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Revenue (Notes) | 6 Months Ended
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Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer | 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, distributors, and farmers. 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. Revenue from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms for contracts related to product lines other than agriculture generally average 30 to 60 days after invoicing, depending on business and geography. Payment terms for agriculture product line contracts are generally less than one year from invoicing. The company elected the practical expedient and will not adjust the promised amount of consideration for the effects of a significant financing component when DuPont expects it will be one year or less between when a customer obtains control of the company's product and when payment is due. The company has elected to recognize shipping and handling activities when control has transferred to the customer as an expense in cost of goods sold. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, DuPont elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less. The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates for variable consideration are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, DuPont allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances. Licenses of Intellectual Property DuPont enters into licensing arrangements with customers under which it licenses its intellectual property, such as patents and trademarks. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. The company estimates the expected amount of sales-based royalties based on historical sales by customer. Revenue for licensing agreements that contain sales-based royalties is recognized at the later of (i) when the subsequent sale occurs or (ii) when the performance obligation to which some or all of the royalty has been allocated is satisfied. Contract Balances Contract liabilities primarily reflect deferred revenue from prepayments under agriculture product line contracts with customers where the company receives advance payments for products to be delivered in future periods. DuPont classifies deferred revenue as current or noncurrent based on the timing of when the company expects to recognize revenue. Contract assets primarily include amounts related to contractual rights to consideration for completed performance not yet invoiced within the industrial biosciences product line. Accounts receivable are recorded when the right to consideration becomes unconditional.
Contract Balances | June 30, 2018 | Topic 606 Adjustments January 1, 2018 | December 31, 2017
(In millions)
Accounts and notes receivable - trade 1 | $ | 6,428 |  | $ | 87 |  | $ | 3,976 |
Contract assets - current 2 | $ | 62 |  | $ | 40 |  | $ | — |
Deferred revenue - current 3 | $ | 392 |  | $ | 2 |  | $ | 2,014 |
Deferred revenue - noncurrent 4 | $ | 42 |  | $ | — |  | $ | 48 |
1. | Included in accounts and notes receivable - net in the Consolidated Balance Sheets.
2. | Included in other current assets in the Consolidated Balance Sheets.
3. | Included in accrued and other current liabilities in the Consolidated Balance Sheets.
4. | Included in other noncurrent obligations in the Consolidated Balance Sheets.
The change in deferred revenue from December 31, 2017 to June 30, 2018 was substantially due to the timing of agriculture product line seed deliveries to customers for the North America growing season. Revenue recognized during the six months ended June 30, 2018 from amounts included in deferred revenue at the beginning of the period was $1,815 million. Disaggregation of Revenue Effective with the Merger, DuPont’s business activities are components of DowDuPont’s business operations. DuPont’s business activities, including the assessment of performance and allocation of resources, are reviewed and managed by DowDuPont. Information used by the chief operating decision maker of DuPont relates to the company in its entirety. Accordingly, there are no separate reportable business segments for DuPont under ASC 280 “Segment Reporting” and DuPont's business results are reported in this Form 10-Q as a single operating segment. The company has one reportable segment with the following principal product lines: agriculture, packaging and specialty plastics, electronics and imaging, nutrition and health, industrial biosciences, transportation and advanced polymers and safety and construction. The company believes disaggregation of revenue by principal product line best depicts the nature, amount, timing, and uncertainty of its revenue and cash flows. Net sales by principal product line are included below:
(In millions) | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018
Agriculture | $ | 4,058 |  | $ | 6,401 |
Packaging and Specialty Plastics | 416 |  | 835 |
Electronics and Imaging | 553 |  | 1,080 |
Nutrition and Health | 1,057 |  | 2,081 |
Industrial Biosciences | 429 |  | 835 |
Transportation and Advanced Polymers | 1,142 |  | 2,263 |
Safety and Construction | 889 |  | 1,744 |
Other | 1 |  | 5 |
Total | $ | 8,545 |  | $ | 15,244 |
Sales are attributed to geographic regions based on customer location. Net sales by geographic region are included below:
(In millions) | Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018
U.S. & Canada | $ | 4,755 |  | $ | 7,270 |
EMEA 1 | 1,564 |  | 3,730 |
Asia Pacific | 1,737 |  | 3,272 |
Latin America | 489 |  | 972 |
Total | $ | 8,545 |  | $ | 15,244 |
1. | Europe, Middle East, and Africa (EMEA).

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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