What changed in this filing

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Item 1. Business

2025-02-14 compared with 2024-02-15 · 69 added, 79 removed, 174 unchanged (46% of the section changed)

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The Delrin® Divestiture together with the M&M Divestiture, are referred to as the “M&M Divestitures”.

Intended Electronics Separation

On May 22, 2024, DuPont announced a plan to separate each of its Electronics and Water businesses in a tax-free manner to its shareholders, (the “Previously Intended Business Separations”).

On January 15, 2025, DuPont announced it is targeting November 1, 2025, for the completion of the intended separation of the Electronics business (the “Intended Electronics Separation”).

DuPont also announced that it would retain the Water business.

The Intended Electronics Separation will not require a shareholder vote and is subject to satisfaction of customary conditions, including final approval by DuPont's Board of Directors, receipt of a tax opinion from counsel, the filing and effectiveness of a Form 10 registration statement with the U.S.

Securities and Exchange Commission, applicable regulatory approvals and satisfactory completion of financing.

Financial Flexibility and Return of Excess Capital

Following the M&M Divestiture, in November 2022, DuPont redeemed in full $2.5 billion in fixed-rate long term senior unsecured notes due November 2023.

Following the announcement of the Previously Intended Business Separations, in the second quarter 2024, DuPont completed a partial redemption of $650 million aggregate principal amount of its 2038 Notes and 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.

In the fourth quarter of 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 2023, the Company completed the repurchase $3.25 billion of its common stock through an accelerated share repurchase (“ASR”) transaction (the “$3.25B ASR Transaction”) with $250 million of such repurchases completing the $1 billion share repurchase program approved in February 2022 (the “2022 Share Buyback Program”) and the remaining $3 billion under 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").

The accelerated repurchase agreements under the $2B ASR Transaction were settled during the first quarter of 2024 and in total the Company repurchased 27.9 million shares under the transaction.

The completion of the $2B ASR Transaction completes the $5B Share Buyback Program and the Company's stock repurchase authorization.

Subsequent to year end, 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 Program”).

Under the $1B 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 Program terminates on June 30, 2025, unless extended or shortened by the Board of Directors.

Subsequent to year end, in the first quarter 2024, DuPont entered an ASR agreement with one counterparty for the repurchase of about $500 million of common stock.

DuPont received initial deliveries in February 2024 of 6 million shares of common stock.

The final number of shares to be repurchased will be based on the volume-weighted average stock price for DuPont common stock during the term of the ASR agreement, less an agreed upon discount.

Final settlement is expected in the second quarter 2024.

In the third quarter 2023, the Company completed the repurchase and retired a total of 46.8 million shares of common stock with $250 million of such repurchases completing the $1 billion share repurchase program approved in February 2022 and the remaining $3 billion under the $5B Share Buyback Program.

In the first quarter of 2024, the Company completed the remaining $2 billion of buyback authority under the $5B Share Buyback Program repurchasing 27.9 million shares.

In the first quarter of 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”).

The $1B Share Buyback Program terminates on June 30, 2025, unless extended or shortened by the Board of Directors.

In the second quarter of 2024, DuPont completed an accelerated stock repurchase transaction (“ASR") for the repurchase of about $500 million of common stock.

In total, the Company repurchased 6.9 million shares at an average price of $71.96 per share under the transaction.

In connection with the Previously Intended Business Separations and continuing in light of the Intended Electronics Separation, DuPont announced its intent not to complete the remaining $500 million in share buyback authority under the $1B Share Buyback Program.

For more information, see the discussion of Liquidity & Capital Resources in See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Targeted Acquisitions

On July 1, 2021, DuPont completed the acquisition of the Laird Performance Materials business (the “Laird PM Acquisition”) from Advent International.

which was integrated into Interconnect Solutions within the Electronics & Industrial segment.

On August 1, 2023, the Company completed the acquisition of Spectrum Plastics Group (“Spectrum”) from AEA Investors (the “Spectrum Acquisition”) which is onboarding into Industrial Solutions within the Electronics & Industrial segment.

On August 1, 2023, the Company completed the acquisition of Spectrum Plastics Group (“Spectrum”) from AEA Investors (the “Spectrum Acquisition”) which is part of Industrial Solutions within the Electronics & Industrial segment.

On July 28, 2024, DuPont completed the acquisition of Donatelle Plastics, LLC ("Donatelle Plastics"), (the "Donatelle Plastics Acquisition"), which is being integrated into Industrial Solutions within the Electronics & Industrial segment.

See Note 3 to the Consolidated Financial Statements for more information.

Water District Settlement Agreement

In April 2024, the $1.185B Water District Settlement became final and therefore DuPont’s $400 million contribution, plus interest, to the Water District Settlement Fund is reflected as a cash outflow within cash flows from discontinued operations during the year ended December 31, 2024.

See Note 16 to the Consolidated Financial Statements for additional information.

BASIS OF PRESENTATION

The M&M Divestitures represent a strategic shift with a related major impact on DuPont's operations and results.

Beginning in and subsequent to the second quarter of 2023, the Company has elected to segregate the cash flows from discontinued operations from the cash flows from continuing operations in accordance with ASC 230, Statement of Cash Flows.

The Consolidated Statements of Cash Flows have been recast for all periods to reflect the change in presentation.

The Consolidated Financial Statements included in this annual report present the financial position of DuPont as of December 31, 2023 and 2022, the results of operations of DuPont for the years ended December 31, 2023, 2022 and 2021, and the Consolidated Statements of Cash Flows giving effect to the M&M Divestitures and the N&B Transaction as if each had occurred on January 1, 2021, with the historical financial results of the businesses divested as part of the M&M Divestitures (the "M&M Businesses") and the N&B Transaction reflected as discontinued operations, as applicable.

The comprehensive income related to the M&M Businesses and the N&B business have not been segregated and are included in the Consolidated Statements of Comprehensive Income, for the year ended December 31, 2023, 2022 and 2021, as applicable.

Unless otherwise indicated, the information in the Notes to the Consolidated Financial Statements refer only to DuPont's continuing operations and do not include discussion of balances or activity of the M&M Businesses or N&B.

The Consolidated Financial Statements included in this annual report present the financial position of DuPont as of December 31, 2024 and 2023, the results of operations of DuPont for the years ended December 31, 2024, 2023 and 2022, and the Consolidated Statements of Cash Flows giving effect to the M&M Divestitures as if it had occurred on January 1, 2022, with the historical financial results of the businesses divested as part of the M&M Divestitures (the "M&M Businesses") reflected as discontinued operations, as applicable.

The comprehensive income related to the M&M Businesses has not been segregated and are included in the Consolidated Statements of Comprehensive Income, for the year ended December 31, 2024, 2023 and 2022, as applicable.

SEGMENT INFORMATION

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Electronics & Industrial also provides permanent and process chemistries for the fabrication of printed circuit boards to include laminates and substrates, electroless and electrolytic metallization solutions, as well as patterning solutions and materials and innovative metallization processes for metal finishing, decorative, and industrial applications and provides high-performance electromagnetic shielding and thermal management solutions.

Since the acquisition of Spectrum, Electronics & Industrial also produces specialty medical devices.

With the acquisitions of Spectrum and Donatelle, Electronics & Industrial also produces specialty medical devices.

Electronics & Industrial is a leading global supplier in the packaging graphics industry providing photopolymer plates and platemaking systems used in flexographic printing and digital inks for textile, commercial and home-office printing applications.

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Acquisitions & Divestitures

On July 28, 2024, DuPont completed the acquisition of Donatelle Plastics, LLC.

Donatelle Plastics is a medical device company specializing in the design, development and manufacture of medical components and devices.

Donatelle Plastics is presented within the Industrial Solutions business.

On August 1, 2023, the Company completed the acquisition of Spectrum Plastics Group from AEA Investors.

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Spectrum is presented within the Industrial Solutions business.

On July 1, 2021, the Company completed the acquisition of Laird Performance Materials ("Laird PM") from Advent International.

Laird PM is a leader in high-performance electromagnetic shielding and thermal management solutions.

Laird PM is presented within the Interconnect Solutions business.

Details on Electronics & Industrial's 2024 net sales, by major product line and geographic region, are as follows:

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Major Product Line Applications/Market Segments Technologies

Semiconductor Technologies Integrated circuit fabrication for memory and logic semiconductors CMP consumables, photolithography materials, semiconductor fabrication materials, fabrication cleaners and removers, advanced chip packaging materials and thermal management materials

Interconnect Solutions Printed circuit board, electronic and industrial finishing Circuit packaging film and laminate materials, interconnect metallization and imaging process chemistries, dry film photoresists, polyimide films, flexible circuit materials, electromagnetic shielding and thermal management materials

Interconnect Solutions Printed circuit board, electronic and industrial finishing Circuit packaging film and laminate materials, interconnect metallization and imaging process chemistries, dry film photoresists, polyimide films, flexible circuit materials, LED encapsulants, electromagnetic shielding and thermal management materials

Industrial Solutions 1

Flexographic printing and inkjet printing,

display materials, high performance parts and specialty silicones for automotive, aerospace, electronics, industrial, healthcare and medical device markets

Flexographic printing plates and materials, digital inks, OLED and other display process materials, LED encapsulants, perfluoroelastomer and polyimide parts and shapes, and specialty silicone elastomers and lubricants

Spectrum, a recently acquired component of the Electronics & Industrial Segment, has been included within the Industrial Solutions business.

Flexographic printing and inkjet printing, high performance parts and specialty silicones for automotive, aerospace, electronics, industrial, healthcare and medical device markets

Flexographic printing plates and materials, digital inks, perfluoroelastomer and polyimide parts and shapes, specialty silicone elastomers and lubricants, and specialty extrusion and molded parts for medical devices and components

Donatelle Plastics, a recently acquired component of the Electronics & Industrial segment, has been included within the Industrial Solutions business.

Key Raw Materials

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Current and Future Investments

The Company invested approximately $70 million in its Electronics & Industrial segment to build new production assets at a Newark, Delaware plant to expand the production of KALREZ® perfluoroelastomer parts to meet global customer demand from the semiconductor and industrials sectors.

The new assets were fully operational as of November 2023.

The Company will invest approximately $70 million in its Electronics & Industrial segment to build new production assets at a Dayton, Ohio plant.

The new assets will expand polymer production capacity to meet growing customer demand from the semiconductor market.

At December 31, 2024, the Company had spent approximately $19 million since the start of the project and expects the new assets to be operational by the end of 2026.

Additionally, the Company expects to invest about $165 million over the next five years at its Newark, Delaware plant to expand domestic production capacity to meet global customer demand from the semiconductor market.

The multi-year investment plan will expand capacity and improve reliability for domestic supply assurance, improve product quality and consistency for advanced nodes, and expand manufacturing capabilities to enable new technology.

At December 31, 2024, the Company had spent approximately $40 million under the investment plan.

WATER & PROTECTION

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Current and Future Investments

The Company previously announced plans to invest more than $400 million in Water & Protection to increase capacity for the manufacture of TYVEK® nonwoven materials at its Luxembourg site due to growing global demand.

Start up and scaling for the new TYVEK® operating line began in the first quarter of 2024.

The Company completed the previously announced plans to increase capacity for the manufacture of TYVEK® nonwoven materials at its Luxembourg site due to growing global demand.

The new assets were online and operational in early 2024 and the total investment was approximately $400 million.

CORPORATE & OTHER

Corporate & Other includes sales and activity of the Retained Businesses including the Auto Adhesives & Fluids, Multibase TM and Tedlar® product lines.

The costs of the M&M Businesses that are classified as discontinued operations include only direct operating expenses incurred prior to the November 1, 2022 M&M Divestiture and costs which the Company stopped incurring upon the close of the Delrin® Divestiture.

Corporate & Other includes DuPont's equity interest in Derby Holdings Group related to the Delrin® Divestiture.

The results of Corporate & Other also include the sales and activity of certain divested businesses including the operations of the Biomaterials business unit divested in May 2022.

Corporate & Other also includes certain enterprise and governance activities including non-allocated corporate overhead costs and support functions, leveraged services, non-business aligned litigation expenses and other costs not absorbed by reportable segments.

The costs of the M&M Businesses that are classified as discontinued operations include only direct operating expenses incurred prior to the M&M Divestiture on November 1, 2022 and costs which the Company stopped incurring upon the close of the Delrin® Divestiture.

Indirect costs, such as those related to corporate and shared service functions previously allocated to the M&M Businesses, do not meet the criteria for discontinued operations and remain reported within continuing operations.

A portion of these indirect costs related to activities the Company continues to undertake post-closing of the M&M Divestiture, and for which it is reimbursed by Celanese, (“Future Reimbursable Indirect Costs”).

In addition, a portion of these indirect costs relate to activities the Company is contractually obligated under the separation agreements to continue to perform post the close of the Delrin® Divestiture and for which it is being reimbursed by the divested Delrin® business.

Future Reimbursable Indirect Costs are reported within continuing operations but are excluded from operating EBITDA as defined below.

A portion of these indirect costs related to activities the Company continues to undertake post-closing of the M&M Divestitures, and for which it is reimbursed (“Future Reimbursable Indirect Costs”).

Future Reimbursable Indirect Costs are reported within continuing operations in Corporate & Other but are excluded from Operating EBITDA as defined below.

The remaining portion of these indirect costs are not subject to future reimbursement (“Stranded Costs”).

Stranded Costs are reported within continuing operations in Corporate & Other and are included within Operating EBITDA.

Corporate & Other includes Stranded Costs and Future Reimbursable Indirect Costs.

The results of Corporate & Other include the sales and activity of certain divested businesses including the operations of Biomaterials, Clean Technologies and Solamet® business units.

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 Company defines Operating EBITDA as earnings (i.e., “Income from continuing operations before income taxes") before interest, depreciation, amortization, non-operating pension / other post-employment benefits (“OPEB”) / charges, and foreign exchange gains / losses, excluding Future Reimbursable Indirect Costs, and adjusted for significant items.

INDUSTRY SEGMENTS AND GEOGRAPHIC REGION RESULTS

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• Electronics & Industrial:

Element Solutions, Entegris, Henkel, JSR, Merck KGaA, MKS Instruments, Parker Hannifin, and TOK.

Element Solutions, Entegris, Fujifilm, Henkel, JSR, Merck KGaA, MKS Instruments, and Resonac.

• Water & Protection:

3M, Honeywell, Hydranautics, Kingspan, Kolan, Lanxess, LG Chem, Owens-Corning, Ecolab, Avient, Toray, Teijin, and Yantai.

3M, Honeywell, Hydranautics, Kingspan, Kolon, Lanxess, Owens-Corning, Ecolab, Avient, Toray, Teijin, and Yantai.

Against this competitive backdrop, value-in-use is the primary driver of price for the Company’s products, although price is impacted by many factors including, among others, fluctuations in supply and demand, and availability and cost of key manufacturing inputs including raw materials and energy.

SOURCES AND AVAILABILITY OF MAJOR RAW MATERIALS

In 2023, DuPont continued to experience the impact of continued demand declines in consumer facing markets, channel inventory destocking and slower industrial demand in China.

Prices are driven by global supply and demand.

The Company uses a wide variety of raw materials in the manufacturing of products.

The prices of raw materials are driven by global supply and demand.

In recent years, raw material prices and availability have been affected by worldwide economic conditions, including supply chain disruptions and inflationary cost pressures.

The Company actively works to mitigate impacts of widespread supply chain and logistics issues.

The Company actively works to mitigate impacts of such conditions.

Most products are marketed primarily through the Company's sales organization, although for some product lines, more emphasis is placed on sales through distributors.

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Therefore, the Company believes that backlog information is generally not meaningful to understanding its overall business and should not be considered a reliable indicator of the Company's ability to achieve any particular level of revenue or financial performance.

Certain of the Company's sales are seasonal as consumer electronics and North American and European construction end-market demand generally increases in the second and third fiscal quarters resulting in sales increases in Interconnect Solutions and Shelter Solutions, respectively.

This seasonality is partially mitigated by the other products provided by the Company that have no material seasonal effect.

INTELLECTUAL PROPERTY

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(1) Environmental Proceedings on page 30 , (2) Management's Discussion and Analysis of Financial Condition and Results of Operations beginning on page 37 , (3) Notes 1 and 16 to the Consolidated Financial Statements.

ENVIRONMENTAL SOCIAL AND GOVERNANCE (ESG)

SUSTAINABILITY

DuPont’s purpose is to empower the world with the essential innovations to thrive.

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and protecting the health and well-being of its employees and communities.

In 2019, DuPont announced its 2030 Sustainability Goals, including its Acting on Climate Goal - to reduce greenhouse gas (GHG) emissions measured from a base year of 2019 and deliver carbon neutral operations by 2050.

In the second quarter 2023, DuPont announced it had strengthened its climate goals.

Additional information about DuPont's sustainability strategy and 2030 Goals can be found on its website as discussed below and in several areas of this report, including:

Management's Discussion and Analysis of Financial Condition and Results of Operations beginning on page 35 .

Information about DuPont’s ESG-related policies, programs, initiatives and goals is available under Sustainability in the About Us section of its website.

DuPont believes that climate change is an important global environmental issue that presents risks and opportunities.

The Company is continuously evaluating opportunities for existing and new product and service offerings to meet the anticipated demands of a low-carbon economy.

Information about DuPont’s sustainability-related policies, programs, initiatives and goals is available under Sustainability in the "About Us" section of its website.

The Company’s 2024 Sustainability Report, which is aligned to the Global Reporting Initiative (“GRI”) Standards and the Sustainability Accounting Standards Board ("SASB") frameworks, includes information based on the businesses and facilities owned and operated by the Company during the calendar year 2023.

As such, the 2023 Sustainability Report, and certain other information under Sustainability , do not reflect and have not been adjusted to reflect, among other things, the Delrin® Divestiture.

The 2023 Sustainability Report includes discussion of the Company’s approach to ESG governance which is overseen by the Company’s Board of Directors.

In 2022 the Company took further actions to further align its governance and enterprise risk management practices around climate-related risks with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Additional corporate governance information, including DuPont’s amended and restated charter, amended and restated bylaws, corporate governance guidelines, Board committee charters, and code of business conduct and ethics, is available under Corporate Governance in the "For Investors" section of the Company’s website.

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HUMAN CAPITAL

Foundational to the Company’s current and future success is its employees, who drive the Company’s strategic vision, manage operations and develop products.

F oundational to the Company’s current and future success is its employees, who drive the Company’s strategic vision, manage operations and develop products.

The Company focuses significant attention on attracting, motivating and retaining talent at all levels.

Through training and professional development initiatives, promoting a culture of diversity, equity and inclusion, and emphasizing the importance of health, safety and well-being, the Company’s aim is to create an environment that fully supports the needs of its employees providing opportunity for financial and career growth, an inclusive and collegial experience and purpose in doing work that matters.

Through training and professional development initiatives, promoting a respectful and welcoming culture, and emphasizing the importance of health, safety and well-being, the Company’s aim is to create an environment that fully supports the needs of its employees providing opportunity for financial and career growth, an inclusive and collegial experience and purpose in doing work that matters.

The Company is committed to upholding a workplace culture that prioritizes the wellbeing and fulfillment of our employees and strongly believes that this approach not only aligns with our values but also positively impacts our long-term performance.

To ensure that we are consistently fulfilling this commitment, we regularly gather feedback from our colleagues and analyze our progress.

To ensure that the Company is consistently fulfilling this commitment, DuPont regularly gathers feedback from our colleagues and analyzes our progress.

Annually, an enterprise-wide engagement survey is conducted, which provides insight into employee morale and aspects of workplace culture like core values, commitment to ethical behavior, teamwork and employee development.

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The Company has prioritized learning and career development opportunities for leaders and all employees.

The Company offers a diverse set of training, education and development opportunities, both formally and informally, throughout the year.

The Company offers a wide set of training, education and development opportunities, both formally and informally, throughout the year.

All employees take part in a mix of on-the-job training and appropriate learning and training opportunities focusing on topics that are the most critical and relevant to each employees’ job function.

Employees have the freedom to create meaningful development plans, identify goals, and take steps to achieve them.

The Company believes that diversity, equity and inclusion ("DE&I") is central to high employee engagement and seeks to foster an environment where employees can bring their authentic selves to work each day.

The more perspectives there are, the more ideas that can be generated, which makes DE&I a driver of innovation, and therefore, integral to the Company’s success.

DuPont believes that it can fulfill its purpose with the full commitment, participation, creativity, energy, and cooperative spirit of a diverse workforce.

The Company provides its Equal Employment Opportunity Employer Information Report (EEO-1), and other information on its DE&I efforts under Diversity, Equity & Inclusion in the "About Us" and "Sustainability" sections of its website.

Nothing on the DuPont websites shall be deemed incorporated by reference into this Annual Report on Form 10-K.

The Company is committed to ensuring equal opportunity for growth and fulfillment for its employees and to positively impacting communities in which it operates.

The Company’s employee-led Employee Resource Groups (“ERGs”) help cultivate a culture of acceptance where employees feel not only accepted, but celebrated, at every level.

ERGs are open to everyone, people who share a common affinity and their allies.

As of December 31, 2023, the Company has eight corporate ERGs - DuPont Black Employees Network, DuPont Asian Group, DuPont Pride Network, DuPont Latin Network, DuPont Women’s Network, DuPont Veterans Network, DuPont Early Career Network, and DuPont Persons with Disabilities and Allies - all of which have regional and local chapters through the Company.

Each group is actively sponsored by senior leadership, helping model and promote inclusive values and behaviors.

The Company also offers DE&I tools and resources to educate managers and employees on cultivating and maintaining an inclusive work environment.

These resources include networking and mentoring practices, and opportunities for participation in external conferences and events, among others.

Annual DE&I Awards celebrate individuals and teams that are making a difference in the work environment and help inspire further actions.

The Company is committed to ensuring fair access to growth and fulfillment opportunities for its employees and to positively impacting communities in which it operates.

In furtherance of these commitments, the Company supports several employee-led resource groups which are open to all employees.

Organizational culture is only as strong and resilient as its leaders;

therefore, DuPont invests in leadership development.

DuPont provides programming, including programming with bespoke curriculum, assessment and coaching, to give leaders the skills and tools they need to support our employees through balanced leadership.

Annually, our senior leadership is asked to identify key talent with aspiration and high potential to develop into advanced levels of leadership.

DuPont provides programming to equip leaders with the skills needed to support our employees through effective leadership.

Annually, our senior leadership identifies key talent based on performance, potential and aspiration to develop for advancement.

The Company's success also depends on the well-being of employees, including physical, mental and emotional health.

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The Company continuously strives for zero workplace injuries, occupational illnesses and incidents.

The Company’s safety metrics are continually measured against this goal, and DuPont’s Environmental, Health, Safety & Sustainability Committee is charged with driving improvements in the Company's health and safety practices.

Services also assesses health risks across DuPont to find out which health concerns are most important to the Company's employees, conducts medical surveillance exams based on occupational risks and regulatory compliance priorities flagged by DuPont’s Environmental, Health and Safety team.

DuPont continues to embrace workplace flexibility wherever possible, recognizing that different jobs and teams have different requirements.

In office environments DuPont supports hybrid working, allowing employees to mix on-site and remote working.

In lab and production environments where remote working options are limited, DuPont continues to embrace flexible scheduling as feasible.

These flexible working arrangements allow the Company to gain the best of what both remote and on-site working have to offer while improving well-being, reducing travel, and benefiting the environment.

The Company’s safety metrics are continually measured against this goal, and DuPont’s Environmental, Health, Safety & Sustainability Committee oversees improvements in the Company's health and safety practices.

Health Services also assesses health risks across DuPont to find out which health concerns are most important to the Company's employees, conducts medical surveillance exams based on occupational risks and regulatory compliance priorities flagged by DuPont’s Environmental, Health and Safety team.

As of December 31, 2024, the Company employed approximately 24,000 people worldwide.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business