2. DUPONT INVESTOR RELATIONS CONTENTS
Ann K. M. Gualtieri 1 DuPont Leadership
Vice President
2 2002 @ a Glance
DuPont Investor
Relations
(302) 774-0583 4 Corporate Financial Data
Highlights
Segment Information
Consolidated Income Statement
Raymond G. Anderson
Consolidated Balance Sheet
Director
(302) 774-1125 Consolidated Statement of Cash Flows
Selected Additional Data
15 The DuPont Commitment:
Safety, Health and the Environment
16 Organizing for Sustainable Growth
Joyce A. McGhee
Manager
18 Business Segments
(302) 774-6088
Agriculture & Nutrition
Coatings & Color Technologies
Electronic & Communication Technologies
Performance Materials
Carol A. Wolff Safety & Protection
Investor Relations
Textiles & Interiors
Coordinator
(302) 774-9870 Pharmaceuticals
Other
44 Major Sites and Principal Products
Main Office Number: (302) 774-4994
Fax: (302) 773-2631
Internet: www.dupont.com
DuPont DATA BOOK has been prepared to assist financial analysts, portfolio managers and others in
understanding and evaluating the company. This book presents graphics, tabular and other statistical data
about the consolidated company and its business segments. The information presented in this book is either
included in, or can be calculated from information included in, previously published company reports on
Forms 10K and 10Q. Dollars are in millions except per share or where otherwise indicated. Most notes to
financial statements are not included. This information is only a summary and should be read in conjunction
with the company’s audited consolidated financial statements and “Management’s Discussion and Analysis”
located in the 2002 Annual Report on Form 10K filed with the Securities and Exchange Commission.
DuPont DATA BOOK is now available on the Web at www.dupont.com.
The DuPont Oval Logo, DuPont TM, The miracles of science ® and all products denoted with TM or ® are
trademarks or registered trademarks of E.I. du Pont de Nemours and Company or its affiliates.
March 17, 2003
3. SENIOR LEADERS
BOARD OF DIRECTORS
Charles O. Holliday, Jr. *
Chairman of the Board and
Chief Executive Officer
Alain J. P. Belda * ††
Chairman and
Chief Executive Officer,
Alcoa Inc.
Thomas M. Connelly, Jr.v Richard R. Goodmanson v
Edward J. Donnelly Diane H. Gulyas
Richard H. Brown * Senior Vice President Group Vice President Executive Vice President Group Vice President
and Chief Science & DuPont Coatings & & Chief Operating Officer DuPont Electronic
Chairman of the Board and
Technology Officer Color Technologies & Communication
Chief Executive Officer,
Technologies
Electronic Data Systems
Curtis J. Crawford † †††
President and Chief Executive Officer,
Onix Microsystems, Inc.
Louisa C. Duemling **
Edward B. du Pont †††
Deborah C. Hopkins †
Head, Corporate Strategy,
John C. Hodgson v Charles O. Holliday, Jr. v
John W. Himes W. Donald Johnson
Citigroup, Inc.
Senior Vice President Executive Vice President Chairman & Chief Group Vice President
DuPont Corporate Strategy Executive Officer DuPont Operations
Lois D. Juliber * ††
& Services
Chief Operating Officer,
Colgate-Palmolive Company
Göran Lindahl * **
Co-Chairman,
Nanomix, Inc.
Masahisa Naitoh †
Executive Vice Chairman,
ITOCHU Corporation
William K. Reilly ** †††
President and Chief Executive Officer,
Ellen J. Kullman George F. MacCormack Steven R. McCracken Howard L. Minigh
Aqua International Partners, LP
Group Vice President Group Vice President Group Vice President Group Vice President
Former Administrator,
DuPont Safety DuPont Textiles DuPont Textiles DuPont Agriculture
U.S. Environmental Protection Agency
& Protection & Interiors & Interiors & Nutrition
H. Rodney Sharp, III † ††
Charles M. Vest †
President, Massachusetts
Institute of Technology
Board Committees:
† Audit
†† Compensation
††† Corporate Governance
** Environmental Policy
Stacey J. Mobley v Gary M. Pfeiffer v Dennis Zeleny v
Craig G. Naylor
* Strategic Direction
Senior Vice President, Group Vice President Senior Vice President Senior Vice President
Chief Administrative DuPont Performance & Chief Financial Officer DuPont Human
Officer & General Counsel Materials Resources
v
Member, Office of the Chief Executive
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4. 2002 @ A GLANCE
During 2002, DuPont took a number of significant steps toward MARCH
its transformation to a sustainable growth company. In February, DuPont purchased an equity interest in Merrimac Industries,
DuPont aligned its 26 business units into five market- and Inc. The companies agreed to work together to better
technology-focused Growth Platforms, focusing on four key understand the dynamics of the markets for high-frequency
market arenas. DuPont also initiated actions to create a newly electronic components and modules.
formed, wholly-owned subsidiary for its textiles businesses,
DuPont introduced the first commercial fluoropolymer resins
DuPont Textiles Interiors (DTI), with the intent to separate
made using proprietary and fundamentally new manufacturing
DTI by year-end 2003, market conditions permitting. During
technology that replaces water-based polymerization with a
2002 we also continued to strengthen the company’s portfolio
process based on supercritical carbon dioxide.
with technologies and offerings that are important to our
DuPont announced it is part of a five-year effort spearheaded
customers – advancing our growth objectives and creating
by the Massachusetts Institute of Technology to develop
value for our investors.
lightweight molecular materials to equip the U.S. soldier of the
Earnings recovered dramatically from the prior year’s low
future with uniforms and gear that help heal them, shield them
levels, putting aside the significant gain in 2001 from the sale of
and protect them against chemical and biological warfare.
DuPont Pharmaceuticals. This performance places us at the
DuPont and Asahi Kasei Corporation established a joint
top of the chemical industry and ahead of many leading
venture for the production and marketing of acetal (also known
companies in other industries. Actions most significantly
as POM) copolymer resins in China.
impacting our 2002 performance and positioning DuPont to
achieve its sustainable growth goals are:
APRIL
Science continues to play a premier role in
s
DuPont and Monsanto Company
our pursuit of sustainable growth as we
announced a broad-reaching business
focus research priorities and assets
agreement that gives both companies
specifically on addressing unmet customer
cross-licenses to enabling technologies.
needs in four key market spaces –
Both companies dismissed all pending
biotechnology, electronics, materials
lawsuits, fully resolving a number of
science, and safety security. This focus is
important business and patent disputes
the underpinning for the Growth Platforms.
between them.
Knowledge Intensity supports more growth
s
DuPont extended its fuel cells product
as we expand offerings across our platforms
line beyond Nafion® membranes to include
and into our markets based on the unique
fuel cell components such as membrane
knowledge and capabilities of DuPont.
electrode assemblies (MEAs). Nafion®
Productivity improvements, driven largely by An engineer at
s membranes and MEAs are used to manufacture the proton
DuPont’s Fuel Cell
Six Sigma methodologies, helped us weather exchange membrane fuel cell stack, which is the critical
Technology Center
a challenging global economy while transactional center of the fuel cell where chemical energy is
prepares a catalyst-
continuing to improve our competitiveness. converted into electrical energy.
coated membrane of
Nafion ® for installation
Rigorous financial discipline allowed the
s The USDA Food Safety and Inspection Service adopted the
into a fuel cell.
company to maintain its strong balance DuPontTM BAX® system, a genetics-based screening method,
sheet, returning about $1.9 billion in cash to shareholders via to detect Listeria monocytogenes in the nation’s meat and
dividends and share repurchase, while maintaining flexibility to poultry supply.
invest for growth.
MAY
JANUARY
DuPont formed a joint venture with the Henan Luohe Shineway
DuPont began a collaborative effort with the United States Industry Group Co., Ltd., and a cooperative agreement with the
Conference of Mayors to survey the homeland security needs Zhengzhou government. The joint venture will produce and mar-
of civic leaders in more than 1,000 cities across the country. ket soy protein for mainstream consumer foods in the People’s
Republic of China and for export to the Asia/Pacific region.
FEBRUARY
DuPont Canada, Inc. acquired Liqui-Box Corporation, a
The first aircraft baggage container, using DuPontTM Kevlar®
leading manufacturer of packaging systems for pumpable
fiber as an integral component, passed the FAA’s blast resistant
food products for institutional applications. The acquisition
container test. The container is made by Telair International.
complements DuPont’s Enhance flexible packaging systems
DuPont completed its previously announced $2.5 billion share for retail operations.
repurchase program by repurchasing $470 million worth of
DuPont stock in January and February. DaimlerChrysler
reduced clearcoat
DuPont introduced “Super Solids” ultra-low emissions coating air emissions by 25
technology at the DaimlerChrysler assembly plant in Newark, percent at its Dodge
Delaware. The new technology reduces volatile organic Durango assembly
emissions of the final protective clear coat by 25 percent and plant in Newark,
Delaware, using
offers a significant improvement in scratch and mar resistance.
“SuperSolids”
technology
developed by
DuPont.
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5. JUNE of ceramic and organic (rigid and
flexible) packaging and circuit
DuPont announced the
materials to the electronics industry.
certification of DuPontTM
Antron® carpet fibers as DECEMBER
Environmentally Preferable
The U.S. Federal Trade Commission
Products (EPP) by
granted approval for a new generic
Scientific Certification
fiber subclass in recognition of the
Systems (SCS). DuPont is
unique qualities of T-400, under the
the first and only carpet
generic name elasterell-p, the latest
Chairman and CEO Chad Holliday, surrounded by DuPont employees from
fiber manufacturer to
innovation to be marketed under the
around the world, rings the closing bell at the New York Stock Exchange
achieve this certification.
DuPontTM Lycra® brand.
on the 200th Anniversary of DuPont, July 19, 2002.
DuPont reached an
DuPont established a commercial
agreement to sell the Clysar® shrink film business and
seed business in China by forming a joint venture with one of
manufacturing assets to the Bemis Company, Inc.
China’s largest seed companies, Denghai Seed Group. The
JULY joint venture will produce top-performing corn seed for
Chinese farmers.
DuPont employees marked the company’s 200th anniversary
DuPont and Universal Display Corporation agreed to jointly
with worldwide events, celebrating two centuries of bringing
develop a new generation of soluble OLED materials and
“The miracles of science®” to people around the globe.
technology. The joint development agreement establishes an
AUGUST important intellectual property collaboration aimed at
DuPont and RiTdisplay Corporation launched a mass- combining the best elements of both small molecule OLED and
solution processible OLED research.
production line for next-generation displays. The high-volume
manufacturing plant will produce polymer-based OLED (organic
light-emitting diode) flat-panel display modules for DuPont.
DuPont won several notable awards in 2002:
DuPont and China Nuclear Honghua Specialty Gases Company
For the second year in a row, ranked Number 1 among
formed a joint venture for the manufacture and sale of nitrogen
trifluoride (NF3), a key chamber cleaning and etch gas used in chemical companies in the Fortune survey of “America’s
semiconductor manufacturing and flat panel displays. Most Admired Companies”
Selected as the Chemical Market Sector Leader of the
SEPTEMBER
Dow Jones Sustainability World Indexes, the first index
DuPont acquired the Atofina fluorotelomer surface protection
family tracking the financial performance of sustainability-
and specialty surfactants business assets. With the
driven companies worldwide
acquisition, DuPont becomes the largest integrated producer
For the fifth consecutive year, named one of “The Most
of fluorotelomer-based specialty products for surface
Admired Companies in Brazil” by Carta Capital magazine
protection applications in North America and Europe.
and the InterScience Institute
OCTOBER
Ranked one of the “100 Best Companies for Working
As part of a federally-sponsored research and development Mothers” by Working Mother magazine
initiative, DuPont, Sarnoff and Bell Labs agreed to develop new DuPont Electronic Technologies was named one of “50
organic-thin film transistor technology on plastic substrates. Companies to Watch” in the Electronic Industry’s list of
DuPont became the first major agricultural seed producer in Movers Shakers of 2002
the U.S. to be accredited by the National Seed Health System. For the fifth consecutive year, named one of “The 50 Best
This accreditation authorizes Pioneer to conduct plant Companies for Latinas to Work for in the United States” by
health inspections and tests in compliance with international LatinaStyle magazine
phytosanitary regulations, which will speed product
For the second year in a row, ranked DuPont Iberica the
development and the shipment of seed.
most reputable chemical company in Spain in a survey by
DuPont announced that it is part of a science-based consortium Cinco Dias, a leading economic daily newspaper
that will receive $19 million in matching funds from the U.S.
8th Continent, the DuPont-General Mills joint venture,
Department of Energy for research leading to an innovative
named to Fast Company magazine’s list of “Fast 50”
“bio-refinery”– capable of producing ethanol fuel and value-
leaders of innovation
added chemicals from renewable resources such as corn.
Ranked one of the top 50 U.S. companies to work for in the
NOVEMBER National Society of Black Engineers’ 13th Annual Employer
DuPont acquired ChemFirst, Inc., which included two Preference Survey
semiconductor fabrication materials businesses and a Inducted into the American Textile Hall of Fame at the
chemical intermediates business. With the acquisition, DuPont American Textile History Museum
becomes a leading supplier of integrated circuit fabrication
materials – complementing its role as a leading global supplier
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6. CORPORATE FINANCIAL DATA
Corporate Highlights 2002 2001
(dollars in millions, except per share)
Operating Results Net sales $24,006 $24,726
Reported income from continuing operations 1 1,841 4,328
Reported income from discontinued operations – –
Net income (loss) (1,103) 2 4,339 3
Underlying income from continuing operations 2,009 1,251
Depreciation 1,297 1,320
Cash provided by continuing operations 2,053 2,419
Capital expenditures 1,416 1,634
Research and development expense 6 1,264 1,588
Financial Position, Total assets $34,621 $40,319
Year End Working capital 6,363 6,734
Total debt 6,832 6,814
Stockholders’ equity 9,063 14,452
Data Per Common Share Earnings from continuing operations – reported 1, 7 $1.84 $ 4.15
Earnings from discontinued operations – reported 7 – –
Earnings 7 $(1.11) 2 $ 4.16 3
Earnings from continuing operations – underlying 7 $2.00 $1.19
Dividends $1.40 $1.40
Market price – year-end close $42.40 $42.51
high-low range $49.80 – $35.02 $49.88 – $32.64
Book value at year-end $8.88 $14.20
Average number of shares (millions) – diluted 999 1,041
Shares outstanding – year-end (millions) 994 1,002
Ratios Total stockholder return 3.0% (9.1)%
Dividend yield 8 3.3% 3.3%
Share price increase (decrease) (0.3)% (12.0)%
P/E on underlying income from continuing operations 8 21 36
Dividend payout, as percentage of:
Underlying earnings per share from continuing operations 70% 117%
Cash provided by continuing operations per share 68% 60.3%
Cash provided by continuing operations per share 7 $2.06 $2.32
Return on average stockholders’ equity – underlying 17.4% 9.4%
Return on average investors’ capital – underlying 9 10.6% 6.8%
Cash provided by continuing operations as percentage of total debt 59.4% 10 35.5%
Debt to total capital 37.3% 28.8%
Current ratio 1.9 1.8
Employees Number of employees – year-end (thousands) 11 79 79
1 Before extraordinary item and cumulative effect of changes in accounting principles.
2 Includes a cumulative effect of a change in accounting principle charge of $2,944 and $2.95 per share (diluted).
3 Includes a cumulative effect of a change in accounting principle benefit of $11 and $.01 per share (diluted).
4 Includes an extraordinary charge from early extinguishment of debt of $201 and $.18 per share (diluted), net of taxes.
5 Includes strategic acquisitions of $4,905 and $3,177 in 1999 and 1998, respectively.
6 Excludes purchased in-process research and development.
7 Diluted, based on average number of common shares.
8 Based on year-end share price.
9 Proforma return on average investors’ capital reflecting the impact of the Conoco split-off on stockholders’ equity and debt equals 16% for 1999, and averaged 17% for 1995 to 1998.
10 Ratio excludes increase in tax payments related to sale of DuPont Pharmaceuticals.
11 Includes employees of discontinued Conoco operations prior to 1999.
Throughout the DATA BOOK, the term “underlying” refers to the stated financial measure, excluding the effect of special items. For a list of special items, see page 15 of the
2002 Annual Report on Form 10K.
Management believes that an analysis of earnings before special items is particularly meaningful to investors because it provides insight with respect to ongoing operating results
of the company and allows readers of the financial statements to better evaluate the financial results of each segment. Special items represent transactions or events that give rise
to significant gains or losses that are either unusual to the company’s normal operations or occur infrequently. Underlying income, underlying earnings per share, and underlying
segment after-tax operating income are not measurements recognized in accordance with generally accepted accounting principles (GAAP) and should not be viewed as an
alternative to GAAP measures of performance. Furthermore, these measures of performance may be inconsistent with similar measures presented by other companies.
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8. CORPORATE FINANCIAL DATA
Segment Information 2002 2001 2000
(dollars in millions)
Segment Sales 1
Agriculture Nutrition $ 4,510 $ 4,290 $ 4,467
Coatings Color Technologies 5,026 4,917 5,457
Electronic Communication Technologies 2,540 2,688 3,375
Performance Materials 4,868 4,693 5,334
Pharmaceuticals – 902 1,487
Safety Protection 3,483 3,574 3,694
Textiles Interiors 6,279 6,477 7,722
Other 22 148 141
Total segment sales 26,728 27,689 31,677
Elimination of transfers (375) (480) (642)
Elimination of equity affiliate sales (2,351) (2,493) (2,773)
Miscellaneous 4 10 6
Net sales per Consolidated Financial Statements $24,006 $24,726 $28,268
Segment After-Tax Operating Income – Underlying
Agriculture Nutrition $ 427 $ 246 $ 331
Coatings Color Technologies 525 498 783
Electronic Communication Technologies 216 283 581
Performance Materials 423 277 578
Pharmaceuticals 290 58 133
Safety Protection 487 485 593
Textiles Interiors 216 70 709
Other (85) (58) (31)
Total segment after-tax operating income – underlying 2,499 1,859 3,677
(116) (311) (493)
Interest and exchange gain (losses)
Corporate expenses (333) (281) (306)
Corporate minority interest 2 (41) (16) –
Underlying income 2,009 1,251 2,878
Net special items 3 (168) 3,077 (564)
Reported income 4 $ 1,841 $ 4,328 $ 2,314
1 Sales include transfers and pro rata equity affiliate sales.
2 Represents a rate of return to minority interest investors who made capital contributions during 2001 to consolidated subsidiaries.
3 For complete details of special items, see the DuPont 2002 Form 10-K.
4 Before cumulative effect of changes in accounting principles.
DuPont’s Share of DuPont’s Share of
Equity Affiliate Sales Equity Affiliate Earnings
2002 2001 2000 2002 2001 2000
Equity Affiliate Analysis
Agriculture Nutrition $ 176 $ 188 $ 190 $ (6) $ (13) $ (13)
Coatings Color Technologies 109 127 159 (3) (6) 1
Electronic Communication Technologies 212 251 279 10 11 46
Performance Materials 1,073 1,024 1,236 33 (16) 85
Safety Protection 55 89 115 10 10 11
Textiles Interiors 726 814 789 (4) (33) 73
Other – – 5 – – (5)
Total segments $2,351 $2,493 $2,773 $ 40 $ (47) $ 198
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9. 2002 2001
1st 2nd 3rd 4th Full Yr. 1st 2nd 3rd 4th Full Yr.
Segment Sales 1
Agriculture Nutrition $ 1,605 $ 1,556 $ 608 $ 741 $ 4,510 $ 1,543 $ 1,517 $ 542 $ 688 $ 4,290
Coatings Color Technologies 1,137 1,312 1,276 1,301 5,026 1,205 1,292 1,206 1,214 4,917
Electronic Communication Technologies 578 682 645 635 2,540 784 724 614 566 2,688
Performance Materials 1,152 1,278 1,237 1,201 4,868 1,207 1,215 1,149 1,122 4,693
Pharmaceuticals – – – – – 205 304 393 – 902
Safety Protection 828 894 853 908 3,483 965 937 858 814 3,574
Textiles Interiors 1,450 1,695 1,582 1,552 6,279 1,697 1,742 1,553 1,485 6,477
Other 8 2 6 6 22 29 38 39 42 148
Total segment sales $ 6,758 $ 7,419 $ 6,207 $ 6,344 $26,728 $ 7,635 $ 7,769 $ 6,354 $ 5,931 $27,689
Segment After-Tax
Operating Income – Underlying
Agriculture Nutrition $ 323 $ 286 $ (99) $ (83) $ 427 $ 256 $ 204 $ (127) $ (87) $ 246
Coatings Color Technologies 85 136 168 136 525 140 118 112 128 498
Electronic Communication Technologies 45 57 66 48 216 115 68 51 49 283
Performance Materials 85 126 127 85 423 95 48 58 76 277
Pharmaceuticals 51 60 72 107 290 (64) 10 84 28 58
Safety Protection 103 119 125 140 487 132 130 112 111 485
Textiles Interiors 29 91 60 36 216 64 7 10 (11) 70
Other (20) (22) (19) (24) (85) (4) 4 (16) (42) (58)
Total segment after-tax
operating income – underlying 701 853 500 445 2,499 734 589 284 252 1,859
Interest and exchange gain (losses) (59) (50) (5) (2) (116) (97) (88) (72) (54) (311)
Corporate expenses (78) (84) (83) (88) (333) (70) (69) (76) (66) (281)
Corporate minority interest 2 (12) (8) (11) (10) (41) – – (8) (8) (16)
Underlying Income 552 711 401 345 2,009 567 432 128 124 1,251
After-Tax Impact of Special Items 3
Employee separation costs
and write-down of assets 19 (197) 17 (39) (200) – (679) – (26) (705)
Gain on asset sales – 12 51 27 90 – – 49 3,817 3,866
Pioneer acquisition related costs – – – 67 67 (83) – – – (83)
Litigation costs – (31) – (50) (81) – – (35) – (35)
Other (92) 48 – – (44) – 34 – – 34
Net impact of special items (73) (168) 68 5 (168) (83) (645) 14 3,791 3,077
Reported income 4 $ 479 $ 543 $ 469 $ 350 $ 1,841 $ 484 $ (213) $ 142 $ 3,915 $ 4,328
2002 2001
1st 2nd 3rd 4th Full Yr. 1st 2nd 3rd 4th Full Yr.
Earnings Per Share of
Common Stock – Diluted 4, 5
Underlying earnings $ 0.55 $ 0.71 $ 0.40 $ 0.34 $ 2.00 $ 0.54 $ 0.41 $ 0.12 $ 0.12 $ 1.19
Special items (0.07) (0.17) 0.07 0.01 (0.16) (0.08) (0.62) 0.01 3.70 2.96
Reported earnings $ 0.48 $ 0.54 $ 0.47 $ 0.35 $ 1.84 $ 0.46 $ (0.21) $ 0.13 $ 3.82 $ 4.15
1 Sales include transfers and pro rata equity affiliate sales.
2 Represents a rate of return to minority interest investors who made capital contributions during 2001 to consolidated subsidiaries.
3 For complete details of special items and income adjusted for special items, see the DuPont quarterly earnings releases.
4 Before cumulative effect of changes in accounting principles.
5 Earnings per share for the year does not equal to sum of quarterly earnings per share due to changes in average share calculations.
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10. CORPORATE FINANCIAL DATA
Consolidated Income Statement 2002 2001 2000 1999 1998
(dollars in millions, except per share)
Net sales $24,006 $24,726 $28,268 $26,918 $24,767
Other income 1 516 644 934 974 981
Total 24,522 25,370 29,202 27,892 25,748
Cost of goods sold and other operating charges 16,296 16,727 18,207 16,991 15,556
Selling, general and administrative expenses 2,699 2,925 3,041 2,595 2,115
Depreciation 1,297 1,320 1,415 1,444 1,452
Amortization of goodwill and other intangible assets 218 434 445 246 108
Research and development expense 1,264 1,588 1,776 1,617 1,308
Interest expense 359 590 810 535 520
Purchased in-process research and development – – (11) 2,250 1,443
Employee separation costs and write-down of assets 290 1,078 101 524 633
Gain on sale of DuPont Pharmaceuticals (25) (6,136) – – –
Gain on issuance of stock by affiliates – nonoperating – – (29) – –
Total 22,398 18,526 25,755 26,202 23,135
Income from continuing operations before income taxes
and minority interests 2,124 6,844 3,447 1,690 2,613
Provision for income taxes 185 2,467 1,072 1,410 941
Minority interests in earnings of consolidated subsidiaries 98 49 61 61 24
Income from continuing operations 1,841 4,328 2,314 219 1,648
Discontinued operations
Income from operations of discontinued business,
net of taxes – – – – 594
Gain on disposal of discontinued business,
net of taxes – – – 7,471 2,439
Income before extraordinary item and cumulative effect
of changes in accounting principles 1,841 4,328 2,314 7,690 4,681
Extraordinary charge from early extinguishment of debt,
net of taxes – – – – (201)
Cumulative effect of changes in accounting principles,
net of taxes (2,944) 11 – – –
Net income (loss) $ (1,103) $ 4,339 $ 2,314 $ 7,690 $ 4,480
Diluted earnings (loss) per share of common stock
Continuing operations before extraordinary item and
cumulative effect of changes in accounting principles $ 1.84 $ 4.15 $ 2.19 $ .19 $ 1.43
Discontinued operations – – – 6.80 2.65
Before extraordinary item and cumulative effect
of changes in accounting principles 1.84 4.15 2.19 6.99 4.08
Extraordinary charge – – – – (.18)
Cumulative effect of changes in accounting principles (2.95) .01 – – –
Net income (loss) $ (1.11) $ 4.16 $ 2.19 $ 6.99 $ 3.90
1 Other Income:
Royalty income $ 128 $ 155 $ 160 $ 127 $ 102
Interest income, net of miscellaneous interest expense 97 146 168 185 112
Equity in earnings (losses) of affiliates 36 (43) 289 135 278
Gains (losses) on sales of assets 30 47 394 16 375
Exchange gains (losses) (294) (29) (35) (107) (22)
Cozaar ®/Hyzaar ® income 469 321 92 87 18
Miscellaneous income and expenses – net 50 47 (134) 531 118
Total Other Income $ 516 $ 644 $ 934 $ 974 $ 981
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11. December 31
Consolidated Balance Sheet 2002 2001 2000 1999 1998
(dollars in millions)
Assets
Current assets
Cash and cash equivalents $ 3,678 $ 5,763 $ 1,540 $ 1,466 $ 1,059
Marketable debt securities 465 85 77 116 10
Accounts and notes receivable 3,884 3,903 4,552 5,318 4,201
Inventories 4,409 4,215 4,658 5,057 3,129
Prepaid expenses 175 217 228 202 192
Income taxes 848 618 601 494 645
Total current assets 13,459 14,801 11,656 12,653 9,236
Property, plant and equipment 33,732 33,778 34,650 35,416 34,728
Less: accumulated depreciation 20,446 20,491 20,468 20,545 20,597
Net property, plant and equipment 13,286 13,287 14,182 14,871 14,131
Goodwill 1,167 3,746 3,935 3,900 317
Other intangible assets 3,109 3,151 4,430 4,824 2,249
Investment in affiliates 2,047 2,045 2,206 1,459 1,796
Other assets 1,553 3,289 3,017 3,070 2,390
Net assets of discontinued operations – – – – 8,417
Total $34,621 $40,319 $39,426 $40,777 $38,536
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $ 2,727 $ 2,219 $ 2,731 $ 2,780 $ 1,929
Short-term borrowings and capital lease obligations 1,185 1,464 3,247 4,941 6,629
Income taxes 47 1,295 250 359 130
Other accrued liabilities 3,137 3,089 3,027 3,148 2,922
Total current liabilities 7,096 8,067 9,255 11,228 11,610
Long-term borrowings and capital lease obligations 5,647 5,350 6,658 6,625 4,495
Other liabilities 8,770 7,336 7,729 7,872 7,640
Deferred income taxes 1,622 2,690 2,105 1,660 430
Total liabilities 23,135 23,443 25,747 27,385 24,175
Minority interests 2,423 2,424 380 517 407
Stockholders’ equity 9,063 14,452 13,299 12,875 13,954
Total $34,621 $40,319 $39,426 $40,777 $38,536
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12. CORPORATE FINANCIAL DATA
Consolidated Statement of Cash Flows 2002 2001 2000 1999 1998
(dollars in millions)
Cash provided by continuing operations
Net income (loss) $(1,103) $ 4,339 $ 2,314 $ 7,690 $ 4,480
Adjustments to reconcile net income to cash provided
by continuing operations:
Net income from discontinued operations – – – (7,471) (3,033)
Extraordinary charge from early retirement of debt – – – – 275
Cumulative effect of changes in accounting principles 2,944 (11) – – –
Depreciation 1,297 1,320 1,415 1,444 1,452
Amortization of goodwill and other intangible assets 218 434 445 246 108
Purchased in-process research and development – – (11) 2,250 1,443
Gain on sale of DuPont Pharmaceuticals (25) (6,136) – – –
Other noncash charges and credits – net 447 965 899 443 (319)
Decrease (increase) in operating assets:
Accounts and notes receivable 468 435 379 (21) (580)
Inventories and other operating assets (476) (362) (727) (384) (74)
Increase (decrease) in operating liabilities:
Accounts payable and other operating liabilities (106) (634) 87 185 254
Accrued interest and income taxes (1,611) 2,069 269 458 126
Cash provided by continuing operations 2,053 2,419 5,070 4,840 4,132
Investment activities of continuing operations
Purchases of property, plant and equipment (1,280) (1,494) (1,925) (2,055) (2,240)
Investments in affiliates (136) (140) (97) (48) (63)
Payments for businesses (net of cash acquired) (697) (78) (46) (5,073) (3,282)
Proceeds from sales of assets 196 253 703 609 946
Net proceeds from sale of DuPont Pharmaceuticals (122) 7,798 – – –
Net proceeds from sale of interest in
petroleum operations – – – – 4,206
Net decrease (increase) in short-term
financial instruments (318) (2) 25 (258) 131
Miscellaneous – net 28 (117) 96 14 124
Cash provided by (used for) investment activities
of continuing operations (2,329) 6,220 (1,244) (6,811) (178)
Financing activities
Dividends paid to stockholders (1,401) (1,460) (1,465) (1,511) (1,549)
Net increase (decrease) in short-term
(less than 90 days) borrowings 607 (1,588) (95) (3,244) 1,574
Long-term and other borrowings:
Receipts 934 904 4,996 8,420 6,335
Payments (1,699) (2,214) (6,574) (5,612) (8,966)
Acquisition of treasury stock (470) (1,818) (462) (690) (704)
Proceeds from exercise of stock options 34 153 63 168 257
Increase in minority interests – 1,980 – 105 –
Cash used for financing activities (1,995) (4,043) (3,537) (2,364) (3,053)
Net cash flow from discontinued operations 1 – (110) – 4,475 (568)
Effect of exchange rate changes on cash 186 (263) (215) (108) 97
Increase (decrease) in cash and cash equivalents $(2,085) $ 4,223 $ 74 $ 32 $ 430
Cash and cash equivalents at beginning of year 5,763 1,540 1,466 1,434 1,004
Cash and cash equivalents at end of year $ 3,678 $ 5,763 $ 1,540 $ 1,466 $ 1,434
1 Includes payments of direct expenses related to the Conoco divestiture.
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13. Selected Additional Data 2002 2001 2000 1999
(dollars in millions)
Effective Income Tax Rate
Statutory U.S. federal income tax rate 35.0% 35.0% 35.0% 35.0%
International operations, including settlements (19.0) (0.8) (2.8) 4.2
Lower effective tax rate on export sales (2.2) (0.6) (1.7) (2.2)
Postemployment costs (2.3) – – –
In-process research development* – – – 46.6
Other – net (2.8) 2.4 0.6 (0.2)
Effective income tax rate 8.7% 36.0% 31.1% 83.4%
* The charge associated with the 1999 Pioneer transaction was not tax effected because the purchase was a stock acquisition rather than an asset purchase.
2002 2001 2000 1999 1998
As a percentage of net sales:
Cost of goods sold and other operating charges 68% 68% 64% 63% 63%
Selling, general and administrative expenses 11 12 11 10 9
Research and development expense 5 6 6 6 5
Underlying income from continuing operations 8 5 10 11 12
Cash provided by continuing operations 9 10 18 18 17
Interest coverage ratio* 10.0 4.8 6.9 9.8 9.2
* Underlying income from continuing operations before income taxes, plus the sum of interest expense and amortization of capitalized interest less interest income,
divided by the sum of interest expense and capitalized interest less interest income.
Research and Development Expenditures
Amount per Consolidated Income Statement $1,264 $1,588 $1,776 $1,617 $1,308
Breakdown by product area:
Polymer Science 43% 32% 30% 36% 47%
Health Science – 28 32 29 14
Agricultural Science 40 30 29 26 27
Electronic Materials 11 6 5 5 7
Chemicals 6 4 4 4 5
Total 100% 100% 100% 100% 100%
Selected Additional Data
Annual Percent Change in Sales Versus Prior Year* 1% (10)% 1% 0% (4)%
Portion due to selling prices (3) (2) (1) (3) (2)
Portion due to volume and mix* 4 (8) 2 3 (2)
Average Manufacturing Capacity Utilization 81% 78% 81% 83% 82%
* Percentage changes are calculated using sales adjusted to exclude current-year sales from acquisitions when there are no comparable prior-year sales, and to exclude
prior-year sales of businesses that have been divested.
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14. CORPORATE FINANCIAL DATA
Selected Additional Data 2002 2001 2000
(dollars in millions, except per share)
Financial Results by Quarter
Net sales
1st $ 6,142 $ 6,859 $ 7,593
2nd 6,700 6,997 7,914
3rd 5,482 5,641 6,445
4th 5,682 5,229 6,316
Total $24,006 $24,726 $28,268
Underlying income
1st $ 552 $ 567 $ 898
2nd 711 432 949
3rd 401 128 537
4th 345 124 494
Total $ 2,009 $ 1,251 $ 2,878
Underlying earnings per share of common stock – diluted
1st $ .55 $ .54 $ .85
2nd .71 .41 .90
3rd .40 .12 .51
4th .34 .12 .47
Total $ 2.00 $ 1.19 $ 2.73
Geographic Information 2002 2001 2000
Net Net Net Net Net Net
Sales* Property Sales* Property Sales* Property
North America
United States $11,422 $ 8,282 $12,054 $ 8,167 $14,509 $ 8,887
Canada 859 601 918 536 1,074 538
Mexico 546 172 559 164 581 165
Other 64 82 82 85 76 151
Total $12,891 $ 9,137 $13,613 $ 8,952 $16,240 $ 9,741
Europe, Middle East and Africa
Germany 1,609 552 1,590 585 1,716 641
France 859 126 929 170 986 181
United Kingdom 626 701 704 709 783 721
Italy 767 27 854 25 915 29
Other 2,451 1,205 2,354 1,243 2,474 1,232
Total $ 6,312 $ 2,611 $ 6,431 $ 2,732 $ 6,874 $ 2,804
Asia Pacific
Japan 840 73 906 75 1,023 78
Taiwan 707 582 663 632 809 680
China 681 149 623 133 487 142
Singapore 108 285 110 325 134 345
Other 1,511 126 1,355 127 1,506 126
Total $ 3,847 $ 1,215 $ 3,657 $ 1,292 $ 3,959 $ 1,371
South America
Brazil 573 227 576 187 686 123
Argentina 176 73 223 102 243 118
Other 207 23 226 22 266 25
Total $ 956 $ 323 $ 1,025 $ 311 $ 1,195 $ 266
Total $24,006 $13,286 $24,726 $13,287 $28,268 $14,182
* Net sales are attributed to countries based on location of customer.
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15. Net Sales Outside the United States as a Percentage of Sales
2002 2001 2000
Agriculture Nutrition 51% 52% 50%
Coatings Color Technologies 61% 61% 59%
Electronic Communication Technologies 57% 55% 51%
Performance Materials 54% 52% 51%
Pharmaceuticals – 34% 27%
Safety Protection 39% 38% 36%
Textiles Interiors 52% 50% 47%
Other 56% 85% 80%
Total 53% 51% 49%
Exports from the United States
2002 2001 2000
Net sales (dollars in millions) $4,519 $4,673 $5,117
As a percentage of net sales 19% 19% 18%
Purchased Materials and Energy Cost Index (1977 = 100; period average)
2002 2001 2000 1999 1998
Basic Materials 156 163 160 164 164
Precious Metals 226 289 324 240 224
Chemicals 172 178 174 157 170
Hydrocarbons 168 183 198 137 128
Energy 270 332 289 218 218
Total Purchased Index 183 200 198 164 168
Total Variable Cost of Goods Top Purchased Energy and Raw Materials
Primary Uses
Natural gas .......................... Nylon
Electricity ...................... Various
Paraxylene .................. Polyester
Cyclohexane ............... Nylon
Butadiene .................... Nylon
Titanium ores ................. White Pigments
Ethane ............................... Packaging Polymers
Precious metals .................. Electronics
Organic pigments .................. Performance Coatings
Fiberglass ................................. Engineering Polymers
Chlorine ........................................ White Pigments
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16. CORPORATE FINANCIAL DATA
Selected Additional Data
Price and Volume* Change Summary
Selling Price and Sales Volume Worldwide Selling Price and Sales Volume Worldwide
Percentage Change from Prior Year Indices, 1990 = 100
150
10
145
8
140
135
6
130
4
125
120
2
115
0 110
105
-2
100
-4 95
90
-6
85
80
-8
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Price Volume
Price Volume
Selling Price % Change from Prior Year Sales Volume % Change from Prior Year*
Year Worldwide U.S. Other Regions Year Worldwide U.S. Other Regions
1993 (3) 0 (7) 1993 2 1 2
1994 (1) (1) (2) 1994 9 5 15
1995 5 3 8 1995 4 1 7
1996 (1) 0 (3) 1996 3 3 4
1997 (3) 0 (7) 1997 7 5 10
1998 (2) (1) (2) 1998 (2) (3) (1)
1999 (3) (2) (4) 1999 3 1 6
2000 (1) 1 (3) 2000 2 (2) 6
2001 (2) (1) (4) 2001 (8) (12) (3)
2002 (3) (3) (3) 2002 4 3 4
2002 Selling Price % Change from Prior Year 2002 Sales Volume % Change from Prior Year*
Qtr Worldwide U.S. Other Regions Qtr Worldwide U.S. Other Regions
1st (6) (4) (7) 1st (2) (2) (2)
2nd (4) (3) (6) 2nd 5 3 6
3rd (2) (4) 0 3rd 6 5 7
4th 0 (1) 1 4th 7 8 6
Year (3) (3) (3) Year 4 3 4
* Volume percentage changes are calculated using sales adjusted to exclude current-year sales from acquisitions when there are no comparable prior-year sales and to
exclude prior-year sales of businesses that have been divested.
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