Summary
This 10-K filing for EIDP, Inc. (DuPont) for the period ending December 30, 2017, details the transformative year marked by the "Merger of Equals" with Dow Chemical, forming DowDuPont. This strategic combination created a new entity from which the intent is to separate into three independent, publicly traded companies: agriculture, specialty products, and materials science. The report highlights the significant restructuring charges and integration costs associated with this merger and the planned separations, amounting to hundreds of millions of dollars. Investors should note the significant changes in financial presentation due to the merger, with 'Predecessor' and 'Successor' periods not being directly comparable. The company also faced a substantial one-time benefit from the Tax Cuts and Jobs Act enacted in late 2017, which reduced the corporate tax rate but also imposed a transition tax on foreign earnings. Significant legal matters, particularly the PFOA settlement and ongoing environmental remediation liabilities, continue to be material factors. The company's liquidity remains strong, supported by robust cash flow from operations and access to capital markets.
Financial Highlights
25 data points| Cash & Equivalents | $7.25B |
| Short-term Investments | $952.00M |
| Accounts Receivable | $3.78B |
| Inventory | $8.63B |
| Total Current Assets | $23.05B |
| Property, Plant & Equipment | $12.44B |
| Goodwill | $45.59B |
| Total Assets | $112.96B |
| Accounts Payable | $4.83B |
| Short-term Debt | $1.31B |
| Total Current Liabilities | $12.14B |
| Long-term Debt | $10.29B |
| Total Liabilities | $38.03B |
| Retained Earnings | $175.00M |
| Stockholders' Equity | $74.76B |
Key Highlights
- 1The company completed a significant "Merger of Equals" with Dow Chemical on August 31, 2017, forming DowDuPont, with plans to separate into three distinct companies.
- 2Significant restructuring and integration costs totaling hundreds of millions of dollars were incurred due to the merger and planned business separations.
- 3The enactment of the Tax Cuts and Jobs Act in late 2017 resulted in a provisional tax benefit of $2,001 million due to corporate tax rate reduction, offset by a $715 million charge for a one-time transition tax on foreign earnings.
- 4The company recorded a $335 million pre-tax charge related to the settlement of PFOA lawsuits, with DuPont and Chemours each paying half of the total $670.7 million settlement.
- 5The divestiture of the Divested Ag Business to FMC Corporation and the acquisition of FMC's Health and Nutrition Business (H&N Business) were completed on November 1, 2017.
- 6The company's intellectual property portfolio includes approximately 6,500 active U.S. patents and 9,900 active patents outside the U.S. as of December 31, 2017.
- 7Accrued environmental remediation and restoration costs were $433 million at December 31, 2017, with a potential range of up to $920 million above that amount.