Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

DuPont de Nemours Inc. (NYSE:DD)

This company was transferred to the archive: financial data is no longer updated!

Analysis of Goodwill and Intangible Assets

Advanced level


Goodwill and Intangible Asset Disclosure

DuPont de Nemours Inc., balance sheet: goodwill and intangible assets

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Developed technology 4,343  7,761  7,627  3,254  2,062 
Software —  1,529  1,420  1,336  1,253 
Trademarks/tradenames 2,433  1,772  1,814  696  666 
Customer-related 8,986  14,236  14,537  4,806  3,164 
Microbial cell factories —  386  397  —  — 
Favorable supply contracts —  475  495  —  — 
Other 303  620  703  168  165 
Intangible assets with finite lives, gross carrying amount 16,065  26,779  26,993  10,260  7,310 
Accumulated amortization (4,143) (7,414) (5,550) (4,295) (3,770)
Intangible assets with finite lives, net 11,922  19,365  21,443  5,965  3,540 
IPR&D —  594  710  61  77 
Germplasm —  6,265  6,265  —  — 
Trademarks/tradenames 1,671  4,741  4,856  —  — 
Intangible assets with indefinite lives 1,671  11,600  11,831  61  77 
Other intangible assets 13,593  30,965  33,274  6,026  3,617 
Goodwill 33,151  59,032  59,527  15,272  12,154 
Goodwill and other intangible assets 46,744  89,997  92,801  21,298  15,771 

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-11), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12).

Item Description The company
Other intangible assets Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. DuPont de Nemours Inc.’s other intangible assets decreased from 2017 to 2018 and from 2018 to 2019.
Goodwill Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. DuPont de Nemours Inc.’s goodwill decreased from 2017 to 2018 and from 2018 to 2019.
Goodwill and other intangible assets Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. DuPont de Nemours Inc.’s goodwill and other intangible assets decreased from 2017 to 2018 and from 2018 to 2019.

Adjustments to Financial Statements: Removal of Goodwill

DuPont de Nemours Inc., adjustments to financial statements

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Adjustment to Total Assets
Total assets (as reported) 69,396  188,030  192,164  79,511  68,026 
Less: Goodwill 33,151  59,032  59,527  15,272  12,154 
Total assets (adjusted) 36,245  128,998  132,637  64,239  55,872 
Adjustment to Total DuPont Stockholders’ Equity
Total DuPont stockholders’ equity (as reported) 40,987  94,571  100,330  25,987  25,374 
Less: Goodwill 33,151  59,032  59,527  15,272  12,154 
Total DuPont stockholders’ equity (adjusted) 7,836  35,539  40,803  10,715  13,220 
Adjustment to Net Income Attributable To DuPont
Net income attributable to DuPont (as reported) 498  3,844  1,460  4,318  7,685 
Add: Goodwill impairment charge 1,175  —  1,491  —  — 
Net income attributable to DuPont (adjusted) 1,673  3,844  2,951  4,318  7,685 

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-11), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12).


DuPont de Nemours Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios: Removal of Goodwill (Summary)

DuPont de Nemours Inc., adjusted financial ratios

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Net Profit Margin
Reported net profit margin 2.31% 4.47% 2.34% 8.97% 15.76%
Adjusted net profit margin 7.78% 4.47% 4.72% 8.97% 15.76%
Total Asset Turnover
Reported total asset turnover 0.31 0.46 0.33 0.61 0.72
Adjusted total asset turnover 0.59 0.67 0.47 0.75 0.87
Financial Leverage
Reported financial leverage 1.69 1.99 1.92 3.06 2.68
Adjusted financial leverage 4.63 3.63 3.25 6.00 4.23
Return on Equity (ROE)
Reported ROE 1.22% 4.06% 1.46% 16.62% 30.29%
Adjusted ROE 21.35% 10.82% 7.23% 40.30% 58.13%
Return on Assets (ROA)
Reported ROA 0.72% 2.04% 0.76% 5.43% 11.30%
Adjusted ROA 4.62% 2.98% 2.22% 6.72% 13.75%

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-11), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. DuPont de Nemours Inc.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. DuPont de Nemours Inc.’s adjusted total asset turnover ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
DuPont de Nemours Inc.’s adjusted financial leverage ratio increased from 2017 to 2018 and from 2018 to 2019.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. DuPont de Nemours Inc.’s adjusted ROE improved from 2017 to 2018 and from 2018 to 2019.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. DuPont de Nemours Inc.’s adjusted ROA improved from 2017 to 2018 and from 2018 to 2019.

DuPont de Nemours Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Net Profit Margin

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to DuPont 498  3,844  1,460  4,318  7,685 
Net sales 21,512  85,977  62,484  48,158  48,778 
Profitability Ratio
Net profit margin1 2.31% 4.47% 2.34% 8.97% 15.76%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to DuPont 1,673  3,844  2,951  4,318  7,685 
Net sales 21,512  85,977  62,484  48,158  48,778 
Profitability Ratio
Adjusted net profit margin2 7.78% 4.47% 4.72% 8.97% 15.76%

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-11), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12).

2019 Calculations

1 Net profit margin = 100 × Net income attributable to DuPont ÷ Net sales
= 100 × 498 ÷ 21,512 = 2.31%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to DuPont ÷ Net sales
= 100 × 1,673 ÷ 21,512 = 7.78%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by revenue. DuPont de Nemours Inc.’s adjusted net profit margin ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 exceeding 2017 level.

Adjusted Total Asset Turnover

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net sales 21,512  85,977  62,484  48,158  48,778 
Total assets 69,396  188,030  192,164  79,511  68,026 
Activity Ratio
Total asset turnover1 0.31 0.46 0.33 0.61 0.72
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales 21,512  85,977  62,484  48,158  48,778 
Adjusted total assets 36,245  128,998  132,637  64,239  55,872 
Activity Ratio
Adjusted total asset turnover2 0.59 0.67 0.47 0.75 0.87

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-11), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12).

2019 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= 21,512 ÷ 69,396 = 0.31

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 21,512 ÷ 36,245 = 0.59

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. DuPont de Nemours Inc.’s adjusted total asset turnover ratio improved from 2017 to 2018 but then slightly deteriorated from 2018 to 2019.

Adjusted Financial Leverage

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Total assets 69,396  188,030  192,164  79,511  68,026 
Total DuPont stockholders’ equity 40,987  94,571  100,330  25,987  25,374 
Solvency Ratio
Financial leverage1 1.69 1.99 1.92 3.06 2.68
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 36,245  128,998  132,637  64,239  55,872 
Adjusted total DuPont stockholders’ equity 7,836  35,539  40,803  10,715  13,220 
Solvency Ratio
Adjusted financial leverage2 4.63 3.63 3.25 6.00 4.23

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-11), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12).

2019 Calculations

1 Financial leverage = Total assets ÷ Total DuPont stockholders’ equity
= 69,396 ÷ 40,987 = 1.69

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total DuPont stockholders’ equity
= 36,245 ÷ 7,836 = 4.63

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
DuPont de Nemours Inc.’s adjusted financial leverage ratio increased from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Equity (ROE)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to DuPont 498  3,844  1,460  4,318  7,685 
Total DuPont stockholders’ equity 40,987  94,571  100,330  25,987  25,374 
Profitability Ratio
ROE1 1.22% 4.06% 1.46% 16.62% 30.29%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to DuPont 1,673  3,844  2,951  4,318  7,685 
Adjusted total DuPont stockholders’ equity 7,836  35,539  40,803  10,715  13,220 
Profitability Ratio
Adjusted ROE2 21.35% 10.82% 7.23% 40.30% 58.13%

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-11), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12).

2019 Calculations

1 ROE = 100 × Net income attributable to DuPont ÷ Total DuPont stockholders’ equity
= 100 × 498 ÷ 40,987 = 1.22%

2 Adjusted ROE = 100 × Adjusted net income attributable to DuPont ÷ Adjusted total DuPont stockholders’ equity
= 100 × 1,673 ÷ 7,836 = 21.35%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. DuPont de Nemours Inc.’s adjusted ROE improved from 2017 to 2018 and from 2018 to 2019.

Adjusted Return on Assets (ROA)

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to DuPont 498  3,844  1,460  4,318  7,685 
Total assets 69,396  188,030  192,164  79,511  68,026 
Profitability Ratio
ROA1 0.72% 2.04% 0.76% 5.43% 11.30%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted net income attributable to DuPont 1,673  3,844  2,951  4,318  7,685 
Adjusted total assets 36,245  128,998  132,637  64,239  55,872 
Profitability Ratio
Adjusted ROA2 4.62% 2.98% 2.22% 6.72% 13.75%

Based on: 10-K (filing date: 2020-02-14), 10-K (filing date: 2019-02-11), 10-K (filing date: 2018-02-15), 10-K (filing date: 2017-02-09), 10-K (filing date: 2016-02-12).

2019 Calculations

1 ROA = 100 × Net income attributable to DuPont ÷ Total assets
= 100 × 498 ÷ 69,396 = 0.72%

2 Adjusted ROA = 100 × Adjusted net income attributable to DuPont ÷ Adjusted total assets
= 100 × 1,673 ÷ 36,245 = 4.62%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. DuPont de Nemours Inc.’s adjusted ROA improved from 2017 to 2018 and from 2018 to 2019.