provision for income taxes on continuing operations			44			50			94
Loss from continuing operations, net of tax			(610)			60			(550)
Net income from continuing operations attributable to noncontrolling interests			6			—			6
Net loss from continuing operations attributable to DuPont common stockholders			$	(616)		$	60		$	(556)
Per common share data:
Loss per common share from continuing operations - basic			$	(0.83)					$	(0.75)
Loss per common share from continuing operations - diluted			$	(0.83)					$	(0.75)
Weighted-average common shares outstanding - basic			738.6						738.6
Weighted-average common shares outstanding - diluted			738.6						738.6

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

12

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DuPont de Nemours, Inc.

Unaudited Revised Pro Forma Consolidated Statement of Operations

For the Year Ended December 31, 2019

			DuPont			Distribution of N&B 1			DuPont 2						Separation and Distribution Pro Forma Adjustments 3						DuPont
In millions, except per share amounts			As Reported						Revised												Pro Forma
Net sales			$	21,512		$	(6,076)		$	15,436					$	—					$	15,436
Cost of sales			14,056			(4,030)			10,026						16						10,042
Research and development expenses			955			(266)			689						—						689
Selling, general and administrative expenses			2,663			(606)			2,057						—						2,057
Amortization of intangibles			1,050			(349)			701						—						701
Restructuring and asset related charges - net			314			(162)			152						—						152
Goodwill impairment charges			1,175			(933)			242						—						242
Integration and separation costs			1,342			(85)			1,257						(173)						1,084
Equity in earnings of nonconsolidated affiliates			84			1			85						—						85
Sundry income (expense) - net			153			(9)			144						—						144
Interest expense			668			(1)			667						29						696
(Loss) Income from continuing operations before income taxes			(474)			348			(126)						128						2
Provision for (benefit from) income taxes on continuing operations			140			(142)			(2)						31						29
Loss from continuing operations, net of tax			(614)			490			(124)						97						(27)
Net income from continuing operations attributable to noncontrolling interests			30			(1)			29						—						29
Net loss from continuing operations attributable to DuPont common stockholders			$	(644)		$	491		$	(153)					$	97					$	(56)
Per common share data:
Loss per common share from continuing operations - basic 4			$	(0.86)																	$	(0.08)
Loss per common share from continuing operations - diluted 4			$	(0.86)																	$	(0.08)
Weighted-average common shares outstanding - basic			746.3																		746.3
Weighted-average common shares outstanding - diluted			746.3																		746.3

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

2. Represents DuPont’s current best estimate of DuPont’s retrospectively revised historical consolidated statement of operations for the year ended December 31, 2019 reflecting the discontinued operations of its N&B Business. Actual results could differ from these estimates.

3. Certain pro forma adjustments were made to illustrate the estimated effects of the DWDP Transactions, assuming that the DWDP Transactions had occurred on January 1, 2018. The adjustments include the impact to "Cost of sales" of different pricing than historical intercompany and intracompany practices related to various supply agreements entered into with the Dow Distribution, adjustments to "Integration and separation costs" to eliminate one time transaction costs directly attributable to the DWDP Distributions, and adjustments to "Interest expense" to reflect the impact of the Financings.

4. Pro forma basic and diluted earnings per share is calculated by dividing pro forma net income available to DuPont common stockholders by pro forma weighted-average number of DuPont common shares outstanding. Pro forma net income available to DuPont common stockholders is reduced by $1 million of net income attributable to deferred stock awards, as these awards are considered participating securities due to DowDuPont’s practice of paying dividend equivalents on unvested shares.

13

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DuPont de Nemours, Inc.

Unaudited Revised Consolidated Statement of Operations

For the Three Months Ended December 31, 2019

			DuPont			Distribution of N&B 1			DuPont
In millions, except per share amounts			As Reported						Revised
Net sales			$	5,204		$	(1,458)		$	3,746
Cost of sales			3,408			(969)			2,439
Research and development expenses			231			(69)			162
Selling, general and administrative expenses			650			(148)			502
Amortization of intangibles			295			(123)			172
Restructuring and asset related charges - net			24			(5)			19
Integration and separation costs			193			(54)			139
Equity in earnings of nonconsolidated affiliates			(48)			1			(47)
Sundry income (expense) - net			9			2			11
Interest expense			175			—			175
Income from continuing operations before income taxes			189			(87)			102
Benefit from income taxes on continuing operations			(2)			(24)			(26)
Income from continuing operations, net of tax			191			(63)			128
Net income from continuing operations attributable to noncontrolling interests			12			(1)			11
Net income from continuing operations attributable to DuPont common stockholders			$	179		$	(62)		$	117
Per common share data:
Earnings per common share from continuing operations - basic			$	0.24					$	0.16
Earnings per common share from continuing operations - diluted			$	0.24					$	0.16
Weighted-average common shares outstanding - basic			740.7						740.7
Weighted-average common shares outstanding - diluted			742.0						742.0

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

14

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DuPont de Nemours, Inc.

Unaudited Revised Consolidated Statement of Operations

For the Three Months Ended September 30, 2019

			DuPont			Distribution of N&B 1			DuPont
In millions, except per share amounts			As Reported						Revised
Net sales			$	5,426		$	(1,525)		$	3,901
Cost of sales			3,531			(1,008)			2,523
Research and development expenses			225			(66)			159
Selling, general and administrative expenses			645			(150)			495
Amortization of intangibles			247			(75)			172
Restructuring and asset related charges - net			82			(8)			74
Integration and separation costs			191			(13)			178
Equity in earnings of nonconsolidated affiliates			43			—			43
Sundry income (expense) - net			79			2			81
Interest expense			177			(1)			176
Income from continuing operations before income taxes			450			(202)			248
Provision for income taxes on continuing operations			78			(52)			26
Income from continuing operations, net of tax			372			(150)			222
Net income from continuing operations attributable to noncontrolling interests			5			—			5
Net income from continuing operations attributable to DuPont common stockholders			$	367		$	(150)		$	217
Per common share data:
Earnings per common share from continuing operations - basic			$	0.49					$	0.29
Earnings per common share from continuing operations - diluted			$	0.49					$	0.29
Weighted-average common shares outstanding - basic			745.5						745.5
Weighted-average common shares outstanding - diluted			747.7						747.7

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

15

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DuPont de Nemours, Inc.

Unaudited Revised Consolidated Statement of Operations

For the Three Months Ended June 30, 2019

			DuPont			Distribution of N&B 1			DuPont
In millions, except per share amounts			As Reported						Revised
Net sales			$	5,468		$	(1,558)		$	3,910
Cost of sales			3,496			(1,025)			2,471
Research and development expenses			232			(64)			168
Selling, general and administrative expenses			642			(152)			490
Amortization of intangibles			252			(75)			177
Restructuring and asset related charges - net			137			(96)			41
Goodwill impairment charges			1,175			(933)			242
Integration and separation costs			347			(10)			337
Equity in earnings of nonconsolidated affiliates			49			—			49
Sundry income (expense) - net			(19)			(9)			(28)
Interest expense			165			—			165
Loss from continuing operations before income taxes			(948)			788			(160)
Provision for income taxes on continuing operations			155			(34)			121
Loss from continuing operations, net of tax			(1,103)			822			(281)
Net income from continuing operations attributable to noncontrolling interests			9			—			9
Net loss from continuing operations attributable to DuPont common stockholders			$	(1,112)		$	822		$	(290)
Per common share data:
Loss per common share from continuing operations - basic			$	(1.48)					$	(0.39)
Loss per common share from continuing operations - diluted			$	(1.48)					$	(0.39)
Weighted-average common shares outstanding - basic			749.0						749.0
Weighted-average common shares outstanding - diluted			749.0						749.0

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

16

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DuPont de Nemours, Inc.

Unaudited Revised Pro Forma Consolidated Statement of Operations

For the Three Months Ended March 31, 2019

			DuPont			Distribution of N&B 1			DuPont 2						Separation and Distribution Pro Forma Adjustments 3						DuPont
In millions, except per share amounts			As Reported						Revised												Pro Forma
Net sales			$	5,414		$	(1,535)		$	3,879					$	—					$	3,879
Cost of sales			3,621			(1,028)			2,593						16						2,609
Research and development expenses			267			(67)			200						—						200
Selling, general and administrative expenses			726			(156)			570						—						570
Amortization of intangibles			256			(76)			180						—						180
Restructuring and asset related charges - net			71			(53)			18						—						18
Integration and separation costs			611			(8)			603						(173)						430
Equity in earnings of nonconsolidated affiliates			40			—			40						—						40
Sundry income (expense) - net			84			(4)			80						—						80
Interest expense			151			—			151						29						180
Loss from continuing operations before income taxes			(165)			(151)			(316)						128						(188)
Benefit from income taxes on continuing operations			(91)			(32)			(123)						31						(92)
Loss from continuing operations, net of tax			(74)			(119)			(193)						97						(96)
Net income from continuing operations attributable to noncontrolling interests			4			—			4						—						4
Net loss from continuing operations available to DuPont common stockholders			$	(78)		$	(119)		$	(197)					$	97					$	(100)
Per common share data:
Loss per common share from continuing operations - basic 4			$	(0.11)																	$	(0.13)
Loss per common share from continuing operations - diluted 4			$	(0.11)																	$	(0.13)
Weighted-average common shares outstanding - basic			750.0																		750.0
Weighted-average common shares outstanding - diluted			750.0																		750.0

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

2. Represents DuPont’s current best estimate of DuPont’s retrospectively revised historical consolidated statement of operations for the three months ended March 31, 2019 the discontinued operations of its N&B Business. Actual results could differ from these estimates.

3. Certain pro forma adjustments were made to illustrate the estimated effects of the DWDP Transactions, assuming that the DWDP Transactions had occurred on January 1, 2018. The adjustments include the impact to "Cost of sales" of different pricing than historical intercompany and intracompany practices related to various supply agreements entered into with the Dow Distribution, adjustments to "Integration and separation costs" to eliminate one time transaction costs directly attributable to the DWDP Distributions, and adjustments to "Interest expense" to reflect the impact of the Financings.

4. Pro forma basic and diluted earnings per share is calculated by dividing pro forma net income available to DuPont common stockholders by pro forma weighted-average number of DuPont common shares outstanding. Pro forma net income available to DuPont common stockholders is reduced by $1 million of net income attributable to deferred stock awards, as these awards are considered participating securities due to DowDuPont’s practice of paying dividend equivalents on unvested shares.

17

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DuPont de Nemours, Inc.

Unaudited Revised Pro Forma Consolidated Statement of Operations

For the Year Ended December 31, 2018

			DuPont			Distribution of N&B 1			DuPont 2						DWDP Pro Forma Adjustments 3						DuPont
In millions, except per share amounts			As Reported						Revised												Pro Forma
Net sales			$	22,594		$	(6,216)		$	16,378					$	—					$	16,378
Cost of sales			15,302			(4,179)			11,123						54						11,177
Research and development expenses			1,070			(273)			797						—						797
Selling, general and administrative expenses			3,028			(625)			2,403						—						2,403
Amortization of intangibles			1,044			(311)			733						—						733
Restructuring and asset related charges - net			147			(50)			97						—						97
Integration and separation costs			1,887			(42)			1,845						(493)						1,352
Equity in earnings of nonconsolidated affiliates			447			1			448						—						448
Sundry income (expense) - net			92			(1)			91						—						91
Interest expense			55			(1)			54						629						683
Income (loss) from continuing operations before income taxes			600			(735)			(135)						(190)						(325)
Provision for (benefit from) income taxes on continuing operations			195			(145)			50						(37)						13
Income (loss) from continuing operations, net of tax			405			(590)			(185)						(153)						(338)
Net income from continuing operations attributable to noncontrolling interests			39			—			39						—						39
Net income (loss) from continuing operations attributable to DuPont common stockholders			$	366		$	(590)		$	(224)					$	(153)					$	(377)
Per common share data:
Earnings per common share from continuing operations - basic 4			$	0.46																	$	(0.51)
Earnings per common share from continuing operations - diluted 4			$	0.45																	$	(0.51)
Weighted-average common shares outstanding - basic			767.0																		767.0
Weighted-average common shares outstanding - diluted			771.8																		767.0

1. Represents the distribution of the N&B Business in accordance with the discontinued operations guidance in ASC 205.

2. Represents DuPont’s current best estimate of DuPont’s retrospectively revised historical consolidated statement of operations for the year ended December 31, 2018 reflecting the discontinued operations of its N&B Business. Actual results could differ from these estimates.

3. Certain pro forma adjustments were made to illustrate the estimated effects of the DWDP Transactions, assuming that the DWDP Transactions had occurred on January 1, 2018. The adjustments include the impact to "Cost of sales" of different pricing than historical intercompany and intracompany practices related to various supply agreements entered into with the Dow Distribution, adjustments to "Integration and separation costs" to eliminate one time transaction costs directly attributable to the DWDP Distributions, and adjustments to "Interest expense" to reflect the impact of the Financings.

4. Pro forma basic and diluted earnings per share is calculated by dividing pro forma net income available to DuPont common stockholders by pro forma weighted-average number of DuPont common shares outstanding. Pro forma net income available to DuPont common stockholders is reduced by $17 million of net income attributable to deferred stock awards, as these awards are considered participating securities due to DowDuPont’s practice of paying dividend equivalents on unvested shares.

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