Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s discussion and analysis of financial condition and results of operations is provided as a supplement to, and should be read in conjunction with, the interim Consolidated Financial Statements and related notes to enhance the understanding of the Company’s operations and present business environment. Components of management’s discussion and analysis of financial condition and results of operations include:

• Overview

• Result of Operations

• Segment Results

• Changes in Financial Condition

OVERVIEW

DuPont is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life by applying diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, building and construction, healthcare and worker safety.

As of March 31, 2022, the Company has $2.9 billion of working capital and approximately $1.7 billion in cash and cash equivalents. The Company expects its cash and cash equivalents, cash generated from operations, and ability to access the debt capital markets to provide sufficient liquidity and financial flexibility to meet the liquidity requirements associated with its continuing operations.

Outlined below are recent developments and material historical transactions impacting this Quarterly Report on Form 10-Q.

Mobility & Materials Intended Divestitures

On February 17, 2022, DuPont entered into a Transaction Agreement (the "Transaction Agreement") with Celanese Corporation ("Celanese") to divest a majority of the historic Mobility & Materials segment, including the Engineering Polymers business line and select product lines within the Advanced Solutions and Performance Resins business lines (the “M&M Divestiture”) for $11 billion in cash, subject to customary transaction adjustments in accordance with the Transaction Agreement. Closing is expected around the end of 2022, subject to customary closing conditions and regulatory approvals. The Company also announced on February 18, 2022 that its Board of Directors approved of the divestiture of the Delrin® acetal homopolymer (H-POM) business (the "Delrin® Divestiture"), subject to entry into a definitive agreement and satisfaction of closing conditions. The Delrin® Divestiture together with the M&M Divestiture discussed above (the "M&M Divestitures") represents a strategic shift that will have a major impact on DuPont's operations and results.

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

The Auto Adhesives & Fluids, MultibaseTM and Tedlar® product lines (the "Retained Businesses") are not included within the M&M Divestitures. Effective with the signing of the transaction agreement, the Retained Businesses were realigned to Corporate & Other. The reporting changes have been retrospectively applied for all periods presented.

COVID-19 Pandemic

As described in the Analysis of Operations section within the Company's Annual Report on Form 10-K, the novel coronavirus (“COVID-19”) and its variants continue to adversely impact the global economy, including certain suppliers of the Company’s key raw materials. Within the first quarter of 2022, while end-market demand remained strong, the Company experienced supply chain challenges driven by COVID-19, including the related mandatory site shutdowns in China. At this time, the Company is not able to predict the extent to which the COVID-19 pandemic may continue to impact its consolidated results of operations or financial condition.

Russia, Belarus, Ukraine

With respect to the war in the Ukraine, the Company’s business and operational environment is impacted by, among other things, responsive governmental actions including sanctions imposed by the U.S. and other governments. In light of the conflict during the first quarter, the Company suspended its business operations in Russia and Belarus, the net sales from which are less than one percent of DuPont’s consolidated net sales in 2021. The Company does not have operations in the Ukraine. DuPont has experienced supply chain challenges and increased logistics and raw materials costs due in part to the negative impact on the global economy from the ongoing war in Ukraine. The extent to which the conflict may continue to impact DuPont in future periods will depend on future developments, including the severity and duration of the conflict, its impact on regional and global economic conditions, and the extent of supply chain disruptions. DuPont will continue to monitor the conflict and assess the related sanctions and other effects and may take further actions if necessary.

Dividends

On February 7, 2022, the Board of Directors declared a first quarter 2022 dividend of $0.33 per share, which was paid on March 15, 2022, to shareholders of record on February 28, 2022.

On April 21, 2022, the Company announced that its Board declared a second quarter dividend of $0.33 per share payable on June 15, 2022, to shareholders of record on May 31, 2022.

Laird Acquisition

On July 1, 2021, the Company completed the acquisition of Laird Performance Materials ("Laird PM") from Advent International. The Company paid for the acquisition from existing cash balances. See Note 3 to the interim Consolidated Financial Statements and within “Liquidity and Capital Resources” for more information.

N&B Transaction

On February 1, 2021, the Company completed the divestiture of the Nutrition & Biosciences (“N&B”) business to International Flavors & Fragrance Inc. (“IFF”). The distribution was effected through an exchange offer (the “Exchange Offer”) and the consummation of the Exchange Offer was followed by the merger of N&B with a wholly owned subsidiary of IFF, with N&B surviving the merger as a wholly owned subsidiary of IFF (the “N&B Merger” and, together with the Exchange Offer, the “N&B Transaction”).

The results of operations of DuPont for the three months ended March 31, 2021 present the historical financial results of N&B as discontinued operations. The cash flows and comprehensive income related to N&B have not been segregated and are included in the interim Consolidated Statements of Cash Flows and interim Consolidated Statements of Comprehensive Income, respectively, for the three months ended March 31, 2021. Unless otherwise indicated, the information in the notes to the interim Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of N&B. See Note 4 to the interim Consolidated Financial Statements for additional information on the N&B Transaction.

RESULTS OF OPERATIONS

Summary of Sales Results			Three Months Ended March 31,
In millions			2022			2021
Net sales			$	3,274		$	3,017

The following table summarizes sales variances by segment and geographic region from the prior year:

Sales Variances by Segment and Geographic Region
Percentage change from prior year			Three Months Ended March 31, 2022
Local Price & Product Mix			Currency			Volume			Portfolio & Other			Total
Electronics & Industrial			1		%	(2)		%	8		%	11		%	18		%
Water & Protection			10			(2)			—			—			8
Corporate & Other 1			10			(2)			(6)			(23)			(21)
Total			6		%	(2)		%	3		%	2		%	9		%
U.S. & Canada			11		%	—		%	7		%	—		%	18		%
EMEA 2			9			(6)			—			—			3
Asia Pacific			2			(1)			1			3			5
Latin America			6			—			4			2			12
Total			6		%	(2)		%	3		%	2		%	9		%

1.Corporate & Other includes activities of the Retained Businesses, Biomaterials and previously divested businesses.

2.Europe, Middle East and Africa.

The Company reported net sales for the three months ended March 31, 2022 of $3.3 billion, up 9 percent from $3.0 billion for the three months ended March 31, 2021, due to a 6 percent increase in local price and product mix, a 3 percent increase in volume, and a 2 percent increase in portfolio actions, partially offset by a 2 percent unfavorable currency impact. Local price and product mix increase driven by Water & Protection (up 10 percent) and Corporate & Other (up 10 percent). Local price and product mix increased across all regions. Volume increase was driven by Electronics & Industrial (up 8 percent), partially offset by Corporate & Other (down 6 percent). Portfolio and other changes contributed 2 percent growth as the addition of Laird PM in Electronics & Industrial (up 11 percent) was partially offset by declines within Corporate & Other (down 23 percent) due to the sale of businesses. Currency was down 2 percent compared with the same period last year, driven by EMEA (down 6 percent).

Cost of Sales

Cost of sales was $2.1 billion for the three months ended March 31, 2022, up from $1.9 billion for the three months ended March 31, 2021. Cost of sales increased for the three months ended March 31, 2022 primarily due to increased sales volume, higher raw materials costs and higher logistics costs, primarily related to freight.

Cost of sales as a percentage of net sales for the three months ended March 31, 2022 was 64 percent compared with 62 percent for the three months ended March 31, 2021.

Research and Development Expenses ("R&D")

R&D expenses totaled $143 million in the first quarter of 2022, up from $139 million in the first quarter of 2021. R&D as a percentage of net sales was consistent period over period at 4 percent and 5 percent for the three months ended March 31, 2022 and 2021, respectively.

Selling, General and Administrative Expenses ("SG&A")

SG&A expenses were $389 million in the first quarter of 2022, down from $395 million in the first quarter of 2021. SG&A as a percentage of net sales was consistent period over period at 12 percent and 13 percent for the three months ended March 31, 2022 and 2021, respectively.

Amortization of Intangibles

Amortization of intangibles was $153 million in the first quarter of 2022, up from $125 million in the first quarter of 2021. The increase for the three months ended March 31, 2022 as compared with the same period of the prior year was primarily due to the amortization of the intangible assets acquired in the Laird PM acquisition.

Restructuring and Asset Related Charges - Net

Restructuring and asset related charges - net were $101 million in the first quarter of 2022, up from $2 million in the first quarter of 2021. The charges in the first quarter of 2022 include a $94 million impairment charge of an equity method investment and a $7 million charge related to the 2021 Restructuring Actions. The activity in the first quarter of 2021 is due to a $2 million charge related to the 2020 Restructuring Program.

See Note 6 to the interim Consolidated Financial Statements for additional information.

Acquisition, Integration and Separation Costs

Acquisition, integration and separation costs, primarily consist of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees. The Company recorded costs of $8 million and $6 million for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, these costs were primarily associated with the execution of activities related to strategic initiatives including the acquisition of Laird PM and the Intended Rogers Acquisition. For the three months ended March 31, 2021, these costs were primarily associated with the execution of activities related to strategic initiatives, which primarily includes the sale of the Solamet® business unit and the planned divestiture of the Biomaterials business unit.

See Note 4 to the interim Consolidated Financial Statements for additional information.

Equity in Earnings of Nonconsolidated Affiliates

The Company's share of the earnings of nonconsolidated affiliates was $26 million in the first quarter of 2022, up from $23 million in the first quarter of 2021. The increase for the three months ended March 31, 2022 compared to 2021 is primarily due to higher equity earnings across the portfolio.

Sundry Income (Expense) - Net

Sundry income (expense) - net includes a variety of income and expense items such as foreign currency exchange gains or losses, interest income, dividends from investments, gains and losses on sales of investments and assets, non-operating pension and other post-employment benefit plan credits or costs, and certain litigation matters. Sundry income (expense) - net in the first quarter of 2022 was income of $3 million compared with income of $19 million in the first quarter of 2021. The first quarter of 2022 included income related to non-operating pension and other post-employment benefit credits of $7 million, partially offset by foreign currency exchange losses of $5 million. The first quarter of 2021 included benefits related to the sale of assets within the Electronics & Industrial segment of $24 million and income related to non-operating pension and other post-employment benefit credits of $6 million, partially offset by a $15 million impairment charge related to an asset sale and foreign currency exchange losses of $6 million.

Interest Expense

Interest expense was $120 million and $146 million for the three months ended March 31, 2022 and 2021, respectively. The decrease in interest expense primarily relates to the reduction in long-term debt following the N&B Transaction, specifically the early repayment of the $3.0 billion Term Loan Facilities in February 2021 and the redemption of the May 2020 notes completed in May 2021. Refer to Note 15 to the interim Consolidated Financial Statements for additional information.

Provision for Income Taxes on Continuing Operations

The Company's effective tax rate fluctuates based on, among other factors, where income is earned and the level of income relative to tax attribute. The effective tax rate on continuing operations for the first quarter of 2022 was 16.8 percent, compared with an effective tax rate of (0.3) percent for the first quarter of 2021. The effective tax rate differential for the first quarter of 2022 was principally the result of a $94 million impairment charge on an equity method investment which resulted in a tax benefit of $29 million. The effective tax rate for the first quarter of 2021 was principally the result of a $59 million tax benefit related to the step-up in tax basis in the goodwill of the Company's European regional headquarters legal entity.

SEGMENT RESULTS

Effective February 2022, the revenues and certain expenses of the M&M Businesses are classified as discontinued operations in the current and historical periods. In addition, the Auto Adhesives & Fluids, MultibaseTM and Tedlar® product lines within the historic Mobility & Materials segment (the "Retained Businesses") are not included in the scope of the M&M Divestitures. The Retained Businesses are reported in Corporate & Other. The reporting changes have been retrospectively reflected for all periods presented.

Mobility & Material businesses costs classified as discontinued operations include only direct operating expenses incurred by the M&M Businesses which the Company will cease to incur upon the close of the M&M Divestitures. Indirect costs, such as those related to corporate and shared service functions previously allocated to the M&M Businesses, do not meet the criteria for discontinued operations and remain reported within continuing operations. A portion of these indirect costs include costs related to activities the Company will continue to undertake post-closing of the M&M Divestiture, and for which it will be reimbursed (“Future Reimbursable Indirect Costs”). Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below. The remaining portion of these indirect costs are not subject to future reimbursement (“Stranded Costs”). Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA.

The Company's measure of profit/loss for segment reporting purposes is Operating EBITDA as this is the manner in which the Company's chief operating decision maker ("CODM") assesses performance and allocates resources. The Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / OPEB benefits / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items. Reconciliations of these measures can be found in Note 23 to the interim Consolidated Financial Statements.

ELECTRONICS & INDUSTRIAL

The Electronics & Industrial segment is a leading global supplier of differentiated materials and systems for a broad range of consumer electronics including mobile devices, television monitors, personal computers and electronics used in a variety of industries. The segment is a leading provider of materials and solutions for the fabrication and packaging of semiconductors and integrated circuits and provides innovative solutions for thermal management and electromagnetic shielding as well as metallization processes for metal finishing, decorative, and industrial applications. Electronics & Industrial is a leading provider of platemaking systems and photopolymer plates for the packaging graphics industry, digital printing inks and cutting-edge materials for the manufacturing of displays for organic light emitting diode ("OLED"). In addition, the segment produces innovative engineering polymer solutions, high performance parts, medical silicones and specialty lubricants.

Electronics & Industrial			Three Months Ended
In millions			March 31, 2022			March 31, 2021
Net sales			$	1,536		$	1,300
Operating EBITDA			$	476		$	436
Equity earnings			$	10		$	9

Electronics & Industrial			Three Months Ended
Percentage change from prior year			March 31, 2022
Change in Net Sales from Prior Period due to:
Local price & product mix			1		%
Currency			(2)
Volume			8
Portfolio & other			11
Total			18		%

Electronics & Industrial net sales were $1,536 million for the three months ended March 31, 2022, up 18 percent from $1,300 million for the three months ended March 31, 2021. Net sales increased due to an 11 percent portfolio increase, an 8 percent increase in volume and a 1 percent increase in local price, partially offset by 2 percent unfavorable currency impact. The portfolio impact reflects the July 1, 2021 acquisition of Laird PM. Volume growth was led by Semiconductor Technologies which was driven by transition to more advanced node technologies, growth in high performance computing and 5G communications. Within Industrial Solutions, volume gains were driven by growth in display materials, healthcare and industrial markets. Within Interconnect Solutions, volume gains in industrial markets were more than offset by weakness in consumer electronics.

Operating EBITDA was $476 million for the three months ended March 31, 2022, up 9 percent compared with $436 million for the three months ended March 31, 2021 primarily driven by the acquisition of Laird PM and strong volume growth, partially offset by higher raw materials and logistics costs and the absence of a gain on an asset sale.

WATER & PROTECTION

The Water & Protection segment is a leading provider of engineered products and integrated systems for a number of industries including worker safety, water purification and separation, aerospace, energy, medical packaging and building materials. The segment satisfies the growing global needs of businesses, governments, and consumers for solutions that make life safer, healthier, and better. By uniting market-driven science with the strength of highly regarded brands, the segment strives to bring new products and solutions to solve customers' needs faster, better and more cost effectively.

Water & Protection			Three Months Ended
In millions			March 31, 2022			March 31, 2021
Net sales			$	1,429		$	1,328
Operating EBITDA			$	341		$	355
Equity earnings			$	14		$	12

Water & Protection			Three Months Ended
Percentage change from prior year			March 31, 2022
Change in Net Sales from Prior Period due to:
Local price & product mix			10		%
Currency			(2)
Volume			—
Portfolio & other			—
Total			8		%

Water & Protection net sales were $1,429 million for the three months ended March 31, 2022, up 8 percent from $1,328 million for the three months ended March 31, 2021. Net sales increased due to a 10 percent increase in local price, partially offset by a 2 percent unfavorable currency impact. Volume and portfolio remained flat. Strong demand for water technologies within Water Solutions, increased demand in Shelter Solutions residential construction and improvement in commercial construction were offset by volume declines in Safety Solutions. Within Water & Protection pricing actions throughout the segment were led by Shelter Solutions and Safety Solutions.

Operating EBITDA was $341 million for the three months ended March 31, 2022, down 4 percent compared with $355 million for the three months ended March 31, 2021 as pricing actions were more than offset by changes in product mix and higher raw material, logistics and energy costs.

Corporate & Other

Corporate & Other includes sales and activity of the Retained Businesses including the Auto Adhesives & Fluids, MultibaseTM and Tedlar® product lines, previously reported in the historic Mobility & Materials segment. Related to the M&M Divestitures, Corporate & Other includes Future Reimbursable Indirect Costs. The results of Corporate & Other include the sales and activity of to be divested and previously divested businesses including the operations of Biomaterials, Clean Technologies, and Solamet® business units. Corporate & Other also includes certain enterprise and governance activities including non-allocated corporate overhead costs and support functions, leveraged services, non-business aligned litigation expenses and other costs not absorbed by reportable segments.

Corporate & Other			Three Months Ended
In millions			March 31, 2022			March 31, 2021
Net sales			$	309		$	389
Operating EBITDA			$	1		$	12
Equity earnings			$	2		$	2

Corporate & Other net sales were $309 million for the three months ended March 31, 2022, down from $389 million for the three months ended March 31, 2021. Net sales primarily decreased due to the divestitures of the Clean Technologies and Solamet® businesses in the second half of 2021.

CHANGES IN FINANCIAL CONDITION

Liquidity & Capital Resources

Information related to the Company's liquidity and capital resources can be found in the Company's 2021 Annual Report, Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, Liquidity and Capital Resources. Discussion below provides the updates to this information for the three months ended March 31, 2022.

The Company continually reviews its sources of liquidity and debt portfolio and may make adjustments to one or both to ensure adequate liquidity and increase the Company’s optionality and financing efficiency as it relates to financing cost and balancing terms/maturities. The Company’s primary source of incremental liquidity is cash flows from operating activities. Management expects the generation of cash from operations and the ability to access the debt capital markets and other sources of liquidity will continue to provide sufficient liquidity and financial flexibility to meet the Company’s and its subsidiaries' obligations as they come due.

In millions			March 31, 2022			December 31, 2021
Cash and cash equivalents			$	1,672		$	1,972
Total debt			$	11,039		$	10,782

The Company's cash and cash equivalents at March 31, 2022 and December 31, 2021 were $1.7 billion and $2.0 billion, respectively, of which $1.5 billion at March 31, 2022 and $1.4 billion at December 31, 2021 were held by subsidiaries in foreign countries, including United States territories. The increase in cash and cash equivalents held by subsidiaries in foreign countries is due to operating cashflows during the period, partly offset by repatriation. For each of its foreign subsidiaries, the Company makes an assertion regarding the amount of earnings intended for permanent reinvestment, with the balance available to be repatriated to the United States.

Total debt at March 31, 2022 and December 31, 2021 was $11.0 billion and $10.8 billion, respectively. The increase was primarily due to the increase in commercial paper issuances.

As of March 31, 2022, the Company is contractually obligated to make future cash payments of $10.7 billion and $5.9 billion associated with principal and interest, respectively, on debt obligations assuming held to maturity. Related to the principal balance, all payments will be due subsequent to December 31, 2022. Related to interest, $504 million will be due in the next twelve months and the remainder will be due subsequent to March 31, 2023.

Special Cash Payment

In connection with and in accordance with the terms of the N&B Transaction, prior to consummation of the Exchange Offer and the N&B Merger, DuPont received a one-time cash payment of approximately $7.3 billion, (the "Special Cash Payment"), which is subject to post-closing adjustment pursuant to the terms of the N&B Separation and Distribution Agreement. The Company utilized the Special Cash Payment to repay the $3 billion Term Loan Facilities and used a portion of the Special Cash Payment to redeem the May 2020 Notes, as discussed below.

Term Loan Facilities

On February 1, 2021, the Company terminated its fully drawn $3 billion term loan facilities. The termination triggered the repayment of the aggregate outstanding principal amount of $3 billion, plus accrued and unpaid interest through and including January 31, 2021. The Company funded the repayment with proceeds from the Special Cash Payment.

Revolving Credit Facilities

On April 12, 2022, the Company entered into a new $2.5 billion five-year revolving credit facility (the "$2022 Five-Year Revolving Credit Facility"). As of the effectiveness of the 2022 Five-Year Revolving Credit Facility, the Company's prior $3 billion five-year revolving credit facility entered in May 2019 was terminated. The 2022 Five-Year Revolving Credit Facility is generally expected to remain undrawn and serve as a backstop to the Company’s commercial paper and letter of credit issuance.

On April 12, 2022, the Company entered into an updated $1.0 billion 364-day revolving credit facility (the “2022 $1B Revolving Credit Facility") as the $1.0 billion 364-day revolving credit facility entered in April 2021 (the “2021 $1B Revolving Credit Facility") had an expiration date in mid-April. As of the effectiveness of the 2022 $1B Revolving Credit Facility, the 2021 $1B Revolving Credit Facility was terminated. The 2022 $1B Revolving Credit facility may be used for general corporate purposes.

May 2020 Debt Offering

On May 1, 2020, the Company completed an underwritten public offering of senior unsecured notes (the “May 2020 Notes”) in the aggregate principal amount of $2 billion of 2.169 percent fixed rate Notes due May 1, 2023 (the “May 2020 Debt Offering”). Upon consummation of the N&B Transaction, the special mandatory redemption feature of the May 2020 Debt Offering was triggered, requiring the Company to redeem all of the May 2020 Notes at a redemption price equal to 100% of the aggregate principal amount of the May 2020 Notes plus accrued and unpaid interest. The Company redeemed the May 2020 Notes on May 13, 2021 and funded the redemption with proceeds from the Special Cash Payment.

Laird Performance Materials

On July 1, 2021, the Company completed the acquisition of Laird PM from Advent International for aggregate consideration of $2.4 billion, which reflects adjustments, including for acquired cash and net working capital. The acquisition is part of the Interconnect Solutions business within the Electronics & Industrial segment. The Company paid for the acquisition from existing cash balances.

Intended Rogers Acquisition

On November 2, 2021, the Company announced that it had entered into a definitive agreement to acquire all the outstanding shares of Rogers for about $5.2 billion. The acquisition is expected to to close late in the second quarter or early in the third quarter of 2022 subject to regulatory approvals and other customary closing conditions.

Concurrent with the signing of the definitive agreement, the Company entered into a Bridge Commitment Letter (the "Bridge Letter") in an aggregate principal amount of $5.2 billion to secure committed financing for the Intended Rogers Acquisition. On November 22, 2021, the Company entered into a two-year senior unsecured committed term loan agreement in the amount of $5.2 billion (the "2021 Term Loan Facility"). The 2021 Term Loan Facility is intended to fund the Intended Rogers Acquisition and will be drawn upon contemporaneously with the close of the Intended Rogers Acquisition. The 2021 Term Loan Facility is required to be repaid upon completion of the intended divestiture of the In-Scope M&M Businesses. Commensurate with the entry into the 2021 Term Loan Facility, the commitments under the Bridge Letter were terminated.

Credit Ratings

The Company's credit ratings impact its access to the debt capital markets and cost of capital. The Company remains committed to maintaining a strong financial position with a balanced financial policy focused on maintaining a strong investment-grade rating and driving shareholder value and remuneration. At April 30, 2022, DuPont's credit ratings were as follows:

Credit Ratings			Long-Term Rating			Short-Term Rating			Outlook
Standard & Poor’s			BBB+			A-2			Stable
Moody’s Investors Service			Baa1			P-2			Negative
Fitch Ratings			BBB+			F-2			Stable

The Company's indenture covenants include customary limitations on liens, sale and leaseback transactions, and mergers and consolidations, subject to certain limitations. The senior unsecured notes (the "2018 Senior Notes") also contain customary default provisions. The 2021 Term Loan Facility, the Five-Year Revolving Credit Facility, the 2021 $1B Revolving Credit Facilities and the revolving credit facilities entered into in 2022 contain a financial covenant, typical for companies with similar credit ratings, requiring that the ratio of Total Indebtedness to Total Capitalization for the Company and its consolidated subsidiaries not exceed 0.60. At March 31, 2022, the Company was in compliance with this financial covenant.

Summary of Cash Flows

The Company’s cash flows from operating, investing and financing activities, as reflected in the interim Consolidated Statements of Cash Flows, are summarized in the following table. The cash flows related to N&B and the M&M Divestitures have not been segregated and are included in the interim Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021.

Cash Flow Summary			Three Months Ended
In millions			March 31, 2022			March 31, 2021
Cash provided by (used for):
Operating activities			$	209		$	378
Investing activities			$	(229)		$	(2,260)
Financing activities			$	(258)		$	(2,458)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			$	(25)		$	(37)

Cash Flows from Operating Activities

In the first three months of 2022, cash provided by operating activities was $209 million, compared with $378 million in the same period last year. The decrease in cash provided by operating activities was primarily due to an increase in the use of cash related to net working capital and other assets and liabilities, including cash paid for accrued employee related variable compensation.

The table below reflects net working capital on a continuing operations basis:

Net Working Capital 1			March 31, 2022			December 31, 2021
In millions (except ratio)
Current assets			$	6,668		$	6,639
Current liabilities			3,787			3,518
Net working capital			$	2,881		$	3,121
Current ratio			1.76:1			1.89:1

1.Net working capital has been presented to exclude the assets and liabilities related to the M&M Divestitures. The assets and liabilities related to the M&M Divestitures are presented as assets of discontinued operations and liabilities of discontinued operations, respectively.

Cash Flows from Investing Activities

In the first three months of 2022, cash used for investing activities was $229 million, compared with cash used for investing activities of $2,260 million in the first three months of 2021. The decrease in cash usage was primarily attributable to a decrease in purchases of investments, related in 2021 to investment proceeds from the N&B Transaction, as well as a slight decrease in capital expenditures.

Cash Flows from Financing Activities

In the first three months of 2022, cash used for financing activities was $258 million compared with cash used for financing activities of $2,458 million in the same period last year. The decrease in cash used for financing activities in the first three months of 2022 versus the same period in prior year is primarily driven by a reduction in repayment of long-term debt, an increase in issuance of short-term notes payable, and lower repurchases of common stock, offset by a reduction in issuance of long-term debt.

Dividends

On February 7, 2022, the Board of Directors declared a first quarter 2022 dividend of $0.33 per share, paid on March 15, 2022, to shareholders of record on February 28, 2022.

On April 21, 2022, the Company announced that its Board declared a second quarter dividend of $0.33 per share payable on June 15, 2022, to shareholders of record on May 31, 2022.

Share Buyback Programs

On June 1, 2019, the Company's Board of Directors authorized a $2.0 billion share buyback program, which expired on June 1, 2021 ("2019 Share Buyback Program"). At the expiry of the 2019 Share Buyback Program, the Company had completed the 2019 Share Buyback Program having repurchased and retired a total cost of 29.9 million shares at a cost of $2.0 billion.

In the first quarter of 2021, the Company's Board of Directors authorized a $1.5 billion share buyback program, which expires on June 30, 2022 ("2021 Share Buyback Program"). As of March 31, 2022, the Company completed the 2021 Share Buyback Program having repurchased and retired a total of 19.6 million shares for $1.5 billion.

In February 2022, the Company's Board of Directors authorized an additional $1.0 billion share buyback program which expires on March 31, 2023, (the "2022 Share Buyback Program"). As of March 31, 2022, the Company had not yet repurchased shares under the 2022 Share Buyback Program.

See Part II, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds, for additional information.

Pension and Other Post-Employment Plans

DuPont expects to make additional contributions in the aggregate of approximately $65 million by year-end 2022 to pension and other post-employment benefit plans. Any such contribution could be funded by existing cash balances and/or cash from other available sources of liquidity.

Restructuring

In October 2021, the Company approved targeted restructuring actions to capture near term cost reductions (the "2021 Restructuring Actions"). As a result of these actions, the Company has recorded pre-tax restructuring charges of $53 million inception to date, comprised of $31 million of severance and related benefit costs and $22 million of asset related charges. At March 31, 2022, total liabilities related to the 2021 Restructuring Actions were $18 million for severance and related benefits. The Company expects actions related to this program to be substantially complete by the first half of 2022.

In March 2020, the Company approved restructuring actions designed to capture near-term cost reductions and to further simplify certain organizational structures in anticipation of the N&B Transaction (the "2020 Restructuring Program"). As a result of these actions, the Company recorded pre-tax restructuring charges of $159 million inception-to-date, consisting of severance and related benefit costs of $107 million and asset related charges of $52 million. Actions associated with the 2020 Restructuring Program are considered substantially complete. Future cash payments related to the 2020 Restructuring Program are anticipated to be $5 million primarily related to the payment of severance and related benefits.

See Note 6 to the interim Consolidated Financial Statements for more information on the Company's restructuring programs.