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Analysis of Revenues

Difficulty: Advanced


Revenue Recognition Accounting Policy

Sales are recognized when the revenue is realized or realizable, and the earnings process is complete. Approximately 98 percent of DowDuPont's sales in 2017 related to sales of product (99 percent in 2016 and 99 percent in 2015). The remaining 2 percent in 2017 primarily related to Dow's insurance operations and licensing of patents and technology (1 percent in 2016 and 1 percent in 2015). Revenue for product sales is recognized as risk and title to the product transfer to the customer, which usually occurs at the time shipment is made. As such, title to the product passes when the product is delivered to the freight carrier. DowDuPont's standard terms of delivery are included in its contracts of sale, order confirmation documents and invoices. Freight costs and any directly related costs of transporting finished product to customers are recorded as "Cost of sales" in the consolidated statements of income.

Revenue related to Dow's insurance operations includes third-party insurance premiums, which are earned over the terms of the related insurance policies and reinsurance contracts. Revenue related to the initial licensing of patents and technology is recognized when earned; revenue related to running royalties is recognized according to licensee production levels.

DowDuPont periodically enters into prepayment contracts with customers in the Agriculture segment and receives advance payments for product to be delivered in future periods. These advance payments are recorded as deferred revenue (classified as "Accrued and other current liabilities" in the consolidated balance sheets) or debt, depending on the nature of the program. Revenue associated with advance payments is recognized as shipments are made and title, ownership and risk of loss pass to the customer.

Source: 10-K (filing date: 2018-02-15).


Revenues as Reported

DowDuPont Inc., Income Statement, Revenues

USD $ in millions

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12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Agriculture hidden hidden hidden hidden hidden
Performance Materials & Coatings hidden hidden hidden hidden hidden
Industrial Intermediates & Infrastructure hidden hidden hidden hidden hidden
Packaging & Specialty Plastics hidden hidden hidden hidden hidden
Electronics & Imaging hidden hidden hidden hidden hidden
Nutrition & Biosciences hidden hidden hidden hidden hidden
Transportation & Advanced Polymers hidden hidden hidden hidden hidden
Safety & Construction hidden hidden hidden hidden hidden
Corporate hidden hidden hidden hidden hidden
Net sales hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13), 10-K (filing date: 2014-02-14).

Item Description The company
Net sales Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). DowDuPont Inc.'s net sales declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.