Item 1. FINANCIAL STATEMENTS

DuPont de Nemours, Inc.

Consolidated Statements of Operations

			Three Months Ended March 31,
In millions, except per share amounts (Unaudited)			2025			2024
Net sales			$	3,066		$	2,931
Cost of sales			1,920			1,918
Research and development expenses			137			125
Selling, general and administrative expenses			369			384
Amortization of intangibles			146			149
Restructuring and asset related charges - net			47			39
Goodwill impairment charges			768			—
Acquisition, integration and separation costs			125			3
Equity in (losses) earnings of nonconsolidated affiliates			(1)			12
Sundry income (expense) - net			101			38
Interest expense			83			96
(Loss) income from continuing operations before income taxes			$	(429)		$	267
Provision for income taxes on continuing operations			119			84
(Loss) income from continuing operations, net of tax			$	(548)		$	183
(Loss) income from discontinued operations, net of tax			(34)			14
Net (loss) income			$	(582)		$	197
Net income attributable to noncontrolling interests			7			8
Net (loss) income available for DuPont common stockholders			$	(589)		$	189
Per common share data:
(Loss) earnings per common share from continuing operations - basic			$	(1.33)		$	0.41
(Loss) earnings per common share from discontinued operations - basic			(0.08)			0.03
(Loss) earnings per common share - basic			$	(1.41)		$	0.45
(Loss) earnings per common share from continuing operations - diluted			$	(1.33)		$	0.41
(Loss) earnings per common share from discontinued operations - diluted			(0.08)			0.03
(Loss) earnings per common share - diluted			$	(1.41)		$	0.45
Weighted-average common shares outstanding - basic			418.5			422.8
Weighted-average common shares outstanding - diluted			418.5			424.3

See Notes to the Consolidated Financial Statements.

DuPont de Nemours, Inc.

Consolidated Statements of Comprehensive Income

			Three Months Ended March 31,
In millions (Unaudited)			2025			2024
Net (loss) income			$	(582)		$	197
Other comprehensive income (loss), net of tax
Cumulative translation adjustments			267			(244)
Pension and other post-employment benefit plans			(5)			(3)
Derivative instruments			(19)			11
Total other comprehensive income (loss)			$	243		$	(236)
Comprehensive loss			$	(339)		$	(39)
Comprehensive income attributable to noncontrolling interests, net of tax			13			1
Comprehensive loss attributable to DuPont			$	(352)		$	(40)

See Notes to the Consolidated Financial Statements.

DuPont de Nemours, Inc.

Condensed Consolidated Balance Sheets

In millions, except share amounts (Unaudited)			March 31, 2025			December 31, 2024
Assets
Current Assets
Cash and cash equivalents			$	1,762		$	1,850
Restricted cash and cash equivalents			5			6
Accounts and notes receivable - net			2,291			2,199
Inventories			2,242			2,130
Prepaid and other current assets			164			179
Total current assets			$	6,464		$	6,364
Property, plant and equipment - net of accumulated depreciation (March 31, 2025 - $5,358; December 31, 2024 - $5,188)			5,780			5,768
Other Assets
Goodwill			15,947			16,567
Other intangible assets			5,251			5,370
Restricted cash and cash equivalents - noncurrent			36			36
Investments and noncurrent receivables			1,071			1,081
Deferred income tax assets			245			246
Deferred charges and other assets			1,187			1,204
Total other assets			$	23,737		$	24,504
Total Assets			$	35,981		$	36,636
Liabilities and Equity
Current Liabilities
Short-term borrowings			$	1,849		$	1,848
Accounts payable			1,657			1,720
Income taxes payable			179			202
Accrued and other current liabilities			947			1,031
Total current liabilities			$	4,632		$	4,801
Long-Term Debt			5,325			5,323
Other Noncurrent Liabilities
Deferred income tax liabilities			897			915
Pension and other post-employment benefits - noncurrent			531			523
Other noncurrent obligations			1,328			1,281
Total other noncurrent liabilities			$	2,756		$	2,719
Total Liabilities			$	12,713		$	12,843
Commitments and contingent liabilities
Stockholders' Equity
Common stock (authorized 1,666,666,667 shares of $0.01 par value each; issued 2025: 418,498,498 shares; 2024: 417,994,343 shares)			4			4
Additional paid-in capital			47,758			47,922
Accumulated deficit			(23,665)			(23,076)
Accumulated other comprehensive loss			(1,263)			(1,500)
Total DuPont stockholders' equity			$	22,834		$	23,350
Noncontrolling interests			434			443
Total equity			$	23,268		$	23,793
Total Liabilities and Equity			$	35,981		$	36,636

See Notes to the Consolidated Financial Statements.

DuPont de Nemours, Inc.

Consolidated Statements of Cash Flows

			Three Months Ended March 31,
In millions (Unaudited)			2025			2024
Operating Activities
Net (loss) income			$	(582)		$	197
(Loss) income from discontinued operations			(34)			14
Net (loss) income from continuing operations			$	(548)		$	183
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			293			291
Credit for deferred income tax and other tax related items			54			(13)
Earnings of nonconsolidated affiliates less than (in excess of) dividends received			11			(7)
Net periodic pension benefit costs			2			2
Periodic benefit plan contributions			(14)			(19)
Net gain on sales of assets, businesses and investments			—			(2)
Restructuring and asset related charges - net			47			39
Goodwill impairment charge			768			—
Interest rate swap gain			(78)			—
Stock based compensation			12			23
Other net loss			(6)			(3)
Changes in assets and liabilities, net of effects of acquired and divested companies:
Accounts and notes receivable			(79)			(74)
Inventories			(89)			(42)
Accounts payable			62			84
Other assets and liabilities, net			(53)			31
Cash provided by operating activities - continuing operations			$	382		$	493
Investing Activities
Capital expenditures			(249)			(207)
Proceeds and adjustments to proceeds from sales of property and businesses, net of cash divested			—			5
Other investing activities, net			2			—
Cash used for investing activities - continuing operations			$	(247)		$	(202)
Financing Activities
Purchases of common stock and forward contracts			—			(500)
Proceeds from issuance of Company stock			4			5
Employee taxes paid for share-based payment arrangements			(16)			(17)
Distributions to noncontrolling interests			(22)			(20)
Dividends paid to stockholders			(172)			(159)
Cash used for financing activities - continuing operations			$	(206)		$	(691)
Cash Flows from Discontinued Operations
Cash used for operations - discontinued operations			(31)			(31)
Cash used in discontinued operations			$	(31)		$	(31)
Effect of exchange rate changes on cash, cash equivalents and restricted cash			13			(25)
Decrease in cash, cash equivalents and restricted cash			$	(89)		$	(456)
Cash, cash equivalents and restricted cash from continuing operations, beginning of period			1,892			2,803
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period			—			—
Cash, cash equivalents and restricted cash at beginning of period			$	1,892		$	2,803
Cash, cash equivalents and restricted cash from continuing operations, end of period			1,803			2,347
Cash, cash equivalents and restricted cash from discontinued operations, end of period			—			—
Cash, cash equivalents and restricted cash at end of period			$	1,803		$	2,347

See Notes to the Consolidated Financial Statements.

DuPont de Nemours, Inc.

Consolidated Statements of Equity

For the three months ended March 31, 2025 and 2024

In millions (Unaudited)			Common Stock			Additional Paid-in Capital			Retained Earnings (Accumulated Deficit)			Accumulated Other Comp Loss			Treasury Stock			Non-controlling Interests			Total Equity
Balance at December 31, 2023			$	4		$	48,059		$	(22,874)		$	(910)		$	—		$	446		$	24,725
Net income			—			—			189			—			—			8			197
Other comprehensive loss			—			—			—			(229)			—			(7)			(236)
Dividends ($0.38 per common share)			—			(159)			—			—			—			—			(159)
Common stock issued/sold			—			5			—			—			—			—			5
Stock-based compensation			—			7			—			—			—			—			7
Distributions to non-controlling interests			—			—			—			—			—			(20)			(20)
Purchases of treasury stock			—			—			—			—			(400)			—			(400)
Excise tax on purchase of treasury stock			—			—			(8)			—			—			—			(8)
Retirement of treasury stock			—			—			(826)			—			826			—			—
Forward contracts for share repurchases			—			(100)			—			—			—			—			(100)
Settlement of forward contracts for share repurchase			—			426			—			—			(426)			—			—
Other			—			—			—			—			—			1			1
Balance at March 31, 2024			$	4		$	48,238		$	(23,519)		$	(1,139)		$	—		$	428		$	24,012
Balance at December 31, 2024			$	4		$	47,922		$	(23,076)		$	(1,500)		$	—		$	443		$	23,793
Net (loss) income			—			—			(589)			—			—			7			(582)
Other comprehensive income			—			—			—			237			—			6			243
Dividends ($0.41 per common share)			—			(172)			—			—			—			—			(172)
Common stock issued/sold			—			4			—			—			—			—			4
Stock-based compensation			—			4			—			—			—			—			4
Distributions to non-controlling interests			—			—			—			—			—			(22)			(22)
Balance at March 31, 2025			$	4		$	47,758		$	(23,665)		$	(1,263)		$	—		$	434		$	23,268

See Notes to the Consolidated Financial Statements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Table of Contents

Note						Page
1			Summary of Significant Accounting Policies			12
2			Recent Accounting Guidance			12
3			Acquisitions			13
4			Divestitures			14
5			Revenue			15
6			Restructuring and Asset Related Charges - Net			16
7			Supplementary Information			17
8			Income Taxes			18
9			Earnings Per Share Calculations			18
10			Inventories			19
11			Nonconsolidated Affiliates			19
12			Goodwill and Other Intangible Assets			20
13			Short-Term Borrowings, Long-Term Debt, Available Credit Facilities and Other Obligations			22
14			Commitments and Contingent Liabilities			23
15			Operating Leases			28
16			Stockholders' Equity			29
17			Pension Plans and Other Post-Employment Benefits			30
18			Stock-Based Compensation			30
19			Financial Instruments			31
20			Fair Value Measurements			33
21			Segments and Geographic Regions			34

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

In these notes, the terms "DuPont" or "Company" used herein mean DuPont de Nemours, Inc. and its consolidated subsidiaries. The accompanying unaudited interim Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, the interim statements reflect all adjustments (including normal recurring accruals) which are considered necessary for the fair statement of the results for the periods presented. Results from interim periods should not be considered indicative of results for the full year. These interim Consolidated Financial Statements should also be read in conjunction with the audited Consolidated Financial Statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, collectively referred to as the "2024 Annual Report." The interim Consolidated Financial Statements include the accounts of the Company and all of its subsidiaries in which a controlling interest is maintained.

Effective in the first quarter of 2025, in light of the Intended Electronics Separation, the Company realigned its management and reporting structure. This realignment resulted in a change in reportable segments in the first quarter of 2025 which changed the manner in which the Company reports financial results by segment, (the "2025 Segment Realignment"). As a result, commencing with the first quarter of 2025, the businesses to be separated as part of the Intended Electronics Separation are reported separately from the other businesses of DuPont. The Consolidated Financial Statements have been recast for all periods presented to reflect the new two segment reporting structure as described below:

• ElectronicsCo includes the businesses within the Semiconductor Technologies and Interconnect Solutions lines of business, as well as the electronics-related product lines previously within Industrial Solutions, including electronics polymers and perfluoroeasltomer materials and parts (Kalrez®).

• IndustrialsCo includes the businesses within the former Water & Protection segment, the healthcare and non-electronics businesses, including Vespel® parts and shapes, previously in Industrial Solutions and the Auto Adhesives & Fluids, MultibaseTM and Tedlar® businesses, previously within Corporate & Other.

NOTE 2 - RECENT ACCOUNTING GUIDANCE

Recently Adopted Accounting Guidance

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07") to improve disclosure requirements about reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The new guidance requires disclosures of significant segment expenses regularly provided to the Chief Operating Decision Maker ("CODM") and included in reported measures of segment profit and loss. Disclosure of the title and position of the CODM is required. The guidance requires interim and annual disclosures about a reportable segment's profit or loss and assets. Additionally, the guidance requires disclosure of other segment items by reportable segment including a description of its composition. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. The disclosures have been implemented as required for the three months ended March 31, 2025 and 2024. See Note 21 for more information.

Accounting Guidance Issued But Not Adopted at March 31, 2025

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures" ("ASU 2023-09") to improve transparency and disclosure requirements for the rate reconciliation, income taxes paid and other tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, on a prospective basis. The disclosures will be implemented as required for the year-ended December 31, 2025. The Company is currently evaluating the impact of adopting this guidance.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, "Income Statement: Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures" ("ASU 2024-03") to improve disclosures about the nature of expenses within line items on the statements of operations. The amendments in ASU 2024-03 are effective for the Company's 2027 annual report and subsequent interim periods; however, early adoption is permitted. The amendments can be applied prospectively or retrospectively to all periods presented. The Company is currently evaluating the impact of adopting this guidance.

NOTE 3 - ACQUISITIONS

Donatelle Plastics Acquisition

On July 28, 2024, DuPont completed the acquisition of Donatelle Plastics, LLC and certain related real estate (together, "Donatelle Plastics"), for a net purchase price of $365 million (the "Donatelle Plastics Acquisition") which includes the estimated fair value for a contingent earn-out liability of $40 million, further discussed below. Donatelle Plastics is a medical device company specializing in the design, development and manufacture of medical components and devices. Donatelle Plastics is part of the Healthcare & Water Technologies business within the IndustrialsCo segment.

The purchase accounting and purchase price allocation for Donatelle Plastics are substantially complete. However, the Company continues to refine the preliminary valuation of certain acquired assets and liabilities assumed, including income tax related amounts, which could impact the amount of residual goodwill recorded. The Company will finalize the amounts recognized as it obtains the information necessary to complete the analysis, but no later than one year from the date of the acquisition.

The provisional fair values allocated to the assets acquired and liabilities assumed on July 28, 2024 include total assets of $268 million and total liabilities of $17 million. The goodwill acquired as part of the Donatelle Plastics Acquisition was $114 million resulting in total net consideration of $365 million. The fair value of total assets acquired primarily includes $201 million of other intangible assets and $36 million of property plant and equipment. The remaining assets acquired primarily include cash and cash equivalents and inventory. Final determination of the fair values may result in further adjustments to these values.

The significant fair value estimates included in the provisional allocation of purchase price are discussed below.

Other Intangible Assets

Other intangible assets with definite lives primarily include provisional customer relationships of $151 million and developed technology of $47 million. Customer relationships and developed technology have useful lives of 20 years and 15 years, respectively. The customer-related intangible assets' estimated fair value was determined using the multi-period excess earnings method while the developed technology fair values were determined utilizing the relief from royalty method.

Goodwill

The excess of the consideration for Donatelle Plastics over the preliminary net fair value of assets acquired and liabilities assumed resulted in the provisional recognition of $114 million of goodwill, which has been assigned to the IndustrialsCo segment. Goodwill is primarily attributable to the optimization of the combined Healthcare & Water Technologies business within IndustrialsCo segment and Donatelle Plastics businesses’ global activities across sales and manufacturing, as well as expected future customer relationships. The goodwill associated with the acquisition of Donatelle Plastics will be deductible for U.S. tax purposes.

Contingent Earn-out Liability

The purchase agreement includes annual contingent earn-out payments based upon customer specific revenue generated through December 31, 2029, with total accumulated earn-out payments of up to $85 million. The contingent earn-out liability was measured using a Monte Carlo simulation and the primary assumption used is the estimated likelihood the customer specific revenue is earned. The contingent earn-out liability estimate represents a recurring fair value measurement with significant unobservable inputs, considered to be Level 3 measurements under the fair value hierarchy. The fair value of the contingent earn-out liability at the acquisition date was $40 million.

The fair value of the contingent earn-out liability is sensitive to changes in the interest rates, discount rates and the timing of the future payments, which are based upon estimates of future achievement of the customer specific revenue. Changes in the fair value of the contingent earn-out liability will be recognized in "Sundry income (expense) - net" in the interim Consolidated Statements of Operations. As of March 31, 2025, the fair value of the contingent earn-out liability was $40 million, reflected in “Other noncurrent obligations” on the interim Condensed Consolidated Balance Sheets.

The Company evaluated the disclosure requirements under ASC 805, Business Combinations and determined Donatelle Plastics was not considered a material business combination for purposes of disclosing either the earnings of Donatelle Plastics since the date of acquisition or supplemental pro forma information.

NOTE 4 - DIVESTITURES

M&M Divestitures

On November 1, 2022, DuPont completed the previously announced divestiture of the majority of its 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”). On November 1, 2023, the Company closed the sale of the Delrin® business, (the “Delrin® Divestiture”). The Delrin® Divestiture and together with the M&M Divestiture, (collectively the "M&M Divestitures”) represented a strategic shift that had a major impact on DuPont's operations and results.

Other Discontinued Operations Activity

The Company recorded a loss from discontinued operations, net of tax, of $34 million and a gain from discontinued operations, net of tax, of $14 million for the three months ended March 31, 2025 and 2024, respectively.

Discontinued operations activity consists of the following:

(Loss) Income from Discontinued Operations, Net of Tax			Three Months Ended March 31,
In millions			2025			2024
M&M Divestitures 1			$	—		$	(6)
MOU activity, net 2			(14)			(9)
Indemnification activity - environmental and legal 3			(19)			(5)
Tax related matters 4			1			35
Other			(2)			(1)
(Loss) income from discontinued operations, net of tax			$	(34)		$	14

1.The three months ended March 31, 2024 primarily includes Acquisition, integration and separation costs.

2.Includes the activity for the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva Inc ("Corteva"), E. I. du Pont de Nemours and Company ("EIDP") and the Company, net of insurance recoveries. Refer to Note 14 for additional information.

3.Primarily related to the DWDP Separation and Distribution Agreement and the Letter Agreement between Corteva and EIDP. For additional information on these matters, refer to Note 14.

4.The three months ended March 31, 2024 includes tax indemnification activity associated with divested businesses.

Acquisition, Integration and Separation Costs

"Acquisition, integration and separation costs" within the interim Consolidated Statements of Operations primarily consist of financial advisory, information technology, legal, accounting, consulting, other professional advisory fees and other contractual transaction payments. The Company recorded $125 million and $3 million in costs for the three months ended March 31, 2025 and 2024, respectively. For the three months ended March 31, 2025, these costs were primarily associated with the Intended Electronics Separation.

NOTE 5 - REVENUE

Revenue Recognition

Products

Substantially all of DuPont's revenue is derived from product sales. Product sales consist of sales of DuPont's products to supply manufacturers and distributors. DuPont considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer. Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year.

Disaggregation of Revenue

The Company disaggregates its revenue from contracts with customers by segment and business or major product line and geographic region, as the Company believes it best depicts the nature, amount, timing and uncertainty of its revenue and cash flows.

The net trade revenue table below reflects the 2025 Segment Realignment structure.

Net Trade Revenue by Segment and Business or Major Product Line			Three Months Ended March 31,
In millions			2025			2024
Semiconductor Technologies			$	644		$	579
Interconnect Solutions			474			405
ElectronicsCo			$	1,118		$	984
Healthcare & Water Technologies			$	764		$	673
Diversified Industrials			1,184			1,274
IndustrialsCo			$	1,948		$	1,947
Total			$	3,066		$	2,931

Net Trade Revenue by Geographic Region			Three Months Ended March 31,
In millions			2025			2024
U.S. & Canada			$	1,059		$	1,053
EMEA 1			553			544
Asia Pacific 2			1,333			1,216
Latin America			121			118
Total			$	3,066		$	2,931

1.Europe, Middle East and Africa.

2.Net sales attributed to China/Hong Kong, for the three months ended March 31, 2025 and 2024 were $587 million and $515 million, respectively.

Contract Balances

From time to time, the Company enters into arrangements in which it receives payments from customers based upon contractual billing schedules. The Company records accounts receivables when the right to consideration becomes unconditional. Contract liabilities primarily reflect deferred revenue from advance payment for product that the Company has received from customers. The Company classifies deferred revenue as current or noncurrent based on the timing of when the Company expects to recognize revenue.

Revenue recognized in the first three months of 2025 and 2024 from amounts included in contract liabilities at the beginning of the period was insignificant.

Contract Balances			March 31, 2025			December 31, 2024
In millions
Accounts and notes receivable - trade 1			$	1,692		$	1,561
Deferred revenue - current 2			$	5		$	2
Deferred revenue - noncurrent 3			$	37		$	36

1.Included in "Accounts and notes receivable - net" in the interim Condensed Consolidated Balance Sheets.

2.Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets.

3.Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets.

NOTE 6 - RESTRUCTURING AND ASSET RELATED CHARGES - NET

The Company records restructuring liabilities that represent nonrecurring charges in connection with simplifying certain organizational structures and operations, including operations related to transformational projects such as divestitures and acquisitions. Charges for restructuring programs and asset related charges, which include asset impairments, were $47 million and $39 million for the three months ended March 31, 2025 and 2024, respectively. These charges were recorded in "Restructuring and asset related charges - net" in the interim Consolidated Statements of Operations. The total liability related to restructuring programs was $72 million at March 31, 2025 and $48 million at December 31, 2024, recorded in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. Inventory write-offs associated with restructuring programs are recorded to "Cost of Sales” in the interim Consolidated Statements of Operations. Restructuring activity primarily consists of the following programs:

Transformational Separation-Related Restructuring Program

In March 2025, the Company approved targeted restructuring actions to streamline, right-size and optimize specific organizational structures in preparation for the Intended Electronics Separation and the future New DuPont company. The total expected pre-tax restructuring charges under the program, beginning in the first quarter of 2025 and continuing through 2026, are expected to be $100 million. The Company recorded pre-tax restructuring charges of $46 million, consisting of severance and related benefit costs of $38 million and $8 million of accelerated stock compensation expense.

The following table summarizes the charges incurred by segment related to the Transformational Separation-Related Restructuring Program:

Transformational Separation-Related Restructuring Program Charges by Segment			Three Months Ended March 31, 2025
(In millions)
ElectronicsCo			$	5
IndustrialsCo			11
Corporate			30
Total			$	46

Total liabilities related to the Transformational Separation-Related Restructuring Program were $38 million at March 31, 2025 recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The remaining $8 million at March 31, 2025 is recognized in "Additional paid in capital" in the interim Condensed Consolidated Balance Sheets. The Company expects the program to be substantially complete by the end of 2026.

2023-2024 Restructuring Program

In December 2023, the Company approved targeted restructuring actions to capture near-term cost reductions due to macroeconomic factors as well as to further simplify certain organizational structures following the Spectrum acquisition and Delrin® Divestiture (the "2023-2024 Restructuring Program"). The Company recorded pre-tax restructuring charges of $200 million inception-to-date, consisting of severance and related benefit costs of $114 million and asset related charges of $86 million. In connection with the 2023-2024 Restructuring Program, the Company recorded a $25 million of inventory write-offs in “Cost of Sales” within the interim Consolidated Statements of Operations for the three months ended March 31, 2024. The inventory write-offs are related to plant line closures within the IndustrialsCo segment. The raw material was written down to salvage value as it was only utilizable on the closed lines which were based on outdated technology and has a limited third party resale market. Refer to Note 21 for significant items by segment.

The following table summarizes the charges incurred by segment related to the 2023-2024 Restructuring Program:

2023-2024 Restructuring Program Charges by Segment			Three Months Ended March 31, 2025			Three Months Ended March 31, 2024
(In millions)
ElectronicsCo			$	—		$	8
IndustrialsCo 1			1			22
Corporate			—			6
Total			$	1		$	36

1.Amount excludes inventory write-offs recorded during 2024. Refer to Note 21 for additional information.

The following table summarizes the activities related to the 2023-2024 Restructuring Program:

2023-2024 Restructuring Program			Severance and Related Benefit Cost			Asset Related Charges			Total
In millions
Reserve balance at December 31, 2024			$	47		$	—		$	47
Restructuring charges			—			1			1
Charges against the reserve			—			(1)			(1)
Cash payments			(15)			—			(15)
Reserve balance at March 31, 2025			$	32		$	—		$	32

Total liabilities related to the 2023-2024 Restructuring Program were $32 million at March 31, 2025 and $47 million at December 31, 2024, respectively, recognized in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets. The program was substantially complete by the end of 2024.

NOTE 7 - SUPPLEMENTARY INFORMATION

Sundry Income (Expense) - Net			Three Months Ended March 31,
In millions			2025			2024
Non-operating pension and other post-employment benefit credits			$	3		$	7
Interest income 1			21			20
Net gain on divestiture and sales of other assets and investments			—			2
Foreign exchange (losses) gains, net			(3)			4
Interest rate swap gain 2			78			—
Miscellaneous income (expense) - net			2			5
Sundry income (expense) - net			$	101		$	38

1.The three months ended March 31, 2025 and 2024 include interest on cash and marketable securities. Fluctuations in interest income are due to changes in cash balances and/or changes in interest rates.

2. Includes the non-cash mark-to-market gain related to the 2022 Swaps and 2024 Swaps offset by the interest settlement loss on the 2022 Swaps. Refer to Note 19 for further details.

Cash, Cash Equivalents and Restricted Cash

At March 31, 2025 and December 31, 2024, the Company had $5 million and $6 million, respectively, within “Restricted cash and cash equivalents” in the interim Condensed Consolidated Balance Sheets. At March 31, 2025 and December 31, 2024, the Company also had $36 million within "Restricted cash and cash equivalents - noncurrent". The majority of the balance as of March 31, 2025 is attributable to the MOU cost sharing arrangement. Additional information can be found in Note 14.

Accrued and Other Current Liabilities

"Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets were $947 million at March 31, 2025 and $1,031 million at December 31, 2024. Accrued payroll, which is a component of "Accrued and other current liabilities," was $246 million at March 31, 2025 and $383 million at December 31, 2024. No other component of "Accrued and other current liabilities" was more than 5 percent of total current liabilities at March 31, 2025 and at December 31, 2024.

NOTE 8 - INCOME TAXES

Each year the Company files hundreds of tax returns in the various national, state, and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. The Company has ongoing federal, state, and international income tax audits in various jurisdictions and evaluates uncertain tax positions that may be challenged by local tax authorities. As a result, there is an uncertainty in income taxes recognized in the Company’s financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the Company's interim results of 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 attributes. The effective tax rate on continuing operations for the first quarter of 2025 was (27.7) percent, compared with an effective tax rate of 31.5 percent for the first quarter of 2024. The decrease of the effective tax rate for the first quarter of 2025 compared to the first quarter of 2024 was principally the result of the non-tax-deductible goodwill impairment charge of $768 million.

NOTE 9 - EARNINGS PER SHARE CALCULATIONS

The following tables provide earnings per share calculations for the three months ended March 31, 2025 and 2024:

Net (Loss) Income for Earnings Per Share Calculations - Basic & Diluted			Three Months Ended March 31,
In millions			2025			2024
(Loss) income from continuing operations, net of tax			$	(548)		$	183
Net income from continuing operations attributable to noncontrolling interests			7			8
(Loss) income from continuing operations attributable to common stockholders			$	(555)		$	175
(Loss) income from discontinued operations attributable to common stockholders, net of tax			$	(34)		$	14
Net (loss) income attributable to common stockholders			$	(589)		$	189

(Loss) Earnings Per Share Calculations - Basic			Three Months Ended March 31,
Dollars per share			2025			2024
(Loss) earnings from continuing operations attributable to common stockholders			$	(1.33)		$	0.41
(Loss) earnings from discontinued operations, net of tax			(0.08)			0.03
(Loss) earnings attributable to common stockholders 1			$	(1.41)		$	0.45

(Loss) Earnings Per Share Calculations - Diluted			Three Months Ended March 31,
Dollars per share			2025			2024
(Loss) earnings from continuing operations attributable to common stockholders			$	(1.33)		$	0.41
(Loss) earnings discontinued operations, net of tax			(0.08)			0.03
(Loss) earnings attributable to common stockholders 1			$	(1.41)		$	0.45

Share Count Information			Three Months Ended March 31,
Shares in millions			2025			2024
Weighted-average common shares - basic			418.5			422.8
Plus dilutive effect of equity compensation plans			—			1.5
Weighted-average common shares - diluted			418.5			424.3
Stock options, restricted stock units, and performance-based restricted stock units excluded from EPS calculations 2			1.4			2.7

1.Earnings per share amounts are computed independently for income from continuing operations, income from discontinued operations and net income attributable to common stockholders. As a result, the per share amounts from continuing operations and discontinued operations may not equal the total per share amounts for net income attributable to common stockholders.

2.These outstanding options to purchase shares of common stock, restricted stock units and performance-based restricted stock units were excluded from the calculation of diluted earnings per share because the effect of including them would have been antidilutive.

NOTE 10 - INVENTORIES

In millions			March 31, 2025			December 31, 2024
Finished goods			$	1,217		$	1,162
Work in process			541			509
Raw materials			353			332
Supplies			131			127
Total inventories			$	2,242		$	2,130

NOTE 11 - NONCONSOLIDATED AFFILIATES

The Company's investments in affiliates accounted for using the equity method ("nonconsolidated affiliates") are recorded in "Investments and noncurrent receivables" in the interim Condensed Consolidated Balance Sheets. The Company's net investment in nonconsolidated affiliates at March 31, 2025 and December 31, 2024 is $762 million and $778 million, respectively.

Sales to nonconsolidated affiliates represented less than 2 percent of total net sales for the three months ended March 31, 2025 and 2024. Purchases from nonconsolidated affiliates represented approximately 2 percent and less than 3 percent of “Cost of sales” for the three months ended March 31, 2025 and 2024, respectively. The Company maintained an ownership interest in seven nonconsolidated affiliates at March 31, 2025.

Derby Equity Interest and Note Receivable

As a result of the Delrin® Divestiture, on November 1, 2023, the Company acquired a 19.9 percent non-controlling equity interest in Derby Group Holdings LLC, (“Derby”). As part of this transaction, DuPont received a note receivable of $350 million (the "Derby Note Receivable"). The financial results of Derby, subsequent to the transaction date, are included in DuPont's Consolidated Financial Statements with a three-month lag, using the equity method of accounting and with intercompany profits eliminated in accordance with DuPont’s accounting policy. For the three months ended March 31, 2025 and 2024, the Company recorded a loss of $14 million and a loss of $7 million, respectively, in "Equity in earnings of nonconsolidated affiliates". The amounts related to the Derby equity interest are recorded within Corporate. These amounts include the impact of transaction costs incurred by Derby, depreciation and amortization expense from purchase accounting of approximately $12 million and $8 million, for the three months ended March 31, 2025 and 2024, respectively. The carrying values of the equity interest as of March 31, 2025 and December 31, 2024 were $98 million and $117 million, respectively.

For the three months ended March 31, 2025 and 2024, the Company recognized non-cash interest income on the Derby Note Receivable of $7 million and $6 million, respectively, reported in "Sundry income (expense) - net" on the interim Consolidated Statement of Operations, and accreted to the carrying value of the note receivable. The carrying values of the note receivable as of March 31, 2025 and December 31, 2024 were $260 million and $254 million, respectively.

NOTE 12 - GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amounts of goodwill during the three months ended March 31, 2025 were as follows:

In millions			ElectronicsCo			IndustrialsCo						Total
Balance at December 31, 2024			$	8,251		$	8,316					$	16,567
Currency translation adjustment			26			122						148
Impairment			—			(768)						(768)
Balance at March 31, 2025			$	8,277		$	7,670					$	15,947

The Company tests goodwill for impairment annually during the fourth quarter, or more frequently when events or changes in circumstances indicate that fair value is below carrying value. In connection with the 2025 Segment Realignment, the Company realigned its operating and reportable segments which changed the composition of certain reporting units. The associated reporting units' goodwill and indefinite-lived intangible assets were assessed for impairment before and after the 2025 Segment Realignment.

Prior to the 2025 Segment Realignment, the Company performed qualitative testing on five of its reporting units and performed quantitative testing on three of its reporting units. The qualitative evaluation is an assessment of factors, including reporting unit or asset specific operating results and cost factors, as well as industry, market and macroeconomic conditions, to determine whether it is more likely than not (more than 50 percent) that the fair value of a reporting unit or asset is less than the respective carrying amount, including goodwill. The results of the qualitative assessments indicated that it is not more likely than not that the fair values of the five reporting units were less than their carrying values. The Protection reporting unit (aggregation of the Safety and Shelter businesses), formerly within the Water & Protection segment, and the Industrial Solutions reporting unit and the Donatelle Plastics reporting unit, formerly within the Electronics & Industrial segment, were tested by applying the quantitative assessment. The Company used a combination of discounted cash flow models (a form of the income approach) and the Guideline Public Company Method (a form of the market approach). No impairments were identified. The estimated fair value of the Protection reporting unit, exceeded its carrying value by approximately five percent. The estimated fair value of the Donatelle Plastics reporting unit exceeded its carrying value by approximately two percent, following the recognition of the goodwill at fair value as of the acquisition date of July 28, 2024.

After the 2025 Segment Realignment, the Company assessed and re-defined certain reporting units, including reallocation of goodwill on a relative fair value basis, as applicable, to reporting units impacted. The Company performed quantitative testing on all six reporting units. For the quantitative assessments, the Company used a combination of discounted cash flow models (a form of the income approach) and the Guideline Public Company Method (a form of the market approach). No impairments were identified except for the Aramids reporting unit (aggregation of the Nomex® and Kevlar®), formerly within the Protection reporting unit in the Water & Protection segment and now in the IndustrialsCo segment.

As a result of the related acquisition method of accounting in connection with the DWDP Merger, EIDP’s assets and liabilities were measured at fair value resulting in increases to the Company’s goodwill and other intangible assets that are heritage EIDP assets, including the Aramids reporting unit. The fair value assessment at the time of the DWDP Merger increased the risk that any declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the Company’s reporting units and assets, and therefore could result in an impairment. As a result of the analysis performed after the 2025 Segment Realignment, the Company concluded that the carrying amount of the Aramids reporting unit within the IndustrialsCo segment exceeded its fair value resulting in a non-cash goodwill impairment charge of $768 million. The Company’s significant assumptions in the analysis include projected revenue growth, EBITDA margin, weighted average cost of capital and terminal growth rates and projected EBITDA and derived multiples from comparable market transactions for the market approach. As of March 31, 2025, there is no remaining goodwill within the Aramids reporting unit.

In connection with the preparation of the full year 2023 financial statements, macroeconomic triggering events required the Company to perform an impairment analysis of the goodwill associated with its former Protection reporting unit as of December 31, 2023. As a result of the 2025 Segment Realignment, the former Protection reporting unit is split among the Healthcare, Aramids and Shelter reporting units within the IndustrialsCo segment. As a result of the analysis performed, the Company concluded that the carrying amount of the former Protection reporting unit exceeded its fair value resulting in a non-cash goodwill impairment charge of $804 million, which was recorded within “Goodwill impairment charge” on the Consolidated Statements of Operations for the year ended December 31, 2023.

Other Intangible Assets

The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows:

			March 31, 2025									December 31, 2024
In millions			Gross Carrying Amount			Accum Amort			Net			Gross Carrying Amount			Accum Amort			Net
Intangible assets with finite lives:
Developed technology			$	1,947		$	(1,137)		$	810		$	1,975		$	(1,124)		$	851
Trademarks/tradenames			901			(466)			435			901			(451)			450
Customer-related			5,648			(2,466)			3,182			5,868			(2,623)			3,245
Other			27			(7)			20			27			(7)			20
Total other intangible assets with finite lives			$	8,523		$	(4,076)		$	4,447		$	8,771		$	(4,205)		$	4,566
Intangible assets with indefinite lives:
Trademarks/tradenames			804			—			804			804			—			804
Total other intangible assets			$	804		$	—		$	804		$	804		$	—		$	804
Total			$	9,327		$	(4,076)		$	5,251		$	9,575		$	(4,205)		$	5,370

The following table provides the net carrying value of other intangible assets by segment:

Net Intangibles by Segment			March 31, 2025			December 31, 2024
In millions
ElectronicsCo			$	1,610		$	1,655
IndustrialsCo			3,641			3,715
Total			$	5,251		$	5,370

Total estimated amortization expense for the remainder of 2025 and the five succeeding fiscal years is as follows:

Estimated Amortization Expense
In millions
Remainder of 2025			$	412
2026			$	530
2027			$	482
2028			$	430
2029			$	374
2030			$	339

NOTE 13 - SHORT-TERM BORROWINGS, LONG-TERM DEBT, AVAILABLE CREDIT FACILITIES AND OTHER OBLIGATIONS

A summary of DuPont's short-term borrowings, long-term debt and available credit facilities can be found in Note 15 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. If applicable, updates have been included in the respective section below.

Long-Term Debt

Long-term debt at March 31, 2025 and December 31, 2024 was $5,325 million and $5,323 million, respectively. At March 31, 2025 and December 31, 2024 the long-term debt balance included an unamortized basis adjustment of $47 million and $48 million, respectively, related to the dedesignation of the Company's interest rate swap agreements. See Note 19 for additional information.

Long-term debt due within one year at March 31, 2025 and December 31, 2024 was $1,849 million and $1,848 million, respectively. These balances are presented net of current portion of unamortized debt issuance cost and are recorded in “Short-term borrowings” in the interim Condensed Consolidated Balance Sheets.

Uncommitted Credit Facilities and Outstanding Letters of Credit

Unused bank credit lines on uncommitted credit facilities were approximately $636 million at March 31, 2025. These lines are available to support short-term liquidity needs and general corporate purposes including letters of credit. Outstanding letters of credit were approximately $121 million at March 31, 2025. These letters of credit support commitments made in the ordinary course of business.

Revolving Credit Facilities

On May 8, 2024, the Company entered into a $1 billion 364-day revolving credit facility (the "364-Day Revolving Credit Facility"). Prior to entering the new facility, the Company held another $1 billion 364-day revolving credit facility. There were no drawdowns during the three month period ended March 31, 2025.

Supplier Financing

The Company and certain of its designated suppliers, at their sole discretion, participate in a supplier financing program with a financial institution serving as an intermediary. Under this program, the Company agrees to pay the financial institution the stated amount of confirmed invoices from its designated suppliers on the same terms and on the original maturity dates of the confirmed invoices, which have a weighted average payment term of approximately 110 days. The Company does not pay any annual subscription or service fee to the financial institution, nor does the Company reimburse its suppliers for any costs they incur to participate in the program. The Company’s obligations are not impacted by the suppliers’ decision to participate in this program. The Company or the financial institution may terminate the agreement upon at least 30 days’ notice.

The amount of invoices outstanding under the supplier financing programs as of March 31, 2025 and December 31, 2024 was $103 million and $104 million, respectively, and is recorded in “Accounts Payable” in the interim Condensed Consolidated Balance Sheets.

NOTE 14 - COMMITMENTS AND CONTINGENT LIABILITIES

Litigation, Environmental Matters, and Indemnifications

The Company and certain subsidiaries are involved in various lawsuits, claims and environmental actions that have arisen in the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, as well as possible obligations to investigate and mitigate the effects on the environment of the disposal or release of certain substances at various sites. In addition, in connection with divestitures and the related transactions, the Company from time to time has indemnified and has been indemnified by third parties against certain liabilities that may arise in connection with, among other things, business activities prior to the completion of the respective transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. The Company records liabilities for ongoing and indemnification matters when the information available indicates that it is probable that a liability will be incurred and the amount of the loss can be reasonably estimated.

As of March 31, 2025, the Company has recorded indemnification assets of $15 million within "Accounts and notes receivable - net" and $304 million within "Deferred charges and other assets" and indemnification liabilities of $166 million within "Accrued and other current liabilities" and $240 million within "Other noncurrent obligations" within the interim Condensed Consolidated Balance Sheets. As of December 31, 2024, the Company has recorded indemnification assets of $28 million within "Accounts and notes receivable - net" and $298 million within "Deferred charges and other assets" and indemnified liabilities of $178 million within "Accrued and other current liabilities" and $237 million within "Other noncurrent obligations" within the interim Condensed Consolidated Balance Sheets.

The Company’s accruals for indemnification liabilities related to the binding Memorandum of Understanding (“MOU”) between Chemours, Corteva, EIDP and the Company and to the DowDuPont ("DWDP") Separation and Distribution Agreement and the Letter Agreement between the Company and Corteva (together the “Agreements”) discussed below, are included in the balances above.

PFAS Stray Liabilities: Future Eligible PFAS Costs

On July 1, 2015, EIDP, a Corteva subsidiary since June 1, 2019, completed the separation of EIDP’s Performance Chemicals segment through the spin-off of Chemours to holders of EIDP common stock (the “Chemours Separation”). On June 1, 2019, the Company completed the separation of its agriculture business through the spin-off of Corteva, including Corteva’s subsidiary EIDP.

On January 22, 2021, the Company, Corteva, EIDP and Chemours entered into the MOU pursuant to which the parties have agreed to release certain claims that had been raised by Chemours including any claims arising out of or resulting from the process and manner in which EIDP structured or conducted the Chemours Separation, and any other claims that challenge the Chemours Separation or the assumption of Chemours Liabilities (as defined in the Chemours Separation Agreement) by Chemours and the allocation thereof, subject in each case to certain exceptions set forth in the MOU.

Pursuant to the MOU, the parties have agreed to share certain costs associated with potential future liabilities related to alleged historical releases of certain PFAS out of pre-July 1, 2015 conduct (“eligible PFAS costs”) until the earlier to occur of (i) December 31, 2040, (ii) the day on which the aggregate amount of Qualified Spend, as defined in the MOU, is equal to $4 billion or (iii) a termination in accordance with the terms of the MOU. PFAS refers to per- or polyfluoroalkyl substances, which include perfluorooctanoic acids and its ammonium salts (“PFOA”).

The parties have agreed that, during the term of this sharing arrangement, Qualified Spend up to $4 billion will be borne 50 percent by Chemours and 50 percent, up to a cap of $2 billion, by the Company and Corteva. The Company and Corteva will split their 50 percent of Qualified Spend in accordance with the Agreements; accordingly, the Company's portion of the $2 billion is approximately $1.4 billion. At March 31, 2025, the Company had paid Qualified Spend of approximately $625 million against its portion of the $2 billion cap. After the term of this arrangement, Chemours’ indemnification obligations under the Chemours Separation Agreement would continue unchanged.

In order to support and manage any potential future eligible PFAS costs, the parties also agreed to establish an escrow account, (the "MOU Escrow Account"). The MOU provides that (1) no later than each of September 30, 2021 and September 30, 2022, Chemours shall deposit $100 million and DuPont and Corteva shall together deposit $100 million in the aggregate into the MOU Escrow Account and (2) no later than September 30 of each subsequent year through and including 2028, Chemours shall deposit $50 million and DuPont and Corteva shall together deposit $50 million in the aggregate into the MOU Escrow Account. Subject to the terms and conditions set forth in the MOU, each party may be permitted to defer funding in any calendar year beginning with 2022 through and including 2028. Additionally, if on December 31, 2028, the balance in the MOU Escrow Account (including interest) is less than $700 million, Chemours will make 50 percent of the deposits and DuPont and Corteva

together will make 50 percent of the deposits necessary to restore the balance to $700 million. Such payments will be made in a series of consecutive annual equal installments commencing on September 30, 2029 pursuant to the replenishment terms set forth in the MOU.

At March 31, 2025, each of Chemours, Corteva and DuPont agreed to waive the obligation to make additional deposits into the MOU Escrow Account totaling $100 million in the aggregate. DuPont's aggregate MOU escrow deposits of $35 million, not including interest, at March 31, 2025 are reflected in "Restricted cash and cash equivalents - noncurrent" on the Condensed Consolidated Balance Sheets.

Under the Agreements, Divested Operations and Businesses ("DDOB") liabilities of EIDP not allocated to or retained by Corteva or the Company are categorized as relating to either (i) PFAS Stray Liabilities, if they arise out of actions related to or resulting from the development, testing, manufacture or sale of PFAS; or (ii) Non-PFAS Stray Liabilities, (and together with PFAS Stray Liabilities, the “EIDP Stray Liabilities”).

The Agreements provide that the Company and Corteva will each bear a certain percentage of the Indemnifiable Losses, described below, rising from EIDP Stray Liabilities and that the percentage changes upon each company meeting its respective threshold of $150 million for PFAS Stray Liabilities and $200 million for EIDP Stray Liabilities. In addition, for certain Non-PFAS Liabilities, (“Specified Spend Non-PFAS Liabilities”), Corteva must spend specified amounts before costs associated with such matter will be considered Indemnifiable Losses.

The Agreements provide that the Company and Corteva each bear 50 percent of the first $300 million ($150 million) of total Indemnifiable Losses related to PFAS Stray Liabilities. In 2023, the companies met their respective $150 million threshold and as a result the Company bears 71 percent of Indemnifiable Losses related to PFAS Stray Liabilities and Corteva bears 29 percent. At March 31, 2025, DuPont has accrued for future Qualified Spend and Indemnifiable Losses related to PFAS Stray Liabilities accordingly.

The $150 million of Indemnifiable Losses incurred for PFAS Stray Liabilities has been credited against each company’s $200 million threshold. Corteva has met its $200 million threshold. As a result, until the Company meets its $200 million threshold, it is responsible for managing the Non-PFAS Stray Liabilities, excluding Specified Spend Non-PFAS Liabilities for which Corteva has not reached its specified spend amount, and is bearing all Indemnifiable Losses associated with such Non-PFAS Stray Liabilities. DuPont met its $200 million threshold by December 31, 2024 and as a result the Company now bears 71 percent and Corteva now bears 29 percent of Indemnifiable Losses related to Non-PFAS Stray Liabilities. At March 31, 2025, the Company has accrued for future Indemnifiable Losses related to Non-PFAS Stray Liabilities, including Specified Spend Non-PFAS Liabilities, accordingly.

Indemnifiable Losses, as defined in the DWDP Separation and Distribution Agreement, include, among other things, attorneys’, accountants’, consultants’ and other professionals’ fees and expenses incurred in the investigation or defense of EIDP Stray Liabilities.

In connection with the MOU and the Agreements, the Company has recognized the following indemnification liabilities related to eligible PFAS costs:

Indemnification Related Liabilities Associated with the MOU
In millions			March 31, 2025			December 31, 2024			Balance Sheet Classification
Current indemnification liabilities			$	91		$	99		Accrued and other current liabilities
Long-term indemnification liabilities			126			123			Other noncurrent obligations
Total indemnification liabilities accrued under the MOU 1			$	217		$	222

1.As of March 31, 2025 and December 31, 2024, total indemnified liabilities accrued include $126 million and $128 million, respectively, related to Chemours environmental remediation activities at their site in Fayetteville, North Carolina under the Consent Order between Chemours and the North Carolina Department of Environmental Quality (the "NC DEQ").

In addition to the above, beginning the second quarter of 2023, the Company recognized a liability related to the Water District Settlement Agreement, defined below, between Chemours, Corteva, EIDP and DuPont related to the aqueous film-forming foams multi-district litigation. The judgment became final in April 2024.

Future charges associated with the MOU will be recognized over the term of the agreement as a component of income from discontinued operations to the extent liabilities become probable and estimable.

In 2004 EIDP reached a settlement in Leach v. E.I. DuPont de Nemours & Co., which gave certain residents in Ohio and West Virginia standing to pursue personal injury claims for just six health conditions that an expert panel appointed under the Leach settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. After the panel reported its findings, approximately 3,550 personal injury lawsuits filed in Ohio and West Virginia state and federal courts, were consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“Ohio MDL”). In 2017, Chemours and EIDP settled the Ohio MDL for $670 million.

Post the 2017 settlement, approximately 100 additional cases were filed. EIDP and Chemours settled all but one of these cases in 2021 for $83 million with each of the Company and EIDP contributing $27 million and Chemours contributing $29 million. The remaining case resulted in a jury verdict for the plaintiff which has been paid. The Company was not a defendant but made its share of the payment in accordance with the Agreements and MOU. Since that time, Plaintiffs’ counsel has filed approximately 70 new cases that were, or were to be, filed in the Ohio MDL. Prior to the start of the first trial in September 2024, EIDP and Chemours entered into an agreement in principle providing for settlement for all pending cases in the MDL as well as additional pre-suit claims. On September 6, 2024, the parties accepted a mediator’s proposal, and the trials were postponed. The parties ultimately entered into a settlement agreement on November 13, 2024 (“2024 Settlement”). The agreement included two payments to be made, the first for approximately $30 million, due upon receiving the dismissals for all the approximately 73 known filed and unfiled cases. In December 2024, the plaintiffs delivered dismissals for all cases, and filed a motion with the court to terminate the Ohio MDL and DuPont satisfied its portion ($11 million) of the first payment. DuPont has also recorded a charge of $10 million, representing its portion of the contingent second payment, which is accrued for as of December 31, 2024. In February 2025, upon the recommendation of the Court, the Ohio MDL was terminated and in March 2025 the Companies made the second and final payment of $29 million, of which DuPont paid $10 million. Future personal injury cases, if any, will proceed before the court in which they are filed.

In November 2023, DuPont, Chemours and Corteva (for itself and EIDP) reached a settlement agreement with the State of Ohio designed to benefit Ohio's natural resources and the people of the State of Ohio. Among other things, and subject to certain limitations and preservations, the settlement resolves the State's claims relating to releases of PFAS in or into the State from the companies' facilities and claims relating to the manufacture and sale of PFAS-containing products and the State's claims related to AFFF. As part of the settlement, the companies agreed to pay the State of Ohio a combined total of $110 million, 80 percent of which the State has allocated to restoration of natural resources related to operation of the Washington Works facility. The settlement will become effective and payable, upon resolution of the appeals process and entry of final judgment by the court. Consistent with the MOU, DuPont's share of the settlement will be approximately $39 million, which is accrued for as of March 31, 2025.

In July 2021, Chemours, Corteva (for itself and EIDP) and DuPont reached a resolution with the State of Delaware for $50 million among other consideration, that avoids litigation and addresses potential natural resources damages from known historical and current releases by the companies in or affecting Delaware. In 2022, the companies paid the settlement consistent with the MOU. DuPont's share was $13 million. The settlement provides for a potential Supplemental Payment to Delaware up to a total of $25 million, if certain conditions are met. As a result, upon the above described settlement with the State of Ohio reached in November 2023 becoming effective, a Supplemental Payment will be owed to the State of Delaware and paid in accordance to the terms of the MOU. The Company has accrued $9 million as of March 31, 2025 related to the Supplemental Payment.

As of March 31, 2025, there are various cases alleging damages due to PFAS which are discussed below. Such actions often include claims alleging that EIDP's transfer of certain PFAS liabilities to Chemours resulted in a fraudulent conveyance or voidable transaction. With the exception of the fraudulent conveyance claims, which are excluded from the MOU, legal fees, expenses, costs, and any potential liabilities for eligible PFAS costs presented by the following matters will be shared in accordance with the MOU between Chemours, EIDP, Corteva and DuPont.

Beginning in April 2019, lawsuits alleging damages from the use of PFAS-containing aqueous film-forming foams (“AFFF”) were filed against EIDP and Chemours and companies such as 3M that made AFFF. The majority of these lawsuits were consolidated in a multi-district litigation (the “AFFF MDL”) captioned In Re: Aqueous Film Forming Foams (AFFF) Products Liability Litigation that is pending in the United States District Court for the District of South Carolina, (the “Court”). The matters pending in the AFFF MDL allege damages as a result of contamination, in most cases allegedly from migration from airports or military installations, or personal injury from exposure to AFFF. The plaintiffs in the MDL include, among others, water districts, individuals and states attorneys general. DuPont has never made or sold AFFF, perfluorooctanesulfonic acid ("PFOS") or PFOS-containing products, and most of the actions in the AFFF MDL name DuPont as a defendant solely related to fraudulent transfer claims related to the Chemours Separation and the DowDuPont separations.

On June 30, 2023, Chemours, Corteva, EIDP and DuPont entered a definitive agreement to resolve for $1.185 billion in cash all PFAS-related claims of a defined class of U.S. public water systems, including claims that are part of the AFFF MDL, (the “Water District Settlement Agreement”).

DuPont paid its $400 million contribution into the Water District Settlement Fund in the third quarter 2023. That payment included $100 million that DuPont had deposited into the MOU Escrow Account as of June 30, 2023. The Company’s total contribution, including interest, of $408 million has been removed from "Restricted cash and cash equivalents - current" along with the associated "Accrued and other current liabilities" within the interim Condensed Consolidated Balance Sheets as of December 31, 2024, as the settlement became final in the second quarter 2024.

The Water District Settlement's defined class is composed of all Public Water Systems, as defined in 42 U.S.C § 300f, with a current detection of PFAS and all Public Water Systems that are currently required to monitor for PFAS under the EPA’s Fifth Unregulated Contaminant Monitoring Rule (“UCMR 5”) or other applicable federal or state law. The class does not include water systems owned and operated by a State or the United States government or small systems that have not detected PFAS and are not currently required to monitor for it under federal or state requirements. While it is reasonably possible that the excluded systems or claims could result in additional future lawsuits, claims, assessments or proceedings, it is not possible to predict the outcome of any such matters, and as such, the Company is unable to develop an estimate of a possible loss or range of losses, if any, at this time.

As part of the approval process, the Court established, among other things, a mechanism for class members to submit requests to be excluded from the settlement. Approximately 900 of 14,167 entities on the list of potential class members submitted timely requests for exclusion. The time has passed for any further entities to opt out.

The Court ordered the dismissal of personal injury claims by September 10, 2024, that do not meet certain evidentiary requirements unless they allege one of the following eight health conditions: high cholesterol, pregnancy induced hypertension, ulcerative colitis, thyroid disease, testicular cancer, kidney cancer, liver cancer or thyroid cancer. Cases that are dismissed pursuant to the Court’s order may be re-filed within four years if plaintiffs later meet the evidentiary requirements specified in the Court’s order. In the first quarter 2025, Plaintiffs’ counsel notified the Court that claims alleging high cholesterol and/or pregnancy-induced hypertension, will not be pursued. Defendants are reviewing the docket and will move to dismiss claims that do not allege one of the following six health conditions: ulcerative colitis, thyroid disease, testicular cancer, kidney cancer, liver cancer or thyroid cancer . There are about 5,250 personal injury cases currently pending in the AFFF MDL reflecting confirmed dismissals under the Court’s order and any newly filed cases. The Company expects additional personal injury cases – which include claims that identify one of the six health conditions – will continue to be filed into the AFFF MDL.

The 25 bellwether personal injury cases have been further narrowed to a group of Tier 2 bellwether plaintiffs. The Tier 2 bellwether plaintiffs include nine cases that allege harm from kidney cancer, testicular cancer, ulcerative colitis, or thyroid disease. The court has set the first Tier 2 trial to occur on October 6, 2025. The trial will include a case or cases from Pennsylvania that allege harm from either kidney cancer or testicular cancer.

Some state attorneys general have filed lawsuits, on behalf of their respective states, against DuPont, outside of the AFFF MDL that allege environmental contamination by certain PFAS compounds distinct from AFFF. Generally, the states raise common law tort claims and seek economic impact damages for alleged harm to natural resources, punitive damages, present and future costs to clean up contamination from certain PFAS compounds, and to abate the alleged nuisance. Most of these actions include fraudulent transfer claims related to the Chemours Separation and the DowDuPont separations.

In April 2021, a historic DuPont Dutch subsidiary and the Dutch entities of Chemours and Corteva, received a civil summons issued by the Court of Rotterdam, the Netherlands, on behalf of four municipalities neighboring the Chemours Dordrecht facility. The municipalities are seeking liability declarations relating to the Dordrecht site’s current and historical PFAS operations and emissions. On September 27, 2023, the Court determined that the defendants were liable to the municipalities for (i) PFOA emissions between July 1, 1984 to March 1, 1998 and (ii) removal costs if deposited emissions on the municipalities' land infringes the applicable municipalities' property rights by an objective standard. Chemours entered into a Letter of Intent (“LOI”) with the municipalities on June 28, 2024, that includes the implementation of a specific remediation plan for the restoration of restricted vegetable gardens in certain areas of those municipalities to be funded by Chemours, sampling and developing a program to address the Merwelanden recreational lake, and further settlement discussions, including a fund to cover certain other expenditures aimed at environmental-related activities. The LOI contemplates the possibility of settling the court dispute, although still subject to further discussions which are ongoing with the municipalities and there is no guarantee that these discussions will result in a settlement. Although the Company believes a loss is probable, it is not estimable.

Additionally, there are cases in Canada that allege harm from PFAS contamination including property and natural resource damage claims, both related and unrelated to AFFF.

In addition to the above matters, there are other legal matters pending that make claims related to PFAS. The Company is specifically named in some of these legal matters and some are pending against Chemours and/or Corteva/EIDP in which the Company is not named. Certain of these actions may purport to be class actions and seek damages in very large amounts. Regardless of whether the Company is named, the costs of litigation and future liabilities, if any, in these matters are or may be eligible PFAS costs under the MOU and Indemnification Losses under the Agreements.

While Management believes it has appropriately estimated the liability associated with eligible PFAS matters and Indemnifiable Losses as of the date of this report, it is reasonably possible that the Company could incur additional eligible PFAS costs and Indemnifiable Losses in excess of the amounts accrued. It is not possible to predict the outcome of any such matters due to various reasons including, among others, future actions and decisions, as well as factual and legal issues to be resolved in connection with PFAS matters. As such, at this time DuPont is unable to develop an estimate of a possible loss or range of losses, if any, above the liability accrued at March 31, 2025. It is possible that additional costs or losses could have a significant effect on the Company’s financial condition and/or cash flows in the period in which they occur; however, costs qualifying as Qualified Spend are limited by the terms of the MOU.

Other Litigation Matters

In addition to the matters described above, the Company is party to claims and lawsuits arising out of the normal course of business with respect to product liability, patent infringement, governmental regulation, contract and commercial litigation, and other actions. Certain of these actions may purport to be class actions and seek damages in very large amounts. As of March 31, 2025, the Company has liabilities of $43 million associated with these other litigation matters. It is the opinion of the Company’s management that the possibility is remote that the aggregate of all such other claims and lawsuits will have a material adverse impact on the results of operations, financial condition and cash flows of the Company. In accordance with its accounting policy for litigation matters, the Company will expense litigation defense costs as incurred, which could be significant to the Company’s financial condition and/or cash flows in the period.

Environmental Matters

Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At March 31, 2025, the Company had accrued obligations of $277 million for probable environmental remediation and restoration costs. These obligations are included in "Accrued and other current liabilities" and "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets. It is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the Company’s interim results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration.

The accrued environmental obligations include the following:

Environmental Accrued Obligations
In millions			March 31, 2025			December 31, 2024			Potential exposure above the amount accrued 1
Environmental remediation liabilities not subject to indemnity			$	45		$	45		$	106
Environmental remediation indemnified related liabilities:
Indemnifications related to Dow and Corteva 2			83			83			176
MOU related obligations (discussed above) 3			148			146			28
Other environmental indemnifications			1			1			2
Total environmental related liabilities			$	277		$	275		$	312

1.The environmental accrual represents management’s best estimate of the costs for remediation and restoration with respect to environmental matters, although it is reasonably possible that the ultimate cost with respect to these particular matters could range above the amount accrued, as of March 31, 2025.

2.Pursuant to the DWDP Separation and Distribution Agreement and Letter Agreement, the Company is required to indemnify Dow and Corteva for certain Non-PFAS clean-up responsibilities and associated remediation costs.

3.The MOU related obligations include the Company's estimate of its liability under the MOU for remediation activities based on the current regulatory environment.

NOTE 15 - OPERATING LEASES

The lease cost for operating leases were as follows:

			Three Months Ended March 31,
In millions			2025			2024
Operating lease costs			$	28		$	31

Operating cash flows from operating leases were $27 million and $30 million for the three months ended March 31, 2025 and 2024, respectively.

New operating lease assets and liabilities entered into during the three months ended March 31, 2025 and 2024, were $20 million and $8 million, respectively. Supplemental balance sheet information related to leases was as follows:

In millions			March 31, 2025			December 31, 2024
Operating Leases
Operating lease right-of-use assets 1			$	405		$	403
Current operating lease liabilities 2			82			84
Noncurrent operating lease liabilities 3			324			322
Total operating lease liabilities			$	406		$	406

1.Included in "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheets.

2.Included in "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets.

3.Included in "Other noncurrent obligations" in the interim Condensed Consolidated Balance Sheets.

Operating lease right-of-use ("ROU") assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide the lessor’s implicit rate, the Company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments.

Lease Term and Discount Rate for Operating Leases			March 31, 2025			December 31, 2024
Weighted-average remaining lease term (years)			7.9			7.8
Weighted average discount rate			3.85		%	3.78		%

Maturities of lease liabilities were as follows:

Maturity of Lease Liabilities at March 31, 2025			Operating Leases
In millions
Remainder of 2025			$	74
2026			82
2027			65
2028			47
2029			37
2030 and thereafter			168
Total lease payments			$	473
Less: Interest			67
Present value of lease liabilities			$	406

The Company has leases in which it is the lessor. In connection with the 2021 sale of the N&B businesses and the M&M Divestitures, DuPont entered into leasing agreements with International Flavors & Fragrance Inc. (“IFF”) and Celanese, whereby DuPont is leasing certain properties, including office spaces and R&D laboratories. These leases are classified as operating leases and lessor income and related expenses are not significant to the Company's interim Condensed Consolidated Balance Sheets or interim Consolidated Statement of Operations. Lease agreements where the Company is the lessor have final expirations through 2036.

NOTE 16 - STOCKHOLDERS' EQUITY

Share Repurchase Program

In November 2022, DuPont’s Board of Directors approved a new share repurchase program authorizing the repurchase and retirement of up to $5 billion of common stock (the “$5B Share Buyback Program").

In the third quarter of 2023, DuPont entered into new accelerated share repurchase agreements with three financial counterparties to repurchase an aggregate of $2 billion of common stock ("$2B ASR Transaction"). In the first quarter of 2024, the $2B ASR Transaction was completed. The settlement resulted in the delivery of 6.7 million additional shares of DuPont common stock, which were retired immediately and recorded as a reduction of retained earnings of $426 million. In total, the Company repurchased 27.9 million shares at an average price of $71.67 per share under the $2B ASR Transaction. The completion of the $2B ASR Transaction effectively completed the $5B Share Buyback Program and the Company's stock repurchase authorization.

In the first quarter 2024, the Company’s Board of Directors approved a new share repurchase program authorizing the repurchase and retirement of up to $1 billion of common stock (“the $1B Share Buyback Program”). Under the $1B Share Buyback Program, repurchases may be made from time to time on the open market at prevailing market prices or in privately negotiated transactions off market, including additional ASR agreements in accordance with applicable federal securities laws. The $1B Share Buyback Program terminates on June 30, 2025, unless extended or shortened by the Board of Directors. In the first quarter 2024, DuPont entered into an ASR agreement with one counterparty for the repurchase of $500 million of common stock ("Q1 2024 ASR Transaction"). DuPont paid an aggregate of $500 million to the counterparty and received initial deliveries of 6.0 million shares of DuPont common stock, which were retired immediately and recorded as a reduction of retained earnings of $400 million. The remaining $100 million was evaluated as an unsettled forward contract indexed to DuPont common stock, classified within stockholders' equity as of March 31, 2024.

In the second quarter of 2024, the Q1 2024 ASR Transaction was completed. The settlement resulted in the delivery of approximately 1.0 million additional shares of DuPont common stock, which were retired immediately and recorded as a reduction of retained earnings of $72 million. In total, the Company repurchased 6.9 million shares at an average price of $71.96 per share under the Q1 2024 ASR Transaction.

The Inflation Reduction Act of 2022 introduced a 1 percent nondeductible excise tax imposed on the net value of certain stock repurchases. The net value is determined by the fair market value of the stock repurchased during the tax year, reduced by the fair market value of stock issued during the tax year. The Company recorded total excise tax of $8 million as a reduction to retained earnings for the three months ended March 31, 2024. The recorded excise tax is reflected within stockholders' equity and a corresponding liability within "Accounts Payable" in the interim Condensed Consolidated Balance Sheets.

Accumulated Other Comprehensive Loss

The following table summarizes the activity related to each component of accumulated other comprehensive loss ("AOCL") for the three months ended March 31, 2025 and 2024:

Accumulated Other Comprehensive Loss						Cumulative Translation Adj			Pension and OPEB			Derivative Instruments			Total
In millions
2024
Balance at January 1, 2024						$	(931)		$	(55)		$	76		$	(910)
Other comprehensive loss before reclassifications						(237)			(2)			11			(228)
Amounts reclassified from accumulated other comprehensive loss						—			(1)			—			(1)
Net other comprehensive loss						$	(237)		$	(3)		$	11		$	(229)
Balance at March 31, 2024						$	(1,168)		$	(58)		$	87		$	(1,139)
2025
Balance at January 1, 2025						$	(1,493)		$	(115)		$	108		$	(1,500)
Other comprehensive income (loss) before reclassifications						261			(3)			(19)			239
Amounts reclassified from accumulated other comprehensive loss						—			(2)			—			(2)
Net other comprehensive income (loss)						$	261		$	(5)		$	(19)		$	237
Balance at March 31, 2025						$	(1,232)		$	(120)		$	89		$	(1,263)

The tax effects on the net activity related to each component of other comprehensive loss were not significant for the three months ended March 31, 2025 and 2024.

NOTE 17 - PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS

A summary of the Company's pension plans and other post-employment benefits can be found in Note 19 to the Consolidated Financial Statements included in the Company’s 2024 Annual Report.

The following sets forth the components of the Company's net periodic benefit costs (credits) for defined benefit pension plans:

Net Periodic Benefit Costs for All Significant Plans			Three Months Ended March 31,
In millions			2025			2024
Service cost			$	5		$	9
Interest cost			20			20
Expected return on plan assets			(22)			(26)
Amortization of prior service credit			(1)			(1)
Net periodic benefit costs - Total			$	2		$	2

The net periodic benefit costs, other than the service cost component, are included in "Sundry income (expense) - net" in the interim Consolidated Statements of Operations.

DuPont expects to make additional contributions in the aggregate of approximately $42 million by year-end 2025.

NOTE 18 - STOCK-BASED COMPENSATION

A summary of the Company's stock-based compensation plans can be found in Note 20 to the Consolidated Financial Statements included in the Company's 2024 Annual Report.

In the second quarter of 2020, the stockholders of DuPont approved the DuPont 2020 Equity and Incentive Plan (the "2020 Plan") which allows the Company to grant options, share appreciation rights, restricted shares, restricted stock units ("RSUs"), share bonuses, other share-based awards, cash awards, or any combination of the foregoing. Under the 2020 Plan, a maximum of 14 million shares of common stock are available for award as of March 31, 2025.

DuPont recognized share-based compensation expense in continuing operations of $20 million and $23 million for the three months ended March 31, 2025 and 2024, respectively. The income tax benefits related to stock-based compensation arrangements were $4 million and $5 million for the three months ended March 31, 2025 and 2024, respectively.

The $20 million share-based compensation expense for the three months ended March 31, 2025 includes $8 million recorded in "Restructuring and asset related charges - net" in the interim Consolidated Statements of Operations. Refer to Note 6 for further information.

In the first quarter of 2025, the Company granted 0.9 million RSUs and 0.1 million performance based stock units ("PSUs"). The weighted-average fair values per share associated with the grants were $81.62 per RSU and $87.86 per PSU.

NOTE 19 - FINANCIAL INSTRUMENTS

The following table summarizes the fair value of financial instruments at March 31, 2025 and December 31, 2024:

Fair Value of Financial Instruments			March 31, 2025												December 31, 2024
In millions			Cost			Gain			Loss			Fair Value			Cost			Gain			Loss			Fair Value
Cash equivalents			$	257		$	—		$	—		$	257		$	314		$	—		$	—		$	314
Restricted cash equivalents 1			41			—			—			41			42			—			—			42
Total cash and restricted cash equivalents			$	298		$	—		$	—		$	298		$	356		$	—		$	—		$	356
Long-term debt including debt due within one year 2			$	(7,174)		$	4		$	(98)		$	(7,268)		$	(7,171)		$	14		$	(57)		$	(7,214)
Derivatives relating to:
Net investment hedge 3			$	—		$	113		$	—		$	113		$	—		$	137		$	—		$	137
Foreign currency 4, 5			—			2			(15)			(13)			—			8			(8)			—
Interest rate swap agreements 6			—			—			(125)			(125)			—			—			(206)			(206)
Total derivatives			$	—		$	115		$	(140)		$	(25)		$	—		$	145		$	(214)		$	(69)

1.Refer to Note 7 and Note 14 or more information on Restricted cash equivalents.

2.At March 31, 2025 and December 31, 2024, the balance included unamortized basis adjustment of $47 million and $48 million, respectively, related to the 2022 Swaps, discussed below. Fair value of long-term debt including debt due within one year is based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms and represents a Level 2 fair value measurement.

3.Classified as "Deferred charges and other assets" in the interim Condensed Consolidated Balance Sheets.

4.Classified as "Prepaid and other current assets" and "Accrued and other current liabilities" in the interim Condensed Consolidated Balance Sheets.

5.Presented net of cash collateral where master netting arrangements allow.

6.The loss on the 2022 and 2024 Swaps are classified as "Other noncurrent obligations" and "Accrued and other current liabilities", respectively in the interim Condensed Consolidated Balance Sheets.

Derivative Instruments

Objectives and Strategies for Holding Derivative Instruments

In the ordinary course of business, the Company enters into contractual arrangements (derivatives) to reduce its exposure to foreign currency, interest rate and commodity price risks. The Company has established a variety of derivative programs to be utilized for financial risk management. These programs reflect varying levels of exposure coverage and time horizons based on an assessment of risk.

Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the Company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps.

The Company's financial risk management procedures also address counterparty credit approval, limits and routine exposure monitoring and reporting. The counterparties to these contractual arrangements are major financial institutions and major commodity exchanges. The Company is exposed to credit loss in the event of nonperformance by these counterparties. The Company utilizes collateral support annex agreements with certain counterparties to limit its exposure to credit losses. The Company anticipates performance by counterparties to these contracts and therefore no material loss is expected. Market and counterparty credit risks associated with these instruments are regularly reported to management.

The notional amounts of the Company's derivative instruments were as follows:

Notional Amounts			March 31, 2025			December 31, 2024
In millions
Derivatives designated as hedging instruments:
Net investment hedge			$	1,000		$	1,000
Derivatives not designated as hedging instruments:
Foreign currency contracts 1			(611)			(1,176)
Interest rate swap agreements 2			4,150			4,150

1.Presented net of contracts bought and sold.

2.Includes notional amounts related to the 2022 Swaps and 2024 Swaps, described further below.

Derivatives Designated in Hedging Relationships

Net Foreign Investment Hedge

In the second quarter of 2021, the Company entered into a fixed-for-fixed cross currency swaps with an aggregate notional amount totaling $1 billion to hedge the variability of exchange rate impacts between the U.S. Dollar and Euro. Under the terms of the cross-currency swap agreement, the Company notionally exchanged $1 billion at an interest rate of 4.73 percent for €819 million at a weighted average interest rate of 3.26 percent. The cross-currency swap is designated as a net investment hedge and expires on November 15, 2028.

The Company has made an accounting policy election to account for the net investment hedge using the spot method. The Company has also elected to amortize the excluded components in interest expense in the related quarterly accounting period that such interest is accrued. The cross-currency swap is marked to market at each reporting date and any unrealized gains or losses are included in unrealized currency translation adjustments within AOCL, net of amounts associated with excluded components which are recognized in interest expense in the interim Consolidated Statements of Operations.

Derivatives not Designated in Hedging Relationships

Foreign Currency Contracts

The Company routinely uses forward exchange contracts to reduce its net exposure, by currency, related to foreign currency-denominated monetary assets and liabilities of its operations so that exchange gains and losses resulting from exchange rate changes are minimized. The netting of such exposures precludes the use of hedge accounting; however, the required revaluation of the forward contracts and the associated foreign currency-denominated monetary assets and liabilities intends to achieve a minimal earnings impact, after taxes. The Company also uses foreign currency exchange contracts to offset a portion of the Company's exposure to certain foreign currency-denominated revenues so that gains and losses on the contracts offset changes in the USD value of the related foreign currency-denominated revenues.

Foreign currency derivatives not designated as hedges are used to offset foreign exchange gains or losses resulting from the underlying exposures of foreign currency-denominated assets and liabilities. The amount charged on a pre-tax basis related to foreign currency derivatives not designated as hedges, which was included in “Sundry income (expense) - net” in the interim Consolidated Statements of Operations, was a gain of $3 million and a loss of $21 million for the three months ended March 31, 2025 and 2024, respectively.

Interest Rate Swap Agreements

In the second quarter of 2022, the Company entered into fixed-to-floating interest rate swap agreements ("2022 Swaps") with an aggregate notional principal amount totaling $1 billion to hedge changes in the fair value of the Company’s long-term debt due to interest rate change movements. These swaps converted $1 billion of the Company’s $1.65 billion principal amount of fixed rate notes due 2038 into floating rate debt for the portion of their terms through 2032 with an interest rate based on the Secured Overnight Financing Rate ("SOFR"). Under the terms of the agreements, the Company agrees to exchange, at specified intervals, fixed for floating interest amounts based on the agreed upon notional principal amount. The 2022 Swaps expire on November 15, 2032 and are carried at fair value.

Since inception of the 2022 Swaps, fair value hedge accounting has been applied and thus, changes in the fair value of the 2022 Swaps and changes in the fair value of the related hedged portion of long-term debt were presented and net to zero in "Sundry income (expense) – net" in the interim Consolidated Statements of Operations. On June 5, 2024, DuPont issued a notice of redemption to the bond trustee with respect to a partial redemption of $650 million aggregate principal amount of its 2038 Notes in accordance with their terms. The redemption was effective on June 15, 2024. As a result of the announced redemption, the Company dedesignated the current hedging relationship. At the time of dedesignation, the total amount recorded as a cumulative fair value basis adjustment on the 2038 Notes was a loss of $81 million of which $32 million was recognized as a component of the loss from partial extinguishment of debt. The remaining basis adjustment is amortized to interest expense over the remaining term of the 2038 Notes. The basis adjustment amortization for the three months March 31, 2025 was $1 million. Refer to Note 13 for additional details on the partial redemption of the 2038 Notes.

In June 2024, the Company entered into two forward-starting fixed-to-floating interest rate swap agreements (“2024 Swaps”) to hedge the changes in the fair value of the Company’s long-term debt due to interest rate change movements. One swap converted $2.15 billion principal amount of the fixed rate notes due 2048 into floating rate debt for the portion of their terms from 2025 through 2048 with an interest rate based on SOFR. The other swap converted $1 billion principal amount of the fixed rate notes due 2038 into floating rate debt for the portion of their terms from 2032 through 2038 with an interest rate also based on SOFR. The 2024 Swaps have a mandatory early termination date of December 15, 2025 and are carried at fair value. At March 31, 2025, the mark-to-market value of the 2024 Swaps is $58 million recorded in “Accrued and other current liabilities” in the interim Consolidated Statements of Operations, and final settlement will depend on movements in interest rates. Fair value hedge accounting has not been applied.

The 2022 Swaps and 2024 Swaps are considered economic hedges of the Company’s fixed rate debt. As such, changes in the fair value and gain or loss from net interest settlement of the 2022 Swaps after the date of dedesignation and changes in the fair value of the 2024 Swaps since inception have been recorded in “Sundry income (expense) – net” in the interim Consolidated Statements of Operations. The amount charged related to interest rate swaps not designated as accounting hedges was a gain of $78 million for the three months ended March 31, 2025 and zero for the three months ended March 31, 2024.

NOTE 20 - FAIR VALUE MEASUREMENTS

Fair Value Measurements on a Recurring Basis

The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis:

Basis of Fair Value Measurements on a Recurring Basis of Significant Other Observable Inputs (Level 2)			March 31, 2025			December 31, 2024
In millions
Assets at fair value:
Cash equivalents and restricted cash equivalents 1			$	257		$	314
Derivatives relating to: 2
Net investment hedge			113			137
Foreign currency contracts 3			4			23
Total assets at fair value			$	374		$	474
Liabilities at fair value:
Derivatives relating to: 2
Interest rate swap agreements			125			206
Foreign currency contracts 3			17			23
Total liabilities at fair value			$	142		$	229

1. Time deposits included in "Cash and cash equivalents" in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. "Restricted cash and cash equivalents" and "Restricted cash and cash equivalents - noncurrent" in the interim Condensed Consolidated Balance Sheets at March 31, 2025 and December 31, 2024 are deposited in money market funds which are held at amortized cost included $41 million and $42 million, respectively, of money market funds representing Level 1 fair value measurement investments which are held at amortized cost.

2. See Note 19 for the classification of derivatives in the interim Condensed Consolidated Balance Sheets.

3. Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Condensed Consolidated Balance Sheets. The offsetting counterparty and cash collateral netting amounts for foreign currency contracts were $2 million and zero respectively, for both assets and liabilities as of March 31, 2025. The offsetting counterparty and cash collateral netting amounts were $15 million and zero, respectively, for assets and liabilities as of December 31, 2024.

As part of the Donatelle Plastics Acquisition, the purchase agreement includes annual contingent earn-out payments based upon customer specific revenue generated through December 31, 2029, with total accumulated earn-out payments of up to $85 million. The contingent earn-out liability was established using a Monte Carlo simulation and the significant assumption used is the estimated likelihood the customer specific revenue is earned. The contingent earn-out liability estimate represents a recurring fair value measurement with significant unobservable inputs. The fair value of the contingent earn-out liability is sensitive to changes in the interest rates, discount rates and the timing of the future payments, which are based upon estimates of future achievement of the customer specific revenue. Changes in the fair values of the contingent earn-out liability will be recognized in Sundry income (expense) - net in the interim Consolidated Statements of Operations. The fair value of the contingent earn-out liability is reflected in “Other noncurrent obligations” on the interim Condensed Consolidated Balance Sheets. See Note 3 for additional information.

Basis of Fair Value Measurements on a Recurring Basis of Significant Unobservable Inputs (Level 3)			March 31, 2025			December 31, 2024
In millions
Liabilities at fair value:
Contingent earn-out liabilities			$	40		$	40
Total liabilities at fair value			$	40		$	40

2025 Fair Value Measurements on a Nonrecurring Basis

During the first quarter of 2025, the Company recorded an impairment charge related to goodwill within the Aramids reporting unit within the IndustrialsCo segment. The impairment analysis was performed using Level 3 inputs within the fair value hierarchy. See Note 12 for further discussion.

NOTE 21 - SEGMENTS AND GEOGRAPHIC REGIONS

The Company's segments are aligned with the market verticals they serve, while maintaining integration and innovation strengths within strategic value chains. DuPont is comprised of two operating segments: ElectronicsCo and IndustrialsCo. Major products by segment include: ElectronicsCo (CMP pads and slurries, photoresists and advanced coatings for lithography, removers and cleaners; dielectric and metallization solutions for advanced chip packaging, specialty thermal materials and laminates); and IndustrialsCo (medical packaging, medical silicones, specialty medical devices, water purification and separation, water filtration and purification resins, flexible packaging products, nonwovens, aramids, construction materials, auto adhesives and fluids). The Company operates globally in substantially all of its product lines. Transfers of products between operating segments are generally valued at cost, to the extent such transfers are applicable.

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 CODM utilizes Operating EBITDA to assess financial performance and allocate resources by comparing actual results to historical and previously forecasted results. 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 are provided on the following pages.

The information below reflects the 2025 Segment Realignment structure. Refer to Note 1 for further details.

Segment Revenue, Significant Segment Expenses and Segment Operating EBITDA			Three Months Ended March 31,
2025						2024
(In millions)			ElectronicsCo			IndustrialsCo			ElectronicsCo			IndustrialsCo
Segment net sales			$	1,118		$	1,948		$	984		$	1,947
Less 1:
Cost of sales			$	587		$	1,318		$	548		$	1,336
Selling, general and administrative expenses			131			219			127			223
Research and development expenses			84			52			72			52
Amortization of intangibles & other segment items 2			55			90			58			92
Add:
Equity in earnings of nonconsolidated affiliates			$	9		$	4		$	10		$	9
Depreciation and amortization 3			103			191			106			186
Segment Operating EBITDA			$	373		$	464		$	295		$	439

1.The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

2.Other segment items include immaterial other gains or losses and miscellaneous income and expenses.

3.Depreciation is a reconciling item to Segment Operating EBITDA as it is included within Cost of sales, Selling, general and administrative expenses and Research and development expenses.

Total reportable segment net sales are $3,066 million and $2,931 million for the three month periods ended March 31, 2025, and 2024, respectively.

Reconciliation of Segment Operating EBITDA to Income from continuing operations before income taxes						Three Months Ended March 31,
In millions						2025			2024
ElectronicsCo Segment Operating EBITDA						$	373		$	295
IndustrialsCo Segment Operating EBITDA						464			439
Total Segment Operating EBITDA						$	837		$	734
+			Corporate Operating EBITDA 1			$	(49)		$	(52)
-			Depreciation and amortization			293			291
+			Interest income 2			18			20
-			Interest expense 3			82			96
+			Non-operating pension/OPEB benefit credits 2			3			7
+			Foreign exchange (losses) gains, net 2			(3)			4
+			Significant items charge			(860)			(59)
(Loss) income from continuing operations before income taxes						$	(429)		$	267

1.Corporate includes certain enterprise and governance activities including non-allocated corporate overhead costs and support functions, leveraged services, non-business aligned litigation expenses, DuPont's equity interest in Derby Holdings Group related to the Delrin® Divestiture and other costs not absorbed by reportable segments.

2.The three months ended March 31, 2025 excludes accrued interest income earned on employee retention credits. Refer to details of significant items below.

3.The three months ended March 31, 2025 excludes interest rate swap basis amortization. Refer to details of significant items below.

The following tables summarize the pre-tax impact of significant items by segment that are excluded from Operating EBITDA above:

Significant Items by Segment for the Three Months Ended March 31, 2025			ElectronicsCo			IndustrialsCo			Corporate			Total
In millions
Restructuring and asset related charges - net 1			$	(5)		$	(12)		$	(30)		$	(47)
Acquisition, integration and separation costs 2			—			1			(126)			(125)
Employee retention credit 3			—			—			3			3
Goodwill impairment charge 4			—			(768)			—			(768)
Interest rate swap mark-to-market gain 5			—			—			78			78
Interest rate swap basis amortization 6			—			—			(1)			(1)
Total			$	(5)		$	(779)		$	(76)		$	(860)

1. Includes restructuring actions and asset related charges. See Note 6 for additional information.

2. Acquisition, integration and separation costs related to the Intended Electronics Separation and Spectrum Integration.

3. Reflects the accrued interest earned on employee retention credits and is recorded in "Interest income" within the "Sundry income (expense) - net" line item in the Company's Consolidated Statement of Operations.

4. Reflects a non-cash goodwill impairment related to the Aramids reporting unit within the IndustrialsCo Segment. See Note 12 for additional information.

5. Includes the non-cash mark-to-market gain related to the 2022 Swaps and 2024 Swaps and net interest settlement loss related to the 2022 Swaps. See Note 19 for additional information.

6. Includes the basis amortization on the 2022 Swaps. Refer to Note 19 for further details.

Significant Items by Segment for the Three Months Ended March 31, 2024			ElectronicsCo			IndustrialsCo			Corporate			Total
In millions
Restructuring and asset related charges - net 1			$	(8)		$	(22)		$	(9)		$	(39)
Inventory write-offs 2			—			(25)			—			(25)
Acquisition, integration and separation costs 3			—			(3)			—			(3)
Income Tax Items 4			—			—			8			8
Total			$	(8)		$	(50)		$	(1)		$	(59)

1. Includes restructuring actions and asset related charges. See Note 6 for additional information.

2. Reflects raw material inventory write-offs recorded in “Cost of Sales” in connection with restructuring actions related to plant line closures within the IndustrialsCo segment.

3. Acquisition, integration and separation costs related to the Spectrum Acquisition.

4. Reflects the impact of an international tax audit.

Segment and Corporate Information			ElectronicsCo			IndustrialsCo			Corporate			Total
In millions
As of March 31, 2025
Assets of continuing operations			$	13,503		$	18,891		$	3,587		$	35,981
Investment in nonconsolidated affiliates			391			273			98			762
As of December 31, 2024
Assets of continuing operations			$	13,514		$	19,430		$	3,692		$	36,636
Investment in nonconsolidated affiliates			382			278			118			778

Capital Expenditure Reconciliation to Consolidated Financial Statements			Three Months Ended March 31,
In millions			2025			2024
ElectronicsCo			$	51		$	40
IndustrialsCo			52			54
Segment Totals			$	103		$	94
Accrual to cash adjustment 1			146			113
Total			$	249		$	207

1.Reflects the incremental cash spent or unpaid on capital expenditures; total capital expenditures are presented on a cash basis.