
Fair Value of Financial Instruments	December 31, 2025								December 31, 2024
In millions	Cost		Gain		Loss		Fair Value		Cost		Gain		Loss		Fair Value
Cash equivalents	$	100	$	—	$	—	$	100	$	314	$	—	$	—	$	314
Restricted cash equivalents 1	$	42	$	—	$	—	$	42	$	42	$	—	$	—	$	42


Total cash and restricted cash equivalents	$	142	$	—	$	—	$	142	$	356	$	—	$	—	$	356
Long-term debt including debt due within one year 2	$	(3,134)	$	52	$	(99)	$	(3,181)	$	(7,171)	$	14	$	(57)	$	(7,214)
Derivatives relating to:
Net investment hedge 3	—		46		—		46		—		137		—		137
Foreign currency 4, 5	—		—		(10)		(10)		—		8		(8)		—
Interest rate swap agreements 6	—		—		(42)		(42)		—		—		(206)		(206)
Total derivatives	$	—	$	46	$	(52)	$	(6)	$	—	$	145	$	(214)	$	(69)

2.At December 31, 2025 and 2024 the balance included unamortized basis adjustment of $35 million and $48 million related to the 2022 Swaps, discussed below. At December 31, 2025, the balance included a fair value hedging revaluation related to the 2022 Swaps of $4 million, 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.

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.

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.

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 "Accumulated other comprehensive income" ("AOCL"), net of amounts associated with excluded components which are recognized in "Interest expense" in the Consolidated Statements of Operations.

In the second quarter of 2022, the Company entered into fixed-to-floating interest rate swap agreements (the “2022 Swaps”) with an aggregate notional principal amount totaling $1 billion to hedge changes in the fair value of the Company’s fixed-rate notes due 2038 attributable to interest rate change movements. These swaps convert interest on the hedged portion of the 2038 Notes to a floating rate based on the Secured Overnight Financing Rate ("SOFR") through November 2032. The 2022 Swaps expire on November 15, 2032 and are carried at fair value.

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 recorded in "Sundry income (expense) – net" in the Consolidated Statements of Operations. The remaining $49 million basis adjustment is amortized to "Interest expense" in the Consolidated Statements of Operations over the remaining term of the 2038 Notes. The basis adjustment amortization recorded to "Interest expense" in the Consolidated Statement of Operations for the year ended December 31, 2024 was $1 million. Similarly, on November 7, 2025, DuPont redeemed an additional $226 million aggregate principal as part of the Special Mandatory Redemption. At the time of the Special Mandatory Redemption, the total amount recorded as a cumulative fair value basis adjustment on the 2038 notes was a loss of $46 million, of which $11 million was recognized as a component of the loss from partial extinguishment of debt recorded in “Sundry income (expense) – net” in the Consolidated Statements of Operations. As a result of the accelerated redemption, the fair value basis adjustment equaled approximately $35 million and the basis adjustment amortization recorded to "Interest expense" in the Consolidated Statement of Operations for the year ended December 31, 2025, was $2 million.

Following its actions in the fourth quarter of 2025 to achieve its post-Electronics Separation capital structure, $774 million aggregate principal amount of the Company's 2038 Notes remained outstanding. To align swap notional amount with the remaining debt, on November 3, 2025, the Company settled 23 percent of the notional of the 2022 Swaps related to the 2038 Notes for $10 million, representing the allocated fair value at settlement inclusive of accrued interest.

In November 2025, the Company redesignated 77 percent of the original 2022 Swaps as a partial-term fair value hedge of the remaining $774 million of the 2038 Notes through November 2032. No changes were made to the swap terms in connection with the redesignation. Upon redesignation, changes in the fair value of the hedging instruments and the hedged portion of the debt attributable to changes in the benchmark interest rate are recorded in interest expense. As of December 31, 2025, the only interest rate swaps outstanding are the redesignated 77 percent portion of the 2022 Swaps. The hedging instrument is presented at fair value within “Other noncurrent obligations,” with accrued interest presented in “Accrued and other current liabilities.”

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 pretax basis related to foreign currency derivatives not designated as a hedge, which was included in “Sundry income (expense) – net” in the Consolidated Statements of Operations, was a loss of $23 million for the year ended December 31, 2025 ($32 million loss for the year ended December 31, 2024 and $64 million loss for the year ended December 31, 2023).

The Company’s 2022 interest rate swap agreements (“2022 Swaps”) — including their original terms, dedesignation events, settlements, and subsequent redesignation are discussed in detail above within Derivatives Designated in Hedging Relationships. During periods when the 2022 Swaps were not designated in a qualifying hedge relationship, changes in fair value and net interest settlements were recorded in “Sundry income (expense) – net.”

In addition to the 2022 Swaps, the Company entered into two forward‑starting fixed‑to‑floating interest rate swap agreements in June 2024 (the “2024 Swaps”) that were not designated as hedging instruments. One of the 2024 Swaps converted $2.15 billion principal amount of the Company’s fixed‑rate notes due 2048 into floating rate debt for the portion of their terms from 2025 through 2048. The second 2024 Swap converted $1.0 billion principal amount of fixed‑rate notes due 2038 into floating rate debt for the portion of their terms from 2032 through 2038. Both 2024 Swaps were carried at fair value and included a mandatory early termination date of December 15, 2025. On December 31, 2024, the mark to market value of the 2024 Swaps was $116 million and was recorded to "Accrued and other current liabilities."

The Company settled 30 percent of the “2024 Swap” notional related to the 2048 Notes in September 2025 for approximately $20 million, representing the allocated fair value at the time of settlement. In November 2025, the Company settled the remaining 70 percent of the “2024 Swap” notional related to the 2048 Notes and 100 percent of the “2024 Swap” notional related to the 2038 Notes for a total of $92 million, also representing their respective fair values at the time of settlement.

Gains and losses related to interest rate swaps not designated as hedges — including the non‑designated periods of the 2022 Swaps and the 2024 Swaps — were recorded in “Sundry income (expense) – net.” The Company recognized a gain of $31 million for the year ended December 31, 2025 and a loss of $138 million for the year ended December 31, 2024. Cash flows associated with the settlement of non‑designated swaps are reflected within “Cash provided by operating activities – continuing operations” in the Consolidated Statements of Cash Flows.