DUPONT DE NEMOURS, INC., DEF 14A filed on 4/6/2023
Proxy Statement (definitive)
v3.23.1
Cover
 12 Months Ended
Dec. 31, 2022
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name DuPont de Nemours, Inc.
Entity Central Index Key 0001666700
v3.23.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]      
Pay vs Performance [Table Text Block]
Pay Versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation
S-K,
the following information is provided regarding the relationship between the “com
pensation
actually paid” (“CAP”) to the NEOs during the preceding three fiscal years, and our TSR and Net Income and also Adjusted EPS, which in our assessment represents the mos
t importan
t financial performance measure
(
that is not otherwise required to be disclosed in the first table below
)
used by us to link the CAP of the NEOs for 2022 to our performance. While Adjusted EPS was chosen for this table, our executive compensation programs use a balanced portfolio of measures to drive short and long-term objectives aligned with our strategy and shareholder interests as further described in our
CD&
A above.
 
                                       
Value of Initial Fixed
$100 Investment Based
On:
              
                     
Year
  
Summary
Compensation
Table Total
for First PEO
($)
    
Summary
Compensation
Table Total
for Second
PEO
(a)
($)
    
Compensation
Actually Paid
to First PEO
($)
    
Compensation
Actually Paid
to Second
PEO
(a)
($)
    
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
(b)
($)
    
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
(a),(b)
($)
    
Total
Shareholder
Return
($)
    
Peer
Group
(c)

Total
Shareholder
Return
($)
    
Net Income
(in Millions)
($)
    
Adjusted
EPS
(d)
($)
  
                     
2022
     25,584,297       N/A       19,098,666       N/A       3,276,034       2,296,364       113       127       5,868       3.41  
                     
2021
     15,106,986       N/A       19,419,485       N/A       5,938,960       5,015,787       131       135       6,467       4.30  
                     
2020
     12,869,436       6,486,756       19,465,111       2,976,773       3,176,294       4,049,333       113       111       (2,951 )      3.37  
 
(a)
To calculate CAP, the following amounts were respectively deducted from and added to the total of the compensation shown in the Summary Compensation
Table (SCT) for the applicable year:
First PEO SCT Total to CAP Reconciliation:
 
 
  
 
  
Deductions from SCT Total
  
Additions to SCT Total
  
 
Year
  
SCT Total
($)
  
Stock Award and
Option Awards
(1)
($)
  
Change in
Pension Value
($)
  
Equity Value
(2)
($)
  
Pension Value
(2)
($)
  
CAP
($)
2022
    25,584,297        -13,152,688          0          +6,667,057          +0          19,098,666  
             
2021
    15,106,986        -11,474,869          0          +15,787,368          +0          19,419,485  
             
2020
    12,869,436        -10,295,150          0          +16,890,825          +0          19,465,111  
Second PEO SCT Total to CAP Reconciliation:
 
         
Deductions from SCT 
Total
   
Additions to SCT Total
     
             
Year
   
SCT Total
($)
   
Stock Award
and
Option
Awards
(1)
($)
   
Change in
Pension Value
($)
   
Equity Value
(2)
($)
  
Pension Value
(2)
($)
   
CAP
($)
             
2020
    6,486,756        0          0          +(3,509,983 )        +0          2,976,773  
 
Non-PEO
NEO SCT Total to CAP Reconciliation
(all amounts shown as averages for
Non
-PEO
NEOs):
 
         
Deductions from SCT Total
   
Additions to SCT Total
     
             
Year
   
SCT Total
($)
   
Stock Award
and Option
Awards
(1)
($)
   
Change in
Pension Value
($)
   
Equity Value
(2)
($)
   
Pension Value
(2)
($)
   
CAP
($)
             
2022
    3,276,034        -
2,038,762
          0          +
1,059,092
          +
0
          2,296,364  
             
2021
    5,938,960        -
3,352,919
          0          +
2,420,121
          +
9,625
          5,015,787  
             
2020
    3,176,294        -
1,425,778
          -119,144          +
2,378,740
          +
39,221
          4,049,333  
 
  (1)
Represents the grant date fair value of equity-based awards granted each year.
  (2)
The equity award and pension benefit adjustments for each applicable year were calculated in accordance with the methodology required by Item 402(v) of Regulation S-K. Only M. Heinzel, Non-PEO NEO as noted in footnote (b), has pension accruals calculated in accordance with the SEC methodology for determining CAP. All other pension accruals reported in the SCT are related to a frozen Non-Qualified plan which does not have any service accrual. The amounts deducted or added in calculating the equity award adjustments for the PEO and Non-PEOs are provided in the tables below.
First PEO Equity Award Adjustments:
 
Year
 
Year End Fair Value
of Awards Granted
in the Year
($)
(a)
  
Vest Date Fair
Value of Awards
Granted in the
Year
($)
(b)
    
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Awards
($)
(c)
    
Year over Year
Change in Fair
Value of Awards
Granted in Prior
Years that Vested
in the Year
($)
(d)
    
Prior Year End
Fair Value of
Awards Failing to
Meet Vesting
Conditions During
the Year
($)
(e)
    
Total Equity
Award
Adjustments
($)
  (a) + (b) + (c) + (d) - (e)  
  
             
2022
   12,053,943     91,001       (2,597,693 )      (2,880,195 )      —       6,667,057  
             
2021
   12,566,398     95,026       2,544,047       581,896       —       15,787,368  
             
2020
   16,014,001     —       1,918,039       (1,041,215 )      —       16,890,825  
Second PEO Equity Award A
dj
ustments:
 
Year
 
Year End Fair Value
of Awards Granted
in the Year
($)
(a)
  
Vest Date Fair
Value of Awards
Granted in the
Year
($)
(b)
    
Year over Year
Change in Fair
Value of
Outstanding and
Unvested Awards
($)
(c)
    
Year over Year
Change in Fair
Value of Awards
Granted in Prior
Years that Vested
in the Year
($)
(d)
    
Prior Year End
Fair Value of
Awards Failing to
Meet Vesting
Conditions During
the Year
($)
(e)
    
Total Equity
Award
Adjustments
($)
(a) + (b) + (c) + (d) - (e)
  
             
2020
   —     —       257,545       (1,545,470 )      2,222,058       (3,509,983
)
 
Non-PEO Equity Award Adjustments
(all amounts shown as averages for Non-PEO NEOs):
 
Year
 
Year End Fair Value
of Awards Granted
in the Year
(a)
  
Vest Date Fair
Value of Awards
Granted in the
Year
(b)
    
Year over Year
Change in Fair
Value of
Outstanding and
Unvested
Awards
(c)
    
Year over Year
Change in Fair
Value of Awards
Granted in Prior
Years that Vested
in the Year
(d)
    
Prior Year End
Fair Value of
Awards Failing to
Meet Vesting
Conditions During
the Year
(e)
    
Total Equity
Award
Adjustments
($)
  (a) + (b) + (c) + (d) -(e)  
  
             
2022
   1,882,725     —       (551,280 )      (272,353 )      —       1,059,092  
             
2021
   2,885,290     —       276,055       219,829       961,053       2,420,121  
             
2020
   2,391,418     —       429,019       (117,836 )      323,861       2,378,740  
 
(b)
The First PEO
reflected
in the tables is Edward D. Breen and the Second PEO reflected in the tables is C. Marc Doyle. The
Non-PEO
NEOs included in the average calculations has changed annually; the following table
indicates
the
Non-PEO
NEOs included in the average for the indicated year:
 
Year
   
Jean Marie
Desmond
   
Lori
Koch
   
Matthias
Heinzel
(1)
   
Randy
Stone
   
Rose Lee
   
Jon
Kemp
   
Erik
Hoover
   
Leland
Weaver
                 
2022
    —    NEO    —    —    —    NEO    NEO    NEO
                 
2021
    —    NEO    Former NEO    NEO    Former NEO    NEO    NEO    —
                 
2020
    Former NEO    NEO    NEO    NEO    NEO    —    —    —
 
  (1)
Mr. Heinzel was a German employee and his salary
,
bonus and other
non-equity
related compensation items were paid in Euros. U.S. Dollar amounts in the table with respect to Mr. Heinzel were converted from Euros at a rate of 1.11 Dollars to one Euro for compensation reported in 2020 and a rate of 1.22 Dollars to one Euro for compensation reported in 2021. The exchange rate used was calculated by averaging exchange rates for each date in December of the reporting year.
 
(c)
Peer Group reflects the same peer group used for purposes of the performance graph under Regulation
S-K
Item 201(e)(1)(ii) as set forth in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022 (S&P Industrials).
(d)
This measure has been designated as the “Company-Selected Measure” for 2022, in accordance with SEC rules, and represents the most important financial performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to our NEOs in 2022. Adjusted EPS is a non-GAAP financial measure. See Appendix A for a reconciliation of Adjusted EPS to the most directly comparable U.S. GAAP financial measure, earnings per share.
   
Company Selected Measure Name Adjusted EPS    
Named Executive Officers, Footnote [Text Block]
The First PEO
reflected
in the tables is Edward D. Breen and the Second PEO reflected in the tables is C. Marc Doyle. The
Non-PEO
NEOs included in the average calculations has changed annually; the following table
indicates
the
Non-PEO
NEOs included in the average for the indicated year:
 
Year
   
Jean Marie
Desmond
   
Lori
Koch
   
Matthias
Heinzel
(1)
   
Randy
Stone
   
Rose Lee
   
Jon
Kemp
   
Erik
Hoover
   
Leland
Weaver
                 
2022
    —    NEO    —    —    —    NEO    NEO    NEO
                 
2021
    —    NEO    Former NEO    NEO    Former NEO    NEO    NEO    —
                 
2020
    Former NEO    NEO    NEO    NEO    NEO    —    —    —
 
  (1)
Mr. Heinzel was a German employee and his salary
,
bonus and other
non-equity
related compensation items were paid in Euros. U.S. Dollar amounts in the table with respect to Mr. Heinzel were converted from Euros at a rate of 1.11 Dollars to one Euro for compensation reported in 2020 and a rate of 1.22 Dollars to one Euro for compensation reported in 2021. The exchange rate used was calculated by averaging exchange rates for each date in December of the reporting year.
   
Peer Group Issuers, Footnote [Text Block] Peer Group reflects the same peer group used for purposes of the performance graph under Regulation
S-K
Item 201(e)(1)(ii) as set forth in the Company’s Annual Report on Form
10-K
for the year ended December 31, 2022 (S&P Industrials). 		   
Adjustment To PEO Compensation, Footnote [Text Block]
(a)
To calculate CAP, the following amounts were respectively deducted from and added to the total of the compensation shown in the Summary Compensation
Table (SCT) for the applicable year:
First PEO SCT Total to CAP Reconciliation:
 
 
  
 
  
Deductions from SCT Total
  
Additions to SCT Total
  
 
Year
  
SCT Total
($)
  
Stock Award and
Option Awards
(1)
($)
  
Change in
Pension Value
($)
  
Equity Value
(2)
($)
  
Pension Value
(2)
($)
  
CAP
($)
2022
    25,584,297        -13,152,688          0          +6,667,057          +0          19,098,666  
             
2021
    15,106,986        -11,474,869          0          +15,787,368          +0          19,419,485  
             
2020
    12,869,436        -10,295,150          0          +16,890,825          +0          19,465,111  
Second PEO SCT Total to CAP Reconciliation:
 
         
Deductions from SCT 
Total
   
Additions to SCT Total
     
             
Year
   
SCT Total
($)
   
Stock Award
and
Option
Awards
(1)
($)
   
Change in
Pension Value
($)
   
Equity Value
(2)
($)
  
Pension Value
(2)
($)
   
CAP
($)
             
2020
    6,486,756        0          0          +(3,509,983 )        +0          2,976,773  
    
Non-PEO NEO Average Total Compensation Amount $ 3,276,034 $ 5,938,960 $ 3,176,294
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,296,364 5,015,787 4,049,333
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
Non-PEO
NEO SCT Total to CAP Reconciliation
(all amounts shown as averages for
Non
-PEO
NEOs):
 
         
Deductions from SCT Total
   
Additions to SCT Total
     
             
Year
   
SCT Total
($)
   
Stock Award
and Option
Awards
(1)
($)
   
Change in
Pension Value
($)
   
Equity Value
(2)
($)
   
Pension Value
(2)
($)
   
CAP
($)
             
2022
    3,276,034        -
2,038,762
          0          +
1,059,092
          +
0
          2,296,364  
             
2021
    5,938,960        -
3,352,919
          0          +
2,420,121
          +
9,625
          5,015,787  
             
2020
    3,176,294        -
1,425,778
          -119,144          +
2,378,740
          +
39,221
          4,049,333  
  (1)
Represents the grant date fair value of equity-based awards granted each year.
  (2)
The equity award and pension benefit adjustments for each applicable year were calculated in accordance with the methodology required by Item 402(v) of Regulation S-K. Only M. Heinzel, Non-PEO NEO as noted in footnote (b), has pension accruals calculated in accordance with the SEC methodology for determining CAP. All other pension accruals reported in the SCT are related to a frozen Non-Qualified plan which does not have any service accrual. The amounts deducted or added in calculating the equity award adjustments for the PEO and Non-PEOs are provided in the tables below.
Non-PEO Equity Award Adjustments
(all amounts shown as averages for Non-PEO NEOs):
 
Year
 
Year End Fair Value
of Awards Granted
in the Year
(a)
  
Vest Date Fair
Value of Awards
Granted in the
Year
(b)
    
Year over Year
Change in Fair
Value of
Outstanding and
Unvested
Awards
(c)
    
Year over Year
Change in Fair
Value of Awards
Granted in Prior
Years that Vested
in the Year
(d)
    
Prior Year End
Fair Value of
Awards Failing to
Meet Vesting
Conditions During
the Year
(e)
    
Total Equity
Award
Adjustments
($)
  (a) + (b) + (c) + (d) -(e)  
  
             
2022
   1,882,725     —       (551,280 )      (272,353 )      —       1,059,092  
             
2021
   2,885,290     —       276,055       219,829       961,053       2,420,121  
             
2020
   2,391,418     —       429,019       (117,836 )      323,861       2,378,740  
 
    
Compensation Actually Paid vs. Total Shareholder Return [Text Block]
CAP
versus
TSR
As shown in the chart below, the PEO and other NEOs’ CAP amounts are aligned with the Company’s TSR. Alignment is primarily due to the Company’s use of equity incentives, which are tied directly to stock price in addition to the Company’s financial performance.
 
LOGO
 
(1)
The Second PEO’s data reflects a stub year in which he was PEO for 2 months and represents the full compensation for that year.
   
Compensation Actually Paid vs. Net Income [Text Block]
CAP versus Net Income
Net Income varied significantly for the years ended 2020, 2021 and 2022. Net Income for 2020 was impacted significantly by non-cash goodwill impairment charges of $3,214 million primarily associated with certain businesses that were part of the Company’s historic Mobility & Materials segment and restructuring charges of $168 million partially offset by a benefit from currency. Net Income increased in 2021 compared to 2020 from the acquisition of Laird Performance Materials on July 1, 2021, the absence of goodwill impairment charges, as well as significantly lower restructuring charges, partially offset by currency headwinds and expense related to transaction costs primarily related to the M&M Divestitures and the proposed acquisition of Rogers Corp. Net Income decreased in 2022 compared to 2021 due to increased expenses for transaction costs, income taxes and restructuring, as well as reduced income from the businesses associated with our historic Mobility & Materials segment. The PEO and NEO’s CAP have varied significantly from the changes in Net Income in large part due to the significant emphasis the Company places on equity incentives, which are sensitive to changes in stock price. In addition, the performance metrics used in our compensation program are measured on a continuing operations basis, and as described in the Compensation Discussion and Analysis section above, the Committee took action to exclude the positive and negative impacts of certain significant M&A transactions completed during the periods presented.
 
LOGO
 
 
(1)
The Second PEO’s data reflects a stub year in which he was
PEO
for 2 months and represents the full compensation for that year.
   
Compensation Actually Paid vs. Company Selected Measure [Text Block]
CAP versus Company-Selected Measure (CSM)
The chart below compares the PEO and other NEOs’ CAP to our CSM, Adjusted EPS.
 
LOGO
 
 
(1)
The Second
PEO’s
data reflects a stub year in which he was PEO for 2 months and represents the full compensation for that year.
   
Tabular List [Table Text Block]
The three measures listed below, in no particular order, represent the three most important financial performance measures used by DuPont to link the CAP of the NEOs for 2022 to the Company’s
performa
nce as further described in our CD&A above within the sections titled “Short-Term Incentive Compensation” and “Long-Term Incentive Compensation.”
Most Important Financial
Performance Measures
 
 
 
Adjusted EPS        
Adjusted ROIC        
Adjusted Corporate Net Income        
    
Total Shareholder Return Amount $ 113 131 113
Peer Group Total Shareholder Return Amount 127 135 111
Net Income (Loss) $ 5,868,000,000 $ 6,467,000,000 $ (2,951,000,000)
Company Selected Measure Amount 3.41 4.3 3.37
Measure [Axis]: 1      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted EPS    
Non-GAAP Measure Description [Text Block] This measure has been designated as the “Company-Selected Measure” for 2022, in accordance with SEC rules, and represents the most important financial performance measure (that is not otherwise required to be disclosed in the table) used by the Company to link compensation actually paid to our NEOs in 2022. Adjusted EPS is a non-GAAP financial measure. See Appendix A for a reconciliation of Adjusted EPS to the most directly comparable U.S. GAAP financial measure, earnings per share.    
Measure [Axis]: 2      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted ROIC    
Measure [Axis]: 3      
Pay vs Performance Disclosure [Table]      
Measure Name Adjusted Corporate Net Income    
Edward Breen [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount $ 25,584,297 $ 15,106,986 $ 12,869,436
PEO Actually Paid Compensation Amount $ 19,098,666 19,419,485 19,465,111
PEO Name Edward D. Breen    
C. Marc Doyle [Member]      
Pay vs Performance Disclosure [Table]      
PEO Total Compensation Amount     6,486,756
PEO Actually Paid Compensation Amount     2,976,773
PEO Name C. Marc Doyle    
PEO [Member] | Edward Breen [Member] | Stock Award and Option Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ (13,152,688) (11,474,869) (10,295,150)
PEO [Member] | Edward Breen [Member] | Change in Pension Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO [Member] | Edward Breen [Member] | Equity Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 6,667,057 15,787,368 16,890,825
PEO [Member] | Edward Breen [Member] | Pension Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO [Member] | Edward Breen [Member] | Year End Fair Value of Awards Granted in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 12,053,943 12,566,398 16,014,001
PEO [Member] | Edward Breen [Member] | Vest Date Fair Value of Awards Granted in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 91,001 95,026 0
PEO [Member] | Edward Breen [Member] | Year over Year Change in Fair Value of Outstanding and Unvested Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (2,597,693) 2,544,047 1,918,039
PEO [Member] | Edward Breen [Member] | Year over Year Change in Fair Value of Awards Granted in Prior Years that Vested in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (2,880,195) 581,896 (1,041,215)
PEO [Member] | Edward Breen [Member] | Prior Year End Fair Value of Awards Failing to Meet Vesting Conditions During the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
PEO [Member] | C. Marc Doyle [Member] | Stock Award and Option Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     0
PEO [Member] | C. Marc Doyle [Member] | Change in Pension Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     0
PEO [Member] | C. Marc Doyle [Member] | Equity Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     (3,509,983)
PEO [Member] | C. Marc Doyle [Member] | Pension Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     0
PEO [Member] | C. Marc Doyle [Member] | Year End Fair Value of Awards Granted in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     0
PEO [Member] | C. Marc Doyle [Member] | Vest Date Fair Value of Awards Granted in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     0
PEO [Member] | C. Marc Doyle [Member] | Year over Year Change in Fair Value of Outstanding and Unvested Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     257,545
PEO [Member] | C. Marc Doyle [Member] | Year over Year Change in Fair Value of Awards Granted in Prior Years that Vested in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     (1,545,470)
PEO [Member] | C. Marc Doyle [Member] | Prior Year End Fair Value of Awards Failing to Meet Vesting Conditions During the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount     2,222,058
Non-PEO NEO [Member] | Stock Award and Option Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (2,038,762) (3,352,919) (1,425,778)
Non-PEO NEO [Member] | Change in Pension Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 (119,144)
Non-PEO NEO [Member] | Equity Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,059,092 2,420,121 2,378,740
Non-PEO NEO [Member] | Pension Value [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 9,625 39,221
Non-PEO NEO [Member] | Year End Fair Value of Awards Granted in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 1,882,725 2,885,290 2,391,418
Non-PEO NEO [Member] | Vest Date Fair Value of Awards Granted in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount 0 0 0
Non-PEO NEO [Member] | Year over Year Change in Fair Value of Outstanding and Unvested Awards [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (551,280) 276,055 429,019
Non-PEO NEO [Member] | Year over Year Change in Fair Value of Awards Granted in Prior Years that Vested in the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount (272,353) 219,829 (117,836)
Non-PEO NEO [Member] | Prior Year End Fair Value of Awards Failing to Meet Vesting Conditions During the Year [Member]      
Pay vs Performance Disclosure [Table]      
Adjustment to Compensation Amount $ 0 $ 961,053 $ 323,861