DEI Document
DEI Document - $ / shares | 3 Months Ended | |||
Mar. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Document Information [Line Items] | ||||
Document Type | 10-Q | |||
Document Quarterly Report | true | |||
Document Period End Date | Mar. 31, 2020 | |||
Amendment Flag | false | |||
Document Transition Report | false | |||
Entity File Number | 001-38710 | |||
Entity Registrant Name | Corteva, Inc. | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 82-4979096 | |||
Entity Address, Address Line One | 974 Centre Road, | |||
Entity Address, City or Town | Wilmington, | |||
Entity Address, State or Province | DE | |||
Entity Address, Postal Zip Code | 19805 | |||
City Area Code | (302) | |||
Local Phone Number | 485-3000 | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Common Stock, Shares Outstanding | 748,370,000 | |||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |
Entity Central Index Key | 0001755672 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2020 | |||
Document Fiscal Period Focus | Q1 | |||
Entity Small Business | false | |||
Common Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |||
Trading Symbol | CTVA | |||
Security Exchange Name | NYSE | |||
EID [Member] | ||||
Document Information [Line Items] | ||||
Document Type | 10-Q | |||
Document Quarterly Report | true | |||
Document Period End Date | Mar. 31, 2020 | |||
Amendment Flag | false | |||
Document Transition Report | false | |||
Entity File Number | 1-815 | |||
Entity Registrant Name | E. I. du Pont de Nemours and Company | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 51-0014090 | |||
Entity Address, Address Line One | 974 Centre Road, | |||
Entity Address, City or Town | Wilmington, | |||
Entity Address, State or Province | DE | |||
Entity Address, Postal Zip Code | 19805 | |||
City Area Code | (302) | |||
Local Phone Number | 485-3000 | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Common Stock, Shares Outstanding | 200 | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 |
Entity Central Index Key | 0000030554 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2020 | |||
Document Fiscal Period Focus | Q1 | |||
Entity Small Business | false | |||
EID [Member] | $3.50 Series Preferred Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | $3.50 Series Preferred Stock | |||
Trading Symbol | CTAPrA | |||
Security Exchange Name | NYSE | |||
EID [Member] | $4.50 Series Preferred Stock [Member] | ||||
Document Information [Line Items] | ||||
Title of 12(b) Security | $4.50 Series Preferred Stock | |||
Trading Symbol | CTAPrB | |||
Security Exchange Name | NYSE |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net Sales | $ 3,956 | $ 3,396 | |
Cost of Goods Sold | 2,269 | 2,211 | |
Research and Development Expense | 280 | 299 | |
Selling, General and Administrative Expenses | 757 | 735 | |
Amortization of Intangible Assets | 163 | 101 | |
Restructuring and Asset Related Charges - Net | 70 | 61 | |
Integration and Separation Costs | 0 | 212 | |
Other income - net | 1 | 31 | |
Interest Expense | 10 | 59 | [1] |
Income (loss) from continuing operations before income taxes | 408 | (251) | [1] |
Provision for (benefit from) income taxes on continuing operations | 127 | (67) | [1] |
Income (loss) from continuing operations after income taxes | 281 | (184) | [1] |
Income from discontinued operations after income taxes | 1 | 360 | |
Net income | 282 | 176 | |
Net income attributable to noncontrolling interests | 10 | 12 | |
Net income attributable to company | $ 272 | $ 164 | |
Basic earnings (loss) per share of common stock from continuing operations | $ 0.36 | $ (0.26) | |
Basic earnings per share of common stock from discontinued operations | 0 | 0.48 | |
Basic earnings per share of common stock | 0.36 | 0.22 | |
Diluted earnings (loss) per share of common stock from continuing operations | 0.36 | (0.26) | |
Diluted earnings per share of common stock from discontinued operations | 0 | 0.48 | |
Diluted earnings per share of common stock | $ 0.36 | $ 0.22 | |
EID [Member] | |||
Net Sales | $ 3,956 | $ 3,396 | |
Cost of Goods Sold | 2,269 | 2,211 | |
Research and Development Expense | 280 | 299 | |
Selling, General and Administrative Expenses | 757 | 735 | |
Amortization of Intangible Assets | 163 | 101 | |
Restructuring and Asset Related Charges - Net | 70 | 61 | |
Integration and Separation Costs | 0 | 212 | |
Other income - net | 1 | 31 | |
Interest Expense | 42 | 59 | |
Income (loss) from continuing operations before income taxes | 376 | (251) | |
Provision for (benefit from) income taxes on continuing operations | 119 | (67) | |
Income (loss) from continuing operations after income taxes | 257 | (184) | |
Income from discontinued operations after income taxes | 1 | 360 | |
Net income | 258 | 176 | |
Net income attributable to noncontrolling interests | 8 | 10 | |
Net income attributable to company | $ 250 | $ 166 | |
[1] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 282 | $ 176 |
Cumulative Translation Adjustments | (672) | (72) |
Derivatives Instruments | 6 | 1 |
Total other comprehensive loss | (663) | (74) |
Comprehensive (loss) income | (381) | 102 |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 10 | 12 |
Comprehensive (Loss) Income Attributable to Company | (391) | 90 |
Pension Plan | ||
Adjustments to benefit plans | 0 | (3) |
Other Benefit Plans | ||
Adjustments to benefit plans | 3 | 0 |
EID [Member] | ||
Net income | 258 | 176 |
Cumulative Translation Adjustments | (672) | (72) |
Derivatives Instruments | 6 | 1 |
Total other comprehensive loss | (663) | (74) |
Comprehensive (loss) income | (405) | 102 |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 8 | 10 |
Comprehensive (Loss) Income Attributable to Company | (413) | 92 |
EID [Member] | Pension Plan | ||
Adjustments to benefit plans | 0 | (3) |
EID [Member] | Other Benefit Plans | ||
Adjustments to benefit plans | $ 3 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Cash and cash equivalents | $ 1,963 | $ 1,764 | $ 1,759 |
Marketable Securities | 10 | 5 | 5 |
Accounts and notes receivable - net | 6,775 | 5,528 | 6,507 |
Inventories | 4,401 | 5,032 | 5,019 |
Other current assets | 1,530 | 1,190 | 1,318 |
Assets of discontinued operations - current | 0 | 0 | 9,453 |
Total current assets | 14,679 | 13,519 | 24,061 |
Investments in nonconsolidated affiliates | 64 | 66 | 77 |
Property, plant and equipment - net of accumulated depreciation (March 31, 2020 - $3,406; December 31, 2019 - $3,326; March 31, 2019 - $2,970) | 4,358 | 4,546 | 4,521 |
Goodwill | 10,027 | 10,229 | 10,203 |
Other intangible assets | 11,241 | 11,424 | 11,961 |
Deferred Income Taxes | 273 | 287 | 294 |
Other assets | 2,336 | 2,326 | 2,368 |
Assets of discontinued operations - non-current | 0 | 0 | 56,617 |
Total Assets | 42,978 | 42,397 | 110,102 |
Short-term borrowings and finance lease obligations | 1,996 | 7 | 3,201 |
Accounts payable | 3,021 | 3,702 | 3,120 |
Income Taxes Payable | 143 | 95 | 195 |
Accrued and other current liabilities | 4,039 | 4,434 | 4,061 |
Liabilities of discontinued operations - current | 0 | 0 | 3,501 |
Total current liabilities | 9,199 | 8,238 | 14,078 |
Long-term Debt | 614 | 115 | 6,297 |
Deferred income tax liabilities | 911 | 920 | 1,523 |
Pension and other post employment benefits - noncurrent | 6,186 | 6,377 | 5,554 |
Other noncurrent obligations | 1,989 | 2,192 | 2,064 |
Liabilities of discontinued operations - non-current | 0 | 0 | 5,512 |
Total noncurrent liabilities | 9,700 | 9,604 | 20,950 |
Common stock | 7 | 7 | |
Additional Paid in Capital | 27,906 | 27,997 | |
Divisional Equity | 78,005 | ||
Accumulated deficit | (155) | (425) | |
Accumulated other comprehensive loss | (3,933) | (3,270) | (3,434) |
Total stockholders' equity attributable to the company | 23,825 | 24,309 | 74,571 |
Noncontrolling Interests | 254 | 246 | 503 |
Total Equity | 24,079 | 24,555 | 75,074 |
Liabilities and Equity | 42,978 | 42,397 | 110,102 |
EID [Member] | |||
Cash and cash equivalents | 1,963 | 1,764 | 1,759 |
Marketable Securities | 10 | 5 | 5 |
Accounts and notes receivable - net | 6,775 | 5,528 | 6,507 |
Inventories | 4,401 | 5,032 | 5,019 |
Other current assets | 1,530 | 1,190 | 1,318 |
Assets of discontinued operations - current | 0 | 0 | 9,453 |
Total current assets | 14,679 | 13,519 | 24,061 |
Investments in nonconsolidated affiliates | 64 | 66 | 77 |
Property, plant and equipment - net of accumulated depreciation (March 31, 2020 - $3,406; December 31, 2019 - $3,326; March 31, 2019 - $2,970) | 4,358 | 4,546 | 4,521 |
Goodwill | 10,027 | 10,229 | 10,203 |
Other intangible assets | 11,241 | 11,424 | 11,961 |
Deferred Income Taxes | 273 | 287 | 294 |
Other assets | 2,336 | 2,326 | 2,368 |
Assets of discontinued operations - non-current | 0 | 0 | 56,617 |
Total Assets | 42,978 | 42,397 | 110,102 |
Short-term borrowings and finance lease obligations | 1,996 | 7 | 3,201 |
Accounts payable | 3,021 | 3,702 | 3,120 |
Income Taxes Payable | 143 | 95 | 195 |
Accrued and other current liabilities | 4,079 | 4,440 | 4,061 |
Liabilities of discontinued operations - current | 0 | 0 | 3,501 |
Total current liabilities | 9,239 | 8,244 | 14,078 |
Long-term Debt | 614 | 115 | 6,297 |
Deferred income tax liabilities | 911 | 920 | 1,523 |
Pension and other post employment benefits - noncurrent | 6,186 | 6,377 | 5,554 |
Other noncurrent obligations | 1,989 | 2,192 | 2,064 |
Liabilities of discontinued operations - non-current | 0 | 0 | 5,512 |
Total noncurrent liabilities | 13,572 | 13,625 | 20,950 |
Common stock | 0 | 0 | 0 |
Additional Paid in Capital | 24,004 | 23,958 | 0 |
Divisional Equity | 0 | 0 | 78,244 |
Accumulated deficit | (158) | (406) | 0 |
Accumulated other comprehensive loss | (3,933) | (3,270) | (3,434) |
Total stockholders' equity attributable to the company | 20,152 | 20,521 | 74,810 |
Noncontrolling Interests | 15 | 7 | 264 |
Total Equity | 20,167 | 20,528 | 75,074 |
Liabilities and Equity | 42,978 | 42,397 | 110,102 |
EID [Member] | $4.50 Series Preferred Stock [Member] | |||
Preferred Stock | 169 | 169 | 0 |
EID [Member] | $3.50 Series Preferred Stock [Member] | |||
Preferred Stock | 70 | 70 | 0 |
Corteva [Member] | EID [Member] | |||
Long Term Debt - Related Party | $ 3,872 | $ 4,021 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Common Stock, Par Value | $ 0.01 | $ 0.01 | |
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | |
Common Stock, Shares, Outstanding | 748,369,000 | 748,577,000 | |
Accumulated Depreciation | $ (3,406,000,000) | $ (3,326,000,000) | $ (2,970,000,000) |
EID [Member] | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 |
Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 |
Common Stock, Shares, Outstanding | 200 | 200 | 100 |
Accumulated Depreciation | $ (3,406,000,000) | $ (3,326,000,000) | $ (2,970,000,000) |
EID [Member] | $4.50 Series Preferred Stock [Member] | |||
Preferred Stock, Par Value | $ 0 | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
EID [Member] | $3.50 Series Preferred Stock [Member] | |||
Preferred Stock, Par Value | $ 0 | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Cash used for operating activities | ||||
Net income | $ 282 | $ 176 | ||
Depreciation and Amortization | 283 | 258 | [1] | |
Provision for (Benefit from) Deferred Income Tax | 26 | (220) | ||
Net Periodic Pension Benefit | (102) | (75) | ||
Pension Contributions | (28) | (50) | ||
Net loss (gain) on sales of property, businesses, consolidated companies, and investments | 46 | (65) | ||
Restructuring and Asset Related Charges - Net | 70 | 61 | ||
Amortization of inventory step-up | 0 | 205 | ||
Other net loss | 138 | 92 | ||
Changes in operating assets and liabilities - net | (2,645) | (2,436) | ||
Cash used for operating activities | (1,930) | (1,541) | ||
Cash used for investing activities | ||||
Capital expenditures | (128) | (663) | ||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 11 | 125 | ||
Proceeds from sales of ownership interests in nonconsolidated affiliates | 0 | 21 | ||
Purchases of investments | (67) | (16) | ||
Proceeds from Sale and Maturities of Investments | 58 | 36 | ||
Other investing activities - net | (4) | (5) | ||
Cash used for investing activities | (130) | (502) | ||
Cash provided by financing activities | ||||
Net change in borrowings (less than 90 days) | 1,619 | 814 | ||
Proceeds from debt | 875 | 1,000 | ||
Payments on Debt | (1) | (284) | ||
Payments for Repurchase of Common Stock | (50) | 0 | ||
Proceeds from Stock Options Exercised | 14 | 35 | ||
Payments of Dividends | (97) | 0 | ||
Distributions to DowDuPont | 0 | (317) | ||
Contributions from Dow | 0 | 88 | ||
Other financing activities | (16) | (24) | ||
Cash provided by financing activities | 2,344 | 1,312 | ||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (117) | 20 | ||
Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash | 167 | (711) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, Beginning of Period | 2,173 | 5,024 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, End of Period | 2,340 | [2] | 4,313 | |
EID [Member] | ||||
Cash used for operating activities | ||||
Net income | 258 | 176 | ||
Depreciation and Amortization | 283 | 258 | ||
Provision for (Benefit from) Deferred Income Tax | 26 | (220) | ||
Net Periodic Pension Benefit | (102) | (75) | ||
Pension Contributions | (28) | (50) | ||
Net loss (gain) on sales of property, businesses, consolidated companies, and investments | 46 | (65) | ||
Restructuring and Asset Related Charges - Net | 70 | 61 | ||
Amortization of inventory step-up | 0 | 205 | ||
Other net loss | 138 | 92 | ||
Changes in operating assets and liabilities - net | (2,613) | (2,436) | ||
Cash used for operating activities | (1,922) | (1,541) | ||
Cash used for investing activities | ||||
Capital expenditures | (128) | (663) | ||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 11 | 125 | ||
Proceeds from sales of ownership interests in nonconsolidated affiliates | 0 | 21 | ||
Purchases of investments | (67) | (16) | ||
Proceeds from Sale and Maturities of Investments | 58 | 36 | ||
Other investing activities - net | (4) | (5) | ||
Cash used for investing activities | (130) | (502) | ||
Cash provided by financing activities | ||||
Net change in borrowings (less than 90 days) | 1,619 | 814 | ||
Repayments of Related Party Debt | (148) | 0 | ||
Proceeds from debt | 875 | 1,000 | ||
Payments on Debt | (1) | (284) | ||
Proceeds from Stock Options Exercised | 14 | 35 | ||
Distributions to DowDuPont | 0 | (317) | ||
Contributions from Dow | 0 | 88 | ||
Other financing activities | (23) | (24) | ||
Cash provided by financing activities | 2,336 | 1,312 | ||
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (117) | 20 | ||
Increase (Decrease) in Cash, Cash Equivalents, Restricted Cash | 167 | (711) | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, Beginning of Period | 2,173 | 5,024 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company, End of Period | 2,340 | 4,313 | ||
Total company [Member] | ||||
Cash used for operating activities | ||||
Depreciation and Amortization | 283 | 726 | ||
Restructuring and Asset Related Charges - Net | 70 | 106 | ||
Total company [Member] | EID [Member] | ||||
Cash used for operating activities | ||||
Depreciation and Amortization | 283 | 726 | ||
Restructuring and Asset Related Charges - Net | $ 70 | $ 106 | ||
[1] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | |||
[2] | See page 19 for reconciliation of cash and cash equivalents and restricted cash presented in interim Condensed Consolidated Balance Sheets to total cash, cash equivalents and restricted cash presented in the interim Condensed Consolidated Statements of Cash Flows. |
Statement of Stockholders Equit
Statement of Stockholders Equity Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Divisional Equity [Member] | Retained Earnings [Member] | Accumulated Other Comp (Loss) Income | Treasury Stock [Member] | Noncontrolling Interest [Member] | EID [Member] | EID [Member]Preferred Stock [Member] | EID [Member]Common Stock [Member] | EID [Member]Additional Paid-in Capital [Member] | EID [Member]Divisional Equity [Member] | EID [Member]Retained Earnings [Member] | EID [Member]Accumulated Other Comp (Loss) Income | EID [Member]Treasury Stock [Member] | EID [Member]Noncontrolling Interest [Member] | DowDuPont [Member] | DowDuPont [Member]Divisional Equity [Member] | DowDuPont [Member]EID [Member] | DowDuPont [Member]EID [Member]Divisional Equity [Member] | Corteva [Member] | Corteva [Member]Additional Paid-in Capital [Member] | Corteva [Member]EID [Member] | Corteva [Member]EID [Member]Additional Paid-in Capital [Member] |
Beginning Balance at Dec. 31, 2018 | $ 75,153 | $ 0 | $ 0 | $ 78,020 | $ 0 | $ (3,360) | $ 0 | $ 493 | $ 75,153 | $ 0 | $ 0 | $ 0 | $ 78,259 | $ 0 | $ (3,360) | $ 0 | $ 254 | ||||||||
Net income | 176 | 164 | 12 | 176 | 166 | 10 | |||||||||||||||||||
Other comprehensive (loss) income | (74) | (74) | (74) | (74) | |||||||||||||||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||||||||||||||
Distributions | (317) | (317) | (317) | $ (317) | $ (317) | ||||||||||||||||||||
Issuance of Stock | 35 | 35 | $ 35 | $ 35 | |||||||||||||||||||||
Share-based compensation | 18 | 18 | 18 | 18 | |||||||||||||||||||||
Contributions | 88 | 88 | 88 | 88 | |||||||||||||||||||||
Other | (5) | (3) | (2) | (3) | (3) | ||||||||||||||||||||
Ending Balance at Mar. 31, 2019 | 75,074 | 0 | 0 | 78,005 | 0 | (3,434) | 0 | 503 | 75,074 | 0 | 0 | 0 | 78,244 | 0 | (3,434) | 0 | 264 | ||||||||
Beginning Balance at Dec. 31, 2019 | 24,555 | 7 | 27,997 | (425) | (3,270) | 0 | 246 | 20,528 | 239 | 0 | 23,958 | (406) | (3,270) | 0 | 7 | ||||||||||
Net income | 282 | 272 | 10 | 258 | 250 | 8 | |||||||||||||||||||
Other comprehensive (loss) income | (663) | (663) | (663) | (663) | |||||||||||||||||||||
Dividends, Common Stock | (97) | (97) | |||||||||||||||||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||||||||||||||
Distributions | 0 | 0 | |||||||||||||||||||||||
Issuance of Stock | $ 14 | $ 14 | $ 14 | $ 14 | |||||||||||||||||||||
Share-based compensation | 2 | 2 | 2 | 2 | |||||||||||||||||||||
Contributions | 0 | 0 | |||||||||||||||||||||||
Common stock repurchase | (50) | (50) | |||||||||||||||||||||||
Other | 36 | 40 | (2) | (2) | 30 | 32 | (2) | ||||||||||||||||||
Ending Balance at Mar. 31, 2020 | $ 24,079 | $ 7 | $ 27,906 | $ (155) | $ (3,933) | $ 0 | $ 254 | $ 20,167 | $ 239 | $ 0 | $ 24,004 | $ (158) | $ (3,933) | $ 0 | $ 15 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity Parentheticals (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Common Stock, Dividends, Per Share, Declared | $ 0.13 | |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | 1.125 | $ 1.125 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Dividends Per Share, Declared | $ 0.875 | $ 0.875 |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited interim 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, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Basis of Presentation Certain reclassifications of prior year's data have been made to conform to current year's presentation. On April 1, 2019, EID completed the transference of the assets and liabilities aligned with EID’s materials science business, including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow. On May 1, 2019, EID completed the transfer of the assets and liabilities aligned with the EID’s specialty products business to separate legal entities (“EID Specialty Products Entities”), which were then distributed to DowDuPont. In accordance with GAAP, the financial position and results of operations of EID ECP and the EID Specialty Products Entities 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 operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows, comprehensive (loss) income, and equity related to EID ECP and the EID Specialty Products Entities have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Equity, respectively, for all periods presented. Amounts related to EID ECP and the EID Specialty Products Entities are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 3 - Divestitures and Other Transactions, for additional information. Prior to the Corteva Distribution, these combined financial statements were derived from the consolidated financial statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. Beginning in the second quarter 2019, the financial statements are presented on a consolidated basis. The company's Condensed Consolidated Balance Sheets at March 31, 2020 and December 31, 2019 consist of Corteva, Inc. and its consolidated subsidiaries. The company's Condensed Consolidated Balance Sheet at March 31, 2019 consists of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Condensed Consolidated Balance Sheets" throughout this document. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to April 30, 2019 consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after May 1, 2019 represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. During the first quarter 2020, the company recorded an increase of $40 million |
Recent Accounting Guidance
Recent Accounting Guidance | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326): Credit Losses - Measurement of Credit Losses on Financial Statements, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The company adopted the guidance in the first quarter of 2020. The primary impact of adoption related to the credit losses on accounts and notes receivable, which is applied using a cumulative-effect adjustment in the period of adoption, and prior periods are not restated. The adoption of ASU 2016-13 did not have a material impact on the company’s financial position, results of operations or cash flows. See Note 10 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements for additional information. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years and early adoption is permitted. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company adopted this guidance on January 1, 2020 and it did not have a material impact on the company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides companies with optional financial reporting alternatives to reduce the cost and complexity associated with the accounting for contracts and hedging relationships affected by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the company's financial position, results of operations or cash flows, and will apply to future changes. Accounting Guidance Issued But Not Adopted as of March 31, 2020 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was part of the FASB’s Simplification Initiative to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced, while maintaining or improving the usefulness of the information provided to users of financial statements. This ASU amends ASC 740, Income Taxes, by removing certain exceptions to the general principles, and clarifying and amending current guidance. The new standard is effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, however all amended guidance must be adopted in the same period and should be reflected as of the beginning of the annual period if initially adopted and applied during an interim period. The company is currently evaluating the impact of adopting this guidance. |
Divestitures and Other Transact
Divestitures and Other Transactions | 3 Months Ended |
Mar. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DIVESTITURES AND OTHER TRANSACTIONS Separation Agreements In connection with the Distributions, DuPont, Corteva, and Dow (together, the “Parties” and each a “Party”) have entered into certain agreements to effect the Separation, provide for the allocation of DowDuPont’s assets, employees, liabilities and obligations (including its investments, property and employee benefits and tax-related assets and liabilities) among the Parties, and provide a framework for Corteva's relationship with Dow and DuPont following the separations and Distributions (collectively, the "Separation Agreements"). For further details on the Separation Agreements, refer to the 2019 Annual Report. DuPont Pursuant to the Separation Agreements, DuPont and Corteva indemnifies the other against certain litigation, environmental, tax, workers' compensation and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At March 31, 2020, the indemnification assets are $25 million within accounts and notes receivable - net and $54 million within other assets in the interim Condensed Consolidated Balance Sheet. At March 31, 2020, the indemnification liabilities are $8 million within accrued and other current liabilities and $69 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. Dow Pursuant to the Separation Agreements, Dow and Corteva indemnifies the other against certain litigation, environmental, tax and other liabilities that arose prior to the Corteva Distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At March 31, 2020, the indemnification assets are $30 million within accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheet. At March 31, 2020, the indemnification liabilities are $158 million within accrued and other current liabilities and $13 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. EID ECP Divestiture As discussed in Note 1 - Summary of Significant Accounting Policies, on April 1, 2019 , EID completed the transfer of the entities and related assets and liabilities of EID ECP to Dow. As a result, the financial results of EID ECP are reflected as discontinued operations, as summarized below: (In millions) Three Months Ended Net sales $ 362 Cost of goods sold 259 Research and development expense 4 Selling, general and administrative expenses 9 Amortization of intangibles 23 Restructuring and asset related charges - net 2 Integration and separation costs 44 Other income - net 2 Income from discontinued operations before income taxes 23 Provision for income taxes on discontinued operations 4 Income from discontinued operations after income taxes $ 19 The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to EID ECP: (In millions) Three Months Ended Depreciation $ 28 Amortization of intangibles $ 23 Capital expenditures $ 16 The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at March 31, 2019 related to EID ECP consist of the following: (In millions) March 31, 2019 Cash and cash equivalents $ 32 Accounts and notes receivable - net 221 Inventories 448 Other current assets 25 Total current assets of discontinued operations 726 Investment in nonconsolidated affiliates 109 Property, plant and equipment - net 753 Goodwill 3,585 Other intangible assets 1,118 Deferred income taxes 15 Other assets 5 Non-current assets of discontinued operations 5,585 Total assets of discontinued operations $ 6,311 Short-term borrowings and finance lease obligations 2 Accounts payable 187 Income tax payable 9 Accrued and other current liabilities 26 Total current liabilities of discontinued operations 224 Long-term Debt 2 Deferred income tax liabilities 374 Pension and other post employment benefits - noncurrent 5 Other noncurrent obligations 4 Non-current liabilities of discontinued operations 385 Total liabilities of discontinued operations $ 609 EID Specialty Products Divestiture As discussed in Note 1 - Summary of Significant Accounting Policies, on May 1, 2019 , the company completed the transfer of the entities and related assets and liabilities of EID Specialty Products Entities to DuPont. As a result, the financial results of the EID Specialty Products Entities are reflected as discontinued operations, as summarized below: (In millions) Three Months Ended Net sales $ 3,816 Cost of goods sold 2,535 Research and development expense 153 Selling, general and administrative expenses 401 Amortization of intangibles 201 Restructuring and asset related charges - net 43 Integration and separation costs 164 Other income - net 120 Income from discontinued operations before income taxes 439 Provision for income taxes on discontinued operations 98 Income from discontinued operations after income taxes $ 341 The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to the EID Specialty Products Entities: (In millions) Three Months Ended Depreciation $ 216 Amortization of intangibles $ 201 Capital expenditures $ 423 The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at March 31, 2019 related to the EID Specialty Products Entities consist of the following: (In millions) March 31, 2019 Cash and cash equivalents $ 2,042 Marketable securities 13 Accounts and notes receivable - net 2,722 Inventories 3,640 Other current assets 310 Total current assets of discontinued operations 8,727 Investment in nonconsolidated affiliates 1,192 Property, plant and equipment - net 8,061 Goodwill 28,194 Other intangible assets 12,822 Deferred income taxes 106 Other assets 657 Non-current assets of discontinued operations 51,032 Total assets of discontinued operations $ 59,759 Short-term borrowings and finance lease obligations 16 Accounts payable 2,075 Income taxes payable 47 Accrued and other current liabilities 1,139 Total current liabilities of discontinued operations 3,277 Long-term Debt 25 Deferred income tax liabilities 3,408 Pension and other post employment benefits - noncurrent 1,084 Other noncurrent obligations 610 Non-current liabilities of discontinued operations 5,127 Total liabilities of discontinued operations $ 8,404 |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | REVENUE Revenue Recognition Products Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva 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. However, the company has some long-term contracts which can span multiple years. Licenses of Intellectual Property Corteva enters into licensing arrangements with customers under which it licenses its intellectual property. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. 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. Remaining Performance Obligations Remaining performance obligations represent the transaction price allocated to unsatisfied or partially unsatisfied performance obligations. At March 31, 2020 , the company had remaining performance obligations related to material rights granted to customers for contract renewal options of $106 million ( $108 million and $100 million at December 31, 2019 and March 31, 2019 , respectively). The company expects revenue to be recognized for the remaining performance obligations over the next 1 year to 6 years . Contract Balances Contract liabilities primarily reflect deferred revenue from prepayments under contracts with customers where the company receives advance payments for products to be delivered in future periods. Corteva 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. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract Balances March 31, 2020 December 31, 2019 March 31, 2019 (In millions) Accounts and notes receivable - trade 1 $ 5,779 $ 4,396 $ 5,060 Contract assets - current 2 $ 20 $ 20 $ 18 Contract assets - noncurrent 3 $ 49 $ 49 $ 46 Deferred revenue - current 4 $ 1,996 $ 2,584 $ 2,057 Deferred revenue - noncurrent 5 $ 104 $ 108 $ 103 1. Included in accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheets. 2. Included in other current assets in the interim Condensed Consolidated Balance Sheets. 3. Included in other assets in the interim Condensed Consolidated Balance Sheets. 4. Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheets. 5. Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheets. Revenue recognized during the three months ended March 31, 2020 from amounts included in deferred revenue at the beginning of the period was $822 million ( $677 million in the three months ended March 31, 2019 ). Disaggregation of Revenue Corteva's operations are classified into two reportable segments: Seed and Crop Protection. The company disaggregates its revenue by major product line and geographic region, as the company believes it best depicts the nature, amount and timing of its revenue and cash flows. Net sales by major product line are included below: Three Months Ended (In millions) 2020 2019 Corn $ 1,864 $ 1,468 Soybean 181 131 Other oilseeds 248 225 Other 162 143 Seed 2,455 1,967 Herbicides 823 771 Insecticides 378 377 Fungicides 229 220 Other 71 61 Crop Protection 1,501 1,429 Total $ 3,956 $ 3,396 Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below: Seed Three Months Ended (In millions) 2020 2019 North America 1 $ 1,290 $ 913 EMEA 2 881 804 Latin America 216 178 Asia Pacific 68 72 Total $ 2,455 $ 1,967 Crop Protection Three Months Ended (In millions) 2020 2019 North America 1 $ 475 $ 479 EMEA 2 586 560 Latin America 218 187 Asia Pacific 222 203 Total $ 1,501 $ 1,429 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Related
Restructuring and Asset Related Charges | 3 Months Ended |
Mar. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET Execute to Win Productivity Program During the first quarter of 2020, Corteva approved restructuring actions designed to improve productivity through optimizing certain operational and organizational structures primarily related to the Execute to Win Productivity Program. As a result of these actions, the company expects to record total pre-tax restructuring charges of approximately $185 million , comprised of approximately $125 million of asset related charges (of which $30 million relates to asset retirement obligations), and $60 million of severance and related benefit costs. Of the $185 million , approximately $110 million relates to crop protection, $15 million relates to seed, and $60 million relates to corporate expenses. Future cash payments related to this charge are anticipated to be approximately $90 million , primarily related to the payment of severance and related benefits and asset retirement obligations. The Execute to Win Productivity Program charges related to the segments, as well as corporate expenses, were as follows: Three Months Ended (In millions) 2020 Seed $ 3 Crop Protection 18 Corporate expenses 42 Total $ 63 A reconciliation of the December 31, 2019 to the March 31, 2020 liability balances related to the Execute to Win Productivity Program is summarized below: (In millions) Severance and Related Benefit Costs Asset Related Charges Total Balance at December 31, 2019 $ — $ — $ — Charges to income from continuing operations for the three months ended March 31, 2020 42 21 63 Asset write-offs — (15 ) (15 ) Balance at March 31, 2020 $ 42 $ 6 $ 48 In addition to the above, the company has recorded asset retirement obligations of $27 million as of March 31, 2020. The asset retirement obligations relate to the company’s required demolition and removal for buildings and equipment at third party leased sites and will be recognized as asset related charges over the remaining useful lives of the related assets. The company’s leases require these assets be removed from leased land within 12 - 24 months of operations being ceased. The company expects operations will cease in 2020 and the assets will be removed within the contractual timeframe. DowDuPont Cost Synergy Program In September and November 2017, DowDuPont and EID approved post-merger restructuring actions under the DowDuPont Cost Synergy Program (the “Synergy Program”), adopted at the time by the DowDuPont Board of Directors. The Synergy Program was designed to integrate and optimize the organization following the Merger and in preparation for the Distributions. The company recorded pre-tax restructuring charges of $842 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $319 million , contract termination costs of $193 million , and asset write-downs and write-offs of $330 million . The company does not anticipate any additional material charges under the Synergy Program. Actions associated with the Synergy Program, including employee separations, were substantially complete by the end of 2019. The Synergy Program (benefits) charges related to the segments, as well as corporate expenses, were as follows: Three Months Ended (In millions) 2020 2019 Seed $ (3 ) $ 24 Crop Protection — 27 Corporate expenses — 11 Total $ (3 ) $ 62 The below is a summary of (benefits) charges incurred related to the Synergy Program for the three months ended March 31, 2020 and 2019 : Three Months Ended (In millions) 2020 2019 Severance and related benefit costs $ — $ 14 Contract termination charges — 20 Asset related (benefits) charges (3 ) 28 Total restructuring and asset related (benefits) charges - net $ (3 ) $ 62 A reconciliation of the December 31, 2019 to the March 31, 2020 liability balances related to the Synergy Program is summarized below: (In millions) Severance and Related Benefit Costs Costs Associated with Exit and Disposal Activities 1 Asset Related (Benefits) Charges Total Balance at December 31, 2019 $ 29 $ 40 $ — $ 69 Payments (6 ) — 2 (4 ) Asset write-offs — — (2 ) (2 ) Balance at March 31, 2020 $ 23 $ 40 $ — $ 63 1. Relates primarily to contract terminations charges. Other Asset Related Charges During the three months ended March 31, 2020, the company recognized $10 million in restructuring and asset related charges, net in the interim consolidated statement of operations, from non-cash accelerated prepaid royalty amortization expense related to Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTIES Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reports transactions with Historical Dow and its affiliates as related party transactions. Purchases from Historical Dow and its affiliates were $42 million for the three months ended March 31, 2019. Transactions with DowDuPont In February 2019, the DowDuPont Board declared first quarter dividends per share of DowDuPont common stock payable on March 15, 2019. EID declared and paid distributions to DowDuPont of $317 million for the three months ended March 31, 2019, primarily to fund a portion of DowDuPont's dividend payment. In addition, at March 31, 2019 , EID had a payable to DowDuPont of $103 million included in accounts payable in the interim Condensed Consolidated Balance Sheet related to its estimated tax liability for the period beginning with the Merger through the date of the Dow Distribution, during which time the parties filed a consolidated United States ("U.S.") tax return. See Note 8 - Income Taxes, for additional information. |
Supplementary Information
Supplementary Information | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Other Income - Net Three Months Ended (In millions) 2020 2019 Interest income $ 18 $ 16 Equity in losses of affiliates - net (1 ) — Net loss on sales of businesses and other assets 1 (46 ) (13 ) Net exchange losses (61 ) (27 ) Non-operating pension and other post employment benefit credit 2 91 51 Miscellaneous income (expenses) - net — 4 Other income - net $ 1 $ 31 1. Includes a loss of $(53) million relating to the expected sale of the La Porte site, for which the company signed an agreement during the three months ended March 31, 2020 and a loss of $(24) million relating to DAS’s sale of a joint venture related to synergy actions for the three months ended March 31, 2019. 2. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized (gain) loss, and settlement loss). The following table summarizes the impacts of the company's foreign currency hedging program on the company's results of operations. The company routinely uses foreign currency exchange contracts to offset its net exposures, by currency, related to the foreign currency-denominated monetary assets and liabilities. The objective of this program is to maintain an approximately balanced position in foreign currencies in order to minimize, on an after-tax basis, the effects of exchange rate changes on net monetary asset positions. The hedging program gains (losses) are largely taxable (tax deductible) in the U.S., whereas the offsetting exchange gains (losses) on the remeasurement of the net monetary asset positions are often not taxable (tax deductible) in their local jurisdictions. The net pre-tax exchange gains (losses) are recorded in other income - net and the related tax impact is recorded in (benefit from) provision for income taxes on continuing operations in the Consolidated Statements of Operations. (In millions) Three Months Ended 2020 2019 Subsidiary Monetary Position Losses Pre-tax exchange losses $ (226 ) $ (10 ) Local tax benefits (expenses) 23 (10 ) Net after-tax impact from subsidiary exchange losses $ (203 ) $ (20 ) Hedging Program Gains (Losses) Pre-tax exchange gains (losses) $ 165 $ (17 ) Tax (expenses) benefits (40 ) 4 Net after-tax impact from hedging program exchange gains (losses) $ 125 $ (13 ) Total Exchange Losses Pre-tax exchange losses $ (61 ) $ (27 ) Tax expenses (17 ) (6 ) Net after-tax exchange losses $ (78 ) $ (33 ) Cash, cash equivalents and restricted cash The following table provides a reconciliation of cash and cash equivalents and restricted cash (included in other current assets) presented in the Condensed Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the Condensed Consolidated Statements of Cash Flows. (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Cash and cash equivalents $ 1,963 $ 1,764 $ 1,759 Restricted cash 377 409 438 Total cash, cash equivalents and restricted cash 2,340 2,173 2,197 Cash and cash equivalents of discontinued operations 1 — — 2,074 Restricted cash of discontinued operations 2 — — 42 Total cash, cash equivalents and restricted cash $ 2,340 $ 2,173 $ 4,313 1. Refer to Note 3 - Divestitures and Other Transactions, for additional information. 2. Amount included in other current assets within assets of discontinued operations - current. Refer to Note 3 - Divestitures and Other Transactions, for additional information. EID entered into a trust agreement in 2013 (as amended and restated in 2017), establishing and requiring EID to fund a trust (the "Trust") for cash obligations under certain non-qualified benefit and deferred compensation plans upon a change in control event as defined in the Trust agreement. Under the Trust agreement, the consummation of the Merger was a change in control event. Restricted cash at March 31, 2020 , December 31, 2019 , and March 31, 2019 is related to the Trust. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES For periods between the Merger Effectiveness Time and the Corteva Distribution, Corteva and its subsidiaries were included in DowDuPont's consolidated federal income tax group and consolidated tax return. Generally, the consolidated tax liability of the DowDuPont U.S. tax group for each year was apportioned among the members of the consolidated group based on each member’s separate taxable income. Corteva, DuPont and Dow intend that to the extent Federal and/or State corporate income tax liabilities are reduced through the utilization of tax attributes of the other, settlement of any receivable and payable generated from the use of the other party’s sub-group attributes will be in accordance with a tax matters agreement. See Note 3 - Divestitures and Other Transactions, for further information related to indemnifications between Corteva, Dow and DuPont. Each year the company files hundreds of tax returns in the various national, state and local income taxing jurisdictions in which it operates. These tax returns are subject to examination and possible challenge by the tax authorities. Positions challenged by the tax authorities may be settled or appealed by the company. As a result, there is an uncertainty in income taxes recognized in the company's financial statements in accordance with accounting for income taxes and accounting for uncertainty in income taxes. The ultimate resolution of such uncertainties is not expected to have a material impact on the company's results of operations. During the three months ended March 31, 2019, the company recognized a tax charge of $32 million to provision for (benefit from) income taxes on continuing operations related to U.S. state blended tax rate changes associated with the Internal Reorganizations. During the three months ended March 31, 2019, the company recognized a tax benefit of $102 million to provision for (benefit from) income taxes on continuing operations, related to an internal legal entity restructuring associated with the Internal Reorganizations. For further discussion of pre-tax and after-tax impacts of the company's foreign currency hedging program and net monetary asset programs, refer to Note 7 - Supplementary Information. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | EARNINGS PER SHARE OF COMMON STOCK On June 1, 2019, the date of the Corteva Distribution, 748,815,000 shares of the company’s common stock were distributed to DowDuPont shareholders of record as of May 24, 2019 . The following tables provide earnings per share calculations for the periods indicated below: Net Income for Earnings Per Share Calculations - Basic and Diluted Three Months Ended (In millions) 2020 2019 Income (loss) from continuing operations after income taxes $ 281 $ (184 ) Net income attributable to continuing operations noncontrolling interests 10 8 Income (loss) from continuing operations available to Corteva common stockholders 271 (192 ) Income from discontinued operations, net of tax 1 360 Net income attributable to discontinued operations noncontrolling interests — 4 Income from discontinued operations available to Corteva common stockholders 1 356 Net income available to common stockholders $ 272 $ 164 Earnings Per Share Calculations - Basic Three Months Ended (Dollars per share) 2020 2019 Earnings (loss) per share of common stock from continuing operations $ 0.36 $ (0.26 ) Earnings per share of common stock from discontinued operations — 0.48 Earnings per share of common stock $ 0.36 $ 0.22 Earnings Per Share Calculations - Diluted Three Months Ended (Dollars per share) 2020 2019 Earnings (loss) per share of common stock from continuing operations $ 0.36 $ (0.26 ) Earnings per share of common stock from discontinued operations — 0.48 Earnings per share of common stock $ 0.36 $ 0.22 Share Count Information Three Months Ended (Shares in millions) 2020 2019 Weighted-average common shares - basic 1 749.9 749.4 Plus dilutive effect of equity compensation plans 2 2.6 — Weighted-average common shares - diluted 752.5 749.4 Potential shares of common stock excluded from EPS calculations 3 9.1 — 1. Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. 2. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. 3. These outstanding potential shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable (
Accounts and Notes Receivable (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts and Notes Receivable [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS AND NOTES RECEIVABLE - NET (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Accounts receivable – trade 1 $ 5,367 $ 4,225 $ 4,683 Notes receivable – trade 2 412 171 377 Other 3 996 1,132 1,447 Total accounts and notes receivable - net $ 6,775 $ 5,528 $ 6,507 1. Accounts receivable – trade is net of allowances of $203 million at March 31, 2020 , $174 million at December 31, 2019 , and $148 million at March 31, 2019 . Allowances are equal to the estimated expected credit losses. The estimate at March 31, 2020 was developed using a loss-rate method. The estimate at December 31, 2019 and March 31, 2019 is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of March 31, 2020, December 31, 2019, and March 31, 2019 there were no additional exposures requiring a reserve in excess of what is already reserved, nor were there any significant impairments related to current loan agreements. 3. Other includes receivables in relation to indemnification assets, value added tax, general sales tax and other taxes. No individual group represents more than 10 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $140 million , $119 million , and $135 million as of March 31, 2020 , December 31, 2019 , and March 31, 2019 , respectively. Accounts and notes receivable are carried at the expected amount to be collected, which approximates fair value. The company establishes the allowance for doubtful receivables using a loss-rate method where the loss rate is developed using past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. The following table summarizes changes in the allowance for doubtful receivables for the three months ended March 31, 2020: (In millions) Balance at December 31, 2019 $ 174 Additions charged to expenses 60 Write-offs charged against allowance (1 ) Recoveries collected (30 ) Balance at March 31, 2020 $ 203 The company enters into various factoring agreements with third-party financial institutions to sell its trade receivables under both recourse and non-recourse agreements in exchange for cash proceeds. These financing arrangements result in a transfer of the company's receivables and risks to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are derecognized from the Consolidated Balance Sheets upon transfer, and the company receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, which is typically provided through a guarantee of accounts in the event of customer default, the guarantee obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Balance Sheets. Trade receivables sold under these agreements were $15 million and $3 million for the three months ended March 31, 2020 and 2019 . The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of March 31, 2020, December 31, 2019, and March 31, 2019 were $43 million , $171 million , and $25 million , respectively. The net proceeds received are included in cash provided by operating activities in the Consolidated Statements of Cash Flows. The difference between the carrying amount of the trade receivables sold and the sum of the cash received is recorded as a loss on sale of receivables in other income - net in the Consolidated Statements of Operations. The loss on sale of receivables was $2 million and $1 million for the three months ended March 31, 2020 and 2019 , respectively. The guarantee obligations recorded as of March 31, 2020, December 31, 2019, and March 31, 2019 in the interim Condensed Consolidated Balance Sheets were not material. See Note 14 - Commitments and Contingent Liabilities for additional information on the company’s guarantees. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Finished products $ 2,721 $ 2,684 $ 3,266 Semi-finished products 1,260 1,850 1,350 Raw materials and supplies 420 498 403 Total inventories $ 4,401 $ 5,032 $ 5,019 As a result of the Merger, a fair value step-up of $2,297 million was recorded for inventories. During the three months ended March 31, 2019 , the company recognized $205 million of these costs in cost of goods sold within loss from continuing operations before income taxes. |
Other Intangible Assets
Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | OTHER INTANGIBLE ASSETS The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Germplasm 1 $ 6,265 $ (126 ) $ 6,139 $ 6,265 $ (63 ) $ 6,202 Customer-related 1,956 (293 ) 1,663 1,977 (268 ) 1,709 $ 1,977 $ (182 ) $ 1,795 Developed technology 1,463 (409 ) 1,054 1,463 (370 ) 1,093 1,411 (202 ) 1,209 Trademarks/trade names 166 (88 ) 78 166 (86 ) 80 172 (86 ) 86 Favorable supply contracts 475 (231 ) 244 475 (207 ) 268 475 (135 ) 340 Other 2 400 (218 ) 182 404 (213 ) 191 530 (289 ) 241 Total other intangible assets with finite lives 10,725 (1,365 ) 9,360 10,750 (1,207 ) 9,543 4,565 (894 ) 3,671 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 10 — 10 10 — 10 146 — 146 Germplasm 1 6,265 — 6,265 Trademarks / trade names 1,871 — 1,871 1,871 — 1,871 1,871 — 1,871 Other — — — — — — 8 — 8 Total other intangible assets 1,881 — 1,881 1,881 — 1,881 8,290 — 8,290 Total $ 12,606 $ (1,365 ) $ 11,241 $ 12,631 $ (1,207 ) $ 11,424 $ 12,855 $ (894 ) $ 11,961 1. Beginning on October 1, 2019, the company changed its indefinite life assertion of the germplasm assets to definite lived with a useful life of 25 years. This change is the result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a non-exclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $163 million and $101 million for the three months ended March 31, 2020 and 2019 , respectively. The estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2020 and each of the next five years is approximately $495 million , $649 million , $628 million , $546 million , $532 million and $495 million , respectively. |
Short-Term Borrowings, Long-Ter
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The following tables summarize Corteva's short-term borrowings and finance lease obligations and long-term debt: Short-term borrowings and finance lease obligations (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Commercial paper $ 1,918 $ — $ 2,587 Repurchase facility 30 — 19 Other loans - various currencies 45 2 80 Long-term debt payable within one year 1 1 479 Finance lease obligations payable within one year 2 4 36 Total short-term borrowings and finance lease obligations $ 1,996 $ 7 $ 3,201 The estimated fair value of the company's short-term borrowings, including interest rate financial instruments, was determined using Level 2 inputs within the fair value hierarchy. 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, the fair value of the company's short-term borrowings and finance lease obligations was approximately carrying value. The weighted-average interest rate on short-term borrowings outstanding at March 31, 2020, December 31, 2019, and March 31, 2019 was 2.0% , 6.7% and 2.6% , respectively. The decrease in the weighted-average interest rate was primarily due to lower average commercial paper interest. Repurchase Facility In February 2020, the company entered into a new committed receivable repurchase facility of up to $1.3 billion (the "2020 Repurchase Facility") which expires in December 2020. Under the 2020 Repurchase Facility, Corteva may sell a portfolio of available and eligible outstanding customer notes receivables to participating institutions and simultaneously agree to repurchase at a future date. The 2020 Repurchase Facility is considered a secured borrowing with the customer notes receivable inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the 2020 Repurchase Facility have an interest rate of LIBOR + 0.75 percent . As of March 31, 2020, $32 million of notes receivable, recorded in accounts and notes receivable - net, were pledged as collateral against outstanding borrowings under the 2020 Repurchase Facility of $30 million , recorded in short-term borrowings and finance lease obligations on the interim Condensed Consolidated Balance Sheet. Revolving Credit Facilities In November 2018, EID entered into a $3.0 billion 5 -year revolving credit facility and a $3.0 billion 3 -year revolving credit facility (the “Revolving Credit Facilities”). The Revolving Credit Facilities became effective May 2019. Corteva, Inc. became a party at the time of the Corteva Distribution. The Revolving Credit Facilities may serve as a substitute to the company's commercial paper program, and can be used, from time to time, for general corporate purposes including, but not limited to, the funding of seasonal working capital needs. The Revolving Credit Facilities contain customary representations and warranties, affirmative and negative covenants and events of default that are typical for companies with similar credit ratings. Additionally, the Revolving Credit Facilities contain a financial covenant requiring that the ratio of total indebtedness to total capitalization for Corteva and its consolidated subsidiaries not exceed 0.60 . In March 2020, the Company drew down $500 million under the $3.0 billion 3 -year revolving credit facility as a result of the volatility and increased borrowing costs of commercial paper resulting from the unstable market conditions caused by the novel coronavirus ("COVID-19"). Unused commitments under the 3 -year revolving credit facility were $2.5 billion as of March 31, 2020. The company elected a 6 month LIBOR interest rate option for the $500 million borrowing. Borrowings outstanding under the 3 -year revolving credit facility as of March 31, 2020 bore interest at an all-in-rate of 1.99% per annum. Under the Revolving Credit Facilities, all amounts borrowed, absence any event of default, are not required to be repaid until the commitment termination date which is May 2022 for the 3 -year revolving credit facility and May 2024 for the 5 -year revolving credit facility, despite the interest rate option elected. As a result, borrowings under the Revolving Credit Facilities as of March 31, 2020 are reflected as long-term debt in the interim Condensed Consolidated Balance Sheet. The fair value of the company’s long-term borrowings, including debt due within one year, was $612 million , $119 million , and $6,830 million as of March 31, 2020 , December 31, 2019 , and March 31, 2019 , respectively, and was determined using quoted market prices for the same or similar issues, or current rates offered to the company for debt of the same remaining maturities (Level 2 inputs). |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | COMMITMENTS AND CONTINGENT LIABILITIES Guarantees Indemnifications In connection with acquisitions and divestitures as of March 31, 2020 , the company has indemnified respective parties against certain liabilities that may arise in connection with these transactions and business activities prior to the completion of the transactions. The term of these indemnifications, which typically pertain to environmental, tax and product liabilities, is generally indefinite. In addition, the company indemnifies its duly elected or appointed directors and officers to the fullest extent permitted by Delaware law, against liabilities incurred as a result of their activities for the company, such as adverse judgments relating to litigation matters. If the indemnified party were to incur a liability or have a liability increase as a result of a successful claim, pursuant to the terms of the indemnification, the company would be required to reimburse the indemnified party. The maximum amount of potential future payments is generally unlimited. See pages 26 and 11 for additional information relating to the indemnification obligations under the Chemours Separation Agreement and the Corteva Separation Agreement. Obligations for Customers and Other Third Parties The company has directly guaranteed various debt obligations under agreements with third parties related to customers and other third parties. At March 31, 2020 , December 31, 2019 and March 31, 2019 , the company had directly guaranteed $90 million , $97 million , and $294 million , respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees in the event of default by the guaranteed party. Of the total maximum future payments at March 31, 2020 , less than $1 million had terms greater than a year. The maximum future payments also include $17 million , $16 million , and $12 million of guarantees related to the various factoring agreements that the company enters into with its customer to sell its trade receivables at March 31, 2020 , December 31, 2019 and March 31, 2019 , respectively. See Note 10 - Accounts and Notes Receivable, Net, for additional information. The maximum future payments include agreements with lenders to establish programs that provide financing for select customers. The terms of the guarantees are equivalent to the terms of the customer loans that are primarily made to finance customer invoices. The total accounts receivable balance outstanding on these agreements was $125 million , $27 million and $63 million at March 31, 2020 , December 31, 2019 and March 31, 2019 , respectively. The company assesses the payment/performance risk by assigning default rates based on the duration of the guarantees. These default rates are assigned based on the external credit rating of the counterparty or through internal credit analysis and historical default history for counterparties that do not have published credit ratings. For counterparties without an external rating or available credit history, a cumulative average default rate is used. Litigation The company is subject to various legal proceedings, including, but not limited to, product liability, intellectual property, antitrust, commercial, property damage, personal injury, environmental and regulatory matters arising out of the normal course of its current businesses or legacy EID businesses unrelated to Corteva’s current businesses but allocated to Corteva as part of the separation of Corteva from DuPont. It is not possible to predict the outcome of these various proceedings. Although considerable uncertainty exists, management does not anticipate that the ultimate disposition of these matters will have a material adverse effect on the company's results of operations, consolidated financial position or liquidity. However, the ultimate liabilities could be material to results of operations and the cash flows in the period recognized. Indemnifications under Separation Agreements The company has entered into various agreements where the company is indemnified for certain liabilities. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. See Note 3 - Divestitures and Other Transactions, for additional information related to indemnifications. Chemours/Performance Chemicals On July 1, 2015, EID completed the separation of its Performance Chemicals segment through the spin-off of all of the issued and outstanding stock of The Chemours Company (the "Chemours Separation"). In connection with the Chemours Separation, EID and The Chemours Company ("Chemours") entered into a Separation Agreement (the "Chemours Separation Agreement"). Pursuant to the Chemours Separation Agreement and the amendment to the Chemours Separation Agreement, Chemours indemnifies the company against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the distribution. The term of this indemnification is generally indefinite and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. Concurrent with the MDL Settlement (as discussed below), EID and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future PFOA liabilities for five years , which began on July 6, 2017. During the five years , Chemours will annually pay the first $25 million of future PFOA liabilities and, if that amount is exceeded, EID will pay any excess amount up to the next $25 million , with Chemours annually bearing any excess liabilities above that amount. At the end of the five years , this limited sharing agreement will expire, and Chemours’ indemnification obligations under the Chemours Separation Agreement will continue unchanged. As part of this amendment, Chemours also agreed that it would not contest its liability for PFOA liabilities on the basis of certain ostensible defenses it had previously raised, including defenses relating to punitive damages, and would waive any such defenses with respect to PFOA liabilities. Chemours has, however, retained defenses as to whether any particular PFOA claim is within the scope of the indemnification provisions of the Chemours Separation Agreement. There have been no charges incurred by the company under this amendment through March 31, 2020 . On May 13, 2019, Chemours filed a complaint in the Delaware Court of Chancery ("Chancery Court") against DuPont, Corteva, and EID alleging, among other things, that the litigation and environmental liabilities allocated to Chemours under the Chemours Separation Agreement were underestimated and asking that the Court either limit the amount of Chemours’ indemnification obligations or, alternatively, order the return of the $3.91 billion dividend Chemours paid to EID prior to its separation. On June 3, 2019, the defendants moved to dismiss the complaint on the grounds that the Chemours Separation Agreement requires arbitration of all disputes relating to that agreement. On March 30, 2020, the Chancery Court granted the motion to dismiss made by DuPont, Corteva, and EID. Chemours filed its notice of appeal of the Chancery Court's decision on April 17, 2020. The company believes the probability of liability with respect to Chemours' suit continues to be remote. For additional information regarding environmental indemnification, see discussion on page 29. At March 31, 2020 , the indemnification assets pursuant to the Chemours Separation Agreement are $60 million within accounts and notes receivable - net and $294 million within other assets along with the corresponding liabilities of $60 million within accrued and other current liabilities and $294 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. Corteva Separation Agreement On April 1, 2019, in connection with the Dow Distribution, Corteva, DuPont and Dow entered into the Corteva Separation Agreement, the Tax Matters Agreement, the Employee Matters Agreement, and certain other agreements (collectively, the “Corteva Separation Agreements”). The Corteva Separation Agreements allocate among Corteva, DuPont and Dow certain liabilities and obligations among the parties and provides for indemnification obligation among the parties. Under the Corteva Separation Agreements, DuPont will indemnify Corteva against certain litigation, environmental, workers' compensation and other liabilities that arose prior to the Corteva Distribution and (ii) Dow indemnifies Corteva against certain litigation and other liabilities that relate to the Historical Dow business, but were transferred over as part of DAS, and Corteva indemnifies DuPont and Dow for certain liabilities. The term of this indemnification is generally indefinite with exceptions, and includes defense costs and expenses, as well as monetary and non-monetary settlements and judgments. See Note 3 - Divestitures and Other Transactions, for additional information relating to the Separation DuPont Under the Corteva Separation Agreement, certain legacy EID liabilities from discontinued and/or divested operations and businesses of EID (including Performance Chemicals) (a “stray liability”) were allocated to Corteva or DuPont. For those stray liabilities allocated to Corteva (which may include a specified amount of liability associated with that liability), Corteva is responsible for liabilities in an amount up to that specified amount plus an additional $200 million and, for those stray liabilities allocated to DuPont (which may include a specified amount of liability associated with that liability), DuPont is responsible for liabilities up to a specified amount plus an additional $200 million . Once each company has met the $200 million threshold, Corteva and DuPont will share future liabilities proportionally on the basis of 29% and 71% , respectively; provided, however, that for PFAS, DuPont will manage such liabilities with Corteva and DuPont sharing the costs on a 50% - 50% basis starting from $1 and up to $300 million (with such amount, up to $150 million , to be credited to each company’s $200 million threshold) and once the $300 million threshold is met, then the companies will share proportionally on the basis of 29% and 71% respectively, subject to a $1 million de minimis requirement. Litigation related to legacy EID businesses unrelated to Corteva’s current businesses While it is reasonably possible that the company could incur liabilities related to the litigation related to legacy EID businesses, unrelated to Corteva's current business, as described below, any such liabilities are not expected to be material. PFAS, PFOA, PFOS and Other Related Liabilities For purposes of this report, the term PFOA means collectively perfluorooctanoic acid and its salts, including the ammonium salt and does not distinguish between the two forms, and PFAS, which means per- and polyfluoroalkyl substances, including PFOA, PFOS (perfluorooctanesulfonic acid), GenX and other perfluorinated chemicals and compounds ("PFCs"). EID is a party to various legal proceedings relating to the use of PFOA by its former Performance Chemicals segment. While it is reasonably possible that EID could incur liabilities related to PFOA in excess of amounts accrued, any such liabilities are not expected to be material. As discussed, EID is indemnified by Chemours under the Chemours Separation Agreement, as amended. The company has recorded a liability of $20 million and an indemnification asset of $20 million at March 31, 2020 , related to testing drinking water in and around certain former EID sites and offering treatment or an alternative supply of drinking water if tests indicate the presence of PFOA in drinking water at or greater than the national health advisory level established from time to time by the EPA. Leach Settlement and MDL Settlement EID has residual liabilities under its 2004 settlement of a West Virginia state court class action, Leach v. EID, which alleged that PFOA from EID’s former Washington Works facility had contaminated area drinking water supplies and affected the health of area residents. The settlement class has about 80,000 members. In addition to relief that was provided to class members years ago, the settlement requires EID to continue providing PFOA water treatment to six area water districts and private well users and to fund, through an escrow account, up to $235 million for a medical monitoring program for eligible class members. As of March 31, 2020 , approximately $2 million had been disbursed from the account since its establishment in 2012 and the remaining balance is approximately $1 million . The Leach settlement permits class members to pursue personal injury claims for six health conditions (and no others) that an expert panel appointed under the settlement reported in 2012 had a “probable link” (as defined in the settlement) with PFOA: pregnancy-induced hypertension, including preeclampsia; kidney cancer; testicular cancer; thyroid disease; ulcerative colitis; and diagnosed high cholesterol. After the panel reported its findings, approximately 3,550 personal injury lawsuits were filed in federal and state courts in Ohio and West Virginia and consolidated in multi-district litigation in the U.S. District Court for the Southern District of Ohio (“MDL”). The MDL was settled in early 2017 for $670.7 million in cash, with Chemours and EID (without indemnification from Chemours) each paying half. Post-MDL Settlement PFOA Personal Injury Claims The MDL settlement did not resolve claims of plaintiffs who did not have claims in the MDL or whose claims are based on diseases first diagnosed after February 11, 2017. At March 31, 2020 , approximately 60 lawsuits were pending alleging personal injury, mostly kidney or testicular cancer, from exposure to PFOA through air or water, with nearly all part of the MDL or were not filed on behalf of Leach class members. The first two trials concluded in February 2020. The first trial, a kidney cancer case, resulted in a hung jury, while the second, a testicular cancer case, resulted in a jury verdict of $40 million in compensatory damages and $10 million for loss of consortium. Following entry of the judgment by the court, EID intends to file post-trial motions to reduce the verdict, and to appeal the verdict on the basis of procedural and substantive legal errors made by the trial court. EID believes the merits of the appeal will be successful in reducing the jury verdict or eliminating its liability, in whole or part. Six additional cases are scheduled for trial in August 2020. Other PFOA Matters EID is a party to other PFOA lawsuits that do not involve claims for personal injury. Chemours, pursuant to the Chemours Separation Agreement, is generally defending and indemnifying, with reservation, EID but Chemours has refused the tender of Corteva, Inc.'s defense in the limited actions in which Corteva, Inc. has been named. Chemours has refused to indemnify Corteva, Inc. and EID against any fraudulent conveyance claims associated with these matters. Corteva believes that Chemours is obligated to indemnify Corteva, Inc. under the Chemours Separation Agreement. New York . EID is a defendant in about 60 lawsuits, including a putative class action, brought by persons who live in and around Hoosick Falls, New York. These lawsuits assert claims for medical monitoring and property damage based on alleged PFOA releases from manufacturing facilities owned and operated by co-defendants in Hoosick Falls and allege that EID and 3M supplied some of the materials used at these facilities. EID is also one of more than ten defendants in a lawsuit brought by the Town of East Hampton, New York alleging PFOA and PFOS contamination of the town’s well water. Additionally, EID was served with complaints filed by six water districts in Nassau County, New York alleging that the drinking water they provide to customers is contaminated with PFAS and seeking reimbursement for clean-up costs. New Jersey . At March 31, 2020 , two lawsuits were pending, one brought by a local water utility and the second a putative class action, against EID alleging that PFOA from EID’s former Chambers Works facility contaminated drinking water sources. The putative class action was voluntarily dismissed without prejudice by the plaintiff. In late March of 2019, the New Jersey State Attorney General filed four lawsuits against EID, Chemours, 3M and others alleging that operations at and discharges from former EID sites in New Jersey (Chambers Works, Pompton Lakes, Parlin and Repauno) damaged the State’s natural resources. Two of these lawsuits (those involving the Chambers Works and Parlin sites) allege contamination from PFAS. The Ridgewood Water District in New Jersey filed suit in the first quarter 2019 against EID, 3M, Chemours, and Dyneon alleging losses related to the investigation, remediation and monitoring of polyfluorinated surfactants, including PFOA, in water supplies. Alabama / Others . EID is one of more than thirty defendants in a lawsuit by the Alabama water utility alleging contamination from PFCs, including PFOA, used by co-defendant carpet manufacturers to make their products more stain and grease resistant. In addition, the states of Michigan, New Hampshire, South Dakota, and Vermont recently filed lawsuits against EID, Chemours, 3M and others, claiming, among other things, PFC (including PFOA) contamination of groundwater and drinking water. The complaints seek reimbursement for past and future costs to investigate and remediate the alleged contamination and compensation for the loss of value and use of the state’s natural resources. Ohio . EID is a defendant in three lawsuits: an action by the State of Ohio based on alleged damage to natural resources, a putative nationwide class action brought on behalf of anyone who has detectable levels of PFAS in their blood serum, and an action by the City of Dayton claiming losses related to the investigation, remediation and monitoring of PFAS in water supplies. Aqueous Firefighting Foam s. Approximately 530 cases have been filed against 3M and other defendants, including EID and Chemours, and more recently also including Corteva and DuPont, alleging PFOS or PFOA contamination of soil and groundwater from the use of aqueous firefighting foams. Most of those cases claim some form of property damage and seek to recover the costs of responding to this contamination and damages for the loss of use and enjoyment of property and diminution in value. Most of these cases have been transferred to a multidistrict litigation proceeding in federal district court in South Carolina. Approximately 180 of these personal injury cases were filed on behalf of firefighters who allege personal injuries (primarily, thyroid disease and kidney, testicular and other cancers) as a result of aqueous firefighting foams. Most of these recent cases assert claims that the EID and Chemours separation constituted a fraudulent conveyance. While Chemours is defending EID for all claims except those for fraudulent conveyance, it has declined defense and indemnity to Corteva on all claims. EID did not make firefighting foams, PFOS, or PFOS products. While EID made surfactants and intermediaries that some manufacturers used in making foams, which may have contained PFOA as an unintended byproduct or an impurity, EID’s products were not formulated with PFOA, nor was PFOA an ingredient of these products. EID has never made or sold PFOA as a commercial product. Fayetteville Works Facility, North Carolina Prior to the separation of Chemours, EID introduced GenX as a polymerization processing aid and a replacement for PFOA at the Fayetteville Works facility in Bladen County, North Carolina. The facility is now owned and operated by Chemours, which continues to manufacture and use GenX. In 2017, the facility became and continues to be the subject of inquiries and government investigations relating to the alleged discharge of GenX and certain similar compounds into the air and Cape Fear River. EID was served with subpoenas relating to these discharges and in the second quarter 2018, received a subpoena expanding the scope to any PFCs discharged from the Fayetteville Works facility into the Cape Fear River. It is possible that these ongoing inquiries and investigations could result in penalties or sanctions, or that additional litigation will be instituted against Chemours, EID, or both. EID continues to cooperate with the U.S. Attorney’s Office. At March 31, 2020 , several actions are pending in federal court against Chemours and EID relating to PFC discharges from the Fayetteville Works facility. One of these is a consolidated putative class action that asserts claims for medical monitoring and property damage on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. The other action is on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. The plaintiffs’ claims for medical monitoring, punitive damages, public nuisance, trespass, unjust enrichment, failure to warn, and negligent manufacture have all been dismissed. The company has an indemnification claim against Chemours with respect to current and future inquiries and claims, including lawsuits, related to the foregoing. At March 31, 2020 , Chemours, with reservations, is defending and indemnifying EID in the pending civil actions. Environmental Accruals for environmental matters are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. At March 31, 2020 , the company had accrued obligations of $359 million for probable environmental remediation and restoration costs, including $51 million for the remediation of Superfund sites. These obligations are included in accrued and other current liabilities and other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. This is management’s best estimate of the costs for remediation and restoration with respect to environmental matters for which the company has accrued liabilities, although it is reasonably possible that the ultimate cost with respect to these particular matters could range up to $630 million above the amount accrued at March 31, 2020 . Consequently, it is reasonably possible that environmental remediation and restoration costs in excess of amounts accrued could have a material impact on the company’s results of operations, financial condition and cash flows. Inherent uncertainties exist in these estimates primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration. For a discussion of the allocation of environmental liabilities under the Chemours Separation Agreement and the Corteva Separation Agreement, see the previous discussion on page 26. The above noted $359 million accrued obligations includes the following: As of March 31, 2020 (In millions) Indemnification Asset Accrual balance 3 Potential exposure above amount accrued 3 Environmental Remediation Stray Liabilities Chemours related obligations - subject to indemnity 1,2 $ 164 $ 164 $ 289 Other discontinued or divested businesses obligations 1 — 91 223 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 34 34 62 Environmental remediation liabilities not subject to indemnity — 70 56 Total $ 198 $ 359 $ 630 1. Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page 26, under Corteva Separation Agreement. 2. The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. 3. Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Common Stock On June 1, 2019 , Corteva, Inc.'s common stock was distributed to DowDuPont stockholders by way of a pro rata distribution . Each DowDuPont stockholder received one share of Corteva, Inc. common stock for every three shares of DowDuPont common stock held at the close of business on May 24, 2019 , the record date of distribution. Corteva, Inc.'s common stock began trading the "regular way" under the ticker symbol "CTVA" on June 3, 2019 , the first business day after June 1, 2019. The number of Corteva, Inc. common shares issued on June 1, 2019 was 748,815,000 (par value of $0.01 per share). Information related to the Corteva Distribution and its effect on the company's financial statements are discussed throughout these Notes to the interim Consolidated Financial Statements. Set forth below is a reconciliation of common stock share activity: Shares of common stock Issued Balance January 1, 2020 748,577,000 Issued 1,657,000 Repurchased and retired (1,865,000 ) Balance March 31, 2020 748,369,000 Share Buyback Plan On June 26, 2019, Corteva, Inc. announced that the Board of Directors of Corteva, Inc. authorized a $1 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date. The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. During the three months ended March 31, 2020, the company purchased and retired 1,865,000 shares in the open market for a total cost of $50 million , with the last purchase completed on March 10, 2020. Shares repurchased pursuant to Corteva's share buyback plan are immediately retired upon purchase. Repurchased common stock is reflected as a reduction of stockholders' equity. The company's accounting policy related to its share repurchases is to reduce its common stock based on the par value of the shares and to reduce its retained earnings for the excess of the repurchase price over the par value. Corteva currently has an accumulated deficit balance; therefore, the excess over the par value has been applied to additional paid-in capital. Once Corteva has retained earnings, the excess will be charged entirely to retained earnings. Noncontrolling Interest Corteva, Inc. owns 100% of the outstanding common shares of EID. However, EID does have preferred stock outstanding to third parties which is accounted for as a non-controlling interest in Corteva's interim Condensed Consolidated Balance Sheets. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. Below is a summary of the EID Preferred Stock at March 31, 2020, December 31, 2019, and March 31, 2019, which is classified as noncontrolling interests in Corteva's interim Condensed Consolidated Balance Sheets. Shares in thousands Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 Other Comprehensive Loss The changes and after-tax balances of components comprising accumulated other comprehensive loss are summarized below: (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Total 2019 Balance January 1, 2019 $ (2,793 ) $ (26 ) $ (620 ) $ 79 $ (3,360 ) Other comprehensive loss before reclassifications (72 ) (4 ) (4 ) — (80 ) Amounts reclassified from accumulated other comprehensive loss — 5 1 — 6 Net other comprehensive (loss) income (72 ) 1 (3 ) — (74 ) Balance March 31, 2019 $ (2,865 ) $ (25 ) $ (623 ) $ 79 $ (3,434 ) 2020 Balance January 1, 2020 $ (1,944 ) $ 2 $ (1,247 ) $ (81 ) $ (3,270 ) Other comprehensive (loss) income before reclassifications (672 ) 1 (2 ) 3 (670 ) Amounts reclassified from accumulated other comprehensive loss — 5 2 — 7 Net other comprehensive (loss) income (672 ) 6 — 3 (663 ) Balance March 31, 2020 $ (2,616 ) $ 8 $ (1,247 ) $ (78 ) $ (3,933 ) 1. The cumulative translation adjustment loss for the three months ended March 31, 2019 was primarily driven by strengthening of the USD against the European Euro (“EUR”) and the Brazilian Real (“BRL”). The cumulative translation adjustment loss for the three months ended March 31, 2020 was primarily driven by strengthening of the USD against the BRL and the South African Rand ("ZAR"). The tax benefit (expense) on the net activity related to each component of other comprehensive (loss) income was as follows: (In millions) Three Months Ended 2020 2019 Derivative instruments $ 5 $ (3 ) Pension benefit plans - net (4 ) (7 ) Benefit from (provision for) income taxes related to other comprehensive income (loss) items $ 1 $ (10 ) A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows: (In millions) Three Months Ended 2020 2019 Derivative Instruments 1 : $ 7 $ 4 Tax (benefit) expense 2 (2 ) 1 After-tax $ 5 $ 5 Amortization of pension benefit plans: Actuarial losses 3 $ 1 1 Settlement loss 3 2 — Total before tax 3 1 Tax benefit 2 (1 ) — After-tax $ 2 $ 1 Total reclassifications for the period, after-tax $ 7 $ 6 1. Reflected in cost of goods sold. 2. Reflected in provision for (benefit from) income taxes from continuing operations. 3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 16 |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS The following sets forth the components of the company's net periodic benefit (credit) cost for defined benefit pension plans and other post employment benefits: Three Months Ended March 31, (In millions) 2020 2019 Defined Benefit Pension Plans: Service cost $ 5 $ 20 Interest cost 141 208 Expected return on plan assets (251 ) (304 ) Amortization of unrecognized loss 1 1 Settlement loss 2 — Net periodic benefit credit - Total $ (102 ) $ (75 ) Less: Discontinued operations 1 — (8 ) Net periodic benefit credit - Continuing operations $ (102 ) $ (67 ) Other Post Employment Benefits: Service cost $ 1 $ 2 Interest cost 16 23 Net periodic benefit cost - Continuing operations $ 17 $ 25 1. Includes non-service related components of net periodic benefit credit of $(21) million |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At March 31, 2020 , the company had $1,536 million ( $1,293 million and $1,055 million at December 31, 2019 and March 31, 2019 , respectively) of held-to-maturity securities (primarily time deposits and money market funds) classified as cash equivalents, as these securities had maturities of three months or less at the time of purchase; and $10 million ( $5 million and $5 million at December 31, 2019 and March 31, 2019 , respectively) of held-to-maturity securities (primarily time deposits) classified as marketable securities as these securities had maturities of more than three months to less than one year at the time of purchase. The company’s investments in held-to-maturity securities are held at amortized cost, which approximates fair value. These securities are included in cash and cash equivalents, marketable securities, and other current assets in the Condensed Consolidated Balance Sheets. Derivative Instruments Objectives and Strategies for Holding Derivative Instruments 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. Derivative programs have procedures and controls and are approved by the Corporate Financial Risk Management Committee, consistent with the company's financial risk management policies and guidelines. Derivative instruments used are forwards, options, futures and swaps. The company has not designated any non-derivatives as hedging instruments. 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. The notional amounts of the company's derivative instruments were as follows: Notional Amounts (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Derivatives designated as hedging instruments: Foreign currency contracts $ 751 $ — $ — Commodity contracts $ 418 $ 570 $ 351 Derivatives not designated as hedging instruments: Foreign currency contracts $ 644 $ 582 $ 1,442 Commodity contracts $ 59 $ — $ 125 Foreign Currency Risk The company's objective in managing exposure to foreign currency fluctuations is to reduce earnings and cash flow volatility associated with foreign currency rate changes and to mitigate the exposure of certain investments in foreign subsidiaries against changes in the Euro/USD exchange rate. Accordingly, the company enters into various contracts that change in value as foreign exchange rates change to protect the value of its existing foreign currency-denominated assets, liabilities, commitments, investments and cash flows. The company uses forward exchange contracts to offset its net exposures, by currency, related to the foreign currency denominated monetary assets and liabilities of its operations. The primary business objective of this hedging program is to maintain an approximately balanced position in foreign currencies so that exchange gains and losses resulting from exchange rate changes, after related tax effects, are minimized. Commodity Price Risk Commodity price risk management programs serve to reduce exposure to price fluctuations on purchases of inventory such as corn and soybeans. The company enters into over-the-counter and exchange-traded derivative commodity instruments to hedge the commodity price risk associated with agricultural commodity exposures. Derivatives Designated as Cash Flow Hedges Commodity Contracts The company enters into over-the-counter and exchange-traded derivative commodity instruments, including options, futures and swaps, to hedge the commodity price risk associated with agriculture commodity exposures. While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two years . Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is not probable of occurring. The following table summarizes the after-tax effect of commodity contract cash flow hedges on accumulated other comprehensive loss: Three Months Ended (In millions) 2020 2019 Beginning balance $ 2 $ (26 ) Additions and revaluations of derivatives designated as cash flow hedges (22 ) (4 ) Clearance of hedge results to earnings 5 5 Ending balance $ (15 ) $ (25 ) At March 31, 2020 , an after-tax net loss of $20 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Foreign Currency Contracts The company enters into forward contracts to hedge the foreign currency risk associated with forecasted transactions within certain foreign subsidiaries. While each risk management program has a different time maturity period, most programs currently do not extend beyond the next two years . Cash flow hedge results are reclassified into earnings during the same period in which the related exposure impacts earnings. Reclassifications are made sooner if it appears that a forecasted transaction is not probable of occurring. The following table summarizes the after-tax effect of foreign currency cash flow hedges on accumulated other comprehensive loss: Three Months Ended (In millions) 2020 Beginning balance $ — Additions and revaluations of derivatives designated as cash flow hedges 16 Ending balance $ 16 At March 31, 2020, an after-tax net gain of $16 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. Derivatives Designated as Net Investment Hedges Foreign Currency Contracts The company has designated € 450 million of forward contracts to exchange EUR as net investment hedges. The purpose of these forward contracts is to mitigate FX exposure related to a portion of the Company’s euro net investments in certain foreign subsidiaries against changes in Euro/USD exchange rates. These hedges will expire and be settled in 2023, unless terminated early at the discretion of the Company. The company elected to apply the spot method in testing for effectiveness of the hedging relationship. Derivatives not Designated in Hedging Relationships Foreign Currency Contracts The company 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. Commodity Contracts The company utilizes options, futures and swaps that are not designated as hedging instruments to reduce exposure to commodity price fluctuations on purchases of inventory such as corn and soybeans. Fair Value of Derivative Instruments Asset and liability derivatives subject to an enforceable master netting arrangement with the same counterparty are presented on a net basis in the interim Condensed Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows: March 31, 2020 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 36 $ — $ 36 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 230 (110 ) 120 Total asset derivatives $ 266 $ (110 ) $ 156 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 108 $ (103 ) $ 5 Total liability derivatives $ 108 $ (103 ) $ 5 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. December 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 25 $ (18 ) $ 7 Total asset derivatives $ 25 $ (18 ) $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 43 $ (16 ) $ 27 Total liability derivatives $ 43 $ (16 ) $ 27 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. March 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 45 $ (11 ) $ 34 Total asset derivatives $ 45 $ (11 ) $ 34 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 10 $ (10 ) $ — Total liability derivatives $ 10 $ (10 ) $ — 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. Effect of Derivative Instruments Amount of (Loss) Gain Recognized in OCI 1 - Pre-Tax Three Months Ended (In millions) 2020 2019 Derivatives designated as hedging instruments: Net Investment Hedges: Foreign currency contracts $ 9 $ — Cash flow hedges: Foreign currency contracts 19 $ — Commodity contracts (34 ) $ 1 Total derivatives designated as hedging instruments (6 ) 1 Total derivatives $ (6 ) $ 1 1. OCI is defined as other comprehensive income (loss). Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 (In millions) Three Months Ended 2020 2019 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ (7 ) $ (4 ) Total derivatives designated as hedging instruments (7 ) (4 ) Derivatives not designated as hedging instruments: Foreign currency contracts 3 165 (17 ) Commodity contracts 2 9 6 Total derivatives not designated as hedging instruments 174 (11 ) Total derivatives $ 167 $ (15 ) 1. For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2. Recorded in cost of goods sold. 3. Gain recognized in other income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 - Supplementary Information, for additional information. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS The following tables summarize the basis used to measure certain assets and liabilities at fair value on a recurring basis: March 31, 2020 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,536 Marketable securities 10 Derivatives relating to: 2 Foreign currency 266 Total assets at fair value $ 1,812 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 108 Total liabilities at fair value $ 108 December 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,293 Marketable securities 5 Derivatives relating to: 2 Foreign currency 25 Total assets at fair value $ 1,323 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 43 Total liabilities at fair value $ 43 March 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,055 Marketable securities 5 Derivatives relating to: 2 Foreign currency 45 Total assets at fair value $ 1,105 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 10 Total liabilities at fair value $ 10 1. Time deposits included in cash and cash equivalents and money market funds included in other current assets in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. 2. See Note 17 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s chief operating decision maker ("CODM"). The company defines segment operating EBITDA as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating (benefits) costs - net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating (benefits) costs - net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. For purposes of the three months ended March 31, 2019 , segment operating EBITDA is calculated on a pro forma basis, as this is the manner in which the CODM assesses performance and allocates resources. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the first quarter of 2019 were determined in accordance with Article 11 of Regulation S-X. These adjustments give effect to the Merger, the debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 13 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. As of and for the Three Months Ended March 31, (In millions) Seed Crop Protection Total 2020 Net sales $ 2,455 $ 1,501 $ 3,956 Segment operating EBITDA $ 581 $ 238 $ 819 Segment assets 1,2 $ 25,857 $ 13,251 $ 39,108 2019 Net sales $ 1,967 $ 1,429 $ 3,396 Pro forma segment operating EBITDA $ 325 $ 220 $ 545 Segment assets 1 $ 30,259 $ 9,782 $ 40,041 1. Segment assets at December 31, 2019 were $25,387 million and $13,492 million for Seed and Crop Protection, respectively. 2. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the Seed reportable segment to the Crop Protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2020 2019 1 Income (loss) from continuing operations after income taxes $ 281 $ (184 ) Provision for (benefit from) income taxes on continuing operations 127 (67 ) Income (loss) from continuing operations before income taxes 408 (251 ) Depreciation and amortization 283 258 Interest income (18 ) (16 ) Interest expense 10 59 Exchange losses - net 61 27 Non-operating benefits - net (73 ) (42 ) Significant items 123 185 Pro forma adjustments 298 Corporate expenses 25 27 Segment operating EBITDA $ 819 $ 545 1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. Segment assets to total assets (in millions) March 31, 2020 December 31, 2019 March 31, 2019 Total segment assets $ 39,108 $ 38,879 $ 40,041 Corporate assets 3,870 3,518 3,991 Assets related to discontinued operations 1 — — 66,070 Total assets $ 42,978 $ 42,397 $ 110,102 1. See Note 3 - Divestitures and Other Transactions for additional information on discontinued operations. Significant Pre-tax Charges Not Included in Pro Forma Segment Operating EBITDA The three months ended March 31, 2020 and 2019 , respectively, included the following significant pre-tax charges which are excluded from segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (10 ) $ (18 ) $ (42 ) $ (70 ) Loss on Divestiture 2 — (53 ) — (53 ) Total $ (10 ) $ (71 ) $ (42 ) $ (123 ) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2019 Restructuring and Asset Related Charges - Net 1 $ (27 ) $ (23 ) $ (11 ) $ (61 ) Integration Costs 3 — — (100 ) (100 ) Loss on Divestiture 4 (24 ) — — (24 ) Total $ (51 ) $ (23 ) $ (111 ) $ (185 ) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, for additional information. 2. Includes a loss recorded in other income - net related to the expected sale of the La Porte site. 3. Integration costs include costs incurred to prepare for and close the Merger as well as post-Merger integration expenses. 4. Includes a loss recorded in other income - net related to DAS’s sale of a joint venture related to synergy actions. |
EID - Basis of Presentation (No
EID - Basis of Presentation (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
EID [Member] | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BASIS OF PRESENTATION As a result of the Business Realignment and the Internal Reorganization, Corteva, Inc. owns 100% of the outstanding common stock of EID. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Exchange Act. The primary differences between Corteva, Inc. and EID are outlined below: • Preferred Stock - EID has preferred stock outstanding to third parties which is accounted for as a non-controlling interest at the Corteva, Inc. level. Each share of EID Preferred Stock - $4.50 Series and EID Preferred Stock - $3.50 Series issued and outstanding at the effective date of the Corteva Distribution remains issued and outstanding as to EID and was unaffected by the Corteva Distribution. • Related Party Loan - EID engaged in a series of debt redemptions during the second quarter of 2019 that were partially funded through an intercompany loan from Corteva, Inc. This was eliminated in consolidation at the Corteva, Inc. level but remains on EID's financial statements at the standalone level (including the associated interest). • Capital Structure - At March 31, 2020 , Corteva, Inc.'s capital structure consists of 748,369,000 issued shares of common stock, par value $0.01 per share. The accompanying footnotes relate to EID only, and not to Corteva, Inc., and are presented to show differences between EID and Corteva, Inc. For the footnotes listed below, refer to the following Corteva, Inc. footnotes: • Note 1 - Summary of Significant Accounting Policies - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements • Note 2 - Recent Accounting Guidance - refer to page 10 of the Corteva, Inc. interim Consolidated Financial Statements • Note 3 - Divestitures and Other Transactions - refer to page 11 of the Corteva, Inc. interim Consolidated Financial Statements • Note 4 - Revenue - refer to page 14 of the Corteva, Inc. interim Consolidated Financial Statements • Note 5 - Restructuring and Asset Related Charges - Net - refer to page 16 of the Corteva, Inc. interim Consolidated Financial Statements • Note 6 - Related Parties - Differences exist between Corteva, Inc. and EID; refer to EID Note 2 - Related Party Transactions, below • Note 7 - Supplementary Information - refer to page 18 of the Corteva, Inc. interim Consolidated Financial Statements • Note 8 - Income Taxes - refer to page 20 of the Corteva, Inc. interim Consolidated Financial Statements • Note 9 - Earnings Per Share of Common Stock - N/A for EID • Note 10 - Accounts and Notes Receivable - Net - refer to page 21 of the Corteva, Inc. interim Consolidated Financial Statements • Note 11 - Inventories - refer to page 22 of the Corteva, Inc. interim Consolidated Financial Statements • Note 12 - Other Intangible Assets - refer to page 23 of the Corteva, Inc. interim Consolidated Financial Statements • Note 13 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page 23 of the Corteva, Inc. interim Consolidated Financial Statements. In addition, EID has a related party loan payable to Corteva, Inc.; refer to EID Note 2 - Related Party Transactions, below • Note 14 - Commitments and Contingent Liabilities - refer to page 25 of the Corteva, Inc. interim Consolidated Financial Statements • Note 15 - Stockholders' Equity - refer to page 30 of the Corteva, Inc. interim Consolidated Financial Statements • Note 16 - Pension Plans and Other Post Employment Benefits - refer to page 32 of the Corteva, Inc. interim Consolidated Financial Statements • Note 17 - Financial Instruments - refer to page 33 of the Corteva, Inc. interim Consolidated Financial Statements • Note 18 - Fair Value Measurements - refer to page 37 of the Corteva, Inc. interim Consolidated Financial Statements • Note 19 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Segment Information, below |
EID - Related Party Transaction
EID - Related Party Transactions (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTIES Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reports transactions with Historical Dow and its affiliates as related party transactions. Purchases from Historical Dow and its affiliates were $42 million for the three months ended March 31, 2019. Transactions with DowDuPont In February 2019, the DowDuPont Board declared first quarter dividends per share of DowDuPont common stock payable on March 15, 2019. EID declared and paid distributions to DowDuPont of $317 million for the three months ended March 31, 2019, primarily to fund a portion of DowDuPont's dividend payment. In addition, at March 31, 2019 , EID had a payable to DowDuPont of $103 million included in accounts payable in the interim Condensed Consolidated Balance Sheet related to its estimated tax liability for the period beginning with the Merger through the date of the Dow Distribution, during which time the parties filed a consolidated United States ("U.S.") tax return. See Note 8 - Income Taxes, for additional information. |
EID [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Refer to page 18 of the Corteva, Inc. interim Consolidated Financial Statements for discussion of related party transactions with Historical Dow, DowDuPont, and DuPont. Transactions with Corteva In the second quarter of 2019, EID entered into a related party revolving loan from Corteva, Inc., with a maturity date in 2024. As of March 31, 2020 and December 31, 2019 , the outstanding related party loan balance was $3,872 million and $4,021 million , respectively (which approximates fair value), with an interest rate of 3.27% , and is reflected as long-term debt - related party in EID's interim Condensed Consolidated Balance Sheets. Additionally, EID has incurred tax deductible interest expense of $32 million for the three months ended March 31, 2020 associated with the related party loan from Corteva, Inc. As of March 31, 2020 , EID had payables to Corteva, Inc., the parent company, of $166 million and $82 million ( $119 million and $154 million at December 31, 2019 ) included in accrued and other current liabilities and other noncurrent obligations, respectively, in the interim Condensed Consolidated Balance Sheets related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page 11 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements). |
EID Segment FN (Notes)
EID Segment FN (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s chief operating decision maker ("CODM"). The company defines segment operating EBITDA as earnings (i.e., income from continuing operations before income taxes) before interest, depreciation, amortization, corporate expenses, non-operating (benefits) costs - net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating (benefits) costs - net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. For purposes of the three months ended March 31, 2019 , segment operating EBITDA is calculated on a pro forma basis, as this is the manner in which the CODM assesses performance and allocates resources. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA for the first quarter of 2019 were determined in accordance with Article 11 of Regulation S-X. These adjustments give effect to the Merger, the debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 13 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. As of and for the Three Months Ended March 31, (In millions) Seed Crop Protection Total 2020 Net sales $ 2,455 $ 1,501 $ 3,956 Segment operating EBITDA $ 581 $ 238 $ 819 Segment assets 1,2 $ 25,857 $ 13,251 $ 39,108 2019 Net sales $ 1,967 $ 1,429 $ 3,396 Pro forma segment operating EBITDA $ 325 $ 220 $ 545 Segment assets 1 $ 30,259 $ 9,782 $ 40,041 1. Segment assets at December 31, 2019 were $25,387 million and $13,492 million for Seed and Crop Protection, respectively. 2. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the Seed reportable segment to the Crop Protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2020 2019 1 Income (loss) from continuing operations after income taxes $ 281 $ (184 ) Provision for (benefit from) income taxes on continuing operations 127 (67 ) Income (loss) from continuing operations before income taxes 408 (251 ) Depreciation and amortization 283 258 Interest income (18 ) (16 ) Interest expense 10 59 Exchange losses - net 61 27 Non-operating benefits - net (73 ) (42 ) Significant items 123 185 Pro forma adjustments 298 Corporate expenses 25 27 Segment operating EBITDA $ 819 $ 545 1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. Segment assets to total assets (in millions) March 31, 2020 December 31, 2019 March 31, 2019 Total segment assets $ 39,108 $ 38,879 $ 40,041 Corporate assets 3,870 3,518 3,991 Assets related to discontinued operations 1 — — 66,070 Total assets $ 42,978 $ 42,397 $ 110,102 1. See Note 3 - Divestitures and Other Transactions for additional information on discontinued operations. Significant Pre-tax Charges Not Included in Pro Forma Segment Operating EBITDA The three months ended March 31, 2020 and 2019 , respectively, included the following significant pre-tax charges which are excluded from segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (10 ) $ (18 ) $ (42 ) $ (70 ) Loss on Divestiture 2 — (53 ) — (53 ) Total $ (10 ) $ (71 ) $ (42 ) $ (123 ) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2019 Restructuring and Asset Related Charges - Net 1 $ (27 ) $ (23 ) $ (11 ) $ (61 ) Integration Costs 3 — — (100 ) (100 ) Loss on Divestiture 4 (24 ) — — (24 ) Total $ (51 ) $ (23 ) $ (111 ) $ (185 ) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, for additional information. 2. Includes a loss recorded in other income - net related to the expected sale of the La Porte site. 3. Integration costs include costs incurred to prepare for and close the Merger as well as post-Merger integration expenses. 4. Includes a loss recorded in other income - net related to DAS’s sale of a joint venture related to synergy actions. |
EID [Member] | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION There are no differences in reporting structure or segments between Corteva, Inc. and EID. In addition, there are no differences between Corteva, Inc. and EID segment net sales, segment operating EBITDA or pro forma segment operating EBITDA, segment assets, or significant items by segment; refer to page 39 of the Corteva, Inc. interim Consolidated Financial Statements for background information on the segments as well as further details regarding segment metrics. The tables below reconcile segment pro forma operating EBITDA to loss from continuing operations after income taxes, as differences exist between Corteva, Inc. and EID. Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2020 2019 1 Income (loss) from continuing operations after income taxes $ 257 $ (184 ) Provision for (benefit from) income taxes on continuing operations 119 (67 ) Income (loss) from continuing operations before income taxes 376 (251 ) Depreciation and amortization 283 258 Interest income (18 ) (16 ) Interest expense 42 59 Exchange losses - net 61 27 Non-operating benefits - net (73 ) (42 ) Significant items 123 185 Pro forma adjustments 298 Corporate expenses 25 27 Segment operating EBITDA $ 819 $ 545 1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Interim Financial Statements The accompanying unaudited interim 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, 2019, collectively referred to as the “2019 Annual Report.” The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. Basis of Presentation Certain reclassifications of prior year's data have been made to conform to current year's presentation. On April 1, 2019, EID completed the transference of the assets and liabilities aligned with EID’s materials science business, including EID’s ethylene and ethylene copolymers business, excluding its ethylene acrylic elastomers business, (“EID ECP”) to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow. On May 1, 2019, EID completed the transfer of the assets and liabilities aligned with the EID’s specialty products business to separate legal entities (“EID Specialty Products Entities”), which were then distributed to DowDuPont. In accordance with GAAP, the financial position and results of operations of EID ECP and the EID Specialty Products Entities 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 operations and discontinued operations may not equal the total company earnings per share amounts due to rounding. The cash flows, comprehensive (loss) income, and equity related to EID ECP and the EID Specialty Products Entities have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows, Consolidated Statements of Comprehensive Income (Loss), and Consolidated Statements of Equity, respectively, for all periods presented. Amounts related to EID ECP and the EID Specialty Products Entities are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 3 - Divestitures and Other Transactions, for additional information. Prior to the Corteva Distribution, these combined financial statements were derived from the consolidated financial statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. Beginning in the second quarter 2019, the financial statements are presented on a consolidated basis. The company's Condensed Consolidated Balance Sheets at March 31, 2020 and December 31, 2019 consist of Corteva, Inc. and its consolidated subsidiaries. The company's Condensed Consolidated Balance Sheet at March 31, 2019 consists of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Condensed Consolidated Balance Sheets" throughout this document. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to April 30, 2019 consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after May 1, 2019 represent the consolidated balances of the company. Intercompany balances and transactions with Historical EID and DAS have been eliminated. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | Recently Adopted Accounting Guidance In June 2016, the FASB issued ASU 2016-13, Financial Instruments (Topic 326): Credit Losses - Measurement of Credit Losses on Financial Statements, which requires financial assets measured at amortized cost basis to be presented at the net amount expected to be collected. The amortized cost basis of financial assets should be reduced by expected credit losses to present the net carrying value in the financial statements at the amount expected to be collected. The measurement of expected credit losses is based on past events, historical experience, current conditions and forecasts that affect the collectability of the financial assets. Additionally, credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. The company adopted the guidance in the first quarter of 2020. The primary impact of adoption related to the credit losses on accounts and notes receivable, which is applied using a cumulative-effect adjustment in the period of adoption, and prior periods are not restated. The adoption of ASU 2016-13 did not have a material impact on the company’s financial position, results of operations or cash flows. See Note 10 - Accounts and Notes Receivable - Net, to the Consolidated Financial Statements for additional information. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years and early adoption is permitted. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company adopted this guidance on January 1, 2020 and it did not have a material impact on the company’s financial position, results of operations or cash flows. In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848), which provides companies with optional financial reporting alternatives to reduce the cost and complexity associated with the accounting for contracts and hedging relationships affected by reference rate reform. The amendments in this Update are effective for all entities as of March 12, 2020 through December 31, 2022. The adoption of ASU 2020-04 did not have a material impact on the company's financial position, results of operations or cash flows, and will apply to future changes. Accounting Guidance Issued But Not Adopted as of March 31, 2020 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which was part of the FASB’s Simplification Initiative to identify, evaluate, and improve areas of U.S. GAAP for which cost and complexity can be reduced, while maintaining or improving the usefulness of the information provided to users of financial statements. This ASU amends ASC 740, Income Taxes, by removing certain exceptions to the general principles, and clarifying and amending current guidance. The new standard is effective for fiscal years, and periods within those fiscal years, beginning after December 15, 2020. Early adoption is permitted, however all amended guidance must be adopted in the same period and should be reflected as of the beginning of the annual period if initially adopted and applied during an interim period. The company is currently evaluating the impact of adopting this guidance. |
Revenue Revenue Recognition (Po
Revenue Revenue Recognition (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Sales of Goods | Products Substantially all of Corteva's revenue is derived from product sales. Product sales consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva 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. However, the company has some long-term contracts which can span multiple years. |
Revenue Recognition, Licenses of Intellectual Property | Licenses of Intellectual Property Corteva enters into licensing arrangements with customers under which it licenses its intellectual property. Revenue from the majority of intellectual property licenses is derived from sales-based royalties. 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. |
Divestitures and Other Transa_2
Divestitures and Other Transactions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Statement [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations [Table Text Block] | (In millions) Three Months Ended Net sales $ 362 Cost of goods sold 259 Research and development expense 4 Selling, general and administrative expenses 9 Amortization of intangibles 23 Restructuring and asset related charges - net 2 Integration and separation costs 44 Other income - net 2 Income from discontinued operations before income taxes 23 Provision for income taxes on discontinued operations 4 Income from discontinued operations after income taxes $ 19 |
Income Statement [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations [Table Text Block] | (In millions) Three Months Ended Net sales $ 3,816 Cost of goods sold 2,535 Research and development expense 153 Selling, general and administrative expenses 401 Amortization of intangibles 201 Restructuring and asset related charges - net 43 Integration and separation costs 164 Other income - net 120 Income from discontinued operations before income taxes 439 Provision for income taxes on discontinued operations 98 Income from discontinued operations after income taxes $ 341 |
Cash Flow [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations [Table Text Block] | (In millions) Three Months Ended Depreciation $ 28 Amortization of intangibles $ 23 Capital expenditures $ 16 |
Cash Flow [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations [Table Text Block] | (In millions) Three Months Ended Depreciation $ 216 Amortization of intangibles $ 201 Capital expenditures $ 423 |
Balance Sheet [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations [Table Text Block] | (In millions) March 31, 2019 Cash and cash equivalents $ 32 Accounts and notes receivable - net 221 Inventories 448 Other current assets 25 Total current assets of discontinued operations 726 Investment in nonconsolidated affiliates 109 Property, plant and equipment - net 753 Goodwill 3,585 Other intangible assets 1,118 Deferred income taxes 15 Other assets 5 Non-current assets of discontinued operations 5,585 Total assets of discontinued operations $ 6,311 Short-term borrowings and finance lease obligations 2 Accounts payable 187 Income tax payable 9 Accrued and other current liabilities 26 Total current liabilities of discontinued operations 224 Long-term Debt 2 Deferred income tax liabilities 374 Pension and other post employment benefits - noncurrent 5 Other noncurrent obligations 4 Non-current liabilities of discontinued operations 385 Total liabilities of discontinued operations $ 609 |
Balance Sheet [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations [Table Text Block] | (In millions) March 31, 2019 Cash and cash equivalents $ 2,042 Marketable securities 13 Accounts and notes receivable - net 2,722 Inventories 3,640 Other current assets 310 Total current assets of discontinued operations 8,727 Investment in nonconsolidated affiliates 1,192 Property, plant and equipment - net 8,061 Goodwill 28,194 Other intangible assets 12,822 Deferred income taxes 106 Other assets 657 Non-current assets of discontinued operations 51,032 Total assets of discontinued operations $ 59,759 Short-term borrowings and finance lease obligations 16 Accounts payable 2,075 Income taxes payable 47 Accrued and other current liabilities 1,139 Total current liabilities of discontinued operations 3,277 Long-term Debt 25 Deferred income tax liabilities 3,408 Pension and other post employment benefits - noncurrent 1,084 Other noncurrent obligations 610 Non-current liabilities of discontinued operations 5,127 Total liabilities of discontinued operations $ 8,404 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |
Contract Balances | Contract Balances March 31, 2020 December 31, 2019 March 31, 2019 (In millions) Accounts and notes receivable - trade 1 $ 5,779 $ 4,396 $ 5,060 Contract assets - current 2 $ 20 $ 20 $ 18 Contract assets - noncurrent 3 $ 49 $ 49 $ 46 Deferred revenue - current 4 $ 1,996 $ 2,584 $ 2,057 Deferred revenue - noncurrent 5 $ 104 $ 108 $ 103 1. Included in accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheets. 2. Included in other current assets in the interim Condensed Consolidated Balance Sheets. 3. Included in other assets in the interim Condensed Consolidated Balance Sheets. 4. Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheets. 5. Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheets. |
Major Product Line [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Three Months Ended (In millions) 2020 2019 Corn $ 1,864 $ 1,468 Soybean 181 131 Other oilseeds 248 225 Other 162 143 Seed 2,455 1,967 Herbicides 823 771 Insecticides 378 377 Fungicides 229 220 Other 71 61 Crop Protection 1,501 1,429 Total $ 3,956 $ 3,396 |
Geography [Domain] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Seed Three Months Ended (In millions) 2020 2019 North America 1 $ 1,290 $ 913 EMEA 2 881 804 Latin America 216 178 Asia Pacific 68 72 Total $ 2,455 $ 1,967 Crop Protection Three Months Ended (In millions) 2020 2019 North America 1 $ 475 $ 479 EMEA 2 586 560 Latin America 218 187 Asia Pacific 222 203 Total $ 1,501 $ 1,429 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Execute to Win Productivity Program [Domain] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Three Months Ended (In millions) 2020 Seed $ 3 Crop Protection 18 Corporate expenses 42 Total $ 63 (In millions) Severance and Related Benefit Costs Asset Related Charges Total Balance at December 31, 2019 $ — $ — $ — Charges to income from continuing operations for the three months ended March 31, 2020 42 21 63 Asset write-offs — (15 ) (15 ) Balance at March 31, 2020 $ 42 $ 6 $ 48 |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Three Months Ended (In millions) 2020 2019 Severance and related benefit costs $ — $ 14 Contract termination charges — 20 Asset related (benefits) charges (3 ) 28 Total restructuring and asset related (benefits) charges - net $ (3 ) $ 62 (In millions) Severance and Related Benefit Costs Costs Associated with Exit and Disposal Activities 1 Asset Related (Benefits) Charges Total Balance at December 31, 2019 $ 29 $ 40 $ — $ 69 Payments (6 ) — 2 (4 ) Asset write-offs — — (2 ) (2 ) Balance at March 31, 2020 $ 23 $ 40 $ — $ 63 1. Relates primarily to contract terminations charges. Three Months Ended (In millions) 2020 2019 Seed $ (3 ) $ 24 Crop Protection — 27 Corporate expenses — 11 Total $ (3 ) $ 62 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other Income - Net Three Months Ended (In millions) 2020 2019 Interest income $ 18 $ 16 Equity in losses of affiliates - net (1 ) — Net loss on sales of businesses and other assets 1 (46 ) (13 ) Net exchange losses (61 ) (27 ) Non-operating pension and other post employment benefit credit 2 91 51 Miscellaneous income (expenses) - net — 4 Other income - net $ 1 $ 31 1. Includes a loss of $(53) million relating to the expected sale of the La Porte site, for which the company signed an agreement during the three months ended March 31, 2020 and a loss of $(24) million relating to DAS’s sale of a joint venture related to synergy actions for the three months ended March 31, 2019. 2. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized (gain) loss, and settlement loss). |
Foreign Currency Exchange Gain (Loss) | (In millions) Three Months Ended 2020 2019 Subsidiary Monetary Position Losses Pre-tax exchange losses $ (226 ) $ (10 ) Local tax benefits (expenses) 23 (10 ) Net after-tax impact from subsidiary exchange losses $ (203 ) $ (20 ) Hedging Program Gains (Losses) Pre-tax exchange gains (losses) $ 165 $ (17 ) Tax (expenses) benefits (40 ) 4 Net after-tax impact from hedging program exchange gains (losses) $ 125 $ (13 ) Total Exchange Losses Pre-tax exchange losses $ (61 ) $ (27 ) Tax expenses (17 ) (6 ) Net after-tax exchange losses $ (78 ) $ (33 ) |
Restrictions on Cash and Cash Equivalents | (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Cash and cash equivalents $ 1,963 $ 1,764 $ 1,759 Restricted cash 377 409 438 Total cash, cash equivalents and restricted cash 2,340 2,173 2,197 Cash and cash equivalents of discontinued operations 1 — — 2,074 Restricted cash of discontinued operations 2 — — 42 Total cash, cash equivalents and restricted cash $ 2,340 $ 2,173 $ 4,313 1. Refer to Note 3 - Divestitures and Other Transactions, for additional information. 2. Amount included in other current assets within assets of discontinued operations - current. Refer to Note 3 - Divestitures and Other Transactions, for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net Income for Earnings Per Share Calculations - Basic and Diluted Three Months Ended (In millions) 2020 2019 Income (loss) from continuing operations after income taxes $ 281 $ (184 ) Net income attributable to continuing operations noncontrolling interests 10 8 Income (loss) from continuing operations available to Corteva common stockholders 271 (192 ) Income from discontinued operations, net of tax 1 360 Net income attributable to discontinued operations noncontrolling interests — 4 Income from discontinued operations available to Corteva common stockholders 1 356 Net income available to common stockholders $ 272 $ 164 |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | Earnings Per Share Calculations - Basic Three Months Ended (Dollars per share) 2020 2019 Earnings (loss) per share of common stock from continuing operations $ 0.36 $ (0.26 ) Earnings per share of common stock from discontinued operations — 0.48 Earnings per share of common stock $ 0.36 $ 0.22 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | Earnings Per Share Calculations - Diluted Three Months Ended (Dollars per share) 2020 2019 Earnings (loss) per share of common stock from continuing operations $ 0.36 $ (0.26 ) Earnings per share of common stock from discontinued operations — 0.48 Earnings per share of common stock $ 0.36 $ 0.22 |
Share Count Information | Share Count Information Three Months Ended (Shares in millions) 2020 2019 Weighted-average common shares - basic 1 749.9 749.4 Plus dilutive effect of equity compensation plans 2 2.6 — Weighted-average common shares - diluted 752.5 749.4 Potential shares of common stock excluded from EPS calculations 3 9.1 — 1. Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. 2. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. 3. These outstanding potential shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounts and Notes Receivable [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Accounts receivable – trade 1 $ 5,367 $ 4,225 $ 4,683 Notes receivable – trade 2 412 171 377 Other 3 996 1,132 1,447 Total accounts and notes receivable - net $ 6,775 $ 5,528 $ 6,507 1. Accounts receivable – trade is net of allowances of $203 million at March 31, 2020 , $174 million at December 31, 2019 , and $148 million at March 31, 2019 . Allowances are equal to the estimated expected credit losses. The estimate at March 31, 2020 was developed using a loss-rate method. The estimate at December 31, 2019 and March 31, 2019 is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. 2. Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of March 31, 2020, December 31, 2019, and March 31, 2019 there were no additional exposures requiring a reserve in excess of what is already reserved, nor were there any significant impairments related to current loan agreements. 3. Other includes receivables in relation to indemnification assets, value added tax, general sales tax and other taxes. No individual group represents more than 10 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $140 million , $119 million , and $135 million as of March 31, 2020 , December 31, 2019 , and March 31, 2019 , respectively. |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | (In millions) Balance at December 31, 2019 $ 174 Additions charged to expenses 60 Write-offs charged against allowance (1 ) Recoveries collected (30 ) Balance at March 31, 2020 $ 203 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Finished products $ 2,721 $ 2,684 $ 3,266 Semi-finished products 1,260 1,850 1,350 Raw materials and supplies 420 498 403 Total inventories $ 4,401 $ 5,032 $ 5,019 |
Other Intangible Assets (Tables
Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Germplasm 1 $ 6,265 $ (126 ) $ 6,139 $ 6,265 $ (63 ) $ 6,202 Customer-related 1,956 (293 ) 1,663 1,977 (268 ) 1,709 $ 1,977 $ (182 ) $ 1,795 Developed technology 1,463 (409 ) 1,054 1,463 (370 ) 1,093 1,411 (202 ) 1,209 Trademarks/trade names 166 (88 ) 78 166 (86 ) 80 172 (86 ) 86 Favorable supply contracts 475 (231 ) 244 475 (207 ) 268 475 (135 ) 340 Other 2 400 (218 ) 182 404 (213 ) 191 530 (289 ) 241 Total other intangible assets with finite lives 10,725 (1,365 ) 9,360 10,750 (1,207 ) 9,543 4,565 (894 ) 3,671 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 10 — 10 10 — 10 146 — 146 Germplasm 1 6,265 — 6,265 Trademarks / trade names 1,871 — 1,871 1,871 — 1,871 1,871 — 1,871 Other — — — — — — 8 — 8 Total other intangible assets 1,881 — 1,881 1,881 — 1,881 8,290 — 8,290 Total $ 12,606 $ (1,365 ) $ 11,241 $ 12,631 $ (1,207 ) $ 11,424 $ 12,855 $ (894 ) $ 11,961 1. Beginning on October 1, 2019, the company changed its indefinite life assertion of the germplasm assets to definite lived with a useful life of 25 years. This change is the result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a non-exclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Short-Term Borrowings, Long-T_2
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings and finance lease obligations (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Commercial paper $ 1,918 $ — $ 2,587 Repurchase facility 30 — 19 Other loans - various currencies 45 2 80 Long-term debt payable within one year 1 1 479 Finance lease obligations payable within one year 2 4 36 Total short-term borrowings and finance lease obligations $ 1,996 $ 7 $ 3,201 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site [Table Text Block] | As of March 31, 2020 (In millions) Indemnification Asset Accrual balance 3 Potential exposure above amount accrued 3 Environmental Remediation Stray Liabilities Chemours related obligations - subject to indemnity 1,2 $ 164 $ 164 $ 289 Other discontinued or divested businesses obligations 1 — 91 223 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 34 34 62 Environmental remediation liabilities not subject to indemnity — 70 56 Total $ 198 $ 359 $ 630 1. Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page 26, under Corteva Separation Agreement. 2. The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. 3. Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of Stock by Class [Table Text Block] | Shares of common stock Issued Balance January 1, 2020 748,577,000 Issued 1,657,000 Repurchased and retired (1,865,000 ) Balance March 31, 2020 748,369,000 |
Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] | Shares in thousands Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Total 2019 Balance January 1, 2019 $ (2,793 ) $ (26 ) $ (620 ) $ 79 $ (3,360 ) Other comprehensive loss before reclassifications (72 ) (4 ) (4 ) — (80 ) Amounts reclassified from accumulated other comprehensive loss — 5 1 — 6 Net other comprehensive (loss) income (72 ) 1 (3 ) — (74 ) Balance March 31, 2019 $ (2,865 ) $ (25 ) $ (623 ) $ 79 $ (3,434 ) 2020 Balance January 1, 2020 $ (1,944 ) $ 2 $ (1,247 ) $ (81 ) $ (3,270 ) Other comprehensive (loss) income before reclassifications (672 ) 1 (2 ) 3 (670 ) Amounts reclassified from accumulated other comprehensive loss — 5 2 — 7 Net other comprehensive (loss) income (672 ) 6 — 3 (663 ) Balance March 31, 2020 $ (2,616 ) $ 8 $ (1,247 ) $ (78 ) $ (3,933 ) 1. The cumulative translation adjustment loss for the three months ended March 31, 2019 was primarily driven by strengthening of the USD against the European Euro (“EUR”) and the Brazilian Real (“BRL”). The cumulative translation adjustment loss for the three months ended March 31, 2020 was primarily driven by strengthening of the USD against the BRL and the South African Rand ("ZAR"). |
Tax (Expense) Benefit of Other Comprehensive (Loss) Income | (In millions) Three Months Ended 2020 2019 Derivative instruments $ 5 $ (3 ) Pension benefit plans - net (4 ) (7 ) Benefit from (provision for) income taxes related to other comprehensive income (loss) items $ 1 $ (10 ) |
Reclassification out of Accumulated Other Comprehensive (Loss) Income [Table Text Block] | (In millions) Three Months Ended 2020 2019 Derivative Instruments 1 : $ 7 $ 4 Tax (benefit) expense 2 (2 ) 1 After-tax $ 5 $ 5 Amortization of pension benefit plans: Actuarial losses 3 $ 1 1 Settlement loss 3 2 — Total before tax 3 1 Tax benefit 2 (1 ) — After-tax $ 2 $ 1 Total reclassifications for the period, after-tax $ 7 $ 6 1. Reflected in cost of goods sold. 2. Reflected in provision for (benefit from) income taxes from continuing operations. 3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 16 |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, (In millions) 2020 2019 Defined Benefit Pension Plans: Service cost $ 5 $ 20 Interest cost 141 208 Expected return on plan assets (251 ) (304 ) Amortization of unrecognized loss 1 1 Settlement loss 2 — Net periodic benefit credit - Total $ (102 ) $ (75 ) Less: Discontinued operations 1 — (8 ) Net periodic benefit credit - Continuing operations $ (102 ) $ (67 ) Other Post Employment Benefits: Service cost $ 1 $ 2 Interest cost 16 23 Net periodic benefit cost - Continuing operations $ 17 $ 25 1. Includes non-service related components of net periodic benefit credit of $(21) million |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative [Line Items] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Notional Amounts (In millions) March 31, 2020 December 31, 2019 March 31, 2019 Derivatives designated as hedging instruments: Foreign currency contracts $ 751 $ — $ — Commodity contracts $ 418 $ 570 $ 351 Derivatives not designated as hedging instruments: Foreign currency contracts $ 644 $ 582 $ 1,442 Commodity contracts $ 59 $ — $ 125 |
Fair Value of Derivatives Instruments | March 31, 2020 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed Consolidated Balance Sheet Asset derivatives: Derivatives designated as hedging instruments: Foreign currency contracts Other current assets $ 36 $ — $ 36 Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets 230 (110 ) 120 Total asset derivatives $ 266 $ (110 ) $ 156 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 108 $ (103 ) $ 5 Total liability derivatives $ 108 $ (103 ) $ 5 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. December 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 25 $ (18 ) $ 7 Total asset derivatives $ 25 $ (18 ) $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 43 $ (16 ) $ 27 Total liability derivatives $ 43 $ (16 ) $ 27 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. March 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Condensed Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 45 $ (11 ) $ 34 Total asset derivatives $ 45 $ (11 ) $ 34 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 10 $ (10 ) $ — Total liability derivatives $ 10 $ (10 ) $ — 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
Effect of Derivatives | Amount of (Loss) Gain Recognized in OCI 1 - Pre-Tax Three Months Ended (In millions) 2020 2019 Derivatives designated as hedging instruments: Net Investment Hedges: Foreign currency contracts $ 9 $ — Cash flow hedges: Foreign currency contracts 19 $ — Commodity contracts (34 ) $ 1 Total derivatives designated as hedging instruments (6 ) 1 Total derivatives $ (6 ) $ 1 1. OCI is defined as other comprehensive income (loss). Amount of Gain (Loss) Recognized in Income - Pre-Tax 1 (In millions) Three Months Ended 2020 2019 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ (7 ) $ (4 ) Total derivatives designated as hedging instruments (7 ) (4 ) Derivatives not designated as hedging instruments: Foreign currency contracts 3 165 (17 ) Commodity contracts 2 9 6 Total derivatives not designated as hedging instruments 174 (11 ) Total derivatives $ 167 $ (15 ) 1. For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. 2. Recorded in cost of goods sold. 3. Gain recognized in other income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 - Supplementary Information, for additional information. |
Commodity Contract [Member] | |
Derivative [Line Items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended (In millions) 2020 2019 Beginning balance $ 2 $ (26 ) Additions and revaluations of derivatives designated as cash flow hedges (22 ) (4 ) Clearance of hedge results to earnings 5 5 Ending balance $ (15 ) $ (25 ) |
Foreign Currency Contract [Member] | |
Derivative [Line Items] | |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended (In millions) 2020 Beginning balance $ — Additions and revaluations of derivatives designated as cash flow hedges 16 Ending balance $ 16 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured on Recurring Basis | March 31, 2020 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,536 Marketable securities 10 Derivatives relating to: 2 Foreign currency 266 Total assets at fair value $ 1,812 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 108 Total liabilities at fair value $ 108 December 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,293 Marketable securities 5 Derivatives relating to: 2 Foreign currency 25 Total assets at fair value $ 1,323 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 43 Total liabilities at fair value $ 43 March 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,055 Marketable securities 5 Derivatives relating to: 2 Foreign currency 45 Total assets at fair value $ 1,105 Liabilities at fair value: Derivatives relating to: 2 Foreign currency 10 Total liabilities at fair value $ 10 1. Time deposits included in cash and cash equivalents and money market funds included in other current assets in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. 2. See Note 17 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | As of and for the Three Months Ended March 31, (In millions) Seed Crop Protection Total 2020 Net sales $ 2,455 $ 1,501 $ 3,956 Segment operating EBITDA $ 581 $ 238 $ 819 Segment assets 1,2 $ 25,857 $ 13,251 $ 39,108 2019 Net sales $ 1,967 $ 1,429 $ 3,396 Pro forma segment operating EBITDA $ 325 $ 220 $ 545 Segment assets 1 $ 30,259 $ 9,782 $ 40,041 1. Segment assets at December 31, 2019 were $25,387 million and $13,492 million for Seed and Crop Protection, respectively. 2. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the Seed reportable segment to the Crop Protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2020 2019 1 Income (loss) from continuing operations after income taxes $ 281 $ (184 ) Provision for (benefit from) income taxes on continuing operations 127 (67 ) Income (loss) from continuing operations before income taxes 408 (251 ) Depreciation and amortization 283 258 Interest income (18 ) (16 ) Interest expense 10 59 Exchange losses - net 61 27 Non-operating benefits - net (73 ) (42 ) Significant items 123 185 Pro forma adjustments 298 Corporate expenses 25 27 Segment operating EBITDA $ 819 $ 545 1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) March 31, 2020 December 31, 2019 March 31, 2019 Total segment assets $ 39,108 $ 38,879 $ 40,041 Corporate assets 3,870 3,518 3,991 Assets related to discontinued operations 1 — — 66,070 Total assets $ 42,978 $ 42,397 $ 110,102 1. See Note 3 - Divestitures and Other Transactions for additional information on discontinued operations. |
Schedule of Additional Segment Details [Table Text Block] | (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2020 Restructuring and Asset Related Charges - Net 1 $ (10 ) $ (18 ) $ (42 ) $ (70 ) Loss on Divestiture 2 — (53 ) — (53 ) Total $ (10 ) $ (71 ) $ (42 ) $ (123 ) (In millions) Seed Crop Protection Corporate Total For the Three Months Ended March 31, 2019 Restructuring and Asset Related Charges - Net 1 $ (27 ) $ (23 ) $ (11 ) $ (61 ) Integration Costs 3 — — (100 ) (100 ) Loss on Divestiture 4 (24 ) — — (24 ) Total $ (51 ) $ (23 ) $ (111 ) $ (185 ) 1. Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, for additional information. 2. Includes a loss recorded in other income - net related to the expected sale of the La Porte site. 3. Integration costs include costs incurred to prepare for and close the Merger as well as post-Merger integration expenses. 4. Includes a loss recorded in other income - net related to DAS’s sale of a joint venture related to synergy actions. |
EID Segment FN (Tables)
EID Segment FN (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2020 2019 1 Income (loss) from continuing operations after income taxes $ 281 $ (184 ) Provision for (benefit from) income taxes on continuing operations 127 (67 ) Income (loss) from continuing operations before income taxes 408 (251 ) Depreciation and amortization 283 258 Interest income (18 ) (16 ) Interest expense 10 59 Exchange losses - net 61 27 Non-operating benefits - net (73 ) (42 ) Significant items 123 185 Pro forma adjustments 298 Corporate expenses 25 27 Segment operating EBITDA $ 819 $ 545 1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
EID [Member] | |
Segment Reporting Information [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended 2020 2019 1 Income (loss) from continuing operations after income taxes $ 257 $ (184 ) Provision for (benefit from) income taxes on continuing operations 119 (67 ) Income (loss) from continuing operations before income taxes 376 (251 ) Depreciation and amortization 283 258 Interest income (18 ) (16 ) Interest expense 42 59 Exchange losses - net 61 27 Non-operating benefits - net (73 ) (42 ) Significant items 123 185 Pro forma adjustments 298 Corporate expenses 25 27 Segment operating EBITDA $ 819 $ 545 1. Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Accounting Policies (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Internal Reorganization [Member] | |
Adjustments to Additional Paid in Capital, Other | $ 40 |
Divestitures and Other Transa_3
Divestitures and Other Transactions Separation Agreements (Details) $ in Millions | Mar. 31, 2020USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Assets | $ 198 |
Accounts and Notes Receivable [Member] | DuPont de Nemours [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Assets | 25 |
Accounts and Notes Receivable [Member] | Dow [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Assets | 30 |
Other Assets [Member] | DuPont de Nemours [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnification Assets | 54 |
Accrued and Other Current Liabilities [Member] | DuPont de Nemours [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnified Liabilities | 8 |
Accrued and Other Current Liabilities [Member] | Dow [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnified Liabilities | 158 |
Other noncurrent obligations | DuPont de Nemours [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnified Liabilities | 69 |
Other noncurrent obligations | Dow [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Indemnified Liabilities | $ 13 |
Divestitures and Other Transa_4
Divestitures and Other Transactions Divestitures and Other Transactions - ECP Divestiture (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations after income taxes | $ 1 | $ 360 | ||
Cash and cash equivalents | [1] | 0 | 2,074 | $ 0 |
Assets of discontinued operations - current | 0 | 9,453 | 0 | |
Assets of discontinued operations - non-current | 0 | 56,617 | 0 | |
Total assets of discontinued operations | [2] | 0 | 66,070 | 0 |
Liabilities of discontinued operations - current | 0 | 3,501 | 0 | |
Liabilities of discontinued operations - non-current | $ 0 | 5,512 | $ 0 | |
ECP Disposal [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 362 | |||
Cost of goods sold | 259 | |||
Research and development expense | 4 | |||
Selling, general and administrative expenses | 9 | |||
Amortization of intangibles | 23 | |||
Restructuring and asset related charges - net | 2 | |||
Integration and separation costs | 44 | |||
Other income - net | 2 | |||
Income from discontinued operations before income taxes | 23 | |||
Provision for income taxes on discontinued operations | 4 | |||
Income from discontinued operations after income taxes | 19 | |||
Depreciation | 28 | |||
Capital expenditures | 16 | |||
Cash and cash equivalents | 32 | |||
Accounts and notes receivable - net | 221 | |||
Inventories | 448 | |||
Other current assets | 25 | |||
Assets of discontinued operations - current | 726 | |||
Investment in nonconsolidated affiliates | 109 | |||
Property, plant and equipment - net | 753 | |||
Goodwill | 3,585 | |||
Other intangible assets | 1,118 | |||
Deferred income taxes | 15 | |||
Other assets | 5 | |||
Assets of discontinued operations - non-current | 5,585 | |||
Total assets of discontinued operations | 6,311 | |||
Short-term borrowings and finance lease obligations | 2 | |||
Accounts payable | 187 | |||
Income taxes payable | 9 | |||
Accrued and other current liabilities | 26 | |||
Liabilities of discontinued operations - current | 224 | |||
Deferred Income tax liabilities | 374 | |||
Pension and other post employment benefits - noncurrent | 5 | |||
Other noncurrent obligations | 4 | |||
Liabilities of discontinued operations - non-current | 385 | |||
Total liabilities of discontinued operations | 609 | |||
Long-term Debt [Member] | ECP Disposal [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Long-Term Debt | $ 2 | |||
[1] | Refer to Note 3 - Divestitures and Other Transactions, for additional information. | |||
[2] | See Note 3 - Divestitures and Other Transactions for additional information on discontinued operations. |
Divestitures and Other Transa_5
Divestitures and Other Transactions Divestitures and Other Transactions - SP Divestiture (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income from discontinued operations after income taxes | $ 1 | $ 360 | ||
Cash and cash equivalents | [1] | 0 | 2,074 | $ 0 |
Assets of discontinued operations - current | 0 | 9,453 | 0 | |
Assets of discontinued operations - non-current | 0 | 56,617 | 0 | |
Total assets of discontinued operations | [2] | 0 | 66,070 | 0 |
Liabilities of discontinued operations - current | 0 | 3,501 | 0 | |
Liabilities of discontinued operations - non-current | $ 0 | 5,512 | $ 0 | |
Specialty Products Disposal [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 3,816 | |||
Cost of goods sold | 2,535 | |||
Research and development expense | 153 | |||
Selling, general and administrative expenses | 401 | |||
Amortization of intangibles | 201 | |||
Restructuring and asset related charges - net | 43 | |||
Integration and separation costs | 164 | |||
Other income - net | 120 | |||
Income from discontinued operations before income taxes | 439 | |||
Provision for income taxes on discontinued operations | 98 | |||
Income from discontinued operations after income taxes | 341 | |||
Depreciation | 216 | |||
Capital expenditures | 423 | |||
Cash and cash equivalents | 2,042 | |||
Marketable securities | 13 | |||
Accounts and notes receivable - net | 2,722 | |||
Inventories | 3,640 | |||
Other current assets | 310 | |||
Assets of discontinued operations - current | 8,727 | |||
Investment in nonconsolidated affiliates | 1,192 | |||
Property, plant and equipment - net | 8,061 | |||
Goodwill | 28,194 | |||
Other intangible assets | 12,822 | |||
Deferred income taxes | 106 | |||
Other assets | 657 | |||
Assets of discontinued operations - non-current | 51,032 | |||
Total assets of discontinued operations | 59,759 | |||
Short-term borrowings and finance lease obligations | 16 | |||
Accounts payable | 2,075 | |||
Income taxes payable | 47 | |||
Accrued and other current liabilities | 1,139 | |||
Liabilities of discontinued operations - current | 3,277 | |||
Deferred Income tax liabilities | 3,408 | |||
Pension and other post employment benefits - noncurrent | 1,084 | |||
Other noncurrent obligations | 610 | |||
Liabilities of discontinued operations - non-current | 5,127 | |||
Total liabilities of discontinued operations | 8,404 | |||
Long-term Debt [Member] | Specialty Products Disposal [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Long-Term Debt | $ 25 | |||
[1] | Refer to Note 3 - Divestitures and Other Transactions, for additional information. | |||
[2] | See Note 3 - Divestitures and Other Transactions for additional information on discontinued operations. |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | $ 106 | $ 108 | $ 100 |
Minimum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year | ||
Maximum [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 years |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | ||||
Accounts and notes receivable - trade | [1] | $ 5,779 | $ 5,060 | $ 4,396 |
Contract assets - current | [2] | 20 | 18 | 20 |
Contract assets - noncurrent | [3] | 49 | 46 | 49 |
Deferred revenue recognized during the period | 822 | 677 | ||
Accrued and Other Current Liabilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | [4] | 1,996 | 2,057 | 2,584 |
Other noncurrent obligations | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | [5] | $ 104 | $ 103 | $ 108 |
[1] | Included in accounts and notes receivable - net in the interim Condensed Consolidated Balance Sheets. | |||
[2] | Included in other current assets in the interim Condensed Consolidated Balance Sheets. | |||
[3] | Included in other assets in the interim Condensed Consolidated Balance Sheets. | |||
[4] | Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheets. | |||
[5] | Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheets. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue - Principal Product Groups (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 3,956 | $ 3,396 |
Seed [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 2,455 | 1,967 |
Seed [Member] | Corn [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,864 | 1,468 |
Seed [Member] | Soybean [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 181 | 131 |
Seed [Member] | Other oilseeds [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 248 | 225 |
Seed [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 162 | 143 |
Crop Protection [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 1,501 | 1,429 |
Crop Protection [Member] | Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 71 | 61 |
Crop Protection [Member] | Herbicides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 823 | 771 |
Crop Protection [Member] | Insecticides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | 378 | 377 |
Crop Protection [Member] | Fungicides [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net Sales | $ 229 | $ 220 |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geography (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 3,956 | $ 3,396 | |
Seed [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 2,455 | 1,967 | |
Seed [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [1] | 1,290 | 913 |
Seed [Member] | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [2] | 881 | 804 |
Seed [Member] | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 216 | 178 | |
Seed [Member] | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 68 | 72 | |
Crop Protection [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 1,501 | 1,429 | |
Crop Protection [Member] | North America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [1] | 475 | 479 |
Crop Protection [Member] | EMEA | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | [2] | 586 | 560 |
Crop Protection [Member] | Latin America | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | 218 | 187 | |
Crop Protection [Member] | Asia Pacific | |||
Disaggregation of Revenue [Line Items] | |||
Net Sales | $ 222 | $ 203 | |
[1] | Represents U.S. & Canada. | ||
[2] | Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges Execute to Win Productivity Program (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset Related Charges - Net | $ 70 | $ 61 |
Execute to Win Productivity Program [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 185 | |
Restructuring Reserve, Beginning Balance | 0 | |
Restructuring and Asset Related Charges - Net | 63 | |
Asset write-offs and adjustments | (15) | |
Asset Retirement Obligation | 27 | |
Restructuring Reserve, Ending Balance | 48 | |
Execute to Win Productivity Program [Domain] | Severance and Related Benefit Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 60 | |
Future Cash Payments | 90 | |
Restructuring Reserve, Beginning Balance | 0 | |
Restructuring and Asset Related Charges - Net | 42 | |
Asset write-offs and adjustments | 0 | |
Restructuring Reserve, Ending Balance | 42 | |
Execute to Win Productivity Program [Domain] | Asset Related Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 125 | |
Restructuring Reserve, Beginning Balance | 0 | |
Restructuring and Asset Related Charges - Net | 21 | |
Asset write-offs and adjustments | (15) | |
Restructuring Reserve, Ending Balance | 6 | |
Execute to Win Productivity Program [Domain] | Asset Retirement Obligation Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 30 | |
Execute to Win Productivity Program [Domain] | Seed [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 15 | |
Restructuring and Asset Related Charges - Net | 3 | |
Execute to Win Productivity Program [Domain] | Crop Protection [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 110 | |
Restructuring and Asset Related Charges - Net | 18 | |
Execute to Win Productivity Program [Domain] | Corporate | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Related Cost, Expected Cost | 60 | |
Restructuring and Asset Related Charges - Net | $ 42 | |
Minimum [Member] | Execute to Win Productivity Program [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Ceased Operations | 12 months | |
Maximum [Member] | Execute to Win Productivity Program [Domain] | ||
Restructuring Cost and Reserve [Line Items] | ||
Ceased Operations | 24 months |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 31 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | ||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | $ 70 | $ 61 | ||
DowDuPont Cost Synergy Program [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 69 | |||
Restructuring and Asset Related Charges - Net | (3) | 62 | $ 842 | |
Payments for Restructuring | (4) | |||
Asset write-offs and adjustments | (2) | |||
Restructuring Reserve, Ending Balance | 63 | 63 | ||
DowDuPont Cost Synergy Program [Member] | Severance and Related Benefit Costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 29 | |||
Restructuring and Asset Related Charges - Net | 0 | 14 | 319 | |
Payments for Restructuring | (6) | |||
Asset write-offs and adjustments | 0 | |||
Restructuring Reserve, Ending Balance | 23 | 23 | ||
DowDuPont Cost Synergy Program [Member] | Costs Associated with Exit and Disposal Activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | [1] | 40 | ||
Restructuring and Asset Related Charges - Net | 0 | 20 | 193 | |
Payments for Restructuring | [1] | 0 | ||
Asset write-offs and adjustments | [1] | 0 | ||
Restructuring Reserve, Ending Balance | [1] | 40 | 40 | |
DowDuPont Cost Synergy Program [Member] | Asset Related Charges [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve, Beginning Balance | 0 | |||
Restructuring and Asset Related Charges - Net | (3) | 28 | 330 | |
Payments for Restructuring | 2 | |||
Asset write-offs and adjustments | (2) | |||
Restructuring Reserve, Ending Balance | 0 | $ 0 | ||
DowDuPont Cost Synergy Program [Member] | Seed [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | (3) | 24 | ||
DowDuPont Cost Synergy Program [Member] | Crop Protection [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | 0 | 27 | ||
DowDuPont Cost Synergy Program [Member] | Corporate | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring and Asset Related Charges - Net | $ 0 | $ 11 | ||
[1] | Relates primarily to contract terminations charges. |
Restructuring and Asset Relat_5
Restructuring and Asset Related Charges Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and Asset Related Charges - Net | $ 70 | $ 61 |
Reduced Employee Expenses [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Accelerated Prepaid Royalty Amortization Expense | $ 10 |
Related Party Transactions Dow
Related Party Transactions Dow Intercompany Transactions (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Dow [Member] | |
Related Party Transaction [Line Items] | |
Purchases from Historical Dow and affiliates | $ 42 |
Related Party Transactions Tran
Related Party Transactions Transactions with DowDuPont (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Distributions to DowDuPont | $ 0 | $ 317 |
DowDuPont [Member] | ||
Related Party Transaction [Line Items] | ||
Distributions to DowDuPont | 317 | |
Accounts Payable, Related Parties | $ 103 |
Supplementary Information Other
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Interest income | $ 18 | $ 16 | ||
Equity in losses of affiliates - net | (1) | 0 | ||
Net loss on sales of businesses and other assets | [1] | (46) | (13) | |
Net exchange losses | (61) | (27) | ||
Non-operating pension and other post employment benefit credit | [2] | 91 | 51 | |
Miscellaneous income (expenses) - net | 0 | 4 | ||
Other income - net | 1 | 31 | ||
Segment Reconciling Items [Member] | ||||
Interest income | (18) | (16) | [3] | |
Net exchange losses | $ 61 | $ 27 | [3] | |
[1] | Includes a loss of $(53) million relating to the expected sale of the La Porte site, for which the company signed an agreement during the three months ended March 31, 2020 and a loss of $(24) million relating to DAS’s sale of a joint venture related to synergy actions for the three months ended March 31, 2019. | |||
[2] | Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized (gain) loss, and settlement loss). | |||
[3] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Foreign Currency Exchange Gain (Loss) [Line Items] | ||
Pre-tax exchange (losses) gains - net | $ (61) | $ (27) |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (17) | (6) |
Foreign Currency Transaction (Loss) Gain After Tax | (78) | (33) |
Subsidiary Monetary Position | ||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||
Pre-tax exchange (losses) gains - net | (226) | (10) |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | 23 | (10) |
Foreign Currency Transaction (Loss) Gain After Tax | (203) | (20) |
Hedging Program [Member] | ||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||
Pre-tax exchange (losses) gains - net | 165 | (17) |
Foreign Currency Transaction (Loss) Gain Tax (Expense) Benefit | (40) | 4 |
Foreign Currency Transaction (Loss) Gain After Tax | $ 125 | $ (13) |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Cash and cash equivalents | $ 1,963 | $ 1,764 | $ 1,759 | |||
Cash and cash equivalents of discontinued operations | [1] | 0 | 0 | 2,074 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total Company | 2,340 | [2] | 2,173 | 4,313 | $ 5,024 | |
Other Current Assets [Member] | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Restricted Cash | 377 | 409 | 438 | |||
Restricted cash of discontinued operations | [3] | 0 | 0 | 42 | ||
Continuing Operations [Member] | ||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||
Cash, Cash Equivalents, and Restricted Cash, Continuing Operations | $ 2,340 | $ 2,173 | $ 2,197 | |||
[1] | Refer to Note 3 - Divestitures and Other Transactions, for additional information. | |||||
[2] | See page 19 for reconciliation of cash and cash equivalents and restricted cash presented in interim Condensed Consolidated Balance Sheets to total cash, cash equivalents and restricted cash presented in the interim Condensed Consolidated Statements of Cash Flows. | |||||
[3] | Amount included in other current assets within assets of discontinued operations - current. Refer to Note 3 - Divestitures and Other Transactions, for additional information. |
Income Taxes Income Tax Narrati
Income Taxes Income Tax Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Income Tax Disclosure [Abstract] | |
Tax charge related to U.S. state blended tax rate changes associated with the Internal Reorganizations | $ 32 |
Tax benefit related to an internal legal entity restructuring associated with the Internal Reorganizations | $ 102 |
Earnings Per Share Narrative (D
Earnings Per Share Narrative (Details) | Jun. 01, 2019shares |
Corteva [Member] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Common Stock, Shares, Issued | 748,815,000 |
Earnings Per Share Net Income f
Earnings Per Share Net Income for Earnings Per Share Calculations - Basic and Diluted (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Earnings Per Share [Abstract] | |||
Income (loss) from continuing operations after income taxes | $ 281 | $ (184) | [1] |
Net income Attributable to Noncontrolling Interest, Continuing Operations | 10 | 8 | |
Net income (loss) from Continuing Operations Available to Common Shareholders | 271 | (192) | |
Income from discontinued operations after income taxes | 1 | 360 | |
Income from Discontinued Operations, Attributable to Noncontrolling Interest | 0 | 4 | |
Net Income from Discontinued Operations Available to Common Shareholders | 1 | 356 | |
Net income Available to Common Stockholders | $ 272 | $ 164 | |
[1] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share Calculations - Basic (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Basic earnings (loss) per share of common stock from continuing operations | $ 0.36 | $ (0.26) |
Basic earnings per share of common stock from discontinued operations | $ 0 | $ 0.48 |
Basic earnings per share of common stock | $ 0.36 | $ 0.22 |
Earnings Per Share Earnings P_2
Earnings Per Share Earnings Per Share Calculations - Diluted (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Diluted earnings (loss) per share of common stock from continuing operations | $ 0.36 | $ (0.26) |
Diluted earnings per share of common stock from discontinued operations | $ 0 | $ 0.48 |
Diluted earnings per share of common stock | $ 0.36 | $ 0.22 |
Earnings Per Share Share Count
Earnings Per Share Share Count Information (Details) - shares | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jun. 01, 2019 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Weighted Average Number of Shares Outstanding, Basic | [1] | 749,900,000 | 749,400,000 | ||
Dilutive effect of equity compensation plans | [2] | 2,600,000 | 0 | ||
Weighted Average Number of Shares Outstanding, Diluted | 752,500,000 | 749,400,000 | |||
Stock options and restricted stock units excluded from EPS | [3] | 9,100,000 | 0 | ||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | |||
Corteva [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Common Stock, Shares Authorized | 748,800,000 | ||||
Shares in which vesting conditions were met | 600,000 | ||||
[1] | Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. | ||||
[2] | Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. | ||||
[3] | These outstanding potential shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accounts Receivable - trade | [1] | $ 5,367 | $ 4,683 | $ 4,225 |
Notes receivable - trade | [2] | 412 | 377 | 171 |
Other | [3] | 996 | 1,447 | 1,132 |
Accounts and notes receivable - net | 6,775 | 6,507 | 5,528 | |
Accounts Receivable, Allowance for Credit Loss, Current | 203 | 148 | 174 | |
Due from Affiliates | 140 | 135 | 119 | |
Factoring Agreement [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Trade Receivables Sold | 15 | 3 | ||
Derecognized Assets, Securitized or Asset-backed Financing Arrangement Assets and any Other Financial Assets Managed Together, Delinquent Amount at End of Period | 43 | 25 | $ 171 | |
Loss on Sale of Accounts Receivable | $ 2 | $ 1 | ||
[1] | Accounts receivable – trade is net of allowances of $203 million at March 31, 2020 , $174 million at December 31, 2019 , and $148 million at March 31, 2019 . Allowances are equal to the estimated expected credit losses. The estimate at March 31, 2020 was developed using a loss-rate method. The estimate at December 31, 2019 and March 31, 2019 is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. | |||
[2] | Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of March 31, 2020, December 31, 2019, and March 31, 2019 there were no additional exposures requiring a reserve in excess of what is already reserved, nor were there any significant impairments related to current loan agreements. | |||
[3] | Other includes receivables in relation to indemnification assets, value added tax, general sales tax and other taxes. No individual group represents more than 10 percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $140 million , $119 million , and $135 million as of March 31, 2020 , December 31, 2019 , and March 31, 2019 , respectively. |
Accounts and Notes Receivable A
Accounts and Notes Receivable Allowance Rollforward (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Receivables [Abstract] | |
Accounts Receivable, Allowance for Credit Loss, Beginning Balance | $ 174 |
Additions charged to expenses | 60 |
Write-offs charged against allowance | (1) |
Recoveries collected | (30) |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 203 |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 01, 2017 | |
Inventory [Line Items] | ||||
Finished Products | $ 3,266 | $ 2,721 | $ 2,684 | |
Semi-finished Products | 1,350 | 1,260 | 1,850 | |
Raw Materials and Supplies | 403 | 420 | 498 | |
Total inventories | 5,019 | $ 4,401 | $ 5,032 | |
Merger with Dow [Member] | ||||
Inventory [Line Items] | ||||
Business Combination, Fair Value Step Up Of Acquired Inventory | $ 2,297 | |||
Amortization of inventory step up included in COGS | $ 205 |
Property, Plant and Equipment S
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Accumulated Depreciation | $ (3,406) | $ (3,326) | $ (2,970) |
Other Intangible Assets Other I
Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | $ 10,725 | $ 10,750 | $ 4,565 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,365) | (1,207) | (894) | |
Finite-Lived Intangible Assets, Net | 9,360 | 9,543 | 3,671 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,881 | 1,881 | 8,290 | |
Intangible Assets, Gross (Excluding Goodwill) | 12,606 | 12,631 | 12,855 | |
Total other intangible assets | 11,241 | 11,424 | 11,961 | |
In Process Research and Development [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 10 | 10 | 146 | |
Germplasm [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [1] | 6,265 | ||
Trademarks and Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,871 | 1,871 | 1,871 | |
Other Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 0 | 0 | 8 | |
Germplasm [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | [1] | 6,265 | 6,265 | |
Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (126) | (63) | |
Finite-Lived Intangible Assets, Net | [1] | 6,139 | 6,202 | |
Customer-Related Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 1,956 | 1,977 | 1,977 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (293) | (268) | (182) | |
Finite-Lived Intangible Assets, Net | 1,663 | 1,709 | 1,795 | |
Developed Technology Rights [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 1,463 | 1,463 | 1,411 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (409) | (370) | (202) | |
Finite-Lived Intangible Assets, Net | 1,054 | 1,093 | 1,209 | |
Trademarks and Trade Names [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 166 | 166 | 172 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (88) | (86) | (86) | |
Finite-Lived Intangible Assets, Net | 78 | 80 | 86 | |
Favorable Supply Contract [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | 475 | 475 | 475 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (231) | (207) | (135) | |
Finite-Lived Intangible Assets, Net | 244 | 268 | 340 | |
Other Intangible Assets [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Gross | [2] | 400 | 404 | 530 |
Finite-Lived Intangible Assets, Accumulated Amortization | [2] | (218) | (213) | (289) |
Finite-Lived Intangible Assets, Net | [2] | $ 182 | $ 191 | $ 241 |
[1] | Beginning on October 1, 2019, the company changed its indefinite life assertion of the germplasm assets to definite lived with a useful life of 25 years. This change is the result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a non-exclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. | |||
[2] | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Other Intangible Assets Future
Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 163 | $ 101 |
Continuing Operations [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Pre-tax amortization expense, remainder of 2020 | 495 | |
Pre-tax amortization expense, 2021 | 649 | |
Pre-tax amortization expense, 2022 | 628 | |
Pre-tax amortization expense, 2023 | 546 | |
Pre-tax amortization expense, 2024 | 532 | |
Pre-tax amortization expense, 2025 | $ 495 |
Short-Term Borrowings, Long-T_3
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Short-term borrowings and finance lease obligations (Details) $ in Millions | 6 Months Ended | 36 Months Ended | 60 Months Ended | |||||
Sep. 24, 2020 | Nov. 13, 2021 | Nov. 13, 2023 | Mar. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Nov. 13, 2018USD ($) | |
Short-term Debt [Line Items] | ||||||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.00% | 6.70% | 2.60% | |||||
Long-term Debt Payable within one year | $ 1 | $ 1 | $ 479 | |||||
Finance Lease, Liability, Current | 2 | 4 | 36 | |||||
Short-term borrowings and finance lease obligations | 1,996 | 7 | 3,201 | |||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt, Fair Value | 612 | 119 | 6,830 | |||||
Commercial Paper [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term borrowings and finance lease obligations | 1,918 | 0 | 2,587 | |||||
Other loans - various currencies [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term borrowings and finance lease obligations | $ 45 | 2 | 80 | |||||
Revolving Credit Facilities due 2022 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Ratio of Indebtedness to Net Capital | 0.60 | |||||||
Revolving Credit Facilities due 2024 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |||||||
Revolving Credit Facilities due 2022 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.99% | |||||||
Long-term Line of Credit | $ 500 | |||||||
Line of Credit Facility, Remaining Borrowing Capacity | 2,500 | |||||||
Repurchase Agreements [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term borrowings and finance lease obligations | $ 1,300 | |||||||
Repurchase Agreements [Member] | Securities Sold under Agreements to Repurchase [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Short-term borrowings and finance lease obligations | 30 | $ 0 | $ 19 | |||||
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% | |||||||
Interest rate in addition to LIBOR | 0.75% | |||||||
Accounts and Notes Receivable [Member] | Repurchase Agreements [Member] | Securities Sold under Agreements to Repurchase [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Notes receivable pledged as collateral | $ 32 | |||||||
Forecast [Member] | Revolving Credit Facilities due 2024 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Term | 5 years | |||||||
Forecast [Member] | Revolving Credit Facilities due 2022 [Member] | ||||||||
Short-term Debt [Line Items] | ||||||||
Debt Instrument, Term | 3 years | |||||||
Borrowing rate term | 6 months |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 90 | $ 97 | $ 294 |
Factoring Agreement [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | 17 | 16 | 12 |
Accounts Receivable, after Allowance for Credit Loss | 125 | $ 27 | $ 63 |
Current Portion [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 1 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Chemours (Details) - USD ($) $ in Millions | Jul. 01, 2015 | Jul. 06, 2022 | Mar. 31, 2020 |
Loss Contingencies [Line Items] | |||
Indemnification Assets | $ 198 | ||
PFOA Matters: Multi-District Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Limited Sharing of Potential Future Liabilities, Period | 5 years | ||
Additional annual PFOA liabilities for the next five years paid by Corteva | 25 | ||
Chemours [Member] | PFOA Matters: Multi-District Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Additional annual PFOA liabilities for the next five years paid by Chemours | 25 | ||
Chemours [Member] | Accounts and Notes Receivable [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Assets | 60 | ||
Chemours [Member] | Other Assets [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnification Assets | 294 | ||
Chemours [Member] | Accrued and Other Current Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Indemnified Liabilities | 60 | ||
Chemours [Member] | Other noncurrent obligations | |||
Loss Contingencies [Line Items] | |||
Indemnified Liabilities | $ 294 | ||
Chemours [Member] | |||
Loss Contingencies [Line Items] | |||
Proceeds from Dividends Received | $ 3,910 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities DuPont (Details) | Mar. 31, 2020USD ($) |
PFAS [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 1 |
PFAS [Member] | Minimum [Member] | Once $300 million threshold is met [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | 1,000,000 |
PFAS [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | 300,000,000 |
DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Amount credited to each company's threshold | $ 150,000,000 |
Corteva [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 29.00% |
Corteva [Member] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 50.00% |
Corteva [Member] | DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 200,000,000 |
DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 71.00% |
DuPont de Nemours [Member] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 50.00% |
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 200,000,000 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities PFOA / Leach Settlement (Details) | 3 Months Ended | 12 Months Ended | 99 Months Ended | ||
Mar. 31, 2020USD ($)lawsuits | Mar. 31, 2017USD ($) | Dec. 31, 2004USD ($) | Mar. 31, 2020USD ($)lawsuits | Jan. 01, 2012 | |
Loss Contingencies [Line Items] | |||||
Indemnification Assets | $ 198,000,000 | $ 198,000,000 | |||
PFOA Matters: Drinking Water Actions [Member] | |||||
Loss Contingencies [Line Items] | |||||
Binding Settlement Agreement Class Size | 80,000 | ||||
Loss Contingency, Number Of Water Districts Receiving Water Treatment | 6 | ||||
Litigation Settlement, Liability For Medical Monitoring Program, Threshold | $ 235,000,000 | ||||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements To Date | 2,000,000 | ||||
Escrow Balance | $ 1,000,000 | $ 1,000,000 | |||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Pending Claims, Number | 60 | 60 | |||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Scheduled for trial [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency, Pending Claims, Number | 6 | 6 | |||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Compensatory damages [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 40,000,000 | ||||
PFOA Matters: Drinking Water Actions [Member] | WEST VIRGINIA AND OHIO [Domain] | Loss of consortium [Member] | |||||
Loss Contingencies [Line Items] | |||||
Litigation Settlement, Amount Awarded to Other Party | $ 10,000,000 | ||||
PFOA Matters: Multi-District Litigation [Member] | |||||
Loss Contingencies [Line Items] | |||||
Disease Categories for MDL | 6 | 6 | |||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | 3,550 | |||
Litigation Settlement, Amount Awarded to Other Party | $ 670,700,000 | ||||
Chemours [Member] | PFOA Matters [Member] | |||||
Loss Contingencies [Line Items] | |||||
Indemnified Liabilities | $ 20,000,000 | $ 20,000,000 | |||
Indemnification Assets | $ 20,000,000 | $ 20,000,000 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities Other PFOA Matters / Fayetteville (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Firefighting Foam [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 530 |
Personal injury cases [Member] | Firefighting Foam [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 180 |
NEW YORK | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 60 |
NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 2 |
NEW JERSEY | Natural Resources Damages [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 4 |
OHIO | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Pending Claims, Number | 3 |
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Number of Additional Plaintiffs | 100 |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities Environmental (Details) $ in Millions | Mar. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 359 | [1] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 630 | [1] |
Indemnification Assets | 198 | |
Chemours related obligation subject to indemnification [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 164 | [1],[2],[3] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 289 | [1] |
Indemnification Assets | 164 | |
Discontinued Operations [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 91 | [1],[2] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 223 | [1] |
Indemnification Assets | 0 | |
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 34 | [1],[3] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 62 | [1] |
Indemnification Assets | 34 | |
Not subject to indemnification [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 70 | [1] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 56 | [1] |
Indemnification Assets | 0 | |
DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||
Loss Contingencies [Line Items] | ||
Stray liability threshold | 200 | |
Superfund Sites [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 51 | |
Superfund Sites [Member] | Chemours [Member] | Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Assets | $ 30 | |
[1] | Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. | |
[2] | Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page 26, under Corteva Separation Agreement. | |
[3] | The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. |
Stockholders' Equity Common Sto
Stockholders' Equity Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Apr. 30, 2020 | Dec. 31, 2019 | Jun. 26, 2019 | Jun. 01, 2019 | |
Class of Stock [Line Items] | ||||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common Stock, Shares, Outstanding, Beginning Balance | 748,577,000 | |||||
Common Stock, Shares, Outstanding, Ending Balance | 748,369,000 | |||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | |||||
Payments for Repurchase of Common Stock | $ 50 | $ 0 | ||||
Corteva [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares, Issued | 748,815,000 | |||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common Stock, Shares, Outstanding, Beginning Balance | 748,577,000 | |||||
Common Stock, Shares, Issued | 1,657,000 | |||||
Stock Repurchased and Retired During Period, Shares | (1,865,000) | |||||
Common Stock, Shares, Outstanding, Ending Balance | 748,369,000 | |||||
Payments for Repurchase of Common Stock | $ 50 | |||||
Corteva [Member] | Shares of Corteva Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Exchange Ratio | 1 | |||||
Corteva [Member] | Shares of DowDuPont Common Stock Held [Member] | ||||||
Class of Stock [Line Items] | ||||||
Exchange Ratio | 3 |
Stockholders' Equity Preferred
Stockholders' Equity Preferred Stock (Details) - EID [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
$4.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 | $ 120 |
$3.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 | $ 102 |
Corteva [Member] | |||
Class of Stock [Line Items] | |||
Ownership interest in an entity | 100.00% |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 24,555 | $ 75,153 | |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 7 | 6 | |
Other comprehensive (loss) income | (663) | (74) | |
Ending Balance | 24,079 | 75,074 | |
Pension Plan | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,247) | (620) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (2) | (4) | |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2 | 1 | |
Other comprehensive (loss) income | 0 | (3) | |
Ending Balance | (1,247) | (623) | |
Other Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (81) | 79 | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 3 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | |
Other comprehensive (loss) income | 3 | 0 | |
Ending Balance | (78) | 79 | |
Cumulative Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (1,944) | (2,793) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | [1] | (672) | (72) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | |
Other comprehensive (loss) income | (672) | (72) | |
Ending Balance | (2,616) | (2,865) | |
Derivative Instruments | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 2 | (26) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | 1 | (4) | |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 5 | 5 | |
Other comprehensive (loss) income | 6 | 1 | |
Ending Balance | 8 | (25) | |
Total | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (3,270) | (3,360) | |
Other Comprehensive (Loss) Income, before Reclassifications, Net of Tax | (670) | (80) | |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 7 | 6 | |
Other comprehensive (loss) income | (663) | (74) | |
Ending Balance | $ (3,933) | $ (3,434) | |
[1] | The cumulative translation adjustment loss for the three months ended March 31, 2019 was primarily driven by strengthening of the USD against the European Euro (“EUR”) and the Brazilian Real (“BRL”). The cumulative translation adjustment loss for the three months ended March 31, 2020 was primarily driven by strengthening of the USD against the BRL and the South African Rand ("ZAR"). |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 1 | $ (10) |
Pension Plan | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | (4) | (7) |
Derivative Instruments | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 5 | $ (3) |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of Goods Sold | $ 2,269 | $ 2,211 | ||
Income Tax Expense (Benefit) | 127 | (67) | [1] | |
Income (loss) from continuing operations after income taxes | 281 | (184) | [1] | |
Amounts Reclassified from Accumulated Other Comprehensive Loss | 7 | 6 | ||
Pension Plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 2 | 1 | ||
Other Benefit Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 0 | 0 | ||
Derivative Instruments | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Cost of Goods Sold | [2] | 7 | 4 | |
Income Tax Expense (Benefit) | [3] | (2) | 1 | |
Income (loss) from continuing operations after income taxes | 5 | 5 | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | 5 | 5 | ||
Actuarial (Gains) Losses | Pension Plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | 1 | 1 | |
Settlement Gain | Pension Plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | [4] | 2 | 0 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Pension Plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income (Loss), Current Period, before Tax | 3 | 1 | ||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [3] | (1) | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Loss | $ 2 | $ 1 | ||
[1] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | |||
[2] | Reflected in cost of goods sold. | |||
[3] | Reflected in provision for (benefit from) income taxes from continuing operations. | |||
[4] | These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 16 |
Pension Plans and Other Post _3
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | $ 5 | $ 20 | |
Interest Cost | 141 | 208 | |
Expected return on plan assets | (251) | (304) | |
Amortization of unrecognized loss | 1 | 1 | |
Settlement Loss | 2 | 0 | |
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (102) | (75) | |
Other Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service Cost | 1 | 2 | |
Interest Cost | 16 | 23 | |
Discontinued Operations [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | [1] | 0 | (8) |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (21) | ||
Continuing Operations [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (102) | (67) | |
Continuing Operations [Member] | Other Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | $ 17 | $ 25 | |
[1] | Includes non-service related components of net periodic benefit credit of $(21) million |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Cash Equivalents [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | $ 1,536 | $ 1,293 | $ 1,055 |
Marketable Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | $ 10 | $ 5 | $ 5 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 751 | $ 0 | $ 0 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 418 | 570 | 351 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 644 | 582 | 1,442 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 59 | $ 0 | $ 125 |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) € in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Beginning Balance | $ 2 | $ (26) | ||
Additions and revaluations of derivatives designated as cash flow hedges | (22) | (4) | ||
Clearance of hedge results to earnings | 5 | 5 | ||
Ending Balance | (15) | (25) | ||
After-tax net (loss) gain to be reclassified from AOCL into earnings over the next twelve months | (20) | |||
Derivative, Notional Amount | $ 418 | 351 | $ 570 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Beginning Balance | $ 0 | |||
Additions and revaluations of derivatives designated as cash flow hedges | 16 | |||
Ending Balance | 16 | |||
After-tax net (loss) gain to be reclassified from AOCL into earnings over the next twelve months | 16 | |||
Derivative, Notional Amount | $ 751 | $ 0 | $ 0 | |
Net Investment Hedging [Member] | Foreign Currency Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | € | € 450 |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | $ 266 | $ 25 | $ 45 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (110) | (18) | (11) |
Derivative Asset, Net | 156 | 7 | 34 | |
Derivative Liability, Gross | 108 | 43 | 10 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (103) | (16) | (10) |
Derivative Liability, Net | 5 | 27 | 0 | |
Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 36 | |||
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | 0 | ||
Derivative Asset, Net | 36 | |||
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 230 | 25 | 45 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (110) | (18) | (11) |
Derivative Asset, Net | 120 | 7 | 34 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Accrued and Other Current Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Liability, Gross | 108 | 43 | 10 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (103) | (16) | (10) |
Derivative Liability, Net | $ 5 | $ 27 | $ 0 | |
[1] | Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. |
Financial Instruments Effect of
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | $ (6) | $ 1 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 167 | (15) | |
Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | (6) | 1 |
Loss on Hedging Activity, Pre-tax | [2] | (7) | (4) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | 19 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | (34) | 1 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss on Hedging Activity, Pre-tax | [2],[3] | (7) | (4) |
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | Foreign Currency Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Other Comprehensive Loss, Unrealized (Loss) Gain on Derivatives Arising During Period, before Tax | [1] | 9 | 0 |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | 174 | (11) | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Contract [Member] | Other Income - net | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | [4] | 165 | (17) |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cost of Goods Sold | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | [3] | $ 9 | $ 6 |
[1] | OCI is defined as other comprehensive income (loss). | ||
[2] | For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. | ||
[3] | Recorded in cost of goods sold. | ||
[4] | Gain recognized in other income - net was partially offset by the related gain on the foreign currency-denominated monetary assets and liabilities of the company's operations. See Note 7 - Supplementary Information, for additional information. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Tables of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | $ 266 | $ 25 | $ 45 | |
Derivative Liability | 108 | 43 | 10 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash Equivalents and Restricted Cash Equivalents | [1] | 1,536 | 1,293 | 1,055 |
Marketable Securities | 10 | 5 | 5 | |
Assets at Fair Value | 1,812 | 1,323 | 1,105 | |
Liabilities at Fair Value | 108 | 43 | 10 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset | [2] | 266 | 25 | 45 |
Derivative Liability | [2] | $ 108 | $ 43 | $ 10 |
[1] | Time deposits included in cash and cash equivalents and money market funds included in other current assets in the interim Condensed Consolidated Balance Sheets are held at amortized cost, which approximates fair value. | |||
[2] | See Note 17 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. |
Segment Reporting Segment Infor
Segment Reporting Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jun. 01, 2019 | |||
Segment Reporting Information [Line Items] | ||||||
Net Sales | $ 3,956 | $ 3,396 | ||||
Segment operating EBITDA | 819 | 545 | [1] | |||
Segment Assets | 39,108 | 40,041 | $ 38,879 | |||
Goodwill | 10,027 | 10,203 | 10,229 | |||
Seed [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 2,455 | 1,967 | ||||
Segment operating EBITDA | 581 | 325 | ||||
Segment Assets | 25,857 | [2],[3] | 30,259 | [2],[3] | 25,387 | |
Crop Protection [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net Sales | 1,501 | 1,429 | ||||
Segment operating EBITDA | 238 | 220 | ||||
Segment Assets | $ 13,251 | [2],[3] | $ 9,782 | [2],[3] | $ 13,492 | |
Reallocation of goodwill [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | $ 3,382 | |||||
[1] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | |||||
[2] | Segment assets at December 31, 2019 were $25,387 million and $13,492 million for Seed and Crop Protection, respectively. | |||||
[3] | On June 1, 2019, as a result of changes in reportable segments, $3,382 million |
Segment Reporting Segment Recon
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Segment Reporting Information [Line Items] | ||||
Income (loss) from Continuing Operations After Taxes | $ 281 | $ (184) | [1] | |
Provision for (benefit from) income taxes on continuing operations | 127 | (67) | [1] | |
Income (loss) from continuing operations before income taxes | 408 | (251) | [1] | |
Depreciation and Amortization | 283 | 258 | [1] | |
Interest income | 18 | 16 | ||
Interest Expense | 10 | 59 | [1] | |
Exchange losses - net | (61) | (27) | ||
Non-operating benefits - net | (73) | (42) | [1] | |
Significant Items | 123 | 185 | [1] | |
Pro forma adjustments | [1] | 298 | ||
Corporate Expenses | 25 | 27 | [1] | |
Segment operating EBITDA | 819 | 545 | [1] | |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | (18) | (16) | [1] | |
Exchange losses - net | 61 | 27 | [1] | |
Significant Items | $ (123) | $ (185) | ||
[1] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |
Segment Reporting Segment Asset
Segment Reporting Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Segment Reporting [Abstract] | ||||
Segment Assets | $ 39,108 | $ 38,879 | $ 40,041 | |
Corporate Assets | 3,870 | 3,518 | 3,991 | |
Total assets of discontinued operations | [1] | 0 | 0 | 66,070 |
Total Assets | $ 42,978 | $ 42,397 | $ 110,102 | |
[1] | See Note 3 - Divestitures and Other Transactions for additional information on discontinued operations. |
Segment Reporting Significant I
Segment Reporting Significant Items (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Segment Reporting Information [Line Items] | ||||
Restructuring and Asset Related Charges - Net | $ 70 | $ 61 | ||
Significant Items | 123 | 185 | [1] | |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and Asset Related Charges - Net | [2] | (70) | (61) | |
Integration costs | [3] | (100) | ||
Significant Items | (123) | (185) | ||
Segment Reconciling Items [Member] | La Porte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss on Divestiture | [4] | (53) | ||
Segment Reconciling Items [Member] | Sale of JV [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss on Divestiture | [5] | (24) | ||
Segment Reconciling Items [Member] | Seed [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and Asset Related Charges - Net | [2] | (10) | (27) | |
Significant Items | (10) | (51) | ||
Segment Reconciling Items [Member] | Seed [Member] | Sale of JV [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss on Divestiture | [5] | (24) | ||
Segment Reconciling Items [Member] | Crop Protection [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and Asset Related Charges - Net | [2] | (18) | (23) | |
Loss on Divestiture | [4] | (53) | ||
Significant Items | (71) | (23) | ||
Segment Reconciling Items [Member] | Crop Protection [Member] | La Porte [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Loss on Divestiture | [4] | (53) | ||
Segment Reconciling Items [Member] | Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Restructuring and Asset Related Charges - Net | [2] | (42) | (11) | |
Integration costs | [3] | (100) | ||
Significant Items | $ (42) | $ (111) | ||
[1] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | |||
[2] | Includes Board approved restructuring plans and asset related charges as well as accelerated prepaid amortization expense. See Note 5 - Restructuring and Asset Related Charges - Net, for additional information. | |||
[3] | Integration costs include costs incurred to prepare for and close the Merger as well as post-Merger integration expenses. | |||
[4] | Includes a loss recorded in other income - net related to the expected sale of the La Porte site | |||
[5] | Includes a loss recorded in other income - net related to DAS’s sale of a joint venture related to synergy actions. |
EID - Basis of Presentation Nar
EID - Basis of Presentation Narrative (Details) - $ / shares | 3 Months Ended | |||||
Mar. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | Jun. 26, 2019 | Jun. 01, 2019 | Mar. 31, 2019 | |
Common Stock, Shares, Outstanding | 748,369,000 | 748,577,000 | ||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |||
EID [Member] | ||||||
Common Stock, Shares, Outstanding | 200 | 200 | 100 | |||
Common Stock, Par Value | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | ||
Corteva [Member] | ||||||
Common Stock, Shares, Outstanding | 748,369,000 | 748,577,000 | ||||
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |||
Corteva [Member] | EID [Member] | ||||||
Ownership interest in an entity | 100.00% |
EID - Related Party Transacti_2
EID - Related Party Transactions (Details) - EID [Member] - Corteva [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Long Term Debt - Related Party | $ 3,872 | $ 4,021 | $ 0 |
Debt, Weighted Average Interest Rate | 3.27% | 3.27% | |
Interest Expense, Related Party | $ 32 | ||
Accrued and Other Current Liabilities [Member] | |||
Related Party Transaction [Line Items] | |||
Indemnified Liabilities | 166 | $ 119 | |
Other noncurrent obligations | |||
Related Party Transaction [Line Items] | |||
Indemnified Liabilities | $ 82 | $ 154 |
EID Segment FN Segment reconcil
EID Segment FN Segment reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Segment Reporting Information [Line Items] | ||||
Income (loss) from Continuing Operations After Taxes | $ 281 | $ (184) | [1] | |
Provision for (benefit from) income taxes on continuing operations | 127 | (67) | [1] | |
Income (loss) from continuing operations before income taxes | 408 | (251) | [1] | |
Depreciation and Amortization | 283 | 258 | [1] | |
Interest income | 18 | 16 | ||
Interest Expense | 10 | 59 | [1] | |
Exchange losses - net | (61) | (27) | ||
Non-operating benefits - net | (73) | (42) | [1] | |
Significant Items | 123 | 185 | [1] | |
Pro forma adjustments | [1] | 298 | ||
Corporate Expenses | 25 | 27 | [1] | |
Segment operating EBITDA | 819 | 545 | [1] | |
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | (18) | (16) | [1] | |
Exchange losses - net | 61 | 27 | [1] | |
Significant Items | (123) | (185) | ||
EID [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Income (loss) from Continuing Operations After Taxes | 257 | (184) | ||
Provision for (benefit from) income taxes on continuing operations | 119 | (67) | ||
Income (loss) from continuing operations before income taxes | 376 | (251) | ||
Depreciation and Amortization | 283 | 258 | ||
Interest Expense | 42 | 59 | ||
Non-operating benefits - net | (73) | (42) | ||
Significant Items | 123 | 185 | ||
Pro forma adjustments | [2] | 298 | ||
Corporate Expenses | 25 | 27 | ||
Segment operating EBITDA | 819 | 545 | [2] | |
EID [Member] | Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | (18) | (16) | ||
Exchange losses - net | $ 61 | $ 27 | ||
[1] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | |||
[2] | Period is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. |