Analysis of Reportable Segments
DuPont de Nemours Inc. operates in 5 segments: Electronics & Imaging; Nutrition & Biosciences; Transportation & Industrial; Safety & Construction; and Non-Core.
Segment Profit Margin
DuPont de Nemours Inc., profit margin by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 32.27% | 33.29% | 33.13% | — | — |
| Nutrition & Biosciences | 23.49% | 23.25% | 21.56% | — | — |
| Transportation & Industrial | 26.53% | 28.00% | 24.91% | — | — |
| Safety & Construction | 27.28% | 24.23% | 23.55% | — | — |
| Non-Core | 28.37% | 33.40% | 32.12% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Electronics & Imaging Segment Profit Margin
- The profit margin for the Electronics & Imaging segment showed a slight decline over the observed period. Starting at 33.13% in the earliest available year, it increased marginally to 33.29% the following year, then decreased to 32.27% in the most recent year. This indicates a relatively stable margin with a modest downward trend in the latest period.
- Nutrition & Biosciences Segment Profit Margin
- This segment experienced a gradual and consistent increase in profit margin over the reported years. It began at 21.56%, rising to 23.25% and then further to 23.49%. The steady upward trend suggests improving profitability and operational efficiency within this segment.
- Transportation & Industrial Segment Profit Margin
- The profit margin within the Transportation & Industrial segment showed growth initially, moving from 24.91% to 28%, followed by a decline to 26.53%. This pattern suggests some volatility, with the peak margin not maintained through the latest period but still reflecting an overall higher margin compared to the earliest data point.
- Safety & Construction Segment Profit Margin
- There is a clear upward trend in the Safety & Construction segment's profit margin. Starting at 23.55%, it rose to 24.23%, and then further increased to 27.28%. This steady increase points to improvements in profitability for this segment.
- Non-Core Segment Profit Margin
- The Non-Core segment displayed a decline in profit margin, moving from 32.12% to 33.4% and then decreasing notably to 28.37%. The initial increase was followed by a significant reduction, indicating some challenges or changes affecting profitability in the later period.
Segment Profit Margin: Electronics & Imaging
DuPont de Nemours Inc.; Electronics & Imaging; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 1,147) | 1,210) | 1,190) | —) | —) |
| Net sales | 3,554) | 3,635) | 3,592) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 32.27% | 33.29% | 33.13% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment profit margin = 100 × Pro forma operating EBITDA ÷ Net sales
= 100 × 1,147 ÷ 3,554 = 32.27%
The data presents financial performance metrics for the "Electronics & Imaging" segment, highlighting three consecutive years ending December 31, 2017, 2018, and 2019.
- Pro forma operating EBITDA
- For the years available, the pro forma operating EBITDA shows a slight upward trend from 1,190 million US dollars in 2017 to 1,210 million in 2018, representing a modest increase. However, it declines to 1,147 million in 2019, indicating a reduction in earnings before interest, taxes, depreciation, and amortization after peaking in 2018.
- Net sales
- Net sales maintained relative stability across the three years, increasing marginally from 3,592 million US dollars in 2017 to 3,635 million in 2018, followed by a slight decrease to 3,554 million in 2019. The fluctuations are minimal, suggesting a broadly stable revenue base in the segment during the period.
- Segment profit margin
- The segment profit margin remained relatively consistent over the three years, recording 33.13% in 2017, a minor increase to 33.29% in 2018, and a decrease to 32.27% in 2019. These figures indicate a high-profit segment, with only a slight margin contraction in the latest year that corresponds with the decline in EBITDA.
Overall, the segment experienced stability in net sales with slight fluctuations in profitability and operating earnings. The peak in operating EBITDA and segment margin in 2018 followed by a moderate decline in 2019 may warrant further investigation into cost management or market conditions during the latter year.
Segment Profit Margin: Nutrition & Biosciences
DuPont de Nemours Inc.; Nutrition & Biosciences; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 1,427) | 1,445) | 1,162) | —) | —) |
| Net sales | 6,076) | 6,216) | 5,389) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 23.49% | 23.25% | 21.56% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment profit margin = 100 × Pro forma operating EBITDA ÷ Net sales
= 100 × 1,427 ÷ 6,076 = 23.49%
- Net Sales Trend
- Net sales displayed a positive trend from 2017 through 2019. Specifically, sales increased significantly from 5,389 million US dollars in 2017 to 6,216 million US dollars in 2018, representing an approximate 15.3% growth. However, in 2019, there was a slight decline with net sales falling to 6,076 million US dollars, a decrease of roughly 2.2% compared to the prior year. Overall, the segment experienced strong sales growth over the period, notwithstanding the minor setback in the final year.
- Pro Forma Operating EBITDA Evolution
- The pro forma operating EBITDA followed a pattern similar to net sales, with an increase from 1,162 million US dollars in 2017 to 1,445 million US dollars in 2018. This represents a substantial growth of about 24.4%. In 2019, operating EBITDA marginally decreased to 1,427 million US dollars, a slight decline of 1.2%. The operating profitability in absolute terms thus grew markedly before nearly stabilizing in the last year.
- Segment Profit Margin Analysis
- The segment profit margin increased each year from 2017 to 2019. Margin improved from 21.56% in 2017 to 23.25% in 2018, and then further edged upward to 23.49% in 2019. This indicates not only growth in absolute profitability but also an enhancement in operational efficiency or pricing power, as the segment's profitability margin expanded consistently over the period.
- Overall Insights
- The segment demonstrated robust financial performance improvements over the three-year span, marked by increasing profitability margins and significant growth in both sales and operating EBITDA during the first two years. Despite the slight decreases in sales and EBITDA in 2019, the profit margin continued to improve, suggesting effective cost management or favorable product mix adjustments. The data portrays a mature segment with solid earnings quality and resilience in profitability amid minor revenue contractions.
Segment Profit Margin: Transportation & Industrial
DuPont de Nemours Inc.; Transportation & Industrial; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 1,313) | 1,518) | 1,235) | —) | —) |
| Net sales | 4,950) | 5,422) | 4,958) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 26.53% | 28.00% | 24.91% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment profit margin = 100 × Pro forma operating EBITDA ÷ Net sales
= 100 × 1,313 ÷ 4,950 = 26.53%
- Operating EBITDA
- Operating EBITDA displayed an upward movement from 1235 million US dollars in 2017 to a peak of 1518 million in 2018, followed by a decline to 1313 million in 2019. This indicates an overall positive trend between 2017 and 2018, succeeded by a contraction in 2019, suggesting some operational challenges or increased costs affecting earnings before interest, taxes, depreciation, and amortization.
- Net Sales
- Net sales exhibited growth from 4958 million US dollars in 2017 to 5422 million in 2018, representing a notable increase. However, sales decreased back to 4950 million in 2019, reflecting a return to near the 2017 level. This pattern suggests a peak in market demand or pricing in 2018 followed by a reduction in 2019 that could be due to market conditions or competitive pressures.
- Segment Profit Margin
- The segment profit margin showed an improvement from 24.91% in 2017 to 28% in 2018, indicating enhanced profitability relative to sales during that period. In 2019, the margin decreased to 26.53%, yet it remained above the 2017 figure, signifying that despite some margin contraction, the segment maintained better profitability than in 2017.
- Overall Insights
- The data reflects a generally positive performance trajectory for the segment in 2018, with both net sales and operating EBITDA reaching their highest points in the provided period. The subsequent decline in 2019 in both sales and EBITDA, along with a slight margin contraction, suggests challenges that affected segment profitability but still kept it above 2017 levels. The trends indicate fluctuations likely influenced by external market factors or internal operational efficiencies.
Segment Profit Margin: Safety & Construction
DuPont de Nemours Inc.; Safety & Construction; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 1,419) | 1,283) | 1,178) | —) | —) |
| Net sales | 5,201) | 5,294) | 5,003) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 27.28% | 24.23% | 23.55% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment profit margin = 100 × Pro forma operating EBITDA ÷ Net sales
= 100 × 1,419 ÷ 5,201 = 27.28%
- Pro forma operating EBITDA
- The pro forma operating EBITDA shows a clear upward trend over the three reported years. It increased from 1,178 million USD in 2017 to 1,283 million USD in 2018, and further to 1,419 million USD in 2019, indicating consistent growth in operating earnings before interest, taxes, depreciation, and amortization within the segment.
- Net sales
- Net sales exhibited growth from 2017 to 2018, rising from 5,003 million USD to 5,294 million USD. However, there was a slight decline in net sales in 2019, with figures decreasing to 5,201 million USD. Despite this minor reduction in 2019, sales levels remained relatively stable overall across the time frame analyzed.
- Segment profit margin
- The segment profit margin demonstrated a steadily increasing pattern, improving from 23.55% in 2017 to 24.23% in 2018, and achieving 27.28% in 2019. This suggests enhanced profitability efficiency within the segment, reflecting either cost control measures or improved pricing dynamics despite the slight decline in net sales during the final year.
Segment Profit Margin: Non-Core
DuPont de Nemours Inc.; Non-Core; segment profit margin calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 491) | 677) | 661) | —) | —) |
| Net sales | 1,731) | 2,027) | 2,058) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 28.37% | 33.40% | 32.12% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment profit margin = 100 × Pro forma operating EBITDA ÷ Net sales
= 100 × 491 ÷ 1,731 = 28.37%
- Pro forma operating EBITDA
- The reported pro forma operating EBITDA shows an initial figure of 661 million USD in 2017, followed by a slight increase to 677 million USD in 2018. However, there is a notable decline in 2019, with EBITDA decreasing to 491 million USD. This pattern indicates an upward trend followed by a considerable decrease in profitability at the EBITDA level during the last reported year.
- Net sales
- Net sales exhibited a downward trend across the three years presented. Starting at 2058 million USD in 2017, sales slightly declined to 2027 million USD in 2018 and then more sharply decreased to 1731 million USD in 2019. This consistent decline in net sales suggests a reduction in revenue generation from this segment over the analyzed period.
- Segment profit margin
- The segment profit margin percentage began at 32.12% in 2017 and increased moderately to 33.4% in 2018, demonstrating improved profitability efficiency. However, in 2019, the margin fell to 28.37%, reflecting a downturn in profit relative to sales despite the previous gains. This drop may be associated with the concurrent decrease in both EBITDA and net sales.
- Overall insights
- Over the period analyzed, the segment experienced initial growth in profitability margin and EBITDA between 2017 and 2018, followed by a significant decline in 2019. The sales data supports a broader negative sales trend, contributing likely to the reduction in margin and EBITDA. The decreasing net sales, combined with less favorable profit margins in the final year, indicate challenges in maintaining segment profitability and revenue during the later part of the timeframe.
Segment Return on Assets (Segment ROA)
DuPont de Nemours Inc., ROA by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 9.52% | 9.91% | 9.69% | — | — |
| Nutrition & Biosciences | 6.62% | 6.36% | 4.91% | — | — |
| Transportation & Industrial | 9.16% | 10.57% | 8.56% | — | — |
| Safety & Construction | 9.42% | 8.70% | 7.94% | — | — |
| Non-Core | 13.14% | 15.51% | 14.18% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The analysis of the annual reportable segment Return on Assets (ROA) reveals several observable trends and patterns across the periods from December 31, 2017, to December 31, 2019.
- Electronics & Imaging
- This segment demonstrates a relatively stable ROA over the three years with slight fluctuations. Starting at 9.69% in 2017, the ROA increased marginally to 9.91% in 2018, followed by a slight decrease to 9.52% in 2019. The data suggests consistency in asset utilization efficiency in this segment, but with a minor decline in the last year measured.
- Nutrition & Biosciences
- This segment shows a clear upward trend in ROA across the three years. Beginning at 4.91% in 2017, the ROA rose significantly to 6.36% in 2018, and further increased to 6.62% in 2019. This indicates improving profitability relative to assets employed, which could reflect enhanced operational performance or favorable market conditions.
- Transportation & Industrial
- The ROA in this segment experienced an increase from 8.56% in 2017 to a peak of 10.57% in 2018, followed by a decline to 9.16% in 2019. This pattern illustrates a notable improvement in the middle year with some reduction the subsequent year, though the 2019 figure remains above the initial 2017 level, indicating a generally positive trend overall.
- Safety & Construction
- ROA in this segment steadily increased over the three-year period. From 7.94% in 2017, it grew to 8.70% in 2018 and further rose to 9.42% in 2019. This consistent growth suggests ongoing enhancements in asset profitability within this segment.
- Non-Core
- The Non-Core segment shows a similar pattern of rising ROA from 14.18% in 2017 to 15.51% in 2018, followed by a decrease to 13.14% in 2019. Despite this decline in the final year, the ROA remains relatively high compared to other segments, indicating a strong, though somewhat volatile, asset return profile.
Overall, the data illustrates varying degrees of growth and volatility in ROA across the segments. The Nutrition & Biosciences and Safety & Construction segments display continuous improvement, suggesting strengthening asset returns. Electronics & Imaging and Non-Core segments maintain higher ROA levels but with minor decreases in the last period. Transportation & Industrial reflects a peak in 2018 with some retraction in 2019, yet overall growth compared to 2017. These insights may inform strategic decisions regarding investment focus and resource allocation among the segments.
Segment ROA: Electronics & Imaging
DuPont de Nemours Inc.; Electronics & Imaging; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 1,147) | 1,210) | 1,190) | —) | —) |
| Assets of continuing operations | 12,042) | 12,212) | 12,277) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.52% | 9.91% | 9.69% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment ROA = 100 × Pro forma operating EBITDA ÷ Assets of continuing operations
= 100 × 1,147 ÷ 12,042 = 9.52%
- Pro forma operating EBITDA
- The reported pro forma operating EBITDA shows a slight increase from 1,190 million US dollars in 2017 to 1,210 million US dollars in 2018. However, this positive trend reversed slightly in 2019, with a decrease to 1,147 million US dollars. Overall, the EBITDA remained relatively stable with minor fluctuations over the three-year period, indicating consistent operational profitability within the segment.
- Assets of continuing operations
- The total assets of continuing operations exhibited a gradual decline over the period analyzed. From 12,277 million US dollars in 2017, the assets decreased slightly to 12,212 million US dollars in 2018 and further reduced to 12,042 million US dollars in 2019. This trend points to a modest contraction in the asset base over the span of three years.
- Segment Return on Assets (ROA)
- The segment ROA remained relatively stable throughout the years, starting at 9.69% in 2017 and showing a marginal increase to 9.91% in 2018. In 2019, the ROA slightly declined to 9.52%. The marginal variations suggest the segment maintained a consistent level of asset efficiency with only minor changes year-over-year.
Segment ROA: Nutrition & Biosciences
DuPont de Nemours Inc.; Nutrition & Biosciences; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 1,427) | 1,445) | 1,162) | —) | —) |
| Assets of continuing operations | 21,553) | 22,716) | 23,659) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 6.62% | 6.36% | 4.91% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment ROA = 100 × Pro forma operating EBITDA ÷ Assets of continuing operations
= 100 × 1,427 ÷ 21,553 = 6.62%
The analysis of the Nutrition & Biosciences segment over the reported periods reveals several key trends in operating performance and asset utilization.
- Operating EBITDA
- The pro forma operating EBITDA shows a significant increase from 2017 to 2018, rising from 1162 million USD to 1445 million USD. However, in 2019, there is a slight decline to 1427 million USD. This suggests that the segment experienced strong growth in earnings before interest, taxes, depreciation, and amortization during the initial part of the analyzed period, followed by a marginal decrease in the latest year.
- Assets of Continuing Operations
- Total assets attributed to continuing operations exhibit a downward trend from 2017 through 2019. Assets decreased from 23,659 million USD in 2017 to 22,716 million USD in 2018, and further to 21,553 million USD in 2019. This consistent reduction may indicate asset divestitures, impairments, or optimization efforts aimed at reducing the asset base.
- Segment Return on Assets (ROA)
- The segment ROA demonstrates progressive improvement over the period, increasing from 4.91% in 2017 to 6.36% in 2018, and further to 6.62% in 2019. This upward trend reflects enhanced efficiency in utilizing assets to generate operating profit, aligning with the modest increase observed in operating EBITDA despite a declining asset base.
In summary, the segment's profitability as measured by operating EBITDA initially surged but slightly dipped in the latest year, whereas asset levels steadily declined. The improved ROA indicates better asset efficiency, suggesting that the segment may be achieving higher returns through more effective asset management or operational improvements. These trends collectively reflect an effort to enhance financial performance in the context of a shrinking asset base.
Segment ROA: Transportation & Industrial
DuPont de Nemours Inc.; Transportation & Industrial; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 1,313) | 1,518) | 1,235) | —) | —) |
| Assets of continuing operations | 14,336) | 14,363) | 14,431) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.16% | 10.57% | 8.56% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment ROA = 100 × Pro forma operating EBITDA ÷ Assets of continuing operations
= 100 × 1,313 ÷ 14,336 = 9.16%
- Pro forma operating EBITDA
- The pro forma operating EBITDA exhibited an increase from 1235 million US dollars in 2017 to 1518 million US dollars in 2018, indicating a significant improvement in earnings before interest, taxes, depreciation, and amortization for the segment. However, it declined to 1313 million US dollars in 2019, reflecting a decrease in operating profitability compared to the prior year.
- Assets of continuing operations
- The assets of continuing operations remained relatively stable over the observed period, with a slight decrease from 14431 million US dollars in 2017 to 14363 million in 2018, followed by a marginal further decrease to 14336 million US dollars in 2019. This stability suggests consistent asset levels dedicated to the segment without significant expansion or contraction.
- Segment Return on Assets (ROA)
- The segment ROA demonstrated an upward trend from 8.56% in 2017 to a peak of 10.57% in 2018, indicating enhanced efficiency in generating returns from assets during this period. However, the ROA decreased to 9.16% in 2019, although it remained higher than the 2017 level, signifying a slight reduction in asset utilization effectiveness yet maintaining overall positive performance.
Segment ROA: Safety & Construction
DuPont de Nemours Inc.; Safety & Construction; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 1,419) | 1,283) | 1,178) | —) | —) |
| Assets of continuing operations | 15,060) | 14,749) | 14,839) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 9.42% | 8.70% | 7.94% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment ROA = 100 × Pro forma operating EBITDA ÷ Assets of continuing operations
= 100 × 1,419 ÷ 15,060 = 9.42%
The data reveals a positive trend in the financial performance and asset base of the Safety & Construction reportable segment over the examined period from 2017 to 2019.
- Pro forma operating EBITDA
- This metric shows consistent growth, increasing from 1,178 million US dollars in 2017 to 1,283 million US dollars in 2018, and further to 1,419 million US dollars in 2019. The increase in EBITDA suggests improvements in operational profitability and efficiency within the segment.
- Assets of continuing operations
- The total assets slightly fluctuated but generally trended upwards, beginning at 14,839 million US dollars in 2017, dipping slightly to 14,749 million in 2018, and then increasing to 15,060 million US dollars in 2019. This indicates a relatively stable asset base supporting the segment’s operations with a slight increase in asset investment or retention in the final year.
- Segment ROA (Return on Assets)
- The segment return on assets demonstrated consistent improvement, rising from 7.94% in 2017 to 8.7% in 2018, and reaching 9.42% in 2019. This upward trend indicates enhanced efficiency in utilizing assets to generate operating income, complementing the positive EBITDA growth.
Overall, the segment exhibits strengthening profitability and asset utilization over the three-year span, reflecting effective management of both operational performance and capital resources.
Segment ROA: Non-Core
DuPont de Nemours Inc.; Non-Core; segment ROA calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Pro forma operating EBITDA | 491) | 677) | 661) | —) | —) |
| Assets of continuing operations | 3,738) | 4,366) | 4,660) | —) | —) |
| Segment Profitability Ratio | |||||
| Segment ROA1 | 13.14% | 15.51% | 14.18% | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment ROA = 100 × Pro forma operating EBITDA ÷ Assets of continuing operations
= 100 × 491 ÷ 3,738 = 13.14%
- Pro forma operating EBITDA
- The pro forma operating EBITDA showed an increase from 661 million US dollars in 2017 to 677 million in 2018, indicating a moderate growth in operating profitability during that period. However, in 2019, the operating EBITDA declined significantly to 491 million US dollars, reflecting a reduction in earnings before interest, taxes, depreciation, and amortization from continuing operations.
- Assets of continuing operations
- The assets of continuing operations experienced a downward trend over the three-year period. Assets decreased from 4,660 million US dollars in 2017 to 4,366 million in 2018, followed by a further decrease to 3,738 million in 2019. This reduction suggests possible asset divestitures, impairments, or operational downsizing within the segment.
- Segment ROA
- The segment return on assets (ROA) demonstrated a slight improvement from 14.18% in 2017 to 15.51% in 2018, indicating enhanced efficiency in generating earnings from the asset base. However, this was followed by a decline to 13.14% in 2019, which aligns with the decreased profitability and asset base observed in the same year.
Segment Asset Turnover
DuPont de Nemours Inc., asset turnover by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 0.30 | 0.30 | 0.29 | — | — |
| Nutrition & Biosciences | 0.28 | 0.27 | 0.23 | — | — |
| Transportation & Industrial | 0.35 | 0.38 | 0.34 | — | — |
| Safety & Construction | 0.35 | 0.36 | 0.34 | — | — |
| Non-Core | 0.46 | 0.46 | 0.44 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Electronics & Imaging
- The asset turnover ratio for this segment showed a steady increase from 0.29 in 2017 to 0.30 in 2018, maintaining this level in 2019. This suggests a slight improvement in the efficiency of asset utilization over the observed period.
- Nutrition & Biosciences
- This segment experienced a consistent upward trend in asset turnover, rising from 0.23 in 2017 to 0.27 in 2018, and further to 0.28 in 2019. The gradual increase points to enhanced asset productivity during these years.
- Transportation & Industrial
- The asset turnover ratio increased from 0.34 in 2017 to 0.38 in 2018, indicating improved operational efficiency. However, in 2019, the ratio decreased slightly to 0.35, suggesting a marginal decline in asset utilization effectiveness.
- Safety & Construction
- This segment showed a gradual rise in asset turnover from 0.34 in 2017 to 0.36 in 2018, followed by a slight decrease to 0.35 in 2019. The trend indicates overall stability with minor fluctuations in asset efficiency.
- Non-Core
- The asset turnover ratio for the Non-Core segment increased from 0.44 in 2017 to 0.46 in 2018 and remained steady at 0.46 in 2019. This reflects relatively high and stable asset utilization compared to other segments.
Segment Asset Turnover: Electronics & Imaging
DuPont de Nemours Inc.; Electronics & Imaging; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 3,554) | 3,635) | 3,592) | —) | —) |
| Assets of continuing operations | 12,042) | 12,212) | 12,277) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.30 | 0.30 | 0.29 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment asset turnover = Net sales ÷ Assets of continuing operations
= 3,554 ÷ 12,042 = 0.30
The analysis of the annual "Electronics & Imaging" segment data reveals limited historical information, with data available only for the years 2017 through 2019. The observed trends during this period provide insights into sales performance, asset management, and operational efficiency.
- Net Sales
- Net sales showed relative stability over the three reported years. In 2017, net sales were recorded at 3,592 million US dollars, followed by a slight increase to 3,635 million in 2018. However, in 2019, net sales experienced a modest decline to 3,554 million US dollars. Overall, the fluctuations indicate a relatively steady revenue stream with minor variations but no significant growth or contraction over the period.
- Assets of Continuing Operations
- Assets held in continuing operations demonstrated a marginal downward trend. At the end of 2017, assets totaled 12,277 million US dollars, slightly decreasing to 12,212 million in 2018 and further declining to 12,042 million in 2019. This gradual reduction may suggest asset optimization, divestment, or depreciation factors but does not indicate substantial changes in asset base size.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures how efficiently the segment generates sales from its asset base, remained stable between 2018 and 2019. The ratio was 0.29 in 2018 and increased slightly to 0.30 in 2019. This stability implies consistent asset utilization efficiency with no significant improvement or deterioration during the examined timeframe.
In summary, the "Electronics & Imaging" segment maintained a steady financial performance between 2017 and 2019, with net sales remaining relatively stable and a slight decline in asset levels. The consistent segment asset turnover ratio indicates maintained operational efficiency in leveraging assets to generate revenue. No dramatic shifts in financial position or performance metrics are observable from the provided data.
Segment Asset Turnover: Nutrition & Biosciences
DuPont de Nemours Inc.; Nutrition & Biosciences; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 6,076) | 6,216) | 5,389) | —) | —) |
| Assets of continuing operations | 21,553) | 22,716) | 23,659) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.28 | 0.27 | 0.23 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment asset turnover = Net sales ÷ Assets of continuing operations
= 6,076 ÷ 21,553 = 0.28
- Net Sales
- Net sales for the segment commenced reporting from 2018 with a value of 5,389 million US dollars. This figure increased significantly to 6,216 million US dollars in 2019, reflecting robust growth. However, in 2020, net sales slightly declined to 6,076 million US dollars, indicating a minor contraction after a period of strong expansion.
- Assets of Continuing Operations
- The total assets dedicated to continuing operations exhibited a consistent downward trend from 23,659 million US dollars in 2018 to 22,716 million in 2019 and further to 21,553 million US dollars in 2020. This decline suggests a possible divestment, asset optimization, or reallocation of resources within the segment.
- Segment Asset Turnover
- The segment asset turnover ratio increased steadily over the period, rising from 0.23 in 2018 to 0.27 in 2019, and further to 0.28 in 2020. This improvement indicates enhanced efficiency in generating sales from the asset base, reflecting better utilization of assets despite the declining asset values.
Segment Asset Turnover: Transportation & Industrial
DuPont de Nemours Inc.; Transportation & Industrial; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 4,950) | 5,422) | 4,958) | —) | —) |
| Assets of continuing operations | 14,336) | 14,363) | 14,431) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.35 | 0.38 | 0.34 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment asset turnover = Net sales ÷ Assets of continuing operations
= 4,950 ÷ 14,336 = 0.35
- Net Sales
- Net sales in the Transportation & Industrial segment showed an increase from 2018 to 2019, rising from 4,958 million US dollars to 5,422 million US dollars, representing a growth of approximately 9.4%. However, in 2020, net sales declined to 4,950 million US dollars, indicating a decrease of about 8.7% compared to 2019. This suggests some volatility in sales within the segment over the observed period.
- Assets of Continuing Operations
- Assets of continuing operations in the segment remained relatively stable over the three-year period presented. The values showed a slight decrease from 14,431 million US dollars in 2018 to 14,363 million US dollars in 2019, and further declined marginally to 14,336 million US dollars in 2020. These minimal changes indicate a consistent asset base without significant expansion or divestiture during this timeframe.
- Segment Asset Turnover
- The segment asset turnover ratio exhibited some fluctuation over the reviewed years. It increased from 0.34 in 2018 to 0.38 in 2019 before decreasing to 0.35 in 2020. This pattern suggests that the efficiency of asset use to generate sales improved in 2019 but then slightly weakened in the following year. Overall, the company maintained moderate efficiency in utilizing assets to generate revenue within this segment.
Segment Asset Turnover: Safety & Construction
DuPont de Nemours Inc.; Safety & Construction; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 5,201) | 5,294) | 5,003) | —) | —) |
| Assets of continuing operations | 15,060) | 14,749) | 14,839) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.35 | 0.36 | 0.34 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment asset turnover = Net sales ÷ Assets of continuing operations
= 5,201 ÷ 15,060 = 0.35
The financial data for the Safety & Construction segment indicates some key trends over the three-year period ending December 31, 2019.
- Net Sales
- Net sales showed an initial increase from approximately 5,003 million US dollars in 2017 to 5,294 million US dollars in 2018, representing growth of about 5.7%. However, in 2019, net sales slightly declined to 5,201 million US dollars, indicating a minor contraction of around 1.7% from the previous year. Overall, net sales remained relatively stable during this period, with a slight upward tendency followed by a modest decrease.
- Assets of Continuing Operations
- The assets of continuing operations were reported at 14,839 million US dollars in 2017, decreasing marginally to 14,749 million US dollars in 2018, a reduction of roughly 0.6%. In 2019, assets increased again to 15,060 million US dollars, an increase of approximately 2.1% from the prior year. This fluctuation suggests a relatively steady asset base with minor adjustments year over year.
- Segment Asset Turnover Ratio
- The segment asset turnover ratio, which measures the efficiency of asset use to generate sales, was 0.34 in 2017. It improved to 0.36 in 2018, reflecting enhanced efficiency in asset utilization. However, this ratio slightly decreased to 0.35 in 2019, indicating a small decline in asset turnover efficiency. The ratio remained close to the mid-0.3 range, suggesting consistent but moderate effectiveness in leveraging assets for revenue generation.
In summary, the segment demonstrated stable net sales and asset levels over the three years with minor fluctuations. The asset turnover ratio exhibited a small increase followed by a slight decrease, indicating relatively steady operational efficiency. These patterns imply consistent performance within the Safety & Construction segment, with no dramatic changes or notable volatility during the period analyzed.
Segment Asset Turnover: Non-Core
DuPont de Nemours Inc.; Non-Core; segment asset turnover calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | 1,731) | 2,027) | 2,058) | —) | —) |
| Assets of continuing operations | 3,738) | 4,366) | 4,660) | —) | —) |
| Segment Activity Ratio | |||||
| Segment asset turnover1 | 0.46 | 0.46 | 0.44 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment asset turnover = Net sales ÷ Assets of continuing operations
= 1,731 ÷ 3,738 = 0.46
- Net Sales
- Net sales for the Non-Core segment were reported starting from 2017. The values show a declining trend from 2,058 million US dollars in 2017 to 1,731 million US dollars in 2019. Specifically, sales decreased by approximately 1.5% from 2017 to 2018 and further declined by roughly 14.6% from 2018 to 2019, indicating a decrease in revenue generation within this segment during the period analyzed.
- Assets of Continuing Operations
- The assets related to continuing operations also exhibit a downward trend. Assets decreased from 4,660 million US dollars in 2017 to 3,738 million US dollars in 2019. This reflects a reduction of about 6.4% between 2017 and 2018, followed by a further decline of approximately 14.4% between 2018 and 2019. The consistent decrease suggests divestitures, asset impairments, or strategic reductions in this segment's asset base.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures the efficiency in using assets to generate sales, remained relatively stable at 0.44 in 2017 and increased slightly to 0.46 in both 2018 and 2019. This marginal improvement suggests a more efficient use of assets to produce sales despite the declining asset base and net sales revenue, indicating improved operational efficiency within the Non-Core segment during the specified years.
Segment Capital Expenditures to Depreciation
DuPont de Nemours Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 0.88 | 0.59 | 0.26 | — | — |
| Nutrition & Biosciences | 0.66 | 0.63 | 0.28 | — | — |
| Transportation & Industrial | 0.67 | 0.44 | 0.17 | — | — |
| Safety & Construction | 0.81 | 0.62 | 0.33 | — | — |
| Non-Core | 0.45 | 0.56 | 0.24 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Electronics & Imaging
- The ratio started at 0.26 in 2017, increased to 0.59 in 2018, and rose further to 0.88 in 2019. This indicates a consistent upward trend in capital expenditures relative to depreciation over the analyzed period.
- Nutrition & Biosciences
- The ratio was 0.28 in 2017, showing a significant increase to 0.63 in 2018. It then experienced a slight growth to 0.66 in 2019, suggesting strong but decelerating investment relative to depreciation.
- Transportation & Industrial
- The ratio began at 0.17 in 2017, then more than doubled to 0.44 in 2018 and increased again to 0.67 in 2019. This reflects a substantial and continuous increase in capital expenditures in comparison to depreciation.
- Safety & Construction
- Starting from 0.33 in 2017, the ratio rose to 0.62 in 2018 and further to 0.81 in 2019, showing a marked upward trajectory in investment relative to asset depreciation.
- Non-Core
- The ratio was 0.24 in 2017, rising to 0.56 in 2018 but then declining to 0.45 in 2019. This indicates an initial increase in capital expenditures relative to depreciation followed by a reduction, suggesting a potential decrease in focus or investment in non-core areas by the end of the period.
Segment Capital Expenditures to Depreciation: Electronics & Imaging
DuPont de Nemours Inc.; Electronics & Imaging; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 298) | 230) | 101) | —) | —) |
| Depreciation and amortization | 339) | 390) | 394) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.88 | 0.59 | 0.26 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 298 ÷ 339 = 0.88
- Capital Expenditures
- Capital expenditures for the segment showed a notable upward trend over the three years with available data. Beginning at 101 million US dollars in the period ending December 31, 2017, expenditures increased substantially to 230 million in 2018, and further rose to 298 million in 2019, indicating a growing investment in the segment's assets over time.
- Depreciation and Amortization
- Depreciation and amortization expenses exhibited a decreasing pattern during the same years. From 394 million US dollars in 2017, the expense slightly decreased to 390 million in 2018, followed by a more pronounced decline to 339 million in 2019. This trend suggests either a reduction in depreciable asset base or changes in asset composition affecting amortization schedules.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation increased consistently over the reported periods. It rose from 0.26 in 2017 to 0.59 in 2018, and further to 0.88 in 2019. This indicates that capital investments grew at a faster rate relative to the depreciation charge, signaling a phase of expansion or modernization within the segment.
- Overall Analysis
- The combined trends show an increasing commitment to capital investment within the segment, accompanied by a decline in depreciation and amortization expenses. The rising capital expenditure to depreciation ratio reflects an intensifying focus on asset growth, which could be associated with efforts to enhance operational capacity or replace aging equipment. The data suggest a strategic emphasis on long-term asset development during this timeframe.
Segment Capital Expenditures to Depreciation: Nutrition & Biosciences
DuPont de Nemours Inc.; Nutrition & Biosciences; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 445) | 404) | 156) | —) | —) |
| Depreciation and amortization | 675) | 643) | 562) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.66 | 0.63 | 0.28 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 445 ÷ 675 = 0.66
- Capital Expenditures
- Capital expenditures data is only available starting from the year ended December 31, 2017. From that point, there is a clear upward trend, increasing from $156 million in 2017 to $404 million in 2018, and further to $445 million in 2019. This reflects a substantial increase in investment within the segment over the observed period.
- Depreciation and Amortization
- Depreciation and amortization figures also begin in 2017, with a value of $562 million. This amount rises steadily to $643 million in 2018 and $675 million in 2019. The consistent increase suggests growing capital assets or increasing amortization schedules related to acquisitions or investments.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation shows a significant increase over the period. Starting at 0.28 in 2017, it more than doubles to 0.63 in 2018 and increments slightly to 0.66 in 2019. This progression indicates that capital spending is growing at a faster rate relative to depreciation and amortization expenses, which may suggest efforts to expand or upgrade the asset base within this segment.
- Overall Trends and Insights
- The data reflects a period of escalating investment activity in the Nutrition & Biosciences segment from 2017 through 2019. Both capital expenditures and depreciation/amortization are increasing, with capital expenditures rising more rapidly. The increasing ratio highlights a strategic emphasis on asset acquisition or enhancement, likely aimed at supporting future growth or operational efficiencies. The absence of earlier data prevents analysis of longer-term trends, but the upward trajectory in the available years suggests a proactive capital deployment strategy.
Segment Capital Expenditures to Depreciation: Transportation & Industrial
DuPont de Nemours Inc.; Transportation & Industrial; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 284) | 199) | 78) | —) | —) |
| Depreciation and amortization | 423) | 456) | 456) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.67 | 0.44 | 0.17 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 284 ÷ 423 = 0.67
- Capital Expenditures
- Capital expenditures in the Transportation & Industrial segment experienced a notable increase over the observed period. Starting from an absence of reported data in the initial years, the values rose significantly from $78 million at the end of 2017 to $199 million in 2018, and further increased to $284 million in 2019. This upward trend indicates enhanced investment in asset acquisition or improvements within the segment.
- Depreciation and Amortization
- The depreciation and amortization expenses demonstrated relative stability across the three years with available data: $456 million in both 2017 and 2018, slightly decreasing to $423 million in 2019. The marginal decline in the final year may reflect changes in asset base or adjustments in depreciation policies.
- Segment Capital Expenditures to Depreciation Ratio
- This ratio, which provides insights into the level of reinvestment in the segment relative to asset consumption, displayed a substantial rise over the period. It increased from 0.17 in 2017 to 0.44 in 2018, and further to 0.67 in 2019. The increasing ratio suggests that capital expenditures are growing at a faster pace compared to depreciation, indicating a likely expansion or modernization phase within the segment.
Segment Capital Expenditures to Depreciation: Safety & Construction
DuPont de Nemours Inc.; Safety & Construction; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 408) | 342) | 184) | —) | —) |
| Depreciation and amortization | 503) | 549) | 562) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.81 | 0.62 | 0.33 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 408 ÷ 503 = 0.81
- Capital expenditures
- Capital expenditures showed a significant increase over the observed period. Starting at 184 million US dollars in 2017, the amount rose substantially to 342 million in 2018 and further to 408 million in 2019. This upward trend indicates increased investment in fixed assets or infrastructure within the segment.
- Depreciation and amortization
- Depreciation and amortization expenses exhibited a decreasing trend over the same period. The values declined from 562 million US dollars in 2017 to 549 million in 2018, and then to 503 million in 2019. This reduction could suggest changes in asset base composition, write-offs, or improvements in asset utilization.
- Segment capital expenditures to depreciation ratio
- The ratio of capital expenditures to depreciation increased from 0.33 in 2017 to 0.62 in 2018, and further to 0.81 in 2019. This upward movement reflects that capital investments are growing at a faster rate compared to the depreciation expense, indicating a potential renewal or expansion phase within the segment's asset base.
Segment Capital Expenditures to Depreciation: Non-Core
DuPont de Nemours Inc.; Non-Core; segment capital expenditures to depreciation calculation
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | 57) | 69) | 32) | —) | —) |
| Depreciation and amortization | 127) | 124) | 132) | —) | —) |
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | 0.45 | 0.56 | 0.24 | — | — |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
1 2019 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 57 ÷ 127 = 0.45
- Capital Expenditures
- Capital expenditures were not reported until 2017. Starting in 2017, capital expenditures showed an initial value of 32 million US dollars, increasing substantially to 69 million in 2018 before slightly declining to 57 million in 2019. This indicates an overall upward trend with some fluctuations over the reported period.
- Depreciation and Amortization
- Depreciation and amortization values were missing prior to 2017. From 2017 onward, these values decreased slightly from 132 million US dollars in 2017 to 124 million in 2018, followed by a marginal increase to 127 million in 2019. Overall, depreciation and amortization remained relatively stable with minor year-to-year variations.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation started at 0.24 in 2017, indicating capital expenditures were approximately one-quarter of depreciation and amortization expenses. This ratio rose significantly to 0.56 in 2018, reflecting a higher relative investment in capital expenditures compared to depreciation. The ratio decreased to 0.45 in 2019, suggesting a reduction in the relative capital spending proportion but still remaining above the initial ratio in 2017.
- Overall Insights
- Capital expenditures increased notably from 2017 to 2018, signaling a period of intensified investment in non-core assets or operations, before declining slightly in 2019. Depreciation and amortization amounts were largely consistent, implying steady asset usage or amortization schedules. The rising capital expenditures to depreciation ratio in 2018 indicates growing reinvestment activities, which softened somewhat in 2019 but remained elevated compared to the earliest reported year. These patterns suggest a focus on asset revitalization or expansion during the examined period with some moderation in spending intensity towards the end.
Net sales
DuPont de Nemours Inc., net sales by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 3,554) | 3,635) | 3,592) | —) | —) |
| Nutrition & Biosciences | 6,076) | 6,216) | 5,389) | —) | —) |
| Transportation & Industrial | 4,950) | 5,422) | 4,958) | —) | —) |
| Safety & Construction | 5,201) | 5,294) | 5,003) | —) | —) |
| Non-Core | 1,731) | 2,027) | 2,058) | —) | —) |
| Total | 21,512) | 22,594) | 21,000) | —) | —) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The analysis of the annual segment net sales data reveals several trends across the different business units over the period from 2017 to 2019.
- Electronics & Imaging
- This segment exhibited relative stability with minor fluctuations. Net sales were reported at 3,592 million US dollars in 2017, increasing slightly to 3,635 million in 2018, followed by a small decline to 3,554 million in 2019. Overall, the segment maintained its sales volume with marginal variation across these years.
- Nutrition & Biosciences
- This segment showed a positive growth trend from 2017 to 2018, rising from 5,389 million to 6,216 million US dollars. However, sales declined somewhat in 2019 to 6,076 million, still maintaining a higher level than in 2017. Despite the slight dip in the final year, this segment remained the largest contributor among the five reported categories.
- Transportation & Industrial
- Net sales in this segment increased from 4,958 million in 2017 to 5,422 million in 2018, indicating growth. Yet, in 2019, sales decreased noticeably to 4,950 million, falling below the 2017 level. This reflects some volatility or potential market challenges within the latest period.
- Safety & Construction
- The data shows a consistent upward trajectory from 5,003 million in 2017 to 5,294 million in 2018 and marginally lower at 5,201 million in 2019. While the final year experienced a slight decline, the segment maintained relatively strong and stable sales.
- Non-Core
- There is a clear downward trend in this category, decreasing steadily from 2,058 million in 2017 to 2,027 million in 2018, and further dropping to 1,731 million in 2019. This trend signifies a reduction in non-core activities or divestitures impacting this segment.
- Total Net Sales
- Total reported net sales increased from 21,000 million in 2017 to 22,594 million in 2018. However, the total declined to 21,512 million in 2019. The overall pattern suggests growth in 2018 driven by most segments, followed by a contraction in 2019 primarily influenced by declines in Transportation & Industrial and Non-Core segments.
Pro forma operating EBITDA
DuPont de Nemours Inc., pro forma operating ebitda by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 1,147) | 1,210) | 1,190) | —) | —) |
| Nutrition & Biosciences | 1,427) | 1,445) | 1,162) | —) | —) |
| Transportation & Industrial | 1,313) | 1,518) | 1,235) | —) | —) |
| Safety & Construction | 1,419) | 1,283) | 1,178) | —) | —) |
| Non-Core | 491) | 677) | 661) | —) | —) |
| Corporate | (157) | (228) | (257) | —) | —) |
| Total | 5,640) | 5,905) | 5,169) | —) | —) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The analysis of the annual pro forma operating EBITDA data reveals several notable trends across the reportable segments over the three-year period from 2017 to 2019.
- Electronics & Imaging
- This segment shows a slight increase from 1,190 million US dollars in 2017 to 1,210 million US dollars in 2018, followed by a decrease to 1,147 million US dollars in 2019. Overall, the EBITDA fluctuated within a narrow range, with a peak in 2018 before declining in the last recorded year.
- Nutrition & Biosciences
- A clear upward trend is observed from 1,162 million US dollars in 2017 to 1,445 million US dollars in 2018, representing significant growth. However, this is followed by a slight decline to 1,427 million US dollars in 2019. Despite the marginal decrease, this segment maintained relatively strong performance.
- Transportation & Industrial
- This segment experienced substantial growth from 1,235 million US dollars in 2017 to 1,518 million US dollars in 2018, marking the largest single-year increase among the segments. However, a notable decline occurred in 2019, bringing the EBITDA down to 1,313 million US dollars, though it remained above the 2017 level.
- Safety & Construction
- The EBITDA for this segment steadily increased each year, beginning at 1,178 million US dollars in 2017, rising to 1,283 million US dollars in 2018, and reaching 1,419 million US dollars in 2019. This consistent growth indicates a strengthening operational performance within this segment.
- Non-Core
- This segment exhibited modest growth from 661 million US dollars in 2017 to 677 million US dollars in 2018, followed by a significant decrease to 491 million US dollars in 2019. The sharp decline in the last year contrasts with the prior upward trend and may warrant further investigation.
- Corporate
- Corporate expenses have decreased in magnitude over the period, moving from a negative 257 million US dollars in 2017, to negative 228 million in 2018, and further decreasing to negative 157 million US dollars in 2019. This trend reflects a reduction in corporate overhead or costs over time.
- Total EBITDA
- The aggregated total pro forma operating EBITDA rose from 5,169 million US dollars in 2017 to 5,905 million US dollars in 2018, demonstrating robust overall growth. In 2019, there was a reduction to 5,640 million US dollars. Despite this decline, the total EBITDA in 2019 remained higher than the 2017 baseline, indicating overall positive performance across the company.
In summary, the data reflects general growth in several key segments between 2017 and 2018, followed by varying degrees of contraction or stabilization in 2019. Safety & Construction and Nutrition & Biosciences segments showed relatively stable or increasing trends, while Transportation & Industrial and Non-Core segments displayed more volatility. Corporate expenses have consistently decreased, contributing positively to the net EBITDA performance. The total EBITDA trajectory aligns with these segment-level observations, marking growth followed by partial retraction but maintaining a level above the initial period assessed.
Depreciation and amortization
DuPont de Nemours Inc., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 339) | 390) | 394) | —) | —) |
| Nutrition & Biosciences | 675) | 643) | 562) | —) | —) |
| Transportation & Industrial | 423) | 456) | 456) | —) | —) |
| Safety & Construction | 503) | 549) | 562) | —) | —) |
| Non-Core | 127) | 124) | 132) | —) | —) |
| Corporate | (1) | 8) | 25) | —) | —) |
| Total | 2,066) | 2,170) | 2,131) | —) | —) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
The annual depreciation and amortization data for the reportable segments indicate several notable trends over the three-year period ending December 31, 2019.
- Electronics & Imaging
- The depreciation and amortization expense decreased steadily from 394 million US dollars in 2017 to 339 million in 2019. This represents a reduction of approximately 14% over the period, suggesting either asset disposals, lower capital expenditures, or improvements in asset efficiency within this segment.
- Nutrition & Biosciences
- This segment exhibited consistent growth in depreciation and amortization expenses, rising from 562 million US dollars in 2017 to 675 million in 2019. The increase of about 20% points to expanding asset bases, possibly due to acquisitions, new investments, or increased capital expenditures to support growth.
- Transportation & Industrial
- The expense remained stable at 456 million US dollars for both 2017 and 2018, followed by a slight decline to 423 million in 2019. This stability with a minor decrease may indicate a mature asset base with limited recent capital additions or disposals affecting the depreciation charges.
- Safety & Construction
- There was a gradual decline in depreciation and amortization from 562 million US dollars in 2017 to 503 million in 2019, a decrease of approximately 11%. This trend might reflect reduced capital investment or asset retirements within this segment.
- Non-Core
- The Non-Core segment showed slight fluctuations, with values declining from 132 million US dollars in 2017 to 124 million in 2018, then slightly increasing to 127 million in 2019. Overall, the expense remained relatively steady, indicating a consistent but modest asset base under this category.
- Corporate
- The Corporate segment's depreciation and amortization expense demonstrated a noteworthy decline from 25 million US dollars in 2017 to a negative value of -1 million in 2019. This unusual negative figure may be attributable to asset sales, impairments, or accounting adjustments at the corporate level that offset depreciation charges.
- Total
- Total depreciation and amortization expenses increased slightly from 2,131 million US dollars in 2017 to a peak of 2,170 million in 2018, followed by a decline to 2,066 million in 2019. The overall trend indicates relatively stable total charges with a minor reduction in the last year, driven by decreases in several segments partially offset by growth in Nutrition & Biosciences.
Assets of continuing operations
DuPont de Nemours Inc., assets of continuing operations by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 12,042) | 12,212) | 12,277) | —) | —) |
| Nutrition & Biosciences | 21,553) | 22,716) | 23,659) | —) | —) |
| Transportation & Industrial | 14,336) | 14,363) | 14,431) | —) | —) |
| Safety & Construction | 15,060) | 14,749) | 14,839) | —) | —) |
| Non-Core | 3,738) | 4,366) | 4,660) | —) | —) |
| Corporate | 2,667) | 9,174) | 5,755) | —) | —) |
| Total | 69,396) | 77,580) | 75,621) | —) | —) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Overall Asset Trends
- The total segment assets of continuing operations experienced a slight increase from 75,621 million US dollars in 2017 to 77,580 million US dollars in 2018, followed by a noticeable decline to 69,396 million US dollars in 2019. This indicates a peak in asset values in 2018 before a reduction in the subsequent year.
- Electronics & Imaging
- Assets in the Electronics & Imaging segment showed a marginal downward trend over the three-year period. Starting at 12,277 million US dollars in 2017, there was a slight decrease to 12,212 million in 2018, followed by a further reduction to 12,042 million in 2019. This segment's assets appear relatively stable but with a slow erosion in value over time.
- Nutrition & Biosciences
- This segment demonstrated a consistent decline in assets across the analyzed period. From 23,659 million US dollars in 2017, assets decreased to 22,716 million in 2018 and further to 21,553 million in 2019, indicating a sustained reduction which could reflect divestitures, revaluation, or operational changes.
- Transportation & Industrial
- The Transportation & Industrial segment exhibited remarkable stability, with assets amounting to 14,431 million in 2017, slightly decreasing to 14,363 million in 2018, and then to 14,336 million in 2019. The marginal fluctuations suggest a steady asset base with minimal volatility.
- Safety & Construction
- Assets within the Safety & Construction segment remained relatively constant, with minor variations: 14,839 million in 2017, a small dip to 14,749 million in 2018, and a modest increase to 15,060 million in 2019. This could imply stable asset management with a slight growth indication in the last year reported.
- Non-Core
- The Non-Core segment assets showed a continuous downward trend, declining from 4,660 million US dollars in 2017 to 4,366 million in 2018, and further to 3,738 million in 2019. This suggests possible divestiture or reclassification leading to a shrinking asset base in this category.
- Corporate
- The Corporate segment's asset values fluctuated significantly, increasing substantially from 5,755 million in 2017 to 9,174 million in 2018, followed by a sharp decrease to 2,667 million in 2019. Such volatility may be due to changes in corporate-level assets, including central investments, holdings, or other non-operating assets.
Capital expenditures
DuPont de Nemours Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
|---|---|---|---|---|---|
| Electronics & Imaging | 298) | 230) | 101) | —) | —) |
| Nutrition & Biosciences | 445) | 404) | 156) | —) | —) |
| Transportation & Industrial | 284) | 199) | 78) | —) | —) |
| Safety & Construction | 408) | 342) | 184) | —) | —) |
| Non-Core | 57) | 69) | 32) | —) | —) |
| Total | 1,492) | 1,244) | 551) | —) | —) |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31).
- Trend Analysis of Capital Expenditures
- The capital expenditures across all reported segments have shown a consistent upward trend from 2017 to 2019. There is a clear and substantial increase in investment levels over the three-year period, reflecting expanding capital deployment in various segments.
- Segment-Specific Developments
- Electronics & Imaging segment's capital expenditures increased significantly, rising from 101 million US dollars in 2017 to 298 million US dollars by 2019. This represents a near threefold increase, indicating a strong emphasis on this segment's growth or maintenance.
- Nutrition & Biosciences expenditures also exhibited a marked rise, escalating from 156 million in 2017 to 445 million in 2019. This segment consistently maintained the highest capital expenditure values among all segments, suggesting continued prioritization.
- The Transportation & Industrial segment displayed a more than threefold increase, growing from 78 million in 2017 to 284 million in 2019. This notable growth signifies increased focus on this area within the company's investment strategy.
- Safety & Construction expenditures followed a similar upward trajectory, advancing from 184 million in 2017 to 408 million in 2019. This reflects robust capital allocation to support or expand operations in this sector.
- Non-Core capital expenditures remained comparatively small in magnitude relative to core segments, rising from 32 million in 2017 to 57 million in 2019. The fluctuations here suggest less consistent or lower priority investment levels.
- Total Capital Expenditures
- Total capital expenditures nearly tripled over the observed period, increasing from 551 million US dollars in 2017 to 1,492 million US dollars in 2019. This significant growth reflects an overall expansion in investment activities, signaling strategic capital allocation across all segments.
- Overall Insights
- The data suggests a deliberate and substantial increase in capital expenditure across all major segments, with particular emphasis on Nutrition & Biosciences and Electronics & Imaging. The rising investment levels imply a period of growth, modernization, or expansion within these operational areas. The rising trend in the Transportation & Industrial and Safety & Construction segments further supports a broad-based enhancement of asset bases or capacities. Non-Core segment expenditures remain limited, possibly reflecting a focused or reduced investment in less strategic areas.