Solvency ratios also known as long-term debt ratios measure a company’s ability to meet long-term obligations.

Ratios (Summary)
Debt to Equity
Debt to Capital
Debt to Assets
Financial Leverage
Interest Coverage
Fixed Charge Coverage

DuPont de Nemours Inc., debt and solvency ratios

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Debt Ratios
	Debt to equity
	Debt to capital
	Debt to assets
	Financial leverage
	Coverage Ratios
	Interest coverage
	Fixed charge coverage

Based on: 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), 10-K (filing date: 2015-02-13).

Ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	DuPont de Nemours Inc.’s debt to equity ratio improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	DuPont de Nemours Inc.’s debt to capital ratio improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	DuPont de Nemours Inc.’s debt to assets ratio improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	DuPont de Nemours Inc.’s financial leverage ratio improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	DuPont de Nemours Inc.’s interest coverage ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	DuPont de Nemours Inc.’s fixed charge coverage ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

DuPont de Nemours Inc., debt to equity calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Notes payable
	Long-term debt due within one year
	Long-term debt, excluding debt due within one year
	Total debt

	Total DowDuPont’s stockholders’ equity
	Ratio
	Debt to equity¹
	Benchmarks
	Debt to Equity, Competitors
	Linde plc
	LyondellBasell Industries N.V.
	Debt to Equity, Sector
	Chemicals

Based on: 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), 10-K (filing date: 2015-02-13).

2018 Calculations

¹ Debt to equity = Total debt ÷ Total DowDuPont’s stockholders’ equity
= hidden ÷ hidden = hidden

Ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	DuPont de Nemours Inc.’s debt to equity ratio improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.

DuPont de Nemours Inc., debt to capital calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Notes payable
	Long-term debt due within one year
	Long-term debt, excluding debt due within one year
	Total debt
	Total DowDuPont’s stockholders’ equity
	Total capital
	Ratio
	Debt to capital¹
	Benchmarks
	Debt to Capital, Competitors
	Linde plc
	LyondellBasell Industries N.V.
	Debt to Capital, Sector
	Chemicals

Based on: 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), 10-K (filing date: 2015-02-13).

2018 Calculations

¹ Debt to capital = Total debt ÷ Total capital
= hidden ÷ hidden = hidden

Ratio	Description	The company
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	DuPont de Nemours Inc.’s debt to capital ratio improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.

DuPont de Nemours Inc., debt to assets calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Notes payable
	Long-term debt due within one year
	Long-term debt, excluding debt due within one year
	Total debt

	Total assets
	Ratio
	Debt to assets¹
	Benchmarks
	Debt to Assets, Competitors
	Linde plc
	LyondellBasell Industries N.V.
	Debt to Assets, Sector
	Chemicals

Based on: 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), 10-K (filing date: 2015-02-13).

2018 Calculations

¹ Debt to assets = Total debt ÷ Total assets
= hidden ÷ hidden = hidden

Ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	DuPont de Nemours Inc.’s debt to assets ratio improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.

DuPont de Nemours Inc., financial leverage calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Total assets
	Total DowDuPont’s stockholders’ equity
	Ratio
	Financial leverage¹
	Benchmarks
	Financial Leverage, Competitors
	Linde plc
	LyondellBasell Industries N.V.
	Financial Leverage, Sector
	Chemicals

Based on: 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), 10-K (filing date: 2015-02-13).

2018 Calculations

¹ Financial leverage = Total assets ÷ Total DowDuPont’s stockholders’ equity
= hidden ÷ hidden = hidden

Ratio	Description	The company
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	DuPont de Nemours Inc.’s financial leverage ratio improved from 2016 to 2017 but then slightly deteriorated from 2017 to 2018.

DuPont de Nemours Inc., interest coverage calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Selected Financial Data (USD $ in millions)
	Net income attributable to DowDuPont Inc.
	Add: Net income attributable to noncontrolling interest
	Less: Loss from discontinued operations, net of tax
	Add: Income tax expense
	Add: Interest expense and amortization of debt discount
	Earnings before interest and tax (EBIT)
	Ratio
	Interest coverage¹
	Benchmarks
	Interest Coverage, Competitors
	Linde plc
	LyondellBasell Industries N.V.
	Interest Coverage, Sector
	Chemicals

Based on: 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), 10-K (filing date: 2015-02-13).

2018 Calculations

¹ Interest coverage = EBIT ÷ Interest expense
= hidden ÷ hidden = hidden

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	DuPont de Nemours Inc.’s interest coverage ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 not reaching 2016 level.

DuPont de Nemours Inc., fixed charge coverage calculation, comparison to benchmarks

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Statutory U.S. federal income tax rate
	Selected Financial Data (USD $ in millions)
	Net income attributable to DowDuPont Inc.
	Add: Net income attributable to noncontrolling interest
	Less: Loss from discontinued operations, net of tax
	Add: Income tax expense
	Add: Interest expense and amortization of debt discount
	Earnings before interest and tax (EBIT)
	Add: Rental expense under operating leases, net of sublease rental income
	Earnings before fixed charges and tax

	Interest expense and amortization of debt discount
	Rental expense under operating leases, net of sublease rental income
	Preferred stock dividends
	Preferred stock dividends, tax adjustment¹
	Preferred stock dividends, after tax adjustment
	Fixed charges
	Ratio
	Fixed charge coverage²
	Benchmarks
	Fixed Charge Coverage, Competitors
	Linde plc
	LyondellBasell Industries N.V.
	Fixed Charge Coverage, Sector
	Chemicals

Based on: 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), 10-K (filing date: 2015-02-13).

2018 Calculations

¹ Preferred stock dividends, tax adjustment = (Preferred stock dividends × Statutory U.S. federal income tax rate) ÷ (1 − Statutory U.S. federal income tax rate)
= ( hidden × hidden ) ÷ (1 − hidden ) = hidden

² Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= hidden ÷ hidden = hidden

Ratio	Description	The company
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	DuPont de Nemours Inc.’s fixed charge coverage ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

	DuPont de Nemours Inc.	Other companies (not purchased previously)
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DuPont de Nemours Inc. (DD)

Long-term Debt and Solvency Analysis

Ratios (Summary)

Debt to Equity

Debt to Capital

Debt to Assets

Financial Leverage

Interest Coverage

Fixed Charge Coverage