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Summary of Significant Accounting Policies | 9 Months Ended
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Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (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, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These interim Consolidated Financial Statements should 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, 2012, collectively referred to as the “2012 Annual Report”. The Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained, as well as variable interest entities for which DuPont is the primary beneficiary. Basis of Presentation Certain reclassifications of prior year's data have been made to conform to current year's presentation, including separately stating cost of goods sold and other operating charges on the interim Consolidated Income Statements. In the third quarter 2012, the company signed a definitive agreement to sell its Performance Coatings business (which represented a reportable segment). In accordance with GAAP, the results of Performance Coatings are presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The sum of the individual earnings per share amounts from continuing and discontinued operations may not equal the total company earnings per share amounts due to rounding. The assets and liabilities of Performance Coatings at December 31, 2012 are presented as held for sale in the Condensed Consolidated Balance Sheet. The cash flows and comprehensive income related to Performance Coatings have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Comprehensive Income, respectively, for all periods presented. Amounts related to Performance Coatings are consistently included in or excluded from the Notes to the interim Consolidated Financial Statements based on the financial statement line item and period of each disclosure. See Note 2 for additional information. Change in Accounting Policy Effective January 1, 2013, the company changed its method of valuing inventory held at a majority of its foreign and certain United States locations from the last-in, first-out (LIFO) method to the average cost method. The company believes that the average cost method is preferable to the LIFO method as it more clearly aligns with how the company actually manages its inventory and will improve financial reporting by better matching revenues and expenses. In addition, the change from LIFO to average cost will enhance the comparability of our financial results with our peer companies. As described in the guidance for accounting changes, the comparative interim Consolidated Financial Statements of prior periods are adjusted to apply the new accounting method retrospectively. The following line items within the interim Consolidated Income Statements were affected by the change in accounting policy for the three and nine months ended September 30, 2013 and 2012:
|  | Three Months Ended September 30, 2013 | Nine Months Ended September 30, 2013
|  | As reported | As reported under LIFO | Change: (Decrease)/Increase | As reported | As reported under LIFO | Change: (Decrease)/Increase
| Cost of goods sold | $ | 5,165 |  | $ | 5,176 |  | $ | (11 | ) | $ | 17,415 |  | $ | 17,447 |  | $ | (32 | )
| Income from continuing operations before income taxes | 228 |  | 217 |  | 11 |  | 3,367 |  | 3,335 |  | 32 |
| (Benefit from) provision for income taxes on continuing operations | (35 | ) | (38 | ) | 3 |  | 687 |  | 678 |  | 9 |
| Income from continuing operations after income taxes | 263 |  | 255 |  | 8 |  | 2,680 |  | 2,657 |  | 23 |
| Income from discontinued operations after income taxes | 25 |  | 25 |  | — |  | 1,997 |  | 1,997 |  | — |
| Net income | $ | 288 |  | $ | 280 |  | $ | 8 |  | $ | 4,677 |  | $ | 4,654 |  | $ | 23 |
Basic and diluted earnings per share from continuing operations increased by $0.01 and $0.02 for the three and nine months ended September 30, 2013, respectively, as a result of the above accounting policy change.
|  | Three Months Ended September 30, 2012 | Nine Months Ended September 30, 2012
|  | As reported | As reported under LIFO | Change: (Decrease)/Increase | As reported | As reported under LIFO | Change: (Decrease)/Increase
| Cost of goods sold | $ | 4,779 |  | $ | 4,778 |  | $ | 1 |  | $ | 16,558 |  | $ | 16,549 |  | $ | 9 |
| (Loss) income from continuing operations before income taxes | (175 | ) | (174 | ) | (1 | ) | 3,122 |  | 3,131 |  | (9 | )
| (Benefit from) provision for income taxes on continuing operations | (135 | ) | (134 | ) | (1 | ) | 654 |  | 657 |  | (3 | )
| (Loss) income from continuing operations after income taxes | (40 | ) | (40 | ) | — |  | 2,468 |  | 2,474 |  | (6 | )
| Income from discontinued operations after income taxes | 48 |  | 53 |  | (5 | ) | 219 |  | 227 |  | (8 | )
| Net income | $ | 8 |  | $ | 13 |  | $ | (5 | ) | $ | 2,687 |  | $ | 2,701 |  | $ | (14 | )
Basic and diluted earnings per share from continuing operations decreased by $(0.01) for the nine months ended September 30, 2012, as a result of the above accounting policy change. Inventory and Stockholder's Equity increased by $143 and $120, respectively, as of January 1, 2012, as a result of the above accounting policy change. There was no impact on cash used by operating activities as a result of the above change.

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