DEI Document
DEI Document - $ / shares | 6 Months Ended | |||
Jun. 30, 2019 | Jul. 26, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Document Information [Line Items] | ||||
Document Type | 10-Q | |||
Document Quarterly Report | true | |||
Document Period End Date | Jun. 30, 2019 | |||
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 | 748,893,017 | |||
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 | 2019 | |||
Document Fiscal Period Focus | Q2 | |||
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 | Jun. 30, 2019 | |||
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 | |
Entity Central Index Key | 0000030554 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2019 | |||
Document Fiscal Period Focus | Q2 | |||
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 | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Net Sales | $ 5,556 | $ 5,731 | $ 8,952 | $ 9,525 | ||
Cost of Goods Sold | 3,047 | 3,687 | 5,258 | 6,439 | ||
Research and Development Expense | 269 | 354 | 568 | 685 | ||
Selling, General and Administrative Expenses | 937 | 965 | 1,672 | 1,714 | ||
Amortization of Intangible Assets | 113 | 107 | 214 | 196 | ||
Restructuring and Asset Related Charges - Net | 60 | 101 | 121 | 231 | ||
Integration and Separation Costs | 330 | 249 | 542 | 444 | ||
Other income - net | 0 | 128 | 31 | 111 | ||
Loss on early extinguishment of debt | 13 | 0 | 13 | 0 | ||
Interest Expense | 34 | 88 | 93 | 169 | ||
Income (loss) from continuing operations before income taxes | 753 | 308 | 502 | (242) | ||
Provision for (benefit from) income taxes on continuing operations | 270 | (67) | 203 | (179) | ||
Income (loss) from continuing operations after income taxes | 483 | 375 | 299 | (63) | ||
(Loss) income from discontinued operations after income taxes | (1,077) | 323 | (717) | 674 | ||
Net (loss) income | (594) | 698 | (418) | 611 | ||
Net income attributable to noncontrolling interests | 14 | 4 | 26 | 24 | ||
Net (loss) income attributable to company | $ (608) | $ 694 | $ (444) | $ 587 | ||
Basic earnings (loss) per share of common stock from continuing operations | $ 0.63 | $ 0.49 | $ 0.37 | $ (0.11) | ||
Basic (loss) earnings per share of common stock from discontinued operations | (1.44) | 0.43 | (0.96) | 0.89 | ||
Basic (loss) earnings per share of common stock | (0.81) | 0.92 | [1] | (0.59) | 0.78 | [1] |
Diluted earnings (loss) per share of common stock from continuing operations | 0.63 | 0.49 | 0.37 | (0.11) | ||
Diluted (loss) earnings per share of common stock from discontinued operations | (1.44) | 0.43 | (0.96) | 0.89 | ||
Diluted (loss) earnings per share of common stock | $ (0.81) | $ 0.92 | [1] | $ (0.59) | $ 0.78 | [1] |
EID [Member] | ||||||
Net Sales | $ 5,556 | $ 5,731 | $ 8,952 | $ 9,525 | ||
Cost of Goods Sold | 3,047 | 3,687 | 5,258 | 6,439 | ||
Research and Development Expense | 269 | 354 | 568 | 685 | ||
Selling, General and Administrative Expenses | 937 | 965 | 1,672 | 1,714 | ||
Amortization of Intangible Assets | 113 | 107 | 214 | 196 | ||
Restructuring and Asset Related Charges - Net | 60 | 101 | 121 | 231 | ||
Integration and Separation Costs | 330 | 249 | 542 | 444 | ||
Other income - net | 0 | 128 | 31 | 111 | ||
Loss on early extinguishment of debt | 13 | 0 | 13 | 0 | ||
Interest Expense | 64 | 88 | 123 | 169 | ||
Income (loss) from continuing operations before income taxes | 723 | 308 | 472 | (242) | ||
Provision for (benefit from) income taxes on continuing operations | 263 | (67) | 196 | (179) | ||
Income (loss) from continuing operations after income taxes | 460 | 375 | 276 | (63) | ||
(Loss) income from discontinued operations after income taxes | (1,077) | 323 | (717) | 674 | ||
Net (loss) income | (617) | 698 | (441) | 611 | ||
Net income attributable to noncontrolling interests | 9 | 1 | 19 | 19 | ||
Net (loss) income attributable to company | $ (626) | $ 697 | $ (460) | $ 592 | ||
[1] | Refer to Note 11 - Earnings Per Share of Common Stock , for information regarding the calculation of basic and diluted earnings per share. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net (loss) income | $ (594) | $ 698 | $ (418) | $ 611 |
Cumulative Translation Adjustments | (102) | (2,001) | (174) | (1,011) |
Derivatives Instruments | 22 | (16) | 23 | (5) |
Total other comprehensive loss | (155) | (2,015) | (229) | (1,008) |
Comprehensive loss | (749) | (1,317) | (647) | (397) |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 14 | 4 | 26 | 24 |
Comprehensive Loss Attributable to Company | (763) | (1,321) | (673) | (421) |
Pension Plan | ||||
Adjustments to benefit plans | 11 | 2 | 8 | 8 |
Other Benefit Plans | ||||
Adjustments to benefit plans | (86) | 0 | (86) | 0 |
EID [Member] | ||||
Net (loss) income | (617) | 698 | (441) | 611 |
Cumulative Translation Adjustments | (102) | (2,001) | (174) | (1,011) |
Derivatives Instruments | 22 | (16) | 23 | (5) |
Total other comprehensive loss | (155) | (2,015) | (229) | (1,008) |
Comprehensive loss | (772) | (1,317) | (670) | (397) |
Comprehensive Income Attributable to Noncontrolling Interest - Net of Tax | 9 | 1 | 19 | 19 |
Comprehensive Loss Attributable to Company | (781) | (1,318) | (689) | (416) |
EID [Member] | Pension Plan | ||||
Adjustments to benefit plans | 11 | 2 | 8 | 8 |
EID [Member] | Other Benefit Plans | ||||
Adjustments to benefit plans | $ (86) | $ 0 | $ (86) | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Cash and cash equivalents | $ 2,077 | $ 2,270 | $ 2,696 | |
Marketable Securities | 6 | 5 | 49 | |
Accounts and notes receivable - net | 7,434 | 5,260 | 7,331 | |
Inventories | 3,918 | 5,310 | 4,362 | |
Other current assets | 1,086 | 1,038 | 1,181 | |
Assets of discontinued operations - current | 0 | 9,089 | [1] | 9,022 |
Total current assets | 14,521 | 22,972 | 24,641 | |
Investments in nonconsolidated affiliates | 64 | 138 | 195 | |
Property, plant and equipment - net of accumulated depreciation (June 30, 2019 - $3,207; December 31, 2018 - $2,796; June 30, 2018 - $2,598) | 4,543 | 4,544 | [1] | 4,463 |
Goodwill | 10,249 | 10,193 | 14,612 | |
Other intangible assets | 11,832 | 12,055 | 12,318 | |
Deferred Income Taxes | 325 | 304 | 419 | |
Other assets | 2,464 | 1,932 | [1] | 1,909 |
Assets of discontinued operations - non-current | 0 | 56,545 | 57,572 | |
Total Assets | 43,998 | 108,683 | 116,129 | |
Short-term borrowings and finance lease obligations | 2,058 | 2,154 | [1] | 3,715 |
Accounts payable | 3,139 | 3,798 | 3,629 | |
Income Taxes Payable | 282 | 186 | 249 | |
Accrued and other current liabilities | 3,135 | 4,005 | [1] | 2,689 |
Liabilities of discontinued operations - current | 0 | 3,167 | [1] | 2,767 |
Total current liabilities | 8,614 | 13,310 | 13,049 | |
Long-term Debt | 117 | 5,784 | [1] | 9,736 |
Deferred income tax liabilities | 1,430 | 1,480 | 1,387 | |
Pension and other post employment benefits - noncurrent | 5,538 | 5,677 | 6,474 | |
Other noncurrent obligations | 2,156 | 1,795 | [1] | 1,960 |
Liabilities of discontinued operations - non-current | 0 | 5,484 | 5,820 | |
Total noncurrent liabilities | 9,241 | 20,220 | 25,377 | |
Common stock | 7 | 0 | 0 | |
Additional Paid in Capital | 28,157 | 0 | 0 | |
Divisional Equity | 0 | 78,020 | 79,390 | |
Retained earnings | 97 | 0 | [1] | 0 |
Accumulated other comprehensive loss | (2,375) | (3,360) | (2,185) | |
Total Equity | 25,886 | 74,660 | 77,205 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 257 | 493 | 498 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 26,143 | 75,153 | 77,703 | |
Liabilities and Equity | 43,998 | 108,683 | 116,129 | |
EID [Member] | ||||
Cash and cash equivalents | 2,077 | 2,270 | 2,696 | |
Marketable Securities | 6 | 5 | 49 | |
Accounts and notes receivable - net | 7,441 | 5,260 | 7,331 | |
Inventories | 3,918 | 5,310 | 4,362 | |
Other current assets | 1,086 | 1,038 | 1,181 | |
Assets of discontinued operations - current | 0 | 9,089 | 9,022 | |
Total current assets | 14,528 | 22,972 | 24,641 | |
Investments in nonconsolidated affiliates | 64 | 138 | 195 | |
Property, plant and equipment - net of accumulated depreciation (June 30, 2019 - $3,207; December 31, 2018 - $2,796; June 30, 2018 - $2,598) | 4,543 | 4,544 | 4,463 | |
Goodwill | 10,249 | 10,193 | 14,612 | |
Other intangible assets | 11,832 | 12,055 | 12,318 | |
Deferred Income Taxes | 325 | 304 | 419 | |
Other assets | 2,464 | 1,932 | 1,909 | |
Assets of discontinued operations - non-current | 0 | 56,545 | 57,572 | |
Total Assets | 44,005 | 108,683 | 116,129 | |
Short-term borrowings and finance lease obligations | 2,058 | 2,154 | 3,715 | |
Accounts payable | 3,139 | 3,798 | 3,629 | |
Income Taxes Payable | 282 | 186 | 249 | |
Accrued and other current liabilities | 3,048 | 4,005 | 2,689 | |
Liabilities of discontinued operations - current | 3,167 | 2,767 | ||
Total current liabilities | 8,527 | 13,310 | 13,049 | |
Long-term Debt | 117 | 5,784 | 9,736 | |
Deferred income tax liabilities | 1,430 | 1,480 | 1,387 | |
Pension and other post employment benefits - noncurrent | 5,538 | 5,677 | 6,474 | |
Other noncurrent obligations | 2,156 | 1,795 | 1,960 | |
Liabilities of discontinued operations - non-current | 0 | 5,484 | 5,820 | |
Total noncurrent liabilities | 13,401 | 20,220 | 25,377 | |
Common stock | 0 | 0 | 0 | |
Additional Paid in Capital | 24,023 | 0 | 0 | |
Divisional Equity | 0 | 78,259 | 79,629 | |
Retained earnings | 172 | 0 | 0 | |
Accumulated other comprehensive loss | (2,375) | (3,360) | (2,185) | |
Total Equity | 22,059 | 74,899 | 77,444 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 18 | 254 | 259 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 22,077 | 75,153 | 77,703 | |
Liabilities and Equity | 44,005 | 108,683 | 116,129 | |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||||
Preferred Stock, Value | 169 | 0 | 0 | |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||||
Preferred Stock, Value | 70 | $ 0 | $ 0 | |
Corteva [Member] | EID [Member] | ||||
Long Term Debt - Related Party | $ 4,160 | |||
[1] | Includes adjustments for discontinued operations and common control business combination. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 1,666,666,667 | 1,666,666,667 | 1,666,666,667 |
Common Stock, Shares, Issued | 748,815,000 | 748,815,000 | 748,815,000 |
Accumulated Depreciation | $ (3,207,000,000) | $ (2,796,000,000) | $ (2,598,000,000) |
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, Issued | 200 | 100 | 100 |
Accumulated Depreciation | $ (3,207,000,000) | $ (2,796,000,000) | $ (2,598,000,000) |
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 | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Cash used for operating activities | |||
Net (loss) income | $ (418) | $ 611 | |
Depreciation and Amortization | 485 | 452 | |
Provision for Deferred Income Tax | (473) | (87) | |
Net Periodic Pension Benefit | (146) | (162) | |
Pension Contributions | (92) | (123) | |
Net gain on sales of property, businesses, consolidated companies, and investments | (67) | (36) | |
Restructuring and Asset Related Charges - Net | 121 | 231 | |
Amortization of inventory step-up | 257 | 1,385 | |
Goodwill impairment charge | 1,102 | ||
Loss on early extinguishment of debt | 13 | 0 | |
Other net loss | 172 | 236 | |
Changes in operating assets and liabilities - net | (2,758) | (5,141) | |
Cash used for operating activities | (1,088) | (1,590) | |
Cash (used for) provided by investing activities | |||
Capital expenditures | (834) | (668) | |
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 125 | 85 | |
Payments to Acquire Businesses, Net of Cash Acquired | (9) | 0 | |
Proceeds from sales of ownership interests in nonconsolidated affiliates | 21 | 0 | |
Purchases of investments | (13) | (991) | |
Proceeds from Sale and Maturities of Investments | 37 | 1,576 | |
Other investing activities - net | (1) | 0 | |
Cash (used for) provided by investing activities | (674) | 2 | |
Cash used for financing activities | |||
Change in short-term (less than 90 days) borrowings | 173 | 455 | |
Proceeds from Issuance of Long-term Debt | 1,001 | 254 | |
Payments of Long-term Debt | (6,803) | (274) | |
Proceeds from Stock Options Exercised | 39 | 57 | |
Distributions to Dow and DowDuPont | (317) | (1,658) | |
Cash transferred to DowDuPont at Internal Reorganizations | (2,053) | 0 | |
Contributions from Dow and DowDuPont | 7,396 | 23 | |
Debt extinguishment costs | (79) | 0 | |
Other financing activities | (42) | (69) | |
Cash used for financing activities | (685) | (1,212) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (64) | (103) | |
Decrease in Cash, Cash Equivalents, Restricted Cash | (2,511) | (2,903) | |
Cash, Cash Equivalents, and Restricted Cash, beginning of period | 5,024 | 7,914 | |
Cash, Cash Equivalents, and Restricted Cash, end of period | [1] | 2,513 | 5,011 |
EID [Member] | |||
Cash used for operating activities | |||
Net (loss) income | (441) | 611 | |
Depreciation and Amortization | 485 | 452 | |
Provision for Deferred Income Tax | (473) | (87) | |
Net Periodic Pension Benefit | (146) | (162) | |
Pension Contributions | (92) | (123) | |
Net gain on sales of property, businesses, consolidated companies, and investments | (67) | (36) | |
Restructuring and Asset Related Charges - Net | 121 | 231 | |
Amortization of inventory step-up | 257 | 1,385 | |
Goodwill impairment charge | 1,102 | 0 | |
Loss on early extinguishment of debt | 13 | 0 | |
Other net loss | 172 | 236 | |
Changes in operating assets and liabilities - net | (2,754) | (5,141) | |
Cash used for operating activities | (1,107) | (1,590) | |
Cash (used for) provided by investing activities | |||
Capital expenditures | (834) | (668) | |
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 125 | 85 | |
Payments to Acquire Businesses, Net of Cash Acquired | (9) | 0 | |
Proceeds from sales of ownership interests in nonconsolidated affiliates | 21 | 0 | |
Purchases of investments | (13) | (991) | |
Proceeds from Sale and Maturities of Investments | 37 | 1,576 | |
Other investing activities - net | (1) | 0 | |
Cash (used for) provided by investing activities | (674) | 2 | |
Cash used for financing activities | |||
Change in short-term (less than 90 days) borrowings | 173 | 455 | |
Proceeds from Related Party Debt | 4,160 | 0 | |
Proceeds from Issuance of Long-term Debt | 1,001 | 254 | |
Payments of Long-term Debt | (6,803) | (274) | |
Proceeds from Stock Options Exercised | 39 | 57 | |
Distributions to Dow and DowDuPont | (317) | (1,658) | |
Cash transferred to DowDuPont at Internal Reorganizations | (2,053) | 0 | |
Contributions from Dow and DowDuPont | 3,255 | 23 | |
Debt extinguishment costs | (79) | 0 | |
Other financing activities | (42) | (69) | |
Cash used for financing activities | (666) | (1,212) | |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (64) | (103) | |
Decrease in Cash, Cash Equivalents, Restricted Cash | (2,511) | (2,903) | |
Cash, Cash Equivalents, and Restricted Cash, beginning of period | 5,024 | 7,914 | |
Cash, Cash Equivalents, and Restricted Cash, end of period | 2,513 | 5,011 | |
Total company [Member] | |||
Cash used for operating activities | |||
Depreciation and Amortization | 1,084 | 1,410 | |
Restructuring and Asset Related Charges - Net | 238 | 317 | |
Total company [Member] | EID [Member] | |||
Cash used for operating activities | |||
Depreciation and Amortization | 1,084 | 1,410 | |
Restructuring and Asset Related Charges - Net | $ 238 | $ 317 | |
[1] | See page 26 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] | ||||||
Beginning Balance at Dec. 31, 2017 | $ 79,593 | $ 0 | $ 0 | $ 80,318 | $ 0 | $ (1,177) | $ 0 | $ 452 | $ 79,593 | $ 0 | $ 0 | $ 0 | $ 80,557 | $ 0 | $ (1,177) | $ 0 | $ 213 | ||||||
Net (loss) income | (87) | (107) | 20 | (87) | (105) | 18 | |||||||||||||||||
Other comprehensive income (loss) | 1,007 | 1,007 | 1,007 | 1,007 | |||||||||||||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||||||||||||
Distributions | (830) | (830) | (831) | (830) | (1) | ||||||||||||||||||
Issuance of DowDuPont stock | 45 | 45 | 45 | 45 | |||||||||||||||||||
Share-based compensation | 11 | 11 | 11 | 11 | |||||||||||||||||||
Other | 487 | 434 | 53 | 490 | 434 | 56 | |||||||||||||||||
Ending Balance at Mar. 31, 2018 | 80,226 | 0 | 0 | 79,871 | 0 | (170) | 0 | 525 | 80,226 | 0 | 0 | 0 | 80,110 | 0 | (170) | 0 | 286 | ||||||
Beginning Balance at Dec. 31, 2017 | 79,593 | 0 | 0 | 80,318 | 0 | (1,177) | 0 | 452 | 79,593 | 0 | 0 | 0 | 80,557 | 0 | (1,177) | 0 | 213 | ||||||
Net (loss) income | 611 | 611 | |||||||||||||||||||||
Other comprehensive income (loss) | (1,008) | (1,008) | (1,008) | ||||||||||||||||||||
Distributions | (1,658) | (1,658) | |||||||||||||||||||||
Contributions | 23 | 23 | |||||||||||||||||||||
Ending Balance at Jun. 30, 2018 | 77,703 | 0 | 0 | 79,390 | 0 | (2,185) | 0 | 498 | 77,703 | 0 | 0 | 0 | 79,629 | 0 | (2,185) | 0 | 259 | ||||||
Beginning Balance at Mar. 31, 2018 | 80,226 | 0 | 0 | 79,871 | 0 | (170) | 0 | 525 | 80,226 | 0 | 0 | 0 | 80,110 | 0 | (170) | 0 | 286 | ||||||
Net (loss) income | 698 | 694 | 4 | 698 | 697 | 1 | |||||||||||||||||
Other comprehensive income (loss) | (2,015) | (2,015) | (2,015) | (2,015) | |||||||||||||||||||
Dividends, Preferred Stock | (3) | (3) | |||||||||||||||||||||
Distributions | (828) | (828) | (828) | (828) | |||||||||||||||||||
Issuance of DowDuPont stock | 12 | 12 | 12 | 12 | |||||||||||||||||||
Share-based compensation | 50 | 50 | 50 | 50 | |||||||||||||||||||
Other | (440) | (409) | (31) | (437) | (409) | (28) | |||||||||||||||||
Ending Balance at Jun. 30, 2018 | 77,703 | 0 | 0 | 79,390 | 0 | (2,185) | 0 | 498 | 77,703 | 0 | 0 | 0 | 79,629 | 0 | (2,185) | 0 | 259 | ||||||
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 (loss) income | 176 | 164 | 12 | 176 | 166 | 10 | |||||||||||||||||
Other comprehensive income (loss) | (74) | (74) | (74) | (74) | |||||||||||||||||||
Dividends, Preferred Stock | (2) | (2) | |||||||||||||||||||||
Distributions | (317) | (317) | (317) | (317) | |||||||||||||||||||
Contributions | 88 | 88 | 88 | 88 | |||||||||||||||||||
Issuance of DowDuPont stock | 35 | 35 | 35 | 35 | |||||||||||||||||||
Share-based compensation | 18 | 18 | 18 | 18 | |||||||||||||||||||
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, 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 (loss) income | (418) | (441) | |||||||||||||||||||||
Other comprehensive income (loss) | (229) | (229) | (229) | ||||||||||||||||||||
Distributions | (317) | (317) | |||||||||||||||||||||
Contributions | 7,396 | 3,255 | |||||||||||||||||||||
Ending Balance at Jun. 30, 2019 | 26,143 | 7 | 28,157 | 0 | 97 | (2,375) | 0 | 257 | 22,077 | 239 | 0 | 24,023 | 0 | 172 | (2,375) | 0 | 18 | ||||||
Beginning 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 | ||||||
Net (loss) income | (594) | (805) | 197 | 14 | (617) | (806) | 180 | 9 | |||||||||||||||
Other comprehensive income (loss) | (155) | (155) | (155) | (155) | |||||||||||||||||||
Dividends, Common Stock | (97) | (97) | |||||||||||||||||||||
Dividends, Preferred Stock | (5) | (5) | |||||||||||||||||||||
Contributions | 7,308 | 7,308 | 3,168 | 3,168 | |||||||||||||||||||
Issuance of DowDuPont stock | 4 | 4 | 4 | 4 | |||||||||||||||||||
Share-based compensation | 55 | 11 | 44 | 55 | 11 | 44 | |||||||||||||||||
Impact of Internal Reorganization | (55,420) | (56,403) | 1,214 | (231) | (55,420) | (56,403) | 1,214 | (231) | |||||||||||||||
Reclassification of Divisional Equity to APIC | 0 | 7 | 28,146 | [1] | (28,153) | [1] | 0 | [2] | 239 | [2] | 24,012 | [2] | (24,251) | [2] | |||||||||
Other | (32) | (3) | (29) | (27) | (3) | (24) | |||||||||||||||||
Ending Balance at Jun. 30, 2019 | $ 26,143 | $ 7 | $ 28,157 | $ 0 | $ 97 | $ (2,375) | $ 0 | $ 257 | $ 22,077 | $ 239 | $ 0 | $ 24,023 | $ 0 | $ 172 | $ (2,375) | $ 0 | $ 18 | ||||||
[1] | Upon the completion of the Internal Reorganizations, Corteva's capital structure was established and Corteva's divisional equity was reclassified . | ||||||||||||||||||||||
[2] | Upon the completion of the Internal Reorganizations, EID's divisional equity was reclassified . |
Statement of Stockholders' Equi
Statement of Stockholders' Equity Parentheticals (Parentheticals) - $ / shares | 3 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
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 | $ 1.125 | $ 1.125 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||||
Preferred Stock, Dividends Per Share, Declared | $ 0.875 | $ 0.875 | $ 0.875 | $ 0.875 |
Background and Basis of Present
Background and Basis of Presentation (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BACKGROUND AND BASIS OF PRESENTATION Corteva, Inc. combines the strengths of EID’s Pioneer, Dow AgroSciences ("DAS"), and EID’s Crop Protection businesses to create a leading global provider of seed and crop protection solutions focused on the agriculture industry. The company intends to leverage its rich heritage of over 275 years of scientific achievement to advance its robust innovation pipeline and continue to shape the future of responsible agriculture. The company's broad portfolio of agriculture solutions fuels farmer productivity in more than 140 countries. Corteva has two reportable segments: Seed and Crop Protection. See Note 24 - Segment Information, for additional information on the company's reportable segments. Throughout this Quarterly Report on Form 10-Q, except as otherwise noted by the context, the terms "Corteva" or "company" used herein mean Corteva, Inc. and its consolidated subsidiaries (including EID) and the term “EID” used herein means E. I. du Pont de Nemours and Company and its consolidated subsidiaries or E. I. du Pont de Nemours and Company excluding its consolidated subsidiaries, as the context may indicate. Additionally, on June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. (“DuPont”), for certain events prior to, or on, June 1, 2019, DuPont may be referred to as DowDuPont. Principles of Consolidation and Basis of Presentation On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the previously announced separation (the “Separation”) of the agriculture business of DuPont de Nemours, Inc. (formerly known as DowDuPont Inc.) (“DowDuPont” or “DuPont”). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock, par value $0.01 per share, of Corteva, Inc., which was then a wholly-owned subsidiary of DowDuPont, to holders of record of DowDuPont common stock as of the close of business on May 24, 2019. Previously, DowDuPont was formed on December 9, 2015, to effect an all-stock merger of equals strategic combination between The Dow Chemical Company ("Historical Dow") and EID. On August 31, 2017 at 11:59 pm ET (the “Merger Effectiveness Time”) pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended March 31, 2017 (the "Merger Agreement"), Historical Dow and Historical EID each merged with wholly-owned subsidiaries of DowDuPont and became subsidiaries of DowDuPont (the “Merger”). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Subsequent to the Merger, Historical Dow and Historical EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock (the “DowDuPont Common Stock”), as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • 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”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; • the assets and liabilities aligned with the EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”); • on April 1, 2019, EID transferred and conveyed its Materials Science Entities to Dow; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; and • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont. • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019 , the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva 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. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019 . Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the interim Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns, directly or indirectly, 100% of the outstanding common stock of EID, and EID owns, directly or indirectly, 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. Certain reclassifications of prior year's data have been made to conform to current year's presentation. DAS Common Control Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying interim Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, for additional information. Divestiture of EID ECP The transfer of EID ECP meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the interim Consolidated Statements of Comprehensive Income, interim Consolidated Statements of Equity and interim Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to EID ECP are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, for additional information. Divestiture of EID Specialty Products Entities The transfer of the EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to the EID Specialty Products Entities have not been segregated and are included in the interim Consolidated Statements of Comprehensive Income, interim Consolidated Statements of Equity and interim Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to the EID Special 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 5 - Divestitures and Other Transactions, for additional information. Divested EID Ag Business As a condition of the regulatory approval for the Merger, including by the European Commission, EID was required to divest (the “Divested Ag Business”) certain assets related to its crop protection business and research and development ("R&D") organization, specifically EID’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr®, Cyazypyr® and Indoxacarb as well as the crop protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs. On March 31, 2017, EID and FMC Corporation (“FMC”) entered into a definitive agreement (the "FMC Transaction Agreement"). On November 1, 2017, FMC acquired the Divested Ag Business and EID acquired certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products (the "H&N Business") (collectively, the "FMC Transactions"). The sale of the Divested Ag Business met the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. See Note 5 - Divestitures and Other Transactions, for additional information. 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 unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Information Statement included in its Registration Statement on Form 10, as amended, filed with the SEC on May 6, 2019 ("Form 10"). The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. 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 measure. Subsequent to the Corteva Distribution, the financial statements are presented on a consolidated basis. The company's interim Consolidated Balance Sheet at June 30, 2019 consists of the consolidated balances subsequent to the Corteva Distribution. The balances reflect the assets and liabilities that were historically included in the EID statements, as well as assets and liabilities transferred to the company as part of the common control combination acquisition of DAS. The company's Consolidated Balance Sheets at December 31, 2018 and June 30, 2018 consist of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Condensed Consolidated Balance Sheets" or the "interim Condensed Consolidated Balance Sheets" throughout this document. The company's Statements of Operations (the "Consolidated Statements of Operations" or the "interim 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 interim Consolidated Statements of Operations for all periods after May 2, 2019 represent the consolidated balances of the company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant Accounting Policies The below reflects significant accounting policies that have been updated since the issuance of the company's Form 10. See Note 1 - "Summary of Significant Accounting Policies," within Exhibit 99.2 of Amendment 2 to the Form 10 for more information on the company's other significant accounting policies. Inventories As of June 30, 2019 , approximately 46 percent and 54 percent of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. As of December 31, 2018 , approximately 57 percent and 43 percent of the company's inventories were accounted for under the FIFO and average cost methods, respectively. As of June 30, 2018 , approximately 45 percent and 55 percent of the company's inventories were accounted for under the FIFO and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 13 - Inventories, for further information. Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. See Note 16 - Leases, for further information. Segments As a result of the Internal Reorganizations and Business Realignments, the company changed its reportable segments to Seed and Crop Protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. Effective with the Corteva Distribution, the company also updated its reporting units to align with the level at which discrete financial information is available for review by management. Prior year's segment information has been revised to conform to the current presentation. See Note 24 - Segment Information, for further information. |
Recent Accounting Guidance
Recent Accounting Guidance | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Guidance | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on their balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014 (Topic 606). The company adopted this standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 (Leases). In addition, the company has elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, does not require reassessment of prior conclusions related to contracts containing a lease, lease classification, and initial direct lease costs. As an accounting policy election, the company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and will account for nonlease and lease components in a contract as a single component for all asset classes. See Note 16 - Leases, for additional information. The following table summarizes the impact of adoption to the company’s Consolidated Balance Sheet: (In millions, except per share amounts) As Reported December 31, 2018 1 Effect of Adoption of ASU 2016-02 Updated January 1, 2019 Assets Property, plant and equipment - net of accumulated depreciation $ 4,544 $ 9 $ 4,553 Other assets $ 1,932 $ 546 $ 2,478 Assets of discontinued operations - non-current $ 56,545 $ 461 $ 57,006 Liabilities and Equity Current liabilities Short-term borrowings and finance lease obligations $ 2,154 $ 1 $ 2,155 Accrued and other current liabilities $ 4,005 $ 143 $ 4,148 Liabilities of discontinued operations - current $ 3,167 $ 141 $ 3,308 Long-Term Debt $ 5,784 $ 8 $ 5,792 Other noncurrent obligations $ 1,795 $ 403 $ 2,198 Liabilities of discontinued operations - non-current $ 5,484 $ 320 $ 5,804 1. Includes adjustments for discontinued operations and common control business combination. The adoption of the new guidance did not have a material impact on the company's Consolidated Statement of Operations and had no impact on the Consolidated Statement of Cash Flows. Accounting Guidance Issued But Not Adopted as of June 30, 2019 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 new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning January 1, 2019. In April and May 2019, the FASB subsequently issued ASU 2019-04 and ASU 2019-05, respectively, which contained updates to ASU 2016-13. The company is currently evaluating the impact of adopting this guidance. |
Common Control Transfer
Common Control Transfer | 6 Months Ended |
Jun. 30, 2019 | |
Business Combinations [Abstract] | |
Combination of Entities Under Common Control Disclosure [Text Block] | COMMON CONTROL BUSINESS COMBINATION DAS Common Control Combination Based on an evaluation of the provisions of ASC 805 (Business Combinations), Corteva and DAS represent entities under common control, as both shared DowDuPont as their parent company. As a result, the assets, liabilities and operations of Corteva and DAS are combined at their historical carrying amounts, and all historical periods are adjusted as if Corteva and DAS had been combined since the Merger Effectiveness Time, when the entities were first under common control. Accordingly, the accompanying Consolidated Financial Statements and Notes thereto have been retrospectively revised to include the transferred net assets and results of operations of DAS beginning on September 1, 2017. Refer to Note 1 - Background and Basis of Presentation, for additional information on the common control combination. The following table summarizes the final recording of assets and liabilities of DAS at their respective carrying values as of September 1, 2017: (In millions) September 1, 2017 Cash and cash equivalents $ 98 Accounts and notes receivable - net 1,377 Inventories 2,133 Other current assets 130 Investments in nonconsolidated affiliates 50 Property, plant and equipment - net 1,555 Goodwill 1,472 Other intangible assets 130 Deferred income taxes 230 Other assets 97 Short-term borrowings and finance lease obligations 6 Accounts payable 1,414 Income taxes payable 103 Accrued and other current liabilities 482 Long-term debt 27 Deferred income tax liabilities 66 Pension and other post employment benefits - noncurrent 126 Other noncurrent obligations 170 The following table provides supplemental results of EID and DAS for the three and six months ended June 30, 2018 and the three months ended March 31, 2019. Three Months Ended June 30, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 8,545 $ (4,522 ) $ 1,708 $ 5,731 Income (loss) from continuing operations before income taxes $ 655 $ (587 ) $ 240 $ 308 Income (loss) from continuing operations after income taxes $ 514 $ (310 ) $ 171 $ 375 Six Months Ended June 30, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 15,244 $ (8,910 ) $ 3,191 $ 9,525 Income (loss) from continuing operations before income taxes $ 466 $ (1,133 ) $ 425 $ (242 ) Income (loss) from continuing operations after income taxes $ 298 $ (665 ) $ 304 $ (63 ) Three Months Ended March 31, 2019 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 6,288 $ (4,341 ) $ 1,449 $ 3,396 Income (loss) from continuing operations before income taxes $ 49 $ (476 ) $ 176 $ (251 ) Income (loss) from continuing operations after income taxes $ 89 $ (369 ) $ 96 $ (184 ) 1. Reflects discontinued operations of EID's ECP and Specialty Products businesses and adjustments primarily related to the elimination of intercompany transactions between Historical EID and Dow AgroSciences for periods subsequent to the Merger, as if they were combined affiliates. Intercompany balances and transactions with DAS have been eliminated. |
Divestitures and Other Transact
Divestitures and Other Transactions | 6 Months Ended |
Jun. 30, 2019 | |
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"). The Parties entered into, among other agreements, the following agreements: • Separation and Distribution Agreement - Effective April 1, 2019, the Parties entered into an agreement that sets forth, among other things, the agreements among the Parties regarding the principal transactions necessary to effect the Distributions. It also sets forth other agreements that govern certain aspects of the Parties’ ongoing relationships after the completion of the Distributions (the "Corteva Separation Agreement"). • Tax Matters Agreement - The Parties entered into an agreement effective as of April 1, 2019 as amended on June 1, 2019 that governs their respective rights, responsibilities and obligations with respect to tax liabilities and benefits, tax attributes, the preparation and filing of tax returns, the control of audits and other tax proceedings and other matters regarding taxes. • Employee Matters Agreement - The Parties entered into an agreement that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. • Intellectual Property Cross-License Agreement - Effective as of April 1, 2019 Corteva and Dow, and effective June 1, 2019 Corteva and DuPont entered into Intellectual Property Cross-License Agreements. The Intellectual Property Cross-License Agreements set forth the terms and conditions under which the applicable Parties may use in their respective businesses, following each of the Distributions, certain know-how (including trade secrets), copyrights, and software, and certain patents and standards, allocated to another Party pursuant to the Corteva Separation and Distribution Agreement. • Letter Agreement - DuPont and Corteva entered into a Letter Agreement. The Letter Agreement sets forth certain additional terms and conditions related to the Separation, including certain limitations on each party’s ability to transfer certain businesses and assets to third parties without assigning certain of such party’s indemnification obligations under the Corteva Separation Agreement to the other party to the transferee of such businesses and assets or meeting certain other alternative conditions. 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 June 30, 2019, the indemnification assets are $68 million within accounts and notes receivable - net and $58 million within other assets in the interim Condensed Consolidated Balance Sheet. At June 30, 2019, the indemnification liabilities are $18 million within accrued and other current liabilities and $71 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 June 30, 2019, the indemnification assets are $41 million within accounts and notes receivable - net and $27 million within other assets in the interim Condensed Consolidated Balance Sheet. At June 30, 2019, the indemnification liabilities are $70 million within accrued and other current liabilities and $109 million within other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. EID ECP Divestiture As discussed in Note 1 - Background and Basis of Presentation, 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: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Net sales $ — $ 413 $ 362 $ 828 Cost of goods sold — 284 259 550 Research and development expense — 6 4 13 Selling, general and administrative expenses — 10 9 24 Amortization of intangibles — 24 23 48 Restructuring and asset related charges - net — (2 ) 2 2 Integration and separation costs — 31 44 53 Other income - net — 9 2 11 Income from discontinued operations before income taxes — 69 23 149 Provision for income taxes on discontinued operations — 13 4 29 Income from discontinued operations after income taxes $ — $ 56 $ 19 $ 120 The following table presents the depreciation and capital expenditures of the discontinued operations related to EID ECP: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Depreciation $ — $ 34 $ 28 $ 67 Capital expenditures $ — $ 19 $ 16 $ 42 The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at December 31, 2018 and June 30, 2018 related to ECP consist of the following: (In millions) December 31, 2018 June 30, 2018 Cash and cash equivalents $ 55 $ — Accounts and notes receivable - net 194 218 Inventories 465 424 Other current assets 12 7 Total current assets of discontinued operations 726 649 Investment in nonconsolidated affiliates 108 108 Property, plant and equipment - net 770 793 Goodwill 3,587 3,597 Other intangible assets 1,143 1,193 Deferred income taxes 13 50 Other assets 1 3 Non-current assets of discontinued operations 5,622 5,744 Total assets of discontinued operations $ 6,348 $ 6,393 Short-term borrowings and finance lease obligations 2 — Accounts payable 214 168 Income tax payable — 1 Accrued and other current liabilities 36 41 Total current liabilities of discontinued operations 252 210 Long-term Debt 4 — Other noncurrent obligations 2 5 Deferred income tax liabilities 432 520 Pension and other post employment benefits - noncurrent 6 5 Non-current liabilities of discontinued operations 444 530 Total liabilities of discontinued operations $ 696 $ 740 EID Specialty Products Divestiture As discussed in Note 1 - Background and Basis of Presentation, 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: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Net sales $ 1,214 $ 4,071 $ 5,030 $ 8,010 Cost of goods sold 817 2,719 3,352 5,386 Research and development expense 51 160 204 317 Selling, general and administrative expenses 172 407 573 818 Amortization of intangibles 66 207 267 415 Restructuring and asset related charges - net 72 44 115 84 Integration and separation costs 89 67 253 123 Goodwill impairment 1,102 — 1,102 — Other (expense) income - net (82 ) 68 38 135 (Loss) Income from discontinued operations before income taxes (1,237 ) 535 (798 ) 1,002 Provision for income taxes on discontinued operations 6 268 104 443 (Loss) Income from discontinued operations after income taxes $ (1,243 ) $ 267 $ (902 ) $ 559 EID Specialty Products Impairment As a result of the Merger and related acquisition method of accounting, Historical EID’s assets and liabilities were measured at fair value resulting in increases to the company’s goodwill and other intangible assets. The fair value valuation increased the risk that any declines in financial projections, including changes to key assumptions, could have a material, negative impact on the fair value of the company’s reporting units and assets, and therefore could result in an impairment. As a result of the Internal Reorganization, in the second quarter of 2019, EID assessed the recoverability of the goodwill within the electronics and communications, protection solutions, nutrition and health, transportation and advanced polymers, packaging and specialty plastics, industrial biosciences, and clean technologies reporting units, and the overall carrying value of the net assets in the disposal group that was distributed to DowDuPont on May 1, 2019. As a result of this analysis, the company determined that the fair value of certain reporting units related to the EID specialty products businesses were below carrying value resulting in pre-tax, non-cash goodwill impairment charges totaling $1,102 million reflected in loss from discontinued operations after income taxes. Revised financial projections reflect unfavorable market conditions, driven by slowed demand in the biomaterials business unit, coupled with challenging conditions in U.S. bioethanol markets. These revised financial projections resulted in a reduction in the long-term forecasts of sales and profitability as compared to prior projections. The company’s analyses above using discounted cash flow models (a form of the income approach) utilized Level 3 unobservable inputs. The company’s significant assumptions in these analyses include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategies. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the company’s estimates. The company also used a form of the market approach (utilizes Level 3 unobservable inputs), which is derived from metrics of publicly traded companies or historically completed transactions of comparable businesses. The selection of comparable businesses is based on the markets in which the reporting units operate giving consideration to risk profiles, size, geography, and diversity of products and services. As such, the company believes the current assumptions and estimates utilized are both reasonable and appropriate. In addition, the company performed an impairment analysis related to the equity method investments held by the EID specialty products businesses, as of May 1, 2019. The company applied the net asset value method under the cost approach to determine the fair value of the equity method investments in the EID specialty products businesses. Based on updated projections, the company determined the fair value of an equity method investment was below the carrying value and had no expectation the fair value would recover in the short-term due to the current economic environment. As a result, management concluded the impairment was other-than-temporary and recorded an impairment charge of $63 million , reflected in loss from discontinued operations after income taxes. Additionally, this impairment is reflected within restructuring and asset related charges - net in the three and six months ended June 30, 2019, within the table above. The following table presents the depreciation and capital expenditures of the discontinued operations related to the EID Specialty Products Entities: Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Depreciation $ 65 $ 215 $ 281 $ 428 Capital expenditures $ 58 $ 169 $ 481 $ 413 The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at December 31, 2018 and June 30, 2018 related to the EID Specialty Products Entities consist of the following: (In millions) December 31, 2018 June 30, 2018 Cash and cash equivalents $ 2,199 $ 1,799 Marketable securities 29 325 Accounts and notes receivable - net 2,441 2,605 Inventories 3,452 3,376 Other current assets 242 268 Total current assets of discontinued operations 8,363 8,373 Investment in nonconsolidated affiliates 1,185 1,216 Property, plant and equipment - net 8,138 7,930 Goodwill 28,250 28,645 Other intangible assets 13,037 13,546 Deferred income taxes 122 251 Other assets 191 240 Non-current assets of discontinued operations 50,923 51,828 Total assets of discontinued operations $ 59,286 $ 60,201 Short-term borrowings and finance lease obligations 15 4 Accounts payable 1,983 1,766 Income taxes payable 33 33 Accrued and other current liabilities 884 754 Total current liabilities of discontinued operations 2,915 2,557 Long-term Debt 29 12 Other noncurrent obligations 262 290 Deferred income tax liabilities 3,624 3,945 Pension and other post employment benefits - noncurrent 1,125 1,043 Non-current liabilities of discontinued operations 5,040 5,290 Total liabilities of discontinued operations $ 7,955 $ 7,847 Integration and Separation Costs Integration and separation costs have been significant. These costs have primarily consisted of financial advisory, information technology, legal, accounting, consulting, and other professional advisory fees associated with the preparation and execution of activities related to the Merger and the Business Separations. These costs are recorded within integration and separation costs within the interim Consolidated Statements of Operations. Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Integration and separation costs $ 330 $ 249 $ 542 $ 444 Merger Remedy - Divested EID Ag Business A complete discussion of the Divested Ag Business is included in Note 4 - "Divestitures and Other Transactions," within Exhibit 99.2 of Amendment 2 to the Form 10. For the six months ended June 30, 2018 , the company recorded a loss from discontinued operations before income taxes related to the Divested Ag Business of $10 million ( $5 million after tax). For the three and six months ended June 2019, the company recorded income from discontinued operations after incomes taxes of $80 million , respectively, related to changes in accruals for certain prior year tax positions. Other Discontinued Operations Activity For the three and six months ended June 2019, the company recorded income from discontinued operations after income taxes of $86 million , respectively, related to the adjustment of certain unrecognized tax benefits for positions taken on items from prior years from previously divested businesses. |
Revenue (Notes)
Revenue (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 , the company had remaining performance obligations related to material rights granted to customers for contract renewal options of $104 million ( $102 million and $99 million at December 31, 2018 and June 30, 2018 , 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 June 30, 2019 December 31, 2018 June 30, 2018 (In millions) Accounts and notes receivable - trade 1 $ 6,102 $ 3,843 $ 5,886 Contract assets - current 2 $ 19 $ 18 $ 17 Contract assets - noncurrent 3 $ 48 $ 46 $ 44 Deferred revenue - current 4 $ 583 $ 2,209 $ 431 Deferred revenue - noncurrent 5 $ 118 $ 150 $ 121 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. The change in deferred revenue from December 31, 2018 to June 30, 2019 was substantially due to the timing of seed deliveries to customers for the North America growing season . Revenue recognized during the six months ended June 30, 2019 from amounts included in deferred revenue at the beginning of the period was $1,895 million . The increase in accounts and notes receivable - trade from December 31, 2018 to June 30, 2019 was primarily due to the seasonality of the company's business. Trade receivables are at a low point at year-end and increase through the northern hemisphere selling season, reaching their peak at the end of the second quarter. 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 June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Corn $ 2,309 $ 2,248 $ 3,777 $ 3,945 Soybean 998 1,214 1,129 1,395 Other oilseeds 200 194 425 457 Other 192 208 335 368 Seed 3,699 3,864 5,666 6,165 Herbicides 1,044 1,068 1,815 1,931 Insecticides 459 448 836 777 Fungicides 302 269 522 547 Other 52 82 113 105 Crop Protection 1,857 1,867 3,286 3,360 Total $ 5,556 $ 5,731 $ 8,952 $ 9,525 Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below: Seed Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 North America 1 $ 3,099 $ 3,279 $ 4,012 $ 4,478 EMEA 2 274 267 1,078 1,089 Asia Pacific 139 147 211 220 Latin America 187 171 365 378 Total $ 3,699 $ 3,864 $ 5,666 $ 6,165 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). Crop Protection Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 North America $ 686 $ 847 $ 1,165 $ 1,419 EMEA 393 420 953 994 Asia Pacific 312 284 515 466 Latin America 466 316 653 481 Total $ 1,857 $ 1,867 $ 3,286 $ 3,360 |
Restructuring and Asset Related
Restructuring and Asset Related Charges | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Agriculture Division Restructuring Program From inception-to-date, the company has recorded total pre-tax restructuring charges of $83 million , comprised of $74 million of severance and related benefit costs and $9 million of asset related charges. For the six months ended June 30, 2019 , the company recorded a pre-tax benefit of $(1) million , recognized in restructuring and asset related charges - net in the company's interim Consolidated Statement of Operations, and no additional charges for the three months ended June 30, 2019. The charge for the six months ended June 30, 2019 was comprised of a favorable adjustment of $(4) million to severance and related benefit costs and asset related charges of $3 million . The actions related to this program are substantially complete. The DowDuPont Agriculture Division Restructuring Program charges related to the segments, as well as corporate expenses, were as follows: (In millions) Six Months Ended June 30, 2019 Seed $ 3 Crop Protection (4 ) Corporate expenses — Total $ (1 ) Account balances and activity for the DowDuPont Agriculture Division Restructuring Program are summarized below: (In millions) Severance and Related Benefit Costs Asset Related Charges Total Balance at December 31, 2018 $ 77 $ — $ 77 Charges to income from continuing operations for the six months ended June 30, 2019 (4 ) 3 (1 ) Payments (24 ) — (24 ) Asset write-offs — (3 ) (3 ) Separation adjustment 1 (6 ) — (6 ) Balance at June 30, 2019 $ 43 $ — $ 43 1. Adjustment reflects severance liabilities associated with DAS employees who were terminated by Dow prior to separation and were included within the combined financial statements of Dow, but did not transfer to Corteva as part of the common control combination. 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 is designed to integrate and optimize the organization following the Merger and in preparation for the Business Separations. The company recorded pre-tax restructuring charges of $874 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $340 million , contract termination costs of $193 million , and asset write-downs and write-offs of $341 million . The company does not anticipate any additional material charges under the Synergy Program. Actions associated with the Synergy Program, including employee separations, are expected to be substantially complete by the end of 2019. The Synergy Program charges related to the segments, as well as corporate expenses, were as follows: Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Seed $ 49 $ 37 $ 73 $ 83 Crop Protection 2 — 29 12 Corporate expenses 9 64 20 136 Total $ 60 $ 101 $ 122 $ 231 The below is a summary of charges incurred related to the Synergy Program for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Severance and related benefit costs $ — $ 64 $ 14 $ 137 Contract termination charges 49 23 69 37 Asset related charges 11 14 39 57 Total restructuring and asset related charges - net $ 60 $ 101 $ 122 $ 231 Account balances and activity for the Synergy Program are summarized below: (In millions) Severance and Related Benefit Costs Costs Associated with Exit and Disposal Activities 1 Asset Related Charges Total Balance at December 31, 2018 $ 154 $ 61 $ — $ 215 Charges to income from continuing operations for the six months ended June 30, 2019 14 69 39 122 Payments (60 ) (79 ) (1 ) (140 ) Asset write-offs — — (38 ) (38 ) Balance at June 30, 2019 $ 108 $ 51 $ — $ 159 1. Relates primarily to contract terminations charges. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
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 Corteva Distribution, Corteva reports transactions with Historical Dow and its affiliates as related party transactions. The following table presents amounts due to or due from Historical Dow and its affiliates at December 31, 2018 and June 30, 2018 : (In millions) December 31, 2018 June 30, 2018 Accounts and notes receivable - net $ 1 $ 1 Accounts payable $ 110 $ 138 Purchases from Historical Dow and its affiliates were $42 million for the three and six months ended June 30, 2019 , respectively, and $38 million and $71 million for the three and six months ended June 30, 2018 , respectively. Transactions with DowDuPont In November 2017, DowDuPont's Board of Directors authorized an initial $4,000 million share repurchase program to buy back shares of DowDuPont common stock. The $4,000 million share repurchase program was completed in the third quarter of 2018. In February 2019 and 2018, the Board declared first quarter dividends per share of DowDuPont common stock payable on March 15, 2019 and March 15, 2018, respectively. EID declared and paid distributions to DowDuPont of about $317 million for the six months ended June 30, 2019 and $1,658 million for the six months ended June 30, 2018 , respectively, primarily to fund a portion of DowDuPont's dividend payments for these periods, and, specific to 2018, to fund a portion of DowDuPont's share repurchases. In addition, at December 31, 2018 , and June 30, 2018 , EID had a payable to DowDuPont of $103 million , and $391 million included in accounts payable in the interim Condensed Consolidated Balance Sheets 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 US tax return. See Note 10 - Income Taxes, for additional information. |
Supplementary Information
Supplementary Information | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Other Income - Net Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Interest income $ 17 $ 24 $ 33 $ 51 Equity in (losses) earnings of affiliates - net (5 ) 2 (5 ) 1 Net gain (loss) on sales of businesses and other assets 2 32 (11 ) 34 Net exchange losses 1 (32 ) (1 ) (59 ) (116 ) Non-operating pension and other post employment benefit credit 2 46 70 97 137 Miscellaneous (expenses) and income - net 3 (28 ) 1 (24 ) 4 Other income - net $ — $ 128 $ 31 $ 111 1. Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. 2. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized (gain) loss, amortization of prior service benefit and curtailment/settlement gain). 3. Miscellaneous (expenses) income - net, losses related to loss on sale of receivables, and other items. 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 United States ("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 provision for income taxes on continuing operations in the interim Consolidated Statements of Operations. (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Subsidiary Monetary Position Gains (Losses) Pre-tax exchange gains (losses) $ 17 $ (178 ) $ 7 $ (112 ) Local tax benefits (expenses) 7 (3 ) (3 ) 25 Net after-tax impact from subsidiary exchange gains (losses) $ 24 $ (181 ) $ 4 $ (87 ) Hedging Program (Losses) Gains Pre-tax exchange (losses) gains 1 $ (49 ) $ 177 $ (66 ) $ (4 ) Tax benefits (expenses) 11 (41 ) 15 1 Net after-tax impact from hedging program exchange (losses) gains $ (38 ) $ 136 $ (51 ) $ (3 ) Total Exchange Losses Pre-tax exchange losses $ (32 ) $ (1 ) $ (59 ) $ (116 ) Tax benefits (expenses) 18 (44 ) 12 26 Net after-tax exchange losses $ (14 ) $ (45 ) $ (47 ) $ (90 ) 1. Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. 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 interim Condensed Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the interim Condensed Consolidated Statements of Cash Flows. (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Cash and cash equivalents $ 2,077 $ 2,270 $ 2,696 Restricted cash 436 460 471 Total cash, cash equivalents and restricted cash 2,513 2,730 3,167 Cash and cash equivalents of discontinued operations — 2,254 1,799 Restricted cash of discontinued operations 1 — 40 45 Total cash, cash equivalents and restricted cash $ 2,513 $ 5,024 $ 5,011 1. Amount included within other current assets. Refer to Note 5 - 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 June 30, 2019 , December 31, 2018 , and June 30, 2018 is related to the Trust. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
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 sharing agreement and/or tax matters agreement. See Note 5 - Divestitures and Other Transactions, for further information related to indemnifications between Corteva, Dow and DuPont. On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted. The Act reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent , required companies to pay a one-time transition tax (“transition tax”) on earnings of foreign subsidiaries that were previously tax deferred, created new provisions related to foreign sourced earnings, eliminated the domestic manufacturing deduction and moved towards a territorial system. At December 31, 2018, the company had completed its accounting for the tax effects of The Act. • As a result of The Act, the company remeasured its U.S. federal deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent . In the three and six months ended June 30, 2018 , the company recognized charges of $7 million and $55 million , respectively, to provision for income taxes on continuing operations in the company's interim Consolidated Statements of Operations to adjust the provisional amount related to the remeasurement of the company's deferred tax balance. • In the six months ended June 30, 2018 , the company recognized a charge of $16 million to provision for income taxes on continuing operations in the company's interim Consolidated Statements of Operations as a result of an indirect impact of the Act related to certain inventory. 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 and six months ended June 30, 2019 , the company recognized net tax charges of $114 million and $146 million , respectively, to provision for income taxes on continuing operations, related to U.S. state blended tax rate changes associated with the Business Separations. During the three and six months ended June 30, 2019 , the company recognized a tax charge of $96 million to provision for income taxes on continuing operations, respectively, related to application of the Act's foreign tax provisions. During the six months ended June 30, 2019 , the company recognized a tax benefit of $102 million to provision for income taxes on continuing operations, related to an internal legal entity restructuring associated with the Business Separations. During the three and six months ended June 30, 2019 , the company recognized an aggregate tax benefit of $21 million to provision for income taxes on continuing operations, respectively, associated with changes in accruals for certain prior year tax positions and reductions in the company's unrecognized tax benefits due to the closure of various tax statutes of limitations. |
Earnings Per Share (Notes)
Earnings Per Share (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
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 (Loss) Income for Earnings Per Share Calculations - Basic and Diluted Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Income (loss) from continuing operations after income taxes $ 483 $ 375 $ 299 $ (63 ) Net income attributable to continuing operations noncontrolling interests 13 5 21 18 Income (loss) from continuing operations available to Corteva common stockholders 470 370 278 (81 ) (Loss) income from discontinued operations, net of tax (1,077 ) 323 (717 ) 674 Net income (loss) attributable to discontinued operations noncontrolling interests 1 (1 ) 5 6 (Loss) income from discontinued operations available to Corteva common stockholders (1,078 ) 324 (722 ) 668 Net (loss) income available to common stockholders $ (608 ) $ 694 $ (444 ) $ 587 (Loss) Earnings Per Share Calculations - Basic Three Months Ended Six Months Ended (Dollars per share) 2019 2018 2019 2018 Income (loss) from continuing operations attributable to common stockholders $ 0.63 $ 0.49 $ 0.37 $ (0.11 ) (Loss) income from discontinued operations, net of tax (1.44 ) 0.43 (0.96 ) 0.89 Net (loss) income attributable to common stockholders $ (0.81 ) $ 0.92 $ (0.59 ) $ 0.78 (Loss) Earnings Per Share Calculations - Diluted Three Months Ended Six Months Ended (Dollars per share) 2019 2018 2019 2018 Income (loss) from continuing operations attributable to common stockholders $ 0.63 $ 0.49 $ 0.37 $ (0.11 ) (Loss) income from discontinued operations, net of tax 1 (1.44 ) 0.43 (0.96 ) 0.89 Net (loss) income attributable to common stockholders 1 $ (0.81 ) $ 0.92 $ (0.59 ) $ 0.78 Share Count Information Three Months Ended Six Months Ended (Shares in millions) 2019 2018 2019 2018 Weighted-average common shares - basic 1 749.4 749.4 749.4 749.4 Plus dilutive effect of equity compensation plans 2 0.6 — 0.3 — Weighted-average common shares - diluted 750.0 749.4 749.7 749.4 Stock options and restricted stock units excluded from EPS calculations 3 7.8 — 7.8 — 1. Share amounts for the three and six months ended June 30, 2018, 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 options to purchase 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) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts and Notes Receivable [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS AND NOTES RECEIVABLE - NET (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Accounts receivable – trade 1 $ 4,811 $ 3,649 $ 4,261 Notes receivable – trade 2 1,291 194 1,625 Other 3 1,332 1,417 1,445 Total accounts and notes receivable - net $ 7,434 $ 5,260 $ 7,331 1. Accounts receivable – trade is net of allowances of $152 million at June 30, 2019, $127 million at December 31, 2018 , and $80 million at June 30, 2018 . Allowances are equal to the estimated uncollectible amounts. That estimate 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 June 30, 2019, December 31, 2018 , and June 30, 2018 there were no significant past due notes receivable, 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. Accounts and notes receivable are carried at amounts that approximate fair value. 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 $81 million and $84 million for the three and six months ended June 30, 2019 , respectively, and $20 million and $48 million for the three and six months ended June 30, 2018 , respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of June 30, 2019, December 31, 2018 , and June 30, 2018 were $87 million , $37 million , and $57 million , respectively. The net proceeds received were 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 $36 million and $37 million for the three and six months ended June 30, 2019 , respectively, and $5 million and $10 million for the three and six months ended June 30, 2018 , respectively. The guarantee obligations recorded as of June 30, 2019, December 31, 2018 , and June 30, 2018 in the Consolidated Balance Sheets were not material. See Note 18 - Commitments and Contingent Liabilities for additional information on the company’s guarantees. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Finished products $ 2,103 $ 3,022 $ 2,611 Semi-finished products 1,373 1,821 1,401 Raw materials 228 191 209 Stores and supplies 214 276 141 Total inventories $ 3,918 $ 5,310 $ 4,362 As a result of the Merger, a fair value step-up of $2,297 million was recorded for inventories. During the three and six months ended June 30, 2019 , the company recognized $52 million and $257 million of these costs in cost of goods sold within income from continuing operations. During the three and six months ended June 30, 2018 , the company recognized $676 million and $1,315 million of these costs in cost of goods sold within income (loss) from continuing operations. |
Property, Plant and Equipment (
Property, Plant and Equipment (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Land and land improvements $ 463 $ 468 $ 508 Buildings 1,445 1,430 1,440 Machinery and equipment 5,214 4,863 4,759 Construction in progress 628 579 354 Total property, plant and equipment 7,750 7,340 7,061 Accumulated depreciation (3,207 ) (2,796 ) (2,598 ) Total property, plant and equipment - net $ 4,543 $ 4,544 $ 4,463 Buildings, machinery and equipment and land improvements are depreciated over useful lives on a straight-line basis ranging from 1 year to 25 years . Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 1 year to 8 years . Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Depreciation expense $ 114 $ 130 $ 271 $ 256 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table summarizes changes in the carrying amount of goodwill by segment for the six months ended June 30, 2019 : (In millions) Agriculture Crop Protection Seed Total Balance as of December 31, 2018 1 $ 10,193 $ — $ — $ 10,193 Currency translation adjustment (28 ) — — (28 ) Other goodwill adjustments and acquisitions 2 14 — — 14 Realignment of segments (10,179 ) 4,726 5,453 — Balance as of June 1, 2019 — 4,726 5,453 10,179 Currency translation adjustment — 33 37 70 Balance as of June 30, 2019 $ — $ 4,759 $ 5,490 $ 10,249 1. Net of accumulated impairment losses of $4,503 million . 2. Primarily consists of the acquisition of a distributor in Greece. The company tests goodwill for impairment annually (during the fourth quarter), or more frequently when events or changes in circumstances indicate it is more likely than not that the fair value of a reporting unit has declined below its carrying value. As mentioned in Note 2 - Summary of Significant Accounting Policies, as a result of the Internal Reorganizations and Realignments, the company changed its reportable segments to Seed and Crop Protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. The change in reportable segments resulted in changes to the company's reporting units for goodwill impairment testing to align with the level at which discrete financial information is available for review by management. The company’s reporting units include Seed, Crop Protection and Digital. In connection with the change in reportable segments and reporting units, goodwill was reassigned from the former Agriculture reporting unit to the Seed, Crop Protection and Digital reporting units using a relative fair value allocation approach. As a result, the company performed a goodwill impairment analysis for the former Agriculture reporting unit immediately prior to the realignment and the newly created reporting units immediately after the realignment. The impairment analysis was performed using a discounted cash flow model (a form of the income approach), utilizing Level 3 unobservable inputs or a market approach. The company’s significant estimates in this analysis include, but are not limited to, future cash flow projections, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company believes the current assumptions and estimates utilized are both reasonable and appropriate. Based on the goodwill impairment analysis performed both immediately prior to and immediately subsequent to the realignment, the company concluded the fair value of the former Agriculture reporting unit and the newly created reporting units exceeded their carrying value, and no goodwill impairment charge was necessary. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Customer-related $ 1,981 $ (211 ) $ 1,770 $ 1,985 $ (154 ) $ 1,831 $ 1,990 $ (97 ) $ 1,893 Developed technology 1 1,467 (297 ) 1,170 974 (163 ) 811 924 (97 ) 827 Trademarks/trade names 166 (83 ) 83 180 (92 ) 88 180 (79 ) 101 Favorable supply contracts 475 (159 ) 316 475 (111 ) 364 475 (64 ) 411 Other 2 429 (218 ) 211 538 (300 ) 238 530 (282 ) 248 Total other intangible assets with finite lives 4,518 (968 ) 3,550 4,152 (820 ) 3,332 4,099 (619 ) 3,480 Intangible assets not subject to amortization (Indefinite-lived): In-process research and development ("IPR&D") 1 146 — 146 576 — 576 691 — 691 Germplasm 3 6,265 — 6,265 6,265 — 6,265 6,265 — 6,265 Trademarks / trade names 1,871 — 1,871 1,871 — 1,871 1,871 — 1,871 Other — — — 11 — 11 11 — 11 Total other intangible assets 8,282 — 8,282 8,723 — 8,723 8,838 — 8,838 Total $ 12,800 $ (968 ) $ 11,832 $ 12,875 $ (820 ) $ 12,055 $ 12,937 $ (619 ) $ 12,318 1. During the first quarter of 2019, the company announced an expanded launch of its Qrome ® corn hybrids following the receipt of regulatory approval from China. As a result, the company reclassified the amounts from indefinite-lived IPR&D to developed technology. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. 3. Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $113 million and $214 million for the three and six months ended June 30, 2019 , respectively, and $107 million and $196 million for the three and six months ended June 30, 2018 , respectively. The estimated aggregate pre-tax amortization expense from continuing operations for the remainder of 2019 and each of the next five years is approximately $211 million , $406 million , $395 million , $373 million , $292 million and $277 million , respectively. |
Leases (Notes)
Leases (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases of Lessee Disclosure [Text Block] | LEASES The company has operating and finance leases for real estate, transportation, certain machinery and equipment, and information technology assets. The company’s leases have remaining lease terms of 1 to 53 years . For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend the lease when it is reasonably certain that the company will exercise that option. Some leasing arrangements require variable payments that are dependent on usage, output, or may vary for other reasons, such as insurance and tax payments. The variable lease payments are not presented as part of the initial ROU asset or lease liability. Certain of the company's leases include residual value guarantees. These residual value guarantees are based on a percentage of the lessor's asset acquisition price and the amount of such guarantee declines over the course of the lease term. The portion of residual value guarantees that are probable of payment are included in the related lease liability on the accompanying interim Condensed Consolidated Balance Sheet other than certain finance leases that include the maximum residual value guarantee amount in the measurement of the related liability given the election to use the package of practical expedients at the date of adoption. At June 30, 2019 , the company has future maximum payments for residual value guarantees in operating leases of $103 million with final expirations through 2024. The company's lease agreements do not contain any material restrictive covenants. The components of lease cost were as follows: (In millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 44 $ 85 Finance lease cost Amortization of right-of-use assets (19 ) 9 Interest on lease liabilities — 1 Total finance lease cost (19 ) 10 Short-term lease cost 2 6 Variable lease cost 2 5 Total lease cost $ 29 $ 106 New leases entered into during the three and six months ended June 30, 2019 were not considered material. Supplemental cash flow information related to leases was as follows: (In millions) Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 90 Operating cash outflows from finance leases $ 1 Financing cash outflows from finance leases $ 8 Supplemental balance sheet information related to leases was as follows: (In millions) June 30, 2019 Operating Leases Operating lease right-of-use assets 1 $ 553 Current operating lease liabilities 2 152 Noncurrent operating lease liabilities 3 428 Total operating lease liabilities $ 580 Finance Leases Property, plant, and equipment, gross $ 28 Accumulated depreciation (9 ) Property, plant, and equipment, net 19 Short-term borrowings and finance lease obligations 18 Long-Term Debt 6 Total finance lease liabilities $ 24 1. Included in other assets in the interim Condensed Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. The company utilizes the incremental borrowing rate in determining the present value of lease payments unless the implicit rate is readily determinable. Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) Operating leases 7.31 Financing leases 5.54 Weighted average discount rate Operating leases 3.55 % Financing leases 3.26 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at June 30, 2019 Operating Leases Financing Leases (In millions) Remainder of 2019 $ 95 $ 9 2020 136 10 2021 107 2 2022 80 1 2023 60 1 2024 and thereafter 177 2 Total lease payments 655 25 Less: Interest 75 1 Present value of lease liabilities $ 580 $ 24 Future minimum lease payments for operating leases accounted for under ASC 840, "Leases," with remaining non-cancelable terms in excess of one year at December 31, 2018 were as follows: Minimum Lease Commitments at December 31, 2018 December 31, 2018 1 (In millions) 2019 $ 169 2020 99 2021 72 2022 56 2023 38 2024 and thereafter 78 Total $ 512 1. Includes adjustments for discontinued operations and common control business combination. |
Short-Term Borrowings, Long-Ter
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities | 6 Months Ended |
Jun. 30, 2019 | |
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) June 30, 2019 December 31, 2018 June 30, 2018 Commercial paper $ 1,107 $ 1,847 $ 737 Repurchase facility 777 — 1,150 Other loans - various currencies 154 19 57 Long-term debt payable within one year 2 263 1,765 Finance lease obligations payable within one year 18 25 6 Total short-term borrowings and finance lease obligations $ 2,058 $ 2,154 $ 3,715 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. Long-Term Debt June 30, 2019 December 31, 2018 June 30, 2018 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures 1 : Final maturity 2018 $ — — % $ — — % $ 1,252 1.59 % Final maturity 2019 — — % 263 2.23 % 512 2.23 % Final maturity 2020 — — % 2,496 2.14 % 3,054 1.79 % Final maturity 2021 — — % 475 2.08 % 1,568 2.07 % Final maturity 2023 — — % 386 2.48 % 1,268 2.48 % Final maturity 2024 and thereafter — — % 249 3.69 % 2,216 3.80 % Other facilities: Term loan due 2020 2 — — % 2,000 3.46 % 1,500 3.00 % Other loans: Foreign currency loans, various rates and maturities 3 3 15 Medium-term notes, varying maturities through 2041 110 2.17 % 110 2.37 % 110 1.22 % Finance lease obligations 6 67 9 Less: Unamortized debt discount and issuance costs — 2 3 Less: Long-term debt due within one year 2 263 1,765 Total $ 117 $ 5,784 $ 9,736 1. See discussion of debt redemptions/repayments that follows. 2. The Term Loan Facility was amended in 2018 to extend the maturity date to June 2020 and the facility was repaid and terminated in May 2019. There are no material principal payments of long-term debt over the next five years. The estimated fair value of the company's long-term borrowings 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 long-term borrowings, not including long-term debt due within one year, was $117 million , $5,775 million , and $9,425 million at June 30, 2019, December 31, 2018 , and June 30, 2018 , respectively. Available Committed Credit Facilities The following table summarizes the company's credit facilities: Committed and Available Credit Facilities at June 30, 2019 (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2019 $ 3,000 $ 2,971 May 2024 Floating Rate Revolving Credit Facility May 2019 3,000 3,000 May 2022 Floating Rate 2019 Repurchase Facility February 2019 1,300 523 December 2019 Floating Rate Total Committed and Available Credit Facilities $ 7,300 $ 6,494 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 “2018 Revolving Credit Facilities”). The 2018 Revolving Credit Facilities became effective May 2019 in connection with the termination of the EID $4.5 billion Term Loan Facility and the $3.0 billion Revolving Credit Facility dated May, 2014. Corteva, Inc. became a party at the time of the Corteva Distribution. The 2018 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 2018 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 . Repurchase Facility In February 2019, EID entered into a new committed receivable repurchase facility of up to $1.3 billion (the "2019 Repurchase Facility") which expires in December 2019. From time to time, EID and the banks modify the monthly commitment amounts to better align with working capital requirements. Under the 2019 Repurchase Facility, EID 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 2019 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 2019 Repurchase Facility have an interest rate of LIBOR + 0.75 percent . As of June 30, 2019, $817 million of notes receivable, recorded in accounts and notes receivable - net, were pledged as collateral against outstanding borrowings under the 2019 Repurchase Facility of $777 million , recorded in short-term borrowings and finance lease obligations on the interim Condensed Consolidated Balance Sheet. Debt Redemptions/Repayments In July 2018, the company fully repaid $1.25 billion of 6.0 percent coupon bonds at maturity. In the fourth quarter of 2018, the company offered to purchase for cash approximately $6.2 billion of outstanding debt securities from each registered holder of the applicable series of debt securities (the “Tender Offers”). The company retired $4.4 billion aggregate principal amount of such debt securities in connection with the Tender Offers, which expired on December 11, 2018. The retirement of these debt securities was funded with cash contributions from DowDuPont. On March 22, 2019, EID issued notices of redemption in full of all of its outstanding notes (the “Make Whole Notes”) listed in the table below: (in millions) Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 The Make Whole Notes were redeemed on April 22, 2019 at the make-whole redemption prices set forth in the respective Make Whole Notes. On and after the date of redemption, the Make Whole Notes were no longer deemed outstanding, interest on the Make Whole Notes ceased to accrue and all rights of the holders of the Make Whole Notes were terminated. In March 2016, EID entered into a credit agreement that provides for a three-year, senior unsecured term loan facility in the aggregate principal amount of $4.5 billion (as amended, from time to time, the "Term Loan Facility") under which EID may make up to seven term loan borrowings and amounts repaid or prepaid are not available for subsequent borrowings. On May 2, 2019, EID terminated its Term Loan Facility and repaid the aggregate outstanding principal amount of $3 billion plus accrued and unpaid interest through and including May 1, 2019. In connection with the repayment of the Make Whole Notes and the Term Loan Facility, EID paid a total of $4.6 billion in the second quarter 2019, which included breakage fees and accrued and unpaid interest on the Make Whole Notes and Term Loan Facility. The repayment of the Make Whole Notes and Term Loan Facility was funded with cash from operations and a contribution from DowDuPont. On May 7, 2019, DowDuPont publicly announced the record date in connection with the Corteva Distribution. In connection with such announcement, EID was required to redeem $1.25 billion aggregate principal amount of 2.200% Notes due 2020 and $750 million aggregate principal amount of Floating Rate Notes due 2020 (collectively, the Special Mandatory Redemption, or “SMR Notes”) setting forth the date of redemption of the SMR Notes. On May 17, 2019 and EID redeemed and paid a total of $2.0 billion , which included accrued and unpaid interest on the SMR Notes. EID funded the payment with a contribution from DowDuPont. Following the redemption, the SMR Notes are no longer outstanding and no longer bear interest. and all rights of the holders of the SMR Notes have terminated. EID recorded a loss on the early extinguishment of debt of $13 million related to the difference between the redemption price and the par value of the Make Whole Notes, the Term Loan Facility, and the SMR Notes, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. Uncommitted Credit Facilities and Outstanding Letters of Credit Unused bank credit lines on uncommitted credit facilities were $378 million at June 30, 2019. These lines are available to support short-term liquidity needs and general corporate purposes, including letters of credit. Outstanding letters of credit were $98 million at June 30, 2019. These letters of credit support commitments made in the ordinary course of business. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 , 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 37 and 16 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 June 30, 2019 , December 31, 2018 and June 30, 2018 , the company had directly guaranteed $164 million , $299 million , and $179 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. The company would be required to perform on these guarantees in the event of default by the guaranteed party. Of the total maximum future payments at June 30, 2019, $161 million had terms less than a year. The maximum future payments also include $8 million , $3 million , and $5 million of guarantees related to the various factoring agreements that the company enters into with its customer to sell its trade receivables at June 30, 2019, December 31, 2018 and June 30, 2018, respectively. See Note 12 - 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 $542 million , $14 million and $274 million at June 30, 2019, December 31, 2018 and June 30, 2018, 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 5 - 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 June 30, 2019 . On May 13, 2019, Chemours filed a complaint in the Delaware Court of Chancery 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 ground that the Chemours Separation Agreement requires arbitration of all disputes relating to that agreement. The defendants believe the complaint is without merit and intend to vigorously defend the company's rights, including full indemnity rights as set forth in the Chemours Separation Agreement. For additional information regarding environmental indemnification, see discussion below on page 40. At June 30, 2019 , the indemnification assets pursuant to the Chemours Separation Agreement are $68 million within accounts and notes receivable - net and $289 million within other assets along with the corresponding liabilities of $68 million within accrued and other current liabilities and $289 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 1 - Background and Basis of Presentation, and Note 5 - 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 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 the company could incur liabilities related to PFOA, 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 $21 million and an indemnification asset of $21 million at June 30, 2019 , primarily 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 June 30, 2019 , 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 June 30, 2019 , approximately 57 lawsuits were pending alleging personal injury, mostly kidney or testicular cancer, from exposure to PFOA through air or water, only 3 of which are not part of the MDL or were not filed on behalf of Leach class members. Some of the MDL cases have been scheduled for trials, the first of which is scheduled to begin in October 2019. 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 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. Corteva believes that Chemours is obligated to indemnify Corteva, Inc. under the Chemours Separation Agreement. New York . EID is a defendant in about 52 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. New Jersey . At June 30, 2019, 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 has since been voluntarily dismissed without prejudice by the plaintiff. In late March of 2019, the New Jersey State Attorney General filed 4 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 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 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. Other . Approximately 150 cases have been filed against 3M and other defendants 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. At June 30, 2019 , EID was named in 15 of these cases. EID did not make firefighting foam and has never made or supplied PFOS or products that contained PFOS. In addition, the company is aware of an inquiry by the Subcommittee on Environment of the House of Representatives to DuPont, Chemours and 3M regarding exposure to PFAS and has requested certain information related to PFAS. 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. In August 2017, the U.S. Attorney’s Office for the Eastern District of North Carolina served EID with a grand jury subpoena for testimony and documents related to these discharges. EID was served with additional subpoenas relating to the same issue 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, including the grand jury subpoena, could result in penalties or sanctions, or that additional litigation will be instituted against Chemours, EID, or both. At June 30, 2019 , three 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. The claim for medical monitoring was recently dismissed. 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. While it is reasonably possible that the company could incur liabilities related to the actions described above, any such liabilities are not expected to be material. The company has an indemnification claim against Chemours with respect to current and future inquiries and claims, including lawsuits, related to the foregoing. At June 30, 2019 , 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 June 30, 2019 , the company had accrued obligations of $357 million for probable environmental remediation and restoration costs, including $49 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 Sheets. 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 $725 million above the amount accrued at June 30, 2019 . 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 38. The above noted $357 million accrued obligations includes the following: As of June 30, 2019 (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 $ 169 $ 169 $ 380 Other discontinued or divested businesses obligations 1 — 100 228 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 31 31 63 Environmental remediation liabilities not subject to indemnity — 57 54 Total $ 200 $ 357 $ 725 1. Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page 38, 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 | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' EQUITY Common Stock As discussed in Note 1 - Background and Basis of Presentation, 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. There has been no additional common stock share activity for the month ended June 30, 2019. 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. 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. 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 June 30, 2019, December 31, 2018 , and June 30, 2018 , which is classified as noncontrolling interests in the 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) Income The changes and after-tax balances of components comprising accumulated other comprehensive (loss) income are summarized below: (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Total 2018 Balance January 1, 2018 $ (1,217 ) $ (2 ) $ 95 $ (53 ) $ (1,177 ) Other comprehensive (loss) income before reclassifications (1,011 ) — 10 — (1,001 ) Amounts reclassified from accumulated other comprehensive loss — (5 ) (2 ) — (7 ) Net other comprehensive (loss) income (1,011 ) (5 ) 8 — (1,008 ) Balance June 30, 2018 $ (2,228 ) $ (7 ) $ 103 $ (53 ) $ (2,185 ) 2019 Balance January 1, 2019 $ (2,793 ) $ (26 ) $ (620 ) $ 79 $ (3,360 ) Other comprehensive (loss) income before reclassifications (174 ) 12 6 (85 ) (241 ) Amounts reclassified from accumulated other comprehensive income (loss) — 11 2 (1 ) 12 Net other comprehensive (loss) income (174 ) 23 8 (86 ) (229 ) Impact of Internal Reorganizations 1,113 — 101 — 1,214 Balance June 30, 2019 $ (1,854 ) $ (3 ) $ (511 ) $ (7 ) $ (2,375 ) 1. The cumulative translation adjustment loss for the six months ended June 30, 2018 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the European Euro ("EUR") and the Brazilian Real ("BRL"). The cumulative translation adjustment gain for the six months ended June 30, 2019 was primarily driven by the weakening of the European Euro (“EUR”) against the USD. The tax (expense) benefit on the net activity related to each component of other comprehensive (loss) income was as follows: (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Derivative instruments $ (4 ) $ 5 $ (7 ) $ 1 Pension benefit plans - net 11 (1 ) 4 (2 ) Other benefit plans - net 29 — 29 — Provision for income taxes related to other comprehensive (loss) income items $ 36 $ 4 $ 26 $ (1 ) A summary of the reclassifications out of accumulated other comprehensive (loss) income is provided as follows: (In millions) Three Months Ended Six Months Ended Income Classification 2019 2018 2019 2018 Derivative Instruments: $ 8 $ (6 ) $ 12 $ (7 ) (1) Tax expense (2 ) 2 (1 ) 2 (2) After-tax $ 6 $ (4 ) $ 11 $ (5 ) Amortization of pension benefit plans: Actuarial losses $ — $ (1 ) $ 1 $ (1 ) (3) Settlement loss (gain) 1 (1 ) 1 (1 ) (3) Total before tax 1 (2 ) 2 (2 ) Tax benefit — — — — (2) After-tax $ 1 $ (2 ) $ 2 $ (2 ) Amortization of other benefit plans: Prior service benefit $ — $ — $ — $ — (3) Actuarial losses (1 ) — (1 ) — (3) Total before tax (1 ) — (1 ) — Tax benefit — — — — (2) After-tax $ (1 ) $ — $ (1 ) $ — Total reclassifications for the period, after-tax $ 6 $ (6 ) $ 12 $ (7 ) 1. Cost of goods sold. 2. Provision for 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 20 |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS In connection with the Corteva Distribution, the company retained the benefit obligations relating to EID's principal U.S. pension plan, several other U.S. and non-U.S. pension plans and other post employment benefit plans ("OPEB"). Corteva entered into an employee matters agreement with DuPont which provides that employees of DuPont no longer participate in the benefits sponsored or maintained by the company as of the date of the Corteva Distribution and transferred certain EID's pension and OPEB obligations and associated assets to DuPont. As a result of the transfer, about $5.8 billion unfunded obligations of the pension and OPEB plans remained with Corteva, of which $319 million is supported by funding under the Trust agreement. As a result of the Corteva Distribution, the company re-measured OPEB plans as of June 1, 2019. In connection with the re-measurement, the company updated the discount rate assumed at December 31, 2018 from 4.23% to 3.64% . The re-measurement resulted in an increase of $114 million to the company’s OPEB benefit obligations with a corresponding loss effect within other comprehensive income (loss) for the three and six months ended June 30, 2019. 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 Six Months Ended (In millions) 2019 2018 2019 2018 Defined Benefit Pension Plans: Service cost $ 12 $ 36 $ 32 $ 72 Interest cost 1 199 190 407 381 Expected return on plan assets (282 ) (302 ) (586 ) (607 ) Amortization of unrecognized loss (gain) 1 (3 ) 2 (4 ) Curtailment/settlement (gain) loss (1 ) (4 ) (1 ) (4 ) Net periodic benefit credit - Total $ (71 ) $ (83 ) $ (146 ) $ (162 ) Less: Discontinued operations 1 (9 ) (13 ) (17 ) (25 ) Net periodic benefit credit - Continuing operations $ (62 ) $ (70 ) $ (129 ) $ (137 ) Other Post Employment Benefits: Service cost $ 1 $ 2 $ 3 $ 4 Interest cost 22 22 45 43 Amortization of unrecognized gain (1 ) — (1 ) — Net periodic benefit cost - Continuing operations $ 22 $ 24 $ 47 $ 47 1. Includes non-service related components of net periodic benefit credit of $(16) million and $(37) million for the three and six months ended June 30, 2019, and $(27) million and $(54) million for the three and six months ended June 30, 2018, respectively. |
Stock-Based Compensation (Notes
Stock-Based Compensation (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | STOCK-BASED COMPENSATION Prior to the Corteva Distribution, Corteva employees held equity awards, including stock options, share appreciation rights (“SARs”), restricted stock units (“RSUs”) and performance-based restricted stock units (“PSUs”), which were denominated in DowDuPont common stock and, in some cases, in Dow Inc. common stock, and which had originally been issued under the DuPont Equity and Incentive Plan ("EIP"), the Dow Chemical Company 2012 Stock Incentive Plan or the Dow Chemical Company 1988 Award and Option Plan. In connection with the Separation on June 1, 2019, outstanding DowDuPont-denominated stock options, SARs, RSU and PSU awards were converted into Corteva-denominated awards under the “Employer Method,” or into both DuPont-denominated awards and Corteva-denominated awards under the “Shareholder Method,” using a formula designed to preserve the intrinsic value of the awards immediately prior to and subsequent to the Corteva Distribution. The awards have the same terms and conditions under the applicable plans and award agreements prior to the Separation transactions. The conversions of equity awards did not have a material impact to the company’s interim consolidated financial statements. As discussed in Note 5 - Divestitures and Other Transactions, on April 1, 2019 the company entered into an employee matters agreement (the "EMA") with DuPont and Dow that identifies employees and employee-related liabilities (and attributable assets) to be allocated (either retained, transferred and accepted, or assigned and assumed, as applicable) to the Parties as part of the Distributions and describes when and how the relevant transfers and assignments will occur. With some exceptions, the EMA provides for the equitable adjustment of existing equity incentive compensation awards denominated in the common stock of DowDuPont to reflect the occurrence of the Distributions. On June 1, 2019 (“Adoption Date”), in connection with the Separation, the Omnibus Incentive Plan (the "OIP") became effective. Under the OIP, the company may grant incentive awards, including stock options (both “incentive stock options” and nonqualified stock options), share appreciation rights, restricted shares, restricted stock units, other share-based awards and cash awards, to its and its subsidiaries’ eligible employees, non-employee directors, independent contractors and consultants following the Separation until the tenth anniversary of the Adoption Date, subject to an aggregate limit and annual individual limits. Under the OIP, the maximum number of shares reserved for the grant or settlement of awards is 20,000,000 shares, excluding shares underlying certain exempt awards, such as the awards converted to Corteva-denominated awards pursuant to the Separation. The company generally satisfies stock option exercises and the vesting of RSUs and PSUs with newly issued shares of Corteva common stock, although RSU awards granted under Historical Dow plans in certain countries are settled in cash. The total stock-based compensation cost included in Income (loss) from continuing operations before income taxes within the interim Consolidated Statement of Operations was $32 million and $48 million for the three and six months ended June 30, 2019, respectively, and $22 million and $37 million for the three and six months ended June 30, 2018 , respectively. The income tax benefits related to stock-based compensation arrangements were $6 million and $10 million for the three and six months ended June 30, 2019, respectively, and $4 million and $7 million for the three and six months ended June 30, 2018 , respectively. Stock Options The exercise price of shares subject to option is equal to the market price of Corteva's stock on the date of grant. All options vest serially over a period of 3 years . Stock option awards granted under the previous plan (EIP) between 2013 and 2015 expire 7 years after the grant date and options granted between 2016 and 2018 expire 10 years after the grant date. Stock option awards granted under the Historical Dow plans between 2010 and forward expire 10 years after the grant date. The following table summarizes stock option activity for the period June 1 through June 30, 2019 OIP: Stock Options For the period June 1 - June 30, 2019 Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at June 1, 2019 10,468 $ 32.11 Forfeited/Expired (12 ) 40.02 Outstanding at June 30, 2019 10,456 $ 32.10 5.08 $ 23,343 Exercisable at June 30, 2019 8,293 $ 30.18 4.24 $ 21,315 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their in-the-money options at period end. As of June 30, 2019, $7 million of total unrecognized pre-tax compensation expense related to nonvested stock options is expected to be recognized over a weighted-average period of 1.13 years . Restricted Stock Units and Performance Share Units RSUs granted under the EIP serially vest over 3 years . RSUs granted under the Historical Dow plans vest after a designated period of time, generally 1 year to 3 years . Upon vesting, these RSUs convert one -for-one to Corteva Common Stock. A retirement-eligible employee retains any granted awards upon retirement provided the employee has rendered at least 6 months of service following the grant date. Additional RSUs are also granted periodically to key senior management employees. These RSUs generally vest over periods ranging from 3 years to 5 years . The fair value of all stock-settled RSUs is based upon the market price of the underlying common stock as of the grant date. The company grants PSUs to senior leadership. There were no PSUs granted for the six months ended June 30, 2019. Nonvested awards of RSUs and PSUs are shown below. For the period June 1 - June 30, 2019 Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at June 1, 2019 3,757 $ 35.56 Granted 80 25.03 Forfeited (3 ) 38.78 Nonvested at June 30, 2019 3,834 $ 35.34 The weighted-average grant-date fair value of stock units granted for the period June 1 through June 30, 2019 was $25.03 . As of June 30, 2019, $59 million of total unrecognized pre-tax compensation expense related to RSUs and PSUs is expected to be recognized over a weighted average period of 1.67 years |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At June 30, 2019 , the company had $1,389 million ( $1,221 million and $1,307 million at December 31, 2018 and June 30, 2018 , 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 $6 million ( $5 million and $49 million at December 31, 2018 and June 30, 2018 , 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 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) June 30, 2019 December 31, 2018 June 30, 2018 Derivatives designated as hedging instruments: Commodity contracts $ 76 $ 525 $ 145 Derivatives not designated as hedging instruments: Foreign currency contracts $ 1,558 $ 2,057 $ 3,866 Commodity contracts $ 38 $ 9 $ 8 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. 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 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 cash flow hedges on accumulated other comprehensive loss: Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Beginning balance $ (25 ) $ 9 $ (26 ) $ (2 ) Additions and revaluations of derivatives designated as cash flow hedges 16 (12 ) 12 — Clearance of hedge results to earnings 6 (4 ) 11 (5 ) Ending balance $ (3 ) $ (7 ) $ (3 ) $ (7 ) At June 30, 2019 , an after-tax net loss of $2 million is expected to be reclassified from accumulated other comprehensive loss into earnings over the next twelve months. 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: June 30, 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 $ 36 $ (33 ) $ 3 Total asset derivatives $ 36 $ (33 ) $ 3 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 48 $ (27 ) $ 21 Total liability derivatives $ 48 $ (27 ) $ 21 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, 2018 (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 $ 72 $ (35 ) $ 37 Total asset derivatives $ 72 $ (35 ) $ 37 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 21 $ (15 ) $ 6 Total liability derivatives $ 21 $ (15 ) $ 6 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. June 30, 2018 (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 $ 153 $ (35 ) $ 118 Commodity Contracts Other current assets 4 — 4 Total asset derivatives $ 157 $ (35 ) $ 122 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 35 $ 9 $ 44 Total liability derivatives $ 35 $ 9 $ 44 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 Gain (Loss) Recognized in OCI 1 - Pre-Tax Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts $ 18 $ (15 ) $ 19 $ 1 Total derivatives designated as hedging instruments 18 (15 ) 19 1 Total derivatives $ 18 $ (15 ) $ 19 $ 1 1. OCI is defined as other comprehensive income (loss). Amount of (Loss) Gain Recognized in Income - Pre-Tax 1 (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ (8 ) $ 6 $ (12 ) $ 7 Total derivatives designated as hedging instruments (8 ) 6 (12 ) 7 Derivatives not designated as hedging instruments: Foreign currency contracts 3 (49 ) 177 (66 ) (4 ) Commodity contracts 2 2 8 8 5 Total derivatives not designated as hedging instruments (47 ) 185 (58 ) 1 Total derivatives $ (55 ) $ 191 $ (70 ) $ 8 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 9 - Supplementary Information, for additional information. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
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: June 30, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,389 Marketable securities 6 Derivatives relating to: 2 Foreign currency 36 Total assets at fair value $ 1,431 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 119 Derivatives relating to: 2 Foreign currency 48 Total liabilities at fair value $ 167 December 31, 2018 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,221 Marketable securities 5 Derivatives relating to: 2 Foreign currency 72 Total assets at fair value $ 1,298 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 6,100 Derivatives relating to: 2 Foreign currency 21 Total liabilities at fair value $ 6,121 June 30, 2018 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,307 Marketable securities 49 Derivatives relating to: 2 Commodities 4 Foreign currency 153 Total assets at fair value $ 1,513 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 11,186 Derivatives relating to: 2 Foreign currency 35 Total liabilities at fair value $ 11,221 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 22 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities , for information on fair value measurements of long-term debt. |
Segment Reporting (Notes)
Segment Reporting (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION In connection with the Internal Reorganizations and the Corteva Distribution, the company realigned its reporting structure and changed the manner in which the chief operating decision maker (“CODM”) allocates resources and assesses performance. As a result, new operating segments were created, Seed and Crop Protection. The segment reporting changes were retrospectively applied to all periods presented. Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s CODM. For purposes of the three and six months ended June 30, 2018 and the six months ended June 30, 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. 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 costs-net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating costs-net consists of non-operating pension and other post-employment benefit (OPEB) costs, environmental remediation and legal costs associated with legacy EID businesses and sites. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA were determined in accordance with Article 11 of Regulation S-X. These adjustments give effect to the Merger, the Business Realignment, Internal Reorganization, the debt redemptions/repayments discussed in Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements and the Corteva Distribution as if they had been consummated on January 1, 2016. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and weeds, and trait technologies that enhance food and nutritional characteristics, and also provides digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, maximize yield and profitability. The segment competes in a wide variety of agricultural markets. Crop Protection The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment is a leader in global herbicides, insecticides, below-ground nitrogen stabilizers and pasture and range management herbicides. Three Months Ended June 30, (In millions) Seed Crop Protection Total 2019 Net sales $ 3,699 $ 1,857 $ 5,556 Segment operating EBITDA $ 1,036 $ 450 $ 1,486 Segment assets 1,2 $ 26,623 $ 13,205 $ 39,828 2018 Net sales $ 3,864 $ 1,867 $ 5,731 Pro forma segment operating EBITDA $ 1,158 $ 423 $ 1,581 Segment assets 1 $ 34,703 $ 9,738 $ 44,441 1. Segment assets at December 31, 2018 were $29,286 million and $9,346 million for Seed and Crop Protection, respectively. The reduction in segment assets between June 30, 2018 and December 31, 2018 was driven by the goodwill impairment recorded in the third quarter of 2018. 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. Six Months Ended June 30, (In millions) Seed Crop Protection Total 2019 Net sales $ 5,666 $ 3,286 $ 8,952 Pro forma segment operating EBITDA $ 1,361 $ 670 $ 2,031 2018 Net sales $ 6,165 $ 3,360 $ 9,525 Pro forma segment operating EBITDA $ 1,598 $ 746 $ 2,344 Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended Six Months Ended 2019 2018 1 2019 1 2018 1 Income (loss) from continuing operations after income taxes $ 483 $ 375 $ 299 $ (63 ) Provision for (benefit from) income taxes on continuing operations 270 (67 ) 203 (179 ) Income (loss) from continuing operations before income taxes 753 308 502 (242 ) Depreciation and amortization 227 237 485 452 Interest income (17 ) (24 ) (33 ) (51 ) Interest expense 34 88 93 169 Exchange losses - net 2 32 1 59 66 Non-operating benefits - net (32 ) (55 ) (74 ) (106 ) Significant items 455 203 640 507 Pro forma adjustments 3 — 786 298 1,478 Corporate expenses 34 37 61 71 Segment operating EBITDA $ 1,486 $ 1,581 $ 2,031 $ 2,344 1. Periods prior to March 31, 2019 are on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as it is included within significant items. See Note 9 - Supplementary Information for additional information. 3. Refer to page 64 for further details of pro forma adjustments. Segment assets to total assets (in millions) June 30, 2019 December 31, 2018 June 30, 2018 Total segment assets $ 39,828 $ 38,632 $ 44,441 Corporate assets 4,170 4,417 5,094 Assets related to discontinued operations 1 — 65,634 66,594 Total assets $ 43,998 $ 108,683 $ 116,129 1. See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations. Significant Pre-tax (Charges) Benefits Not Included in Pro Forma Segment Operating EBITDA The three and six months ended June 30, 2019 and 2018 , respectively, included the following significant pre-tax (charges) benefits which are excluded from pro forma segment operating EBITDA: (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 As Reported Pro Forma Pro Forma Pro Forma Seed 1,2,3 $ (101 ) $ (37 ) $ (152 ) $ (83 ) Crop Protection 4,5 (2 ) 24 (25 ) 12 Corporate 6,7,8,9 (352 ) (190 ) (463 ) (436 ) Total $ (455 ) $ (203 ) $ (640 ) $ (507 ) 1. Includes restructuring and asset related charges of $(49) million and $(76) million for the three and six months ended June 30, 2019, respectively, and $(37) million and $(83) million for the three and six months ended June 30, 2018, respectively. The charges for 2019 relate to the Synergy Program and the DowDuPont Agriculture Division Restructuring Program. The charges for 2018 related to the Synergy Program. 2. Includes a $(24) million loss recorded in other income - net for the six months ended June 30, 2019 related to Historical Dow’s sale of a joint venture related to synergy actions. 3. Includes a charge of $(52) million included in cost of goods sold for the three and six months ended June 30, 2019 related to the amortization on the inventory that was stepped up to fair value in connection with the Merger. 4. Includes restructuring and asset related charges of $(2) million and $(25) million for the three and six months ended June 30, 2019, respectively, and $(12) million for the six months ended June 30, 2018. The charges for 2019 relate to the Synergy Program and the DowDuPont Agriculture Division Restructuring Program. The charges for 2018 related to the Synergy Program. 5. Includes a $24 million gain recorded in other income - net for the three and six months ended June 30, 2018, related to an asset sale. 6. Includes restructuring and asset related charges of $(9) million and $(20) million for the three and six months ended June 30, 2019, respectively, and $(64) million and $(136) million for the three and six months ended June 30, 2018, respectively. The charges for 2019 and 2018 related to the Synergy Program. 7. Includes integration and separation costs of $(330) million and $(430) million for the three and six months ended June 30, 2019. Includes integration costs of $(126) million and $(250) million for the three and six months ended June 30, 2018, respectively. 8. Includes a $(13) million loss included in loss on early extinguishment of debt for the three and six months ended June 30, 2019 related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. 9. Includes $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
EID - Basis of Presentation (No
EID - Basis of Presentation (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Entity Information [Line Items] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BACKGROUND AND BASIS OF PRESENTATION Corteva, Inc. combines the strengths of EID’s Pioneer, Dow AgroSciences ("DAS"), and EID’s Crop Protection businesses to create a leading global provider of seed and crop protection solutions focused on the agriculture industry. The company intends to leverage its rich heritage of over 275 years of scientific achievement to advance its robust innovation pipeline and continue to shape the future of responsible agriculture. The company's broad portfolio of agriculture solutions fuels farmer productivity in more than 140 countries. Corteva has two reportable segments: Seed and Crop Protection. See Note 24 - Segment Information, for additional information on the company's reportable segments. Throughout this Quarterly Report on Form 10-Q, except as otherwise noted by the context, the terms "Corteva" or "company" used herein mean Corteva, Inc. and its consolidated subsidiaries (including EID) and the term “EID” used herein means E. I. du Pont de Nemours and Company and its consolidated subsidiaries or E. I. du Pont de Nemours and Company excluding its consolidated subsidiaries, as the context may indicate. Additionally, on June 1, 2019, DowDuPont Inc. changed its registered name to DuPont de Nemours, Inc. (“DuPont”), for certain events prior to, or on, June 1, 2019, DuPont may be referred to as DowDuPont. Principles of Consolidation and Basis of Presentation On June 1, 2019, Corteva, Inc. became an independent, publicly traded company through the previously announced separation (the “Separation”) of the agriculture business of DuPont de Nemours, Inc. (formerly known as DowDuPont Inc.) (“DowDuPont” or “DuPont”). The separation was effectuated through a pro rata distribution (the “Corteva Distribution”) of all of the then-issued and outstanding shares of common stock, par value $0.01 per share, of Corteva, Inc., which was then a wholly-owned subsidiary of DowDuPont, to holders of record of DowDuPont common stock as of the close of business on May 24, 2019. Previously, DowDuPont was formed on December 9, 2015, to effect an all-stock merger of equals strategic combination between The Dow Chemical Company ("Historical Dow") and EID. On August 31, 2017 at 11:59 pm ET (the “Merger Effectiveness Time”) pursuant to the Agreement and Plan of Merger, dated as of December 11, 2015, as amended March 31, 2017 (the "Merger Agreement"), Historical Dow and Historical EID each merged with wholly-owned subsidiaries of DowDuPont and became subsidiaries of DowDuPont (the “Merger”). Prior to the Merger, DowDuPont did not conduct any business activities other than those required for its formation and matters contemplated by the Merger Agreement. Subsequent to the Merger, Historical Dow and Historical EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock (the “DowDuPont Common Stock”), as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • 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”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; • the assets and liabilities aligned with the EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”); • on April 1, 2019, EID transferred and conveyed its Materials Science Entities to Dow; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; and • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont. • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019 , the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva 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. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019 . Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the interim Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns, directly or indirectly, 100% of the outstanding common stock of EID, and EID owns, directly or indirectly, 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. Certain reclassifications of prior year's data have been made to conform to current year's presentation. DAS Common Control Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying interim Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, for additional information. Divestiture of EID ECP The transfer of EID ECP meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the interim Consolidated Statements of Comprehensive Income, interim Consolidated Statements of Equity and interim Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to EID ECP are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, for additional information. Divestiture of EID Specialty Products Entities The transfer of the EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to the EID Specialty Products Entities have not been segregated and are included in the interim Consolidated Statements of Comprehensive Income, interim Consolidated Statements of Equity and interim Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to the EID Special 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 5 - Divestitures and Other Transactions, for additional information. Divested EID Ag Business As a condition of the regulatory approval for the Merger, including by the European Commission, EID was required to divest (the “Divested Ag Business”) certain assets related to its crop protection business and research and development ("R&D") organization, specifically EID’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr®, Cyazypyr® and Indoxacarb as well as the crop protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs. On March 31, 2017, EID and FMC Corporation (“FMC”) entered into a definitive agreement (the "FMC Transaction Agreement"). On November 1, 2017, FMC acquired the Divested Ag Business and EID acquired certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products (the "H&N Business") (collectively, the "FMC Transactions"). The sale of the Divested Ag Business met the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. See Note 5 - Divestitures and Other Transactions, for additional information. 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 unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Information Statement included in its Registration Statement on Form 10, as amended, filed with the SEC on May 6, 2019 ("Form 10"). The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. 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 measure. Subsequent to the Corteva Distribution, the financial statements are presented on a consolidated basis. The company's interim Consolidated Balance Sheet at June 30, 2019 consists of the consolidated balances subsequent to the Corteva Distribution. The balances reflect the assets and liabilities that were historically included in the EID statements, as well as assets and liabilities transferred to the company as part of the common control combination acquisition of DAS. The company's Consolidated Balance Sheets at December 31, 2018 and June 30, 2018 consist of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Condensed Consolidated Balance Sheets" or the "interim Condensed Consolidated Balance Sheets" throughout this document. The company's Statements of Operations (the "Consolidated Statements of Operations" or the "interim 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 interim Consolidated Statements of Operations for all periods after May 2, 2019 represent the consolidated balances of the company. |
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 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 level but remains on EID's books at the standalone level (including the associated interest). 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 footnotes from the Corteva 10-Q: • Note 1 - Background and Basis of Presentation - refer to page 9 of the Corteva, Inc. interim Consolidated Financial Statements • Note 2 - Summary of Significant Accounting Policies - refer to page 11 of the Corteva, Inc. interim Consolidated Financial Statements • Note 3 - Recent Accounting Guidance - refer to page 12 of the Corteva, Inc. interim Consolidated Financial Statements • Note 4 - Common Control Combination Transaction - refer to page 13 of the Corteva, Inc. interim Consolidated Financial Statements • Note 5 - Divestitures and Other Transactions - refer to page 15 of the Corteva, Inc. interim Consolidated Financial Statements • Note 6 - Revenue - refer to page 20 of the Corteva, Inc. interim Consolidated Financial Statements • Note 7 - Restructuring and Asset Related Charges - Net - refer to page 22 of the Corteva, Inc. interim Consolidated Financial Statements • Note 8 - Related Parties - Differences exist between Corteva, Inc. and EID; refer to EID Note 2 - Related Party Transactions, below • Note 9 - Supplementary Information - refer to page 25 of the Corteva, Inc. interim Consolidated Financial Statements • Note 10 - Income Taxes - refer to page 26 of the Corteva, Inc. interim Consolidated Financial Statements • Note 11 - Earnings Per Share - N/A for EID • Note 12 - Accounts and Notes Receivable - refer to page 28 of the Corteva, Inc. interim Consolidated Financial Statements • Note 13 - Inventories - refer to page 29 of the Corteva, Inc. interim Consolidated Financial Statements • Note 14 - Property, Plant and Equipment - refer to page 29 of the Corteva, Inc. interim Consolidated Financial Statements • Note 15 - Goodwill and Other Intangible Assets - refer to page 29 of the Corteva, Inc. interim Consolidated Financial Statements • Note 16 - Leases - refer to page 31 of the Corteva, Inc. interim Consolidated Financial Statements • Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page 33 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 18 - Commitments and Contingent Liabilities - refer to page 36 of the Corteva, Inc. interim Consolidated Financial Statements • Note 19 - Stockholders' Equity - refer to page 41 of the Corteva, Inc. interim Consolidated Financial Statements • Note 20 - Pension Plans and Other Post Employment Benefits - refer to page 43 of the Corteva, Inc. interim Consolidated Financial Statements • Note 21 - Stock-Based Compensation - refer to page 44 of the Corteva, Inc. interim Consolidated Financial Statements • Note 22 - Financial Instruments - refer to page 46 of the Corteva, Inc. interim Consolidated Financial Statements • Note 23 - Fair Value Measurements - refer to page 49 of the Corteva, Inc. interim Consolidated Financial Statements • Note 24 - 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) | 6 Months Ended |
Jun. 30, 2019 | |
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 Corteva Distribution, Corteva reports transactions with Historical Dow and its affiliates as related party transactions. The following table presents amounts due to or due from Historical Dow and its affiliates at December 31, 2018 and June 30, 2018 : (In millions) December 31, 2018 June 30, 2018 Accounts and notes receivable - net $ 1 $ 1 Accounts payable $ 110 $ 138 Purchases from Historical Dow and its affiliates were $42 million for the three and six months ended June 30, 2019 , respectively, and $38 million and $71 million for the three and six months ended June 30, 2018 , respectively. Transactions with DowDuPont In November 2017, DowDuPont's Board of Directors authorized an initial $4,000 million share repurchase program to buy back shares of DowDuPont common stock. The $4,000 million share repurchase program was completed in the third quarter of 2018. In February 2019 and 2018, the Board declared first quarter dividends per share of DowDuPont common stock payable on March 15, 2019 and March 15, 2018, respectively. EID declared and paid distributions to DowDuPont of about $317 million for the six months ended June 30, 2019 and $1,658 million for the six months ended June 30, 2018 , respectively, primarily to fund a portion of DowDuPont's dividend payments for these periods, and, specific to 2018, to fund a portion of DowDuPont's share repurchases. In addition, at December 31, 2018 , and June 30, 2018 , EID had a payable to DowDuPont of $103 million , and $391 million included in accounts payable in the interim Condensed Consolidated Balance Sheets 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 US tax return. See Note 10 - Income Taxes, for additional information. |
EID [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Refer to page 24 of the Corteva, Inc. interim Consolidated Financial Statements for discussion of related party transactions with Historical Dow and DowDuPont. 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 June 30, 2019, the outstanding related party loan balance was $4,160 million (which approximates fair value) with a weighted average interest rate of 4.122% , and is reflected as long-term debt - related party on EID's interim Condensed Consolidated Balance Sheets. Additionally, EID has incurred tax deductible interest expense of $30 million for the three and six months ended June 30, 2019 associated with the related party loan to Corteva, Inc. As of June 30, 2019, EID had payables to Corteva, Inc., the parent company, of $88 million and $180 million 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 15 of the Corteva, Inc. interim Consolidated Financial Statements for further details of the Separation Agreements). |
EID Segment FN (Notes)
EID Segment FN (Notes) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | SEGMENT INFORMATION In connection with the Internal Reorganizations and the Corteva Distribution, the company realigned its reporting structure and changed the manner in which the chief operating decision maker (“CODM”) allocates resources and assesses performance. As a result, new operating segments were created, Seed and Crop Protection. The segment reporting changes were retrospectively applied to all periods presented. Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s CODM. For purposes of the three and six months ended June 30, 2018 and the six months ended June 30, 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. 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 costs-net and foreign exchange gains (losses), excluding the impact of significant items. Non-operating costs-net consists of non-operating pension and other post-employment benefit (OPEB) costs, environmental remediation and legal costs associated with legacy EID businesses and sites. Pro forma adjustments used in the calculation of pro forma segment operating EBITDA were determined in accordance with Article 11 of Regulation S-X. These adjustments give effect to the Merger, the Business Realignment, Internal Reorganization, the debt redemptions/repayments discussed in Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the interim Consolidated Financial Statements and the Corteva Distribution as if they had been consummated on January 1, 2016. Corporate Profile The company conducts its global operations through the following reportable segments: Seed The company’s seed segment is a global leader in developing and supplying advanced germplasm and traits that produce optimum yield for farms around the world. The segment is a leader in many of the company’s key seed markets, including North America corn and soybeans, Europe corn and sunflower, as well as Brazil, India, South Africa and Argentina corn. The segment offers trait technologies that improve resistance to weather, disease, insects and weeds, and trait technologies that enhance food and nutritional characteristics, and also provides digital solutions that assist farmer decision-making with a view to optimize product selection and, ultimately, maximize yield and profitability. The segment competes in a wide variety of agricultural markets. Crop Protection The crop protection segment serves the global agricultural input industry with products that protect against weeds, insects and other pests, and disease, and that improve overall crop health both above and below ground via nitrogen management and seed-applied technologies. The segment is a leader in global herbicides, insecticides, below-ground nitrogen stabilizers and pasture and range management herbicides. Three Months Ended June 30, (In millions) Seed Crop Protection Total 2019 Net sales $ 3,699 $ 1,857 $ 5,556 Segment operating EBITDA $ 1,036 $ 450 $ 1,486 Segment assets 1,2 $ 26,623 $ 13,205 $ 39,828 2018 Net sales $ 3,864 $ 1,867 $ 5,731 Pro forma segment operating EBITDA $ 1,158 $ 423 $ 1,581 Segment assets 1 $ 34,703 $ 9,738 $ 44,441 1. Segment assets at December 31, 2018 were $29,286 million and $9,346 million for Seed and Crop Protection, respectively. The reduction in segment assets between June 30, 2018 and December 31, 2018 was driven by the goodwill impairment recorded in the third quarter of 2018. 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. Six Months Ended June 30, (In millions) Seed Crop Protection Total 2019 Net sales $ 5,666 $ 3,286 $ 8,952 Pro forma segment operating EBITDA $ 1,361 $ 670 $ 2,031 2018 Net sales $ 6,165 $ 3,360 $ 9,525 Pro forma segment operating EBITDA $ 1,598 $ 746 $ 2,344 Reconciliation to interim Consolidated Financial Statements Income (loss) from continuing operations after income taxes to segment operating EBITDA (In millions) Three Months Ended Six Months Ended 2019 2018 1 2019 1 2018 1 Income (loss) from continuing operations after income taxes $ 483 $ 375 $ 299 $ (63 ) Provision for (benefit from) income taxes on continuing operations 270 (67 ) 203 (179 ) Income (loss) from continuing operations before income taxes 753 308 502 (242 ) Depreciation and amortization 227 237 485 452 Interest income (17 ) (24 ) (33 ) (51 ) Interest expense 34 88 93 169 Exchange losses - net 2 32 1 59 66 Non-operating benefits - net (32 ) (55 ) (74 ) (106 ) Significant items 455 203 640 507 Pro forma adjustments 3 — 786 298 1,478 Corporate expenses 34 37 61 71 Segment operating EBITDA $ 1,486 $ 1,581 $ 2,031 $ 2,344 1. Periods prior to March 31, 2019 are on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as it is included within significant items. See Note 9 - Supplementary Information for additional information. 3. Refer to page 64 for further details of pro forma adjustments. Segment assets to total assets (in millions) June 30, 2019 December 31, 2018 June 30, 2018 Total segment assets $ 39,828 $ 38,632 $ 44,441 Corporate assets 4,170 4,417 5,094 Assets related to discontinued operations 1 — 65,634 66,594 Total assets $ 43,998 $ 108,683 $ 116,129 1. See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations. Significant Pre-tax (Charges) Benefits Not Included in Pro Forma Segment Operating EBITDA The three and six months ended June 30, 2019 and 2018 , respectively, included the following significant pre-tax (charges) benefits which are excluded from pro forma segment operating EBITDA: (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 As Reported Pro Forma Pro Forma Pro Forma Seed 1,2,3 $ (101 ) $ (37 ) $ (152 ) $ (83 ) Crop Protection 4,5 (2 ) 24 (25 ) 12 Corporate 6,7,8,9 (352 ) (190 ) (463 ) (436 ) Total $ (455 ) $ (203 ) $ (640 ) $ (507 ) 1. Includes restructuring and asset related charges of $(49) million and $(76) million for the three and six months ended June 30, 2019, respectively, and $(37) million and $(83) million for the three and six months ended June 30, 2018, respectively. The charges for 2019 relate to the Synergy Program and the DowDuPont Agriculture Division Restructuring Program. The charges for 2018 related to the Synergy Program. 2. Includes a $(24) million loss recorded in other income - net for the six months ended June 30, 2019 related to Historical Dow’s sale of a joint venture related to synergy actions. 3. Includes a charge of $(52) million included in cost of goods sold for the three and six months ended June 30, 2019 related to the amortization on the inventory that was stepped up to fair value in connection with the Merger. 4. Includes restructuring and asset related charges of $(2) million and $(25) million for the three and six months ended June 30, 2019, respectively, and $(12) million for the six months ended June 30, 2018. The charges for 2019 relate to the Synergy Program and the DowDuPont Agriculture Division Restructuring Program. The charges for 2018 related to the Synergy Program. 5. Includes a $24 million gain recorded in other income - net for the three and six months ended June 30, 2018, related to an asset sale. 6. Includes restructuring and asset related charges of $(9) million and $(20) million for the three and six months ended June 30, 2019, respectively, and $(64) million and $(136) million for the three and six months ended June 30, 2018, respectively. The charges for 2019 and 2018 related to the Synergy Program. 7. Includes integration and separation costs of $(330) million and $(430) million for the three and six months ended June 30, 2019. Includes integration costs of $(126) million and $(250) million for the three and six months ended June 30, 2018, respectively. 8. Includes a $(13) million loss included in loss on early extinguishment of debt for the three and six months ended June 30, 2019 related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. 9. Includes $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
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 50 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 income from continuing operations after income taxes and segment assets to total assets, 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 Six Months Ended 2019 2018 1 2019 1 2018 1 Income (loss) from continuing operations after income taxes $ 460 $ 375 $ 276 $ (63 ) Provision for (benefit from) income taxes on continuing operations 263 (67 ) 196 (179 ) Income (loss) from continuing operations before income taxes 723 308 472 (242 ) Depreciation and amortization 227 237 485 452 Interest income (17 ) (24 ) (33 ) (51 ) Interest expense 64 88 123 169 Exchange losses - net 2 32 1 59 66 Non-operating benefits - net (32 ) (55 ) (74 ) (106 ) Significant items 455 203 640 507 Pro forma adjustments — 786 298 1,478 Corporate expenses 34 37 61 71 Segment operating EBITDA $ 1,486 $ 1,581 $ 2,031 $ 2,344 1. As discussed, the three months ended March 31, 2019 and prior are presented on a pro forma basis and determined in accordance with Article 11 of Regulation S-X. 2. Excludes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as it is included within significant items. See Note 9 - Supplementary Information of the Corteva, Inc. interim Consolidated Financial Statements for additional information. Segment assets to total assets (in millions) June 30, 2019 December 31, 2018 June 30, 2018 Total segment assets $ 39,828 $ 38,632 $ 44,441 Corporate assets 4,177 4,417 5,094 Assets related to discontinued operations 1 — 65,634 66,594 Total assets $ 44,005 $ 108,683 $ 116,129 |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Intended Business Separations [Policy Text Block] | Subsequent to the Merger, Historical Dow and Historical EID engaged in a series of internal reorganization and realignment steps to realign their businesses into three subgroups: agriculture, materials science and specialty products through a series of tax-efficient transactions (collectively, the "Business Separations”). Effective as of 5:00 pm ET on April 1, 2019, DowDuPont completed the previously announced separation of its materials science business into a separate and independent public company by way of a distribution of Dow Inc. (“Dow”) through a pro rata dividend in-kind of all of the then-issued and outstanding shares of Dow’s common stock, par value $0.01 per share, to holders of DowDuPont's common stock (the “DowDuPont Common Stock”), as of the close of business on March 21, 2019 (the “Dow Distribution” and together with the Corteva Distribution, the “Distributions”). Prior to the Dow Distribution, Historical Dow conveyed or transferred the assets and liabilities aligned with Historical Dow’s agriculture business to separate legal entities (“Dow Ag Entities”) and the assets and liabilities associated with its specialty products business to separate legal entities (the “Dow SP Entities”). On April 1, 2019, Dow Ag Entities and the Dow SP Entities were transferred and conveyed to DowDuPont. In furtherance of the Business Separations, EID engaged in a series of internal reorganization and realignment steps (the “Internal Reorganization” and the "Business Realignment," respectively) to realign its businesses into three subgroups: agriculture, materials science and specialty products. As part of the Internal Reorganization: • 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”) were transferred or conveyed to separate legal entities (the “Materials Science Entities”) that were ultimately conveyed by DowDuPont to Dow; • the assets and liabilities aligned with the EID’s specialty products business were transferred or conveyed to separate legal entities (“EID Specialty Products Entities”); • on April 1, 2019, EID transferred and conveyed its Materials Science Entities to Dow; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; and • on May 2, 2019, DowDuPont conveyed Dow Ag Entities to EID and in connection with the foregoing, EID issued additional shares of its Common Stock to DowDuPont. • on May 31, 2019, DowDuPont contributed EID to Corteva, Inc. On May 6, 2019 , the Board of Directors of DowDuPont approved the distribution of all the then issued and outstanding shares of common stock of Corteva, Inc., a wholly-owned subsidiary of DowDuPont, to DowDuPont stockholders. On June 1, 2019, DowDuPont completed the Separation. Each DowDuPont stockholder received one share of Corteva 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. Upon becoming an independent company, the capital structure of Corteva consisted of 748,815,000 authorized shares of common stock (par value of $0.01 per share), which represents the number of common shares issued on June 3, 2019 . Information related to the Corteva Distribution and its effect on the company's financial statements is discussed throughout these Notes to the interim Consolidated Financial Statements. As a result of the Business Realignment and the Internal Reorganization discussed above, Corteva owns, directly or indirectly, 100% of the outstanding common stock of EID, and EID owns, directly or indirectly, 100% of DAS. EID is a subsidiary of Corteva, Inc. and continues to be a reporting company, subject to the requirements of the Securities Exchange Act of 1934, as amended. |
Combination of Entities under Common Control, Policy [Policy Text Block] | DAS Common Control Combination The transfer or conveyance of DAS to Corteva was treated as a transfer of entities under common control. As such, the company recorded the assets, liabilities, and equity of DAS on its balance sheet at their historical basis. Transfers of businesses between entities under common control requires the financial statements to be presented as if the transaction had occurred at the point at which common control first existed (the Merger Effectiveness Time). As a result, the accompanying interim Consolidated Financial Statements and Notes thereto include the results of DAS as of the Merger Effectiveness Time. See Note 4 - Common Control Business Combination, for additional information. |
Principles of Consolidation and Basis of Presentation | 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 unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and Notes thereto contained in the company’s Information Statement included in its Registration Statement on Form 10, as amended, filed with the SEC on May 6, 2019 ("Form 10"). The interim Consolidated Financial Statements include the accounts of the company and all of its subsidiaries in which a controlling interest is maintained. 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 measure. Subsequent to the Corteva Distribution, the financial statements are presented on a consolidated basis. The company's interim Consolidated Balance Sheet at June 30, 2019 consists of the consolidated balances subsequent to the Corteva Distribution. The balances reflect the assets and liabilities that were historically included in the EID statements, as well as assets and liabilities transferred to the company as part of the common control combination acquisition of DAS. The company's Consolidated Balance Sheets at December 31, 2018 and June 30, 2018 consist of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Condensed Consolidated Balance Sheets" or the "interim Condensed Consolidated Balance Sheets" throughout this document. The company's Statements of Operations (the "Consolidated Statements of Operations" or the "interim 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 interim Consolidated Statements of Operations for all periods after May 2, 2019 represent the consolidated balances of the company. All intercompany transactions have been eliminated. |
ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Policy [Policy Text Block] | Divestiture of EID ECP The transfer of EID ECP meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the interim Consolidated Statements of Comprehensive Income, interim Consolidated Statements of Equity and interim Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to EID ECP are consistently included or excluded from the Notes to the interim Consolidated Financial Statements based on the respective financial statement line item. See Note 5 - Divestitures and Other Transactions, for additional information. |
Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Policy [Policy Text Block] | Divestiture of EID Specialty Products Entities The transfer of the EID Specialty Products Entities meets the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. The comprehensive income, stockholder's equity and cash flows related to the EID Specialty Products Entities have not been segregated and are included in the interim Consolidated Statements of Comprehensive Income, interim Consolidated Statements of Equity and interim Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. Amounts related to the EID Special 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 5 - Divestitures and Other Transactions, for additional information. |
Divested Ag Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations, Policy [Policy Text Block] | Divested EID Ag Business As a condition of the regulatory approval for the Merger, including by the European Commission, EID was required to divest (the “Divested Ag Business”) certain assets related to its crop protection business and research and development ("R&D") organization, specifically EID’s Cereal Broadleaf Herbicides and Chewing Insecticides portfolios, including Rynaxypyr®, Cyazypyr® and Indoxacarb as well as the crop protection R&D pipeline and organization, excluding seed treatment, nematicides, and late-stage R&D programs. On March 31, 2017, EID and FMC Corporation (“FMC”) entered into a definitive agreement (the "FMC Transaction Agreement"). On November 1, 2017, FMC acquired the Divested Ag Business and EID acquired certain assets relating to FMC’s Health and Nutrition segment, excluding its Omega-3 products (the "H&N Business") (collectively, the "FMC Transactions"). The sale of the Divested Ag Business met the criteria for discontinued operations and as such, results of operations are presented as discontinued operations and have been excluded from continuing operations for all periods presented. See Note 5 - Divestitures and Other Transactions, for additional information. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Inventory, Policy [Policy Text Block] | Inventories As of June 30, 2019 , approximately 46 percent and 54 percent of the company's inventories were accounted for under the first-in, first-out ("FIFO") and average cost methods, respectively. As of December 31, 2018 , approximately 57 percent and 43 percent of the company's inventories were accounted for under the FIFO and average cost methods, respectively. As of June 30, 2018 , approximately 45 percent and 55 percent of the company's inventories were accounted for under the FIFO and average cost methods, respectively. Inventories accounted for under the FIFO method are primarily comprised of products with shorter shelf lives such as seeds. See Note 13 - Inventories, for further information. |
Lessee, Leases [Policy Text Block] | Leases The company determines whether an arrangement is a lease at the inception of the arrangement based on the terms and conditions in the contract. A contract contains a lease if there is an identified asset and the company has the right to control the asset. Operating lease right-of-use ("ROU") assets are included in other assets on the company’s Consolidated Balance Sheets. Operating lease liabilities are included in accrued and other current liabilities and other noncurrent obligations on the company’s Consolidated Balance Sheets. Finance lease assets are included in property, plant and equipment on the company’s Consolidated Balance Sheets. Finance lease liabilities are included in short-term borrowings and finance lease obligations and long-term debt on the company’s Consolidated Balance Sheets. Operating lease ROU assets represent the company’s right to use an underlying asset for the lease term and lease liabilities represent the company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As most of the company’s leases do not provide the lessor's implicit rate, the company uses its incremental borrowing rate at the commencement date in determining the present value of lease payments. Lease terms include options to extend the lease when it is reasonably certain those options will be exercised. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The company recognizes lease expense for these leases on a straight-line basis over the lease term. The company has lease agreements with lease and non-lease components, which are accounted for as a single lease component for all asset classes. In the Consolidated Statements of Operations, lease expense for operating lease payments is recognized on a straight-line basis over the lease term. For finance leases, interest expense is recognized on the lease liability and the ROU asset is amortized over the lease term. See Note 16 - Leases, for further information. |
Segment Reporting, Policy [Policy Text Block] | Segments As a result of the Internal Reorganizations and Business Realignments, the company changed its reportable segments to Seed and Crop Protection to reflect the manner in which the company's chief operating decision maker assesses performance and allocates resources. Effective with the Corteva Distribution, the company also updated its reporting units to align with the level at which discrete financial information is available for review by management. Prior year's segment information has been revised to conform to the current presentation. See Note 24 - Segment Information, for further information. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Guidance | Recently Adopted Accounting Guidance In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, which requires organizations that lease assets to recognize on their balance sheet the assets and liabilities for the rights and obligations created by those leases. The new guidance requires that a lessee recognize assets and liabilities for leases, and recognition, presentation and measurement in the financial statements will depend on its classification as a finance or operating lease. In addition, the new guidance requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. Lessor accounting remains largely unchanged from previous U.S. GAAP but does contain some targeted improvements to align with the new revenue recognition guidance issued in 2014 (Topic 606). The company adopted this standard in the first quarter of 2019, which allows for a modified retrospective transition approach, applying the new standard to all leases existing at the date of initial adoption. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statement as its date of initial application. The company has elected to apply the transition requirements at the January 1, 2019 effective date rather than at the beginning of the earliest comparative period presented. This approach allows for a cumulative effect adjustment in the period of adoption, and prior periods are not restated and continue to be reported in accordance with historic accounting under ASC 840 (Leases). In addition, the company has elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, does not require reassessment of prior conclusions related to contracts containing a lease, lease classification, and initial direct lease costs. As an accounting policy election, the company chose to not apply the standard to certain existing land easements, excluded short-term leases (term of 12 months or less) from the balance sheet and will account for nonlease and lease components in a contract as a single component for all asset classes. See Note 16 - Leases, for additional information. The following table summarizes the impact of adoption to the company’s Consolidated Balance Sheet: (In millions, except per share amounts) As Reported December 31, 2018 1 Effect of Adoption of ASU 2016-02 Updated January 1, 2019 Assets Property, plant and equipment - net of accumulated depreciation $ 4,544 $ 9 $ 4,553 Other assets $ 1,932 $ 546 $ 2,478 Assets of discontinued operations - non-current $ 56,545 $ 461 $ 57,006 Liabilities and Equity Current liabilities Short-term borrowings and finance lease obligations $ 2,154 $ 1 $ 2,155 Accrued and other current liabilities $ 4,005 $ 143 $ 4,148 Liabilities of discontinued operations - current $ 3,167 $ 141 $ 3,308 Long-Term Debt $ 5,784 $ 8 $ 5,792 Other noncurrent obligations $ 1,795 $ 403 $ 2,198 Liabilities of discontinued operations - non-current $ 5,484 $ 320 $ 5,804 1. Includes adjustments for discontinued operations and common control business combination. The adoption of the new guidance did not have a material impact on the company's Consolidated Statement of Operations and had no impact on the Consolidated Statement of Cash Flows. Accounting Guidance Issued But Not Adopted as of June 30, 2019 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 new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning January 1, 2019. In April and May 2019, the FASB subsequently issued ASU 2019-04 and ASU 2019-05, respectively, which contained updates to ASU 2016-13. The company is currently evaluating the impact of adopting this guidance. |
Revenue Revenue Recognition (Po
Revenue Revenue Recognition (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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. |
Recent Accounting Guidance Acco
Recent Accounting Guidance Accounting Pronouncements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Opening Balance Adjustment [Member] | Balance Sheet [Member] | Accounting Standards Update 2016-02 [Member] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | (In millions, except per share amounts) As Reported December 31, 2018 1 Effect of Adoption of ASU 2016-02 Updated January 1, 2019 Assets Property, plant and equipment - net of accumulated depreciation $ 4,544 $ 9 $ 4,553 Other assets $ 1,932 $ 546 $ 2,478 Assets of discontinued operations - non-current $ 56,545 $ 461 $ 57,006 Liabilities and Equity Current liabilities Short-term borrowings and finance lease obligations $ 2,154 $ 1 $ 2,155 Accrued and other current liabilities $ 4,005 $ 143 $ 4,148 Liabilities of discontinued operations - current $ 3,167 $ 141 $ 3,308 Long-Term Debt $ 5,784 $ 8 $ 5,792 Other noncurrent obligations $ 1,795 $ 403 $ 2,198 Liabilities of discontinued operations - non-current $ 5,484 $ 320 $ 5,804 1. Includes adjustments for discontinued operations and common control business combination. |
Common Control Transfer (Tables
Common Control Transfer (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet [Member] | |
Business Acquisition [Line Items] | |
Common Control Combination [Table Text Block] | (In millions) September 1, 2017 Cash and cash equivalents $ 98 Accounts and notes receivable - net 1,377 Inventories 2,133 Other current assets 130 Investments in nonconsolidated affiliates 50 Property, plant and equipment - net 1,555 Goodwill 1,472 Other intangible assets 130 Deferred income taxes 230 Other assets 97 Short-term borrowings and finance lease obligations 6 Accounts payable 1,414 Income taxes payable 103 Accrued and other current liabilities 482 Long-term debt 27 Deferred income tax liabilities 66 Pension and other post employment benefits - noncurrent 126 Other noncurrent obligations 170 |
Income Statement [Member] | |
Business Acquisition [Line Items] | |
Common Control Combination [Table Text Block] | Three Months Ended June 30, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 8,545 $ (4,522 ) $ 1,708 $ 5,731 Income (loss) from continuing operations before income taxes $ 655 $ (587 ) $ 240 $ 308 Income (loss) from continuing operations after income taxes $ 514 $ (310 ) $ 171 $ 375 Six Months Ended June 30, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 15,244 $ (8,910 ) $ 3,191 $ 9,525 Income (loss) from continuing operations before income taxes $ 466 $ (1,133 ) $ 425 $ (242 ) Income (loss) from continuing operations after income taxes $ 298 $ (665 ) $ 304 $ (63 ) Three Months Ended March 31, 2019 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 6,288 $ (4,341 ) $ 1,449 $ 3,396 Income (loss) from continuing operations before income taxes $ 49 $ (476 ) $ 176 $ (251 ) Income (loss) from continuing operations after income taxes $ 89 $ (369 ) $ 96 $ (184 ) 1. Reflects discontinued operations of EID's ECP and Specialty Products businesses and adjustments primarily related to the elimination of intercompany transactions between Historical EID and Dow AgroSciences for periods subsequent to the Merger, as if they were combined affiliates. |
Divestitures and Other Transa_2
Divestitures and Other Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Integration and Separation Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Integration and separation costs $ 330 $ 249 $ 542 $ 444 |
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] | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Net sales $ — $ 413 $ 362 $ 828 Cost of goods sold — 284 259 550 Research and development expense — 6 4 13 Selling, general and administrative expenses — 10 9 24 Amortization of intangibles — 24 23 48 Restructuring and asset related charges - net — (2 ) 2 2 Integration and separation costs — 31 44 53 Other income - net — 9 2 11 Income from discontinued operations before income taxes — 69 23 149 Provision for income taxes on discontinued operations — 13 4 29 Income from discontinued operations after income taxes $ — $ 56 $ 19 $ 120 |
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] | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Net sales $ 1,214 $ 4,071 $ 5,030 $ 8,010 Cost of goods sold 817 2,719 3,352 5,386 Research and development expense 51 160 204 317 Selling, general and administrative expenses 172 407 573 818 Amortization of intangibles 66 207 267 415 Restructuring and asset related charges - net 72 44 115 84 Integration and separation costs 89 67 253 123 Goodwill impairment 1,102 — 1,102 — Other (expense) income - net (82 ) 68 38 135 (Loss) Income from discontinued operations before income taxes (1,237 ) 535 (798 ) 1,002 Provision for income taxes on discontinued operations 6 268 104 443 (Loss) Income from discontinued operations after income taxes $ (1,243 ) $ 267 $ (902 ) $ 559 |
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] | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Depreciation $ — $ 34 $ 28 $ 67 Capital expenditures $ — $ 19 $ 16 $ 42 |
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] | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Depreciation $ 65 $ 215 $ 281 $ 428 Capital expenditures $ 58 $ 169 $ 481 $ 413 |
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) December 31, 2018 June 30, 2018 Cash and cash equivalents $ 55 $ — Accounts and notes receivable - net 194 218 Inventories 465 424 Other current assets 12 7 Total current assets of discontinued operations 726 649 Investment in nonconsolidated affiliates 108 108 Property, plant and equipment - net 770 793 Goodwill 3,587 3,597 Other intangible assets 1,143 1,193 Deferred income taxes 13 50 Other assets 1 3 Non-current assets of discontinued operations 5,622 5,744 Total assets of discontinued operations $ 6,348 $ 6,393 Short-term borrowings and finance lease obligations 2 — Accounts payable 214 168 Income tax payable — 1 Accrued and other current liabilities 36 41 Total current liabilities of discontinued operations 252 210 Long-term Debt 4 — Other noncurrent obligations 2 5 Deferred income tax liabilities 432 520 Pension and other post employment benefits - noncurrent 6 5 Non-current liabilities of discontinued operations 444 530 Total liabilities of discontinued operations $ 696 $ 740 |
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) December 31, 2018 June 30, 2018 Cash and cash equivalents $ 2,199 $ 1,799 Marketable securities 29 325 Accounts and notes receivable - net 2,441 2,605 Inventories 3,452 3,376 Other current assets 242 268 Total current assets of discontinued operations 8,363 8,373 Investment in nonconsolidated affiliates 1,185 1,216 Property, plant and equipment - net 8,138 7,930 Goodwill 28,250 28,645 Other intangible assets 13,037 13,546 Deferred income taxes 122 251 Other assets 191 240 Non-current assets of discontinued operations 50,923 51,828 Total assets of discontinued operations $ 59,286 $ 60,201 Short-term borrowings and finance lease obligations 15 4 Accounts payable 1,983 1,766 Income taxes payable 33 33 Accrued and other current liabilities 884 754 Total current liabilities of discontinued operations 2,915 2,557 Long-term Debt 29 12 Other noncurrent obligations 262 290 Deferred income tax liabilities 3,624 3,945 Pension and other post employment benefits - noncurrent 1,125 1,043 Non-current liabilities of discontinued operations 5,040 5,290 Total liabilities of discontinued operations $ 7,955 $ 7,847 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |
Contract Balances | Contract Balances June 30, 2019 December 31, 2018 June 30, 2018 (In millions) Accounts and notes receivable - trade 1 $ 6,102 $ 3,843 $ 5,886 Contract assets - current 2 $ 19 $ 18 $ 17 Contract assets - noncurrent 3 $ 48 $ 46 $ 44 Deferred revenue - current 4 $ 583 $ 2,209 $ 431 Deferred revenue - noncurrent 5 $ 118 $ 150 $ 121 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. |
Principal Product Groups [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 Corn $ 2,309 $ 2,248 $ 3,777 $ 3,945 Soybean 998 1,214 1,129 1,395 Other oilseeds 200 194 425 457 Other 192 208 335 368 Seed 3,699 3,864 5,666 6,165 Herbicides 1,044 1,068 1,815 1,931 Insecticides 459 448 836 777 Fungicides 302 269 522 547 Other 52 82 113 105 Crop Protection 1,857 1,867 3,286 3,360 Total $ 5,556 $ 5,731 $ 8,952 $ 9,525 |
Geography [Domain] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | Seed Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 North America 1 $ 3,099 $ 3,279 $ 4,012 $ 4,478 EMEA 2 274 267 1,078 1,089 Asia Pacific 139 147 211 220 Latin America 187 171 365 378 Total $ 3,699 $ 3,864 $ 5,666 $ 6,165 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). Crop Protection Three Months Ended June 30, Six Months Ended June 30, (In millions) 2019 2018 2019 2018 North America $ 686 $ 847 $ 1,165 $ 1,419 EMEA 393 420 953 994 Asia Pacific 312 284 515 466 Latin America 466 316 653 481 Total $ 1,857 $ 1,867 $ 3,286 $ 3,360 |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Agriculture Division Restructuring Program From inception-to-date, the company has recorded total pre-tax restructuring charges of $83 million , comprised of $74 million of severance and related benefit costs and $9 million of asset related charges. For the six months ended June 30, 2019 , the company recorded a pre-tax benefit of $(1) million , recognized in restructuring and asset related charges - net in the company's interim Consolidated Statement of Operations, and no additional charges for the three months ended June 30, 2019. The charge for the six months ended June 30, 2019 was comprised of a favorable adjustment of $(4) million to severance and related benefit costs and asset related charges of $3 million . The actions related to this program are substantially complete. The DowDuPont Agriculture Division Restructuring Program charges related to the segments, as well as corporate expenses, were as follows: (In millions) Six Months Ended June 30, 2019 Seed $ 3 Crop Protection (4 ) Corporate expenses — Total $ (1 ) Account balances and activity for the DowDuPont Agriculture Division Restructuring Program are summarized below: (In millions) Severance and Related Benefit Costs Asset Related Charges Total Balance at December 31, 2018 $ 77 $ — $ 77 Charges to income from continuing operations for the six months ended June 30, 2019 (4 ) 3 (1 ) Payments (24 ) — (24 ) Asset write-offs — (3 ) (3 ) Separation adjustment 1 (6 ) — (6 ) Balance at June 30, 2019 $ 43 $ — $ 43 1. Adjustment reflects severance liabilities associated with DAS employees who were terminated by Dow prior to separation and were included within the combined financial statements of Dow, but did not transfer to Corteva as part of the common control combination. 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 is designed to integrate and optimize the organization following the Merger and in preparation for the Business Separations. The company recorded pre-tax restructuring charges of $874 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $340 million , contract termination costs of $193 million , and asset write-downs and write-offs of $341 million . The company does not anticipate any additional material charges under the Synergy Program. Actions associated with the Synergy Program, including employee separations, are expected to be substantially complete by the end of 2019. The Synergy Program charges related to the segments, as well as corporate expenses, were as follows: Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Seed $ 49 $ 37 $ 73 $ 83 Crop Protection 2 — 29 12 Corporate expenses 9 64 20 136 Total $ 60 $ 101 $ 122 $ 231 The below is a summary of charges incurred related to the Synergy Program for the three and six months ended June 30, 2019 and 2018 : Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Severance and related benefit costs $ — $ 64 $ 14 $ 137 Contract termination charges 49 23 69 37 Asset related charges 11 14 39 57 Total restructuring and asset related charges - net $ 60 $ 101 $ 122 $ 231 Account balances and activity for the Synergy Program are summarized below: (In millions) Severance and Related Benefit Costs Costs Associated with Exit and Disposal Activities 1 Asset Related Charges Total Balance at December 31, 2018 $ 154 $ 61 $ — $ 215 Charges to income from continuing operations for the six months ended June 30, 2019 14 69 39 122 Payments (60 ) (79 ) (1 ) (140 ) Asset write-offs — — (38 ) (38 ) Balance at June 30, 2019 $ 108 $ 51 $ — $ 159 1. Relates primarily to contract terminations charges. |
Restructuring and Related Costs [Table Text Block] | The DowDuPont Agriculture Division Restructuring Program charges related to the segments, as well as corporate expenses, were as follows: (In millions) Six Months Ended June 30, 2019 Seed $ 3 Crop Protection (4 ) Corporate expenses — Total $ (1 ) The Synergy Program charges related to the segments, as well as corporate expenses, were as follows: Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Seed $ 49 $ 37 $ 73 $ 83 Crop Protection 2 — 29 12 Corporate expenses 9 64 20 136 Total $ 60 $ 101 $ 122 $ 231 |
DowDuPont Agriculture Division Restructuring Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (In millions) Severance and Related Benefit Costs Asset Related Charges Total Balance at December 31, 2018 $ 77 $ — $ 77 Charges to income from continuing operations for the six months ended June 30, 2019 (4 ) 3 (1 ) Payments (24 ) — (24 ) Asset write-offs — (3 ) (3 ) Separation adjustment 1 (6 ) — (6 ) Balance at June 30, 2019 $ 43 $ — $ 43 |
DowDuPont Cost Synergy Program [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Severance and related benefit costs $ — $ 64 $ 14 $ 137 Contract termination charges 49 23 69 37 Asset related charges 11 14 39 57 Total restructuring and asset related charges - net $ 60 $ 101 $ 122 $ 231 |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Account balances and activity for the Synergy Program are summarized below: (In millions) Severance and Related Benefit Costs Costs Associated with Exit and Disposal Activities 1 Asset Related Charges Total Balance at December 31, 2018 $ 154 $ 61 $ — $ 215 Charges to income from continuing operations for the six months ended June 30, 2019 14 69 39 122 Payments (60 ) (79 ) (1 ) (140 ) Asset write-offs — — (38 ) (38 ) Balance at June 30, 2019 $ 108 $ 51 $ — $ 159 1. Relates primarily to contract terminations charges. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | (In millions) December 31, 2018 June 30, 2018 Accounts and notes receivable - net $ 1 $ 1 Accounts payable $ 110 $ 138 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other Income - Net Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Interest income $ 17 $ 24 $ 33 $ 51 Equity in (losses) earnings of affiliates - net (5 ) 2 (5 ) 1 Net gain (loss) on sales of businesses and other assets 2 32 (11 ) 34 Net exchange losses 1 (32 ) (1 ) (59 ) (116 ) Non-operating pension and other post employment benefit credit 2 46 70 97 137 Miscellaneous (expenses) and income - net 3 (28 ) 1 (24 ) 4 Other income - net $ — $ 128 $ 31 $ 111 1. Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. 2. Includes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized (gain) loss, amortization of prior service benefit and curtailment/settlement gain). 3. Miscellaneous (expenses) income - net, losses related to loss on sale of receivables, and other items. |
Foreign Currency Exchange Gain (Loss) | (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Subsidiary Monetary Position Gains (Losses) Pre-tax exchange gains (losses) $ 17 $ (178 ) $ 7 $ (112 ) Local tax benefits (expenses) 7 (3 ) (3 ) 25 Net after-tax impact from subsidiary exchange gains (losses) $ 24 $ (181 ) $ 4 $ (87 ) Hedging Program (Losses) Gains Pre-tax exchange (losses) gains 1 $ (49 ) $ 177 $ (66 ) $ (4 ) Tax benefits (expenses) 11 (41 ) 15 1 Net after-tax impact from hedging program exchange (losses) gains $ (38 ) $ 136 $ (51 ) $ (3 ) Total Exchange Losses Pre-tax exchange losses $ (32 ) $ (1 ) $ (59 ) $ (116 ) Tax benefits (expenses) 18 (44 ) 12 26 Net after-tax exchange losses $ (14 ) $ (45 ) $ (47 ) $ (90 ) 1. Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Restrictions on Cash and Cash Equivalents | (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Cash and cash equivalents $ 2,077 $ 2,270 $ 2,696 Restricted cash 436 460 471 Total cash, cash equivalents and restricted cash 2,513 2,730 3,167 Cash and cash equivalents of discontinued operations — 2,254 1,799 Restricted cash of discontinued operations 1 — 40 45 Total cash, cash equivalents and restricted cash $ 2,513 $ 5,024 $ 5,011 1. Amount included within other current assets. Refer to Note 5 - Divestitures and Other Transactions, for additional information. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Net (Loss) Income for Earnings Per Share Calculations - Basic and Diluted Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Income (loss) from continuing operations after income taxes $ 483 $ 375 $ 299 $ (63 ) Net income attributable to continuing operations noncontrolling interests 13 5 21 18 Income (loss) from continuing operations available to Corteva common stockholders 470 370 278 (81 ) (Loss) income from discontinued operations, net of tax (1,077 ) 323 (717 ) 674 Net income (loss) attributable to discontinued operations noncontrolling interests 1 (1 ) 5 6 (Loss) income from discontinued operations available to Corteva common stockholders (1,078 ) 324 (722 ) 668 Net (loss) income available to common stockholders $ (608 ) $ 694 $ (444 ) $ 587 |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | (Loss) Earnings Per Share Calculations - Basic Three Months Ended Six Months Ended (Dollars per share) 2019 2018 2019 2018 Income (loss) from continuing operations attributable to common stockholders $ 0.63 $ 0.49 $ 0.37 $ (0.11 ) (Loss) income from discontinued operations, net of tax (1.44 ) 0.43 (0.96 ) 0.89 Net (loss) income attributable to common stockholders $ (0.81 ) $ 0.92 $ (0.59 ) $ 0.78 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | (Loss) Earnings Per Share Calculations - Diluted Three Months Ended Six Months Ended (Dollars per share) 2019 2018 2019 2018 Income (loss) from continuing operations attributable to common stockholders $ 0.63 $ 0.49 $ 0.37 $ (0.11 ) (Loss) income from discontinued operations, net of tax 1 (1.44 ) 0.43 (0.96 ) 0.89 Net (loss) income attributable to common stockholders 1 $ (0.81 ) $ 0.92 $ (0.59 ) $ 0.78 |
Share Count Information | Share Count Information Three Months Ended Six Months Ended (Shares in millions) 2019 2018 2019 2018 Weighted-average common shares - basic 1 749.4 749.4 749.4 749.4 Plus dilutive effect of equity compensation plans 2 0.6 — 0.3 — Weighted-average common shares - diluted 750.0 749.4 749.7 749.4 Stock options and restricted stock units excluded from EPS calculations 3 7.8 — 7.8 — |
Accounts and Notes Receivable_2
Accounts and Notes Receivable (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Accounts receivable – trade 1 $ 4,811 $ 3,649 $ 4,261 Notes receivable – trade 2 1,291 194 1,625 Other 3 1,332 1,417 1,445 Total accounts and notes receivable - net $ 7,434 $ 5,260 $ 7,331 1. Accounts receivable – trade is net of allowances of $152 million at June 30, 2019, $127 million at December 31, 2018 , and $80 million at June 30, 2018 . Allowances are equal to the estimated uncollectible amounts. That estimate 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 June 30, 2019, December 31, 2018 , and June 30, 2018 there were no significant past due notes receivable, 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. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Finished products $ 2,103 $ 3,022 $ 2,611 Semi-finished products 1,373 1,821 1,401 Raw materials 228 191 209 Stores and supplies 214 276 141 Total inventories $ 3,918 $ 5,310 $ 4,362 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Land and land improvements $ 463 $ 468 $ 508 Buildings 1,445 1,430 1,440 Machinery and equipment 5,214 4,863 4,759 Construction in progress 628 579 354 Total property, plant and equipment 7,750 7,340 7,061 Accumulated depreciation (3,207 ) (2,796 ) (2,598 ) Total property, plant and equipment - net $ 4,543 $ 4,544 $ 4,463 |
Property, Plant and Equipment - Depreciation Expense [Table Text Block] | Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Depreciation expense $ 114 $ 130 $ 271 $ 256 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill [Line Items] | |
Schedule of Goodwill [Table Text Block] | (In millions) Agriculture Crop Protection Seed Total Balance as of December 31, 2018 1 $ 10,193 $ — $ — $ 10,193 Currency translation adjustment (28 ) — — (28 ) Other goodwill adjustments and acquisitions 2 14 — — 14 Realignment of segments (10,179 ) 4,726 5,453 — Balance as of June 1, 2019 — 4,726 5,453 10,179 Currency translation adjustment — 33 37 70 Balance as of June 30, 2019 $ — $ 4,759 $ 5,490 $ 10,249 1. Net of accumulated impairment losses of $4,503 million . 2. Primarily consists of the acquisition of a distributor in Greece. |
Other Intangible Assets | (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Customer-related $ 1,981 $ (211 ) $ 1,770 $ 1,985 $ (154 ) $ 1,831 $ 1,990 $ (97 ) $ 1,893 Developed technology 1 1,467 (297 ) 1,170 974 (163 ) 811 924 (97 ) 827 Trademarks/trade names 166 (83 ) 83 180 (92 ) 88 180 (79 ) 101 Favorable supply contracts 475 (159 ) 316 475 (111 ) 364 475 (64 ) 411 Other 2 429 (218 ) 211 538 (300 ) 238 530 (282 ) 248 Total other intangible assets with finite lives 4,518 (968 ) 3,550 4,152 (820 ) 3,332 4,099 (619 ) 3,480 Intangible assets not subject to amortization (Indefinite-lived): In-process research and development ("IPR&D") 1 146 — 146 576 — 576 691 — 691 Germplasm 3 6,265 — 6,265 6,265 — 6,265 6,265 — 6,265 Trademarks / trade names 1,871 — 1,871 1,871 — 1,871 1,871 — 1,871 Other — — — 11 — 11 11 — 11 Total other intangible assets 8,282 — 8,282 8,723 — 8,723 8,838 — 8,838 Total $ 12,800 $ (968 ) $ 11,832 $ 12,875 $ (820 ) $ 12,055 $ 12,937 $ (619 ) $ 12,318 1. During the first quarter of 2019, the company announced an expanded launch of its Qrome ® corn hybrids following the receipt of regulatory approval from China. As a result, the company reclassified the amounts from indefinite-lived IPR&D to developed technology. 2. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. 3. Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Components of Lease Expense [Abstract] | |
Lease, Cost [Table Text Block] | (In millions) Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease cost $ 44 $ 85 Finance lease cost Amortization of right-of-use assets (19 ) 9 Interest on lease liabilities — 1 Total finance lease cost (19 ) 10 Short-term lease cost 2 6 Variable lease cost 2 5 Total lease cost $ 29 $ 106 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | (In millions) Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 90 Operating cash outflows from finance leases $ 1 Financing cash outflows from finance leases $ 8 |
Schedule of Lease Assets and Liabilities [Table Text Block] | (In millions) June 30, 2019 Operating Leases Operating lease right-of-use assets 1 $ 553 Current operating lease liabilities 2 152 Noncurrent operating lease liabilities 3 428 Total operating lease liabilities $ 580 Finance Leases Property, plant, and equipment, gross $ 28 Accumulated depreciation (9 ) Property, plant, and equipment, net 19 Short-term borrowings and finance lease obligations 18 Long-Term Debt 6 Total finance lease liabilities $ 24 1. Included in other assets in the interim Condensed Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. |
Lease Term and Discount Rate [Table Text Block] | Lease Term and Discount Rate June 30, 2019 Weighted-average remaining lease term (years) Operating leases 7.31 Financing leases 5.54 Weighted average discount rate Operating leases 3.55 % Financing leases 3.26 % |
Maturities of Lease Liabilities [Table Text Block] | Maturity of Lease Liabilities at June 30, 2019 Operating Leases Financing Leases (In millions) Remainder of 2019 $ 95 $ 9 2020 136 10 2021 107 2 2022 80 1 2023 60 1 2024 and thereafter 177 2 Total lease payments 655 25 Less: Interest 75 1 Present value of lease liabilities $ 580 $ 24 |
Schedule of Minimum Lease Commitments [Table Text Block] | Minimum Lease Commitments at December 31, 2018 December 31, 2018 1 (In millions) 2019 $ 169 2020 99 2021 72 2022 56 2023 38 2024 and thereafter 78 Total $ 512 1. Includes adjustments for discontinued operations and common control business combination. |
Short-Term Borrowings, Long-T_2
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Instrument [Line Items] | |
Schedule of Short-term Debt [Table Text Block] | Short-term borrowings and finance lease obligations (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Commercial paper $ 1,107 $ 1,847 $ 737 Repurchase facility 777 — 1,150 Other loans - various currencies 154 19 57 Long-term debt payable within one year 2 263 1,765 Finance lease obligations payable within one year 18 25 6 Total short-term borrowings and finance lease obligations $ 2,058 $ 2,154 $ 3,715 |
Schedule of Long-term Debt Instruments [Table Text Block] | Long-Term Debt June 30, 2019 December 31, 2018 June 30, 2018 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures 1 : Final maturity 2018 $ — — % $ — — % $ 1,252 1.59 % Final maturity 2019 — — % 263 2.23 % 512 2.23 % Final maturity 2020 — — % 2,496 2.14 % 3,054 1.79 % Final maturity 2021 — — % 475 2.08 % 1,568 2.07 % Final maturity 2023 — — % 386 2.48 % 1,268 2.48 % Final maturity 2024 and thereafter — — % 249 3.69 % 2,216 3.80 % Other facilities: Term loan due 2020 2 — — % 2,000 3.46 % 1,500 3.00 % Other loans: Foreign currency loans, various rates and maturities 3 3 15 Medium-term notes, varying maturities through 2041 110 2.17 % 110 2.37 % 110 1.22 % Finance lease obligations 6 67 9 Less: Unamortized debt discount and issuance costs — 2 3 Less: Long-term debt due within one year 2 263 1,765 Total $ 117 $ 5,784 $ 9,736 1. See discussion of debt redemptions/repayments that follows. 2. |
Schedule of Line of Credit Facilities [Table Text Block] | Committed and Available Credit Facilities at June 30, 2019 (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2019 $ 3,000 $ 2,971 May 2024 Floating Rate Revolving Credit Facility May 2019 3,000 3,000 May 2022 Floating Rate 2019 Repurchase Facility February 2019 1,300 523 December 2019 Floating Rate Total Committed and Available Credit Facilities $ 7,300 $ 6,494 |
Debt [Member] | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | (in millions) Amount 4.625% Notes due 2020 $ 474 3.625% Notes due 2021 296 4.250% Notes due 2021 163 2.800% Notes due 2023 381 6.500% Debentures due 2028 57 5.600% Senior Notes due 2036 42 4.900% Notes due 2041 48 4.150% Notes due 2043 69 Total $ 1,530 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Environmental Loss Contingencies by Site [Table Text Block] | As of June 30, 2019 (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 $ 169 $ 169 $ 380 Other discontinued or divested businesses obligations 1 — 100 228 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 31 31 63 Environmental remediation liabilities not subject to indemnity — 57 54 Total $ 200 $ 357 $ 725 1. Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page 38, 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) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
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 2018 Balance January 1, 2018 $ (1,217 ) $ (2 ) $ 95 $ (53 ) $ (1,177 ) Other comprehensive (loss) income before reclassifications (1,011 ) — 10 — (1,001 ) Amounts reclassified from accumulated other comprehensive loss — (5 ) (2 ) — (7 ) Net other comprehensive (loss) income (1,011 ) (5 ) 8 — (1,008 ) Balance June 30, 2018 $ (2,228 ) $ (7 ) $ 103 $ (53 ) $ (2,185 ) 2019 Balance January 1, 2019 $ (2,793 ) $ (26 ) $ (620 ) $ 79 $ (3,360 ) Other comprehensive (loss) income before reclassifications (174 ) 12 6 (85 ) (241 ) Amounts reclassified from accumulated other comprehensive income (loss) — 11 2 (1 ) 12 Net other comprehensive (loss) income (174 ) 23 8 (86 ) (229 ) Impact of Internal Reorganizations 1,113 — 101 — 1,214 Balance June 30, 2019 $ (1,854 ) $ (3 ) $ (511 ) $ (7 ) $ (2,375 ) 1. The cumulative translation adjustment loss for the six months ended June 30, 2018 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the European Euro ("EUR") and the Brazilian Real ("BRL"). The cumulative translation adjustment gain for the six months ended June 30, 2019 was primarily driven by the weakening of the European Euro (“EUR”) against the USD. |
Other Comprehensive (Loss) Income | (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Derivative instruments $ (4 ) $ 5 $ (7 ) $ 1 Pension benefit plans - net 11 (1 ) 4 (2 ) Other benefit plans - net 29 — 29 — Provision for income taxes related to other comprehensive (loss) income items $ 36 $ 4 $ 26 $ (1 ) |
Reclassification out of Accumulated Other Comprehensive (Loss) Income [Table Text Block] | (In millions) Three Months Ended Six Months Ended Income Classification 2019 2018 2019 2018 Derivative Instruments: $ 8 $ (6 ) $ 12 $ (7 ) (1) Tax expense (2 ) 2 (1 ) 2 (2) After-tax $ 6 $ (4 ) $ 11 $ (5 ) Amortization of pension benefit plans: Actuarial losses $ — $ (1 ) $ 1 $ (1 ) (3) Settlement loss (gain) 1 (1 ) 1 (1 ) (3) Total before tax 1 (2 ) 2 (2 ) Tax benefit — — — — (2) After-tax $ 1 $ (2 ) $ 2 $ (2 ) Amortization of other benefit plans: Prior service benefit $ — $ — $ — $ — (3) Actuarial losses (1 ) — (1 ) — (3) Total before tax (1 ) — (1 ) — Tax benefit — — — — (2) After-tax $ (1 ) $ — $ (1 ) $ — Total reclassifications for the period, after-tax $ 6 $ (6 ) $ 12 $ (7 ) 1. Cost of goods sold. 2. Provision for 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 20 |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Defined Benefit Pension Plans: Service cost $ 12 $ 36 $ 32 $ 72 Interest cost 1 199 190 407 381 Expected return on plan assets (282 ) (302 ) (586 ) (607 ) Amortization of unrecognized loss (gain) 1 (3 ) 2 (4 ) Curtailment/settlement (gain) loss (1 ) (4 ) (1 ) (4 ) Net periodic benefit credit - Total $ (71 ) $ (83 ) $ (146 ) $ (162 ) Less: Discontinued operations 1 (9 ) (13 ) (17 ) (25 ) Net periodic benefit credit - Continuing operations $ (62 ) $ (70 ) $ (129 ) $ (137 ) Other Post Employment Benefits: Service cost $ 1 $ 2 $ 3 $ 4 Interest cost 22 22 45 43 Amortization of unrecognized gain (1 ) — (1 ) — Net periodic benefit cost - Continuing operations $ 22 $ 24 $ 47 $ 47 1. Includes non-service related components of net periodic benefit credit of $(16) million and $(37) million for the three and six months ended June 30, 2019, and $(27) million and $(54) million for the three and six months ended June 30, 2018, respectively. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Stock Options For the period June 1 - June 30, 2019 Number of Shares (in thousands) Weighted Average Exercise Price (per share) Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding at June 1, 2019 10,468 $ 32.11 Forfeited/Expired (12 ) 40.02 Outstanding at June 30, 2019 10,456 $ 32.10 5.08 $ 23,343 Exercisable at June 30, 2019 8,293 $ 30.18 4.24 $ 21,315 |
Schedule of Other Share-based Compensation, Activity [Table Text Block] | For the period June 1 - June 30, 2019 Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at June 1, 2019 3,757 $ 35.56 Granted 80 25.03 Forfeited (3 ) 38.78 Nonvested at June 30, 2019 3,834 $ 35.34 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions [Table Text Block] | Notional Amounts (In millions) June 30, 2019 December 31, 2018 June 30, 2018 Derivatives designated as hedging instruments: Commodity contracts $ 76 $ 525 $ 145 Derivatives not designated as hedging instruments: Foreign currency contracts $ 1,558 $ 2,057 $ 3,866 Commodity contracts $ 38 $ 9 $ 8 |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Beginning balance $ (25 ) $ 9 $ (26 ) $ (2 ) Additions and revaluations of derivatives designated as cash flow hedges 16 (12 ) 12 — Clearance of hedge results to earnings 6 (4 ) 11 (5 ) Ending balance $ (3 ) $ (7 ) $ (3 ) $ (7 ) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | June 30, 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 $ 36 $ (33 ) $ 3 Total asset derivatives $ 36 $ (33 ) $ 3 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 48 $ (27 ) $ 21 Total liability derivatives $ 48 $ (27 ) $ 21 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, 2018 (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 $ 72 $ (35 ) $ 37 Total asset derivatives $ 72 $ (35 ) $ 37 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 21 $ (15 ) $ 6 Total liability derivatives $ 21 $ (15 ) $ 6 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. June 30, 2018 (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 $ 153 $ (35 ) $ 118 Commodity Contracts Other current assets 4 — 4 Total asset derivatives $ 157 $ (35 ) $ 122 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 35 $ 9 $ 44 Total liability derivatives $ 35 $ 9 $ 44 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. |
Derivative Instruments, Gain (Loss) [Table Text Block] | Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax Three Months Ended Six Months Ended (In millions) 2019 2018 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts $ 18 $ (15 ) $ 19 $ 1 Total derivatives designated as hedging instruments 18 (15 ) 19 1 Total derivatives $ 18 $ (15 ) $ 19 $ 1 1. OCI is defined as other comprehensive income (loss). Amount of (Loss) Gain Recognized in Income - Pre-Tax 1 (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ (8 ) $ 6 $ (12 ) $ 7 Total derivatives designated as hedging instruments (8 ) 6 (12 ) 7 Derivatives not designated as hedging instruments: Foreign currency contracts 3 (49 ) 177 (66 ) (4 ) Commodity contracts 2 2 8 8 5 Total derivatives not designated as hedging instruments (47 ) 185 (58 ) 1 Total derivatives $ (55 ) $ 191 $ (70 ) $ 8 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 9 - Supplementary Information, for additional information. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities Measured on Recurring Basis | June 30, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,389 Marketable securities 6 Derivatives relating to: 2 Foreign currency 36 Total assets at fair value $ 1,431 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 119 Derivatives relating to: 2 Foreign currency 48 Total liabilities at fair value $ 167 December 31, 2018 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,221 Marketable securities 5 Derivatives relating to: 2 Foreign currency 72 Total assets at fair value $ 1,298 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 6,100 Derivatives relating to: 2 Foreign currency 21 Total liabilities at fair value $ 6,121 June 30, 2018 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,307 Marketable securities 49 Derivatives relating to: 2 Commodities 4 Foreign currency 153 Total assets at fair value $ 1,513 Liabilities at fair value: Long-term debt including debt due within one year 3 $ 11,186 Derivatives relating to: 2 Foreign currency 35 Total liabilities at fair value $ 11,221 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 22 - Financial Instruments for the classification of derivatives in the interim Condensed Consolidated Balance Sheets. 3. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities , for information on fair value measurements of long-term debt. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, (In millions) Seed Crop Protection Total 2019 Net sales $ 3,699 $ 1,857 $ 5,556 Segment operating EBITDA $ 1,036 $ 450 $ 1,486 Segment assets 1,2 $ 26,623 $ 13,205 $ 39,828 2018 Net sales $ 3,864 $ 1,867 $ 5,731 Pro forma segment operating EBITDA $ 1,158 $ 423 $ 1,581 Segment assets 1 $ 34,703 $ 9,738 $ 44,441 1. Segment assets at December 31, 2018 were $29,286 million and $9,346 million for Seed and Crop Protection, respectively. The reduction in segment assets between June 30, 2018 and December 31, 2018 was driven by the goodwill impairment recorded in the third quarter of 2018. 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. Six Months Ended June 30, (In millions) Seed Crop Protection Total 2019 Net sales $ 5,666 $ 3,286 $ 8,952 Pro forma segment operating EBITDA $ 1,361 $ 670 $ 2,031 2018 Net sales $ 6,165 $ 3,360 $ 9,525 Pro forma segment operating EBITDA $ 1,598 $ 746 $ 2,344 |
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 Six Months Ended 2019 2018 1 2019 1 2018 1 Income (loss) from continuing operations after income taxes $ 483 $ 375 $ 299 $ (63 ) Provision for (benefit from) income taxes on continuing operations 270 (67 ) 203 (179 ) Income (loss) from continuing operations before income taxes 753 308 502 (242 ) Depreciation and amortization 227 237 485 452 Interest income (17 ) (24 ) (33 ) (51 ) Interest expense 34 88 93 169 Exchange losses - net 2 32 1 59 66 Non-operating benefits - net (32 ) (55 ) (74 ) (106 ) Significant items 455 203 640 507 Pro forma adjustments 3 — 786 298 1,478 Corporate expenses 34 37 61 71 Segment operating EBITDA $ 1,486 $ 1,581 $ 2,031 $ 2,344 1. Periods prior to March 31, 2019 are on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as it is included within significant items. See Note 9 - Supplementary Information for additional information. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) June 30, 2019 December 31, 2018 June 30, 2018 Total segment assets $ 39,828 $ 38,632 $ 44,441 Corporate assets 4,170 4,417 5,094 Assets related to discontinued operations 1 — 65,634 66,594 Total assets $ 43,998 $ 108,683 $ 116,129 1. See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations. |
Schedule of Additional Segment Details [Table Text Block] | (In millions) Three Months Ended Six Months Ended 2019 2018 2019 2018 As Reported Pro Forma Pro Forma Pro Forma Seed 1,2,3 $ (101 ) $ (37 ) $ (152 ) $ (83 ) Crop Protection 4,5 (2 ) 24 (25 ) 12 Corporate 6,7,8,9 (352 ) (190 ) (463 ) (436 ) Total $ (455 ) $ (203 ) $ (640 ) $ (507 ) 1. Includes restructuring and asset related charges of $(49) million and $(76) million for the three and six months ended June 30, 2019, respectively, and $(37) million and $(83) million for the three and six months ended June 30, 2018, respectively. The charges for 2019 relate to the Synergy Program and the DowDuPont Agriculture Division Restructuring Program. The charges for 2018 related to the Synergy Program. 2. Includes a $(24) million loss recorded in other income - net for the six months ended June 30, 2019 related to Historical Dow’s sale of a joint venture related to synergy actions. 3. Includes a charge of $(52) million included in cost of goods sold for the three and six months ended June 30, 2019 related to the amortization on the inventory that was stepped up to fair value in connection with the Merger. 4. Includes restructuring and asset related charges of $(2) million and $(25) million for the three and six months ended June 30, 2019, respectively, and $(12) million for the six months ended June 30, 2018. The charges for 2019 relate to the Synergy Program and the DowDuPont Agriculture Division Restructuring Program. The charges for 2018 related to the Synergy Program. 5. Includes a $24 million gain recorded in other income - net for the three and six months ended June 30, 2018, related to an asset sale. 6. Includes restructuring and asset related charges of $(9) million and $(20) million for the three and six months ended June 30, 2019, respectively, and $(64) million and $(136) million for the three and six months ended June 30, 2018, respectively. The charges for 2019 and 2018 related to the Synergy Program. 7. Includes integration and separation costs of $(330) million and $(430) million for the three and six months ended June 30, 2019. Includes integration costs of $(126) million and $(250) million for the three and six months ended June 30, 2018, respectively. 8. Includes a $(13) million loss included in loss on early extinguishment of debt for the three and six months ended June 30, 2019 related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. 9. Includes $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
EID Segment FN (Tables)
EID Segment FN (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 Six Months Ended 2019 2018 1 2019 1 2018 1 Income (loss) from continuing operations after income taxes $ 483 $ 375 $ 299 $ (63 ) Provision for (benefit from) income taxes on continuing operations 270 (67 ) 203 (179 ) Income (loss) from continuing operations before income taxes 753 308 502 (242 ) Depreciation and amortization 227 237 485 452 Interest income (17 ) (24 ) (33 ) (51 ) Interest expense 34 88 93 169 Exchange losses - net 2 32 1 59 66 Non-operating benefits - net (32 ) (55 ) (74 ) (106 ) Significant items 455 203 640 507 Pro forma adjustments 3 — 786 298 1,478 Corporate expenses 34 37 61 71 Segment operating EBITDA $ 1,486 $ 1,581 $ 2,031 $ 2,344 1. Periods prior to March 31, 2019 are on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as it is included within significant items. See Note 9 - Supplementary Information for additional information. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) June 30, 2019 December 31, 2018 June 30, 2018 Total segment assets $ 39,828 $ 38,632 $ 44,441 Corporate assets 4,170 4,417 5,094 Assets related to discontinued operations 1 — 65,634 66,594 Total assets $ 43,998 $ 108,683 $ 116,129 1. See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations. |
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 Six Months Ended 2019 2018 1 2019 1 2018 1 Income (loss) from continuing operations after income taxes $ 460 $ 375 $ 276 $ (63 ) Provision for (benefit from) income taxes on continuing operations 263 (67 ) 196 (179 ) Income (loss) from continuing operations before income taxes 723 308 472 (242 ) Depreciation and amortization 227 237 485 452 Interest income (17 ) (24 ) (33 ) (51 ) Interest expense 64 88 123 169 Exchange losses - net 2 32 1 59 66 Non-operating benefits - net (32 ) (55 ) (74 ) (106 ) Significant items 455 203 640 507 Pro forma adjustments — 786 298 1,478 Corporate expenses 34 37 61 71 Segment operating EBITDA $ 1,486 $ 1,581 $ 2,031 $ 2,344 1. As discussed, the three months ended March 31, 2019 and prior are presented on a pro forma basis and determined in accordance with Article 11 of Regulation S-X. 2. Excludes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as it is included within significant items. See Note 9 - Supplementary Information of the Corteva, Inc. interim Consolidated Financial Statements for additional information. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Segment assets to total assets (in millions) June 30, 2019 December 31, 2018 June 30, 2018 Total segment assets $ 39,828 $ 38,632 $ 44,441 Corporate assets 4,177 4,417 5,094 Assets related to discontinued operations 1 — 65,634 66,594 Total assets $ 44,005 $ 108,683 $ 116,129 |
Background and Basis of Prese_3
Background and Basis of Presentation Background and Basis of Presentation (Details) | 6 Months Ended | |||||
Jun. 30, 2019yr$ / sharesshares | Jun. 03, 2019shares | Jun. 01, 2019shares$ / shares | Apr. 01, 2019$ / shares | Dec. 31, 2018$ / sharesshares | Jun. 30, 2018$ / sharesshares | |
Common Stock, Par Value | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Common Stock, Shares Authorized | 1,666,666,667 | 1,666,666,667 | 1,666,666,667 | |||
Common Stock, Shares, Issued | 748,815,000 | 748,815,000 | 748,815,000 | |||
Corteva [Member] | ||||||
Years of Experience | yr | 275 | |||||
Number of Countries in which Entity Operates | 140 | |||||
Number of Reportable Segments | 2 | |||||
Common Stock, Par Value | $ / shares | $ 0.01 | |||||
Common Stock, Shares Authorized | 748,815,000 | |||||
Common Stock, Shares, Issued | 748,815,000 | |||||
DAS [Member] | EID [Member] | ||||||
Ownership interest in an entity | 100.00% | |||||
Dow [Member] | ||||||
Common Stock, Par Value | $ / shares | $ 0.01 | |||||
Corteva [Member] | ||||||
Common Stock, Par Value | $ / shares | $ 0.01 | |||||
EID [Member] | ||||||
Common Stock, Par Value | $ / shares | $ 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, Issued | 200 | 100 | 100 | |||
EID [Member] | Corteva [Member] | ||||||
Ownership interest in an entity | 100.00% | |||||
Shares of DowDuPont Common Stock Held [Member] | Corteva [Member] | ||||||
Exchange Ratio | 3 | |||||
Shares of Corteva Stock [Member] | Corteva [Member] | ||||||
Exchange Ratio | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Accounting Policies [Abstract] | |||
Percentage of FIFO Inventory | 46.00% | 57.00% | 45.00% |
Percentage of Weighted Average Cost Inventory | 54.00% | 43.00% | 55.00% |
Recent Accounting Guidance Leas
Recent Accounting Guidance Lease ASU - Balance Sheet Impact of Adoption (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment - net | $ 4,543 | $ 4,544 | [1] | $ 4,463 | |
Other assets | 2,464 | 1,932 | [1] | 1,909 | |
Assets of discontinued operations - non-current | 0 | 56,545 | 57,572 | ||
Assets of discontinued operations - current | 0 | 9,089 | [1] | 9,022 | |
Short-term borrowings and finance lease obligations | 2,058 | 2,154 | [1] | 3,715 | |
Accrued and other current liabilities | 3,135 | 4,005 | [1] | 2,689 | |
Liabilities of discontinued operations - current | 0 | 3,167 | [1] | 2,767 | |
Long-term Debt | 117 | 5,784 | [1] | 9,736 | |
Other noncurrent obligations | 2,156 | 1,795 | [1] | 1,960 | |
Liabilities of discontinued operations - non-current | $ 0 | $ 5,484 | $ 5,820 | ||
Effect of Adoption of ASU 2016-02 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment - net | $ 9 | ||||
Other assets | 546 | ||||
Assets of discontinued operations - non-current | 461 | ||||
Short-term borrowings and finance lease obligations | 1 | ||||
Accrued and other current liabilities | 143 | ||||
Liabilities of discontinued operations - current | 141 | ||||
Long-term Debt | 8 | ||||
Other noncurrent obligations | 403 | ||||
Liabilities of discontinued operations - non-current | 320 | ||||
Updated | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, plant and equipment - net | 4,553 | ||||
Other assets | 2,478 | ||||
Assets of discontinued operations - non-current | 57,006 | ||||
Short-term borrowings and finance lease obligations | 2,155 | ||||
Accrued and other current liabilities | 4,148 | ||||
Liabilities of discontinued operations - current | 3,308 | ||||
Long-term Debt | 5,792 | ||||
Other noncurrent obligations | 2,198 | ||||
Liabilities of discontinued operations - non-current | $ 5,804 | ||||
[1] | Includes adjustments for discontinued operations and common control business combination. |
Common Control Transfer DAS Com
Common Control Transfer DAS Common Control Transfer - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 01, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Sep. 01, 2017 | |
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 2,077 | $ 2,270 | $ 2,696 | |||
Accounts and notes receivable - net | 7,434 | 5,260 | 7,331 | |||
Inventories | 3,918 | 5,310 | 4,362 | |||
Other current assets | 1,086 | 1,038 | 1,181 | |||
Property, plant and equipment - net | 4,543 | 4,544 | [1] | 4,463 | ||
Goodwill | 10,249 | $ 10,179 | 10,193 | 14,612 | ||
Other intangible assets | 11,832 | 12,055 | 12,318 | |||
Other assets | 2,464 | 1,932 | [1] | 1,909 | ||
Accounts payable | 3,139 | 3,798 | 3,629 | |||
Accrued and other current liabilities | 3,135 | 4,005 | [1] | 2,689 | ||
Deferred income tax liabilities | 1,430 | 1,480 | 1,387 | |||
Pension and other post employment benefits - noncurrent | 5,538 | 5,677 | 6,474 | |||
Other noncurrent obligations | $ 2,156 | $ 1,795 | [1] | $ 1,960 | ||
DAS Common Control Transfer [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | $ 98 | |||||
Accounts and notes receivable - net | 1,377 | |||||
Inventories | 2,133 | |||||
Other current assets | 130 | |||||
Investments in nonconsolidated affiliates | 50 | |||||
Property, plant and equipment - net | 1,555 | |||||
Goodwill | 1,472 | |||||
Other intangible assets | 130 | |||||
Deferred income taxes | 230 | |||||
Other assets | 97 | |||||
Short-term borrowings and finance lease obligations | 6 | |||||
Accounts payable | 1,414 | |||||
Income taxes payable | 103 | |||||
Accrued and other current liabilities | 482 | |||||
Long-term Debt | 27 | |||||
Deferred income tax liabilities | 66 | |||||
Pension and other post employment benefits - noncurrent | 126 | |||||
Other noncurrent obligations | $ 170 | |||||
[1] | Includes adjustments for discontinued operations and common control business combination. |
Common Control Transfer DAS C_2
Common Control Transfer DAS Common Control Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Business Acquisition [Line Items] | ||||||
Net Sales | $ 5,556 | $ 3,396 | $ 5,731 | $ 8,952 | $ 9,525 | |
Income (loss) from continuing operations before income taxes | 753 | (251) | 308 | 502 | (242) | |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 483 | (184) | 375 | $ 299 | (63) | |
Historical EID [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net Sales | 6,288 | 8,545 | 15,244 | |||
Income (loss) from continuing operations before income taxes | 49 | 655 | 466 | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 89 | 514 | 298 | |||
Discontinued Operations and Other Adjustments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net Sales | [1] | (4,341) | (4,522) | (8,910) | ||
Income (loss) from continuing operations before income taxes | [1] | (476) | (587) | (1,133) | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | [1] | (369) | (310) | (665) | ||
DAS [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net Sales | 1,449 | 1,708 | 3,191 | |||
Income (loss) from continuing operations before income taxes | 176 | 240 | 425 | |||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 96 | $ 171 | $ 304 | |||
[1] | Reflects discontinued operations of EID's ECP and Specialty Products businesses and adjustments primarily related to the elimination of intercompany transactions between Historical EID and Dow AgroSciences for periods subsequent to the Merger, as if they were combined affiliates. |
Divestitures and Other Transa_3
Divestitures and Other Transactions Divestitures and Other Transactions - ECP Divestiture (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Income from discontinued operations after income taxes | $ (1,077) | $ 323 | $ (717) | $ 674 | |||
Cash and cash equivalents | 0 | 1,799 | 0 | 1,799 | $ 2,254 | ||
Assets of discontinued operations - current | 0 | 9,022 | 0 | 9,022 | 9,089 | [1] | |
Assets of discontinued operations - non-current | 0 | 57,572 | 0 | 57,572 | 56,545 | ||
Total assets of discontinued operations | [2] | 0 | 66,594 | 0 | 66,594 | 65,634 | |
Liabilities of discontinued operations - current | 0 | 2,767 | 0 | 2,767 | 3,167 | [1] | |
Liabilities of discontinued operations - non-current | 0 | 5,820 | 0 | 5,820 | 5,484 | ||
ECP Disposal [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net sales | 0 | 413 | 362 | 828 | |||
Cost of goods sold | 0 | 284 | 259 | 550 | |||
Research and development expense | 0 | 6 | 4 | 13 | |||
Selling, general and administrative expenses | 0 | 10 | 9 | 24 | |||
Amortization of intangibles | 0 | 24 | 23 | 48 | |||
Restructuring and asset related charges - net | 0 | (2) | 2 | 2 | |||
Integration and separation costs | 0 | 31 | 44 | 53 | |||
Other income - net | 0 | 9 | 2 | 11 | |||
Income from discontinued operations before income taxes | 0 | 69 | 23 | 149 | |||
Provision for income taxes on discontinued operations | 0 | 13 | 4 | 29 | |||
Income from discontinued operations after income taxes | 0 | 56 | 19 | 120 | |||
Depreciation | 0 | 34 | 28 | 67 | |||
Capital expenditures | $ 0 | 19 | $ 16 | 42 | |||
Cash and cash equivalents | 0 | 0 | 55 | ||||
Accounts and notes receivable - net | 218 | 218 | 194 | ||||
Inventories | 424 | 424 | 465 | ||||
Other current assets | 7 | 7 | 12 | ||||
Assets of discontinued operations - current | 649 | 649 | 726 | ||||
Investment in nonconsolidated affiliates | 108 | 108 | 108 | ||||
Property, plant and equipment - net | 793 | 793 | 770 | ||||
Goodwill | 3,597 | 3,597 | 3,587 | ||||
Other intangible assets | 1,193 | 1,193 | 1,143 | ||||
Deferred income taxes | 50 | 50 | 13 | ||||
Other assets | 3 | 3 | 1 | ||||
Assets of discontinued operations - non-current | 5,744 | 5,744 | 5,622 | ||||
Total assets of discontinued operations | 6,393 | 6,393 | 6,348 | ||||
Short-term borrowings and finance lease obligations | 0 | 0 | 2 | ||||
Accounts payable | 168 | 168 | 214 | ||||
Income taxes payable | 1 | 1 | 0 | ||||
Accrued and other current liabilities | 41 | 41 | 36 | ||||
Liabilities of discontinued operations - current | 210 | 210 | 252 | ||||
Deferred Income tax liabilities | 520 | 520 | 432 | ||||
Pension and other post employment benefits - noncurrent | 5 | 5 | 6 | ||||
Other noncurrent obligations | 5 | 5 | 2 | ||||
Long-Term Debt | 0 | 0 | 4 | ||||
Liabilities of discontinued operations - non-current | 530 | 530 | 444 | ||||
Total liabilities of discontinued operations | $ 740 | $ 740 | $ 696 | ||||
[1] | Includes adjustments for discontinued operations and common control business combination. | ||||||
[2] | See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations. |
Divestitures and Other Transa_4
Divestitures and Other Transactions Divestitures and Other Transactions - SP Divestiture (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Indemnification Assets | $ 200 | $ 200 | ||||||
Goodwill impairment charge | $ 0 | 1,102 | ||||||
(Loss) income from discontinued operations after income taxes | (1,077) | $ 323 | (717) | $ 674 | ||||
Cash and cash equivalents | 0 | 1,799 | 0 | 1,799 | $ 2,254 | |||
Assets of discontinued operations - current | 0 | 9,022 | 0 | 9,022 | 9,089 | [1] | ||
Investments in nonconsolidated affiliates | 64 | 195 | 64 | 195 | 138 | |||
Assets of discontinued operations - non-current | 0 | 57,572 | 0 | 57,572 | 56,545 | |||
Total assets of discontinued operations | [2] | 0 | 66,594 | 0 | 66,594 | 65,634 | ||
Liabilities of discontinued operations - current | 0 | 2,767 | 0 | 2,767 | 3,167 | [1] | ||
Liabilities of discontinued operations - non-current | 0 | 5,820 | 0 | 5,820 | 5,484 | |||
Specialty Products Disposal [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net sales | 1,214 | 4,071 | 5,030 | 8,010 | ||||
Cost of goods sold | 817 | 2,719 | 3,352 | 5,386 | ||||
Research and development expense | 51 | 160 | 204 | 317 | ||||
Selling, general and administrative expenses | 172 | 407 | 573 | 818 | ||||
Amortization of intangibles | 66 | 207 | 267 | 415 | ||||
Restructuring and asset related charges - net | 72 | 44 | 115 | 84 | ||||
Integration and separation costs | 89 | 67 | 253 | 123 | ||||
Goodwill impairment charge | 1,102 | 0 | 1,102 | 0 | ||||
Other (expense) income - net | (82) | 68 | 38 | 135 | ||||
(Loss) income from discontinued operations before income taxes | (1,237) | 535 | (798) | 1,002 | ||||
Provision for income taxes on discontinued operations | 6 | 268 | 104 | 443 | ||||
(Loss) income from discontinued operations after income taxes | (1,243) | 267 | (902) | 559 | ||||
Equity Method Investment, Other than Temporary Impairment | 63 | 63 | ||||||
Depreciation | 65 | 215 | 281 | 428 | ||||
Capital expenditures | 58 | 169 | 481 | 413 | ||||
Cash and cash equivalents | 1,799 | 1,799 | 2,199 | |||||
Marketable securities | 325 | 325 | 29 | |||||
Accounts and notes receivable - net | 2,605 | 2,605 | 2,441 | |||||
Inventories | 3,376 | 3,376 | 3,452 | |||||
Other current assets | 268 | 268 | 242 | |||||
Assets of discontinued operations - current | 8,373 | 8,373 | 8,363 | |||||
Investments in nonconsolidated affiliates | 1,216 | 1,216 | 1,185 | |||||
Property, plant and equipment - net | 7,930 | 7,930 | 8,138 | |||||
Goodwill | 28,645 | 28,645 | 28,250 | |||||
Other intangible assets | 13,546 | 13,546 | 13,037 | |||||
Deferred income taxes | 251 | 251 | 122 | |||||
Other assets | 240 | 240 | 191 | |||||
Assets of discontinued operations - non-current | 51,828 | 51,828 | 50,923 | |||||
Total assets of discontinued operations | 60,201 | 60,201 | 59,286 | |||||
Short-term borrowings and finance lease obligations | 4 | 4 | 15 | |||||
Accounts payable | 1,766 | 1,766 | 1,983 | |||||
Income taxes payable | 33 | 33 | 33 | |||||
Accrued and other current liabilities | 754 | 754 | 884 | |||||
Liabilities of discontinued operations - current | 2,557 | 2,557 | 2,915 | |||||
Deferred Income tax liabilities | 3,945 | 3,945 | 3,624 | |||||
Pension and other post employment benefits - noncurrent | 1,043 | 1,043 | 1,125 | |||||
Other noncurrent obligations | 290 | 290 | 262 | |||||
Long-Term Debt | 12 | 12 | 29 | |||||
Liabilities of discontinued operations - non-current | 5,290 | 5,290 | 5,040 | |||||
Total liabilities of discontinued operations | $ 7,847 | $ 7,847 | $ 7,955 | |||||
Industrial Biosciences [Member] | Specialty Products Disposal [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Goodwill impairment charge | 1,102 | 1,102 | ||||||
Other noncurrent obligations | DuPont de Nemours [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Indemnified Liabilities | 71 | 71 | ||||||
Other noncurrent obligations | Dow [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Indemnified Liabilities | 109 | 109 | ||||||
Other Assets [Member] | DuPont de Nemours [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Indemnification Assets | 58 | 58 | ||||||
Other Assets [Member] | Dow [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Indemnification Assets | 27 | 27 | ||||||
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 | 18 | 18 | ||||||
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 | 70 | 70 | ||||||
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 | 68 | 68 | ||||||
Accounts and Notes Receivable [Member] | Dow [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Indemnification Assets | $ 41 | $ 41 | ||||||
[1] | Includes adjustments for discontinued operations and common control business combination. | |||||||
[2] | See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations. |
Divestitures and Other Transa_5
Divestitures and Other Transactions Divestitures and Other Transactions - Integration and Separation Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Integration and Separation Costs | $ 330 | $ 249 | $ 542 | $ 444 |
Divestitures and Other Transa_6
Divestitures and Other Transactions Divestitures and Other Transactions - Divested Ag Business Results of Operations (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill impairment charge | $ 0 | $ 1,102 | |||
(Loss) income from discontinued operations after income taxes | $ 1,077 | $ (323) | 717 | $ (674) | |
Specialty Products Disposal [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill impairment charge | 1,102 | 0 | 1,102 | 0 | |
(Loss) income from discontinued operations before income taxes | (1,237) | 535 | (798) | 1,002 | |
(Loss) income from discontinued operations after income taxes | 1,243 | $ (267) | 902 | (559) | |
Equity Method Investment, Other than Temporary Impairment | 63 | 63 | |||
Divested Ag Business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Loss) income from discontinued operations before income taxes | (10) | ||||
(Loss) income from discontinued operations after income taxes | 80 | 80 | $ 5 | ||
Other discontinued operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
(Loss) income from discontinued operations after income taxes | 86 | 86 | |||
Industrial Biosciences [Member] | Specialty Products Disposal [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill impairment charge | $ 1,102 | $ 1,102 |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | $ 104 | $ 102 | $ 99 |
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 | 6 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | ||||
Accounts and notes receivable - trade | [1] | $ 6,102 | $ 3,843 | $ 5,886 |
Contract assets - current | [2] | 19 | 18 | 17 |
Contract assets - noncurrent | [3] | 48 | 46 | 44 |
Deferred revenue recognized during the period | 1,895 | |||
Accrued and Other Current Liabilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | [4] | 583 | 2,209 | 431 |
Other noncurrent obligations | ||||
Disaggregation of Revenue [Line Items] | ||||
Deferred Revenue | [5] | $ 118 | $ 150 | $ 121 |
[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 | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | |||||
Net Sales | $ 5,556 | $ 3,396 | $ 5,731 | $ 8,952 | $ 9,525 |
Seed [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 3,699 | 3,864 | 5,666 | 6,165 | |
Seed [Member] | Corn [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 2,309 | 2,248 | 3,777 | 3,945 | |
Seed [Member] | Soybean [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 998 | 1,214 | 1,129 | 1,395 | |
Seed [Member] | Other oilseeds [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 200 | 194 | 425 | 457 | |
Seed [Member] | Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 192 | 208 | 335 | 368 | |
Crop Protection [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 1,857 | 1,867 | 3,286 | 3,360 | |
Crop Protection [Member] | Other [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 52 | 82 | 113 | 105 | |
Crop Protection [Member] | Herbicides [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 1,044 | 1,068 | 1,815 | 1,931 | |
Crop Protection [Member] | Insecticides [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | 459 | 448 | 836 | 777 | |
Crop Protection [Member] | Fungicides [Member] | |||||
Disaggregation of Revenue [Line Items] | |||||
Net Sales | $ 302 | $ 269 | $ 522 | $ 547 |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geography (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | $ 5,556 | $ 3,396 | $ 5,731 | $ 8,952 | $ 9,525 | |
Crop Protection [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 1,857 | 1,867 | 3,286 | 3,360 | ||
Crop Protection [Member] | North America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | [1] | 686 | 847 | 1,165 | 1,419 | |
Crop Protection [Member] | EMEA | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | [2] | 393 | 420 | 953 | 994 | |
Crop Protection [Member] | Asia Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 312 | 284 | 515 | 466 | ||
Crop Protection [Member] | Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 466 | 316 | 653 | 481 | ||
Seed [Member] | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 3,699 | 3,864 | 5,666 | 6,165 | ||
Seed [Member] | North America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | [1] | 3,099 | 3,279 | 4,012 | 4,478 | |
Seed [Member] | EMEA | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | [2] | 274 | 267 | 1,078 | 1,089 | |
Seed [Member] | Asia Pacific | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | 139 | 147 | 211 | 220 | ||
Seed [Member] | Latin America | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Net Sales | $ 187 | $ 171 | $ 365 | $ 378 | ||
[1] | Represents U.S. & Canada. | |||||
[2] | Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges DowDuPont Agriculture Division Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 7 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | $ 60 | $ 101 | $ 121 | $ 231 | ||
DowDuPont Agriculture Division Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | (1) | $ 83 | ||||
Restructuring Reserve | 43 | 43 | 43 | $ 77 | ||
Payments for Restructuring | (24) | |||||
Asset write-offs and adjustments | (3) | |||||
Separation Related Transaction Costs | (6) | |||||
Employee Severance [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | (4) | 74 | ||||
Restructuring Reserve | 43 | 43 | 43 | 77 | ||
Payments for Restructuring | (24) | |||||
Asset write-offs and adjustments | 0 | |||||
Separation Related Transaction Costs | (6) | |||||
Asset Related Charges [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | 3 | 9 | ||||
Restructuring Reserve | 0 | 0 | $ 0 | $ 0 | ||
Payments for Restructuring | 0 | |||||
Asset write-offs and adjustments | (3) | |||||
Separation Related Transaction Costs | 0 | |||||
Seed [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | (49) | (37) | (76) | (83) | ||
Seed [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | 3 | |||||
Crop Protection [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | (2) | (25) | (12) | |||
Crop Protection [Member] | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | (4) | |||||
Corporate | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | $ (9) | $ (64) | (20) | $ (136) | ||
Corporate | DowDuPont Agriculture Division Restructuring Program [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring and Asset Related Charges - Net | $ 0 |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 22 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Asset Related Charges - Net | $ 60 | $ 101 | $ 121 | $ 231 | |
DowDuPont Cost Synergy Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 215 | ||||
Restructuring and Asset Related Charges - Net | 60 | 101 | 122 | 231 | $ 874 |
Payments for Restructuring | (140) | ||||
Asset write-offs and adjustments | (38) | ||||
Restructuring Reserve, Ending Balance | 159 | 159 | 159 | ||
Employee Severance [Member] | DowDuPont Cost Synergy Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 154 | ||||
Restructuring and Asset Related Charges - Net | 0 | 64 | 14 | 137 | 340 |
Payments for Restructuring | (60) | ||||
Asset write-offs and adjustments | 0 | ||||
Restructuring Reserve, Ending Balance | 108 | 108 | 108 | ||
Contract Termination Charges | DowDuPont Cost Synergy Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 61 | ||||
Restructuring and Asset Related Charges - Net | 49 | 23 | 69 | 37 | 193 |
Payments for Restructuring | (79) | ||||
Asset write-offs and adjustments | 0 | ||||
Restructuring Reserve, Ending Balance | 51 | 51 | 51 | ||
Asset Related Charges [Member] | DowDuPont Cost Synergy Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve, Beginning Balance | 0 | ||||
Restructuring and Asset Related Charges - Net | 11 | 14 | 39 | 57 | 341 |
Payments for Restructuring | (1) | ||||
Asset write-offs and adjustments | (38) | ||||
Restructuring Reserve, Ending Balance | 0 | 0 | $ 0 | ||
Seed [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Asset Related Charges - Net | (49) | (37) | (76) | (83) | |
Seed [Member] | DowDuPont Cost Synergy Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Asset Related Charges - Net | 49 | 37 | 73 | 83 | |
Crop Protection [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Asset Related Charges - Net | (2) | (25) | (12) | ||
Crop Protection [Member] | DowDuPont Cost Synergy Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Asset Related Charges - Net | 2 | 0 | 29 | 12 | |
Corporate | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Asset Related Charges - Net | (9) | (64) | (20) | (136) | |
Corporate | DowDuPont Cost Synergy Program [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring and Asset Related Charges - Net | $ 9 | $ 64 | $ 20 | $ 136 |
Related Party Transactions Dow
Related Party Transactions Dow Intercompany Balances (Details) - Dow [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Jun. 30, 2018 |
Related Party Transaction [Line Items] | ||
Accounts Receivable, Related Parties, Current | $ 1 | $ 1 |
Accounts Payable, Related Parties | $ 110 | $ 138 |
Related Party Transactions Do_2
Related Party Transactions Dow Intercompany Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2018 | |
Dow [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 42 | $ 38 | $ 71 |
Related Party Transactions Tran
Related Party Transactions Transactions with DowDuPont (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Nov. 02, 2017 | |
Related Party Transaction [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 4,000 | ||||||
Payments of Distributions to Affiliates | $ 317 | $ 828 | $ 830 | $ 317 | $ 1,658 | ||
DowDuPont [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payments of Distributions to Affiliates | $ 317 | 1,658 | |||||
Accounts Payable, Related Parties | $ 391 | $ 391 | $ 103 |
Supplementary Information Other
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |||
Interest income | $ 17 | $ 24 | $ 33 | $ 51 | ||
Equity in (losses) earnings of affiliates - net | (5) | 2 | (5) | 1 | ||
Net gain (loss) on sales of businesses and other assets | 2 | 32 | (11) | 34 | ||
Net exchange losses | (32) | (1) | (59) | (116) | [1] | |
Non-operating pension and other post employment benefit credit | [2] | 46 | 70 | 97 | 137 | |
Miscellaneous (expenses) and income - net | [3] | (28) | 1 | (24) | 4 | |
Other income - net | 0 | 128 | 31 | 111 | ||
Hedging Program [Member] | ||||||
Net exchange losses | (49) | 177 | (66) | (4) | [4] | |
EID [Member] | ||||||
Other income - net | $ 0 | $ 128 | $ 31 | 111 | ||
Tax Reform Foreign Currency Exchange Impact [Member] | EID [Member] | Hedging Program [Member] | ||||||
Net exchange losses | $ (50) | |||||
[1] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | |||||
[2] | ncludes non-service related components of net periodic benefit credits (costs) (interest cost, expected return on plan assets, amortization of unrecognized (gain) loss, amortization of prior service benefit and curtailment/settlement gain). | |||||
[3] | Miscellaneous (expenses) income - net, losses related to loss on sale of receivables, and other items. | |||||
[4] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Exchange losses - net | $ (32) | $ (1) | $ (59) | $ (116) | [1] |
Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | 18 | (44) | 12 | 26 | |
Foreign Currency Transaction Gain (Loss) After Tax | (14) | (45) | (47) | (90) | |
Subsidiary Monetary Position | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Exchange losses - net | 17 | (178) | 7 | (112) | |
Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | 7 | (3) | (3) | 25 | |
Foreign Currency Transaction Gain (Loss) After Tax | 24 | (181) | 4 | (87) | |
Hedging Program [Member] | |||||
Foreign Currency Exchange Gain (Loss) [Line Items] | |||||
Exchange losses - net | (49) | 177 | (66) | (4) | [2] |
Foreign Currency Transaction Gain (Loss) Tax (Expense) Benefit | 11 | (41) | 15 | 1 | |
Foreign Currency Transaction Gain (Loss) After Tax | $ (38) | $ 136 | $ (51) | $ (3) | |
[1] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | ||||
[2] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Cash and cash equivalents | $ 2,077 | $ 2,270 | $ 2,696 | ||||
Restricted Cash | 319 | ||||||
Cash, Cash Equivalents, and Restricted Cash - Continuing Operations | 2,513 | [1] | 5,024 | 5,011 | [1] | $ 7,914 | |
Cash and cash equivalents of discontinued operations | 0 | 2,254 | 1,799 | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | 2,513 | 5,024 | 5,011 | ||||
Other Current Assets [Member] | |||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Restricted Cash | 436 | 460 | 471 | ||||
Restricted cash of discontinued operations | 0 | 40 | [2] | 45 | [2] | ||
Continuing Operations [Member] | |||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Cash, Cash Equivalents, and Restricted Cash - Continuing Operations | $ 2,513 | $ 2,730 | $ 3,167 | ||||
[1] | See page 26 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. | ||||||
[2] | Amount included within other current assets. Refer to Note 5 - Divestitures and Other Transactions, for additional information. |
Income Taxes Income Tax Narrati
Income Taxes Income Tax Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Loss Carryforwards [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Expense | $ 7 | $ 55 | ||
Tax Cuts and Jobs Act of 2017, Indirect Impact on Inventory, Income Tax Expense | $ 16 | |||
Tax charge related to U.S. state blended tax rate changes associated with the Business Separations | $ 114 | $ 146 | ||
Tax charge related to application of the Act's foreign tax provisions | 96 | 96 | ||
Tax benefit related to an internal legal entity restructuring associated with the Intended Business Separations | 102 | |||
Other Tax Benefit | $ 21 | $ 21 |
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 | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 483 | $ (184) | $ 375 | $ 299 | $ (63) |
Net Income Attributable to Noncontrolling Interest | 13 | 5 | 21 | 18 | |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic and Diluted | 470 | 370 | 278 | (81) | |
Income from discontinued operations after income taxes | (1,077) | 323 | (717) | 674 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 1 | (1) | 5 | 6 | |
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic | (1,078) | 324 | (722) | 668 | |
Net Income (Loss) Available to Common Stockholders, Basic and Diluted | $ (608) | $ 694 | $ (444) | $ 587 |
Earnings Per Share Earnings Per
Earnings Per Share Earnings Per Share Calculations - Basic (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Basic earnings (loss) per share of common stock from continuing operations | $ 0.63 | $ 0.49 | $ 0.37 | $ (0.11) |
Basic (loss) earnings per share of common stock from discontinued operations | $ (1.44) | $ 0.43 | $ (0.96) | $ 0.89 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (0.81) | $ 0.92 | $ (0.59) | $ 0.78 |
Earnings Per Share Earnings P_2
Earnings Per Share Earnings Per Share Calculations - Diluted (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Diluted earnings (loss) per share of common stock from continuing operations | $ 0.63 | $ 0.49 | $ 0.37 | $ (0.11) |
Diluted (loss) earnings per share of common stock from discontinued operations | $ (1.44) | $ 0.43 | $ (0.96) | $ 0.89 |
Net Income (Loss) Available to Common Stockholders, Diluted | $ (0.81) | $ 0.92 | $ (0.59) | $ 0.78 |
Earnings Per Share Share Count
Earnings Per Share Share Count Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 03, 2019 | Jun. 01, 2019 | Dec. 31, 2018 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Weighted Average Number of Shares Outstanding, Basic | [1] | 749,400,000 | 749,400,000 | 749,400,000 | 749,400,000 | |||
Dilutive effect of equity compensation plans | 600,000 | 0 | 300,000 | 0 | ||||
Weighted Average Number of Shares Outstanding, Diluted | 750,000,000 | 749,400,000 | 749,700,000 | 749,400,000 | ||||
Stock options and restricted stock units excluded from EPS | 7,800,000 | 0 | 7,800,000 | 0 | ||||
Common Stock, Shares, Issued | 748,815,000 | 748,815,000 | 748,815,000 | 748,815,000 | 748,815,000 | |||
Corteva [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||
Common Stock, Shares, Issued | 748,815,000 | |||||||
Shares in which vesting conditions were met | 600,000 | |||||||
[1] | Share amounts for the three and six months ended June 30, 2018, 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. |
Accounts and Notes Receivable_3
Accounts and Notes Receivable (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts Receivable - trade | [1] | $ 4,811 | $ 4,261 | $ 4,811 | $ 4,261 | $ 3,649 |
Notes receivable - trade | [2] | 1,291 | 1,625 | 1,291 | 1,625 | 194 |
Other | [3] | 1,332 | 1,445 | 1,332 | 1,445 | 1,417 |
Accounts and notes receivable - net | 7,434 | 7,331 | 7,434 | 7,331 | 5,260 | |
Allowance for Doubtful Accounts Receivable, Current | 152 | 80 | 152 | 80 | 127 | |
Factoring Agreement [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Trade Receivables Sold | 81 | 20 | 84 | 48 | ||
Trade Receivables, Outstanding, Element of Recourse | 87 | 57 | $ 37 | |||
Loss on Sale of Accounts Receivable | $ 36 | $ 5 | $ 37 | $ 10 | ||
[1] | Accounts receivable – trade is net of allowances of $152 million at June 30, 2019, $127 million at December 31, 2018 , and $80 million at June 30, 2018 . Allowances are equal to the estimated uncollectible amounts. That estimate is based on historical collection experience, current economic and market conditions, and review of the current status of customers' accounts. | |||||
[2] | Notes receivable – trade primarily consists of receivables for deferred payment loan programs for the sale of seed products to customers. These loans have terms of one year or less and are primarily concentrated in North America. The company maintains a rigid pre-approval process for extending credit to customers in order to manage overall risk and exposure associated with credit losses. As of June 30, 2019, December 31, 2018 , and June 30, 2018 there were no significant past due notes receivable, nor were there any significant impairments related to current loan agreements. | |||||
[3] | Other includes receivables in relation to indemnification assets, value added tax, general sales tax and other taxes. No individual group represents more than 10 percent of total receivables. |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Sep. 01, 2017 | |
Inventory [Line Items] | ||||||
Finished Products | $ 2,103 | $ 2,611 | $ 2,103 | $ 2,611 | $ 3,022 | |
Semi-finished Products | 1,373 | 1,401 | 1,373 | 1,401 | 1,821 | |
Raw Materials | 228 | 209 | 228 | 209 | 191 | |
Stores and Supplies | 214 | 141 | 214 | 141 | 276 | |
Total | 3,918 | 4,362 | 3,918 | 4,362 | $ 5,310 | |
Merger with Dow [Member] | ||||||
Inventory [Line Items] | ||||||
Business Combination, Fair Value Step Up Of Acquired Inventory | $ 2,297 | |||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | $ 52 | $ 676 | $ 257 | $ 1,315 |
Property, Plant and Equipment S
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | ||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 7,750 | $ 7,340 | $ 7,061 | |
Accumulated Depreciation | (3,207) | (2,796) | (2,598) | |
Property, plant and equipment - net | 4,543 | 4,544 | [1] | 4,463 |
Land and Land Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 463 | 468 | 508 | |
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 1,445 | $ 1,430 | 1,440 | |
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 1 year | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 25 years | |||
Machinery and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 5,214 | $ 4,863 | 4,759 | |
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 1 year | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 25 years | |||
Construction in Progress [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 628 | $ 579 | $ 354 | |
Land Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 1 year | |||
Land Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 25 years | |||
Computer Software, Intangible Asset [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 1 year | |||
Computer Software, Intangible Asset [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 8 years | |||
[1] | Includes adjustments for discontinued operations and common control business combination. |
Property, Plant and Equipment D
Property, Plant and Equipment Depreciation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 114 | $ 130 | $ 271 | $ 256 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill by Segment (Details) - USD ($) $ in Millions | 1 Months Ended | 5 Months Ended | |||
Jun. 30, 2019 | May 31, 2019 | Dec. 31, 2018 | |||
Goodwill [Line Items] | |||||
Goodwill Beginning Balance | $ 10,179 | $ 10,193 | |||
Currency Translation Adjustment | 70 | (28) | |||
Other goodwill adjustments and acquisitions | 14 | ||||
Segment realignment | 0 | ||||
Goodwill Ending Balance | 10,249 | ||||
Agriculture [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill Beginning Balance | 0 | 10,193 | [1] | ||
Currency Translation Adjustment | 0 | (28) | |||
Other goodwill adjustments and acquisitions | [2] | 14 | |||
Segment realignment | (10,179) | ||||
Goodwill Ending Balance | 0 | ||||
Goodwill, Impaired, Accumulated Impairment Loss | $ 4,503 | ||||
Crop Protection [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill Beginning Balance | 4,726 | 0 | |||
Currency Translation Adjustment | 33 | 0 | |||
Other goodwill adjustments and acquisitions | 0 | ||||
Segment realignment | 4,726 | ||||
Goodwill Ending Balance | 4,759 | ||||
Seed [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill Beginning Balance | 5,453 | 0 | |||
Currency Translation Adjustment | 37 | 0 | |||
Other goodwill adjustments and acquisitions | 0 | ||||
Segment realignment | $ 5,453 | ||||
Goodwill Ending Balance | $ 5,490 | ||||
[1] | Net of accumulated impairment losses of $4,503 million . | ||||
[2] | Primarily consists of the acquisition of a distributor in Greece. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 4,518 | $ 4,152 | $ 4,099 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (968) | (820) | (619) | ||
Finite-Lived Intangible Assets, Net | 3,550 | 3,332 | 3,480 | ||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 8,282 | 8,723 | 8,838 | ||
Intangible Assets, Gross (Excluding Goodwill) | 12,800 | 12,875 | 12,937 | ||
Total other intangible assets | 11,832 | 12,055 | 12,318 | ||
In Process Research and Development [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 146 | [1] | 576 | 691 | |
Germplasm [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [2] | 6,265 | 6,265 | 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 | 11 | 11 | ||
Customer-Related Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,981 | 1,985 | 1,990 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (211) | (154) | (97) | ||
Finite-Lived Intangible Assets, Net | 1,770 | 1,831 | 1,893 | ||
Developed Technology Rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,467 | [1] | 974 | 924 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (297) | [1] | (163) | (97) | |
Finite-Lived Intangible Assets, Net | 1,170 | [1] | 811 | 827 | |
Trademarks and Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 166 | 180 | 180 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | (83) | (92) | (79) | ||
Finite-Lived Intangible Assets, Net | 83 | 88 | 101 | ||
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 | (159) | (111) | (64) | ||
Finite-Lived Intangible Assets, Net | 316 | 364 | 411 | ||
Other Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | [3] | 429 | 538 | 530 | |
Finite-Lived Intangible Assets, Accumulated Amortization | [3] | (218) | (300) | (282) | |
Finite-Lived Intangible Assets, Net | [3] | $ 211 | $ 238 | $ 248 | |
[1] | During the first quarter of 2019, the company announced an expanded launch of its Qrome ® corn hybrids following the receipt of regulatory approval from China. As a result, the company reclassified the amounts from indefinite-lived IPR&D to developed technology. | ||||
[2] | Germplasm is the pool of genetic source material and body of knowledge gained from the development and delivery stage of plant breeding. This intangible asset is expected to contribute to cash flows beyond the foreseeable future and there are no legal, regulatory, contractual, or other factors which limit its useful life. | ||||
[3] | Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets Future Amortization Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 113 | $ 107 | $ 214 | $ 196 |
Continuing Operations [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Pre-tax amortization expense, remainder of 2019 | 211 | 211 | ||
Pre-tax amortization expense, 2020 | 406 | 406 | ||
Pre-tax amortization expense, 2021 | 395 | 395 | ||
Pre-tax amortization expense, 2022 | 373 | 373 | ||
Pre-tax amortization expense, 2023 | 292 | 292 | ||
Pre-tax amortization expense, 2024 | $ 277 | $ 277 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Schedule of Lease Assets and Liabilities [Line Items] | |||
Guarantee Obligations | $ 164 | $ 299 | $ 179 |
Minimum [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Lessee Operating and Finance Leases, Remaining Lease Term | 1 year | ||
Maximum [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Lessee Operating and Finance Leases, Remaining Lease Term | 53 years | ||
Residual Value Guarantee [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Guarantee Obligations | $ 103 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Schedule of Lease Assets and Liabilities [Line Items] | ||
Operating Lease, Cost | $ 44 | $ 85 |
Finance Lease, Right-of-Use Asset, Amortization | (19) | 9 |
Finance Lease, Interest Expense | 0 | 1 |
Finance Lease, Cost | (19) | 10 |
Short-term Lease, Cost | 2 | 6 |
Variable Lease, Cost | 2 | 5 |
Lease, Cost | $ 29 | $ 106 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information Related to Leases (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Operating cash outflows from operating leases | $ 90 |
Operating cash outflows from finance leases | 1 |
Financing cash outflows from finance leases | $ 8 |
Leases Schedule of Lease Assets
Leases Schedule of Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Schedule of Lease Assets and Liabilities [Line Items] | ||||
Operating Lease, Right-of-Use Asset | [1] | $ 553 | ||
Operating Lease, Liability, Current | [2] | 152 | ||
Operating Lease, Liability, Noncurrent | [3] | 428 | ||
Operating Lease, Liability | 580 | |||
Finance Lease, Right-of-Use Asset, Gross | 28 | |||
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation | (9) | |||
Finance Lease, Liability, Current | 18 | $ 25 | $ 6 | |
Finance Lease, Liability | 24 | |||
Property, Plant and Equipment [Member] | ||||
Schedule of Lease Assets and Liabilities [Line Items] | ||||
Finance Lease, Right-of-Use Asset | 19 | |||
Short-term Debt [Member] | ||||
Schedule of Lease Assets and Liabilities [Line Items] | ||||
Finance Lease, Liability, Current | 18 | |||
Long-term Debt [Member] | ||||
Schedule of Lease Assets and Liabilities [Line Items] | ||||
Finance Lease, Liability, Noncurrent | $ 6 | |||
[1] | Included in other assets in the interim Condensed Consolidated Balance Sheet. | |||
[2] | Included in accrued and other current liabilities in the interim Condensed Consolidated Balance Sheet. | |||
[3] | Included in other noncurrent obligations in the interim Condensed Consolidated Balance Sheet. |
Leases Lease Term, Discount Rat
Leases Lease Term, Discount Rate, and Other Lease Information (Details) | Jun. 30, 2019 |
Schedule of Lease Assets and Liabilities [Line Items] | |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 3 months 21 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 6 months 14 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.55% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.26% |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) $ in Millions | Jun. 30, 2019USD ($) |
Schedule of Lease Assets and Liabilities [Line Items] | |
Operating Lease, Remainder of Fiscal Year | $ 95 |
Finance Lease, Remainder of Fiscal Year | 9 |
Operating Lease, Year Two | 136 |
Finance Lease, Year Two | 10 |
Operating Lease, Year Three | 107 |
Finance Lease, Year Three | 2 |
Operating Lease, Year Four | 80 |
Finance Lease, Year Four | 1 |
Operating Lease, Year Five | 60 |
Finance Lease, Year Five | 1 |
Operating Lease, Year Six and Thereafter | 177 |
Finance Lease, Year Six and Thereafter | 2 |
Operating Lease, Total Lease Payments | 655 |
Finance Lease, Total Lease Payments | 25 |
Operating Lease, Interest | 75 |
Finance Lease, Interest | 1 |
Operating Lease, Liability | 580 |
Finance Lease, Liability | $ 24 |
Leases Lease Commitments (Detai
Leases Lease Commitments (Details) $ in Millions | Dec. 31, 2018USD ($) | [1] |
Leases [Abstract] | ||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 169 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 99 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 72 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 56 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 38 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 78 | |
Operating Leases, Future Minimum Payments Due | $ 512 | |
[1] | Includes adjustments for discontinued operations and common control business combination. |
Short-Term Borrowings, Long-T_3
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Short-term borrowings and finance lease obligations (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Feb. 13, 2018 | |
Short-term Debt [Line Items] | |||||
Long-term Debt, Current Maturities | $ 2 | $ 263 | $ 1,765 | ||
Finance Lease, Liability, Current | 18 | 25 | 6 | ||
Short-term borrowings and finance lease obligations | 2,058 | 2,154 | [1] | 3,715 | |
Commercial Paper [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term borrowings and finance lease obligations | 1,107 | 1,847 | 737 | ||
Other loans - various currencies [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term borrowings and finance lease obligations | 154 | 19 | 57 | ||
Repurchase Agreements [Member] | Securities Sold under Agreements to Repurchase [Member] | |||||
Short-term Debt [Line Items] | |||||
Short-term borrowings and finance lease obligations | $ 777 | $ 0 | $ 1,150 | $ 1,300 | |
[1] | Includes adjustments for discontinued operations and common control business combination. |
Short-Term Borrowings, Long-T_4
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Long-term debt (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 22, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | ||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 1,530 | |||||
Finance lease obligations | $ 6 | $ 67 | $ 9 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 0 | 2 | 3 | |||
Long-term Debt, Current Maturities | 2 | 263 | 1,765 | |||
Long-term Debt | 117 | 5,784 | [1] | 9,736 | ||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [2] | $ 0 | $ 0 | $ 1,252 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | [2] | 0.00% | 0.00% | 1.59% | ||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [2] | $ 0 | $ 263 | $ 512 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | [2] | 0.00% | 2.23% | 2.23% | ||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [2] | $ 0 | $ 2,496 | $ 3,054 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | [2] | 0.00% | 2.14% | 1.79% | ||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [2] | $ 0 | $ 475 | $ 1,568 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | [2] | 0.00% | 2.08% | 2.07% | ||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [2] | $ 0 | $ 386 | $ 1,268 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | [2] | 0.00% | 2.48% | 2.48% | ||
Loans Payable [Member] | Promissory Notes and Debentures, Final Maturity 2024 and Thereafter | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [2] | $ 0 | $ 249 | $ 2,216 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | [2] | 0.00% | 3.69% | 3.80% | ||
Loans Payable [Member] | Term Loan Facility due 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | [3] | $ 0 | $ 2,000 | $ 1,500 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | [3] | 0.00% | 3.46% | 3.00% | ||
Loans Payable [Member] | Foreign Currency Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 3 | $ 3 | $ 15 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | ||||||
Medium-term Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 110 | $ 110 | $ 110 | |||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 2.17% | 2.37% | 1.22% | |||
[1] | Includes adjustments for discontinued operations and common control business combination. | |||||
[2] | See discussion of debt redemptions/repayments that follows. | |||||
[3] | The Term Loan Facility was amended in 2018 to extend the maturity date to June 2020 and the facility was repaid and terminated in May 2019. |
Short-Term Borrowings, Long-T_5
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Narrative (Details) $ in Millions | 36 Months Ended | 60 Months Ended | |||||||||
Nov. 13, 2021 | Nov. 13, 2023 | Jun. 30, 2019USD ($) | May 17, 2019USD ($) | May 02, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 13, 2018USD ($) | Jun. 30, 2018USD ($) | Feb. 13, 2018USD ($) | Mar. 22, 2016USD ($) | ||
Short-term Debt [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,300 | ||||||||||
Revolving Credit Facilities due 2024 [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | |||||||||
Revolving Credit Facilities due 2022 [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 | |||||||||
Revolving Credit Facilities due 2022 [Member] | Scenario, Forecast [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Debt Instrument, Term | 3 years | 5 years | |||||||||
Securities Sold under Agreements to Repurchase [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Ratio of Indebtedness to Net Capital | 0.60 | ||||||||||
Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300 | ||||||||||
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% | ||||||||||
Interest rate in addition to LIBOR | 0.75% | ||||||||||
Short-term borrowings and finance lease obligations | 777 | $ 0 | $ 1,150 | $ 1,300 | |||||||
Accounts and Notes Receivable [Member] | Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Line of Credit Facility, amount pledged as collateral | 817 | ||||||||||
Fair Value, Inputs, Level 2 [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Long-term Debt, Fair Value | $ 117 | $ 5,775 | $ 9,425 | ||||||||
Senior Note Floating Rate Due 2020 [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 750 | ||||||||||
Term Loan Facility due 2020 [Member] | |||||||||||
Short-term Debt [Line Items] | |||||||||||
Long-term Line of Credit | [1] | $ 3,000 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | [1] | $ 4,500 | |||||||||
[1] | The Term Loan Facility was amended in 2018 to extend the maturity date to June 2020 and the facility was repaid and terminated in May 2019. |
Short-Term Borrowings, Long-T_6
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Available Credit Facilities (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Nov. 13, 2018 |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,300 | |
Line of Credit Facility, Remaining Borrowing Capacity | 6,494 | |
Revolving Credit Facilities due 2024 [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 2,971 | |
Revolving Credit Facilities due 2022 [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | $ 3,000 |
Line of Credit Facility, Remaining Borrowing Capacity | 3,000 | |
Securities Sold under Agreements to Repurchase [Member] | Repurchase Agreements [Member] | ||
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 1,300 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 523 |
Short-Term Borrowings, Long-T_7
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt Redemptions/Repayments (Details) - USD ($) $ in Millions | May 02, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | May 17, 2019 | Mar. 22, 2019 | Dec. 11, 2018 | Jul. 01, 2018 | Mar. 22, 2016 | |
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Repurchase Amount | $ 6,200 | ||||||||||
Debt Securities | $ 4,400 | ||||||||||
Long-term Debt, Gross | $ 1,530 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,300 | $ 7,300 | |||||||||
Repayments of Long-term Debt, including breakage fees and all applicable accrued and unpaid interest | $ 4,600 | ||||||||||
Loss on early extinguishment of debt | $ 13 | $ 0 | $ 13 | $ 0 | |||||||
Senior Subordinated Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Transition Bond | $ 1,250 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||||||||||
Senior Note 2.20 Percent Due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.20% | ||||||||||
Debt Instrument, Face Amount | $ 1,250 | ||||||||||
4.625% Notes due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | ||||||||||
Long-term Debt, Gross | $ 474 | ||||||||||
3.625% Notes due 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | ||||||||||
Long-term Debt, Gross | $ 296 | ||||||||||
4.250% Notes due 2021 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||
Long-term Debt, Gross | $ 163 | ||||||||||
2.800% Notes due 2023 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | ||||||||||
Long-term Debt, Gross | $ 381 | ||||||||||
6.500% Debentures due 2028 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | ||||||||||
Long-term Debt, Gross | $ 57 | ||||||||||
5.600% Senior Notes due 2036 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | ||||||||||
Long-term Debt, Gross | $ 42 | ||||||||||
4.900% Notes due 2041 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | ||||||||||
Long-term Debt, Gross | $ 48 | ||||||||||
4.150% Notes due 2043 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | ||||||||||
Long-term Debt, Gross | $ 69 | ||||||||||
Senior Note Floating Rate Due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | 750 | ||||||||||
SMR notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Repurchase Amount | $ 2,000 | ||||||||||
Term Loan Facility due 2020 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | [1] | $ 4,500 | |||||||||
Long-term Line of Credit | [1] | $ 3,000 | |||||||||
[1] | The Term Loan Facility was amended in 2018 to extend the maturity date to June 2020 and the facility was repaid and terminated in May 2019. |
Short-Term Borrowings, Long-T_8
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Uncommitted Credit Facilities and Outstanding Letters of Credit (Details) $ in Millions | Jun. 30, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Line Of Credit Facility, Remaining Borrowing Capacity, Uncommitted Amount | $ 378 |
Letters of Credit Outstanding, Amount | $ 98 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 164 | $ 299 | $ 179 |
Factoring Agreement [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | 8 | 3 | 5 |
Accounts Receivable, Net | 542 | $ 14 | $ 274 |
Current Portion [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantee Obligations | $ 161 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Litigation (Details) | Jul. 01, 2015USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2019USD ($)lawsuits | Dec. 31, 2004USD ($) | Jul. 06, 2022 | Jun. 30, 2019USD ($)lawsuits | Jan. 01, 2012 |
Loss Contingencies [Line Items] | |||||||
Document Period End Date | Jun. 30, 2019 | ||||||
Indemnification Assets | $ 200,000,000 | $ 200,000,000 | |||||
PFOA Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Accrual balance | $ 21,000,000 | 21,000,000 | |||||
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 Deposit | $ 1,000,000 | ||||||
Firefighting Foam [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 15 | 15 | |||||
PFOA Matters: Multi-District Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Additional annual PFOA liabilities for the next five years paid by DuPont | $ 25,000,000 | $ 25,000,000 | |||||
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 | ||||||
Loss Contingency, Limited Sharing of Potential Future Liabilities, Period | 5 years | ||||||
WEST VIRGINIA AND OHIO [Domain] | PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 57 | 57 | |||||
NEW YORK | PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 52 | 52 | |||||
NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 2 | 2 | |||||
NEW JERSEY | Natural Resources Damages [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 4 | 4 | |||||
OHIO | PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 3 | 3 | |||||
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Number of Additional Plaintiffs | 100 | ||||||
DuPont de Nemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Amount credited to each company's threshold | $ 150,000,000 | $ 150,000,000 | |||||
Chemours [Member] | PFOA Matters | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification Assets | 21,000,000 | 21,000,000 | |||||
Chemours [Member] | PFOA Matters: Multi-District Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Additional annual PFOA liabilities for the next five years paid by Chemours | 25,000,000 | 25,000,000 | |||||
Other noncurrent obligations | DuPont de Nemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnified Liabilities | 71,000,000 | 71,000,000 | |||||
Other noncurrent obligations | Dow [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnified Liabilities | 109,000,000 | 109,000,000 | |||||
Other noncurrent obligations | Chemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnified Liabilities | 289,000,000 | 289,000,000 | |||||
Accounts and Notes Receivable [Member] | DuPont de Nemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification Assets | 68,000,000 | 68,000,000 | |||||
Accounts and Notes Receivable [Member] | Dow [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification Assets | 41,000,000 | 41,000,000 | |||||
Accounts and Notes Receivable [Member] | Chemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification Assets | 68,000,000 | 68,000,000 | |||||
Other Assets [Member] | DuPont de Nemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification Assets | 58,000,000 | 58,000,000 | |||||
Other Assets [Member] | Dow [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification Assets | 27,000,000 | 27,000,000 | |||||
Other Assets [Member] | Chemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnification Assets | 289,000,000 | 289,000,000 | |||||
Accrued and Other Current Liabilities [Member] | DuPont de Nemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnified Liabilities | 18,000,000 | 18,000,000 | |||||
Accrued and Other Current Liabilities [Member] | Dow [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnified Liabilities | 70,000,000 | 70,000,000 | |||||
Accrued and Other Current Liabilities [Member] | Chemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Indemnified Liabilities | $ 68,000,000 | $ 68,000,000 | |||||
Not part of MDL or filed on behalf of Leach class members [Member] | PFOA Matters: Drinking Water Actions [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Loss Contingency, Pending Claims, Number | 3 | 3 | |||||
Corteva [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability sharing percentage | 29.00% | 29.00% | |||||
Corteva [Member] | DuPont de Nemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability threshold | $ 200,000,000 | $ 200,000,000 | |||||
Corteva [Member] | PFAS [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability sharing percentage | 50.00% | 50.00% | |||||
DuPont de Nemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability sharing percentage | 71.00% | 71.00% | |||||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability threshold | $ 200,000,000 | $ 200,000,000 | |||||
DuPont de Nemours [Member] | PFAS [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability sharing percentage | 50.00% | 50.00% | |||||
Chemours [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Proceeds from Dividends Received | $ 3,910,000,000 | ||||||
Minimum [Member] | PFAS [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability threshold | $ 1 | $ 1 | |||||
Minimum [Member] | PFAS [Member] | Once $300 million threshold is met [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability threshold | 1,000,000 | 1,000,000 | |||||
Maximum [Member] | PFAS [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Stray liability threshold | $ 300,000,000 | $ 300,000,000 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities Environmental (Details) $ in Millions | Jun. 30, 2019USD ($) | |
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | $ 357 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 725 | |
Indemnification Assets | 200 | |
Superfund Sites [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 49 | |
Chemours [Member] | Indemnification Agreement [Member] | Superfund Sites [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification Assets | 30 | |
Chemours related obligation subject to indemnification [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 169 | [1],[2] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 380 | |
Indemnification Assets | 169 | |
Discontinued Operations [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 100 | [1] |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 228 | |
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 | 31 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 63 | |
Indemnification Assets | 31 | |
Not subject to indemnification [Member] | ||
Loss Contingencies [Line Items] | ||
Accrual for Environmental Loss Contingencies | 57 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | 54 | |
Indemnification Assets | 0 | |
DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||
Loss Contingencies [Line Items] | ||
Stray liability threshold | $ 200 | |
[1] | Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page 38, under Corteva Separation Agreement. | |
[2] | The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities Performance Chemicals (Details) $ in Millions | Jun. 30, 2019USD ($) |
Loss Contingencies [Line Items] | |
Indemnification Assets | $ 200 |
Chemours [Member] | Accounts and Notes Receivable [Member] | |
Loss Contingencies [Line Items] | |
Indemnification Assets | 68 |
Chemours [Member] | Other Assets [Member] | |
Loss Contingencies [Line Items] | |
Indemnification Assets | 289 |
Chemours [Member] | Accrued and Other Current Liabilities [Member] | |
Loss Contingencies [Line Items] | |
Indemnified Liabilities | 68 |
Chemours [Member] | Other noncurrent obligations | |
Loss Contingencies [Line Items] | |
Indemnified Liabilities | $ 289 |
Stockholders' Equity Common Sto
Stockholders' Equity Common Stock (Details) - $ / shares | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 26, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Class of Stock [Line Items] | ||||
Common Stock, Shares Authorized | 1,666,666,667 | 1,666,666,667 | 1,666,666,667 | |
Common Stock, Par Value | $ 0.01 | $ 0.01 | $ 0.01 | |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,000,000,000 | |||
Common Stock, Shares, Issued | 748,815,000 | 748,815,000 | 748,815,000 | |
Document Period End Date | Jun. 30, 2019 |
Stockholders' Equity Preferred
Stockholders' Equity Preferred Stock (Details) - EID [Member] - shares | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
$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 |
$3.50 Series Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 | 700,000 |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | $ 75,074 | $ 75,153 | $ 80,226 | $ 79,593 | $ 75,153 | $ 79,593 | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 6 | (6) | 12 | (7) | |||
Other comprehensive income (loss) | (155) | (74) | (2,015) | 1,007 | (229) | (1,008) | |
Ending Balance | 26,143 | 75,074 | 77,703 | 80,226 | 26,143 | 77,703 | |
Pension Plan | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (620) | 95 | (620) | 95 | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 6 | 10 | |||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 2 | (2) | |||||
Other comprehensive income (loss) | 8 | 8 | |||||
Ending Balance | (511) | 103 | (511) | 103 | |||
Other Benefit Plans | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | 79 | (53) | 79 | (53) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (85) | 0 | |||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (1) | 0 | |||||
Other comprehensive income (loss) | (86) | 0 | |||||
Ending Balance | (7) | (53) | (7) | (53) | |||
Cumulative Translation Adjustment | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (2,793) | (1,217) | (2,793) | (1,217) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | (174) | (1,011) | ||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 0 | 0 | |||||
Other comprehensive income (loss) | (174) | (1,011) | |||||
Ending Balance | (1,854) | (2,228) | (1,854) | (2,228) | |||
Derivative Instruments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (26) | (2) | (26) | (2) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 12 | 0 | |||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 11 | (5) | |||||
Other comprehensive income (loss) | 23 | (5) | |||||
Ending Balance | (3) | (7) | (3) | (7) | |||
Total | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (3,434) | (3,360) | (170) | (1,177) | (3,360) | (1,177) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (241) | (1,001) | |||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 12 | (7) | |||||
Other comprehensive income (loss) | (155) | (74) | (2,015) | 1,007 | (229) | (1,008) | |
Ending Balance | $ (2,375) | $ (3,434) | $ (2,185) | $ (170) | (2,375) | $ (2,185) | |
Internal Reorganization [Member] | Other Benefit Plans | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Comprehensive Income, Other, Net of Tax | 0 | ||||||
Internal Reorganization [Member] | Cumulative Translation Adjustment | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Comprehensive Income, Other, Net of Tax | 1,113 | ||||||
Internal Reorganization [Member] | Comprehensive Income [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Comprehensive Income, Other, Net of Tax | 1,214 | ||||||
Internal Reorganization [Member] | Derivative [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Comprehensive Income, Other, Net of Tax | 0 | ||||||
Internal Reorganization [Member] | Pension Plan | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Other Comprehensive Income, Other, Net of Tax | $ 101 | ||||||
[1] | The cumulative translation adjustment loss for the six months ended June 30, 2018 was primarily driven by the strengthening of the U.S. Dollar ("USD") against the European Euro ("EUR") and the Brazilian Real ("BRL"). The cumulative translation adjustment gain for the six months ended June 30, 2019 was primarily driven by the weakening of the European Euro (“EUR”) against the USD. |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 36 | $ 4 | $ 26 | $ (1) |
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | (4) | 5 | (7) | 1 |
Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | 11 | (1) | 4 | (2) |
Other Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax Benefit (Expense) | $ 29 | $ 0 | $ 29 | $ 0 |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of Goods Sold | $ 3,047 | $ 3,687 | $ 5,258 | $ 6,439 | ||
Income Tax Expense (Benefit) | 270 | (67) | 203 | (179) | ||
Loss from continuing operations after income taxes | 483 | $ (184) | 375 | 299 | (63) | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 6 | (6) | 12 | (7) | ||
Derivative Instruments | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Cost of Goods Sold | [1] | 8 | (6) | 12 | (7) | |
Income Tax Expense (Benefit) | [2] | (2) | 2 | (1) | 2 | |
Loss from continuing operations after income taxes | 6 | (4) | 11 | (5) | ||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 11 | (5) | ||||
Pension Plan | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 2 | (2) | ||||
Pension Plan | Actuarial (Gains) Losses | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [3] | 0 | (1) | 1 | (1) | |
Pension Plan | Settlement Gain | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [3] | 1 | (1) | 1 | (1) | |
Pension Plan | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | 1 | (2) | 2 | (2) | ||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | 0 | 0 | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | 1 | (2) | 2 | (2) | ||
Other Benefit Plans | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | (1) | 0 | ||||
Other Benefit Plans | Prior Service Benefit | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [3] | 0 | 0 | 0 | 0 | |
Other Benefit Plans | Actuarial (Gains) Losses | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | [3] | (1) | 0 | (1) | 0 | |
Other Benefit Plans | Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, before Tax | (1) | 0 | (1) | 0 | ||
Reclassification from Accumulated Other Comprehensive Loss, Current Period, Tax | [2] | 0 | 0 | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive (Loss) Income | $ (1) | $ 0 | $ (1) | $ 0 | ||
[1] | Cost of goods sold. | |||||
[2] | Provision for 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 20 |
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 | 6 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | May 31, 2019 | Dec. 31, 2018 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Defined Benefit Plan, Funded Status | $ 5,800 | $ 5,800 | |||||
Restricted Cash | 319 | 319 | |||||
Discount rate | 3.64% | 4.23% | |||||
Defined Benefit Plan Remeasurement Impact Underfunded Status | 114 | 114 | |||||
Pension Plan | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Service Cost | 12 | $ 36 | 32 | $ 72 | |||
Interest Cost | 199 | 190 | 407 | 381 | |||
Expected return on plan assets | (282) | (302) | (586) | (607) | |||
Amortization of unrecognized loss (gain) | 1 | (3) | 2 | (4) | |||
Curtailment/settlement (gain) loss | (1) | (4) | (1) | (4) | |||
Defined Benefit Plan, Net Periodic Benefit (Credit) Cost | (71) | (83) | (146) | (162) | |||
Other Benefit Plans | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Service Cost | 1 | 2 | 3 | 4 | |||
Interest Cost | 22 | 22 | 45 | 43 | |||
Amortization of unrecognized loss (gain) | (1) | 0 | (1) | 0 | |||
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] | (9) | (13) | (17) | (25) | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | (16) | (27) | (37) | (54) | |||
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 | (62) | (70) | (129) | (137) | |||
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 | $ 22 | $ 24 | $ 47 | $ 47 | |||
[1] | Includes non-service related components of net periodic benefit credit of $(16) million and $(37) million for the three and six months ended June 30, 2019, and $(27) million and $(54) million for the three and six months ended June 30, 2018, respectively. |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based Compensation Expense | $ 32 | $ 22 | $ 48 | $ 37 |
Income tax benefits related to stock based compensation expense | $ 6 | $ 4 | $ 10 | $ 7 |
OIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for grant | 20,000,000 | 20,000,000 |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 01, 2019 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Unrecognized pre-tax compensation expense | $ 7,000 | |||
Equity Option [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Vesting period | 3 years | |||
Employee Stock Option [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Stock options outstanding at beginning of period | 10,456 | 10,456 | 10,456 | 10,468 |
Stock options forfeited / expired | (12) | |||
Stock options outstanding at end of period | 10,456 | 10,456 | ||
Stock options exercisable at end of period | 8,293 | |||
Stock options outstanding, weighted average exercise price, beginning of period | $ 32.10 | $ 32.10 | $ 32.10 | $ 32.11 |
Stock options forfeited / expired, weighted average exercise price | 40.02 | |||
Stock options outstanding, weighted average exercise price, end of period | $ 32.10 | $ 32.10 | ||
Stock options exercisable, Weighted Average Exercise Price | $ 30.18 | |||
Stock options outstanding, weighted average remaining contractual term | 5 years 29 days | |||
Stock options exercisable, Weighted Average Remaining Contractual Term | 4 years 2 months 26 days | |||
Stock options outstanding, intrinsic value | $ 23,343 | |||
Stock options exercisable, Intrinsic Value | $ 21,315 | |||
Unrecognized pre-tax compensation expense, period for recognition | 1 year 1 month 17 days | |||
EIP [Member] | Grants between 2013 and 2015 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||
EIP [Member] | Grants between 2016 and 2018 [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Dow [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Units and Performance Deferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 01, 2019 | |
Restricted Stock Units and Performance Deferred Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested RSUs and PSUs at beginning of period | 3,834,000 | 3,834,000 | 3,834,000 | 3,757,000 |
RSUs and PSUs granted during the period | 80,000 | |||
RSUs and PSUs forfeited during the period | (3,000) | |||
Nonvested RSUs and PSUs at end of period | 3,834,000 | 3,834,000 | ||
Weighted Average Grant Date Fair Value, Nonvested RSUs and PSUs beginning of period | $ 35.34 | $ 35.34 | $ 35.34 | $ 35.56 |
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | 25.03 | |||
Weighted Average Grant Date Fair Value, RSUs and PSUs forfeited during the period | 38.78 | |||
Weighted Average Grant Date Fair Value, Nonvested RSUs and PSUs end of period | $ 35.34 | $ 35.34 | ||
Unrecognized pre-tax compensation expense - RSUs and PSUs | $ 59 | |||
Unrecognized pre-tax compensation expense, period for recognition | 1 year 8 months 1 day | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Equity award conversion ratio | 1 | |||
Award Requisite Service Period | 6 months | |||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Management [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Management [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Cash Equivalents [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | $ 1,389 | $ 1,221 | $ 1,307 |
Marketable Securities [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt Securities, Held-to-maturity | $ 6 | $ 5 | $ 49 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 76 | $ 525 | $ 145 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 1,558 | 2,057 | 3,866 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 38 | $ 9 | $ 8 |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
Additions and revaluations of derivatives designated as cash flow hedges | $ 18 | $ (15) | $ 19 | $ 1 |
After-tax net loss to be reclassified from AOCL into earnings over the next twelve months | 2 | |||
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Beginning Balance | (25) | 9 | (26) | (2) |
Additions and revaluations of derivatives designated as cash flow hedges | 16 | (12) | 12 | 0 |
Clearance of hedge results to earnings | 6 | (4) | 11 | (5) |
Ending Balance | $ (3) | $ (7) | $ (3) | $ (7) |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | $ 36 | $ 72 | $ 157 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (33) | (35) | (35) |
Derivative Asset, Net | 3 | 37 | 122 | |
Derivative Liability, Gross | 48 | 21 | 35 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (27) | (15) | 9 |
Derivative Liability, Net | 21 | 6 | 44 | |
Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 4 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 36 | 72 | 153 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (33) | (35) | (35) |
Derivative Asset, Net | 3 | 37 | 118 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Accrued and Other Current Liabilities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Liability, Gross | 48 | 21 | 35 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (27) | (15) | 9 |
Derivative Liability, Net | $ 21 | $ 6 | 44 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Other Current Assets [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Asset, Gross | 4 | |||
Derivative Asset, Counterparty and Cash Collateral Netting | 0 | |||
Derivative Asset, Net | $ 4 | |||
[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 | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Pre-Tax | $ 18 | $ (15) | $ 19 | $ 1 | |
Gain (Loss) on Derivative Instruments, Net, Pretax | (55) | 191 | (70) | 8 | |
Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Pre-Tax | 18 | (15) | 19 | 1 | |
Gain on Hedging Activity, Pre-tax | (8) | 6 | (12) | 7 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, (Loss) Gain Recognized in Other Comprehensive Income (Loss), Pre-Tax | 18 | (15) | 19 | 1 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | Cost of Goods Sold | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Gain on Hedging Activity, Pre-tax | [1],[2] | (8) | 6 | (12) | 7 |
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | (47) | 185 | (58) | 1 | |
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 | [2] | 2 | 8 | 8 | 5 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Income - net | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net, Pre-tax | [3] | $ (49) | $ 177 | $ (66) | $ (4) |
[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 9 - 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 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 36 | $ 72 | $ 157 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 48 | 21 | 35 | |
Commodity Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | 4 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Long-term Debt, Fair Value | 117 | 5,775 | 9,425 | |
Fair Value, Measurements, 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] | 1,389 | 1,221 | 1,307 |
Marketable Securities | 6 | 5 | 49 | |
Assets at Fair Value | 1,431 | 1,298 | 1,513 | |
Long-term Debt, Fair Value | [2] | 119 | 6,100 | 11,186 |
Liabilities at Fair Value | 167 | 6,121 | 11,221 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | [3] | 36 | 72 | 153 |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | [3] | $ 48 | $ 21 | $ 35 |
[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 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities , for information on fair value measurements of long-term debt. | |||
[3] | See Note 22 - 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 | 6 Months Ended | |||||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 01, 2019 | Dec. 31, 2018 | |||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 5,556 | $ 3,396 | $ 5,731 | $ 8,952 | $ 9,525 | ||||||
Segment operating EBITDA | 1,486 | 1,581 | 2,031 | 2,344 | |||||||
Segment Assets | 39,828 | 44,441 | 39,828 | 44,441 | $ 38,632 | ||||||
Goodwill | 10,249 | 14,612 | 10,249 | 14,612 | $ 10,179 | 10,193 | |||||
Seed [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 3,699 | 3,864 | 5,666 | 6,165 | |||||||
Segment operating EBITDA | 1,036 | 1,158 | 1,361 | 1,598 | |||||||
Segment Assets | 26,623 | [1],[2] | 34,703 | [1] | 26,623 | [1],[2] | 34,703 | [1] | 29,286 | ||
Goodwill | 5,490 | 5,490 | 5,453 | 0 | |||||||
Crop Protection [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 1,857 | 1,867 | 3,286 | 3,360 | |||||||
Segment operating EBITDA | 450 | 423 | 670 | 746 | |||||||
Segment Assets | 13,205 | [1],[2] | $ 9,738 | [1] | 13,205 | [1],[2] | $ 9,738 | [1] | 9,346 | ||
Goodwill | $ 4,759 | $ 4,759 | 4,726 | $ 0 | |||||||
Reallocation of goodwill [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Goodwill | $ 3,382 | ||||||||||
[1] | Segment assets at December 31, 2018 were $29,286 million and $9,346 million | ||||||||||
[2] | 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 | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Segment Reporting Information [Line Items] | ||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 483 | $ (184) | $ 375 | $ 299 | $ (63) | |
Provision for (benefit from) income taxes on continuing operations | 270 | (67) | 203 | (179) | ||
Income (loss) from continuing operations before income taxes | 753 | $ (251) | 308 | 502 | (242) | |
Depreciation and Amortization | 227 | 237 | 485 | 452 | ||
Interest income | 17 | 24 | 33 | 51 | ||
Interest Expense | 34 | 88 | 93 | 169 | ||
Exchange losses - net | (32) | (1) | (59) | (116) | [1] | |
Non-operating benefits - net | (32) | (55) | (74) | (106) | ||
Significant Items | (455) | (203) | (640) | (507) | ||
Pro forma adjustments | 0 | 786 | 298 | 1,478 | ||
Corporate Expenses | 34 | 37 | 61 | 71 | ||
Segment operating EBITDA | 1,486 | 1,581 | 2,031 | 2,344 | ||
Segment Reconciling Items [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Interest income | (17) | (24) | (33) | (51) | ||
Exchange losses - net | 32 | 1 | 59 | |||
Significant Items | 455 | 203 | 640 | 507 | ||
Hedging Program [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Exchange losses - net | $ (49) | $ 177 | $ (66) | $ (4) | [2] | |
[1] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | |||||
[2] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Segment Reporting Segment Asset
Segment Reporting Segment Asset Reconciliation (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | |
Segment Reporting [Abstract] | ||||
Segment Assets | $ 39,828 | $ 38,632 | $ 44,441 | |
Corporate Assets | 4,170 | 4,417 | 5,094 | |
Total assets of discontinued operations | [1] | 0 | 65,634 | 66,594 |
Total Assets | $ 43,998 | $ 108,683 | $ 116,129 | |
[1] | See Note 5 - 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 | 6 Months Ended | |||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||||
Segment Reporting Information [Line Items] | |||||||||
Significant Items | $ (455) | $ (203) | $ (640) | $ (507) | |||||
Restructuring and Asset Related Charges - Net | 60 | 101 | 121 | 231 | |||||
Integration and Separation Costs | 330 | 249 | 542 | 444 | |||||
Loss on early extinguishment of debt | 13 | 0 | 13 | 0 | |||||
Exchange losses - net | (32) | (1) | (59) | (116) | [1] | ||||
Seed [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Significant Items | [3] | (101) | [2] | (37) | (152) | [2],[4] | (83) | ||
Restructuring and Asset Related Charges - Net | (49) | (37) | (76) | (83) | |||||
Gain (Loss) on Disposition of Assets | (24) | ||||||||
Crop Protection [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Significant Items | (2) | [5] | 24 | [6] | (25) | [5] | 12 | [5],[6] | |
Restructuring and Asset Related Charges - Net | (2) | (25) | (12) | ||||||
Gain (Loss) on Disposition of Assets | 24 | 24 | |||||||
Corporate | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Significant Items | [8],[9] | (352) | [7] | (190) | (463) | [7] | (436) | [10] | |
Restructuring and Asset Related Charges - Net | (9) | (64) | (20) | (136) | |||||
Integration and Separation Costs | (330) | ||||||||
Integration costs | (126) | (430) | (250) | ||||||
Loss on early extinguishment of debt | (13) | (13) | |||||||
Merger with Dow [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | 52 | 676 | 257 | 1,315 | |||||
Merger with Dow [Member] | Seed [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | (52) | (52) | |||||||
Hedging Program [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exchange losses - net | $ (49) | $ 177 | $ (66) | (4) | [11] | ||||
Tax Reform Foreign Currency Exchange Impact [Member] | Hedging Program [Member] | Corporate | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Exchange losses - net | $ (50) | ||||||||
[1] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | ||||||||
[2] | Includes a charge of $(52) million included in cost of goods sold for the three and six months ended June 30, 2019 related to the amortization on the inventory that was stepped up to fair value in connection with the Merger. | ||||||||
[3] | Includes restructuring and asset related charges of $(49) million and $(76) million for the three and six months ended June 30, 2019, respectively, and $(37) million and $(83) million for the three and six months ended June 30, 2018, respectively. The charges for 2019 relate to the Synergy Program and the DowDuPont Agriculture Division Restructuring Program. The charges for 2018 related to the Synergy Program. | ||||||||
[4] | Includes a $(24) million loss recorded in other income - net for the six months ended June 30, 2019 related to Historical Dow’s sale of a joint venture related to synergy actions. | ||||||||
[5] | Includes restructuring and asset related charges of $(2) million and $(25) million for the three and six months ended June 30, 2019, respectively, and $(12) million | ||||||||
[6] | Includes a $24 million gain recorded in other income - net for the three and six months ended June 30, 2018, related to an asset sale. | ||||||||
[7] | Includes a $(13) million loss included in loss on early extinguishment of debt for the three and six months ended June 30, 2019 related to the difference between the redemption price and the par value of the Make Whole Notes and Term Loan Facility, partially offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. | ||||||||
[8] | Includes integration and separation costs of $(330) million and $(430) million for the three and six months ended June 30, 2019. Includes integration costs of $(126) million and $(250) million for the three and six months ended June 30, 2018, respectively. | ||||||||
[9] | Includes restructuring and asset related charges of $(9) million and $(20) million for the three and six months ended June 30, 2019, respectively, and $(64) million and $(136) million | ||||||||
[10] | Includes $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||
[11] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
EID - Basis of Presentation Nar
EID - Basis of Presentation Narrative (Details) | 6 Months Ended |
Jun. 30, 2019 | |
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] $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Related Party Transaction [Line Items] | ||
Long Term Debt - Related Party | $ 4,160 | $ 4,160 |
Debt, Weighted Average Interest Rate | 4.122% | 4.122% |
Interest Expense, Related Party | $ 30 | $ 30 |
Accrued and Other Current Liabilities [Member] | ||
Related Party Transaction [Line Items] | ||
Indemnified Liabilities | 88 | 88 |
Other noncurrent obligations | ||
Related Party Transaction [Line Items] | ||
Indemnified Liabilities | $ 180 | $ 180 |
EID Segment FN Segment reconcil
EID Segment FN Segment reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 483 | $ (184) | $ 375 | $ 299 | $ (63) | |||
Provision for (benefit from) income taxes on continuing operations | 270 | (67) | 203 | (179) | ||||
Income (loss) from continuing operations before income taxes | 753 | $ (251) | 308 | 502 | (242) | |||
Depreciation and Amortization | 227 | 237 | 485 | 452 | ||||
Interest income | 17 | 24 | 33 | 51 | ||||
Interest Expense | 34 | 88 | 93 | 169 | ||||
Exchange losses - net | (32) | (1) | (59) | (116) | [1] | |||
Non-operating benefits - net | (32) | (55) | (74) | (106) | ||||
Significant Items | (455) | (203) | (640) | (507) | ||||
Pro forma adjustments | 0 | 786 | 298 | 1,478 | ||||
Corporate Expenses | 34 | 37 | 61 | 71 | ||||
Segment operating EBITDA | 1,486 | 1,581 | 2,031 | 2,344 | ||||
Segment Assets | 39,828 | 44,441 | 39,828 | 44,441 | $ 38,632 | |||
Corporate Assets | 4,170 | 5,094 | 4,170 | 5,094 | 4,417 | |||
Total assets of discontinued operations | [2] | 0 | 66,594 | 0 | 66,594 | 65,634 | ||
Total Assets | 43,998 | 116,129 | 43,998 | 116,129 | 108,683 | |||
EID [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 460 | 375 | 276 | (63) | ||||
Provision for (benefit from) income taxes on continuing operations | 263 | (67) | 196 | (179) | ||||
Income (loss) from continuing operations before income taxes | 723 | 308 | 472 | (242) | ||||
Depreciation and Amortization | 227 | 237 | 485 | 452 | ||||
Interest Expense | 64 | 88 | 123 | 169 | ||||
Non-operating benefits - net | (32) | (55) | (74) | (106) | ||||
Pro forma adjustments | 0 | 786 | 298 | 1,478 | ||||
Corporate Expenses | 34 | 37 | 61 | 71 | ||||
Segment operating EBITDA | 1,486 | 1,581 | 2,031 | 2,344 | ||||
Segment Assets | 39,828 | 44,441 | 39,828 | 44,441 | 38,632 | |||
Corporate Assets | 4,177 | 5,094 | 4,177 | 5,094 | 4,417 | |||
Total assets of discontinued operations | [3] | 0 | 66,594 | 0 | 66,594 | 65,634 | ||
Total Assets | 44,005 | 116,129 | 44,005 | 116,129 | $ 108,683 | |||
Segment Reconciling Items [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest income | (17) | (24) | (33) | (51) | ||||
Exchange losses - net | 32 | 1 | 59 | |||||
Significant Items | 455 | 203 | 640 | 507 | ||||
Segment Reconciling Items [Member] | EID [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Interest income | (17) | (24) | (33) | (51) | ||||
Exchange losses - net | 32 | 1 | 59 | 66 | [4] | |||
Significant Items | 455 | 203 | 640 | 507 | ||||
Hedging Program [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Exchange losses - net | $ (49) | $ 177 | $ (66) | (4) | [5] | |||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | EID [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Exchange losses - net | $ (50) | |||||||
[1] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | |||||||
[2] | See Note 5 - Divestitures and Other Transactions for additional information on discontinued operations. | |||||||
[3] | See Note 5 - Divestitures and Other Transactions of the Corteva, Inc. interim Consolidated Financial Statements for additional information on discontinued operations. | |||||||
[4] | Excludes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as it is included within significant items. See Note 9 - Supplementary Information of the Corteva, Inc. interim Consolidated Financial Statements for additional information. | |||||||
[5] | Includes a $(50) million foreign exchange loss for the six months ended June 30, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |