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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-38196

DUPONT DE NEMOURS, INC.
(Exact name of registrant as specified in its charter)
Delaware81-1224539
State or other jurisdiction of incorporation or organization(I.R.S. Employer Identification No.)
974 Centre Road
Building 730
Wilmington
Delaware
19805
(Address of Principal Executive Offices)
(Zip Code)

(302) 774-3034
(Registrant’s Telephone Number, Including Area Code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareDDNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
                                                 Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
                                 Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No

The registrant had 500,901,913 shares of common stock, $0.01 par value, outstanding at August 2, 2022.


DuPont de Nemours, Inc.

QUARTERLY REPORT ON FORM 10-Q
For the quarterly period ended June 30, 2022

TABLE OF CONTENTS

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

3


DuPont de Nemours, Inc.

DuPontTM and all products, unless otherwise noted, denoted with TM, SM or ® are trademarks, service marks or registered trademarks of affiliates of DuPont de Nemours, Inc.

FORWARD-LOOKING STATEMENTS
This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," "will," "would," "target," and similar expressions and variations or negatives of these words.

Forward-looking statements address matters that are, to varying degrees, uncertain and subject to risks, uncertainties, and assumptions, many of which that are beyond DuPont's control, that could cause actual results to differ materially from those expressed in any forward-looking statements. Forward-looking statements are not guarantees of future results. Some of the important factors that could cause DuPont's actual results to differ materially from those projected in any such forward-looking statements include, but are not limited to: (i) the parties’ ability to meet expectations regarding the timing, completion and accounting and tax treatments of the M&M Divestiture to Celanese, including (x) any failure to obtain necessary regulatory approvals, anticipated tax treatment or to satisfy any of the other conditions to the proposed transaction, (y) the possibility that unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies could impact the value, timing or pursuit of the proposed transaction, and (z) risks and costs and pursuit and/or implementation, timing and impacts to business operations of the separation of business lines in scope for the M&M Divestiture to Celanese, (ii) the timing and outcome of the Delrin® Business Divestiture, including entry into definitive agreements, and the risks, costs and ability to realize benefits from the pursuit of the Delrin® Business Divestiture; (iii) ability to achieve anticipated tax treatments in connection with mergers, acquisitions, divestitures and other portfolio changes actions and impact of changes in relevant tax and other laws; (iv) indemnification of certain legacy liabilities; (v) risks and costs related to each of the parties respective performance under and the impact of the arrangement to share future eligible PFAS costs by and between DuPont, Corteva and Chemours; (vi) failure to timely close on anticipated terms (or at all), realize expected benefits and effectively manage and achieve anticipated synergies and operational efficiencies in connection with mergers, acquisitions, divestitures and other portfolio changes including the Intended Rogers Acquisition and the M&M Divestitures; (vii) risks and uncertainties, including increased costs and the ability to obtain raw materials and meet customer needs, related to operational and supply chain impacts or disruptions, which may result from, among other events, the COVID-19 pandemic and actions in response to it, and geo-political and weather related events; (viii) ability to offset increases in cost of inputs, including raw materials, energy and logistics; (ix) risks, including ability to achieve, and costs associated with DuPont’s sustainability strategy including the actual conduct of the company’s activities and results thereof, and the development, implementation, achievement or continuation of any goal, program, policy or initiative discussed or expected; and (x) other risks to DuPont's business, operations; each as further discussed in DuPont’s most recent annual report and subsequent current and periodic reports filed with the U.S. Securities and Exchange Commission. 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.
4


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
DuPont de Nemours, Inc.
Consolidated Statements of Operations

Three Months Ended June 30,  Six Months Ended June 30,
In millions, except per share amounts (Unaudited)2022202120222021
Net sales$3,322 $3,104 $6,596 $6,121 
Cost of sales2,149 1,959 4,259 3,820 
Research and development expenses141 133 284 272 
Selling, general and administrative expenses385 395 774 790 
Amortization of intangibles148 127 301 252 
Restructuring and asset related charges - net 5 101 7 
Acquisition, integration and separation costs13 23 21 29 
Equity in earnings of nonconsolidated affiliates20 20 46 43 
Sundry income (expense) - net94 135 97 154 
Interest expense122 129 242 275 
Income from continuing operations before income taxes478 488 757 873 
Provision for income taxes on continuing operations113 93 160 92 
Income from continuing operations, net of tax365 395 597 781 
Income from discontinued operations, net of tax430 92 706 5,104 
Net income795 487 1,303 5,885 
Net income attributable to noncontrolling interests8 9 28 13 
Net income available for DuPont common stockholders$787 $478 $1,275 $5,872 
Per common share data:
Earnings per common share from continuing operations - basic$0.71 $0.74 $1.12 $1.37 
Earnings per common share from discontinued operations - basic0.85 0.17 1.38 8.98 
Earnings per common share - basic$1.56 $0.91 $2.51 $10.35 
Earnings per common share from continuing operations - diluted$0.71 $0.73 $1.12 $1.37 
Earnings per common share from discontinued operations - diluted0.85 0.17 1.38 8.96 
Earnings per common share - diluted$1.55 $0.90 $2.50 $10.33 
Weighted-average common shares outstanding - basic505.4 529.6 508.7 567.0 
Weighted-average common shares outstanding - diluted506.3 531.2 510.2 568.5 
See Notes to the Consolidated Financial Statements.
5



DuPont de Nemours, Inc.
Consolidated Statements of Comprehensive Income
Three Months Ended June 30,  Six Months Ended June 30,
In millions (Unaudited)2022202120222021
Net income$795 $487 $1,303 $5,885 
Other comprehensive (loss) income, net of tax
Cumulative translation adjustments(693)119 (965)(365)
Pension and other post-employment benefit plans(1)(1)(8)11 
Derivative instruments56 18 67 18 
Split-off of N&B   258 
Total other comprehensive (loss) income(638)136 (906)(78)
Comprehensive income157 623 397 5,807 
Comprehensive (loss) income attributable to noncontrolling interests, net of tax(5)8 8 5 
Comprehensive income attributable to DuPont$162 $615 $389 $5,802 
See Notes to the Consolidated Financial Statements.
6



DuPont de Nemours, Inc.
Condensed Consolidated Balance Sheets
In millions, except share amounts (Unaudited)June 30, 2022December 31, 2021
Assets
Current Assets
Cash and cash equivalents
$1,439 $1,972 
Accounts and notes receivable - net
2,267 2,159 
Inventories
2,356 2,086 
Prepaid and other current assets187 177 
Assets held for sale 245 
Assets of discontinued operations7,757 7,664 
Total current assets
14,006 14,303 
Property, plant and equipment - net of accumulated depreciation (June 30, 2022 - $4,253; December 31, 2021 - $4,142)
5,564 5,753 
Other Assets
Goodwill
16,610 16,981 
Other intangible assets
5,805 6,222 
Restricted cash and cash equivalents53 53 
Investments and noncurrent receivables836 919 
Deferred income tax assets
137 116 
Deferred charges and other assets
1,429 1,360 
Total other assets
24,870 25,651 
Total Assets$44,440 $45,707 
Liabilities and Equity
Current Liabilities
Short-term borrowings$661 $150 
Accounts payable
2,135 2,102 
Income taxes payable
352 201 
Accrued and other current liabilities
1,004 1,040 
Liabilities related to assets held for sale 25 
Liabilities of discontinued operations1,342 1,413 
Total current liabilities
5,494 4,931 
Long-Term Debt10,625 10,632 
Other Noncurrent Liabilities
Deferred income tax liabilities
590 1,459 
Pension and other post-employment benefits - noncurrent694 762 
Other noncurrent obligations
900 873 
Total other noncurrent liabilities
2,184 3,094 
Total Liabilities18,303 18,657 
Commitments and contingent liabilities
Stockholders' Equity
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2022: 500,896,434 shares; 2021: 511,792,785 shares)
5 5 
Additional paid-in capital
49,176 49,574 
Accumulated deficit(22,808)(23,187)
Accumulated other comprehensive (loss) income(845)41 
Total DuPont stockholders' equity
25,528 26,433 
Noncontrolling interests
609 617 
Total equity
26,137 27,050 
Total Liabilities and Equity$44,440 $45,707 
See Notes to the Consolidated Financial Statements.
7



DuPont de Nemours, Inc.
Consolidated Statements of Cash Flows
 Six Months Ended June 30,
In millions (Unaudited)20222021
Operating Activities
Net income$1,303 $5,885 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization623 724 
Credit for deferred income tax and other tax related items(922)(157)
Earnings of nonconsolidated affiliates less than (in excess of) dividends received6 (38)
Net periodic benefit (credit) cost(3)4 
Periodic benefit plan contributions(39)(46)
Net gain on sales and split-offs of assets, businesses and investments(67)(5,118)
Restructuring and asset related charges - net101 14 
Other net loss37 92 
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable(283)(346)
Inventories(537)(337)
Accounts payable217 232 
Other assets and liabilities, net(141)(91)
Cash provided by operating activities295 818 
Investing Activities
Capital expenditures(386)(499)
Proceeds from sales of property and businesses, net of cash divested300 172 
Acquisitions of property and businesses, net of cash acquired5 (11)
Purchases of investments(15)(2,001)
Proceeds from sales and maturities of investments 2,001 
Other investing activities, net6 9 
Cash used for investing activities(90)(329)
Financing Activities
Changes in short-term borrowings511  
Proceeds from issuance of long-term debt transferred to IFF at split-off 1,250 
Payments on long-term debt (5,000)
Purchases of common stock(875)(1,143)
Proceeds from issuance of Company stock83 108 
Employee taxes paid for share-based payment arrangements(23)(25)
Distributions to noncontrolling interests(20)(24)
Dividends paid to stockholders(335)(319)
Cash transferred to IFF and subsequent adjustments(11)(100)
Other financing activities, net(4)(3)
Cash used for financing activities(674)(5,256)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(78)(28)
Decrease in cash, cash equivalents and restricted cash(547)(4,795)
Cash, cash equivalents and restricted cash from continuing operations, beginning of period2,037 8,733 
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period39 42 
Cash, cash equivalents and restricted cash at beginning of period2,076 8,775 
Cash, cash equivalents and restricted cash from continuing operations, end of period1,500 3,942 
Cash, cash equivalents and restricted cash from discontinued operations, end of period29 38 
Cash, cash equivalents and restricted cash at end of period$1,529 $3,980 
See Notes to the Consolidated Financial Statements.
8


DuPont de Nemours, Inc.
Consolidated Statements of Equity
For the six months ended June 30, 2022 and 2021
In millions (Unaudited)Common StockAdditional Paid-in CapitalRetained Earnings
 (Accumulated Deficit)
Accumulated Other Comp LossTreasury StockNon-controlling InterestsTotal Equity
Balance at December 31, 2020$7 $50,039 $(11,586)$44 $ $566 $39,070 
Net income— — 5,872 — — 13 5,885 
Other comprehensive loss— — — (70)— (8)(78)
Dividends ($0.90 per common share)
— (476)— — — — (476)
Common stock issued/sold— 108 — — — — 108 
Stock-based compensation— 13 — — — — 13 
Contributions from non-controlling interests— — — — — 67 67 
Distributions to non-controlling interests— — — — — (24)(24)
Purchases of treasury stock— — — — (1,143)— (1,143)
Retirement of treasury stock— — (1,143)— 1,143 —  
Split-off of N&B(2)— (15,926)— — (27)(15,955)
Other— (3)— — — — $(3)
Balance at June 30, 2021$5 $49,681 $(22,783)$(26)$ $587 $27,464 
Balance at December 31, 2021$5 $49,574 $(23,187)$41 $ $617 $27,050 
Net income— — 1,275 — — 28 1,303 
Other comprehensive loss
— — — (886)— (20)(906)
Dividends ($0.99 per common share)
— (500)— — — — (500)
Common stock issued/sold
— 83 — — — — 83 
Stock-based compensation
— 19 — — — — 19 
Contributions from non-controlling interests— — — — — 2 2 
Distributions to non-controlling interests
— — — — — (20)(20)
Purchases of treasury stock
— — — — (875)— (875)
Retirement of treasury stock
— — (875)— 875 —  
Other
— — (21)— — 2 (19)
Balance at June 30, 2022$5 $49,176 $(22,808)$(845)$ $609 $26,137 
See Notes to the Consolidated Financial Statements.
9



DuPont de Nemours, Inc.
Consolidated Statements of Equity
For the three months ended June 30, 2022 and 2021



In millions (Unaudited)Common StockAdditional Paid-in CapitalRetained Earnings
(Accumulated Deficit)
Accumulated Other Comp LossTreasury StockNon-controlling InterestsTotal Equity
Balance at March 31, 2021$5 $49,964 $(22,618)$(163)$ $517 $27,705 
Net income— — 478 — — 9 487 
Other comprehensive income (loss)— — — 137 — (1)136 
Dividends ($0.60 per common share)
— (315)— — — — (315)
Common stock issued/sold— 18 — — — — 18 
Stock-based compensation— 17 — — — — 17 
Contributions from non-controlling interests— — — — — 67 67 
Distributions to non-controlling interests
— — — — — (5)(5)
Purchases of treasury stock— — — — (643)— (643)
Retirement of treasury stock— — (643)— 643 —  
Other— (3)— — — — (3)
Balance at June 30, 2021$5 $49,681 $(22,783)$(26)$ $587 $27,464 
Balance at March 31, 2022$5 $49,487 $(23,096)$(220)$ $615 $26,791 
Net income— — 787 — — 8 795 
Other comprehensive loss
— — — (625)— (13)(638)
Dividends ($0.66 per common share)
— (331)— — — — (331)
Stock-based compensation
— 20 — — — — 20 
Distributions to non-controlling interests
— — — — — (2)(2)
Purchases of treasury stock
— — — — (500)— (500)
Retirement of treasury stock
— — (500)— 500 —  
Other
— — 1 — — 1 2 
Balance at June 30, 2022$5 $49,176 $(22,808)$(845)$ $609 $26,137 
See Notes to the Consolidated Financial Statements.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

Table of Contents


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NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
In these notes, the terms "DuPont" or "Company" used herein mean DuPont de Nemours, Inc. and its consolidated subsidiaries. The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should also be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, collectively referred to as the "2021 Annual Report." The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained.

Mobility & Materials Intended Divestitures
On February 17, 2022, DuPont entered into a Transaction Agreement (the "Transaction Agreement") with Celanese Corporation ("Celanese") to divest a majority of the historic Mobility & Materials segment, including the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines (the “M&M Divestiture”). The transaction is expected to close around the end of 2022, subject to customary closing conditions and regulatory approvals. In addition, on February 18, 2022, the Company announced it is advancing the process to divest its Delrin® acetal homopolymer (H-POM) business, subject to entry into a definitive agreement and satisfaction of customary closing conditions. The Delrin® divestiture together with the M&M Divestiture discussed above (the "M&M Divestitures") represent a strategic shift that will have a major impact on DuPont's operations and results. See Note 4 for more information.

The financial position of DuPont as of June 30, 2022 and December 31, 2021 present the businesses to be divested as part of the M&M Divestiture and the divestiture of Delrin® (the "M&M Businesses") as discontinued operations. The results of operations for the three and six months ended June 30, 2022 and 2021 present the financial results of the M&M Businesses as discontinued operations. The cash flows and comprehensive income of the M&M Businesses have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of the M&M Businesses. See Note 4 to the interim Consolidated Financial Statements for additional information.

The Auto Adhesives & Fluids, MultibaseTM and Tedlar® product lines, previously reported within the historic Mobility & Materials segment, (the "Retained Businesses") are not included in the scope of the M&M Divestitures. Effective with the signing of the Transaction Agreement, the Retained Businesses were realigned to Corporate & Other. The reporting changes have been retrospectively applied for all periods presented

N&B Transaction
On February 1, 2021, DuPont completed the separation and distribution of the Nutrition & Biosciences business segment (the "N&B Business"), and the merger of Nutrition & Biosciences, Inc. (“N&B”), a DuPont subsidiary formed to hold the N&B Business, with a subsidiary of International Flavors & Fragrances Inc. ("IFF"). The distribution was effected through an exchange offer (the “Exchange Offer”) and the consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”). See Note 4 for more information.

The results of operations of DuPont for the three and six months ended June 30, 2021 present the historical financial results of N&B as discontinued operations. The cash flows and comprehensive income related to N&B have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the applicable periods. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of N&B.

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NOTE 2 - RECENT ACCOUNTING GUIDANCE
Accounting Guidance Issued But Not Adopted at June 30, 2022
In October 2021, the FASB issued Accounting Standards Update No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which requires contract assets and contract liabilities (i.e., unearned revenue) acquired in a business combination to be recognized and measured in accordance with ASC 606, Revenue from Contracts with Customers. Historically, the Company has recognized contract assets and contract liabilities at the acquisition date based on fair value estimates in accordance with ASC 805, Business Combinations. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 on a prospective basis, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2021-08 to its Consolidated Financial Statements in connection with any future anticipated business combinations.


NOTE 3 - ACQUISITIONS
Intended Rogers Corporation Acquisition
On November 2, 2021, the Company announced that it had entered into a definitive agreement to acquire all the outstanding shares of Rogers Corporation (“Rogers”) for about $5.2 billion (the “Intended Rogers Acquisition”). The acquisition is expected to close in the third quarter of 2022, pending receipt of regulatory approvals and satisfaction of customary closing conditions.

Laird Performance Materials Acquisition
On July 1, 2021, DuPont completed the acquisition (the "Laird PM Acquisition") of 100% of the ownership interest of Laird Performance Materials (“Laird PM”) from Advent International for aggregate, adjusted cash consideration of approximately $2,404 million. The cash consideration paid included a net upward adjustment of approximately $100 million for acquired cash and net working capital, amongst other items. Laird PM is reported within the Interconnect Solutions business of the Electronics & Industrial segment. The Company accounted for the acquisition in accordance with ASC 805, which requires the assets acquired and liabilities assumed to be recognized on the balance sheet at their fair values as of the acquisition date. There were no material updates to the purchase accounting and the purchase price allocation is considered final. For additional information regarding the acquisition of Laird PM, see Note 3, "Acquisitions," in the 2021 Annual Report.

Acquisition, Integration and Separation Costs
Acquisition, integration and separation costs primarily consist of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees. For the three and six months ended June 30, 2022 these costs were primarily related to costs associated with the divestiture of the Biomaterials business unit, the prior year acquisition of Laird PM and the Intended Rogers Acquisition. Comparatively, for the three and six months ended June 30, 2021 these costs were primarily associated with the execution of activities related to strategic initiatives including the divestiture of the Biomaterials business unit in May 2022, the prior year acquisition of Laird PM and the divestitures of the Clean Technologies and Solamet® business units.

These costs are recorded within "Acquisition, integration and separation costs" within the interim Consolidated Statements of Operations.
Three Months Ended June 30,  Six Months Ended June 30,
In millions2022202120222021
Acquisition, integration and separation costs$13 $23 $21 $29 

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NOTE 4 - DIVESTITURES
Mobility & Materials Intended Divestitures
On February 17, 2022, DuPont entered into the Transaction Agreement to divest a majority of its historic Mobility & Materials segment, specifically the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines, to Celanese for $11.0 billion in cash, subject to customary transaction adjustments in accordance with the Transaction Agreement. Closing is expected around the end of 2022, subject to customary closing conditions and regulatory approvals. The Company also announced on February 18, 2022 that its Board of Directors approved the divestiture of the Delrin® acetal homopolymer (H-POM) business, subject to entry into a definitive agreement and satisfaction of customary closing conditions. As of June 30, 2022, the Company anticipates a closing date for the sale of Delrin® within a year.

The Company has determined that the M&M Businesses meet the criteria to be classified as held for sale and that the sale represents a strategic shift that will have a major effect on the Company’s operations and results.

The results of operations of the M&M Businesses are presented as discontinued operations as summarized below:
Three Months Ended June 30, Six Months Ended June 30,
In millions2022202120222021
Net sales$1,070 $1,031 $2,112 $1,990 
Cost of sales804 696 1,586 1,347 
Research and development expenses14 15 29 32 
Selling, general and administrative expenses34 64 85 125 
Amortization of intangibles 40 28 82 
Restructuring and asset related charges - net 5  5 
Acquisition, integration and separation costs126  222  
Equity in (losses) earnings of nonconsolidated affiliates(1)5 (2)8 
Sundry income (expense) - net (7)11 (7)8 
Income from discontinued operations before income taxes84 227 153 415 
(Benefit from) provision for income taxes on discontinued operations(409)58 (628)91 
Income from discontinued operations, net of tax493 169 781 324 
Net income from discontinued operations attributable to noncontrolling interests 4 2 10 
Income from discontinued operations attributable to DuPont stockholders, net of tax$493 $165 $779 $314 

The following table presents depreciation, amortization, and capital expenditures of the discontinued operations related to the M&M Businesses:
Three Months Ended June 30, Six Months Ended June 30,
In millions2022202120222021
Depreciation and amortization$ $71 $45 $144 
Capital expenditures 1
$15 $8 $42 $24 
1.Total capital expenditures are presented on a cash basis.
14


The following table summarizes the major classes of assets and liabilities of the M&M Businesses classified as held for sale presented as discontinued operations at June 30, 2022 and December 31, 2021:
In millionsJune 30, 2022December 31, 2021
Assets
Cash and cash equivalents$29 $39 
Accounts and notes receivable - net631