DEI Document
DEI Document - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Feb. 07, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | ||||
Document Annual Report | true | |||
Document Type | 10-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2019 | |||
Entity Registrant Name | Corteva, Inc. | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Central Index Key | 0001755672 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2019 | |||
Document Fiscal Period Focus | FY | |||
Entity Well-known Seasoned Issuer | Yes | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Public Float | $ 22,100,000,000 | |||
Entity Common Stock, Shares Outstanding | 749,403,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Entity Small Business | false | |||
Entity Shell Company | false | |||
Document Transition Report | false | |||
Entity File Number | 001-38710 | |||
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 | |||
Documents Incorporated by Reference [Text Block] | Information pertaining to certain Items in Part III of this report is incorporated by reference to portions of Corteva, Inc.'s definitive 2019 Annual Meeting Proxy Statement to be filed within 120 days after the end of the year covered by this Annual Report on Form 10-K, pursuant to Regulation 14A (the Proxy). | |||
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-K | |||
Amendment Flag | false | |||
Document Period End Date | Dec. 31, 2019 | |||
Entity Registrant Name | E. I. du Pont de Nemours and Company | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Central Index Key | 0000030554 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2019 | |||
Document Fiscal Period Focus | FY | |||
Entity Well-known Seasoned Issuer | No | |||
Entity Voluntary Filers | No | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Non-accelerated Filer | |||
Entity Emerging Growth Company | false | |||
Entity Common Stock, Shares Outstanding | 200 | |||
Common Stock, Par or Stated Value Per Share | $ 0.30 | $ 0.30 | $ 0.30 | |
Entity Small Business | false | |||
Entity Shell Company | false | |||
Entity File Number | 1-815 | |||
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 | |||
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 | $4.50 Series Preferred Stock | |||
Trading Symbol | CTAPrB | |||
Security Exchange Name | NYSE |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Sales | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 |
Cost of Goods Sold | 2,915 | 3,409 | 8,575 | 9,948 |
Other Operating Charges | 195 | |||
Research and Development Expense | 484 | 591 | 1,147 | 1,355 |
Selling, General and Administrative Expense | 920 | 1,969 | 3,065 | 3,041 |
Amortization of Intangible Assets | 97 | 40 | 475 | 391 |
Restructuring and Asset Related Charges - Net | 270 | 12 | 222 | 694 |
Integration and Separation Costs | 255 | 744 | 992 | |
Goodwill Impairment Charge | 0 | 0 | 0 | 4,503 |
Other income (expense) - net | 805 | (501) | 215 | 249 |
Loss on Extinguishment of Debt | 0 | 0 | 13 | 81 |
Interest Expense | 115 | 254 | 136 | 337 |
Loss from continuing operations before income taxes | (461) | (37) | (316) | (6,806) |
Benefit from income taxes on continuing operations | (2,221) | (395) | (46) | (31) |
(Loss) income from continuing operations after income taxes | 1,760 | 358 | (270) | (6,775) |
(Loss) income from discontinued operations after income taxes | (568) | 1,403 | (671) | 1,748 |
Net (loss) income | 1,192 | 1,761 | (941) | (5,027) |
Net income attributable to noncontrolling interests | 10 | 27 | 18 | 38 |
Net (loss) income attributable to Company | $ 1,182 | $ 1,734 | $ (959) | $ (5,065) |
Basic (loss) earnings per share of common stock from continuing operations | $ 2.34 | $ 0.40 | $ (0.38) | $ (9.08) |
Basic (loss) earnings per share of common stock from discontinued operations | (0.76) | 1.60 | (0.90) | 2.32 |
Basic (loss) earnings per share of common stock | 1.58 | 2 | (1.28) | (6.76) |
Diluted (loss) earnings per share of common stock from continuing operations | 2.34 | 0.40 | (0.38) | (9.08) |
Diluted (loss) earnings per share of common stock from discontinued operations | (0.76) | 1.59 | (0.90) | 2.32 |
Diluted (loss) earnings per share of common stock | $ 1.58 | $ 1.99 | $ (1.28) | $ (6.76) |
EID [Member] | ||||
Net Sales | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 |
Cost of Goods Sold | 2,915 | 3,409 | 8,575 | 9,948 |
Other Operating Charges | 195 | |||
Research and Development Expense | 484 | 591 | 1,147 | 1,355 |
Selling, General and Administrative Expense | 920 | 1,969 | 3,065 | 3,041 |
Amortization of Intangible Assets | 97 | 475 | 391 | |
Restructuring and Asset Related Charges - Net | 270 | 12 | 222 | 694 |
Integration and Separation Costs | 255 | 744 | 992 | |
Goodwill Impairment Charge | 0 | 0 | 0 | 4,503 |
Other income (expense) - net | 805 | (501) | 215 | 249 |
Loss on Extinguishment of Debt | 0 | 0 | 13 | 81 |
Interest Expense | 115 | 254 | 242 | 337 |
Loss from continuing operations before income taxes | (461) | (37) | (422) | (6,806) |
Benefit from income taxes on continuing operations | (2,221) | (395) | (71) | (31) |
(Loss) income from continuing operations after income taxes | 1,760 | 358 | (351) | (6,775) |
(Loss) income from discontinued operations after income taxes | (568) | 1,403 | (671) | 1,748 |
Net (loss) income | 1,192 | 1,761 | (1,022) | (5,027) |
Net income attributable to noncontrolling interests | 7 | 20 | 8 | 28 |
Net (loss) income attributable to Company | $ 1,185 | $ 1,741 | $ (1,030) | $ (5,055) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net (loss) income | $ 1,192 | $ 1,761 | $ (941) | $ (5,027) |
Cumulative Translation Adjustments | (490) | 1,042 | (274) | (1,576) |
Derivatives Instruments | (2) | (10) | 28 | (24) |
Other Comprehensive (Loss) Income, Net of Tax | (420) | 1,289 | (1,124) | (2,183) |
Comprehensive (Loss) Income | 772 | 3,050 | (2,065) | (7,210) |
Comprehensive Income Attributable to Noncontrolling Interest | 10 | 27 | 18 | 38 |
Comprehensive (Loss) Income Attributable to Company | 762 | 3,023 | (2,083) | (7,248) |
Pension Plan | ||||
Adjustments to benefit plans | 125 | 247 | (718) | (715) |
Other Benefit Plans | ||||
Adjustments to benefit plans | (53) | 10 | (160) | 132 |
EID [Member] | ||||
Net (loss) income | 1,192 | 1,761 | (1,022) | (5,027) |
Cumulative Translation Adjustments | (490) | 1,042 | (274) | (1,576) |
Derivatives Instruments | (2) | (10) | 28 | (24) |
Other Comprehensive (Loss) Income, Net of Tax | (420) | 1,289 | (1,124) | (2,183) |
Comprehensive (Loss) Income | 772 | 3,050 | (2,146) | (7,210) |
Comprehensive Income Attributable to Noncontrolling Interest | 7 | 20 | 8 | 28 |
Comprehensive (Loss) Income Attributable to Company | 765 | 3,030 | (2,154) | (7,238) |
EID [Member] | Pension Plan | ||||
Adjustments to benefit plans | 125 | 247 | (718) | (715) |
EID [Member] | Other Benefit Plans | ||||
Adjustments to benefit plans | $ (53) | $ 10 | $ (160) | $ 132 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and Cash Equivalents | $ 1,764 | $ 2,270 | |
Marketable Securities | 5 | 5 | |
Accounts and notes receivable - net | 5,528 | 5,260 | |
Inventories | 5,032 | 5,310 | |
Other current assets | 1,190 | 1,038 | |
Total Current Assets - Discontinued Operations | 0 | 9,089 | |
Total current assets | 13,519 | 22,972 | |
Investments in nonconsolidated affiliates | 66 | 138 | |
Property, Plant and Equipment, Gross | 7,872 | 7,340 | |
Accumulated Depreciation | 3,326 | 2,796 | |
Property, Plant and Equipment, Net | 4,546 | 4,544 | [1] |
Goodwill | 10,229 | 10,193 | |
Other intangible assets | 11,424 | 12,055 | |
Deferred Income Taxes | 287 | 304 | |
Other Assets | 2,326 | 1,932 | [1] |
Total Non-Current Assets - Discontinued Operations | 0 | 56,545 | [1] |
Total Assets | 42,397 | 108,683 | |
Short-term borrowings and finance lease obligations | 7 | 2,154 | [1] |
Accounts Payable | 3,702 | 3,798 | |
Income Taxes Payable | 95 | 186 | |
Accrued and other current liabilities | 4,434 | 4,005 | [1] |
Total Current Liabilities - Discontinued Operations | 0 | 3,167 | [1] |
Total current liabilities | 8,238 | 13,310 | |
Long-term Debt | 115 | 5,784 | [1] |
Deferred Income Tax Liabilities | 920 | 1,480 | |
Pension and other post employment benefits - noncurrent | 6,377 | 5,677 | |
Other noncurrent obligations | 2,192 | 1,795 | [1] |
Non-current Liabilities - Discontinued Operations | 0 | 5,484 | [1] |
Liabilities, Noncurrent | 9,604 | 20,220 | |
Common stock | 7 | 0 | |
Additional Paid in Capital | 27,997 | 0 | |
Divisional Equity | 0 | 78,020 | |
Accumulated deficit | (425) | 0 | |
Accumulated other comprehensive loss | (3,270) | (3,360) | |
Total Company Stockholders' Equity | 24,309 | 74,660 | |
Noncontrolling Interests | 246 | 493 | |
Total Stockholders' Equity | 24,555 | 75,153 | |
Total Liabilities and Equity | 42,397 | 108,683 | |
EID [Member] | |||
Cash and Cash Equivalents | 1,764 | 2,270 | |
Marketable Securities | 5 | 5 | |
Accounts and notes receivable - net | 5,528 | 5,260 | |
Inventories | 5,032 | 5,310 | |
Other current assets | 1,190 | 1,038 | |
Total Current Assets - Discontinued Operations | 0 | 9,089 | |
Total current assets | 13,519 | 22,972 | |
Investments in nonconsolidated affiliates | 66 | 138 | |
Property, Plant and Equipment, Gross | 7,872 | 7,340 | |
Accumulated Depreciation | 3,326 | 2,796 | |
Property, Plant and Equipment, Net | 4,546 | 4,544 | [1] |
Goodwill | 10,229 | 10,193 | |
Other intangible assets | 11,424 | 12,055 | |
Deferred Income Taxes | 287 | 304 | |
Other Assets | 2,326 | 1,932 | [1] |
Total Non-Current Assets - Discontinued Operations | 0 | 56,545 | [1] |
Total Assets | 42,397 | 108,683 | |
Short-term borrowings and finance lease obligations | 7 | 2,154 | [1] |
Accounts Payable | 3,702 | 3,798 | |
Income Taxes Payable | 95 | 186 | |
Accrued and other current liabilities | 4,440 | 4,005 | [1] |
Total Current Liabilities - Discontinued Operations | 0 | 3,167 | [1] |
Total current liabilities | 8,244 | 13,310 | |
Long-term Debt | 115 | 5,784 | [1] |
Deferred Income Tax Liabilities | 920 | 1,480 | |
Pension and other post employment benefits - noncurrent | 6,377 | 5,677 | |
Other noncurrent obligations | 2,192 | 1,795 | [1] |
Non-current Liabilities - Discontinued Operations | 0 | 5,484 | [1] |
Liabilities, Noncurrent | 13,625 | 20,220 | |
Common stock | 0 | 0 | |
Additional Paid in Capital | 23,958 | 0 | |
Divisional Equity | 0 | 78,259 | |
Accumulated deficit | (406) | 0 | |
Accumulated other comprehensive loss | (3,270) | (3,360) | |
Total Company Stockholders' Equity | 20,521 | 74,899 | |
Noncontrolling Interests | 7 | 254 | |
Total Stockholders' Equity | 20,528 | 75,153 | |
Total Liabilities and Equity | 42,397 | 108,683 | |
EID [Member] | $4.50 Series Preferred Stock [Member] | |||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at December 31, 2019 and December 31, 2018 | 169 | 0 | |
EID [Member] | $3.50 Series Preferred Stock [Member] | |||
Preferred stock, without par value – cumulative; 23,000,000 shares authorized; issued at December 31, 2019 and December 31, 2018 | 70 | $ 0 | |
Corteva [Member] | EID [Member] | |||
Long-Term Debt - Related Party | $ 4,021 | ||
[1] | Includes adjustments for discontinued operations and common control business combination. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares Authorized | 1,666,667,000 | |
Common Stock, Shares, Outstanding | 748,577,000 | |
EID [Member] | ||
Common Stock, Par or Stated Value Per Share | $ 0.30 | $ 0.30 |
Common Stock, Shares Authorized | 1,800,000,000 | 1,800,000,000 |
Common Stock, Shares, Outstanding | 200 | 100 |
EID [Member] | $4.50 Series Preferred Stock [Member] | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 |
EID [Member] | $3.50 Series Preferred Stock [Member] | ||
Preferred Stock, Par Value | $ 0 | $ 0 |
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | 28 Months Ended | ||||||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |||||
Net (loss) income | $ 1,192 | $ 1,761 | $ (941) | $ (5,027) | |||||||||
Depreciation and Amortization | 1,599 | 2,790 | |||||||||||
(Benefit from) Provision for Deferred Income Tax | (2,770) | (477) | 31 | ||||||||||
Net Periodic Pension (Benefit) Cost | (113) | 295 | (264) | (321) | |||||||||
Pension Contributions | (68) | (3,024) | (121) | (1,314) | |||||||||
Net gain on sales of property, businesses, consolidated companies, and investments | (691) | (204) | (142) | (11) | |||||||||
Goodwill Impairment Charge | $ 0 | $ 0 | 0 | 0 | 0 | 4,503 | |||||||
Loss on Extinguishment of Debt | 81 | 0 | 0 | 13 | 81 | ||||||||
Restructuring and Asset Related Charges - Net | $ 55 | [1] | $ 61 | [1] | 228 | [1] | 130 | [1] | 270 | 12 | 222 | 694 | |
Asset related charges | 279 | ||||||||||||
Amortization of inventory step-up | 1,573 | 272 | 1,628 | ||||||||||
Other net loss | 106 | 481 | 246 | 262 | |||||||||
Accounts and Notes Receivable | 1,576 | (2,269) | (361) | (1,522) | |||||||||
Inventories | (903) | 74 | (498) | ||||||||||
Inventories and Other Operating Assets | (202) | ||||||||||||
Accounts Payable | 1,106 | 149 | 642 | ||||||||||
Accounts Payable and Other Operating Liabilities | (1,555) | ||||||||||||
Other Assets and Liabilities, Net | 1,402 | (418) | (1,564) | ||||||||||
Accrued Interest and Income Taxes | (260) | ||||||||||||
Cash provided by (used for) operating activities | 3,674 | (3,949) | 1,070 | 483 | |||||||||
Capital expenditures | (499) | (687) | (1,163) | (1,501) | |||||||||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 2,351 | 300 | 249 | 69 | |||||||||
Acquisitions of businesses - Net of Cash Acquired | 3 | (246) | (10) | 0 | |||||||||
Investments in and loans to nonconsolidated affiliates | (5) | (22) | (10) | (8) | |||||||||
Proceeds from sale of ownership interest in non-consolidated affiliates | 0 | 0 | 21 | 9 | |||||||||
Purchases of investments | (1,043) | (5,457) | (138) | (1,257) | |||||||||
Proceeds from Sale and Maturities of Investments | 2,938 | 3,977 | 160 | 2,186 | |||||||||
Foreign currency exchange contract settlements | (206) | ||||||||||||
Other investing activities - net | (67) | (41) | (13) | (3) | |||||||||
Cash (used for) provided by investing activities | 3,678 | (2,382) | (904) | (505) | |||||||||
Change in short-term (less than 90 days) borrowings | (2,541) | 3,610 | (1,868) | 400 | |||||||||
Proceeds from Issuance of Long-term Debt | 499 | 2,734 | 1,001 | 756 | |||||||||
Repayments of Long-term Debt | (43) | (229) | (6,804) | (5,956) | |||||||||
Payments for Repurchase of Common Stock | 0 | 0 | (25) | 0 | |||||||||
Proceeds from Stock Options Exercised | 30 | 235 | 47 | 85 | |||||||||
Payments of Dividends | (329) | (659) | (194) | 0 | |||||||||
Distributions to Dow and DowDuPont | (1,200) | (317) | (2,806) | ||||||||||
Contributions from Dow and DowDuPont | 0 | 7,396 | 5,363 | ||||||||||
Cash Transferred to DowDuPont at Internal Reorganizations | 0 | (2,053) | 0 | ||||||||||
Debt Extinguishment Costs | 0 | 0 | (79) | (378) | |||||||||
Other financing activities | (23) | (59) | (33) | (88) | |||||||||
Cash (used for) provided by financing activities | (3,607) | 5,632 | (2,929) | (2,624) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (22) | 187 | (88) | (244) | |||||||||
Change in cash classified as held for sale | 88 | (31) | 0 | 0 | |||||||||
(Decrease) increase on cash, cash equivalents and restricted cash | 3,811 | (543) | (2,851) | (2,890) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 5,024 | 7,914 | 4,005 | 4,548 | 5,024 | 7,914 | $ 4,005 | ||||||
Cash, cash equivalents and restricted cash at end of period | 2,173 | 5,024 | 7,914 | 4,005 | 2,173 | 5,024 | 2,173 | ||||||
Interest, net of amounts capitalized | 83 | 331 | 263 | 923 | |||||||||
Income Taxes | (215) | 272 | 234 | 961 | |||||||||
EID [Member] | |||||||||||||
Net (loss) income | 1,192 | 1,761 | (1,022) | (5,027) | |||||||||
Depreciation and Amortization | 1,000 | 909 | |||||||||||
(Benefit from) Provision for Deferred Income Tax | (2,770) | (477) | 31 | ||||||||||
Net Periodic Pension (Benefit) Cost | (113) | 295 | (264) | (321) | |||||||||
Pension Contributions | (68) | (3,024) | (121) | (1,314) | |||||||||
Net gain on sales of property, businesses, consolidated companies, and investments | (691) | (204) | (142) | (11) | |||||||||
Goodwill Impairment Charge | 0 | 0 | 0 | 4,503 | |||||||||
Loss on Extinguishment of Debt | 0 | 0 | 13 | 81 | |||||||||
Restructuring and Asset Related Charges - Net | 270 | 12 | 222 | 694 | |||||||||
Asset related charges | 279 | ||||||||||||
Amortization of inventory step-up | 1,573 | 272 | 1,628 | ||||||||||
Other net loss | 106 | 481 | 246 | 262 | |||||||||
Accounts and Notes Receivable | 1,576 | (2,269) | (361) | (1,522) | |||||||||
Inventories | (903) | 74 | (498) | ||||||||||
Inventories and Other Operating Assets | (202) | ||||||||||||
Accounts Payable | 1,106 | 149 | 642 | ||||||||||
Accounts Payable and Other Operating Liabilities | (1,555) | ||||||||||||
Other Assets and Liabilities, Net | 1,402 | (411) | (1,564) | ||||||||||
Accrued Interest and Income Taxes | (260) | ||||||||||||
Cash provided by (used for) operating activities | 3,674 | (3,949) | 996 | 483 | |||||||||
Capital expenditures | (499) | (687) | (1,163) | (1,501) | |||||||||
Proceeds from the sale of property, businesses, and consolidated companies, net of cash divested | 2,351 | 300 | 249 | 69 | |||||||||
Acquisitions of businesses - Net of Cash Acquired | 3 | (246) | (10) | 0 | |||||||||
Investments in and loans to nonconsolidated affiliates | (5) | (22) | (10) | (8) | |||||||||
Proceeds from sale of ownership interest in non-consolidated affiliates | 0 | 0 | 21 | 9 | |||||||||
Purchases of investments | (1,043) | (5,457) | (138) | (1,257) | |||||||||
Proceeds from Sale and Maturities of Investments | 2,938 | 3,977 | 160 | 2,186 | |||||||||
Foreign currency exchange contract settlements | (206) | ||||||||||||
Other investing activities - net | (67) | (41) | (13) | (3) | |||||||||
Cash (used for) provided by investing activities | 3,678 | (2,382) | (904) | (505) | |||||||||
Change in short-term (less than 90 days) borrowings | (2,541) | 3,610 | (1,868) | 400 | |||||||||
Proceeds from Related Party Debt | 0 | 0 | 4,240 | 0 | |||||||||
Repayments of Related Party Debt | 0 | 0 | (219) | 0 | |||||||||
Proceeds from Issuance of Long-term Debt | 499 | 2,734 | 1,001 | 756 | |||||||||
Repayments of Long-term Debt | (43) | (229) | (6,804) | (5,956) | |||||||||
Proceeds from Stock Options Exercised | 30 | 235 | 47 | 85 | |||||||||
Payments of Dividends | (332) | (666) | (10) | (10) | |||||||||
Distributions to Dow and DowDuPont | (1,200) | (317) | (2,806) | ||||||||||
Contributions from Dow and DowDuPont | 0 | 3,255 | 5,363 | ||||||||||
Cash Transferred to DowDuPont at Internal Reorganizations | 0 | (2,053) | 0 | ||||||||||
Debt Extinguishment Costs | 0 | 0 | (79) | (378) | |||||||||
Other financing activities | (20) | (52) | (48) | (78) | |||||||||
Cash (used for) provided by financing activities | (3,607) | 5,632 | (2,855) | (2,624) | |||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (22) | 187 | (88) | (244) | |||||||||
Change in cash classified as held for sale | 88 | (31) | 0 | 0 | |||||||||
(Decrease) increase on cash, cash equivalents and restricted cash | 3,811 | (543) | (2,851) | (2,890) | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 5,024 | $ 7,914 | 4,005 | 4,548 | 5,024 | 7,914 | 4,005 | ||||||
Cash, cash equivalents and restricted cash at end of period | $ 2,173 | $ 5,024 | 7,914 | 4,005 | 2,173 | 5,024 | 2,173 | ||||||
Interest, net of amounts capitalized | 83 | 331 | 263 | 923 | |||||||||
Income Taxes | (215) | 272 | 234 | 961 | |||||||||
Total company [Member] | |||||||||||||
Depreciation and Amortization | 886 | 749 | 1,599 | 2,790 | |||||||||
Goodwill Impairment Charge | 0 | 0 | 1,102 | 4,503 | |||||||||
Restructuring and Asset Related Charges - Net | 378 | 339 | 803 | ||||||||||
Total company [Member] | EID [Member] | |||||||||||||
Depreciation and Amortization | 886 | 749 | 1,599 | 2,790 | |||||||||
Goodwill Impairment Charge | 1,102 | 4,503 | |||||||||||
Restructuring and Asset Related Charges - Net | 378 | $ 339 | $ 803 | ||||||||||
Successor Period [Member] | |||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 4,103 | 4,103 | |||||||||||
Cash, cash equivalents and restricted cash at end of period | 4,103 | ||||||||||||
Successor Period [Member] | EID [Member] | |||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 4,103 | $ 4,103 | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ 4,103 | ||||||||||||
[1] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Divisional Equity [Member] | Retained Earnings [Member] | AOCI Attributable to Parent | Treasury Stock [Member] | Noncontrolling Interest [Member] | Successor Period [Member] | Successor Period [Member]Common Stock [Member] | Successor Period [Member]Additional Paid-in Capital [Member] | Successor Period [Member]Divisional Equity [Member] | Successor Period [Member]Retained Earnings [Member] | Successor Period [Member]AOCI Attributable to Parent | Successor Period [Member]Treasury Stock [Member] | Successor Period [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]AOCI Attributable to Parent | EID [Member]Treasury Stock [Member] | EID [Member]Noncontrolling Interest [Member] | EID [Member]Successor Period [Member] | EID [Member]Successor Period [Member]Preferred Stock [Member] | EID [Member]Successor Period [Member]Common Stock [Member] | EID [Member]Successor Period [Member]Additional Paid-in Capital [Member] | EID [Member]Successor Period [Member]Divisional Equity [Member] | EID [Member]Successor Period [Member]Retained Earnings [Member] | EID [Member]Successor Period [Member]AOCI Attributable to Parent | EID [Member]Successor Period [Member]Treasury Stock [Member] | EID [Member]Successor Period [Member]Noncontrolling Interest [Member] | DowDuPont [Member] | DowDuPont [Member]Divisional Equity [Member] | DowDuPont [Member]EID [Member] | DowDuPont [Member]EID [Member]Divisional Equity [Member] | Corteva [Member] | Corteva [Member]Additional Paid-in Capital [Member] | Corteva [Member]EID [Member] | Corteva [Member]EID [Member]Additional Paid-in Capital [Member] |
Beginning Balance at Dec. 31, 2016 | $ 10,196 | $ 237 | $ 285 | $ 11,190 | $ 14,924 | $ (9,911) | $ (6,727) | $ 198 | $ 10,196 | $ 237 | $ 285 | $ 11,190 | $ 14,924 | $ (9,911) | $ (6,727) | $ 198 | |||||||||||||||||||||||||||
Net (loss) income | 1,761 | 1,734 | 27 | 1,761 | 1,741 | 20 | |||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | 1,289 | 1,289 | 1,289 | 1,289 | |||||||||||||||||||||||||||||||||||||||
Dividends, Common Stock | (995) | (991) | (4) | (995) | (991) | (4) | |||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (7) | (7) | |||||||||||||||||||||||||||||||||||||||||
Distributions to Dow and DowDuPont | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 275 | 2 | 273 | 275 | 2 | 273 | |||||||||||||||||||||||||||||||||||||
Common stock retired | 0 | (26) | (1,044) | (5,657) | 6,727 | 0 | (26) | (1,044) | (5,657) | 6,727 | |||||||||||||||||||||||||||||||||
Stockholders' Equity, Other | (9) | (9) | (2) | (2) | |||||||||||||||||||||||||||||||||||||||
Ending Balance at Aug. 31, 2017 | 12,517 | $ 237 | 261 | 10,419 | 10,010 | (8,622) | 0 | 212 | $ 79,973 | $ 0 | $ 0 | $ 80,287 | $ 0 | $ (757) | $ 0 | $ 443 | 12,517 | 237 | 261 | 10,419 | 10,010 | (8,622) | 0 | 212 | $ 79,973 | $ 0 | $ 0 | $ 0 | $ 80,526 | $ 0 | $ (757) | $ 0 | $ 204 | ||||||||||
Net (loss) income | 1,192 | $ 1,182 | 10 | 1,192 | 1,185 | 7 | |||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | (420) | (420) | (420) | (420) | |||||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (3) | (3) | |||||||||||||||||||||||||||||||||||||||||
Distributions to Dow and DowDuPont | (1,200) | (1,200) | (1,200) | (1,200) | $ 829 | ||||||||||||||||||||||||||||||||||||||
Contributions from Dow and DowDuPont | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Issuance of stock | 30 | 30 | 30 | 30 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 36 | 36 | 36 | 36 | |||||||||||||||||||||||||||||||||||||||
Stockholders' Equity, Other | (18) | (17) | (1) | (15) | (17) | 2 | |||||||||||||||||||||||||||||||||||||
Ending 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 | (5,027) | (5,065) | 38 | (5,027) | (5,055) | 28 | |||||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | (2,183) | (2,183) | (2,183) | (2,183) | |||||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (10) | (10) | |||||||||||||||||||||||||||||||||||||||||
Distributions to Dow and DowDuPont | (2,806) | (2,806) | (2,806) | (2,806) | 2,806 | ||||||||||||||||||||||||||||||||||||||
Contributions from Dow and DowDuPont | 5,363 | 5,363 | 5,363 | 5,363 | |||||||||||||||||||||||||||||||||||||||
Issuance of stock | 85 | 85 | 85 | 85 | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 129 | 129 | 129 | 129 | |||||||||||||||||||||||||||||||||||||||
Stockholders' Equity, Other | (1) | (4) | 3 | 9 | (4) | 13 | |||||||||||||||||||||||||||||||||||||
Ending 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 | (941) | (641) | (318) | 18 | (1,022) | (640) | (390) | 8 | |||||||||||||||||||||||||||||||||||
Net other comprehensive income (loss) | (1,124) | (1,124) | (1,124) | (1,124) | |||||||||||||||||||||||||||||||||||||||
Dividends, Common Stock | (194) | (97) | (97) | ||||||||||||||||||||||||||||||||||||||||
Dividends, Preferred Stock | (10) | (2) | (2) | (6) | |||||||||||||||||||||||||||||||||||||||
Distributions to Dow and DowDuPont | (317) | (317) | (317) | (317) | 317 | ||||||||||||||||||||||||||||||||||||||
Contributions from Dow and DowDuPont | 7,396 | 7,396 | 3,255 | 3,255 | |||||||||||||||||||||||||||||||||||||||
Issuance of stock | $ 39 | $ 39 | $ 39 | $ 39 | $ 8 | $ 8 | $ 8 | $ 8 | |||||||||||||||||||||||||||||||||||
Stock-based compensation | 103 | 41 | 62 | 103 | 41 | 62 | |||||||||||||||||||||||||||||||||||||
Common Stock Repurchase | (25) | (25) | |||||||||||||||||||||||||||||||||||||||||
Impact of Internal Reorganizations | (55,496) | (56,479) | 1,214 | (231) | (55,496) | (56,479) | 1,214 | (231) | |||||||||||||||||||||||||||||||||||
Reclassification of Divisional Equity to Additional Paid in Capital | 0 | 7 | 28,070 | (28,077) | 0 | 239 | 23,936 | (24,175) | |||||||||||||||||||||||||||||||||||
Stockholders' Equity, Other | (47) | (3) | (10) | (34) | (61) | (25) | (2) | (10) | (24) | ||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2019 | $ 24,555 | $ 7 | $ 27,997 | $ 0 | $ (425) | $ (3,270) | $ 0 | $ 246 | $ 20,528 | $ 239 | $ 0 | $ 23,958 | $ 0 | $ (406) | $ (3,270) | $ 0 | $ 7 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock Dividends | $ 1.14 | $ 0.26 | ||
EID [Member] | ||||
Common Stock Dividends | 1.14 | |||
$3.50 Series Preferred Stock [Member] | EID [Member] | ||||
Preferred Stock, Dividends Per Share | $ 0.875 | 2.625 | 3.50 | $ 3.50 |
$4.50 Series Preferred Stock [Member] | EID [Member] | ||||
Preferred Stock, Dividends Per Share | $ 1.125 | $ 3.375 | $ 4.50 | $ 4.50 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Schedule II—Valuation and Qualifying Accounts (EID and Corteva, Inc.) (Dollars in millions) Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Accounts Receivable—Allowance for Doubtful Receivables Balance at beginning of period $ 127 $ 64 $ 60 $ 250 Additions charged to expenses 69 80 11 57 Deductions from reserves 1 (22 ) (17 ) (7 ) (34 ) Balance at end of period $ 174 $ 127 $ 64 $ 273 Inventory—Obsolescence Reserve Balance at beginning of period $ 272 $ 137 $ 89 $ 164 Additions charged to expenses 370 449 88 217 Deductions from reserves 2 (386 ) (314 ) (40 ) (161 ) Balance at end of period $ 256 $ 272 $ 137 $ 220 Deferred Tax Assets—Valuation Allowance Balance at beginning of period $ 669 $ 559 $ 502 $ 504 Additions charged to expenses 20 451 104 69 Deductions from reserves 3 (232 ) (341 ) (47 ) (190 ) Balance at end of period $ 457 $ 669 $ 559 $ 383 1. Deductions include write-offs, recoveries and currency translation adjustments. 2. Deductions include disposals and currency translation adjustments. 3 Deductions include currency translation adjustments. |
Background and Basis of Present
Background and Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Intended Business Separations [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 and Crop Protection businesses and Dow AgroSciences ("DAS") business 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 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 approximately 140 countries. Corteva has two reportable segments: seed and crop protection. See Note 25 - Segment Information, for additional information on the company's reportable segments. Throughout this Annual Report on Form 10-K, 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 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 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 DowDuPont; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; • 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; and • 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 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 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 Business 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 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. As a result, for periods prior to the Corteva Distribution and after the Merger, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. Subsequent to the Corteva Distribution, the financial statements are presented on a consolidated basis. The company's Consolidated Balance Sheet at December 31, 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 of DAS. The company's Consolidated Balance Sheet at December 31, 2018 consist of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Consolidated Balance Sheets" throughout this document. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to April 30, 2019 consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after May 1, 2019 represent the consolidated balances of the company. 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 (loss) income, stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the Consolidated Statements of Comprehensive (Loss) Income, Consolidated Statements of Equity and 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 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 (loss) income, stockholder's equity and cash flows related to the EID Specialty Products Entities have not been segregated and are included in the Consolidated Statements of Comprehensive (Loss) Income, Consolidated Statements of Equity and 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 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 H&N Business was transferred to DowDuPont as part of the EID Specialty Products Entities. 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. Predecessor / Successor Reporting For purposes of DowDuPont's financial statement presentation, Historical Dow was determined to be the accounting acquirer in the Merger and Historical DuPont's assets and liabilities are reflected at fair value as of the close of the Merger in the financial statements of DowDuPont. In connection with the Merger and the related accounting determination, Historical DuPont elected to apply push-down accounting and reflect in its financial statements, the fair value of its assets and liabilities. For purposes of Corteva’s financial statement presentation, periods following the close of the Merger are labeled “Successor” and reflect DowDuPont’s basis in the fair values of the assets and liabilities of Corteva/EID. All periods prior to the closing of the Merger reflect the historical accounting basis in EID 's assets and liabilities and are labeled “Predecessor.” The Consolidated Financial Statements and Footnotes include a black line division between the columns titled "Predecessor" and "Successor" to signify that the amounts shown for the periods prior to and following the Merger are not comparable. In addition, the company elected to make certain changes in presentation to harmonize its accounting and reporting with that of DowDuPont in the Successor periods. See Note 2 - Summary of Significant Accounting Policies, to the Consolidated Financial Statements for further discussion of these changes. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2019 and 2018, the maximum exposure to loss related to the nonconsolidated VIEs is not considered material to the Consolidated Financial Statements. Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. Changes in Accounting and Reporting Within the Successor periods, EID made the following changes in accounting and reporting to harmonize its accounting and reporting with DowDuPont. Within the Successor periods of the Consolidated Statements of Operations: • Included royalty income within net sales. In the Predecessor period, royalty income is included within other income (expense) - net. • Eliminated the other operating charges line item. In the Successor periods, a majority of these costs are included within cost of goods sold. These costs are also included in selling, general and administrative expenses and amortization of intangibles in the Successor periods. • Presented amortization of intangibles as a separate line item. In the Predecessor period, amortization is included within cost of goods sold, selling, general and administrative expenses, other operating charges, and research and development expenses. • Presented integration and separation costs as a separate line item. In the Predecessor period, these costs totaled $354 million and are included within selling, general and administrative expenses. • Included interest accrued related to unrecognized tax benefits within the (benefit from) provision for income taxes on continuing operations. In the Predecessor period, interest accrued related to unrecognized tax benefits is included within other income (expense) - net. Within the Successor periods of the Consolidated Statements of Cash Flows: • Included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. In the Predecessor period, EID reflected non-qualified hedge programs, specifically forward contracts, options and cash collateral activity, within cash flows from investing activities. In the Predecessor period, EID reflected cash flows from qualified programs within the line item it related to (i.e., revenue hedge cash flows presented within changes from accounts receivable). • Aligned the line items within "changes in assets and liabilities, net of effects of acquired and divested companies" to the DowDuPont presentation, including accounts and notes receivable, inventories, accounts payable, and other assets and liabilities. In the Predecessor period, the line item "changes in assets and liabilities, net of effects of acquired and divested companies" includes accounts and notes receivable, inventories and other operating assets, accounts payable and other operating liabilities, and accrued interest and income taxes. Cash and Cash Equivalents Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. Restricted Cash Restricted cash represents trust assets of $409 million and $460 million as of December 31, 2019 and 2018, respectively, and is included within other current assets on the Consolidated Balance Sheets. See Note 9 - Supplementary Information, for further information. Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss). The cost of investments sold is determined by specific identification. Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. Foreign Currency Translation The company's worldwide operations utilize the U.S. dollar ("USD") or local currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent or foreign subsidiaries operating in a hyper-inflationary environment (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive loss in equity. Assets and liabilities denominated in other than the local currency are re-measured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2019 , approximately 59% and 41% 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% and 43% 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. The company establishes allowances for obsolescence of inventory based upon quality considerations and assumptions about future demand and market conditions. Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. In connection with the Merger, the fair value of property, plant and equipment was determined using a market approach and a replacement cost approach. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. Goodwill and Other Intangible Assets The company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. In connection with the Merger Transaction, the company adopted the policy of DowDuPont and performs an annual goodwill impairment test in the fourth quarter. When testing goodwill for impairment, the company has the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the company chooses not to complete a qualitative assessment for a given reporting unit or if the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is required. The company determined fair values for each of the reporting units using the income approach and the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. Under the market approach, the company uses metrics of publicly traded companies or historically completed transactions for comparable companies. See Note 15 - Goodwill and Other Intangible Assets, for further information on goodwill. Indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company's fair value methodology is primarily based on discounted cash flow techniques. Definite-lived intangible assets are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from 2 years to 25 years . The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. Leases The company adopted ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, in the first quarter of 2019. Prior periods are not restated and continue to be reported under ASC 840. Under Topic 842, 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. Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value. Depreciation is recognized over the remaining useful life of the assets. Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the (loss) gain is reported in accumulated other comprehensive loss until it is cleared to earnings during the same period in which the hedged item affects earnings. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, the net gain or loss in accumulated other comprehensive income ("AOCI") generally remains in AOCI until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. In the Predecessor period, the company reflected non-qualified hedge programs, specifically forward contracts, options and cash collateral activity, within cash flows from investing activities. In the Predecessor period, the company reflected cash flows from qualified programs within the line item it related to (i.e., revenue hedge cash flows presented within changes from accounts receivable). In the Successor periods, the company included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. See Note 22 - Financial Instruments, for additional discussion regarding the company's objectives and strategies for derivative instruments. Environmental Matters 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. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in accrued and other current liabilities and other noncurrent obligations at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the Consolidated Balance Sheets as accounts and notes receivable - net. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. Revenue Recognition The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the company determines are within the scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 6 - Revenue, for additional information on revenue recognition. Prepaid Royalties The company currently has certain third-party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions. These payments are reflected as other current assets and other assets and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the life of the license. The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres. Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty. At December 31, 2019, the balance of prepaid royalties reflected in other current assets and other assets was $440 million and $794 million , respectively. The majority of the balance of prepaid royalties relates to the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.’s (“Pioneer”) non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans (“Roundup Ready 2 License Agreement”). Each of these licensed technologies are now trademarks of the Bayer Group, which acquired the Monsanto Company in 2018. The prepaid royalty asset relates to a series of up-front, fixed and variable royalty payments to utilize the traits in Pioneer’s soybean product mix. The company’s historical expectation has been that the technology licensed under the Roundup Ready 2 License Agreement would be used as the primary herbicide tolerance trait platform in the Pioneer ® brand soybean through the term of the agreement. DAS and MS Technologies, L.L.C. jointly developed and own the Enlist E3 TM herbicide tolerance trait for soybeans which provides tolerance to 2, 4-D choline in Enlist Duo ® and Enlist One ® herbicides, as well as glyphosate and glufosinate herbicides. In connection with the validation of breeding plans and large-scale product development timelines, during the fourth quarter of 2019, the company is accelerating the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands, including Pioneer ® brands, over the next five years. During the ramp-up period, the company is expected to significantly reduce the volume of products with the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter for the remainder of the Roundup Ready 2 License Agreement (the “Transition Plan”). The rate of royalty expense is therefore expected to significantly increase through higher amortization of the prepaid royalty as fewer seeds containing the respective trait are expected to be utilized. In connection with the departure from these traits, beginning January 1, 2020 the company will present and disclose the non-cash accelerated prepaid royalty amortization expense as a component of Restructuring and Asset Related Charges - Net, in the Consolidated Statement of Operations. The accelerated prepaid royalty amortization expense will represent the difference between the rate of amortization based on the revised number of units expected to contain the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® trait technology and the variable cash rate per the Roundup Ready 2 License Agreement. Further changes in factors and assumptions associated with usage of the trait platform licensed under the Roundup Ready 2 License Agreement, including the Transition Plan, could further impact the rate of recognition of the prepaid royalty and statement of operations presentation of the accelerated prepaid royalty amortization expense. Cost of Goods Sold Successor periods - Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects, royalties and other operational expenses. No amortization of intangibles is included within costs of goods sold. Predecessor period - Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits, and overhead. Other Operating Charges Predecessor period - Other operating charges includes product claim charges and recoveries, non-capitalizable costs associated with capital projects, and other operational expenses. Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. Selling, General and Administrative Expenses Successor periods - Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Predecessor period - Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, business management expenses, and integration and separation costs. Integration and Separation Costs Successor periods - Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Business Separations. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. Litigation and Other Contingencies Accruals for legal matters and other contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period incurred. Severance Costs Severance benefits are provided to employees under the company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. Income Taxes The company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date (see Note 10 - Income Taxes, for further information relating to the enactment of the Tax Cuts and Job Act). The company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The current portion of uncertain income tax positions is included in income taxes payable and the long-term portion is included in other noncurrent obligations in the Consolidated Balance Sheets. Income tax related penalties are included in the provision for income taxes in the Consolidated Statements of Operations. Interest accrued related to unrecognized tax benefits is included within the (benefit from) provision for income taxes from continuing operations in the Consolidated Statements of Operations in the Successor periods. In the Predecessor period, interest accrued related to unrecognized tax benefits is included within other income (expense) - net in the Consolidated Statements of Operations. Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. Segments As a result of the Corteva Distribution, 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 company also updated its reporting units to align with the level at which discrete financial information is available for review by management. Prior year segment information has been revised to conform to the current presentation, excluding the Predecessor and Successor periods of 2017. See Note 25 - Segment Information, for further information. |
Recent Accounting Guidance
Recent Accounting Guidance | 12 Months Ended |
Dec. 31, 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. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. As a result, most of the guidance in ASC 718 associated with employee share-based payments, including most requirements related to classification and measurement, applies to nonemployee share-based payment arrangements. The company adopted the guidance in the first quarter of 2019 and it did not have a material impact to company's financial position, results of operations or cash flows. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates (SEC Update)” (“ASU 2019-07”). ASU 2019-07 aligns the guidance in various SEC sections of the Codification with the requirements of certain SEC final rules. ASU 2019-07 was effective immediately. The adoption of ASU 2019-07 did not have a material impact on the company's financial position, results of operations or cash flows. Accounting Guidance Issued But Not Adopted as of December 31, 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 periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning January 1, 2019. In 2019, the FASB subsequently issued ASU 2019-04, ASU 2019-05, and ASU 2019-11, respectively, which contained updates to ASU 2016-13. The company does not expect the impact of adoption to be material. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years and early adoption is permitted. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company does not expect the impact of adoption to be material. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | COMMON CONTROL BUSINESS COMBINATIONS 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 tables provide supplemental results of EID and DAS, as previously reported, for the year ended December 31, 2018 and the period September 1 through December 31, 2017 : For the Year Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 26,279 $ (17,638 ) $ 5,646 $ 14,287 (Loss) income from continuing operations before income taxes $ (4,793 ) $ (2,128 ) $ 115 $ (6,806 ) Loss from continuing operations after income taxes $ (5,013 ) $ (1,753 ) $ (9 ) $ (6,775 ) For the Period September 1 through December 31, 2017 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 7,053 $ (5,477 ) $ 2,214 $ 3,790 (Loss) income from continuing operations before income taxes $ (1,586 ) $ 480 $ 645 $ (461 ) Income from continuing operations after income taxes $ 1,087 $ 485 $ 188 $ 1,760 1. Reflects discontinued operations of EID's ECP and Specialty Products Entities and adjustments primarily related to the elimination of intercompany transactions between EID and DAS for periods subsequent to the Merger, as if they were combined affiliates, and adjustments made to align historical financial statement presentation of DAS and Corteva. Intercompany balances and transactions with Historical EID and DAS have been eliminated. |
Divestitures and Other Transact
Divestitures and Other Transactions | 12 Months Ended |
Dec. 31, 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 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 December 31, 2019 , the indemnification assets are $22 million within accounts and notes receivable - net and $57 million within other assets in the Consolidated Balance Sheet. At December 31, 2019 , the indemnification liabilities are $4 million within accrued and other current liabilities and $69 million within other noncurrent obligations in the 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 December 31, 2019 , the indemnification assets are $44 million within accounts and notes receivable - net in the Consolidated Balance Sheet. At December 31, 2019 , the indemnification liabilities are $115 million within accrued and other current liabilities and $85 million within other noncurrent obligations in the 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: Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Net sales $ 362 $ 1,564 $ 539 $ 1,066 Cost of goods sold 259 1,082 491 634 Research and development expense 4 23 8 16 Selling, general and administrative expenses 9 43 17 101 Amortization of intangibles 23 96 31 Restructuring and asset related charges - net 2 12 16 — Integration and separation costs 44 135 31 Other income - net 2 13 6 23 Income (loss) from discontinued operations before income taxes 23 186 (49 ) 338 Provision for (benefit from) income taxes on discontinued operations 4 35 (51 ) 108 Income from discontinued operations after income taxes $ 19 $ 151 $ 2 $ 230 The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to EID ECP: Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Depreciation $ 28 $ 133 $ 44 $ 38 Amortization of intangibles $ 23 $ 96 $ 31 $ — Capital expenditures $ 16 $ 77 $ 31 $ 49 The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at December 31, 2018 related to EID ECP consist of the following: (In millions) December 31, 2018 Cash and cash equivalents $ 55 Accounts and notes receivable - net 194 Inventories 465 Other current assets 12 Total current assets of discontinued operations 726 Investment in nonconsolidated affiliates 108 Property, plant and equipment - net 770 Goodwill 3,587 Other intangible assets 1,143 Deferred income taxes 13 Other assets 1 Non-current assets of discontinued operations 5,622 Total assets of discontinued operations $ 6,348 Short-term borrowings and finance lease obligations 2 Accounts payable 214 Accrued and other current liabilities 36 Total current liabilities of discontinued operations 252 Long-term Debt 4 Deferred income tax liabilities 432 Pension and other post employment benefits - noncurrent 6 Other noncurrent obligations 2 Non-current liabilities of discontinued operations 444 Total liabilities of discontinued operations $ 696 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 the 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: Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Net sales $ 5,030 $ 15,711 $ 4,916 $ 9,321 Cost of goods sold 3,352 10,533 4,269 5,978 Other operating charges 309 Research and development expense 204 626 205 414 Selling, general and administrative expenses 573 1,599 505 1,184 Amortization of intangibles 267 815 268 Restructuring and asset related charges - net 115 97 93 311 Integration and separation costs 253 340 79 Goodwill impairment 1,102 — — — Other income - net 57 241 60 365 (Loss) income from discontinued operations before income taxes (779 ) 1,942 (443 ) 1,490 Provision for income taxes on discontinued operations 80 340 50 436 (Loss) income from discontinued operations after income taxes $ (859 ) $ 1,602 $ (493 ) $ 1,054 EID Specialty Products Impairment As a result of the Merger and related acquisition method of accounting, Historical DuPont'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 year ended December 31, 2019 , within the table above. The following table presents the depreciation, amortization of intangibles, and capital expenditures of the discontinued operations related to the EID Specialty Products Entities: Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Depreciation $ 281 $ 837 $ 273 $ 396 Amortization of intangibles 1 267 815 268 $ 100 Capital expenditures 481 911 271 $ 429 1. Included within cost of goods sold, selling, general and administrative expenses, other operating charges, and research and development expenses in the Predecessor period. The carrying amount of major classes of assets and liabilities classified as assets and liabilities of discontinued operations at December 31, 2018 related to the EID Specialty Products Entities consist of the following: (In millions) December 31, 2018 Cash and cash equivalents $ 2,199 Marketable securities 29 Accounts and notes receivable - net 2,441 Inventories 3,452 Other current assets 242 Total current assets of discontinued operations 8,363 Investment in nonconsolidated affiliates 1,185 Property, plant and equipment - net 8,138 Goodwill 28,250 Other intangible assets 13,037 Deferred income taxes 122 Other assets 191 Non-current assets of discontinued operations 50,923 Total assets of discontinued operations $ 59,286 Short-term borrowings and finance lease obligations 15 Accounts payable 1,983 Income taxes payable 33 Accrued and other current liabilities 884 Total current liabilities of discontinued operations 2,915 Long-term Debt 29 Deferred income tax liabilities 3,624 Pension and other post employment benefits - noncurrent 1,125 Other noncurrent obligations 262 Non-current liabilities of discontinued operations 5,040 Total liabilities of discontinued operations $ 7,955 Merger Remedy - Divested Ag Business As discussed in Note 1 - Background and Basis of Presentation, on November 1, 2017, EID completed the FMC Transactions through the disposition of the Divested Ag Business and the acquisition of the H&N Business. The fair value as determined by EID of the H&N Business was $1,970 million . The FMC Transactions included a cash consideration payment to EID of approximately $1,200 million , which reflected the difference in value between the Divested Ag Business and the H&N Business, as well as favorable contracts with FMC of $495 million . Due to the proximity of the Merger and the closing of the sale, the carrying value of the Divested Ag Business approximated the fair value of the consideration received, thus no resulting gain or loss was recognized on the sale. For the year ended December 31, 2019 , the company recorded income from discontinued operations after income taxes related to the Divested Ag Business of $80 million related to changes in accruals for certain prior year tax positions. For the year ended December 31, 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). The following table summarizes the results of operations of the Divested Ag Business presented as discontinued operations for the period September 1 through December 31, 2017 and the period January 1 through August 31, 2017, respectively: Successor Predecessor (In millions) For the Period September 1 through December 31, 2017 1 For the Period January 1 through August 31, 2017 Net sales $ 199 $ 1,068 Cost of goods sold 194 412 Other operating charges 17 Research and development expenses 30 95 Selling, general and administrative expenses 2 102 146 Other income - net — 7 (Loss) income from discontinued operations before income taxes (127 ) 405 (Benefit from) provision for income taxes (50 ) 79 (Loss) income from discontinued operations after income taxes $ (77 ) $ 326 1. Includes results of operations for the period September 1 through October 31, 2017, as the Divested Ag Business was disposed of on November 1, 2017. 2. Successor period includes $44 million of transaction costs associated with the disposal of the Divested Ag Business. The following table presents depreciation and capital expenditures of the discontinued operations related to the Divested Ag Business: Successor Predecessor (In millions) For the Period September 1 through December 31, 2017 1 For the Period January 1 through August 31, 2017 Depreciation $ — $ 21 Capital expenditures $ 5 $ 8 There was no amortization related to the Divested Ag Business for the period September 1 through December 31, 2017 or the period January 1 through August 31, 2017. Upon closing and pursuant to the terms of the FMC Transaction Agreement, EID and FMC entered into favorable supply agreements and certain ancillary agreements, including manufacturing service agreements and transition service agreements. Under the terms of the favorable supply agreements, FMC will supply product to EID at cost for a period of up to five years and, as a result, EID recorded an intangible asset of $495 million upon closing that will be amortized over a period of five years. Divestiture of a Portion of DAS Brazil Corn Seed Business On July 11, 2017, as a condition of regulatory approval of the Merger between Historical Dow and Historical DuPont, Historical Dow announced it had entered into a definitive agreement with CITIC Agro Fund to sell a portion of DAS Brazil corn seed business (the “DAS Divested Ag Business”), including four corn seed production sites and four research centers, a copy of Historical Dow AgroSciences' Brazilian corn germplasm bank, certain commercial and pipeline hybrids, the MORGAN™ trademark and a license to the DOW SEMENTES™ trademark for 12 months. On November 30, 2017, the sale was completed for $1,129 million , net of working capital adjustments, costs to sell and other adjustments, with proceeds subject to customary post-closing adjustments. In 2017, the company recognized a pretax gain of $671 million on the sale, included in other income (expense) - net in the company's Consolidated Statement of Operations for the period September 1 through December 31, 2017. Other Discontinued Operations Activity For the year ended December 31, 2019 , the company recorded income from discontinued operations after income taxes of $89 million related to the adjustment of certain unrecognized tax benefits for positions taken on items from prior years from previously divested businesses. Performance Chemicals On July 1, 2015, Historical DuPont 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, Historical DuPont and The Chemours Company ("Chemours") entered into a Separation Agreement (as amended, the "Chemours Separation Agreement"), discussed below, a Tax Matters Agreement and certain ancillary agreements, including an employee matters agreement, agreements related to transition and site services, and intellectual property cross licensing arrangements. In addition, the companies have entered into certain supply agreements. Separation Agreement The Chemours Separation Agreement sets forth, among other things, the agreements between the company and Chemours regarding the principal transactions necessary to effect the Chemours Separation and also sets forth ancillary agreements that govern certain aspects of the company’s relationship with Chemours after the separation. Among other matters, the Chemours Separation Agreement and the ancillary agreements provide for the allocation between Historical DuPont and Chemours of assets, employees, liabilities and obligations (including investments, property and employee benefits and tax-related assets and liabilities) attributable to periods prior to, at and after the completion of the Chemours Separation. Pursuant 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. In 2017, EID and Chemours amended the Chemours Separation Agreement to provide for a limited sharing of potential future perfluorooctanoic acid (“PFOA”) liabilities for a period of five years beginning July 6, 2017. In connection with the recognition of liabilities related to these matters, the company records an indemnification asset when recovery is deemed probable. At December 31, 2019 , the indemnified assets are $54 million within accounts and notes receivable - net and $302 million within other assets along with the corresponding liabilities of $54 million within accrued and other current liabilities and $302 million within other noncurrent obligations on the Consolidated Balance Sheet. See Note 18 - Commitments and Contingent Liabilities, for further discussion of the amendment to the Chemours Separation Agreement and certain litigation and environmental matters indemnified by Chemours. The results of operations of the Performance Chemicals segment are presented as discontinued operations as summarized below: Predecessor (In millions) For the Period January 1 through August 31, 2017 Other operating charges $ 335 Other income - net 3 Loss from discontinued operations before income taxes (332 ) Benefit from income taxes on discontinued operations (125 ) Loss from discontinued operations after income taxes $ (207 ) Income from discontinued operations after income taxes in the company's Consolidated Statement of Operations for the period January 1 through August 31, 2017 includes a charge of $335 million ( $214 million |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 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. Revenue from product sales is recognized when the customer obtains control of the company's product, which occurs at a point in time according to shipping terms. Payment terms are generally less than one year from invoicing. The company elected the practical expedient and will not adjust the promised amount of consideration for the effects of a significant financing component when the company expects it will be one year or less between when a customer obtains control of the company's product and when payment is due. The company has elected to recognize shipping and handling activities when control has transferred to the customer as an expense in cost of goods sold. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. In addition, the company elected the practical expedient to expense any costs to obtain contracts as incurred, as the amortization period for these costs would have been one year or less. The transaction price includes estimates of variable consideration, such as rights of return, rebates, and discounts, that are reductions in revenue. All estimates are based on the company's historical experience, anticipated performance, and the company's best judgment at the time the estimate is made. Estimates of variable consideration included in the transaction price utilize either the expected value method or most likely amount depending on the nature of the variable consideration. These estimates are reassessed each reporting period and are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur upon resolution of uncertainty associated with the variable consideration. The majority of contracts have a single performance obligation satisfied at a point in time and the transaction price is stated in the contract, usually as quantity times price per unit. For contracts with multiple performance obligations, the company allocates the transaction price to each performance obligation based on the relative standalone selling price. The standalone selling price is the observable price which depicts the price as if sold to a similar customer in similar circumstances. 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. The company had remaining performance obligations related to material rights granted to customers for contract renewal options of $108 million and $102 million at December 31, 2019 and December 31, 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 December 31, 2019 December 31, 2018 (In millions) Accounts and notes receivable - trade 1 $ 4,396 $ 3,843 Contract assets - current 2 $ 20 $ 18 Contract assets - noncurrent 3 $ 49 $ 46 Deferred revenue - current 4 $ 2,584 $ 2,209 Deferred revenue - noncurrent 5 $ 108 $ 150 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in other assets in the Consolidated Balance Sheets. 4. Included in accrued and other current liabilities in the Consolidated Balance Sheets. 5. Included in other noncurrent obligations in the Consolidated Balance Sheets. Revenue recognized during the year ended December 31, 2019 from amounts included in deferred revenue at the beginning of the period was $2,146 million . Revenue recognized during the year ended December 31, 2018 from amounts included in deferred revenue at the beginning of the period was $1,967 million . 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: Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Corn $ 5,111 $ 5,180 $ 1,205 $ 3,941 Soybean 1,371 1,494 163 1,384 Other oilseeds 561 607 143 423 Other 547 561 9 117 Seed 7,590 7,842 1,520 5,865 Herbicides 3,270 3,415 1,150 377 Insecticides 1,652 1,506 567 108 Fungicides 1,081 1,142 406 544 Other 253 382 147 — Crop Protection 6,256 6,445 2,270 1,029 Total $ 13,846 $ 14,287 $ 3,790 $ 6,894 Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below: Seed Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 North America 1 $ 4,724 $ 4,974 $ 437 $ 4,227 EMEA 2 1,378 1,408 256 1,017 Asia Pacific 358 358 107 231 Latin America 1,130 1,102 720 390 Total $ 7,590 $ 7,842 $ 1,520 $ 5,865 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). Crop Protection Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 North America $ 2,205 $ 2,438 $ 787 $ 352 EMEA 1,362 1,357 279 270 Asia Pacific 930 935 321 149 Latin America 1,759 1,715 883 258 Total $ 6,256 $ 6,445 $ 2,270 $ 1,029 Refer to Note 24 |
Restructuring and Asset Related
Restructuring and Asset Related Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | RESTRUCTURING AND ASSET RELATED CHARGES - NET DowDuPont Agriculture Division Restructuring Program During the fourth quarter of 2018 and in connection with the ongoing integration activities, DowDuPont approved restructuring actions to simplify and optimize certain organizational structures in preparation for the Business Separations. From inception-to-date, the company has recorded total net pre-tax restructuring charges of $70 million , comprised of $61 million of severance and related benefit costs and $9 million of asset related charges. The actions related to this program are complete. The DowDuPont Agriculture Division Restructuring Program (benefits) charges related to the segments, as well as corporate expenses, were as follows: (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Seed $ 3 $ 5 Crop Protection (4 ) 1 Corporate expenses (13 ) 78 Total $ (14 ) $ 84 The below is a summary of net (benefits) charges incurred related to the DowDuPont Agriculture Division Restructuring Program for the year ended December 31, 2019 and the year ended December 31, 2018 : (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Severance and related benefit (credits) costs - net $ (17 ) $ 78 Asset related charges 3 6 Total restructuring and asset related (benefits) charges - net $ (14 ) $ 84 Account balances and activity for the DowDuPont Agriculture Division Restructuring Program are summarized below: (In millions) Severance and Related Benefit (Credits) Costs Asset Related Charges Total Balance at December 31, 2018 $ 77 $ — $ 77 (Benefits) charges to loss from continuing operations for the year ended December 31, 2019 (17 ) 3 (14 ) Payments (45 ) — (45 ) Asset write-offs — (3 ) (3 ) Separation adjustment 1 (6 ) — (6 ) Balance at December 31, 2019 $ 9 $ — $ 9 1. Adjustment reflects severance liabilities associated with DAS employees who were terminated by Dow prior to Separation and were recognized within the Consolidated Balance Sheet, as of December 31, 2018, 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 was designed to integrate and optimize the organization following the Merger and in preparation for the Business Separations. The company recorded net pre-tax restructuring charges of $845 million inception-to-date under the Synergy Program, consisting of severance and related benefit costs of $319 million , contract termination costs of $193 million , and asset related charges of $333 million . Actions associated with the Synergy Program, including employee separations, are substantially complete. The Synergy Program net charges (benefits) related to the segments, as well as corporate expenses, were as follows: Successor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 Seed $ 66 $ 237 $ 133 Crop Protection 27 57 (2 ) Corporate expenses (1 ) 190 138 Total $ 92 $ 484 $ 269 The below is a summary of net charges (benefits) incurred related to the Synergy Program for the year ended December 31, 2019 , the year ended December 31, 2018 , and the period September 1 through December 31, 2017 : Successor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 Severance and related benefit (credits) costs - net $ (7 ) $ 191 $ 135 Contract termination charges 69 84 40 Asset related charges 30 209 94 Total restructuring and asset related charges - net $ 92 $ 484 $ 269 Account balances and activity for the Synergy Program are summarized below: (In millions) Severance and Related Benefit (Credits) Costs Costs Associated with Exit and Disposal Activities 1 Asset Related Charges Total Balance at December 31, 2018 $ 154 $ 61 $ — $ 215 (Benefits) charges to loss from continuing operations for the year ended December 31, 2019 (7 ) 69 30 92 Payments (118 ) (90 ) (1 ) (209 ) Asset write-offs — — (29 ) (29 ) Balance at December 31, 2019 $ 29 $ 40 $ — $ 69 1. Relates primarily to contract terminations charges. Asset Impairment During the third and fourth quarters of 2019, the company recognized non-cash impairment charges of $54 million pre-tax ( $41 million after-tax) and $90 million pre-tax ( $69 million after-tax), respectively, in restructuring and asset related charges - net in the company's Consolidated Statements of Operations related to certain in-process research and development ("IPR&D") assets within the seed segment. Refer to Note 15 - Goodwill and Other Intangible Assets, and Note 23 - Fair Value Measurements, for further information. During the third quarter of 2018, the company recognized an $85 million pre-tax ( $66 million after-tax) non-cash impairment charge in restructuring and asset related charges - net in the company's Consolidated Statements of Operations related to certain IPR&D within the seed segment. Refer to Note 15 - Goodwill and Other Intangible Assets, and Note 23 - Fair Value Measurements, for further information. In addition, based on updated projections for the company’s investments in nonconsolidated affiliates in China related to the seed segment, management determined the fair values of the investments in nonconsolidated affiliates were below the carrying values and had no expectation the fair values would recover due to the continuing unfavorable regulatory environment including lack of intellectual property protection, uncertain product registration timing and limited freedom to operate. As a result, management concluded the impairment was other than temporary and in the third quarter of 2018 recorded a non-cash impairment charge of $41 million in restructuring and asset related charges - net in the company's Consolidated Statements of Operations, none of which is tax-deductible. Refer to Note 23 - Fair Value Measurements, for further information. |
Related Parties (Notes)
Related Parties (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reports transactions with Historical Dow and its affiliates as related party transactions. At December 31, 2018 there was $110 million due to Historical Dow and its affiliates, reflected in liabilities from discontinued operations - current. Purchases from Historical Dow and its affiliates were $42 million , $149 million , and $42 million for the year ended December 31, 2019 , the year ended December 31, 2018 , and the period September 1 through December 31, 2017 . 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, May, August and November 2018, the Board declared first, second, third and fourth quarter dividends per share of DowDuPont common stock payable on March 15, 2018, June 15, 2018, September 15, 2018 and December 14, 2018, respectively. For the year ended December 31, 2018 and the period September 1 through December 31, 2017, EID declared and paid distributions in cash to DowDuPont of about $2,806 million and $829 million , respectively, primarily to fund a portion of DowDuPont’s share repurchases and dividend payments for these periods. In addition, in 2019 and 2018, DowDuPont contributed cash to Corteva to fund portions of the company's debt redemption/repayment transactions. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. In February 2019, the DowDuPont Board declared first quarter dividends per share of DowDuPont common stock payable on March 15, 2019. EID declared and paid distributions to DowDuPont of about $317 million for the year ended December 31, 2019 to fund a portion of DowDuPont’s dividend payments. In addition, at December 31, 2018 EID had a payable to DowDuPont of $103 million included in accounts payable in the 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 | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Information [Abstract] | |
Additional Financial Information Disclosure [Text Block] | SUPPLEMENTARY INFORMATION Other Income (Expense) - Net Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Royalty Income 1 $ 60 Interest income $ 59 $ 86 $ 50 59 Equity in losses of affiliates - net (9 ) (1 ) (3 ) (7 ) Net gain on sales of businesses and other assets 2 64 62 689 10 Net exchange losses 3,4 (99 ) (127 ) (23 ) (364 ) Non-operating pension and other post employment benefit credit (cost) 5 191 275 103 (296 ) Miscellaneous income (expenses) - net 6 9 (46 ) (11 ) 37 Other income (expense) - net $ 215 $ 249 $ 805 $ (501 ) 1 In the Successor periods, royalty income is included in net sales. 2 Includes a $671 million gain on the sale of assets for the period September 1 through December 31, 2017 related to the divestiture of the DAS Divested Ag Business. Refer to Note 5 - Divestitures and Other Transactions, for additional information. 3 Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018, respectively. 4 Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. 5 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). The company adopted ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) on January 1, 2018, retrospectively, and recorded the other components of net periodic benefit cost in other income (expense) - net. 6 Miscellaneous income (expenses) - net, includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont, and other items. In addition, the year ended December 31, 2018 includes a $(53) million loss related to the deconsolidation of a subsidiary (refer to Note 25 - Segment Information). Refer to Note 12 - Accounts and Notes Receivable - Net, for additional information on losses on the sale of receivables. 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 (expense) - net and the related tax impact is recorded in provision for (benefit from) income taxes on continuing operations in the Consolidated Statements of Operations. Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Subsidiary Monetary Position (Loss) Gain Pre-tax exchange (loss) gain 1 $ (41 ) $ (221 ) $ (114 ) $ 67 Local tax benefits (expenses) 2 (31 ) 4 216 Net after-tax impact from subsidiary exchange (loss) gain $ (39 ) $ (252 ) $ (110 ) $ 283 Hedging Program (Loss) Gain Pre-tax exchange (loss) gain 2 $ (58 ) $ 94 $ 91 $ (431 ) Tax benefits (expenses) 13 (21 ) (33 ) 155 Net after-tax impact from hedging program exchange (loss) gain $ (45 ) $ 73 $ 58 $ (276 ) Total Exchange (Loss) Gain Pre-tax exchange loss 1,2 $ (99 ) $ (127 ) $ (23 ) $ (364 ) Tax benefits (expenses) 15 (52 ) (29 ) 371 Net after-tax exchange (loss) gain $ (84 ) $ (179 ) $ (52 ) $ 7 1. Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018 , respectively. 2. Includes a $(50) million foreign exchange loss for the year ended December 31, 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 Consolidated Balance Sheets to the total cash, cash equivalents and restricted cash presented in the Consolidated Statements of Cash Flows. (In millions) December 31, 2019 December 31, 2018 Cash and cash equivalents $ 1,764 $ 2,270 Restricted cash 409 460 Total cash, cash equivalents and restricted cash 2,173 2,730 Cash and cash equivalents of discontinued operations 1 — 2,254 Restricted cash of discontinued operations 2 — 40 Total cash, cash equivalents and restricted cash $ 2,173 $ 5,024 1. Refer to Note 5 - Divestitures and Other Transactions, for additional information. 2. Amount included in other current assets within assets of discontinued operations - current. 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 December 31, 2019 and December 31, 2018 is related to the Trust. Accrued and other current liabilities Accrued and other current liabilities were $4,434 million at December 31, 2019 and $4,005 million at December 31, 2018. Refer to Note 6 - Revenue, for discussion of deferred revenue, which is a component of accrued and other current liabilities. No other components of accrued and other current liabilities were more than 5 percent of total current liabilities. Accounts payable Accounts payable was $3,702 million at December 31, 2019 and $3,798 million at December 31, 2018. Accounts payable - trade, which is a component of accounts payable, was $2,577 million at December 31, 2019 and $2,602 million at December 31, 2018. No other components of accounts payable were more than 5 percent of total current liabilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted. The Act reduces the U.S. federal corporate income tax rate from 35 percent to 21 percent, requires companies to pay a one-time transition tax (“transition tax”) on earnings of certain foreign subsidiaries that were previously tax deferred, creates new provisions related to foreign sourced earnings, eliminates the domestic manufacturing deduction and moves to a territorial system. At December 31, 2017, the Company had not completed its accounting for the tax effects of The Act; however, as described below, the company made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition tax. In accordance with Staff Accounting Bulletin 118 ("SAB 118"), income tax effects of The Act were refined upon obtaining, preparing, or analyzing additional information during the measurement period. 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 income tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent. The company recorded a cumulative benefit of $2,847 million ( $2,813 million benefit in the period September 1 through December 31, 2017 and $34 million benefit in the year ended December 31, 2018 ) to the provision for (benefit from) income taxes on continuing operations with respect to the remeasurement of the company's deferred tax balances. Of the $34 million benefit recorded in the year ended December 31, 2018 , $114 million relates to the company's discretionary pension contribution in 2018, which was deducted on a 2017 tax return. The remaining charges relate to purchase accounting adjustments made throughout 2018. • The Act requires a mandatory deemed repatriation of post-1986 undistributed foreign earnings and profits (“E&P”), which results in a one-time transition tax. The company recorded a cumulative charge of $928 million ( $746 million charge in the period September 1 through December 31, 2017 and $182 million charge in the year ended December 31, 2018 ) to the provision for (benefit from) income taxes on continuing operations with respect to the one-time transition tax. • In the year ended December 31, 2018 , the company recorded an indirect impact of The Act related to prepaid tax on the intercompany sale of inventory. The amount recorded related to inventory was a $16 million charge to provision for income taxes on continuing operations. • For tax years beginning after December 31, 2017, The Act introduces new provisions for U.S. taxation of certain global intangible low-taxed income (“GILTI”). The company has made the policy election to record any liability associated with GILTI in the period in which it is incurred. Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) Income from continuing operations before income taxes Domestic $ (1,352 ) $ (5,040 ) $ (961 ) $ (519 ) Foreign 1,036 (1,766 ) 500 482 Loss from continuing operations before income taxes $ (316 ) $ (6,806 ) $ (461 ) $ (37 ) Current tax expense (benefit) Federal $ (11 ) $ (112 ) $ 8 $ (581 ) State and local 1 (32 ) 11 (117 ) Foreign 317 446 287 81 Total current tax expense (benefit) $ 307 $ 302 $ 306 $ (617 ) Deferred tax (benefit) expense Federal $ (392 ) $ (124 ) $ (2,373 ) $ 188 State and local 156 (39 ) 3 79 Foreign (117 ) (170 ) (157 ) (45 ) Total deferred tax (benefit) expense $ (353 ) $ (333 ) $ (2,527 ) $ 222 Benefit from income taxes on continuing operations (46 ) (31 ) (2,221 ) (395 ) Net (loss) income from continuing operations after taxes $ (270 ) $ (6,775 ) $ 1,760 $ 358 Reconciliation to U.S. Statutory Rate Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Statutory U.S. federal income tax rate 21.0 % 21.0 % 35.0 % 35.0 % Equity earning effect 0.1 0.1 1.9 (2.7 ) Effective tax rates on international operations - net 1 (18.4 ) 0.4 24.3 244.9 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (10.7 ) (2.3 ) 63.0 (64.7 ) U.S. research and development credit 7.0 0.1 1.4 24.4 Exchange gains/losses 5 (1.8 ) (1.3 ) (8.8 ) 650.1 SAB 118 Impact of Enactment of U.S. Tax Reform 6 — (3.0 ) 371.2 — Impact of Swiss Tax Reform 7 11.9 — — — Excess tax benefits (tax deficiency) from stock compensation (0.6 ) 0.1 1.0 38.3 Tax settlements and expiration of statute of limitations 8 3.9 (0.1 ) — 146.4 Goodwill impairment 9 — (15.2 ) — — Other - net 2.2 0.7 (7.2 ) (4.1 ) Effective tax rate on income from continuing operations 14.6 % 0.5 % 481.8 % 1,067.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 . 4. Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 6. Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively. 7. Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). 8. The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. 9. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . Deferred Tax Balances at December 31 2019 2018 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 369 $ — $ 344 Tax loss and credit carryforwards 1 761 — 842 — Accrued employee benefits 1,717 — 1,392 — Other accruals and reserves 135 — 263 — Intangibles — 2,738 — 2,648 Inventory 25 — — 40 Long-term debt — — 24 — Investments 53 — 7 — Unrealized exchange gains/losses — 39 — 140 Other – net 279 — 137 — Subtotal $ 2,970 $ 3,146 $ 2,665 $ 3,172 Valuation allowances 2 (457 ) — (669 ) — Total $ 2,513 $ 3,146 $ 1,996 $ 3,172 Net Deferred Tax Liability $ (633 ) $ (1,176 ) 1. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. 2. During the year ended December 31, 2019, the company released a valuation allowance against the net deferred tax asset position of a legal entity in Switzerland in connection with an internal merger, resulting in a tax benefit of $34 million . During the year ended December 31, 2018 , the company established a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil due to revised financial projections, resulting in tax expense of $75 million . See Note 15 - Goodwill and Other Intangible Assets, for additional information. Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2019 2018 Operating loss carryforwards Expire within 5 years $ 131 $ 78 Expire after 5 years or indefinite expiration 400 559 Total operating loss carryforwards $ 531 $ 637 Tax credit carryforwards Expire within 5 years $ 30 $ 27 Expire after 5 years or indefinite expiration 200 178 Total tax credit carryforwards $ 230 $ 205 Total Operating Loss and Tax Credit Carryforwards $ 761 $ 842 Total Gross Unrecognized Tax Benefits Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Total unrecognized tax benefits as of beginning of period $ 749 $ 741 $ 709 $ 596 Decreases related to positions taken on items from prior years (167 ) (44 ) (2 ) (19 ) Increases related to positions taken on items from prior years 77 74 9 3 Increases related to positions taken in the current year 54 9 28 49 Settlement of uncertain tax positions with tax authorities (9 ) (13 ) 1 (6 ) Impact of Internal Reorganizations (278 ) — — — Decreases due to expiration of statutes of limitations — (5 ) (5 ) (86 ) Exchange (gain) loss — (13 ) 1 1 Total unrecognized tax benefits as of end of period $ 426 $ 749 $ 741 $ 538 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 188 $ 45 $ 51 $ 131 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ (4 ) $ 11 $ 1 $ (27 ) Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 24 $ 45 $ 47 $ 40 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. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. Tax years that remain subject to examination for the company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at Dec 31, Earliest Open Year Jurisdiction Argentina 2013 Brazil 2014 Canada 2013 China 2008 France 2016 India 1996 Italy 2015 Switzerland 2015 United States: Federal income tax 2012 State and local income tax 2001 Undistributed earnings of foreign subsidiaries and related companies that are deemed to be permanently invested amounted to $4,614 million at December 31, 2019 . In addition to the U.S. federal tax imposed by The Act on all accumulated unrepatriated earnings through December 31, 2017, The Act introduced additional U.S. federal tax on foreign earnings, effective as of January 1, 2018. The undistributed foreign earnings as of December 31, 2019 may still be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply. The company is still asserting indefinite reinvestment related to certain investments in foreign subsidiaries. It is not practicable to calculate the unrecognized deferred tax liability on undistributed foreign earnings due to the complexity of the hypothetical calculation. 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. |
Earnings Per Share of Common St
Earnings Per Share of Common Stock (Notes) | 12 Months Ended |
Dec. 31, 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 Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) income from continuing operations after income taxes $ (270 ) $ (6,775 ) $ 1,760 $ 358 Net income attributable to continuing operations noncontrolling interests 13 29 10 8 (Loss) income from continuing operations attributable to Corteva common stockholders (283 ) (6,804 ) 1,750 350 (Loss) income from discontinued operations, net of tax (671 ) 1,748 (568 ) 1,403 Net income attributable to discontinued operations noncontrolling interests 5 9 — 19 (Loss) income from discontinued operations attributable to Corteva common stockholders (676 ) 1,739 (568 ) 1,384 Net (loss) income attributable to common stockholders $ (959 ) $ (5,065 ) $ 1,182 $ 1,734 (Loss) Earnings Per Share Calculations - Basic Successor Predecessor (Dollars per share) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) earnings per share of common stock from continuing operations $ (0.38 ) $ (9.08 ) $ 2.34 $ 0.40 (Loss) earnings per share of common stock from discontinued operations (0.90 ) 2.32 (0.76 ) 1.60 (Loss) earnings per share of common stock $ (1.28 ) $ (6.76 ) $ 1.58 $ 2.00 (Loss) Earnings Per Share Calculations - Diluted Successor Predecessor (Dollars per share) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) earnings per share of common stock from continuing operations $ (0.38 ) $ (9.08 ) $ 2.34 $ 0.40 (Loss) earnings per share of common stock from discontinued operations (0.90 ) 2.32 (0.76 ) 1.59 (Loss) earnings per share of common stock $ (1.28 ) $ (6.76 ) $ 1.58 $ 1.99 Share Count Information Successor Predecessor (Shares in millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Weighted-average common shares - basic 1 749.5 749.4 749.4 867.9 Plus dilutive effect of equity compensation plans 2 — — — 4.5 Weighted-average common shares - diluted 749.5 749.4 749.4 872.4 Potential shares of common stock excluded from EPS calculations 3 14.4 — — — 1. Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. 2. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. 3. These outstanding potential shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable,
Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts and Notes Receivables, Net | ACCOUNTS AND NOTES RECEIVABLE - NET (In millions) December 31, 2019 December 31, 2018 Accounts receivable – trade 1 $ 4,225 $ 3,649 Notes receivable – trade 2 171 194 Other 3 1,132 1,417 Total accounts and notes receivable - net $ 5,528 $ 5,260 1. Accounts receivable – trade is net of allowances of $174 million at December 31, 2019 and $127 million at December 31, 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 December 31, 2019 and 2018, there were no significant past due notes receivable which required a reserve, 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 ten percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $119 million and $101 million as of December 31, 2019 and 2018, respectively. 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 $328 million , $133 million , $67 million , and $6 million for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. The trade receivables sold that remained outstanding under these agreements which include an element of recourse as of December 31, 2019 and December 31, 2018 were $171 million and $37 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 (expense) - net in the Consolidated Statements of Operations. The loss on sale of receivables were $44 million , $25 million , and $19 million , for the year ended December 31, 2019 , the year ended December 31, 2018 , and the period September 1 through December 31, 2017 , respectively. The guarantee obligations recorded as of December 31, 2019 and December 31, 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 | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | INVENTORIES (In millions) December 31, 2019 December 31, 2018 Finished products $ 2,684 $ 3,022 Semi-finished products 1,850 1,821 Raw materials and supplies 498 467 Total inventories $ 5,032 $ 5,310 As a result of the Merger, a fair value step-up of $2,297 million was recorded for inventories. Of this amount, $272 million , $1,554 million , and $425 million was recognized in cost of goods sold within (loss) income from continuing operations for the year ended December 31, 2019 , the year ended December 31, 2018 , and the period September 1 through December 31, 2017 , respectively. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | PROPERTY, PLANT AND EQUIPMENT (In millions) December 31, 2019 December 31, 2018 Land and land improvements $ 459 $ 468 Buildings 1,508 1,430 Machinery and equipment 5,323 4,863 Construction in progress 582 579 Total property, plant and equipment 7,872 7,340 Accumulated depreciation (3,326 ) (2,796 ) Total property, plant and equipment - net $ 4,546 $ 4,544 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 . Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Depreciation expense $ 525 $ 518 $ 173 $ 154 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and 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 years ended December 31, 2019 and December 31, 2018 respectively. (In millions) Agriculture Crop Protection Seed Total Balance as of December 31, 2017 $ 14,873 $ — $ — $ 14,873 Currency translation adjustment (271 ) — — (271 ) Measurement period adjustments - Merger 1 94 — — 94 Goodwill impairment (4,503 ) — — (4,503 ) Balance as of December 31, 2018 $ 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 — 28 32 60 Other goodwill adjustments and acquisitions 3 — (11 ) 1 (10 ) Balance as of December 31, 2019 $ — $ 4,743 $ 5,486 $ 10,229 1. See Note 1 - Background and Basis of Presentation, for further discussion of the Merger. 2. Primarily consists of the acquisition of a distributor in Greece. 3. Primarily consists of the goodwill included in the sale of a business in crop protection. 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 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. 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 in the second quarter of 2019, 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 assessment for the former agriculture reporting unit immediately prior to the realignment and the newly created reporting units immediately after the realignment. The impairment assessment 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 assumptions 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. In the fourth quarter of 2019, the company performed quantitative testing on all of its reporting units and determined that no goodwill impairments exist. During the third quarter of 2018, and in connection with strategic business reviews, the company assembled updated financial projections. The revised financial projections of the agriculture reporting unit assessed and quantified the impacts of developing market conditions, events and circumstances that have evolved throughout 2018, resulting in a reduction in the forecasts of sales and profitability as compared to prior forecasts. The reduction in financial projections was principally driven by lower growth in sales and margins in North America and Latin America and unfavorable currency impacts related to the Brazilian Real. The lower growth expectation was driven by reduced planted area, an expected unfavorable shift to soybeans from corn in Latin America, and delays in expected product registrations. In addition, decreases in commodity prices and higher than anticipated industry grain inventories were expected to impact farmers’ income and buying choices resulting in shifts to lower technologies and pricing pressure. The company considered the combination of these factors and the resulting reduction in its forecasted projections for the agriculture reporting unit and determined it was more likely than not that the fair value of the agriculture reporting unit was less than the carrying value, thus requiring the performance of an updated goodwill and intangible asset impairment analysis for the agriculture reporting unit as of September 30, 2018. The company performed an interim impairment analysis for the agriculture reporting unit using a discounted cash flow model (a form of the income approach), utilizing Level 3 unobservable inputs. The company’s significant estimates in this analysis included, but were not limited to, future cash flow projections, Merger-related cost and growth synergies, the weighted average cost of capital, the terminal growth rate, and the tax rate. The company believed the current assumptions and estimates utilized were both reasonable and appropriate. The key assumption driving the change in fair value was the lower financial projections discussed above. Future cash flow estimates are, by their nature, subjective and actual results may differ materially from the company’s estimates. If the company’s ongoing estimates of future cash flows are not met, the company may have to record additional impairment charges in future periods. The company’s estimates of future cash flows are based on current regulatory and economic climates, recent operating results, and planned business strategy. These estimates could be negatively affected by changes in federal, state, or local regulations or economic downturns. Based on the analysis performed, the company determined that the carrying amount of the agriculture reporting unit exceeded its fair value resulting in a pre-tax, non-cash goodwill impairment charge of $4,503 million , reflected in goodwill impairment charge in the company’s Consolidated Statement of Operations for the year ended December 31, 2018. None of the charge was tax-deductible. Other Intangible Assets The gross carrying amounts and accumulated amortization of other intangible assets by major class are as follows: (In millions) December 31, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Germplasm 1 $ 6,265 $ (63 ) $ 6,202 Customer-related 1,977 (268 ) 1,709 1,985 (154 ) 1,831 Developed technology 2 1,463 (370 ) 1,093 974 (163 ) 811 Trademarks/trade names 166 (86 ) 80 180 (92 ) 88 Favorable supply contracts 475 (207 ) 268 475 (111 ) 364 Other 3 404 (213 ) 191 538 (300 ) 238 Total other intangible assets with finite lives 10,750 (1,207 ) 9,543 4,152 (820 ) 3,332 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 2 10 — 10 576 — 576 Germplasm 1 6,265 — 6,265 Trademarks / trade names 1,871 — 1,871 1,871 — 1,871 Other — — — 11 — 11 Total other intangible assets 1,881 — 1,881 8,723 — 8,723 Total $ 12,631 $ (1,207 ) $ 11,424 $ 12,875 $ (820 ) $ 12,055 1. Beginning on October 1, 2019, the company changed its indefinite life assertion of the germplasm assets to definite lived with a useful life of 25 years. This change is the result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a non-exclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. 2. During the first quarter of 2019, the company announced the 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. 3. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. During the third quarter of 2019, and in connection with strategic product and portfolio reviews, the company determined that the fair value of certain intangible assets classified as developed technology, other intangible assets and IPR&D within the seed segment that primarily relate to heritage DAS intangibles previously acquired from Cooperativa Central de Pesquisa Agrícola's ("Coodetec") was less than the carrying value due to the company’s focus on advancing more competitive products and eliminating redundancy and complexity across the breeding programs. For IPR&D and developed technology, the company concluded these projects were abandoned. For other intangible assets, the company performed an impairment assessment using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The significant assumptions used in the calculation included projected revenue, royalty rates and discount rates. These significant assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset impairment charge of $54 million ( $41 million after-tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations for the year ended December 31, 2019. There were no indicators of impairment for the company’s other intangible assets that would suggest that the fair value is less than its carrying value at December 31, 2019, except for IPR&D. As a result of the company’s decision to accelerate the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands over the next five years with minimal use of the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® traits thereafter for the remainder of the Roundup Ready 2 License Agreement, the company determined that certain IPR&D projects associated with Roundup Ready 2 Xtend ® were not recoverable and were impaired. These IPR&D projects were either abandoned or tested for impairment using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the relief from royalty method calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset charge of $90 million ( $69 million after-tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statements of Operations for the year ended December 31, 2019. During 2018, in reviewing the indefinite-lived intangible assets, the company also determined that the fair value of certain IPR&D assets had declined as a result of delays in timing of commercialization and increases to expected research and development costs. The company performed an analysis of the fair value using the relief from royalty method (a form of the income approach) using Level 3 inputs within the fair value hierarchy. The key assumptions used in the calculation included projected revenue, royalty rates and discount rates. These key assumptions involve management judgment and estimates relating to future operating performance and economic conditions that may differ from actual cash flows. As a result, the company recorded a pre-tax, non-cash intangible asset impairment charge of $85 million ( $66 million after tax), which is reflected in restructuring and asset related charges - net, in the company's Consolidated Statement of Operations for the year ended December 31, 2018. The aggregate pre-tax amortization expense from continuing operations for definite-lived intangible assets was $475 million , $391 million , $97 million , and $40 million for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. Amortization expense for the year ended December 31, 2019 related to the germplasm assets was $63 million (see discussion above for change in the indefinite life assertion). The estimated annual future amortization expense related to the germplasm assets is approximately $250 million per year. Total estimated amortization expense for the next five fiscal years is as follows: (In millions) 2020 $ 657 2021 $ 649 2022 $ 628 2023 $ 548 2024 $ 532 |
Leases (Notes)
Leases (Notes) | 12 Months Ended |
Dec. 31, 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 year to 52 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. At December 31, 2019 , the company has future maximum payments for residual value guarantees in operating leases of $278 million with final expirations through 2028. The company's lease agreements do not contain any material restrictive covenants. The components of lease cost were as follows: (In millions) For the Year Ended December 31, 2019 Operating lease cost $ 166 Finance lease cost Amortization of right-of-use assets 10 Interest on lease liabilities 1 Total finance lease cost 11 Short-term lease cost 17 Variable lease cost 7 Total lease cost $ 201 New leases entered into during the year ended December 31, 2019 were not material . Supplemental cash flow information related to leases was as follows: (In millions) For the Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 174 Operating cash outflows from finance leases $ 1 Financing cash outflows from finance leases $ 9 Supplemental balance sheet information related to leases was as follows: (In millions) December 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 555 Current operating lease liabilities 2 140 Noncurrent operating lease liabilities 3 426 Total operating lease liabilities $ 566 Finance Leases Property, plant, and equipment, gross $ 15 Accumulated depreciation (8 ) Property, plant, and equipment, net 7 Short-term borrowings and finance lease obligations 4 Long-Term Debt 5 Total finance lease liabilities $ 9 1. Included in other assets in the Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the 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 December 31, 2019 Weighted-average remaining lease term (years) Operating leases 10.80 Financing leases 5.10 Weighted average discount rate Operating leases 3.96 % Financing leases 3.26 % Maturities of lease liabilities were as follows: Maturity of Lease Liabilities at December 31, 2019 Operating Leases Financing Leases (In millions) 2020 $ 154 $ 4 2021 120 2 2022 93 1 2023 67 1 2024 47 1 2025 and thereafter 167 1 Total lease payments 648 10 Less: Interest 82 1 Present value of lease liabilities $ 566 $ 9 Net rental expense for operating leases accounted for under ASC 840, "Leases," was $225 million , $86 million , and $100 million for the year ended December 31, 2018, the period September 1 through December 31, 2017, and the period January 1 through August 31, 2017, respectively. 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: Future Minimum Lease Commitments at December 31, 2018 (In millions) December 31, 2018 1 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 | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | SHORT-TERM BORROWINGS, LONG-TERM DEBT AND AVAILABLE CREDIT FACILITIES The following tables summarize the company's short-term borrowings and finance lease obligations and long-term debt: Short-term borrowings and finance lease obligations (In millions) December 31, 2019 December 31, 2018 Commercial paper $ — $ 1,847 Other loans - various currencies 2 19 Long-term debt payable within one year 1 263 Finance lease obligations payable within one year 4 25 Total short-term borrowings and finance lease obligations $ 7 $ 2,154 The estimated fair value of the company's short-term borrowings was determined using Level 2 inputs within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies, and Note 23 - Fair Value Measurements. Based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities, the fair value of the company's short-term borrowings and finance lease obligations was approximately carrying value. The weighted-average interest rate on short-term borrowings outstanding at December 31, 2019 and 2018 was 6.7% and 3.0% , respectively. The increase in the weighted-average interest rate for 2019 was primarily due to absence of commercial paper balances outstanding at the end of 2019. Long-Term Debt December 31, 2019 December 31, 2018 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures 1 : Final maturity 2019 — — % 263 2.23 % Final maturity 2020 — — % 2,496 2.14 % Final maturity 2021 — — % 475 2.08 % Final maturity 2023 — — % 386 2.48 % Final maturity 2024 and thereafter — — % 249 3.69 % Other facilities: Term loan due 2020 2 — — % 2,000 3.46 % Other loans: Foreign currency loans, various rates and maturities 2 3 Medium-term notes, varying maturities through 2041 109 1.61 % 110 2.37 % Finance lease obligations 5 67 Less: Unamortized debt discount and issuance costs — 2 Less: Long-term debt due within one year 1 263 Total $ 115 $ 5,784 1. See discussion of debt extinguishment 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, as described in Note 2 - Summary of Significant Accounting Policies, and Note 23 - Fair Value Measurements. 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 $114 million and $5,775 million at December 31, 2019 and 2018 , respectively. Available Committed Credit Facilities The following table summarizes the company's credit facilities: Committed and Available Credit Facilities at December 31, 2019 (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2019 $ 3,000 $ 3,000 May 2024 Floating Rate Revolving Credit Facility May 2019 3,000 3,000 May 2022 Floating Rate Total Committed and Available Credit Facilities $ 6,000 $ 6,000 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 billion Revolving Credit Facility dated May 2014 (discussed below). 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 . Debt Redemptions/Repayments In July 2018, the company fully repaid $1,250 million of 6 percent coupon bonds at maturity. On November 13, 2018, EID launched a tender offer (the “Tender Offer”) to purchase $6.2 billion aggregate principal amount of its outstanding debt securities (the “Tender Notes”). The Tender Offer expired on December 11, 2018 (the “Expiration Date”). At the Expiration Date, $4,409 million aggregate principal amount of the Tender Notes had been validly tendered and was accepted for payment. In exchange for such validly tendered Tender Notes, EID paid a total of $4,849 million , which included breakage fees and all applicable accrued and unpaid interest on such Tender Notes. DowDuPont contributed cash (generated from its notes offering) to EID to fund the settlement of the Tender Offer and payment of associated fees. EID recorded a loss from early extinguishment of debt of $81 million , primarily related to the difference between the redemption price and the par value of the notes, mostly offset by the write-off of unamortized step-up related to the fair value step-up of EID’s debt. 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 3 -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 could make up to seven term loan borrowings and amounts repaid or prepaid were 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 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 $403 million at December 31, 2019 . These lines are available to support short-term liquidity needs and general corporate purposes, including letters of credit. Outstanding letters of credit were $82 million at December 31, 2019 . These letters of credit support commitments made in the ordinary course of business. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 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 December 31, 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 F-35 and F-28 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 December 31, 2019 and December 31, 2018 , the company had directly guaranteed $97 million and $299 million , respectively, of such obligations. These amounts represent the maximum potential amount of future (undiscounted) payments that the company could be required to make under the guarantees in the event of default by the guaranteed party. Of the total maximum future payments at December 31, 2019 , $96 million had terms less than a year. The maximum future payments also include $16 million and $3 million of guarantees related to the various factoring agreements that the company enters into with its customer to sell its trade receivables at December 31, 2019 and December 31, 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 $27 million and $14 million at December 31, 2019 and December 31, 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 Refer to Note 5 - Divestitures and Other Transactions, for additional discussion of the Chemours Separation Agreement. 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 December 31, 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. On October 18, 2019, Chemours filed its brief objecting to the motion to dismiss on the grounds that the arbitration provisions of the Chemours Separation Agreement were unconscionable, and therefore are unenforceable. The Chancery Court heard oral arguments on this motion on December 18, 2019. The company believes the probability of liability with respect to Chemours' suit to be remote, and the defendants continue 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 on page F-64. 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 the common control combination with 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 While it is reasonably possible that the company could incur liabilities related to the litigation related to legacy EID businesses, unrelated to Corteva's current business, as described below, any such liabilities are not expected to be material. PFAS, PFOA, PFOS and Other Related Liabilities For purposes of this report, the term PFOA means collectively perfluorooctanoic acid and its salts, including the ammonium salt and does not distinguish between the two forms, and PFAS, which means per- and polyfluoroalkyl substances, including PFOA, PFOS (perfluorooctanesulfonic acid), GenX and other perfluorinated chemicals and compounds ("PFCs"). EID is a party to various legal proceedings relating to the use of PFOA by its former Performance Chemicals segment. While it is reasonably possible that 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 $20 million and an indemnification asset of $20 million at December 31, 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 December 31, 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 December 31, 2019 , approximately 55 lawsuits were pending alleging personal injury, mostly kidney or testicular cancer, from exposure to PFOA through air or water, with nearly all part of the MDL or were not filed on behalf of Leach class members. The first two trials began in January 2020 and six additional cases are scheduled for trial in June 2020. Other PFOA Matters EID is a party to other PFOA lawsuits that do not involve claims for personal injury. Chemours, pursuant to the Chemours Separation Agreement, is generally defending and indemnifying, with reservation, EID but Chemours has refused the tender of Corteva, Inc.'s defense in the limited actions in which Corteva, Inc. has been named. Chemours has refused to indemnify Corteva, Inc. and EID against any fraudulent conveyance claims associated with these matters. Corteva believes that Chemours is obligated to indemnify Corteva, Inc. under the Chemours Separation Agreement. New York . EID is a defendant in about 50 lawsuits, including a putative class action, brought by persons who live in and around Hoosick Falls, New York. These lawsuits assert claims for medical monitoring and property damage based on alleged PFOA releases from manufacturing facilities owned and operated by co-defendants in Hoosick Falls and allege that EID and 3M supplied some of the materials used at these facilities. EID is also one of more than ten defendants in a lawsuit brought by the Town of East Hampton, New York alleging PFOA and PFOS contamination of the town’s well water. Additionally, EID was served with complaints filed by six water districts in Nassau County, New York alleging that the drinking water they provide to customers is contaminated with PFAS and seeking reimbursement for clean-up costs. New Jersey . At December 31, 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 four lawsuits against EID, Chemours, 3M and others alleging that operations at and discharges from former EID sites in New Jersey (Chambers Works, Pompton Lakes, Parlin and Repauno) damaged the State’s natural resources. Two of these lawsuits (those involving the Chambers Works and Parlin sites) allege contamination from PFAS. The Ridgewood Water District in New Jersey filed suit in the first quarter 2019 against EID, 3M, Chemours, and Dyneon alleging losses related to the investigation, remediation and monitoring of polyfluorinated surfactants, including PFOA, in water supplies. Alabama / Others . EID is one of more than thirty defendants in a lawsuit by the Alabama water utility alleging contamination from PFCs, including PFOA, used by co-defendant carpet manufacturers to make their products more stain and grease resistant. In addition, the states of Michigan, New Hampshire, South Dakota, and Vermont recently filed lawsuits against EID, Chemours, 3M and others, claiming, among other things, PFC (including PFOA) contamination of groundwater and drinking water. The complaints seek reimbursement for past and future costs to investigate and remediate the alleged contamination and compensation for the loss of value and use of the state’s natural resources. Ohio . EID is a defendant in three lawsuits: an action by the State of Ohio based on alleged damage to natural resources, a putative nationwide class action brought on behalf of anyone who has detectable levels of PFAS in their blood serum, and an action by the City of Dayton claiming losses related to the investigation, remediation and monitoring of PFAS in water supplies. Aqueous Firefighting Foams. Approximately 315 cases have been filed against 3M and other defendants, including EID and Chemours, and more recently also including Corteva and DuPont, alleging PFOS or PFOA contamination of soil and groundwater from the use of aqueous firefighting foams. Most of those cases claim some form of property damage and seek to recover the costs of responding to this contamination and damages for the loss of use and enjoyment of property and diminution in value. Most of these cases have been transferred to a multidistrict litigation proceeding in federal district court in South Carolina. In addition to these cases, approximately 180 personal injury cases were filed on behalf of firefighters who allege personal injuries (primarily, thyroid disease and kidney, testicular and other cancers) as a result of aqueous firefighting foams. Most of these recent cases assert claims that the EID and Chemours separation constituted a fraudulent conveyance. While Chemours is defending EID, it has declined defense and indemnity to Corteva. EID did not make firefighting foams, PFOS, or PFOS products. While EID made surfactants and intermediaries that some manufacturers used in making foams, which may have contained PFOA as an unintended byproduct or an impurity, EID’s products were not formulated with PFOA, nor was PFOA an ingredient of these products. EID has never made or sold PFOA as a commercial product. 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. EID continues to cooperate with the U.S. Attorney’s Office. If criminal penalties are assessed against EID, it may not be permitted to seek indemnification from Chemours for these penalties At December 31, 2019 , several actions are pending in federal court against Chemours and EID relating to PFC discharges from the Fayetteville Works facility. One of these is a consolidated putative class action that asserts claims for medical monitoring and property damage on behalf of putative classes of property owners and residents in areas near or who draw drinking water from the Cape Fear River. Another action is a consolidated action brought by various North Carolina water authorities, including the Cape Fear Public Utility Authority and Brunswick County, that seek actual and punitive damages as well as injunctive relief. The other action is on behalf of about 100 plaintiffs who own wells and property near the Fayetteville Works facility. The plaintiffs seek damages for nuisance allegedly caused by releases of certain PFCs from the site. The plaintiffs’ claims for medical monitoring, punitive damages, public nuisance, trespass, unjust enrichment, failure to warn, and negligent manufacture have all been dismissed. The company has an indemnification claim against Chemours with respect to current and future inquiries and claims, including lawsuits, related to the foregoing. At December 31, 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 December 31, 2019 , the company had accrued obligations of $336 million for probable environmental remediation and restoration costs, including $51 million for the remediation of Superfund sites. These obligations are included in accrued and other current liabilities and other noncurrent obligations in the 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 $620 million above the amount accrued at December 31, 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. At December 31, 2018 , the company had accrued obligations of $398 million for probable environmental remediation and restoration costs, including $54 million for the remediation of Superfund sites. 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 F-60. The above noted $336 million accrued obligations includes the following: As of December 31, 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 $ 167 $ 167 $ 285 Other discontinued or divested businesses obligations 1 — 91 221 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 35 35 60 Environmental remediation liabilities not subject to indemnity — 43 54 Total $ 202 $ 336 $ 620 1. Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page F-61, 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 | 12 Months Ended |
Dec. 31, 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 Consolidated Financial Statements. Set forth below is a reconciliation of common stock share activity: Shares of common stock Issued Balance June 1, 2019 748,815,000 Issued 586,000 Repurchased and retired (824,000 ) Balance December 31, 2019 748,577,000 Share Buyback Plan On June 26, 2019, Corteva, Inc. announced that its Board of Directors authorized a $1 billion share repurchase program to purchase Corteva, Inc.'s common stock, par value $0.01 per share, without an expiration date. The timing, price and volume of purchases will be based on market conditions, relevant securities laws and other factors. During the year ended December 31, 2019 , the company purchased and retired 824,000 shares in the open market for a total cost of $25 million . Noncontrolling Interest Corteva, Inc. owns 100% of the outstanding common shares of EID. However, EID has preferred stock outstanding to third parties which is accounted for as a noncontrolling interest for Corteva. 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 December 31, 2019 and December 31, 2018 which is classified as noncontrolling interests in the Corteva 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 Unrealized Gain (Loss) on Investments Total 2017 Balance January 1, 2017 (Predecessor) $ (2,843 ) $ 7 $ (6,720 ) $ (357 ) $ 2 $ (9,911 ) Other comprehensive income (loss) before reclassifications 1,042 3 (78 ) — 1 968 Amounts reclassified from accumulated other comprehensive income — (13 ) 325 10 (1 ) 321 Net other comprehensive income (loss) 1,042 (10 ) 247 10 — 1,289 Balance August 31, 2017 (Predecessor) $ (1,801 ) $ (3 ) $ (6,473 ) $ (347 ) $ 2 $ (8,622 ) Balance September 1, 2017 (Successor) 2 $ (727 ) $ — $ (30 ) $ — $ — $ (757 ) Other comprehensive (loss) income before reclassifications (490 ) (2 ) 129 (53 ) — (416 ) Amounts reclassified from accumulated other comprehensive loss — — (4 ) — — (4 ) Net other comprehensive (loss) income (490 ) (2 ) 125 (53 ) — (420 ) Balance December 31, 2017 (Successor) $ (1,217 ) $ (2 ) $ 95 $ (53 ) $ — $ (1,177 ) 2018 Other comprehensive (loss) income before reclassifications (1,576 ) (19 ) (724 ) 132 — (2,187 ) Amounts reclassified from accumulated other comprehensive income — (5 ) 9 — — 4 Net other comprehensive (loss) income (1,576 ) (24 ) (715 ) 132 — (2,183 ) Balance December 31, 2018 (Successor) $ (2,793 ) $ (26 ) $ (620 ) $ 79 $ — $ (3,360 ) 2019 Other comprehensive (loss) income before reclassifications (274 ) 16 (723 ) (159 ) — (1,140 ) Amounts reclassified from accumulated other comprehensive loss — 12 5 (1 ) — 16 Net other comprehensive (loss) income (274 ) 28 (718 ) (160 ) — (1,124 ) Impact of Internal Reorganizations 1,123 — 91 — — 1,214 Balance December 31, 2019 (Successor) $ (1,944 ) $ 2 $ (1,247 ) $ (81 ) $ — $ (3,270 ) 1. The cumulative translation adjustment losses for the year ended December 31, 2019, the year ended December 31, 2018 and the period September 1 through December 31, 2017 are primarily driven by the strengthening of the U.S. Dollar ("USD") against the Brazilian Real ("BRL") and the European Euro ("EUR"). The cumulative translation adjustment gain for the period January 1 through August 31, 2017 is primarily driven by the weakening of the USD against the EUR. 2. In connection with the Merger, previously unrecognized prior service benefits and net losses related to EID's pension and other post employment benefit ("OPEB") plans were eliminated as a result of reflecting the balance sheet at fair value as of the date of the Merger. See Note 20 - Pension Plans and Other Post Employment Benefits, for further information regarding the pension and OPEB plans. Amounts reflected relate to DAS balances as of September 1, 2017. The tax benefit (expense) on the net activity related to each component of other comprehensive (loss) income was as follows: Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Derivative instruments $ (8 ) $ 6 $ 1 $ 6 Pension benefit plans - net 231 199 (36 ) (145 ) Other benefit plans - net 52 (40 ) 15 (5 ) Benefit from (provision for) income taxes related to other comprehensive income (loss) items $ 275 $ 165 $ (20 ) $ (144 ) A summary of the reclassifications out of accumulated other comprehensive loss is provided as follows: (In millions) Successor Predecessor Income Classification For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Derivative Instruments: $ 13 $ (6 ) $ — $ (21 ) (1) Tax (benefit) expense (1 ) 1 — 8 (2) After-tax $ 12 $ (5 ) $ — $ (13 ) Amortization of pension benefit plans: Prior service benefit (1 ) — — (3 ) (3),(4) Actuarial losses (gains) $ 2 $ 6 $ (5 ) $ 506 (3),(4),(5) Curtailment loss — 7 — — (3),(4),(5) Settlement loss (gain) 4 (2 ) — — (3),(4),(5) Total before tax 5 11 (5 ) 503 Tax (benefit) expense — (2 ) 1 (178 ) (2) After-tax $ 5 $ 9 $ (4 ) $ 325 Amortization of other benefit plans: Prior service benefit $ — $ — $ — $ (46 ) (3),(4) Actuarial (gains) losses (1 ) — — 61 (3),(4) Total before tax (1 ) — — 15 Tax benefit — — — (5 ) (2) After-tax $ (1 ) $ — $ — $ 10 Net realized losses on investments, before tax: — — — (1 ) (4) Tax expense — — — — (2) After-tax $ — $ — $ — $ (1 ) Total reclassifications for the period, after-tax $ 16 $ 4 $ (4 ) $ 321 1. Cost of goods sold. 2. Benefit from income taxes from continuing operations. 3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, for additional information. 4. Other income (expense) - net. 5. (Loss) income from discontinued operations after income taxes. |
Pension Plans and Other Post Em
Pension Plans and Other Post Employment Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | PENSION PLANS AND OTHER POST EMPLOYMENT BENEFITS The company offers various long-term benefits to its employees. Where permitted by applicable law, the company reserves the right to change, modify or discontinue the plans. As a result of the Merger, the company re-measured its pension and OPEB plans. The remeasurement of the company’s pension and OPEB plans is included in the fair value measurement of EID’s assets and liabilities as a result of the application of purchase accounting in connection with the Merger. In addition, net losses and prior service benefits recognized in accumulated other comprehensive loss were eliminated. Historical Dow and EID did not merge their pension plans and OPEB plans as a result of the Merger. In connection with the Corteva Distribution and Internal Reorganization, 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 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 of EID's pension and OPEB obligations and associated assets to DuPont. As a result of the transfer at Separation, about $5.8 billion unfunded obligations of the pension and OPEB plans remained with Corteva, of which $319 million was supported by funding under the Trust agreement. Defined Benefit Pension Plans The company has both funded and unfunded noncontributory defined benefit pension plans covering a majority of the U.S. employees and employees in a number of other countries. The principal U.S. pension plan is the largest pension plan held by Corteva. Most employees hired on or after January 1, 2007 are not eligible to participate in the U.S. defined benefit pension plans. The benefits under these plans are based primarily on years of service and employees' pay near retirement. In November 2016, EID announced that it will freeze the pay and service amounts used to calculate pension benefits for active employees who participate in the U.S. pension plans on November 30, 2018. Therefore, as of November 30, 2018, employees participating in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation received. The company's funding policy is consistent with the funding requirements of federal laws and regulations. Pension coverage for employees of the company's non-U.S. consolidated subsidiaries is provided, to the extent deemed appropriate, through separate plans. Obligations under such plans are funded by depositing funds with trustees, covered by insurance contracts, or remain unfunded. The company made a discretionary contribution of $1,100 million in the third quarter of 2018 to its principal U.S. pension plan. During the period January 1 through August 31, 2017, the company made total contributions of $2,900 million to its principal U.S. pension plan funded through a debt offering; short-term borrowings, including commercial paper issuance, and cash flows from operations. The company made total contributions of $121 million , $214 million , $69 million and $124 million to its pension plans other than the principal U.S. pension plan for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. Corteva expects to contribute approximately $60 million to its pension plans other than the principal U.S. pension plan in 2020. The company is evaluating potential discretionary contributions in 2020 to the principal U.S. pension plan, that could reduce a portion of the underfunded benefit obligation. Any discretionary contributions depend on various factors including market conditions and tax deductible limits. The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2019 December 31, 2018 Discount rate 3.20 % 3.94 % Rate of increase in future compensation levels 2.60 % 2.90 % The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Discount rate 4.19 % 3.38 % 3.42 % 3.80 % Rate of increase in future compensation levels 2.84 % 4.04 % 3.80 % 3.80 % Expected long-term rate of return on plan assets 6.24 % 6.19 % 6.24 % 7.66 % The weighted-average assumptions used to determine net periodic benefit costs for U.S. plans are summarized in the table below: Weighted- Average Assumptions used to Determine Net Periodic Benefit Cost Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Discount rate 4.32 % 3.65 % 3.73 % 4.16 % Rate of increase in future compensation levels — % 4.25 % 3.95 % 3.95 % Expected long-term rate of return on plan assets 6.25 % 6.25 % 6.25 % 8.00 % In the tables above, the rate of compensation increase represents the single annual effective salary increase that an average plan participant would receive during the participant's entire career at the company. After November 30, 2018 the rate of compensation increase excludes U.S. pension plans since the employees who participate in the U.S. pension plans no longer accrue additional benefits for future service and eligible compensation as of that date. Other Post Employment Benefits The company provides medical, dental and life insurance benefits to certain pensioners and survivors. The associated plans for retiree benefits are unfunded and the cost of the approved claims is paid from company funds. Substantially all of the cost and liabilities for these retiree benefit plans are attributable to the U.S. benefit plans. The non-Medicare eligible retiree medical plan is contributory with pensioners and survivors' contributions adjusted annually to achieve a 50/50 target for sharing of cost increases between the company and pensioners and survivors. In addition, limits are applied to Corteva's portion of the retiree medical cost coverage. For Medicare eligible pensioners and survivors, Corteva provides a company-funded Health Reimbursement Arrangement ("HRA"). In November 2016, the company announced that eligible employees who will be under the age of 50 as of November 30, 2018 will not receive post-retirement medical, dental and life insurance benefits. Beginning January 1, 2015, eligible employees who retire on and after that date will receive the same life insurance benefit payment, regardless of employee's age or pay. The majority of U.S. employees hired on or after January 1, 2007 are not eligible to participate in the post-retirement medical, dental and life insurance plans. The company also provides disability benefits to employees. Employee disability benefit plans are insured in many countries. However, primarily in the U.S., such plans are generally self-insured. Obligations and expenses for self-insured plans are reflected in the change in projected benefit obligations table on page F-70. The company's OPEB plans are unfunded and the cost of the approved claims is paid from operating cash flows. Pre-tax cash requirements to cover actual net claims costs and related administrative expenses were $202 million , $216 million , $59 million , and $166 million for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. Changes in cash requirements reflect the net impact of higher per capita health care costs, demographic changes, plan amendments and changes in participant premiums, co-pays and deductibles. In 2020, the company expects to contribute approximately $240 million for its OPEB plans. The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2019 December 31, 2018 Discount rate 3.07 % 4.23 % The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the two tables below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Discount rate 3.93 % 3.56 % 3.62 % 4.03 % Assumed Health Care Cost Trend Rates December 31, 2019 December 31, 2018 Health care cost trend rate assumed for next year 7.20 % 7.50 % Rate to which the cost trend rate is assumed to decline (the ultimate health care trend rate) 5.00 % 5.00 % Year that the rate reached the ultimate health care cost trend rate 2028 2028 Assumptions Within the U.S., the company determines the expected long-term rate of return on plan assets by performing a detailed analysis of key economic and market factors driving historical returns for each asset class and formulating a projected return based on factors in the current environment. Factors considered include, but are not limited to, inflation, real economic growth, interest rate yield, interest rate spreads, and other valuation measures and market metrics. The expected long-term rate of return for each asset class is then weighted based on the strategic asset allocation approved by the governing body for the plan. The company's historical experience with the pension fund asset performance is also considered. For non-U.S. plans, assumptions reflect economic assumptions applicable to each country. In the U.S., Corteva calculates service costs and interest costs by applying individual spot rates from a yield curve (based on high-quality corporate bond yields) to the separate expected cash flows components of service cost and interest cost. Service cost and interest cost for all other plans are determined on the basis of the single equivalent discount rates derived in determining those plan obligations. The discount rates utilized to measure the pension and other post employment obligations are based on the yield on high-quality corporate fixed income investments at the measurement date. Future expected actuarially determined cash flows are individually discounted at the spot rates under the Aon AA_Above Median yield curve (based on high-quality corporate bond yields) to arrive at the plan’s obligations as of the measurement date. For non-U.S. benefit plans, historically the company utilized prevailing long-term high quality corporate bond indices to determine the discount rate, applicable to each country, at the measurement date. The company adopts the most recently published mortality tables and mortality improvement scale released by the Society of Actuaries in measuring its U.S. pension and other post employment benefit obligations. The effect of these adoptions is amortized into net periodic benefit cost for the years following the adoption. Summarized information on the company's pension and other post employment benefit plans is as follows: Change in Projected Benefit Obligations, Plan Assets and Funded Status Defined Benefit Pension Plans Other Post Employment Benefits (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Change in benefit obligations: Benefit obligation at beginning of the period $ 23,532 $ 25,683 $ 2,514 $ 2,810 Service cost 41 136 4 9 Interest cost 769 755 84 85 Plan participants' contributions 2 10 37 38 Actuarial (gain) loss 2,469 (1,078 ) 211 (172 ) Benefits paid (1,635 ) (1,763 ) (239 ) (254 ) Plan amendments (76 ) 17 — — Net effects of acquisitions / divestitures / other (1 ) (12 ) — — Effect of foreign exchange rates (60 ) (216 ) — (2 ) Impact of internal reorganizations (4,037 ) — (20 ) — Benefit obligations at end of the period $ 21,004 $ 23,532 $ 2,591 $ 2,514 Change in plan assets: Fair value of plan assets at beginning of the period $ 18,951 $ 20,329 $ — $ — Actual return on plan assets 2,552 (781 ) — — Employer contributions 121 1,314 202 216 Plan participants' contributions 2 10 37 38 Benefits paid (1,635 ) (1,763 ) (239 ) (254 ) Net effects of acquisitions / divestitures / other (6 ) (7 ) — — Effect of foreign exchange rates (38 ) (151 ) — — Impact of internal reorganizations (3,006 ) — — — Fair value of plan assets at end of the period $ 16,941 $ 18,951 $ — $ — Funded status U.S. plan with plan assets $ (3,535 ) $ (2,890 ) $ — $ — Non-U.S. plans with plan assets (90 ) (32 ) — — All other plans 1, 2 (438 ) (511 ) (2,591 ) (2,490 ) Plans of discontinued operations — (1,148 ) — (24 ) Funded status at end of the period 3 $ (4,063 ) $ (4,581 ) $ (2,591 ) $ (2,514 ) 1. As of December 31, 2019, and December 31, 2018, $294 million and $349 million , respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 2. Includes pension plans maintained around the world where funding is not customary. 3. Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations. Defined Benefit Pension Plans Other Post Employment Benefits (In millions) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Amounts recognized in the Consolidated Balance Sheets: Assets of discontinued operations - current $ — $ 10 $ — $ — Other Assets 10 — — — Accrued and other current liabilities (50 ) (45 ) (237 ) (242 ) Liabilities of discontinued operations - noncurrent — (1,158 ) — (24 ) Pension and other post employment benefits - noncurrent 1 (4,023 ) (3,388 ) (2,354 ) (2,248 ) Net amount recognized $ (4,063 ) $ (4,581 ) $ (2,591 ) $ (2,514 ) Pretax amounts recognized in accumulated other comprehensive loss (income): Net loss (gain) $ 1,641 $ 767 $ 108 $ (104 ) Prior service (benefit) cost (10 ) 17 — — Pretax balance in accumulated other comprehensive loss (income) at end of year $ 1,631 $ 784 $ 108 $ (104 ) 1. Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations. The significant loss related to the change in benefit obligations for the period ended December 31, 2019 is mainly due to a decrease in discount rates. The accumulated benefit obligation for all pensions plans was $21.0 billion and $23.2 billion at December 31, 2019 and 2018, respectively. Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2019 December 31, 2018 (In millions) Projected benefit obligations 1 $ 20,788 $ 23,261 Fair value of plan assets 2 16,716 18,669 1. Includes $3.8 billion of discontinued operations for the period ended December 31, 2018. 2. Includes $2.6 billion of discontinued operations for the period ended December 31, 2018. Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2019 December 31, 2018 (In millions) Accumulated benefit obligations 1 $ 20,654 $ 22,291 Fair value of plan assets 2 16,620 17,934 1. Includes $2.9 billion of discontinued operations for the period ended December 31, 2018. 2. Includes $2.0 billion of discontinued operations for the period ended December 31, 2018. Defined Benefit Pension Plans Other Post Employment Benefits (In millions) Successor Predecessor Successor Predecessor Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive loss For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Net Periodic Benefit Cost: Service cost $ 41 $ 136 $ 50 $ 92 $ 4 $ 9 $ 3 $ 6 Interest cost 769 755 247 524 84 85 26 60 Expected return on plan assets (1,078 ) (1,216 ) (411 ) (824 ) — — — — Amortization of unrecognized loss (gain) 3 10 1 506 (1 ) — — 61 Amortization of prior service benefit (1 ) — — (3 ) — — — (46 ) Curtailment gain (2 ) (11 ) — — — — — — Settlement loss 4 5 — — — — — — Net periodic benefit (credit) cost - Total $ (264 ) $ (321 ) $ (113 ) $ 295 $ 87 $ 94 $ 29 $ 81 Less: Discontinued operations 1 (14 ) (42 ) (13 ) 27 — 1 — — Net periodic benefit (credit) cost - Continuing operations $ (250 ) $ (279 ) $ (100 ) $ 268 $ 87 $ 93 $ 29 $ 81 Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net loss (gain) $ 970 $ 908 $ (163 ) $ (22 ) $ 211 $ (172 ) $ 68 $ — Amortization of unrecognized (loss) gain (2 ) (10 ) (1 ) (506 ) 1 — — (61 ) Prior service (benefit) cost (11 ) 17 — — — — — — Amortization of prior service benefit 1 — — 3 — — — 46 Settlement loss (4 ) (2 ) — — — — — — Effect of foreign exchange rates (5 ) 1 3 133 — — — — Total loss (benefit) recognized in other comprehensive loss, attributable to Corteva $ 949 $ 914 $ (161 ) $ (392 ) $ 212 $ (172 ) $ 68 $ (15 ) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 685 $ 593 $ (274 ) $ (97 ) $ 299 $ (78 ) $ 97 $ 66 1. Includes non-service related components of net periodic benefit credit of $(31) million , $(97) million , $(34) million , and $(18) million for the year ended December 31, 2019, the year ended December 31, 2018, the period September 1 through December 31, 2017, and the period January 1 through August 31, 2017, respectively. Estimated Future Benefit Payments The estimated future benefit payments, reflecting expected future service, as appropriate, are presented in the following table: Estimated Future Benefit Payments at December 31, 2019 Defined Benefit Pension Plans Other Post Employment Benefits (In millions) 2020 $ 1,527 $ 237 2021 1,474 228 2022 1,437 218 2023 1,403 209 2024 1,370 201 Years 2025-2029 6,314 808 Total $ 13,525 $ 1,901 Plan Assets All pension plan assets in the U.S. are invested through a single master trust fund. The strategic asset allocation for this trust fund is approved by management. The general principles guiding U.S. pension asset investment policies are those embodied in the Employee Retirement Income Security Act of 1974 ("ERISA"). These principles include discharging Corteva's investment responsibilities for the exclusive benefit of plan participants and in accordance with the "prudent expert" standard and other ERISA rules and regulations. Corteva establishes strategic asset allocation percentage targets and appropriate benchmarks for significant asset classes with the aim of achieving a prudent balance between return and risk. Strategic asset allocations in other countries are selected in accordance with the laws and practices of those countries. Where appropriate, asset liability studies are utilized in this process. U.S. plan assets are managed by investment professionals employed by Corteva. The remaining assets are managed by professional investment firms unrelated to the company. Corteva's pension investment professionals have discretion to manage the assets within established asset allocation ranges approved by management of the company. Additionally, pension trust funds are permitted to enter into certain contractual arrangements generally described as "derivatives." Derivatives are primarily used to reduce specific market risks, hedge currency and adjust portfolio duration and asset allocation in a cost-effective manner. In connection with pension contributions of $2,900 million to its principal U.S. pension plan during the period of January 1, 2017 through August 31, 2017, an investment policy study was completed for the principal U.S. pension plan. The study resulted in new target asset allocations being approved for the principal U.S. pension plan with resulting changes to the expected return on plan assets. The long-term rate of return on assets decreased from 8.00 percent to 6.25 percent. The weighted-average target allocation for plan assets of the company's pension plans is summarized as follows: Target Allocation for Plan Assets December 31, 2019 December 31, 2018 Asset Category U.S. equity securities 20 % 19 % Non-U.S. equity securities 16 16 Fixed income securities 50 50 Hedge funds 3 2 Private market securities 6 8 Real estate 3 3 Cash and cash equivalents 2 2 Total 100 % 100 % U.S. equity investments are primarily large-cap companies. Global equity securities include varying market capitalization levels. Global fixed income investments include corporate-issued, government-issued and asset-backed securities. Corporate debt investments include a range of credit risk and industry diversification. U.S. fixed income investments are weighted heavier than non-U.S. fixed income securities. Other investments include cash and cash equivalents, hedge funds, real estate and private market securities such as interests in private equity and venture capital partnerships. Fair value calculations may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. For pension plan assets classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For pension plan assets classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates, interest rates and implied volatilities obtained from various market sources. For pension plan assets classified as Level 3 measurements, total fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity for the investment. Investment managers, fund managers, or investment contract issuers provide valuations of the investment on a monthly or quarterly basis. These valuations are reviewed for reasonableness based on applicable sector, benchmark and company performance. Adjustments to valuations are made where appropriate. Where available, audited financial statements are obtained and reviewed for the investments as support for the manager’s investment valuation. The tables below present the fair values of the company's pension assets by level within the fair value hierarchy, as described in Note 2 - Summary of Significant Accounting Policies: Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 For the year ended December 31, 2019 (In millions) Cash and cash equivalents $ 1,343 $ 1,343 $ — $ — U.S. equity securities 1 3,665 3,652 4 9 Non-U.S. equity securities 2,053 2,043 6 4 Debt – government-issued 3,693 — 3,693 — Debt – corporate-issued 2,956 — 2,952 4 Debt – asset-backed 663 — 663 — Private market securities 2 — — 2 Real estate 33 — — 33 Derivatives – asset position 2 — 2 — Derivatives – liability position (19 ) — (19 ) — Other 19 — 19 — Subtotal $ 14,410 $ 7,038 $ 7,320 $ 52 Investments measured at net asset value Debt - government issued 37 U.S. equity securities 20 Non-U.S. equity securities 39 Hedge funds 431 Private market securities 1,371 Real estate funds 516 Total investments measured at net asset value $ 2,414 Other items to reconcile to fair value of plan assets Pension trust receivables 2 763 Pension trust payables 3 (646 ) Total $ 16,941 1. The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2019. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. Basis of Fair Value Measurements For the year ended December 31, 2018 (In millions) Total Level 1 4 Level 2 4 Level 3 4 Cash and cash equivalents $ 1,824 $ 1,824 $ — $ — U.S. equity securities 1 3,537 3,521 2 14 Non-U.S. equity securities 2,582 2,565 15 2 Debt – government-issued 3,659 211 3,448 — Debt – corporate-issued 3,037 253 2,770 14 Debt – asset-backed 721 39 682 — Hedge funds 162 162 — — Private market securities 1 — — 1 Real estate 336 243 — 93 Derivatives – asset position 10 1 9 — Derivatives – liability position (18 ) — (18 ) — Other 233 9 18 206 Subtotal $ 16,084 $ 8,828 $ 6,926 $ 330 Investments measured at net asset value 4 Debt - government issued 208 Hedge funds 678 Private market securities 1,861 Real estate funds 112 Other 6 Total investments measured at net asset value $ 2,865 Other items to reconcile to fair value of plan assets Pension trust receivables 2 210 Pension trust payables 3 (208 ) Total $ 18,951 1. The Corteva pension plans directly held $684 million (approximately 4 percent of total plan assets) of DowDuPont common stock at December 31, 2018. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. 4. Corteva's pension assets by fair value hierarchy at December 31, 2018 included approximately $1,657 million of Level 1 assets, $392 million of Level 2 assets, $259 million of Level 3 assets, and $606 million of investments measured at net asset value that were transferred to DuPont upon completion of the Separation. The following table summarizes the changes in fair value of Level 3 pension plan assets for the years ended December 31, 2019 and 2018: Fair Value Measurement of Level 3 Pension Plan Assets U.S. equity securities Non-U.S. equity securities Debt – corporate-issued Debt- asset- backed Hedge funds Private market securities Real estate Other Total (In millions) Balance at January 1, 2018 $ 17 $ 3 $ 27 $ 2 $ 2 $ 14 $ 96 $ — $ 161 Actual return on assets: Relating to assets sold during the year ended December 31, 2018 (1 ) (4 ) (80 ) — — — 2 — (83 ) Relating to assets held at December 31, 2018 (4 ) 3 87 — — (3 ) — (11 ) 72 Purchases, sales and settlements, net 3 — (15 ) — — — (3 ) 217 202 Transfers out of Level 3, net (1 ) — (5 ) (2 ) (2 ) (10 ) (2 ) — (22 ) Balance at December 31, 2018 $ 14 $ 2 $ 14 $ — $ — $ 1 $ 93 $ 206 $ 330 Actual return on assets: Relating to assets sold during the year ended December 31, 2019 (2 ) 1 9 — — — (29 ) — (21 ) Relating to assets held at December 31, 2019 (5 ) — (8 ) — — 4 25 — 16 Purchases, sales and settlements, net 2 2 (12 ) — — (3 ) (3 ) — (14 ) Transfers out of Level 3, net — (1 ) 1 — — — — — — Assets transferred at Separation — — — — — — (53 ) (206 ) (259 ) Balance at December 31, 2019 $ 9 $ 4 $ 4 $ — $ — $ 2 $ 33 $ — $ 52 Trust Assets EID entered into a trust agreement in 2013 (as amended and restated in 2017) that established and requires EID to fund 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. As a result, in November 2017, EID contributed $571 million to the Trust. During the year ended December 31, 2018, $68 million was distributed to EID according to the Trust agreement and at December 31, 2018, the balance in the Trust was $500 million . At the Separation, Corteva transferred $39 million to DuPont. During the year ended December 31, 2019, $62 million was distributed to EID according to the Trust agreement and at December 31, 2019, the balance in the Trust was $409 million . Defined Contribution Plans Corteva provides defined contribution benefits to its employees. The most significant is the U.S. Retirement Savings Plan ("the Plan"), which covers all U.S. full-service employees. This Plan includes a non-leveraged Employee Stock Ownership Plan ("ESOP"). Employees are not required to participate in the ESOP and those who do are free to diversify out of the ESOP. The purpose of the Plan is to provide retirement savings benefits for employees and to provide employees an opportunity to become stockholders of the company. The Plan is a tax qualified contributory profit sharing plan, with cash or deferred arrangement and any eligible employee of Corteva may participate. Currently, Corteva contributes 100 percent of the first 6 percent of the employee's contribution election and also contributes 3 percent of each eligible employee's eligible compensation regardless of the employee's contribution. Corteva's contributions to the Plan were $142 million , $183 million , $53 million and $129 million for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. Corteva's matching contributions vest immediately upon contribution. The 3 percent nonmatching company contribution vests after employees complete three years of service. In addition, Corteva made contributions to other defined contribution plans of $46 million , $82 million , $30 million and $33 million for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. Included in Corteva's contributions are amounts related to discontinued operations of $73 million , $148 million , $42 million , and $107 million for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [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. As of the Merger date on August 31, 2017, all outstanding Historical DuPont equity awards were converted into equity awards with respect to DowDuPont Common Stock. The previous Historical DuPont equity awards were converted into the right to receive 1.2820 shares of DowDuPont Common Stock and had a fair value of approximately $629 million at the Merger closing date, which included $485 million as consideration exchanged and $144 million (included $23 million of incremental expense as a result of the conversion) that is being amortized to stock compensation expense over the remaining vesting period of the awards. The fair values of the converted awards were based on valuation assumptions developed by management and other information including, but not limited to, historical volatility and dividend yield of Historical DuPont and Historical Dow. Historical DuPont and Historical Dow did not merge their equity and incentive plans as a result of the Merger. 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. 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 Separation. 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 consolidated financial statements. 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 million shares, excluding shares underlying certain exempt awards, such as the awards converted to Corteva-denominated awards pursuant to the Separation. At December 31, 2019, approximately 18 million shares were authorized for future grants under the OIP. 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 compensation committee determines the long-term incentive mix, including stock options, RSUs and PSUs and may authorize new grants annually. The company estimates expected forfeitures. The total stock-based compensation cost included in (loss) income from continuing operations after income taxes within the Consolidated Statement of Operations was $84 million , $83 million , $24 million , and $34 million for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. The income tax benefits related to stock-based compensation arrangements were $17 million , $17 million , $8 million , and $12 million for the year ended December 31, 2019 , the year ended December 31, 2018 , the period September 1 through December 31, 2017 , and the period January 1 through August 31, 2017 , respectively. Stock Options The exercise price of shares subject to option is equal to the market price of the company's stock on the date of grant. All options vest serially over a period of three years . Stock option awards granted under the previous plan (EIP) between 2013 and 2015 expire seven 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 subsequent to 2010 expire 10 years after the grant date. EIP Under the EIP, the weighted-average grant-date fair value of options granted for the year ended December 31, 2019, December 31, 2018, the period September 1 through December 31, 2017 and the period January 1 through August 31, 2017 was $7.29 , $15.46 , $28.56 , and $16.65 , respectively. To measure the fair value of the awards on the date of grant, the company used the Black-Scholes option pricing model and the following assumptions: Weighted-Average Assumptions Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Dividend yield 1.55 % 2.1 % 2.2 % 2.0 % Expected volatility 19.80 % 23.30 % 23.59 % 23.21 % Risk-free interest rate 2.4 % 2.8 % 2.1 % 2.3 % Expected life of stock options granted during period (years) 6.1 6.2 7.2 7.2 In the Successor periods, the company determined the dividend yield by dividing the annualized dividend on DowDuPont's Common Stock by the option exercise price. In the Predecessor period, the company determined the dividend yield by dividing the annual dividend on Historical DuPont's stock by the option exercise price. A historical daily measurement of volatility is determined based on the expected life of the option granted. In the Successor periods, for the year ended December 31, 2019, the measurement of volatility is based on weighted average of the individual peer volatilities of DuPont and Corteva based on the size of each business respectively. DuPont and Corteva peer volatility are based on a 50/50 blend of historical volatility and implied volatility. Both volatility measures are based on the average of five peer companies for DuPont and eight peer companies for Corteva. In the Successor periods, for the year ended December 31, 2018 and the period September 1 through December 31, 2017, the measurement of volatility used DowDuPont stock information after the Merger date, and a weighted average of Historical Dow and Historical DuPont stock information prior to Merger date. In the Predecessor period, the measurement of volatility used Historical DuPont stock information. The risk-free interest rate is determined by reference to the yield on an outstanding U.S. Treasury note with a term equal to the expected life of the option granted. Expected life is determined by reference to the company's historical experience. The following table summarizes stock option activity for the year ended December 31, 2019 under the EIP: Stock Options For the year ended December 31, 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 January 1, 2019 17,079 $ 53.26 Exercised (886 ) 39.19 Forfeited/Expired (85 ) 46.87 Outstanding at April 1, 2019 16,108 $ 54.07 4.76 $ 76,942 Exercisable at April 1, 2019 13,314 $ 51.09 3.94 $ 74,749 Conversion - Dow Distribution 1 21,700 $ 35.41 Granted 2 2,561 29.95 Exercised (134 ) 27.24 Forfeited/Expired (129 ) 35.07 Impact of Internal Reorganization, net (10,112 ) 36.07 Outstanding at May 31, 2019 13,886 $ 34.00 3.90 $ 20,779 Exercisable at May 31, 2019 12,481 $ 32.85 3.39 $ 18,979 Conversion - Corteva Distribution 3 (13,886 ) $ 34.00 Outstanding at December 31, 2019 — $ — — $ — Exercisable at December 31, 2019 — $ — — $ — 1. As a result of the Dow Distribution, all outstanding DowDuPont equity awards under the EIP were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. 2. As a result of the Dow Distribution, outstanding DowDuPont equity awards under the Heritage Dow Plans were moved to the EIP and were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. These outstanding equity awards are included in the number of “Granted” awards in the table above. 3. As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. 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. The total intrinsic value of options exercised for the year ended December 31, 2019, the year ended December 31, 2018, the period September 1 through December 31, 2017, and the period January 1 through August 31, 2017 was $16 million , $50 million , $19 million , and $108 million , respectively. For the year ended December 31, 2019, the company realized tax benefits from options exercised of $3 million . OIP During the year ended December 31, 2019 there were no new non-qualified options granted to Corteva’ s employees. Corteva’ s expense related to stock options was entirely related to Historical DuPont and Historical Dow outstanding options that were converted to Corteva’ s options on June 1, 2019. The following table summarizes stock option activity for year ended December 31, 2019 under the OIP: Stock Options For the year ended December 31, 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 January 1, 2019 — $ — Converted on June 1, 2019 1 10,468 32.11 Exercised (355 ) 20.95 Forfeited/Expired (68 ) 38.45 Outstanding at December 31, 2019 10,045 $ 32.47 4.73 $ 20,186 Exercisable at December 31, 2019 8,036 $ 30.54 3.95 $ 19,172 1. As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. 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 December 31, 2019 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. The total intrinsic value of options exercised and the realized tax benefits from options exercised for the year ended December 31, 2019 were $3 million , and $1 million , respectively. As of December 31, 2019 , $4 million of total unrecognized pre-tax compensation expense related to nonvested stock options is expected to be recognized over a weighted-average period of about 1 year. 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, generally 1 year to 3 years . RSUs granted under the OIP serially vest over 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 six 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. As a result of the Merger, the EIP provisions required PSUs to be converted into RSUs based on the number of PSUs that would vest by assuming that target levels of performance are achieved. Service requirements for vesting in the RSUs replicate those inherent in the exchanged PSUs. EIP Vesting for PSUs granted for the period January 1, 2017 through August 31, 2017 was based upon total shareholder return ("TSR") relative to peer companies. The weighted-average grant-date fair value of PSUs granted for the period January 1 through August 31, 2017, subject to the TSR metric, was $91.56 , and estimated using a Monte Carlo simulation. In accordance with the Merger Agreement, PSUs converted to RSUs based on an assessment of the underlying market conditions in the PSUs at the greater of target or actual performance levels as of the closing date. As the actual performance levels were not in excess of target as of the closing date, all PSUs converted to RSUs based on target and there was no incremental benefit from the Merger Agreement when compared to Historical DuPont’s EIP. In November 2017, DowDuPont granted PSUs to senior leadership that vest partially based on the realization of cost savings in connection with the DowDuPont Cost Synergy Program, as well as DowDuPont’s ability to complete the Business Separations. Performance and payouts are determined independently for each metric. The actual award, delivered in DowDuPont Common Stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant-date fair value of the PSUs granted in November 2017 of $71.16 was based upon the market price of the underlying common stock as of the grant date. Nonvested awards of RSUs and PSUs are shown below. RSUs & PSUs For the year ended December 31, 2019 Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at January 1, 2019 3,147 $ 68.18 Granted 2,578 52.66 Vested (1,113 ) 67.85 Forfeited (12 ) 67.08 Nonvested at April 1, 2019 4,600 $ 59.57 Conversion - Dow Distribution 1 6,120 $ 39.46 Granted 2 1,288 42.34 Vested (76 ) 42.26 Forfeited (47 ) 40.35 Impact of Internal Reorganization, net (4,185 ) 39.76 Nonvested at May 31, 2019 3,100 $ 40.18 Conversion - Corteva Distribution 3 (3,100 ) $ 40.18 Nonvested at December 31, 2019 — $ — 1. As a result of the Dow Distribution, all outstanding DowDuPont equity awards under the EIP were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. 2. As a result of the Dow Distribution, outstanding DowDuPont equity awards under the Heritage Dow Plans were moved to the EIP and were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. These outstanding equity awards are included in the number of “Granted” awards in the table above. 3. As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. The total fair value of stock units vested under the EIP during the year ended December 31, 2019, the year ended December 31, 2018, the period September 1 through December 31, 2017, and the period January 1 through August 31, 2017 was $79 million , $128 million , $9 million , and $84 million , respectively. The weighted-average grant-date fair value of stock units granted under the EIP for the year ended December 31, 2019, the year ended December 31, 2018, the period September 1 through December 31, 2017, and the period January 1 through August 31, 2017 was $52.19 , $70.37 , $70.02 , and $76.41 , respectively. OIP In August 2019, Corteva granted PSUs to senior leadership that vest partially based on the realization of the Company’s improvement of its Return on Invested Capital (“ROIC”) and Operating EBITDA during the Performance Period. Performance and payouts are determined independently for each metric. The actual award, delivered in Corteva Common Stock, can range from zero percent to 200 percent of the original grant. The weighted-average grant date fair value of the PSUs granted in August 2019 of $29.02 was based upon the market price of the underlying common stock as of the grant date. Nonvested awards of RSUs and PSUs are shown below. RSUs & PSUs For the year ended December 31, 2019 Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at January 1, 2019 — $ — Converted on June 1, 2019 1 3,757 35.56 Granted 2,228 28.88 Vested (497 ) 39.07 Forfeited (50 ) 36.50 Nonvested at December 31, 2019 5,438 $ 32.49 1. As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. The total fair value of stock units vested under the OIP during for the year ended December 31, 2019 was $19 million . The weighted-average grant-date fair value of stock units granted under the OIP for the year ended December 31, 2019 was $28.88 . As of December 31, 2019, $57 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 year . |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Disclosure [Text Block] | FINANCIAL INSTRUMENTS At December 31, 2019 , the company had $1,293 million ( $1,221 million at December 31, 2018) 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 $5 million ( $5 million at December 31, 2018) 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 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) December 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Commodity contracts $ 570 $ 525 Derivatives not designated as hedging instruments: Foreign currency contracts $ 582 $ 2,057 Commodity contracts $ — $ 9 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. The company may use foreign currency exchange contracts to offset a portion of the company's exposure to certain foreign currency-denominated revenues so that gains and losses on these contracts offset changes in the USD value of the related foreign currency-denominated revenues. The objective of the hedge program is to reduce earnings and cash flow volatility related to changes in foreign currency exchange rates. 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 2 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: Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Beginning balance $ (26 ) $ (2 ) $ — $ 7 Additions and revaluations of derivatives designated as cash flow hedges 16 (19 ) (2 ) 3 Clearance of hedge results to earnings 12 (5 ) — (13 ) Ending balance $ 2 $ (26 ) $ (2 ) $ (3 ) At December 31, 2019 , an after-tax net loss of $1 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 Consolidated Balance Sheets. The presentation of the company's derivative assets and liabilities is as follows: December 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 25 $ (18 ) $ 7 Total asset derivatives $ 25 $ (18 ) $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 43 $ (16 ) $ 27 Total liability derivatives $ 43 $ (16 ) $ 27 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. December 31, 2018 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the 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. Effect of Derivative Instruments Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Cash flow hedges: Commodity contracts $ 23 $ (24 ) $ 3 $ 5 Total derivatives designated as hedging instruments $ 23 $ (24 ) $ 3 $ 5 1. OCI is defined as other comprehensive income (loss). Amount of (Loss) Gain Recognized in Income - Pre-Tax 1 Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ (13 ) $ 6 $ — $ 21 Total derivatives designated as hedging instruments (13 ) 6 — 21 Derivatives not designated as hedging instruments: Foreign currency contracts 3 (58 ) 94 91 (431 ) Commodity contracts 2 9 5 — 2 Total derivatives not designated as hedging instruments (49 ) 99 91 (429 ) Total derivatives $ (62 ) $ 105 $ 91 $ (408 ) 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 (expense) - 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 | 12 Months Ended |
Dec. 31, 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: December 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,293 Marketable securities 5 Derivatives relating to: 2 Foreign currency 25 Total assets at fair value $ 1,323 Liabilities at fair value: Long-term debt 3 $ 119 Derivatives relating to: 2 Foreign currency 43 Total liabilities at fair value $ 162 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 3 $ 6,100 Derivatives relating to: 2 Foreign currency 21 Total liabilities at fair value $ 6,121 1. Time deposits included in cash and cash equivalents and money market funds included in other current assets in the 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 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. For assets and liabilities classified as Level 1 measurements (measured using quoted prices in active markets), total fair value is either the price of the most recent trade at the time of the market close or the official close price, as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. For assets and liabilities classified as Level 2 measurements, where the security is frequently traded in less active markets, fair value is based on the closing price at the end of the period; where the security is less frequently traded, fair value is based on the price a dealer would pay for the security or similar securities, adjusted for any terms specific to that asset or liability, or by using observable market data points of similar, more liquid securities to imply the price. For time deposits classified as held-to-maturity investments and reported at amortized cost, fair value is based on an observable interest rate for similar securities. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance and quality checks. For derivative assets and liabilities, standard industry models are used to calculate the fair value of the various financial instruments based on significant observable market inputs, such as foreign exchange rates, commodity prices, swap rates and implied volatilities obtained from various market sources. Market inputs are obtained from well-established and recognized vendors of market data and subjected to tolerance/quality checks. For all other assets and liabilities for which observable inputs are used, fair value is derived through the use of fair value models, such as a discounted cash flow model or other standard pricing models. See Note 22 - Financial Instruments, for further information on the types of instruments used by the company for risk management. There were no transfers between Levels 1 and 2 during the years ended December 31, 2019 and 2018. For assets classified as Level 3 measurements, the fair value is based on significant unobservable inputs including assumptions where there is little, if any, market activity. The fair value of the company’s interests held in trade receivable conduits is determined by calculating the expected amount of cash to be received using the key input of anticipated credit losses in the portfolio of receivables sold that have not yet been collected. Given the short-term nature of the underlying receivables, discount rate and prepayments are not factors in determining the fair value of the interests. Fair Value Measurements on a Nonrecurring Basis The following table summarizes the basis used to measure certain assets at fair value on a nonrecurring basis: Basis of Fair Value Measurements on a Nonrecurring Basis Significant Other Unobservable Inputs (Level 3) Total Losses (In millions) 2019 Assets at fair value: Developed technology $ — $ (1 ) Other intangible assets $ — $ (6 ) IPR&D $ — $ (137 ) 2018 Assets at fair value: Investment in nonconsolidated affiliates $ 51 $ (41 ) IPR&D $ 450 $ (85 ) During the third and fourth quarter of 2019, the company recorded impairment charges to developed technology, other intangible assets, and IPR&D. During the third quarter of 2018, the company recorded a goodwill impairment charge related to its agriculture reporting unit and impairment charges to other intangible assets and investment in nonconsolidated affiliates. See Notes 7 - Restructuring and Asset Related Charges - Net, and Note 15 - Goodwill and Other Intangible Assets, for further discussion of these fair value measurements. |
Geographic Information
Geographic Information | 12 Months Ended |
Dec. 31, 2019 | |
Geographical Reporting [Abstract] | |
Geographic Information [Text Block] | GEOGRAPHIC INFORMATION Sales are attributed to geographic areas based on customer location; long-lived assets are attributed to geographic areas based on asset location. Net Sales Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 United States $ 6,255 $ 6,725 $ 1,091 $ 4,189 Canada 674 687 133 390 EMEA 2,740 2,765 535 1,287 Asia Pacific 1,288 1,293 428 380 Latin America 1 2,889 2,817 1,603 648 Total $ 13,846 $ 14,287 $ 3,790 $ 6,894 1. Net sales for Brazil for the year ended December 31, 2019, the year ended December 31, 2018 and the period September 1 through December 31, 2017 were $1,794 million , $1,732 million and $1,111 million , respectively. Net sales for Brazil were less than 10 percent of consolidated net sales for the period January 1 through August 31, 2017. Net Property (In millions) 2019 2018 2017 United States $ 3,069 $ 3,161 $ 3,132 Canada 125 88 90 EMEA 566 546 570 Asia Pacific 178 181 215 Latin America 608 568 641 Total $ 4,546 $ 4,544 $ 4,648 |
Segment Reporting (Notes)
Segment Reporting (Notes) | 12 Months Ended |
Dec. 31, 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, with the exception of the Successor and Predecessor periods of 2017 (see below for further discussion). Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s CODM. For all periods presented below, 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 (including goodwill impairment charges). Non-operating costs-net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 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 debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. 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. (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2019 (Successor) Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchases of property, plant and equipment $ 373 $ 293 $ 666 As of and for the Year Ended December 31, 2018 (Successor) Net sales $ 7,842 $ 6,445 $ 14,287 Pro forma segment operating EBITDA $ 1,139 $ 1,074 $ 2,213 Depreciation and amortization $ 534 $ 375 $ 909 Segment assets $ 29,286 $ 9,346 $ 38,632 Investments in nonconsolidated affiliates $ 102 $ 36 $ 138 Purchases of property, plant and equipment $ 263 $ 250 $ 513 1. 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. As previously noted, the Predecessor period reflects the results of operations and assets and liabilities of Historical DuPont and excludes the DAS business. As a result, the company's segment results for the Predecessor and Successor periods of 2017 do not reflect the manner in which the company's CODM assesses performance and allocates resources, therefore the company determined that presenting segment results for each standalone period in 2017 would not be meaningful to the reader. Therefore, segment metrics are not presented for the Successor and Predecessor periods of 2017. Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to pro forma segment operating EBITDA 1 (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Loss from continuing operations after income taxes $ (270 ) $ (6,775 ) Benefit from income taxes on continuing operations (46 ) (31 ) Loss from continuing operations before income taxes (316 ) (6,806 ) Depreciation and amortization 1,000 909 Interest income (59 ) (86 ) Interest expense 136 337 Exchange losses - net 2 66 77 Non-operating benefits - net (129 ) (211 ) Goodwill impairment charge — 4,503 Significant items 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 119 141 Pro forma segment operating EBITDA $ 2,106 $ 2,213 1. Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, for additional information. Segment assets to total assets (in millions) December 31, 2019 December 31, 2018 Total segment assets $ 38,879 $ 38,632 Corporate assets 3,518 4,417 Assets related to discontinued operations 1 — 65,634 Total assets $ 42,397 $ 108,683 1. See Note 5 - Divestitures and Other Transactions, for additional information on discontinued operations. Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals As of and For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Investments in nonconsolidated affiliates $ 66 $ — $ 66 Purchase of property, plant, and equipment $ 666 $ 497 $ 1,163 As of and For the Year Ended December 31, 2018 Depreciation and amortization $ 909 $ 1,881 $ 2,790 Investments in nonconsolidated affiliates $ 138 $ — $ 138 Purchase of property, plant, and equipment $ 513 $ 988 $ 1,501 1. See Note 5 - Divestitures and Other Transactions, for additional information. Significant Pre-tax (Charges) Benefits Not Included in Pro Forma Segment Operating EBITDA The years ended December 31, 2019 and 2018, respectively, included the following significant pro forma pre-tax (charges) benefits which are excluded from pro forma segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 Restructuring and Asset Related Charges - Net 1 $ (213 ) $ (23 ) $ 14 $ (222 ) Integration and Separation Costs 2 — — (632 ) (632 ) Loss on Divestiture 3 (24 ) — — (24 ) Amortization of Inventory Step Up 4 (67 ) — — (67 ) Loss on Early Extinguishment of Debt 5 — — (13 ) (13 ) Argentina Currency Devaluation 6 — — (33 ) (33 ) Total $ (304 ) $ (23 ) $ (664 ) $ (991 ) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2018 Restructuring and Asset Related Charges - Net 1 $ (368 ) $ (58 ) $ (268 ) $ (694 ) Integration Costs 2 — — (571 ) (571 ) Gain on Sale 7 24 — — 24 Loss on Deconsolidation of Subsidiary 8 (53 ) — — (53 ) Loss on Divestiture 9 (2 ) — — (2 ) Income Tax Items 10 — — (50 ) (50 ) Total $ (399 ) $ (58 ) $ (889 ) $ (1,346 ) 1. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 7 - Restructuring and Asset Related Charges - Net, for additional information. 2. Integration and separation costs related to post-Merger integration and Business Separation activities. Beginning in the second quarter of 2019, this includes both integration and separation costs. 3. Includes a loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. 4. Includes charges related to the amortization on the inventory that was stepped up to fair value in connection with the Merger, recognized in cost of goods sold. 5. Includes a loss 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. 6. Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. 7. Includes a gain recorded in other income (expense) - net related to an asset sale. 8. Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 9. Includes a loss recorded in other income (expense) - net related to an asset sale. 10. Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Quaterly Financial Data
Quaterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) For the quarter ended In millions, except per share amounts March 31, June 30, September 30, December 31, 2019 Net sales $ 3,396 $ 5,556 $ 1,911 $ 2,983 Cost of goods sold 1 2,211 3,047 1,349 1,968 Restructuring and asset related charges - net 2 61 60 46 55 Integration and separation costs 2 212 330 152 50 (Loss) income from continuing operations after income taxes (184 ) 4 483 5 (527 ) 6,7 (42 ) 8 Net income (loss) attributable to Corteva 2 164 (608 ) (494 ) (21 ) (Loss) earnings per common share, continuing operations - basic 3 (0.26 ) 0.63 (0.69 ) (0.06 ) (Loss) earnings per common share, continuing operations - diluted 3 (0.26 ) 0.63 (0.69 ) (0.06 ) 2018 Net sales $ 3,794 $ 5,731 $ 1,947 $ 2,815 Cost of goods sold 1 2,752 3,687 1,485 2,024 Restructuring and asset related charges - net 2 130 101 235 228 Integration and separation costs 2 195 249 253 295 Goodwill impairment charge 2 — — 4,503 — (Loss) income from continuing operations after income taxes 9 (438 ) 10 375 11 (5,642 ) 12 (1,070 ) 4,5 Net (loss) income attributable to Corteva 2 (107 ) 694 (5,121 ) (531 ) (Loss) earnings per common share, continuing operations - basic 3 (0.60 ) 0.49 (7.54 ) (1.43 ) (Loss) earnings per common share, continuing operations - diluted 3 (0.60 ) 0.49 (7.54 ) (1.43 ) 1. Includes charges of $(639) million , $(676) million , $(109) million , and $(130) million for the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, and $(205) million , $(52) million , and $(15) million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. 2. See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. 3. Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. 4. First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 5. Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. 6. Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 7. Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. 8. Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. 9. Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. 10. First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. 11. Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. 12. Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. As discussed in Note 1 , Background and Basis of Presentation, the company has recasted its financial statements for the divestiture of EID ECP, the divestiture of the EID Specialty Products Entities, and for the DAS common control business combination. Below is a reconciliation from the amounts previously reported in the company's quarterly reports on Form 10-Q or annual report on Form 10-K to the recasted amounts reported above for the applicable periods. Prior to the Separation, the company did not report earnings per share information for the Successor periods as all of the company's issued and outstanding common stock was held by DowDuPont; as such, there is no reconciliation for those amounts below. For the Quarter 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 Cost of goods sold $ 4,235 $ (2,963 ) $ 939 $ 2,211 Restructuring and asset related charges - net $ 55 $ (43 ) $ 49 $ 61 Integration and separation costs $ 405 $ (193 ) $ — $ 212 Income (loss) from continuing operations after income taxes $ 89 $ (369 ) $ 96 $ (184 ) Net income attributable to Corteva $ 85 $ (11 ) $ 90 $ 164 For the Quarter Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net sales $ 5,741 $ (4,350 ) $ 1,424 $ 2,815 Cost of goods sold $ 3,980 $ (3,026 ) $ 1,070 $ 2,024 Restructuring and asset related charges - net $ 115 $ (9 ) $ 122 $ 228 Integration and separation costs $ 449 $ (154 ) $ — $ 295 Loss from continuing operations after income taxes $ (351 ) $ (573 ) $ (146 ) $ (1,070 ) Net loss attributable to Corteva $ (354 ) $ (28 ) $ (149 ) $ (531 ) For the Quarter Ended March 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net sales $ 6,699 $ (4,388 ) $ 1,483 $ 3,794 Cost of goods sold $ 4,847 $ (3,003 ) $ 908 $ 2,752 Restructuring and asset related charges - net $ 97 $ (38 ) $ 71 $ 130 Integration and separation costs $ 255 $ (60 ) $ — $ 195 Loss from continuing operations after income taxes $ (216 ) $ (355 ) $ 133 $ (438 ) Net loss attributable to Corteva $ (228 ) $ (1 ) $ 122 $ (107 ) 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. |
Subsequent Events (Notes)
Subsequent Events (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS In February 2020, the company entered into a new committed receivable repurchase facility of up to $1.3 billion (the "2020 Repurchase Facility") which expires in December 2020. Under the 2020 Repurchase Facility, Corteva may sell a portfolio of available and eligible outstanding customer notes receivables to participating institutions and simultaneously agree to repurchase at a future date. The 2020 Repurchase Facility is considered a secured borrowing with the customer notes receivables inclusive of those that are sold and repurchased, equal to 105 percent of the outstanding amounts borrowed utilized as collateral. Borrowings under the 2020 Repurchase Facility will have an interest rate of LIBOR + 0.75 percent . |
EID Basis of Presentation (Note
EID Basis of Presentation (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | BACKGROUND AND BASIS OF PRESENTATION Corteva, Inc. combines the strengths of EID’s Pioneer and Crop Protection businesses and Dow AgroSciences ("DAS") business 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 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 approximately 140 countries. Corteva has two reportable segments: seed and crop protection. See Note 25 - Segment Information, for additional information on the company's reportable segments. Throughout this Annual Report on Form 10-K, 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 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 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 DowDuPont; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; • 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; and • 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 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 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 Business 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 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. As a result, for periods prior to the Corteva Distribution and after the Merger, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. Subsequent to the Corteva Distribution, the financial statements are presented on a consolidated basis. The company's Consolidated Balance Sheet at December 31, 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 of DAS. The company's Consolidated Balance Sheet at December 31, 2018 consist of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Consolidated Balance Sheets" throughout this document. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to April 30, 2019 consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after May 1, 2019 represent the consolidated balances of the company. 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 (loss) income, stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the Consolidated Statements of Comprehensive (Loss) Income, Consolidated Statements of Equity and 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 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 (loss) income, stockholder's equity and cash flows related to the EID Specialty Products Entities have not been segregated and are included in the Consolidated Statements of Comprehensive (Loss) Income, Consolidated Statements of Equity and 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 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 H&N Business was transferred to DowDuPont as part of the EID Specialty Products Entities. 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. Predecessor / Successor Reporting For purposes of DowDuPont's financial statement presentation, Historical Dow was determined to be the accounting acquirer in the Merger and Historical DuPont's assets and liabilities are reflected at fair value as of the close of the Merger in the financial statements of DowDuPont. In connection with the Merger and the related accounting determination, Historical DuPont elected to apply push-down accounting and reflect in its financial statements, the fair value of its assets and liabilities. For purposes of Corteva’s financial statement presentation, periods following the close of the Merger are labeled “Successor” and reflect DowDuPont’s basis in the fair values of the assets and liabilities of Corteva/EID. All periods prior to the closing of the Merger reflect the historical accounting basis in EID 's assets and liabilities and are labeled “Predecessor.” The Consolidated Financial Statements and Footnotes include a black line division between the columns titled "Predecessor" and "Successor" to signify that the amounts shown for the periods prior to and following the Merger are not comparable. In addition, the company elected to make certain changes in presentation to harmonize its accounting and reporting with that of DowDuPont in the Successor periods. See Note 2 - Summary of Significant Accounting Policies, to the Consolidated Financial Statements for further discussion of these changes. |
EID [Member] | |
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 noncontrolling 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 financial statements at the standalone level (including the associated interest expense). • Capital Structure - At December 31, 2019 , Corteva, Inc.'s capital structure consists of 748,577,000 issued shares of common stock, par value $0.01 per share. The accompanying footnotes relate to EID only, and not to Corteva, Inc., and are presented to show differences between EID and Corteva, Inc. For the footnotes listed below, refer to the footnotes from the Corteva 10-K: • Note 1 - Background and Basis of Presentation - refer to page F-16 of the Corteva, Inc. Consolidated Financial Statements • Note 2 - Summary of Significant Accounting Policies - refer to page F-18 of the Corteva, Inc. Consolidated Financial Statements • Note 3 - Recent Accounting Guidance - refer to page F-24 of the Corteva, Inc. Consolidated Financial Statements • Note 4 - Common Control Business Combination - refer to page F-26 of the Corteva, Inc. Consolidated Financial Statements • Note 5 - Divestitures and Other Transactions - refer to page F-28 of the Corteva, Inc. Consolidated Financial Statements • Note 6 - Revenue - refer to page F-35 of the Corteva, Inc. Consolidated Financial Statements • Note 7 - Restructuring and Asset Related Charges - Net - refer to page F-38 of the Corteva, Inc. 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 F-41 of the Corteva, Inc. Consolidated Financial Statements • Note 10 - Income Taxes - Differences exist between Corteva, Inc. and EID; refer to EID Note 3 - Income Taxes, below • Note 11 - Earnings Per Share - N/A for EID • Note 12 - Accounts and Notes Receivable - Net - refer to page F-49 of the Corteva, Inc. Consolidated Financial Statements • Note 13 - Inventories - refer to page F-50 of the Corteva, Inc. Consolidated Financial Statements • Note 14 - Property, Plant and Equipment - refer to page F-50 of the Corteva, Inc. Consolidated Financial Statements • Note 15 - Goodwill and Other Intangible Assets - refer to page F-51 of the Corteva, Inc. Consolidated Financial Statements • Note 16 - Leases - refer to page F-54 of the Corteva, Inc. Consolidated Financial Statements • Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities - refer to page F-56 of the Corteva, Inc. 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 F-59 of the Corteva, Inc. Consolidated Financial Statements • Note 19 - Stockholders' Equity - refer to page F-64 of the Corteva, Inc. Consolidated Financial Statements • Note 20 - Pension Plans and Other Post Employment Benefits - refer to page F-67 of the Corteva, Inc. Consolidated Financial Statements • Note 21 - Stock-Based Compensation - refer to page F-77 of the Corteva, Inc. Consolidated Financial Statements • Note 22 - Financial Instruments - refer to page F-82 of the Corteva, Inc. Consolidated Financial Statements • Note 23 - Fair Value Measurements - refer to page F-85 of the Corteva, Inc. Consolidated Financial Statements • Note 24 - Geographic Information - refer to page F-87 of the Corteva, Inc. Consolidated Financial Statements • Note 25 - Segment Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 4 - Segment Information, below • Note 26 - Quarterly Information - Differences exist between Corteva, Inc. and EID; refer to EID Note 5 - Quarterly Information, below • Note 27 - Subsequent Events - Refers to page F-94 of the Corteva, Inc. Consolidated Financial Statements |
EID Related Party (Notes)
EID Related Party (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |
Related Party Transactions Disclosure [Text Block] | RELATED PARTY TRANSACTIONS Services Provided by and to Historical Dow and its affiliates Following the Merger and prior to the Dow Distribution, Corteva reports transactions with Historical Dow and its affiliates as related party transactions. At December 31, 2018 there was $110 million due to Historical Dow and its affiliates, reflected in liabilities from discontinued operations - current. Purchases from Historical Dow and its affiliates were $42 million , $149 million , and $42 million for the year ended December 31, 2019 , the year ended December 31, 2018 , and the period September 1 through December 31, 2017 . 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, May, August and November 2018, the Board declared first, second, third and fourth quarter dividends per share of DowDuPont common stock payable on March 15, 2018, June 15, 2018, September 15, 2018 and December 14, 2018, respectively. For the year ended December 31, 2018 and the period September 1 through December 31, 2017, EID declared and paid distributions in cash to DowDuPont of about $2,806 million and $829 million , respectively, primarily to fund a portion of DowDuPont’s share repurchases and dividend payments for these periods. In addition, in 2019 and 2018, DowDuPont contributed cash to Corteva to fund portions of the company's debt redemption/repayment transactions. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. In February 2019, the DowDuPont Board declared first quarter dividends per share of DowDuPont common stock payable on March 15, 2019. EID declared and paid distributions to DowDuPont of about $317 million for the year ended December 31, 2019 to fund a portion of DowDuPont’s dividend payments. In addition, at December 31, 2018 EID had a payable to DowDuPont of $103 million included in accounts payable in the 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 F-40 of the Corteva, Inc. 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 December 31, 2019 , the outstanding related party loan balance was $4,021 million (which approximates fair value) with an interest rate of 3.27% , and is reflected as long-term debt - related party on EID's Consolidated Balance Sheet. Additionally, EID has incurred tax deductible interest expense of $106 million for the year ended December 31, 2019 associated with the related party loan to Corteva, Inc. As of December 31, 2019 , EID had payables to Corteva, Inc., the parent company, of $119 million and $154 million included in accrued and other current liabilities and other noncurrent obligations, respectively, in the Consolidated Balance Sheet related to Corteva's indemnification liabilities to Dow and DuPont per the Separation Agreements (refer to page F-28 of the Corteva, Inc. Consolidated Financial Statements for further details of the Separation Agreements). |
EID Income Taxes (Notes)
EID Income Taxes (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Text Block] | INCOME TAXES On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was enacted. The Act reduces the U.S. federal corporate income tax rate from 35 percent to 21 percent, requires companies to pay a one-time transition tax (“transition tax”) on earnings of certain foreign subsidiaries that were previously tax deferred, creates new provisions related to foreign sourced earnings, eliminates the domestic manufacturing deduction and moves to a territorial system. At December 31, 2017, the Company had not completed its accounting for the tax effects of The Act; however, as described below, the company made a reasonable estimate of the effects on its existing deferred tax balances and the one-time transition tax. In accordance with Staff Accounting Bulletin 118 ("SAB 118"), income tax effects of The Act were refined upon obtaining, preparing, or analyzing additional information during the measurement period. 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 income tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21 percent. The company recorded a cumulative benefit of $2,847 million ( $2,813 million benefit in the period September 1 through December 31, 2017 and $34 million benefit in the year ended December 31, 2018 ) to the provision for (benefit from) income taxes on continuing operations with respect to the remeasurement of the company's deferred tax balances. Of the $34 million benefit recorded in the year ended December 31, 2018 , $114 million relates to the company's discretionary pension contribution in 2018, which was deducted on a 2017 tax return. The remaining charges relate to purchase accounting adjustments made throughout 2018. • The Act requires a mandatory deemed repatriation of post-1986 undistributed foreign earnings and profits (“E&P”), which results in a one-time transition tax. The company recorded a cumulative charge of $928 million ( $746 million charge in the period September 1 through December 31, 2017 and $182 million charge in the year ended December 31, 2018 ) to the provision for (benefit from) income taxes on continuing operations with respect to the one-time transition tax. • In the year ended December 31, 2018 , the company recorded an indirect impact of The Act related to prepaid tax on the intercompany sale of inventory. The amount recorded related to inventory was a $16 million charge to provision for income taxes on continuing operations. • For tax years beginning after December 31, 2017, The Act introduces new provisions for U.S. taxation of certain global intangible low-taxed income (“GILTI”). The company has made the policy election to record any liability associated with GILTI in the period in which it is incurred. Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) Income from continuing operations before income taxes Domestic $ (1,352 ) $ (5,040 ) $ (961 ) $ (519 ) Foreign 1,036 (1,766 ) 500 482 Loss from continuing operations before income taxes $ (316 ) $ (6,806 ) $ (461 ) $ (37 ) Current tax expense (benefit) Federal $ (11 ) $ (112 ) $ 8 $ (581 ) State and local 1 (32 ) 11 (117 ) Foreign 317 446 287 81 Total current tax expense (benefit) $ 307 $ 302 $ 306 $ (617 ) Deferred tax (benefit) expense Federal $ (392 ) $ (124 ) $ (2,373 ) $ 188 State and local 156 (39 ) 3 79 Foreign (117 ) (170 ) (157 ) (45 ) Total deferred tax (benefit) expense $ (353 ) $ (333 ) $ (2,527 ) $ 222 Benefit from income taxes on continuing operations (46 ) (31 ) (2,221 ) (395 ) Net (loss) income from continuing operations after taxes $ (270 ) $ (6,775 ) $ 1,760 $ 358 Reconciliation to U.S. Statutory Rate Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Statutory U.S. federal income tax rate 21.0 % 21.0 % 35.0 % 35.0 % Equity earning effect 0.1 0.1 1.9 (2.7 ) Effective tax rates on international operations - net 1 (18.4 ) 0.4 24.3 244.9 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (10.7 ) (2.3 ) 63.0 (64.7 ) U.S. research and development credit 7.0 0.1 1.4 24.4 Exchange gains/losses 5 (1.8 ) (1.3 ) (8.8 ) 650.1 SAB 118 Impact of Enactment of U.S. Tax Reform 6 — (3.0 ) 371.2 — Impact of Swiss Tax Reform 7 11.9 — — — Excess tax benefits (tax deficiency) from stock compensation (0.6 ) 0.1 1.0 38.3 Tax settlements and expiration of statute of limitations 8 3.9 (0.1 ) — 146.4 Goodwill impairment 9 — (15.2 ) — — Other - net 2.2 0.7 (7.2 ) (4.1 ) Effective tax rate on income from continuing operations 14.6 % 0.5 % 481.8 % 1,067.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 . 4. Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 6. Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively. 7. Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). 8. The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. 9. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . Deferred Tax Balances at December 31 2019 2018 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 369 $ — $ 344 Tax loss and credit carryforwards 1 761 — 842 — Accrued employee benefits 1,717 — 1,392 — Other accruals and reserves 135 — 263 — Intangibles — 2,738 — 2,648 Inventory 25 — — 40 Long-term debt — — 24 — Investments 53 — 7 — Unrealized exchange gains/losses — 39 — 140 Other – net 279 — 137 — Subtotal $ 2,970 $ 3,146 $ 2,665 $ 3,172 Valuation allowances 2 (457 ) — (669 ) — Total $ 2,513 $ 3,146 $ 1,996 $ 3,172 Net Deferred Tax Liability $ (633 ) $ (1,176 ) 1. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. 2. During the year ended December 31, 2019, the company released a valuation allowance against the net deferred tax asset position of a legal entity in Switzerland in connection with an internal merger, resulting in a tax benefit of $34 million . During the year ended December 31, 2018 , the company established a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil due to revised financial projections, resulting in tax expense of $75 million . See Note 15 - Goodwill and Other Intangible Assets, for additional information. Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2019 2018 Operating loss carryforwards Expire within 5 years $ 131 $ 78 Expire after 5 years or indefinite expiration 400 559 Total operating loss carryforwards $ 531 $ 637 Tax credit carryforwards Expire within 5 years $ 30 $ 27 Expire after 5 years or indefinite expiration 200 178 Total tax credit carryforwards $ 230 $ 205 Total Operating Loss and Tax Credit Carryforwards $ 761 $ 842 Total Gross Unrecognized Tax Benefits Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Total unrecognized tax benefits as of beginning of period $ 749 $ 741 $ 709 $ 596 Decreases related to positions taken on items from prior years (167 ) (44 ) (2 ) (19 ) Increases related to positions taken on items from prior years 77 74 9 3 Increases related to positions taken in the current year 54 9 28 49 Settlement of uncertain tax positions with tax authorities (9 ) (13 ) 1 (6 ) Impact of Internal Reorganizations (278 ) — — — Decreases due to expiration of statutes of limitations — (5 ) (5 ) (86 ) Exchange (gain) loss — (13 ) 1 1 Total unrecognized tax benefits as of end of period $ 426 $ 749 $ 741 $ 538 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 188 $ 45 $ 51 $ 131 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ (4 ) $ 11 $ 1 $ (27 ) Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 24 $ 45 $ 47 $ 40 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. It is reasonably possible that changes to the company’s global unrecognized tax benefits could be significant; however, due to the uncertainty regarding the timing of completion of audits and possible outcomes, a current estimate of the range of increases or decreases that may occur within the next twelve months cannot be made. Tax years that remain subject to examination for the company’s major tax jurisdictions are shown below: Tax Years Subject to Examination by Major Tax Jurisdiction at Dec 31, Earliest Open Year Jurisdiction Argentina 2013 Brazil 2014 Canada 2013 China 2008 France 2016 India 1996 Italy 2015 Switzerland 2015 United States: Federal income tax 2012 State and local income tax 2001 Undistributed earnings of foreign subsidiaries and related companies that are deemed to be permanently invested amounted to $4,614 million at December 31, 2019 . In addition to the U.S. federal tax imposed by The Act on all accumulated unrepatriated earnings through December 31, 2017, The Act introduced additional U.S. federal tax on foreign earnings, effective as of January 1, 2018. The undistributed foreign earnings as of December 31, 2019 may still be subject to certain taxes upon repatriation, primarily where foreign withholding taxes apply. The company is still asserting indefinite reinvestment related to certain investments in foreign subsidiaries. It is not practicable to calculate the unrecognized deferred tax liability on undistributed foreign earnings due to the complexity of the hypothetical calculation. 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. |
EID [Member] | |
Income Tax Disclosure [Text Block] | Refer to page F-43 of the Corteva, Inc. Consolidated Financial Statements for discussion of tax items that do not differ between Corteva, Inc. and EID. Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) Income from continuing operations before income taxes Domestic $ (1,458 ) $ (5,040 ) $ (961 ) $ (519 ) Foreign 1,036 (1,766 ) 500 482 Loss from continuing operations before income taxes $ (422 ) $ (6,806 ) $ (461 ) $ (37 ) Current tax expense (benefit) Federal $ (11 ) $ (112 ) $ 8 $ (581 ) State and local 1 (32 ) 11 (117 ) Foreign 317 446 287 81 Total current tax expense (benefit) $ 307 $ 302 $ 306 $ (617 ) Deferred tax (benefit) expense Federal $ (417 ) $ (124 ) $ (2,373 ) $ 188 State and local 156 (39 ) 3 79 Foreign (117 ) (170 ) (157 ) (45 ) Total deferred tax (benefit) expense $ (378 ) $ (333 ) $ (2,527 ) $ 222 Benefit from income taxes on continuing operations (71 ) (31 ) (2,221 ) (395 ) Net (loss) income from continuing operations $ (351 ) $ (6,775 ) $ 1,760 $ 358 Reconciliation to U.S. Statutory Rate Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Statutory U.S. federal income tax rate 21.0 % 21.0 % 35.0 % 35.0 % Equity earning effect 0.1 0.1 1.9 (2.7 ) Effective tax rates on international operations - net 1 (13.8 ) 0.4 24.3 244.9 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (8.0 ) (2.3 ) 63.0 (64.7 ) U.S. research and development credit 5.2 0.1 1.4 24.4 Exchange gains/losses 5 (1.3 ) (1.3 ) (8.8 ) 650.1 SAB 118 Impact of Enactment of U.S. Tax Reform 6 — (3.0 ) 371.2 — Impact of Swiss Tax Reform 7 8.9 — — — Excess tax benefits (tax deficiency) from stock compensation (0.5 ) 0.1 1.0 38.3 Tax settlements and expiration of statute of limitations 8 2.9 (0.1 ) — 146.4 Goodwill impairment 9 — (15.2 ) — — Other - net 2.3 0.7 (7.2 ) (4.1 ) Effective tax rate 16.8 % 0.5 % 481.8 % 1,067.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 . 4. Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. 6. Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively. 7. Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). 8. The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. 9. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . |
EID Segment FN (Notes)
EID Segment FN (Notes) | 12 Months Ended |
Dec. 31, 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, with the exception of the Successor and Predecessor periods of 2017 (see below for further discussion). Segment operating EBITDA is the primary measure of segment profitability used by Corteva’s CODM. For all periods presented below, 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 (including goodwill impairment charges). Non-operating costs-net consists of non-operating pension and other post-employment benefit (OPEB) costs, tax indemnification adjustments, environmental remediation and legal costs associated with legacy EID businesses and sites. Tax indemnification adjustments relate to changes in indemnification balances, as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont that are recorded by the company as pre-tax income or expense. 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 debt retirement transactions related to paying off or retiring portions of EID’s existing debt liabilities (as discussed in Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, to the Consolidated Financial Statements), and the separation and distribution to DowDuPont stockholders of all the outstanding shares of Corteva common stock as if they had been consummated on January 1, 2016. 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. (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2019 (Successor) Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchases of property, plant and equipment $ 373 $ 293 $ 666 As of and for the Year Ended December 31, 2018 (Successor) Net sales $ 7,842 $ 6,445 $ 14,287 Pro forma segment operating EBITDA $ 1,139 $ 1,074 $ 2,213 Depreciation and amortization $ 534 $ 375 $ 909 Segment assets $ 29,286 $ 9,346 $ 38,632 Investments in nonconsolidated affiliates $ 102 $ 36 $ 138 Purchases of property, plant and equipment $ 263 $ 250 $ 513 1. 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. As previously noted, the Predecessor period reflects the results of operations and assets and liabilities of Historical DuPont and excludes the DAS business. As a result, the company's segment results for the Predecessor and Successor periods of 2017 do not reflect the manner in which the company's CODM assesses performance and allocates resources, therefore the company determined that presenting segment results for each standalone period in 2017 would not be meaningful to the reader. Therefore, segment metrics are not presented for the Successor and Predecessor periods of 2017. Reconciliation to Consolidated Financial Statements Income (loss) from continuing operations after income taxes to pro forma segment operating EBITDA 1 (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Loss from continuing operations after income taxes $ (270 ) $ (6,775 ) Benefit from income taxes on continuing operations (46 ) (31 ) Loss from continuing operations before income taxes (316 ) (6,806 ) Depreciation and amortization 1,000 909 Interest income (59 ) (86 ) Interest expense 136 337 Exchange losses - net 2 66 77 Non-operating benefits - net (129 ) (211 ) Goodwill impairment charge — 4,503 Significant items 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 119 141 Pro forma segment operating EBITDA $ 2,106 $ 2,213 1. Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, for additional information. Segment assets to total assets (in millions) December 31, 2019 December 31, 2018 Total segment assets $ 38,879 $ 38,632 Corporate assets 3,518 4,417 Assets related to discontinued operations 1 — 65,634 Total assets $ 42,397 $ 108,683 1. See Note 5 - Divestitures and Other Transactions, for additional information on discontinued operations. Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals As of and For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Investments in nonconsolidated affiliates $ 66 $ — $ 66 Purchase of property, plant, and equipment $ 666 $ 497 $ 1,163 As of and For the Year Ended December 31, 2018 Depreciation and amortization $ 909 $ 1,881 $ 2,790 Investments in nonconsolidated affiliates $ 138 $ — $ 138 Purchase of property, plant, and equipment $ 513 $ 988 $ 1,501 1. See Note 5 - Divestitures and Other Transactions, for additional information. Significant Pre-tax (Charges) Benefits Not Included in Pro Forma Segment Operating EBITDA The years ended December 31, 2019 and 2018, respectively, included the following significant pro forma pre-tax (charges) benefits which are excluded from pro forma segment operating EBITDA: (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 Restructuring and Asset Related Charges - Net 1 $ (213 ) $ (23 ) $ 14 $ (222 ) Integration and Separation Costs 2 — — (632 ) (632 ) Loss on Divestiture 3 (24 ) — — (24 ) Amortization of Inventory Step Up 4 (67 ) — — (67 ) Loss on Early Extinguishment of Debt 5 — — (13 ) (13 ) Argentina Currency Devaluation 6 — — (33 ) (33 ) Total $ (304 ) $ (23 ) $ (664 ) $ (991 ) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2018 Restructuring and Asset Related Charges - Net 1 $ (368 ) $ (58 ) $ (268 ) $ (694 ) Integration Costs 2 — — (571 ) (571 ) Gain on Sale 7 24 — — 24 Loss on Deconsolidation of Subsidiary 8 (53 ) — — (53 ) Loss on Divestiture 9 (2 ) — — (2 ) Income Tax Items 10 — — (50 ) (50 ) Total $ (399 ) $ (58 ) $ (889 ) $ (1,346 ) 1. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 7 - Restructuring and Asset Related Charges - Net, for additional information. 2. Integration and separation costs related to post-Merger integration and Business Separation activities. Beginning in the second quarter of 2019, this includes both integration and separation costs. 3. Includes a loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. 4. Includes charges related to the amortization on the inventory that was stepped up to fair value in connection with the Merger, recognized in cost of goods sold. 5. Includes a loss 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. 6. Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. 7. Includes a gain recorded in other income (expense) - net related to an asset sale. 8. Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 9. Includes a loss recorded in other income (expense) - net related to an asset sale. 10. Includes a foreign exchange loss recorded in other income (expense) - net 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 F-88 of the Corteva, Inc. 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 as differences exist between Corteva, Inc. and EID. Reconciliation to Consolidated Financial Statements Loss from continuing operations after income taxes to pro forma segment operating EBITDA 1 (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Loss from continuing operations after income taxes $ (351 ) $ (6,775 ) Benefit from income taxes on continuing operations (71 ) (31 ) Loss from continuing operations before income taxes (422 ) (6,806 ) Depreciation and amortization 1,000 909 Interest income (59 ) (86 ) Interest expense 242 337 Exchange losses - net 2 66 77 Non-operating benefits - net (129 ) (211 ) Goodwill impairment charge — 4,503 Significant items 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 119 141 Pro forma segment operating EBITDA $ 2,106 $ 2,213 1. Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. |
EID Quarterly FN (Notes)
EID Quarterly FN (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information [Text Block] | QUARTERLY FINANCIAL DATA (UNAUDITED) For the quarter ended In millions, except per share amounts March 31, June 30, September 30, December 31, 2019 Net sales $ 3,396 $ 5,556 $ 1,911 $ 2,983 Cost of goods sold 1 2,211 3,047 1,349 1,968 Restructuring and asset related charges - net 2 61 60 46 55 Integration and separation costs 2 212 330 152 50 (Loss) income from continuing operations after income taxes (184 ) 4 483 5 (527 ) 6,7 (42 ) 8 Net income (loss) attributable to Corteva 2 164 (608 ) (494 ) (21 ) (Loss) earnings per common share, continuing operations - basic 3 (0.26 ) 0.63 (0.69 ) (0.06 ) (Loss) earnings per common share, continuing operations - diluted 3 (0.26 ) 0.63 (0.69 ) (0.06 ) 2018 Net sales $ 3,794 $ 5,731 $ 1,947 $ 2,815 Cost of goods sold 1 2,752 3,687 1,485 2,024 Restructuring and asset related charges - net 2 130 101 235 228 Integration and separation costs 2 195 249 253 295 Goodwill impairment charge 2 — — 4,503 — (Loss) income from continuing operations after income taxes 9 (438 ) 10 375 11 (5,642 ) 12 (1,070 ) 4,5 Net (loss) income attributable to Corteva 2 (107 ) 694 (5,121 ) (531 ) (Loss) earnings per common share, continuing operations - basic 3 (0.60 ) 0.49 (7.54 ) (1.43 ) (Loss) earnings per common share, continuing operations - diluted 3 (0.60 ) 0.49 (7.54 ) (1.43 ) 1. Includes charges of $(639) million , $(676) million , $(109) million , and $(130) million for the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, and $(205) million , $(52) million , and $(15) million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. 2. See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. 3. Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. 4. First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 5. Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. 6. Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 7. Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. 8. Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. 9. Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. 10. First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. 11. Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. 12. Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. As discussed in Note 1 , Background and Basis of Presentation, the company has recasted its financial statements for the divestiture of EID ECP, the divestiture of the EID Specialty Products Entities, and for the DAS common control business combination. Below is a reconciliation from the amounts previously reported in the company's quarterly reports on Form 10-Q or annual report on Form 10-K to the recasted amounts reported above for the applicable periods. Prior to the Separation, the company did not report earnings per share information for the Successor periods as all of the company's issued and outstanding common stock was held by DowDuPont; as such, there is no reconciliation for those amounts below. For the Quarter 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 Cost of goods sold $ 4,235 $ (2,963 ) $ 939 $ 2,211 Restructuring and asset related charges - net $ 55 $ (43 ) $ 49 $ 61 Integration and separation costs $ 405 $ (193 ) $ — $ 212 Income (loss) from continuing operations after income taxes $ 89 $ (369 ) $ 96 $ (184 ) Net income attributable to Corteva $ 85 $ (11 ) $ 90 $ 164 For the Quarter Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net sales $ 5,741 $ (4,350 ) $ 1,424 $ 2,815 Cost of goods sold $ 3,980 $ (3,026 ) $ 1,070 $ 2,024 Restructuring and asset related charges - net $ 115 $ (9 ) $ 122 $ 228 Integration and separation costs $ 449 $ (154 ) $ — $ 295 Loss from continuing operations after income taxes $ (351 ) $ (573 ) $ (146 ) $ (1,070 ) Net loss attributable to Corteva $ (354 ) $ (28 ) $ (149 ) $ (531 ) For the Quarter Ended March 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net sales $ 6,699 $ (4,388 ) $ 1,483 $ 3,794 Cost of goods sold $ 4,847 $ (3,003 ) $ 908 $ 2,752 Restructuring and asset related charges - net $ 97 $ (38 ) $ 71 $ 130 Integration and separation costs $ 255 $ (60 ) $ — $ 195 Loss from continuing operations after income taxes $ (216 ) $ (355 ) $ 133 $ (438 ) Net loss attributable to Corteva $ (228 ) $ (1 ) $ 122 $ (107 ) 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. |
EID [Member] | |
Quarterly Financial Information [Text Block] | The only difference between Corteva, Inc. and EID for Q1 2019 and prior quarters is the treatment of the preferred shares, which are treated as noncontrolling interests at the Corteva, Inc. level. For quarters subsequent to Q1 2019, in addition to the treatment of the preferred shares, there are differences in interest expense, (loss) income from continuing operations after income taxes, net and net (loss) income attributable to EID, as a result of the interest expense (and associated tax benefit) on the related party loan between Corteva, Inc. and EID. Refer to page F-92 of the Corteva, Inc. Consolidated Financial Statements for discussion of quarterly information that does not differ between Corteva, Inc. and EID. The tables below represent the quarterly information for EID for which there are differences from Corteva, Inc. Refer to page F-92 of the Corteva, Inc. Consolidated Financial Statements for discussion of significant items by quarter. For the quarter ended In millions (unaudited) March 31, June 30, September 30, December 31, 2019 (Loss) income from continuing operations after income taxes $ (184 ) $ 460 $ (557 ) $ (70 ) Net income (loss) attributable to EID $ 166 $ (626 ) $ (524 ) $ (46 ) 2018 Net (loss) income attributable to EID $ (105 ) $ 697 $ (5,119 ) $ (528 ) As discussed in Note 1 , Background and Basis of Presentation, of the Corteva, Inc. Consolidated Financial Statements, the company has recasted its financial statements for the divestiture of EID ECP, the divestiture of the EID Specialty Products Entities, and for the DAS common control business combination. Below is a reconciliation from the amounts previously reported in the company's quarterly reports on Form 10-Q or annual report on Form 10-K to the recasted amounts reported above for the applicable periods for those items for which differences exist between Corteva, Inc. and EID. Refer to page F-93 of the Corteva, Inc. Consolidated Financial Statements for reconciliations for those line items that do not differ between Corteva, Inc. and EID. For the Quarter Ended March 31, 2019 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS EID Income (loss) from continuing operations after income taxes $ 89 $ (369 ) $ 96 $ (184 ) Net income attributable to EID $ 85 $ (9 ) $ 90 $ 166 For the Quarter Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS EID Net loss attributable to EID $ (354 ) $ (25 ) $ (149 ) $ (528 ) For the Quarter Ended March 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS EID Net loss attributable to EID $ (228 ) $ 1 $ 122 $ (105 ) 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. |
Background and Basis of Prese_2
Background and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 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 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 DowDuPont; • on May 1, 2019, EID distributed its Specialty Products Entities to DowDuPont; • 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; and • 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 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 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 Business 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 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. |
Basis of Accounting, Policy [Policy Text Block] | As a result, for periods prior to the Corteva Distribution and after the Merger, the combined results of operations and assets and liabilities of EID and DAS were derived from the Consolidated Financial Statements and accounting records of EID as well as the carve-out financial statements of DAS. The DAS carve-out financial statements reflect the historical results of operations, financial position, and cash flows of Historical Dow's Agricultural Sciences Business and include allocations of certain expenses for services from Historical Dow, including, but not limited to, general corporate expenses related to finance, legal, information technology, human resources, ethics and compliance, shared services, employee benefits and incentives, insurance, and stock-based compensation. These expenses were allocated on the basis of direct usage when identifiable, with the remainder allocated under the basis of headcount or other measures. Subsequent to the Corteva Distribution, the financial statements are presented on a consolidated basis. The company's Consolidated Balance Sheet at December 31, 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 of DAS. The company's Consolidated Balance Sheet at December 31, 2018 consist of the combined balances of Historical EID and DAS. The Balance Sheets will be referred to as the "Consolidated Balance Sheets" throughout this document. The company's Consolidated Statements of Operations (the "Consolidated Statements of Operations") for all periods prior to April 30, 2019 consist of the combined results of operations for Historical EID and DAS. The Consolidated Statements of Operations for all periods after May 1, 2019 represent the consolidated balances of the company. |
Pushdown Accounting [Policy Text Block] | Predecessor / Successor Reporting For purposes of DowDuPont's financial statement presentation, Historical Dow was determined to be the accounting acquirer in the Merger and Historical DuPont's assets and liabilities are reflected at fair value as of the close of the Merger in the financial statements of DowDuPont. In connection with the Merger and the related accounting determination, Historical DuPont elected to apply push-down accounting and reflect in its financial statements, the fair value of its assets and liabilities. For purposes of Corteva’s financial statement presentation, periods following the close of the Merger are labeled “Successor” and reflect DowDuPont’s basis in the fair values of the assets and liabilities of Corteva/EID. All periods prior to the closing of the Merger reflect the historical accounting basis in EID 's assets and liabilities and are labeled “Predecessor.” The Consolidated Financial Statements and Footnotes include a black line division between the columns titled "Predecessor" and "Successor" to signify that the amounts shown for the periods prior to and following the Merger are not comparable. In addition, the company elected to make certain changes in presentation to harmonize its accounting and reporting with that of DowDuPont in the Successor periods. See Note 2 - Summary of Significant Accounting Policies, to the Consolidated Financial Statements for further discussion of these changes. |
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 (loss) income, stockholder's equity and cash flows related to EID ECP have not been segregated and are included in the Consolidated Statements of Comprehensive (Loss) Income, Consolidated Statements of Equity and 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 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 (loss) income, stockholder's equity and cash flows related to the EID Specialty Products Entities have not been segregated and are included in the Consolidated Statements of Comprehensive (Loss) Income, Consolidated Statements of Equity and 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 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 H&N Business was transferred to DowDuPont as part of the EID Specialty Products Entities. 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) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | The Consolidated Financial Statements include the accounts of the company and subsidiaries in which a controlling interest is maintained. For those consolidated subsidiaries in which the company's ownership is less than 100 percent, the outside stockholders' interests are shown as noncontrolling interests. Investments in affiliates over which the company has the ability to exercise significant influence but does not have a controlling interest are accounted for under the equity method. The company is also involved with certain joint ventures accounted for under the equity method of accounting that are variable interest entities ("VIEs"). The company is not the primary beneficiary, as the nature of the company's involvement with the VIEs does not provide it the power to direct the VIEs significant activities. Future events may require these VIEs to be consolidated if the company becomes the primary beneficiary. At December 31, 2019 and 2018, the maximum exposure to loss related to the nonconsolidated VIEs is not considered material to the Consolidated Financial Statements. |
Use of Estimates | Use of Estimates in Financial Statement Preparation The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The company’s consolidated financial statements include amounts that are based on management’s best estimates and judgments. Actual results could differ from those estimates. |
Changes in Accounting and Reporting | Changes in Accounting and Reporting Within the Successor periods, EID made the following changes in accounting and reporting to harmonize its accounting and reporting with DowDuPont. Within the Successor periods of the Consolidated Statements of Operations: • Included royalty income within net sales. In the Predecessor period, royalty income is included within other income (expense) - net. • Eliminated the other operating charges line item. In the Successor periods, a majority of these costs are included within cost of goods sold. These costs are also included in selling, general and administrative expenses and amortization of intangibles in the Successor periods. • Presented amortization of intangibles as a separate line item. In the Predecessor period, amortization is included within cost of goods sold, selling, general and administrative expenses, other operating charges, and research and development expenses. • Presented integration and separation costs as a separate line item. In the Predecessor period, these costs totaled $354 million and are included within selling, general and administrative expenses. • Included interest accrued related to unrecognized tax benefits within the (benefit from) provision for income taxes on continuing operations. In the Predecessor period, interest accrued related to unrecognized tax benefits is included within other income (expense) - net. Within the Successor periods of the Consolidated Statements of Cash Flows: • Included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. In the Predecessor period, EID reflected non-qualified hedge programs, specifically forward contracts, options and cash collateral activity, within cash flows from investing activities. In the Predecessor period, EID reflected cash flows from qualified programs within the line item it related to (i.e., revenue hedge cash flows presented within changes from accounts receivable). • Aligned the line items within "changes in assets and liabilities, net of effects of acquired and divested companies" to the DowDuPont presentation, including accounts and notes receivable, inventories, accounts payable, and other assets and liabilities. In the Predecessor period, the line item "changes in assets and liabilities, net of effects of acquired and divested companies" includes accounts and notes receivable, inventories and other operating assets, accounts payable and other operating liabilities, and accrued interest and income taxes. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents represent investments with maturities of three months or less from time of purchase. They are carried at cost plus accrued interest. |
Restricted Cash | Restricted Cash Restricted cash represents trust assets of $409 million and $460 million as of December 31, 2019 and 2018, respectively, and is included within other current assets on the Consolidated Balance Sheets. See Note 9 - Supplementary Information, for further information. |
Marketable Securities | Marketable Securities Marketable securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at time of purchase. Investments classified as held-to-maturity are recorded at amortized cost. The carrying value approximates fair value due to the short-term nature of the investments. Investments classified as available-for-sale are carried at estimated fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss). The cost of investments sold is determined by specific identification. |
Fair Value Measurements | Fair Value Measurements Under the accounting guidance for fair value measurements and disclosures, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument's level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The company uses the following valuation techniques to measure fair value for its assets and liabilities: Level 1 – Quoted market prices in active markets for identical assets or liabilities; Level 2 – Significant other observable inputs (e.g. quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs); Level 3 – Unobservable inputs for the asset or liability, which are valued based on management's estimates of assumptions that market participants would use in pricing the asset or liability. |
Foreign Currency Translation | Foreign Currency Translation The company's worldwide operations utilize the U.S. dollar ("USD") or local currency as the functional currency, where applicable. The company identifies its separate and distinct foreign entities and groups the foreign entities into two categories: 1) extension of the parent or foreign subsidiaries operating in a hyper-inflationary environment (USD functional currency) and 2) self-contained (local functional currency). If a foreign entity does not align with either category, factors are evaluated and a judgment is made to determine the functional currency. For foreign entities where the USD is the functional currency, all foreign currency-denominated asset and liability amounts are re-measured into USD at end-of-period exchange rates, except for inventories, prepaid expenses, property, plant and equipment, goodwill and other intangible assets, which are re-measured at historical rates. Foreign currency income and expenses are re-measured at average exchange rates in effect during the year, except for expenses related to balance sheet amounts re-measured at historical exchange rates. Exchange gains and losses arising from re-measurement of foreign currency-denominated monetary assets and liabilities are included in income in the period in which they occur. For foreign entities where the local currency is the functional currency, assets and liabilities denominated in local currencies are translated into USD at end-of-period exchange rates and the resultant translation adjustments are reported, net of their related tax effects, as a component of accumulated other comprehensive loss in equity. Assets and liabilities denominated in other than the local currency are re-measured into the local currency prior to translation into USD and the resultant exchange gains or losses are included in income in the period in which they occur. Income and expenses are translated into USD at average exchange rates in effect during the period. The company changes the functional currency of its separate and distinct foreign entities only when significant changes in economic facts and circumstances indicate clearly that the functional currency has changed. |
Inventories | Inventories The company's inventories are valued at the lower of cost or net realizable value. Elements of cost in inventories include raw materials, direct labor and manufacturing overhead. Stores and supplies are valued at cost or net realizable value, whichever is lower; cost is generally determined by the average cost method. As of December 31, 2019 , approximately 59% and 41% 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% and 43% 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. The company establishes allowances for obsolescence of inventory based upon quality considerations and assumptions about future demand and market conditions. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are carried at cost less accumulated depreciation. In connection with the Merger, the fair value of property, plant and equipment was determined using a market approach and a replacement cost approach. Depreciation is based on the estimated service lives of depreciable assets and is calculated using the straight-line method. Fully depreciated assets are retained in property and accumulated depreciation accounts until they are removed from service. When assets are surrendered, retired, sold, or otherwise disposed of, their gross carrying values and related accumulated depreciation are removed from the Consolidated Balance Sheets and included in determining gain or loss on such disposals. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The company records goodwill when the purchase price of a business acquisition exceeds the estimated fair value of net identified tangible and intangible assets acquired. Goodwill is tested for impairment at the reporting unit level annually, or more frequently when events or changes in circumstances indicate that the fair value of a reporting unit has more likely than not declined below its carrying value. In connection with the Merger Transaction, the company adopted the policy of DowDuPont and performs an annual goodwill impairment test in the fourth quarter. When testing goodwill for impairment, the company has the option to first perform qualitative testing to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the company chooses not to complete a qualitative assessment for a given reporting unit or if the initial assessment indicates that it is more likely than not that the carrying value of a reporting unit exceeds its estimated fair value, additional quantitative testing is required. The company determined fair values for each of the reporting units using the income approach and the market approach. Under the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. Under the market approach, the company uses metrics of publicly traded companies or historically completed transactions for comparable companies. See Note 15 - Goodwill and Other Intangible Assets, for further information on goodwill. Indefinite-lived intangible assets are tested for impairment at least annually; however, these tests are performed more frequently when events or changes in circumstances indicate that the asset may be impaired. Impairment exists when carrying value exceeds fair value. The company's fair value methodology is primarily based on discounted cash flow techniques. Definite-lived intangible assets are amortized over their estimated useful lives, generally on a straight-line basis for periods ranging primarily from 2 years to 25 years . The company continually evaluates the reasonableness of the useful lives of these assets. Once these assets are fully amortized, they are removed from the Consolidated Balance Sheets. |
Lessee, Leases [Policy Text Block] | Leases The company adopted ASU 2016-02, Leases (Topic 842), and associated ASUs related to Topic 842, in the first quarter of 2019. Prior periods are not restated and continue to be reported under ASC 840. Under Topic 842, 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. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The company evaluates the carrying value of long-lived assets to be held and used when events or changes in circumstances indicate the carrying value may not be recoverable. The carrying value of a long-lived asset group is considered impaired when the total projected undiscounted cash flows from the assets are separately identifiable and are less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. The company's fair value methodology is an estimate of fair market value which is made based on prices of similar assets or other valuation methodologies including present value techniques. Long-lived assets to be disposed of by sale, if material, are classified as held for sale and reported at the lower of carrying amount or fair value less cost to sell, and depreciation is ceased. Long-lived assets to be disposed of other than by sale are classified as held and used until they are disposed of and reported at the lower of carrying amount or fair value. Depreciation is recognized over the remaining useful life of the assets. |
Derivative Instruments | Derivative Instruments Derivative instruments are reported in the Consolidated Balance Sheets at their fair values. The company utilizes derivatives to manage exposures to foreign currency exchange rates and commodity prices. Changes in the fair values of derivative instruments that are not designated as hedges are recorded in current period earnings. For derivative instruments designated as cash flow hedges, the (loss) gain is reported in accumulated other comprehensive loss until it is cleared to earnings during the same period in which the hedged item affects earnings. In the event that a derivative designated as a hedge of a firm commitment or an anticipated transaction is terminated prior to the maturation of the hedged transaction, the net gain or loss in accumulated other comprehensive income ("AOCI") generally remains in AOCI until the item that was hedged affects earnings. If a hedged transaction matures, or is sold, extinguished, or terminated prior to the maturity of a derivative designated as a hedge of such transaction, gains or losses associated with the derivative through the date the transaction matured are included in the measurement of the hedged transaction and the derivative is reclassified as for trading purposes. Derivatives designated as hedges of anticipated transactions are reclassified as for trading purposes if the anticipated transaction is no longer probable. In the Predecessor period, the company reflected non-qualified hedge programs, specifically forward contracts, options and cash collateral activity, within cash flows from investing activities. In the Predecessor period, the company reflected cash flows from qualified programs within the line item it related to (i.e., revenue hedge cash flows presented within changes from accounts receivable). In the Successor periods, the company included foreign currency exchange contract settlements within cash flows from operating activities, regardless of hedge accounting qualification. See Note 22 - Financial Instruments, for additional discussion regarding the company's objectives and strategies for derivative instruments. |
Environmental Matters | Environmental Matters 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. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Accruals for environmental liabilities are included in the Consolidated Balance Sheets in accrued and other current liabilities and other noncurrent obligations at undiscounted amounts. Accruals for related insurance or other third-party recoveries for environmental liabilities are recorded when it is probable that a recovery will be realized and are included in the Consolidated Balance Sheets as accounts and notes receivable - net. Environmental costs are capitalized if the costs extend the life of the property, increase its capacity, and/or mitigate or prevent contamination from future operations. Environmental costs are also capitalized in recognition of legal asset retirement obligations resulting from the acquisition, construction and/or normal operation of a long-lived asset. Costs related to environmental contamination treatment and cleanup are charged to expense. Estimated future incremental operations, maintenance and management costs directly related to remediation are accrued when such costs are probable and reasonably estimable. |
Revenue Recognition | Revenue Recognition The company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the company expects to receive in exchange for those goods or services. To determine revenue recognition for the arrangements that the company determines are within the scope of FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), the company performs the following five steps: (1) identify the contract(s) with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. See Note 6 - Revenue, for additional information on revenue recognition. |
Royalty Expense | Prepaid Royalties The company currently has certain third-party biotechnology trait license agreements, which require up-front and variable payments subject to the licensor meeting certain conditions. These payments are reflected as other current assets and other assets and are amortized to cost of goods sold as seeds containing the respective trait technology are utilized over the life of the license. The rate of royalty amortization expense recognized is based on the company’s strategic plans which include various assumptions and estimates including product portfolio, market dynamics, farmer preferences, growth rates and projected planted acres. Changes in factors and assumptions included in the strategic plans, including potential changes to the product portfolio in favor of internally developed biotechnology, could impact the rate of recognition of the relevant prepaid royalty. At December 31, 2019, the balance of prepaid royalties reflected in other current assets and other assets was $440 million and $794 million , respectively. The majority of the balance of prepaid royalties relates to the company’s wholly owned subsidiary, Pioneer Hi-Bred International, Inc.’s (“Pioneer”) non-exclusive license in the United States and Canada for the Monsanto Company's Genuity ® Roundup Ready 2 Yield ® glyphosate tolerance trait and Roundup Ready 2 Xtend ® glyphosate and dicamba tolerance trait for soybeans (“Roundup Ready 2 License Agreement”). Each of these licensed technologies are now trademarks of the Bayer Group, which acquired the Monsanto Company in 2018. The prepaid royalty asset relates to a series of up-front, fixed and variable royalty payments to utilize the traits in Pioneer’s soybean product mix. The company’s historical expectation has been that the technology licensed under the Roundup Ready 2 License Agreement would be used as the primary herbicide tolerance trait platform in the Pioneer ® brand soybean through the term of the agreement. DAS and MS Technologies, L.L.C. jointly developed and own the Enlist E3 TM herbicide tolerance trait for soybeans which provides tolerance to 2, 4-D choline in Enlist Duo ® and Enlist One ® herbicides, as well as glyphosate and glufosinate herbicides. In connection with the validation of breeding plans and large-scale product development timelines, during the fourth quarter of 2019, the company is accelerating the ramp up of the Enlist E3 TM trait platform in the company’s soybean portfolio mix across all brands, including Pioneer ® brands, over the next five years. During the ramp-up period, the company is expected to significantly reduce the volume of products with the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® herbicide tolerance traits beginning in 2021, with expected minimal use of the trait platform thereafter for the remainder of the Roundup Ready 2 License Agreement (the “Transition Plan”). The rate of royalty expense is therefore expected to significantly increase through higher amortization of the prepaid royalty as fewer seeds containing the respective trait are expected to be utilized. In connection with the departure from these traits, beginning January 1, 2020 the company will present and disclose the non-cash accelerated prepaid royalty amortization expense as a component of Restructuring and Asset Related Charges - Net, in the Consolidated Statement of Operations. The accelerated prepaid royalty amortization expense will represent the difference between the rate of amortization based on the revised number of units expected to contain the Roundup Ready 2 Yield ® and Roundup Ready 2 Xtend ® trait technology and the variable cash rate per the Roundup Ready 2 License Agreement. Further changes in factors and assumptions associated with usage of the trait platform licensed under the Roundup Ready 2 License Agreement, including the Transition Plan, could further impact the rate of recognition of the prepaid royalty and statement of operations presentation of the accelerated prepaid royalty amortization expense. |
Cost of Goods Sold | Cost of Goods Sold Successor periods - Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits and overhead, non-capitalizable costs associated with capital projects, royalties and other operational expenses. No amortization of intangibles is included within costs of goods sold. Predecessor period - Cost of goods sold primarily includes the cost of manufacture and delivery, ingredients or raw materials, direct salaries, wages and benefits, and overhead. |
Other Operating Charges | Other Operating Charges Predecessor period - Other operating charges includes product claim charges and recoveries, non-capitalizable costs associated with capital projects, and other operational expenses. |
Research and Development | Research and Development Research and development costs are expensed as incurred. Research and development expense includes costs (primarily consisting of employee costs, materials, contract services, research agreements, and other external spend) relating to the discovery and development of new products, enhancement of existing products, and regulatory approval of new and existing products. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Successor periods - Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, and business management expenses. Predecessor period - Selling, general and administrative expenses primarily include selling and marketing expenses, commissions, functional costs, business management expenses, and integration and separation costs. |
Integration and Separation Costs | Integration and Separation Costs Successor periods - Integration and separation costs includes costs incurred to prepare for and close the Merger, post-Merger integration expenses, and costs incurred to prepare for the Business Separations. These costs primarily consist of financial advisory, information technology, legal, accounting, consulting and other professional advisory fees associated with preparation and execution of these activities. |
Litigation | Litigation and Other Contingencies Accruals for legal matters and other contingencies are recorded when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated. Legal costs, such as outside counsel fees and expenses, are charged to expense in the period incurred. |
Severance Costs | Severance Costs Severance benefits are provided to employees under the company's ongoing benefit arrangements. Severance costs are accrued when management commits to a plan of termination and it becomes probable that employees will be entitled to benefits at amounts that can be reasonably estimated. |
Insurance and Self Insurance | Insurance/Self-Insurance The company self-insures certain risks where permitted by law or regulation, including workers' compensation, vehicle liability and employee related benefits. Liabilities associated with these risks are estimated in part by considering historical claims experience, demographic factors and other actuarial assumptions. For other risks, the company uses a combination of insurance and self-insurance, reflecting comprehensive reviews of relevant risks. A receivable for an insurance recovery is generally recognized when the loss has occurred and collection is considered probable. |
Income Taxes | Income Taxes The company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the carrying amounts and tax bases of assets and liabilities using enacted tax rates. The effect of a change in tax rates on deferred tax assets or liabilities is recognized in income in the period that includes the enactment date (see Note 10 - Income Taxes, for further information relating to the enactment of the Tax Cuts and Job Act). The company recognizes the financial statement effects of an uncertain income tax position when it is more likely than not, based on the technical merits, that the position will be sustained upon examination. The current portion of uncertain income tax positions is included in income taxes payable and the long-term portion is included in other noncurrent obligations in the Consolidated Balance Sheets. Income tax related penalties are included in the provision for income taxes in the Consolidated Statements of Operations. Interest accrued related to unrecognized tax benefits is included within the (benefit from) provision for income taxes from continuing operations in the Consolidated Statements of Operations in the Successor periods. In the Predecessor period, interest accrued related to unrecognized tax benefits is included within other income (expense) - net in the Consolidated Statements of Operations. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Common Share The calculation of earnings per common share is based on the weighted-average number of the company’s common shares outstanding for the applicable period. The calculation of diluted earnings per common share reflects the effect of all potential common shares that were outstanding during the respective periods, unless the effect of doing so is antidilutive. |
Segment Reporting | Segments As a result of the Corteva Distribution, 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 company also updated its reporting units to align with the level at which discrete financial information is available for review by management. Prior year segment information has been revised to conform to the current presentation, excluding the Predecessor and Successor periods of 2017. See Note 25 - Segment Information, for further information. |
Recent Accounting Guidance Rece
Recent Accounting Guidance Recent Accounting Guidance (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [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. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. As a result, most of the guidance in ASC 718 associated with employee share-based payments, including most requirements related to classification and measurement, applies to nonemployee share-based payment arrangements. The company adopted the guidance in the first quarter of 2019 and it did not have a material impact to company's financial position, results of operations or cash flows. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections - Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization and Miscellaneous Updates (SEC Update)” (“ASU 2019-07”). ASU 2019-07 aligns the guidance in various SEC sections of the Codification with the requirements of certain SEC final rules. ASU 2019-07 was effective immediately. The adoption of ASU 2019-07 did not have a material impact on the company's financial position, results of operations or cash flows. Accounting Guidance Issued But Not Adopted as of December 31, 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 periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years beginning January 1, 2019. In 2019, the FASB subsequently issued ASU 2019-04, ASU 2019-05, and ASU 2019-11, respectively, which contained updates to ASU 2016-13. The company does not expect the impact of adoption to be material. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606, which provides guidance on whether certain transactions between collaborative arrangement participants should be accounted for as revenue under Topic 606 when the collaborative arrangement participant is a customer in the context of a unit of account. Accordingly, this amendment added unit of account guidance in Topic 606 when an entity is assessing whether the collaborative arrangement, or a part of the arrangement, is within the scope of Topic 606. In addition, the amendment provides certain guidance on presenting the collaborative arrangement transaction together with Topic 606. ASU 2018-18 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years and early adoption is permitted. This ASU is to be applied retrospectively to the date of initial application of Topic 606. The company does not expect the impact of adoption to be material. |
Recent Accounting Guidance Acco
Recent Accounting Guidance Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | (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. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 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] | For the Year Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 26,279 $ (17,638 ) $ 5,646 $ 14,287 (Loss) income from continuing operations before income taxes $ (4,793 ) $ (2,128 ) $ 115 $ (6,806 ) Loss from continuing operations after income taxes $ (5,013 ) $ (1,753 ) $ (9 ) $ (6,775 ) For the Period September 1 through December 31, 2017 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net Sales $ 7,053 $ (5,477 ) $ 2,214 $ 3,790 (Loss) income from continuing operations before income taxes $ (1,586 ) $ 480 $ 645 $ (461 ) Income from continuing operations after income taxes $ 1,087 $ 485 $ 188 $ 1,760 1. Reflects discontinued operations of EID's ECP and Specialty Products Entities and adjustments primarily related to the elimination of intercompany transactions between EID and DAS for periods subsequent to the Merger, as if they were combined affiliates, and adjustments made to align historical financial statement presentation of DAS and Corteva. |
Divestitures and Other Transa_2
Divestitures and Other Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Statement [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Net sales $ 362 $ 1,564 $ 539 $ 1,066 Cost of goods sold 259 1,082 491 634 Research and development expense 4 23 8 16 Selling, general and administrative expenses 9 43 17 101 Amortization of intangibles 23 96 31 Restructuring and asset related charges - net 2 12 16 — Integration and separation costs 44 135 31 Other income - net 2 13 6 23 Income (loss) from discontinued operations before income taxes 23 186 (49 ) 338 Provision for (benefit from) income taxes on discontinued operations 4 35 (51 ) 108 Income from discontinued operations after income taxes $ 19 $ 151 $ 2 $ 230 |
Income Statement [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Net sales $ 5,030 $ 15,711 $ 4,916 $ 9,321 Cost of goods sold 3,352 10,533 4,269 5,978 Other operating charges 309 Research and development expense 204 626 205 414 Selling, general and administrative expenses 573 1,599 505 1,184 Amortization of intangibles 267 815 268 Restructuring and asset related charges - net 115 97 93 311 Integration and separation costs 253 340 79 Goodwill impairment 1,102 — — — Other income - net 57 241 60 365 (Loss) income from discontinued operations before income taxes (779 ) 1,942 (443 ) 1,490 Provision for income taxes on discontinued operations 80 340 50 436 (Loss) income from discontinued operations after income taxes $ (859 ) $ 1,602 $ (493 ) $ 1,054 |
Income Statement [Member] | Divested Ag Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Successor Predecessor (In millions) For the Period September 1 through December 31, 2017 1 For the Period January 1 through August 31, 2017 Net sales $ 199 $ 1,068 Cost of goods sold 194 412 Other operating charges 17 Research and development expenses 30 95 Selling, general and administrative expenses 2 102 146 Other income - net — 7 (Loss) income from discontinued operations before income taxes (127 ) 405 (Benefit from) provision for income taxes (50 ) 79 (Loss) income from discontinued operations after income taxes $ (77 ) $ 326 1. Includes results of operations for the period September 1 through October 31, 2017, as the Divested Ag Business was disposed of on November 1, 2017. 2. Successor period includes $44 million of transaction costs associated with the disposal of the Divested Ag Business. |
Income Statement [Member] | Performance Chemicals [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Predecessor (In millions) For the Period January 1 through August 31, 2017 Other operating charges $ 335 Other income - net 3 Loss from discontinued operations before income taxes (332 ) Benefit from income taxes on discontinued operations (125 ) Loss from discontinued operations after income taxes $ (207 ) |
Cash Flow [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Depreciation $ 28 $ 133 $ 44 $ 38 Amortization of intangibles $ 23 $ 96 $ 31 $ — Capital expenditures $ 16 $ 77 $ 31 $ 49 |
Cash Flow [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Depreciation $ 281 $ 837 $ 273 $ 396 Amortization of intangibles 1 267 815 268 $ 100 Capital expenditures 481 911 271 $ 429 1. Included within cost of goods sold, selling, general and administrative expenses, other operating charges, and research and development expenses in the Predecessor period. |
Cash Flow [Member] | Divested Ag Business [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Successor Predecessor (In millions) For the Period September 1 through December 31, 2017 1 For the Period January 1 through August 31, 2017 Depreciation $ — $ 21 Capital expenditures $ 5 $ 8 |
Balance Sheet [Member] | ECP Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (In millions) December 31, 2018 Cash and cash equivalents $ 55 Accounts and notes receivable - net 194 Inventories 465 Other current assets 12 Total current assets of discontinued operations 726 Investment in nonconsolidated affiliates 108 Property, plant and equipment - net 770 Goodwill 3,587 Other intangible assets 1,143 Deferred income taxes 13 Other assets 1 Non-current assets of discontinued operations 5,622 Total assets of discontinued operations $ 6,348 Short-term borrowings and finance lease obligations 2 Accounts payable 214 Accrued and other current liabilities 36 Total current liabilities of discontinued operations 252 Long-term Debt 4 Deferred income tax liabilities 432 Pension and other post employment benefits - noncurrent 6 Other noncurrent obligations 2 Non-current liabilities of discontinued operations 444 Total liabilities of discontinued operations $ 696 |
Balance Sheet [Member] | Specialty Products Disposal [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | (In millions) December 31, 2018 Cash and cash equivalents $ 2,199 Marketable securities 29 Accounts and notes receivable - net 2,441 Inventories 3,452 Other current assets 242 Total current assets of discontinued operations 8,363 Investment in nonconsolidated affiliates 1,185 Property, plant and equipment - net 8,138 Goodwill 28,250 Other intangible assets 13,037 Deferred income taxes 122 Other assets 191 Non-current assets of discontinued operations 50,923 Total assets of discontinued operations $ 59,286 Short-term borrowings and finance lease obligations 15 Accounts payable 1,983 Income taxes payable 33 Accrued and other current liabilities 884 Total current liabilities of discontinued operations 2,915 Long-term Debt 29 Deferred income tax liabilities 3,624 Pension and other post employment benefits - noncurrent 1,125 Other noncurrent obligations 262 Non-current liabilities of discontinued operations 5,040 Total liabilities of discontinued operations $ 7,955 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract Balances [Table Text Block] | Contract Balances December 31, 2019 December 31, 2018 (In millions) Accounts and notes receivable - trade 1 $ 4,396 $ 3,843 Contract assets - current 2 $ 20 $ 18 Contract assets - noncurrent 3 $ 49 $ 46 Deferred revenue - current 4 $ 2,584 $ 2,209 Deferred revenue - noncurrent 5 $ 108 $ 150 1. Included in accounts and notes receivable - net in the Consolidated Balance Sheets. 2. Included in other current assets in the Consolidated Balance Sheets. 3. Included in other assets in the Consolidated Balance Sheets. 4. Included in accrued and other current liabilities in the Consolidated Balance Sheets. 5. Included in other noncurrent obligations in the Consolidated Balance Sheets. |
Disaggregation of Revenue [Table Text Block] | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Corn $ 5,111 $ 5,180 $ 1,205 $ 3,941 Soybean 1,371 1,494 163 1,384 Other oilseeds 561 607 143 423 Other 547 561 9 117 Seed 7,590 7,842 1,520 5,865 Herbicides 3,270 3,415 1,150 377 Insecticides 1,652 1,506 567 108 Fungicides 1,081 1,142 406 544 Other 253 382 147 — Crop Protection 6,256 6,445 2,270 1,029 Total $ 13,846 $ 14,287 $ 3,790 $ 6,894 Sales are attributed to geographic regions based on customer location. Net sales by geographic region and segment are included below: Seed Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 North America 1 $ 4,724 $ 4,974 $ 437 $ 4,227 EMEA 2 1,378 1,408 256 1,017 Asia Pacific 358 358 107 231 Latin America 1,130 1,102 720 390 Total $ 7,590 $ 7,842 $ 1,520 $ 5,865 1. Represents U.S. & Canada. 2. Europe, Middle East, and Africa ("EMEA"). Crop Protection Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 North America $ 2,205 $ 2,438 $ 787 $ 352 EMEA 1,362 1,357 279 270 Asia Pacific 930 935 321 149 Latin America 1,759 1,715 883 258 Total $ 6,256 $ 6,445 $ 2,270 $ 1,029 |
Restructuring and Asset Relat_2
Restructuring and Asset Related Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 (Credits) Costs Asset Related Charges Total Balance at December 31, 2018 $ 77 $ — $ 77 (Benefits) charges to loss from continuing operations for the year ended December 31, 2019 (17 ) 3 (14 ) Payments (45 ) — (45 ) Asset write-offs — (3 ) (3 ) Separation adjustment 1 (6 ) — (6 ) Balance at December 31, 2019 $ 9 $ — $ 9 1. Adjustment reflects severance liabilities associated with DAS employees who were terminated by Dow prior to Separation and were recognized within the Consolidated Balance Sheet, as of December 31, 2018, but did not transfer to Corteva as part of the common control combination. (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Severance and related benefit (credits) costs - net $ (17 ) $ 78 Asset related charges 3 6 Total restructuring and asset related (benefits) charges - net $ (14 ) $ 84 (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Seed $ 3 $ 5 Crop Protection (4 ) 1 Corporate expenses (13 ) 78 Total $ (14 ) $ 84 |
DowDuPont Cost Synergy 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 (Credits) Costs Costs Associated with Exit and Disposal Activities 1 Asset Related Charges Total Balance at December 31, 2018 $ 154 $ 61 $ — $ 215 (Benefits) charges to loss from continuing operations for the year ended December 31, 2019 (7 ) 69 30 92 Payments (118 ) (90 ) (1 ) (209 ) Asset write-offs — — (29 ) (29 ) Balance at December 31, 2019 $ 29 $ 40 $ — $ 69 1. Relates primarily to contract terminations charges. Successor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 Seed $ 66 $ 237 $ 133 Crop Protection 27 57 (2 ) Corporate expenses (1 ) 190 138 Total $ 92 $ 484 $ 269 Successor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 Severance and related benefit (credits) costs - net $ (7 ) $ 191 $ 135 Contract termination charges 69 84 40 Asset related charges 30 209 94 Total restructuring and asset related charges - net $ 92 $ 484 $ 269 |
Supplementary Information (Tabl
Supplementary Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Other Nonoperating Income (Expense) | Other Income (Expense) - Net Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Royalty Income 1 $ 60 Interest income $ 59 $ 86 $ 50 59 Equity in losses of affiliates - net (9 ) (1 ) (3 ) (7 ) Net gain on sales of businesses and other assets 2 64 62 689 10 Net exchange losses 3,4 (99 ) (127 ) (23 ) (364 ) Non-operating pension and other post employment benefit credit (cost) 5 191 275 103 (296 ) Miscellaneous income (expenses) - net 6 9 (46 ) (11 ) 37 Other income (expense) - net $ 215 $ 249 $ 805 $ (501 ) 1 In the Successor periods, royalty income is included in net sales. 2 Includes a $671 million gain on the sale of assets for the period September 1 through December 31, 2017 related to the divestiture of the DAS Divested Ag Business. Refer to Note 5 - Divestitures and Other Transactions, for additional information. 3 Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018, respectively. 4 Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. 5 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). The company adopted ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) on January 1, 2018, retrospectively, and recorded the other components of net periodic benefit cost in other income (expense) - net. 6 Miscellaneous income (expenses) - net, includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont, and other items. In addition, the year ended December 31, 2018 includes a $(53) million loss related to the deconsolidation of a subsidiary (refer to Note 25 - Segment Information). Refer to Note 12 - Accounts and Notes Receivable - Net, for additional information on losses on the sale of receivables. |
Foreign Currency Exchange Gain (Loss) | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Subsidiary Monetary Position (Loss) Gain Pre-tax exchange (loss) gain 1 $ (41 ) $ (221 ) $ (114 ) $ 67 Local tax benefits (expenses) 2 (31 ) 4 216 Net after-tax impact from subsidiary exchange (loss) gain $ (39 ) $ (252 ) $ (110 ) $ 283 Hedging Program (Loss) Gain Pre-tax exchange (loss) gain 2 $ (58 ) $ 94 $ 91 $ (431 ) Tax benefits (expenses) 13 (21 ) (33 ) 155 Net after-tax impact from hedging program exchange (loss) gain $ (45 ) $ 73 $ 58 $ (276 ) Total Exchange (Loss) Gain Pre-tax exchange loss 1,2 $ (99 ) $ (127 ) $ (23 ) $ (364 ) Tax benefits (expenses) 15 (52 ) (29 ) 371 Net after-tax exchange (loss) gain $ (84 ) $ (179 ) $ (52 ) $ 7 1. Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018 , respectively. 2. Includes a $(50) million foreign exchange loss for the year ended December 31, 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) December 31, 2019 December 31, 2018 Cash and cash equivalents $ 1,764 $ 2,270 Restricted cash 409 460 Total cash, cash equivalents and restricted cash 2,173 2,730 Cash and cash equivalents of discontinued operations 1 — 2,254 Restricted cash of discontinued operations 2 — 40 Total cash, cash equivalents and restricted cash $ 2,173 $ 5,024 1. Refer to Note 5 - Divestitures and Other Transactions, for additional information. 2. Amount included in other current assets within assets of discontinued operations - current. Refer to Note 5 - Divestitures and Other Transactions, for additional information. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) Income from continuing operations before income taxes Domestic $ (1,352 ) $ (5,040 ) $ (961 ) $ (519 ) Foreign 1,036 (1,766 ) 500 482 Loss from continuing operations before income taxes $ (316 ) $ (6,806 ) $ (461 ) $ (37 ) Current tax expense (benefit) Federal $ (11 ) $ (112 ) $ 8 $ (581 ) State and local 1 (32 ) 11 (117 ) Foreign 317 446 287 81 Total current tax expense (benefit) $ 307 $ 302 $ 306 $ (617 ) Deferred tax (benefit) expense Federal $ (392 ) $ (124 ) $ (2,373 ) $ 188 State and local 156 (39 ) 3 79 Foreign (117 ) (170 ) (157 ) (45 ) Total deferred tax (benefit) expense $ (353 ) $ (333 ) $ (2,527 ) $ 222 Benefit from income taxes on continuing operations (46 ) (31 ) (2,221 ) (395 ) Net (loss) income from continuing operations after taxes $ (270 ) $ (6,775 ) $ 1,760 $ 358 |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Statutory U.S. federal income tax rate 21.0 % 21.0 % 35.0 % 35.0 % Equity earning effect 0.1 0.1 1.9 (2.7 ) Effective tax rates on international operations - net 1 (18.4 ) 0.4 24.3 244.9 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (10.7 ) (2.3 ) 63.0 (64.7 ) U.S. research and development credit 7.0 0.1 1.4 24.4 Exchange gains/losses 5 (1.8 ) (1.3 ) (8.8 ) 650.1 SAB 118 Impact of Enactment of U.S. Tax Reform 6 — (3.0 ) 371.2 — Impact of Swiss Tax Reform 7 11.9 — — — Excess tax benefits (tax deficiency) from stock compensation (0.6 ) 0.1 1.0 38.3 Tax settlements and expiration of statute of limitations 8 3.9 (0.1 ) — 146.4 Goodwill impairment 9 — (15.2 ) — — Other - net 2.2 0.7 (7.2 ) (4.1 ) Effective tax rate on income from continuing operations 14.6 % 0.5 % 481.8 % 1,067.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 . 4. Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 6. Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively. 7. Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). 8. The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. 9. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . |
Deferred Tax Balances | Deferred Tax Balances at December 31 2019 2018 (In millions) Assets Liabilities Assets Liabilities Property $ — $ 369 $ — $ 344 Tax loss and credit carryforwards 1 761 — 842 — Accrued employee benefits 1,717 — 1,392 — Other accruals and reserves 135 — 263 — Intangibles — 2,738 — 2,648 Inventory 25 — — 40 Long-term debt — — 24 — Investments 53 — 7 — Unrealized exchange gains/losses — 39 — 140 Other – net 279 — 137 — Subtotal $ 2,970 $ 3,146 $ 2,665 $ 3,172 Valuation allowances 2 (457 ) — (669 ) — Total $ 2,513 $ 3,146 $ 1,996 $ 3,172 Net Deferred Tax Liability $ (633 ) $ (1,176 ) 1. Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. 2. During the year ended December 31, 2019, the company released a valuation allowance against the net deferred tax asset position of a legal entity in Switzerland in connection with an internal merger, resulting in a tax benefit of $34 million . During the year ended December 31, 2018 , the company established a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil due to revised financial projections, resulting in tax expense of $75 million . See Note 15 - Goodwill and Other Intangible Assets, for additional information. |
Operating Loss and Tax Credit Carryforwards | Operating Loss and Tax Credit Carryforwards Deferred Tax Asset (In millions) 2019 2018 Operating loss carryforwards Expire within 5 years $ 131 $ 78 Expire after 5 years or indefinite expiration 400 559 Total operating loss carryforwards $ 531 $ 637 Tax credit carryforwards Expire within 5 years $ 30 $ 27 Expire after 5 years or indefinite expiration 200 178 Total tax credit carryforwards $ 230 $ 205 Total Operating Loss and Tax Credit Carryforwards $ 761 $ 842 |
Total Gross Unrecognized Tax Benefits | Total Gross Unrecognized Tax Benefits Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Total unrecognized tax benefits as of beginning of period $ 749 $ 741 $ 709 $ 596 Decreases related to positions taken on items from prior years (167 ) (44 ) (2 ) (19 ) Increases related to positions taken on items from prior years 77 74 9 3 Increases related to positions taken in the current year 54 9 28 49 Settlement of uncertain tax positions with tax authorities (9 ) (13 ) 1 (6 ) Impact of Internal Reorganizations (278 ) — — — Decreases due to expiration of statutes of limitations — (5 ) (5 ) (86 ) Exchange (gain) loss — (13 ) 1 1 Total unrecognized tax benefits as of end of period $ 426 $ 749 $ 741 $ 538 Total unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 188 $ 45 $ 51 $ 131 Total amount of interest and penalties (benefits) recognized in provision for (benefit from) income taxes on continuing operations $ (4 ) $ 11 $ 1 $ (27 ) Total accrual for interest and penalties associated with unrecognized tax benefits at end of period $ 24 $ 45 $ 47 $ 40 |
Tax Year Subject to Examination | Tax Years Subject to Examination by Major Tax Jurisdiction at Dec 31, Earliest Open Year Jurisdiction Argentina 2013 Brazil 2014 Canada 2013 China 2008 France 2016 India 1996 Italy 2015 Switzerland 2015 United States: Federal income tax 2012 State and local income tax 2001 |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Earnings Per Share of Common Stock Reconciliation | Net (Loss) Income for Earnings Per Share Calculations - Basic and Diluted Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) income from continuing operations after income taxes $ (270 ) $ (6,775 ) $ 1,760 $ 358 Net income attributable to continuing operations noncontrolling interests 13 29 10 8 (Loss) income from continuing operations attributable to Corteva common stockholders (283 ) (6,804 ) 1,750 350 (Loss) income from discontinued operations, net of tax (671 ) 1,748 (568 ) 1,403 Net income attributable to discontinued operations noncontrolling interests 5 9 — 19 (Loss) income from discontinued operations attributable to Corteva common stockholders (676 ) 1,739 (568 ) 1,384 Net (loss) income attributable to common stockholders $ (959 ) $ (5,065 ) $ 1,182 $ 1,734 |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | (Loss) Earnings Per Share Calculations - Basic Successor Predecessor (Dollars per share) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) earnings per share of common stock from continuing operations $ (0.38 ) $ (9.08 ) $ 2.34 $ 0.40 (Loss) earnings per share of common stock from discontinued operations (0.90 ) 2.32 (0.76 ) 1.60 (Loss) earnings per share of common stock $ (1.28 ) $ (6.76 ) $ 1.58 $ 2.00 |
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block] | (Loss) Earnings Per Share Calculations - Diluted Successor Predecessor (Dollars per share) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) earnings per share of common stock from continuing operations $ (0.38 ) $ (9.08 ) $ 2.34 $ 0.40 (Loss) earnings per share of common stock from discontinued operations (0.90 ) 2.32 (0.76 ) 1.59 (Loss) earnings per share of common stock $ (1.28 ) $ (6.76 ) $ 1.58 $ 1.99 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Share Count Information Successor Predecessor (Shares in millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Weighted-average common shares - basic 1 749.5 749.4 749.4 867.9 Plus dilutive effect of equity compensation plans 2 — — — 4.5 Weighted-average common shares - diluted 749.5 749.4 749.4 872.4 Potential shares of common stock excluded from EPS calculations 3 14.4 — — — 1. Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million of additional shares in which accelerated vesting conditions have been met. 2. Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. 3. These outstanding potential shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable_2
Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Accounts and Notes Receivable | (In millions) December 31, 2019 December 31, 2018 Accounts receivable – trade 1 $ 4,225 $ 3,649 Notes receivable – trade 2 171 194 Other 3 1,132 1,417 Total accounts and notes receivable - net $ 5,528 $ 5,260 1. Accounts receivable – trade is net of allowances of $174 million at December 31, 2019 and $127 million at December 31, 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 December 31, 2019 and 2018, there were no significant past due notes receivable which required a reserve, 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 ten percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $119 million and $101 million as of December 31, 2019 and 2018, respectively. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | (In millions) December 31, 2019 December 31, 2018 Finished products $ 2,684 $ 3,022 Semi-finished products 1,850 1,821 Raw materials and supplies 498 467 Total inventories $ 5,032 $ 5,310 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (In millions) December 31, 2019 December 31, 2018 Land and land improvements $ 459 $ 468 Buildings 1,508 1,430 Machinery and equipment 5,323 4,863 Construction in progress 582 579 Total property, plant and equipment 7,872 7,340 Accumulated depreciation (3,326 ) (2,796 ) Total property, plant and equipment - net $ 4,546 $ 4,544 |
Property, Plant and Equipment - Depreciation Expense [Table Text Block] | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Depreciation expense $ 525 $ 518 $ 173 $ 154 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Asset Disclosure [Abstract] | |
Schedule of Goodwill | (In millions) Agriculture Crop Protection Seed Total Balance as of December 31, 2017 $ 14,873 $ — $ — $ 14,873 Currency translation adjustment (271 ) — — (271 ) Measurement period adjustments - Merger 1 94 — — 94 Goodwill impairment (4,503 ) — — (4,503 ) Balance as of December 31, 2018 $ 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 — 28 32 60 Other goodwill adjustments and acquisitions 3 — (11 ) 1 (10 ) Balance as of December 31, 2019 $ — $ 4,743 $ 5,486 $ 10,229 1. See Note 1 - Background and Basis of Presentation, for further discussion of the Merger. 2. Primarily consists of the acquisition of a distributor in Greece. 3. Primarily consists of the goodwill included in the sale of a business in crop protection. |
Other Intangible Assets | (In millions) December 31, 2019 December 31, 2018 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Intangible assets subject to amortization (Definite-lived): Germplasm 1 $ 6,265 $ (63 ) $ 6,202 Customer-related 1,977 (268 ) 1,709 1,985 (154 ) 1,831 Developed technology 2 1,463 (370 ) 1,093 974 (163 ) 811 Trademarks/trade names 166 (86 ) 80 180 (92 ) 88 Favorable supply contracts 475 (207 ) 268 475 (111 ) 364 Other 3 404 (213 ) 191 538 (300 ) 238 Total other intangible assets with finite lives 10,750 (1,207 ) 9,543 4,152 (820 ) 3,332 Intangible assets not subject to amortization (Indefinite-lived): IPR&D 2 10 — 10 576 — 576 Germplasm 1 6,265 — 6,265 Trademarks / trade names 1,871 — 1,871 1,871 — 1,871 Other — — — 11 — 11 Total other intangible assets 1,881 — 1,881 8,723 — 8,723 Total $ 12,631 $ (1,207 ) $ 11,424 $ 12,875 $ (820 ) $ 12,055 1. Beginning on October 1, 2019, the company changed its indefinite life assertion of the germplasm assets to definite lived with a useful life of 25 years. This change is the result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a non-exclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. 2. During the first quarter of 2019, the company announced the 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. 3. Primarily consists of sales and farmer networks, marketing and manufacturing alliances and noncompetition agreements. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | (In millions) 2020 $ 657 2021 $ 649 2022 $ 628 2023 $ 548 2024 $ 532 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | (In millions) For the Year Ended December 31, 2019 Operating lease cost $ 166 Finance lease cost Amortization of right-of-use assets 10 Interest on lease liabilities 1 Total finance lease cost 11 Short-term lease cost 17 Variable lease cost 7 Total lease cost $ 201 |
Schedule of Supplemental Cash Flow Information Related to Leases [Table Text Block] | (In millions) For the Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases $ 174 Operating cash outflows from finance leases $ 1 Financing cash outflows from finance leases $ 9 |
Schedule of Lease Assets and Liabilities [Table Text Block] | (In millions) December 31, 2019 Operating Leases Operating lease right-of-use assets 1 $ 555 Current operating lease liabilities 2 140 Noncurrent operating lease liabilities 3 426 Total operating lease liabilities $ 566 Finance Leases Property, plant, and equipment, gross $ 15 Accumulated depreciation (8 ) Property, plant, and equipment, net 7 Short-term borrowings and finance lease obligations 4 Long-Term Debt 5 Total finance lease liabilities $ 9 1. Included in other assets in the Consolidated Balance Sheet. 2. Included in accrued and other current liabilities in the Consolidated Balance Sheet. 3. Included in other noncurrent obligations in the Consolidated Balance Sheet. |
Lease Term and Discount Rate [Table Text Block] | Lease Term and Discount Rate December 31, 2019 Weighted-average remaining lease term (years) Operating leases 10.80 Financing leases 5.10 Weighted average discount rate Operating leases 3.96 % Financing leases 3.26 % |
Maturities of Lease Liabilities [Table Text Block] | Maturity of Lease Liabilities at December 31, 2019 Operating Leases Financing Leases (In millions) 2020 $ 154 $ 4 2021 120 2 2022 93 1 2023 67 1 2024 47 1 2025 and thereafter 167 1 Total lease payments 648 10 Less: Interest 82 1 Present value of lease liabilities $ 566 $ 9 |
Schedule of Minimum Lease Commitments [Table Text Block] | Future Minimum Lease Commitments at December 31, 2018 (In millions) December 31, 2018 1 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 (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Finance Lease Obligations | Short-term borrowings and finance lease obligations (In millions) December 31, 2019 December 31, 2018 Commercial paper $ — $ 1,847 Other loans - various currencies 2 19 Long-term debt payable within one year 1 263 Finance lease obligations payable within one year 4 25 Total short-term borrowings and finance lease obligations $ 7 $ 2,154 |
Long-Term Debt | Long-Term Debt December 31, 2019 December 31, 2018 (In millions) Amount Weighted Average Rate Amount Weighted Average Rate Promissory notes and debentures 1 : Final maturity 2019 — — % 263 2.23 % Final maturity 2020 — — % 2,496 2.14 % Final maturity 2021 — — % 475 2.08 % Final maturity 2023 — — % 386 2.48 % Final maturity 2024 and thereafter — — % 249 3.69 % Other facilities: Term loan due 2020 2 — — % 2,000 3.46 % Other loans: Foreign currency loans, various rates and maturities 2 3 Medium-term notes, varying maturities through 2041 109 1.61 % 110 2.37 % Finance lease obligations 5 67 Less: Unamortized debt discount and issuance costs — 2 Less: Long-term debt due within one year 1 263 Total $ 115 $ 5,784 1. See discussion of debt extinguishment 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. (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 |
Committed and Available Credit Facilities | Committed and Available Credit Facilities at December 31, 2019 (In millions) Effective Date Committed Credit Credit Available Maturity Date Interest Revolving Credit Facility May 2019 $ 3,000 $ 3,000 May 2024 Floating Rate Revolving Credit Facility May 2019 3,000 3,000 May 2022 Floating Rate Total Committed and Available Credit Facilities $ 6,000 $ 6,000 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Environmental Liabilities [Abstract] | |
Schedule of Environmental Loss Contingencies by Site [Table Text Block] | As of December 31, 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 $ 167 $ 167 $ 285 Other discontinued or divested businesses obligations 1 — 91 221 Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont 2 35 35 60 Environmental remediation liabilities not subject to indemnity — 43 54 Total $ 202 $ 336 $ 620 1. Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page F-61, 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) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Reconciliation of Common Stock Share Activity | Shares of common stock Issued Balance June 1, 2019 748,815,000 Issued 586,000 Repurchased and retired (824,000 ) Balance December 31, 2019 748,577,000 |
Schedule of Noncontrolling Interests Represented by Preferred Stock [Table Text Block] | Shares in thousands Number of Shares Authorized 23,000 $4.50 Series, callable at $120 1,673 $3.50 Series, callable at $102 700 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (In millions) Cumulative Translation Adjustment 1 Derivative Instruments Pension Benefit Plans Other Benefit Plans Unrealized Gain (Loss) on Investments Total 2017 Balance January 1, 2017 (Predecessor) $ (2,843 ) $ 7 $ (6,720 ) $ (357 ) $ 2 $ (9,911 ) Other comprehensive income (loss) before reclassifications 1,042 3 (78 ) — 1 968 Amounts reclassified from accumulated other comprehensive income — (13 ) 325 10 (1 ) 321 Net other comprehensive income (loss) 1,042 (10 ) 247 10 — 1,289 Balance August 31, 2017 (Predecessor) $ (1,801 ) $ (3 ) $ (6,473 ) $ (347 ) $ 2 $ (8,622 ) Balance September 1, 2017 (Successor) 2 $ (727 ) $ — $ (30 ) $ — $ — $ (757 ) Other comprehensive (loss) income before reclassifications (490 ) (2 ) 129 (53 ) — (416 ) Amounts reclassified from accumulated other comprehensive loss — — (4 ) — — (4 ) Net other comprehensive (loss) income (490 ) (2 ) 125 (53 ) — (420 ) Balance December 31, 2017 (Successor) $ (1,217 ) $ (2 ) $ 95 $ (53 ) $ — $ (1,177 ) 2018 Other comprehensive (loss) income before reclassifications (1,576 ) (19 ) (724 ) 132 — (2,187 ) Amounts reclassified from accumulated other comprehensive income — (5 ) 9 — — 4 Net other comprehensive (loss) income (1,576 ) (24 ) (715 ) 132 — (2,183 ) Balance December 31, 2018 (Successor) $ (2,793 ) $ (26 ) $ (620 ) $ 79 $ — $ (3,360 ) 2019 Other comprehensive (loss) income before reclassifications (274 ) 16 (723 ) (159 ) — (1,140 ) Amounts reclassified from accumulated other comprehensive loss — 12 5 (1 ) — 16 Net other comprehensive (loss) income (274 ) 28 (718 ) (160 ) — (1,124 ) Impact of Internal Reorganizations 1,123 — 91 — — 1,214 Balance December 31, 2019 (Successor) $ (1,944 ) $ 2 $ (1,247 ) $ (81 ) $ — $ (3,270 ) 1. The cumulative translation adjustment losses for the year ended December 31, 2019, the year ended December 31, 2018 and the period September 1 through December 31, 2017 are primarily driven by the strengthening of the U.S. Dollar ("USD") against the Brazilian Real ("BRL") and the European Euro ("EUR"). The cumulative translation adjustment gain for the period January 1 through August 31, 2017 is primarily driven by the weakening of the USD against the EUR. 2. In connection with the Merger, previously unrecognized prior service benefits and net losses related to EID's pension and other post employment benefit ("OPEB") plans were eliminated as a result of reflecting the balance sheet at fair value as of the date of the Merger. See Note 20 - Pension Plans and Other Post Employment Benefits, for further information regarding the pension and OPEB plans. Amounts reflected relate to DAS balances as of September 1, 2017. |
Other Comprehensive Income (Loss) | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Derivative instruments $ (8 ) $ 6 $ 1 $ 6 Pension benefit plans - net 231 199 (36 ) (145 ) Other benefit plans - net 52 (40 ) 15 (5 ) Benefit from (provision for) income taxes related to other comprehensive income (loss) items $ 275 $ 165 $ (20 ) $ (144 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | (In millions) Successor Predecessor Income Classification For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Derivative Instruments: $ 13 $ (6 ) $ — $ (21 ) (1) Tax (benefit) expense (1 ) 1 — 8 (2) After-tax $ 12 $ (5 ) $ — $ (13 ) Amortization of pension benefit plans: Prior service benefit (1 ) — — (3 ) (3),(4) Actuarial losses (gains) $ 2 $ 6 $ (5 ) $ 506 (3),(4),(5) Curtailment loss — 7 — — (3),(4),(5) Settlement loss (gain) 4 (2 ) — — (3),(4),(5) Total before tax 5 11 (5 ) 503 Tax (benefit) expense — (2 ) 1 (178 ) (2) After-tax $ 5 $ 9 $ (4 ) $ 325 Amortization of other benefit plans: Prior service benefit $ — $ — $ — $ (46 ) (3),(4) Actuarial (gains) losses (1 ) — — 61 (3),(4) Total before tax (1 ) — — 15 Tax benefit — — — (5 ) (2) After-tax $ (1 ) $ — $ — $ 10 Net realized losses on investments, before tax: — — — (1 ) (4) Tax expense — — — — (2) After-tax $ — $ — $ — $ (1 ) Total reclassifications for the period, after-tax $ 16 $ 4 $ (4 ) $ 321 1. Cost of goods sold. 2. Benefit from income taxes from continuing operations. 3. These accumulated other comprehensive (loss) income components are included in the computation of net periodic benefit (credit) cost of the company's pension and other benefit plans. See Note 20 - Pension Plans and Other Post Employment Benefits, for additional information. 4. Other income (expense) - net. 5. (Loss) income from discontinued operations after income taxes. |
Pension Plans and Other Post _2
Pension Plans and Other Post Employment Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Assumptions [Table Text Block] | The weighted-average assumptions used to determine benefit obligations for OPEB plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2019 December 31, 2018 Discount rate 3.07 % 4.23 % The weighted-average assumptions used to determine net periodic benefit costs for the OPEB plans are summarized in the two tables below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Discount rate 3.93 % 3.56 % 3.62 % 4.03 % Assumed Health Care Cost Trend Rates December 31, 2019 December 31, 2018 Health care cost trend rate assumed for next year 7.20 % 7.50 % Rate to which the cost trend rate is assumed to decline (the ultimate health care trend rate) 5.00 % 5.00 % Year that the rate reached the ultimate health care cost trend rate 2028 2028 The weighted-average assumptions used to determine pension plan obligations for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Benefit Obligations December 31, 2019 December 31, 2018 Discount rate 3.20 % 3.94 % Rate of increase in future compensation levels 2.60 % 2.90 % The weighted-average assumptions used to determine net periodic benefit costs for all pension plans are summarized in the table below: Weighted-Average Assumptions used to Determine Net Periodic Benefit Cost Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Discount rate 4.19 % 3.38 % 3.42 % 3.80 % Rate of increase in future compensation levels 2.84 % 4.04 % 3.80 % 3.80 % Expected long-term rate of return on plan assets 6.24 % 6.19 % 6.24 % 7.66 % The weighted-average assumptions used to determine net periodic benefit costs for U.S. plans are summarized in the table below: Weighted- Average Assumptions used to Determine Net Periodic Benefit Cost Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Discount rate 4.32 % 3.65 % 3.73 % 4.16 % Rate of increase in future compensation levels — % 4.25 % 3.95 % 3.95 % Expected long-term rate of return on plan assets 6.25 % 6.25 % 6.25 % 8.00 % |
Schedule of Pension Plans and Other Postemployment Benefits [Table Text Block] | Summarized information on the company's pension and other post employment benefit plans is as follows: Change in Projected Benefit Obligations, Plan Assets and Funded Status Defined Benefit Pension Plans Other Post Employment Benefits (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Change in benefit obligations: Benefit obligation at beginning of the period $ 23,532 $ 25,683 $ 2,514 $ 2,810 Service cost 41 136 4 9 Interest cost 769 755 84 85 Plan participants' contributions 2 10 37 38 Actuarial (gain) loss 2,469 (1,078 ) 211 (172 ) Benefits paid (1,635 ) (1,763 ) (239 ) (254 ) Plan amendments (76 ) 17 — — Net effects of acquisitions / divestitures / other (1 ) (12 ) — — Effect of foreign exchange rates (60 ) (216 ) — (2 ) Impact of internal reorganizations (4,037 ) — (20 ) — Benefit obligations at end of the period $ 21,004 $ 23,532 $ 2,591 $ 2,514 Change in plan assets: Fair value of plan assets at beginning of the period $ 18,951 $ 20,329 $ — $ — Actual return on plan assets 2,552 (781 ) — — Employer contributions 121 1,314 202 216 Plan participants' contributions 2 10 37 38 Benefits paid (1,635 ) (1,763 ) (239 ) (254 ) Net effects of acquisitions / divestitures / other (6 ) (7 ) — — Effect of foreign exchange rates (38 ) (151 ) — — Impact of internal reorganizations (3,006 ) — — — Fair value of plan assets at end of the period $ 16,941 $ 18,951 $ — $ — Funded status U.S. plan with plan assets $ (3,535 ) $ (2,890 ) $ — $ — Non-U.S. plans with plan assets (90 ) (32 ) — — All other plans 1, 2 (438 ) (511 ) (2,591 ) (2,490 ) Plans of discontinued operations — (1,148 ) — (24 ) Funded status at end of the period 3 $ (4,063 ) $ (4,581 ) $ (2,591 ) $ (2,514 ) 1. As of December 31, 2019, and December 31, 2018, $294 million and $349 million , respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. 2. Includes pension plans maintained around the world where funding is not customary. 3. Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations. Defined Benefit Pension Plans Other Post Employment Benefits (In millions) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Amounts recognized in the Consolidated Balance Sheets: Assets of discontinued operations - current $ — $ 10 $ — $ — Other Assets 10 — — — Accrued and other current liabilities (50 ) (45 ) (237 ) (242 ) Liabilities of discontinued operations - noncurrent — (1,158 ) — (24 ) Pension and other post employment benefits - noncurrent 1 (4,023 ) (3,388 ) (2,354 ) (2,248 ) Net amount recognized $ (4,063 ) $ (4,581 ) $ (2,591 ) $ (2,514 ) Pretax amounts recognized in accumulated other comprehensive loss (income): Net loss (gain) $ 1,641 $ 767 $ 108 $ (104 ) Prior service (benefit) cost (10 ) 17 — — Pretax balance in accumulated other comprehensive loss (income) at end of year $ 1,631 $ 784 $ 108 $ (104 ) 1. Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations. |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | Pension Plans with Projected Benefit Obligations in Excess of Plan Assets December 31, 2019 December 31, 2018 (In millions) Projected benefit obligations 1 $ 20,788 $ 23,261 Fair value of plan assets 2 16,716 18,669 1. Includes $3.8 billion of discontinued operations for the period ended December 31, 2018. 2. Includes $2.6 billion of discontinued operations for the period ended December 31, 2018. |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block] | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets December 31, 2019 December 31, 2018 (In millions) Accumulated benefit obligations 1 $ 20,654 $ 22,291 Fair value of plan assets 2 16,620 17,934 1. Includes $2.9 billion of discontinued operations for the period ended December 31, 2018. 2. Includes $2.0 billion of discontinued operations for the period ended December 31, 2018. |
Schedule of Net Benefit Costs [Table Text Block] | Defined Benefit Pension Plans Other Post Employment Benefits (In millions) Successor Predecessor Successor Predecessor Components of net periodic benefit (credit) cost and amounts recognized in other comprehensive loss For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Net Periodic Benefit Cost: Service cost $ 41 $ 136 $ 50 $ 92 $ 4 $ 9 $ 3 $ 6 Interest cost 769 755 247 524 84 85 26 60 Expected return on plan assets (1,078 ) (1,216 ) (411 ) (824 ) — — — — Amortization of unrecognized loss (gain) 3 10 1 506 (1 ) — — 61 Amortization of prior service benefit (1 ) — — (3 ) — — — (46 ) Curtailment gain (2 ) (11 ) — — — — — — Settlement loss 4 5 — — — — — — Net periodic benefit (credit) cost - Total $ (264 ) $ (321 ) $ (113 ) $ 295 $ 87 $ 94 $ 29 $ 81 Less: Discontinued operations 1 (14 ) (42 ) (13 ) 27 — 1 — — Net periodic benefit (credit) cost - Continuing operations $ (250 ) $ (279 ) $ (100 ) $ 268 $ 87 $ 93 $ 29 $ 81 Changes in plan assets and benefit obligations recognized in other comprehensive (income) loss: Net loss (gain) $ 970 $ 908 $ (163 ) $ (22 ) $ 211 $ (172 ) $ 68 $ — Amortization of unrecognized (loss) gain (2 ) (10 ) (1 ) (506 ) 1 — — (61 ) Prior service (benefit) cost (11 ) 17 — — — — — — Amortization of prior service benefit 1 — — 3 — — — 46 Settlement loss (4 ) (2 ) — — — — — — Effect of foreign exchange rates (5 ) 1 3 133 — — — — Total loss (benefit) recognized in other comprehensive loss, attributable to Corteva $ 949 $ 914 $ (161 ) $ (392 ) $ 212 $ (172 ) $ 68 $ (15 ) Total recognized in net periodic benefit cost and other comprehensive loss (income) $ 685 $ 593 $ (274 ) $ (97 ) $ 299 $ (78 ) $ 97 $ 66 1. Includes non-service related components of net periodic benefit credit of $(31) million , $(97) million , $(34) million , and $(18) million for the year ended December 31, 2019, the year ended December 31, 2018, the period September 1 through December 31, 2017, and the period January 1 through August 31, 2017, respectively. |
Schedule of Expected Benefit Payments [Table Text Block] | Estimated Future Benefit Payments at December 31, 2019 Defined Benefit Pension Plans Other Post Employment Benefits (In millions) 2020 $ 1,527 $ 237 2021 1,474 228 2022 1,437 218 2023 1,403 209 2024 1,370 201 Years 2025-2029 6,314 808 Total $ 13,525 $ 1,901 |
Schedule of Allocation of Plan Assets [Table Text Block] | Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 For the year ended December 31, 2019 (In millions) Cash and cash equivalents $ 1,343 $ 1,343 $ — $ — U.S. equity securities 1 3,665 3,652 4 9 Non-U.S. equity securities 2,053 2,043 6 4 Debt – government-issued 3,693 — 3,693 — Debt – corporate-issued 2,956 — 2,952 4 Debt – asset-backed 663 — 663 — Private market securities 2 — — 2 Real estate 33 — — 33 Derivatives – asset position 2 — 2 — Derivatives – liability position (19 ) — (19 ) — Other 19 — 19 — Subtotal $ 14,410 $ 7,038 $ 7,320 $ 52 Investments measured at net asset value Debt - government issued 37 U.S. equity securities 20 Non-U.S. equity securities 39 Hedge funds 431 Private market securities 1,371 Real estate funds 516 Total investments measured at net asset value $ 2,414 Other items to reconcile to fair value of plan assets Pension trust receivables 2 763 Pension trust payables 3 (646 ) Total $ 16,941 1. The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2019. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. Basis of Fair Value Measurements For the year ended December 31, 2018 (In millions) Total Level 1 4 Level 2 4 Level 3 4 Cash and cash equivalents $ 1,824 $ 1,824 $ — $ — U.S. equity securities 1 3,537 3,521 2 14 Non-U.S. equity securities 2,582 2,565 15 2 Debt – government-issued 3,659 211 3,448 — Debt – corporate-issued 3,037 253 2,770 14 Debt – asset-backed 721 39 682 — Hedge funds 162 162 — — Private market securities 1 — — 1 Real estate 336 243 — 93 Derivatives – asset position 10 1 9 — Derivatives – liability position (18 ) — (18 ) — Other 233 9 18 206 Subtotal $ 16,084 $ 8,828 $ 6,926 $ 330 Investments measured at net asset value 4 Debt - government issued 208 Hedge funds 678 Private market securities 1,861 Real estate funds 112 Other 6 Total investments measured at net asset value $ 2,865 Other items to reconcile to fair value of plan assets Pension trust receivables 2 210 Pension trust payables 3 (208 ) Total $ 18,951 1. The Corteva pension plans directly held $684 million (approximately 4 percent of total plan assets) of DowDuPont common stock at December 31, 2018. 2. Primarily receivables for investments securities sold. 3. Primarily payables for investment securities purchased. 4. Corteva's pension assets by fair value hierarchy at December 31, 2018 included approximately $1,657 million of Level 1 assets, $392 million of Level 2 assets, $259 million of Level 3 assets, and $606 million of investments measured at net asset value that were transferred to DuPont upon completion of the Separation. Target Allocation for Plan Assets December 31, 2019 December 31, 2018 Asset Category U.S. equity securities 20 % 19 % Non-U.S. equity securities 16 16 Fixed income securities 50 50 Hedge funds 3 2 Private market securities 6 8 Real estate 3 3 Cash and cash equivalents 2 2 Total 100 % 100 % |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | Fair Value Measurement of Level 3 Pension Plan Assets U.S. equity securities Non-U.S. equity securities Debt – corporate-issued Debt- asset- backed Hedge funds Private market securities Real estate Other Total (In millions) Balance at January 1, 2018 $ 17 $ 3 $ 27 $ 2 $ 2 $ 14 $ 96 $ — $ 161 Actual return on assets: Relating to assets sold during the year ended December 31, 2018 (1 ) (4 ) (80 ) — — — 2 — (83 ) Relating to assets held at December 31, 2018 (4 ) 3 87 — — (3 ) — (11 ) 72 Purchases, sales and settlements, net 3 — (15 ) — — — (3 ) 217 202 Transfers out of Level 3, net (1 ) — (5 ) (2 ) (2 ) (10 ) (2 ) — (22 ) Balance at December 31, 2018 $ 14 $ 2 $ 14 $ — $ — $ 1 $ 93 $ 206 $ 330 Actual return on assets: Relating to assets sold during the year ended December 31, 2019 (2 ) 1 9 — — — (29 ) — (21 ) Relating to assets held at December 31, 2019 (5 ) — (8 ) — — 4 25 — 16 Purchases, sales and settlements, net 2 2 (12 ) — — (3 ) (3 ) — (14 ) Transfers out of Level 3, net — (1 ) 1 — — — — — — Assets transferred at Separation — — — — — — (53 ) (206 ) (259 ) Balance at December 31, 2019 $ 9 $ 4 $ 4 $ — $ — $ 2 $ 33 $ — $ 52 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted Average Assumptions - Stock Option Awards | Weighted-Average Assumptions Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Dividend yield 1.55 % 2.1 % 2.2 % 2.0 % Expected volatility 19.80 % 23.30 % 23.59 % 23.21 % Risk-free interest rate 2.4 % 2.8 % 2.1 % 2.3 % Expected life of stock options granted during period (years) 6.1 6.2 7.2 7.2 |
EIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Activity | Stock Options For the year ended December 31, 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 January 1, 2019 17,079 $ 53.26 Exercised (886 ) 39.19 Forfeited/Expired (85 ) 46.87 Outstanding at April 1, 2019 16,108 $ 54.07 4.76 $ 76,942 Exercisable at April 1, 2019 13,314 $ 51.09 3.94 $ 74,749 Conversion - Dow Distribution 1 21,700 $ 35.41 Granted 2 2,561 29.95 Exercised (134 ) 27.24 Forfeited/Expired (129 ) 35.07 Impact of Internal Reorganization, net (10,112 ) 36.07 Outstanding at May 31, 2019 13,886 $ 34.00 3.90 $ 20,779 Exercisable at May 31, 2019 12,481 $ 32.85 3.39 $ 18,979 Conversion - Corteva Distribution 3 (13,886 ) $ 34.00 Outstanding at December 31, 2019 — $ — — $ — Exercisable at December 31, 2019 — $ — — $ — 1. As a result of the Dow Distribution, all outstanding DowDuPont equity awards under the EIP were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. 2. As a result of the Dow Distribution, outstanding DowDuPont equity awards under the Heritage Dow Plans were moved to the EIP and were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. These outstanding equity awards are included in the number of “Granted” awards in the table above. 3. As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. |
RSU and PSU Activity | RSUs & PSUs For the year ended December 31, 2019 Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at January 1, 2019 3,147 $ 68.18 Granted 2,578 52.66 Vested (1,113 ) 67.85 Forfeited (12 ) 67.08 Nonvested at April 1, 2019 4,600 $ 59.57 Conversion - Dow Distribution 1 6,120 $ 39.46 Granted 2 1,288 42.34 Vested (76 ) 42.26 Forfeited (47 ) 40.35 Impact of Internal Reorganization, net (4,185 ) 39.76 Nonvested at May 31, 2019 3,100 $ 40.18 Conversion - Corteva Distribution 3 (3,100 ) $ 40.18 Nonvested at December 31, 2019 — $ — 1. As a result of the Dow Distribution, all outstanding DowDuPont equity awards under the EIP were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. 2. As a result of the Dow Distribution, outstanding DowDuPont equity awards under the Heritage Dow Plans were moved to the EIP and were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. These outstanding equity awards are included in the number of “Granted” awards in the table above. 3. As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. |
OIP [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Option Activity | Stock Options For the year ended December 31, 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 January 1, 2019 — $ — Converted on June 1, 2019 1 10,468 32.11 Exercised (355 ) 20.95 Forfeited/Expired (68 ) 38.45 Outstanding at December 31, 2019 10,045 $ 32.47 4.73 $ 20,186 Exercisable at December 31, 2019 8,036 $ 30.54 3.95 $ 19,172 1. As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. |
RSU and PSU Activity | RSUs & PSUs For the year ended December 31, 2019 Number of Shares (in thousands) Weighted Average Grant Date Fair Value (per share) Nonvested at January 1, 2019 — $ — Converted on June 1, 2019 1 3,757 35.56 Granted 2,228 28.88 Vested (497 ) 39.07 Forfeited (50 ) 36.50 Nonvested at December 31, 2019 5,438 $ 32.49 1. As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Notional Amounts of Derivatives | Notional Amounts (In millions) December 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Commodity contracts $ 570 $ 525 Derivatives not designated as hedging instruments: Foreign currency contracts $ 582 $ 2,057 Commodity contracts $ — $ 9 |
After-Tax Effect of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Beginning balance $ (26 ) $ (2 ) $ — $ 7 Additions and revaluations of derivatives designated as cash flow hedges 16 (19 ) (2 ) 3 Clearance of hedge results to earnings 12 (5 ) — (13 ) Ending balance $ 2 $ (26 ) $ (2 ) $ (3 ) |
Fair Value of Derivatives Instruments | December 31, 2019 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the Consolidated Balance Sheet Asset derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Other current assets $ 25 $ (18 ) $ 7 Total asset derivatives $ 25 $ (18 ) $ 7 Liability derivatives: Derivatives not designated as hedging instruments: Foreign currency contracts Accrued and other current liabilities $ 43 $ (16 ) $ 27 Total liability derivatives $ 43 $ (16 ) $ 27 1. Counterparty and cash collateral amounts represent the estimated net settlement amount when applying netting and set-off rights included in master netting arrangements between the company and its counterparties and the payable or receivable for cash collateral held or placed with the same counterparty. December 31, 2018 (In millions) Balance Sheet Location Gross Counterparty and Cash Collateral Netting 1 Net Amounts Included in the 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. |
Effect of Derivative Instruments | Amount of Gain (Loss) Recognized in OCI 1 - Pre-Tax Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Cash flow hedges: Commodity contracts $ 23 $ (24 ) $ 3 $ 5 Total derivatives designated as hedging instruments $ 23 $ (24 ) $ 3 $ 5 1. OCI is defined as other comprehensive income (loss). Amount of (Loss) Gain Recognized in Income - Pre-Tax 1 Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Derivatives designated as hedging instruments: Cash flow hedges: Commodity contracts 2 $ (13 ) $ 6 $ — $ 21 Total derivatives designated as hedging instruments (13 ) 6 — 21 Derivatives not designated as hedging instruments: Foreign currency contracts 3 (58 ) 94 91 (431 ) Commodity contracts 2 9 5 — 2 Total derivatives not designated as hedging instruments (49 ) 99 91 (429 ) Total derivatives $ (62 ) $ 105 $ 91 $ (408 ) 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 (expense) - 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) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2019 Significant Other Observable Inputs (Level 2) (In millions) Assets at fair value: Cash equivalents and restricted cash equivalents 1 $ 1,293 Marketable securities 5 Derivatives relating to: 2 Foreign currency 25 Total assets at fair value $ 1,323 Liabilities at fair value: Long-term debt 3 $ 119 Derivatives relating to: 2 Foreign currency 43 Total liabilities at fair value $ 162 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 3 $ 6,100 Derivatives relating to: 2 Foreign currency 21 Total liabilities at fair value $ 6,121 1. Time deposits included in cash and cash equivalents and money market funds included in other current assets in the 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 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. |
Fair Value, Assets Measured on Nonrecurring Basis [Table Text Block] | Basis of Fair Value Measurements on a Nonrecurring Basis Significant Other Unobservable Inputs (Level 3) Total Losses (In millions) 2019 Assets at fair value: Developed technology $ — $ (1 ) Other intangible assets $ — $ (6 ) IPR&D $ — $ (137 ) 2018 Assets at fair value: Investment in nonconsolidated affiliates $ 51 $ (41 ) IPR&D $ 450 $ (85 ) |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Geographic Area, Revenues from External Customers [Abstract] | |
Net Sales by Geographic Area | Net Sales Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 United States $ 6,255 $ 6,725 $ 1,091 $ 4,189 Canada 674 687 133 390 EMEA 2,740 2,765 535 1,287 Asia Pacific 1,288 1,293 428 380 Latin America 1 2,889 2,817 1,603 648 Total $ 13,846 $ 14,287 $ 3,790 $ 6,894 1. Net sales for Brazil for the year ended December 31, 2019, the year ended December 31, 2018 and the period September 1 through December 31, 2017 were $1,794 million , $1,732 million and $1,111 million , respectively. Net sales for Brazil were less than 10 percent of consolidated net sales for the period January 1 through August 31, 2017. |
Net Property By Geographic Area | Net Property (In millions) 2019 2018 2017 United States $ 3,069 $ 3,161 $ 3,132 Canada 125 88 90 EMEA 566 546 570 Asia Pacific 178 181 215 Latin America 608 568 641 Total $ 4,546 $ 4,544 $ 4,648 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (In millions) Seed Crop Protection Total As of and for the Year Ended December 31, 2019 (Successor) Net sales $ 7,590 $ 6,256 $ 13,846 Pro forma segment operating EBITDA $ 1,040 $ 1,066 $ 2,106 Depreciation and amortization $ 628 $ 372 $ 1,000 Segment assets 1 $ 25,387 $ 13,492 $ 38,879 Investments in nonconsolidated affiliates $ 27 $ 39 $ 66 Purchases of property, plant and equipment $ 373 $ 293 $ 666 As of and for the Year Ended December 31, 2018 (Successor) Net sales $ 7,842 $ 6,445 $ 14,287 Pro forma segment operating EBITDA $ 1,139 $ 1,074 $ 2,213 Depreciation and amortization $ 534 $ 375 $ 909 Segment assets $ 29,286 $ 9,346 $ 38,632 Investments in nonconsolidated affiliates $ 102 $ 36 $ 138 Purchases of property, plant and equipment $ 263 $ 250 $ 513 1. On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to pro forma segment operating EBITDA 1 (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Loss from continuing operations after income taxes $ (270 ) $ (6,775 ) Benefit from income taxes on continuing operations (46 ) (31 ) Loss from continuing operations before income taxes (316 ) (6,806 ) Depreciation and amortization 1,000 909 Interest income (59 ) (86 ) Interest expense 136 337 Exchange losses - net 2 66 77 Non-operating benefits - net (129 ) (211 ) Goodwill impairment charge — 4,503 Significant items 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 119 141 Pro forma segment operating EBITDA $ 2,106 $ 2,213 1. Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are 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) December 31, 2019 December 31, 2018 Total segment assets $ 38,879 $ 38,632 Corporate assets 3,518 4,417 Assets related to discontinued operations 1 — 65,634 Total assets $ 42,397 $ 108,683 1. See Note 5 - Divestitures and Other Transactions, for additional information on discontinued operations. |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Other Items (in millions) Segment Totals Adjustments 1 Consolidated Totals As of and For the Year Ended December 31, 2019 Depreciation and amortization $ 1,000 $ 599 $ 1,599 Investments in nonconsolidated affiliates $ 66 $ — $ 66 Purchase of property, plant, and equipment $ 666 $ 497 $ 1,163 As of and For the Year Ended December 31, 2018 Depreciation and amortization $ 909 $ 1,881 $ 2,790 Investments in nonconsolidated affiliates $ 138 $ — $ 138 Purchase of property, plant, and equipment $ 513 $ 988 $ 1,501 1. See Note 5 |
Schedule of Additional Segment Details [Table Text Block] | (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2019 Restructuring and Asset Related Charges - Net 1 $ (213 ) $ (23 ) $ 14 $ (222 ) Integration and Separation Costs 2 — — (632 ) (632 ) Loss on Divestiture 3 (24 ) — — (24 ) Amortization of Inventory Step Up 4 (67 ) — — (67 ) Loss on Early Extinguishment of Debt 5 — — (13 ) (13 ) Argentina Currency Devaluation 6 — — (33 ) (33 ) Total $ (304 ) $ (23 ) $ (664 ) $ (991 ) (In millions) Seed Crop Protection Corporate Total For the Year Ended December 31, 2018 Restructuring and Asset Related Charges - Net 1 $ (368 ) $ (58 ) $ (268 ) $ (694 ) Integration Costs 2 — — (571 ) (571 ) Gain on Sale 7 24 — — 24 Loss on Deconsolidation of Subsidiary 8 (53 ) — — (53 ) Loss on Divestiture 9 (2 ) — — (2 ) Income Tax Items 10 — — (50 ) (50 ) Total $ (399 ) $ (58 ) $ (889 ) $ (1,346 ) 1. Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 7 - Restructuring and Asset Related Charges - Net, for additional information. 2. Integration and separation costs related to post-Merger integration and Business Separation activities. Beginning in the second quarter of 2019, this includes both integration and separation costs. 3. Includes a loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. 4. Includes charges related to the amortization on the inventory that was stepped up to fair value in connection with the Merger, recognized in cost of goods sold. 5. Includes a loss 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. 6. Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. 7. Includes a gain recorded in other income (expense) - net related to an asset sale. 8. Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 9. Includes a loss recorded in other income (expense) - net related to an asset sale. 10. Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Quaterly Financial Data (Tables
Quaterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information | For the quarter ended In millions, except per share amounts March 31, June 30, September 30, December 31, 2019 Net sales $ 3,396 $ 5,556 $ 1,911 $ 2,983 Cost of goods sold 1 2,211 3,047 1,349 1,968 Restructuring and asset related charges - net 2 61 60 46 55 Integration and separation costs 2 212 330 152 50 (Loss) income from continuing operations after income taxes (184 ) 4 483 5 (527 ) 6,7 (42 ) 8 Net income (loss) attributable to Corteva 2 164 (608 ) (494 ) (21 ) (Loss) earnings per common share, continuing operations - basic 3 (0.26 ) 0.63 (0.69 ) (0.06 ) (Loss) earnings per common share, continuing operations - diluted 3 (0.26 ) 0.63 (0.69 ) (0.06 ) 2018 Net sales $ 3,794 $ 5,731 $ 1,947 $ 2,815 Cost of goods sold 1 2,752 3,687 1,485 2,024 Restructuring and asset related charges - net 2 130 101 235 228 Integration and separation costs 2 195 249 253 295 Goodwill impairment charge 2 — — 4,503 — (Loss) income from continuing operations after income taxes 9 (438 ) 10 375 11 (5,642 ) 12 (1,070 ) 4,5 Net (loss) income attributable to Corteva 2 (107 ) 694 (5,121 ) (531 ) (Loss) earnings per common share, continuing operations - basic 3 (0.60 ) 0.49 (7.54 ) (1.43 ) (Loss) earnings per common share, continuing operations - diluted 3 (0.60 ) 0.49 (7.54 ) (1.43 ) 1. Includes charges of $(639) million , $(676) million , $(109) million , and $(130) million for the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, and $(205) million , $(52) million , and $(15) million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. 2. See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. 3. Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. 4. First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 5. Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. 6. Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 7. Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. 8. Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. 9. Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. 10. First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. 11. Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. 12. Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. For the Quarter 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 Cost of goods sold $ 4,235 $ (2,963 ) $ 939 $ 2,211 Restructuring and asset related charges - net $ 55 $ (43 ) $ 49 $ 61 Integration and separation costs $ 405 $ (193 ) $ — $ 212 Income (loss) from continuing operations after income taxes $ 89 $ (369 ) $ 96 $ (184 ) Net income attributable to Corteva $ 85 $ (11 ) $ 90 $ 164 For the Quarter Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net sales $ 5,741 $ (4,350 ) $ 1,424 $ 2,815 Cost of goods sold $ 3,980 $ (3,026 ) $ 1,070 $ 2,024 Restructuring and asset related charges - net $ 115 $ (9 ) $ 122 $ 228 Integration and separation costs $ 449 $ (154 ) $ — $ 295 Loss from continuing operations after income taxes $ (351 ) $ (573 ) $ (146 ) $ (1,070 ) Net loss attributable to Corteva $ (354 ) $ (28 ) $ (149 ) $ (531 ) For the Quarter Ended March 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net sales $ 6,699 $ (4,388 ) $ 1,483 $ 3,794 Cost of goods sold $ 4,847 $ (3,003 ) $ 908 $ 2,752 Restructuring and asset related charges - net $ 97 $ (38 ) $ 71 $ 130 Integration and separation costs $ 255 $ (60 ) $ — $ 195 Loss from continuing operations after income taxes $ (216 ) $ (355 ) $ 133 $ (438 ) Net loss attributable to Corteva $ (228 ) $ (1 ) $ 122 $ (107 ) 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. |
EID Income Taxes (Tables)
EID Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) Income from continuing operations before income taxes Domestic $ (1,352 ) $ (5,040 ) $ (961 ) $ (519 ) Foreign 1,036 (1,766 ) 500 482 Loss from continuing operations before income taxes $ (316 ) $ (6,806 ) $ (461 ) $ (37 ) Current tax expense (benefit) Federal $ (11 ) $ (112 ) $ 8 $ (581 ) State and local 1 (32 ) 11 (117 ) Foreign 317 446 287 81 Total current tax expense (benefit) $ 307 $ 302 $ 306 $ (617 ) Deferred tax (benefit) expense Federal $ (392 ) $ (124 ) $ (2,373 ) $ 188 State and local 156 (39 ) 3 79 Foreign (117 ) (170 ) (157 ) (45 ) Total deferred tax (benefit) expense $ (353 ) $ (333 ) $ (2,527 ) $ 222 Benefit from income taxes on continuing operations (46 ) (31 ) (2,221 ) (395 ) Net (loss) income from continuing operations after taxes $ (270 ) $ (6,775 ) $ 1,760 $ 358 |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Statutory U.S. federal income tax rate 21.0 % 21.0 % 35.0 % 35.0 % Equity earning effect 0.1 0.1 1.9 (2.7 ) Effective tax rates on international operations - net 1 (18.4 ) 0.4 24.3 244.9 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (10.7 ) (2.3 ) 63.0 (64.7 ) U.S. research and development credit 7.0 0.1 1.4 24.4 Exchange gains/losses 5 (1.8 ) (1.3 ) (8.8 ) 650.1 SAB 118 Impact of Enactment of U.S. Tax Reform 6 — (3.0 ) 371.2 — Impact of Swiss Tax Reform 7 11.9 — — — Excess tax benefits (tax deficiency) from stock compensation (0.6 ) 0.1 1.0 38.3 Tax settlements and expiration of statute of limitations 8 3.9 (0.1 ) — 146.4 Goodwill impairment 9 — (15.2 ) — — Other - net 2.2 0.7 (7.2 ) (4.1 ) Effective tax rate on income from continuing operations 14.6 % 0.5 % 481.8 % 1,067.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 . 4. Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. 6. Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively. 7. Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). 8. The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. 9. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . |
EID [Member] | |
Geographic Allocation of Income and Provision for Income Taxes | Geographic Allocation of (Loss) Income and Provision for (Benefit from) Income Taxes Successor Predecessor (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 (Loss) Income from continuing operations before income taxes Domestic $ (1,458 ) $ (5,040 ) $ (961 ) $ (519 ) Foreign 1,036 (1,766 ) 500 482 Loss from continuing operations before income taxes $ (422 ) $ (6,806 ) $ (461 ) $ (37 ) Current tax expense (benefit) Federal $ (11 ) $ (112 ) $ 8 $ (581 ) State and local 1 (32 ) 11 (117 ) Foreign 317 446 287 81 Total current tax expense (benefit) $ 307 $ 302 $ 306 $ (617 ) Deferred tax (benefit) expense Federal $ (417 ) $ (124 ) $ (2,373 ) $ 188 State and local 156 (39 ) 3 79 Foreign (117 ) (170 ) (157 ) (45 ) Total deferred tax (benefit) expense $ (378 ) $ (333 ) $ (2,527 ) $ 222 Benefit from income taxes on continuing operations (71 ) (31 ) (2,221 ) (395 ) Net (loss) income from continuing operations $ (351 ) $ (6,775 ) $ 1,760 $ 358 |
Reconciliation to US Statutory Rate | Reconciliation to U.S. Statutory Rate Successor Predecessor For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 For the Period September 1 through December 31, 2017 For the Period January 1 through August 31, 2017 Statutory U.S. federal income tax rate 21.0 % 21.0 % 35.0 % 35.0 % Equity earning effect 0.1 0.1 1.9 (2.7 ) Effective tax rates on international operations - net 1 (13.8 ) 0.4 24.3 244.9 Acquisitions, divestitures and ownership restructuring activities 2, 3, 4 (8.0 ) (2.3 ) 63.0 (64.7 ) U.S. research and development credit 5.2 0.1 1.4 24.4 Exchange gains/losses 5 (1.3 ) (1.3 ) (8.8 ) 650.1 SAB 118 Impact of Enactment of U.S. Tax Reform 6 — (3.0 ) 371.2 — Impact of Swiss Tax Reform 7 8.9 — — — Excess tax benefits (tax deficiency) from stock compensation (0.5 ) 0.1 1.0 38.3 Tax settlements and expiration of statute of limitations 8 2.9 (0.1 ) — 146.4 Goodwill impairment 9 — (15.2 ) — — Other - net 2.3 0.7 (7.2 ) (4.1 ) Effective tax rate 16.8 % 0.5 % 481.8 % 1,067.6 % 1. Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. 2. See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. 3. Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 . 4. Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. 5. Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. 6. Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively. 7. Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). 8. The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. 9. Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . |
EID Segment FN (Tables)
EID Segment FN (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Income (loss) from continuing operations after income taxes to pro forma segment operating EBITDA 1 (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Loss from continuing operations after income taxes $ (270 ) $ (6,775 ) Benefit from income taxes on continuing operations (46 ) (31 ) Loss from continuing operations before income taxes (316 ) (6,806 ) Depreciation and amortization 1,000 909 Interest income (59 ) (86 ) Interest expense 136 337 Exchange losses - net 2 66 77 Non-operating benefits - net (129 ) (211 ) Goodwill impairment charge — 4,503 Significant items 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 119 141 Pro forma segment operating EBITDA $ 2,106 $ 2,213 1. Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, for additional information. |
EID [Member] | |
Segment Reporting, Asset Reconciling Item [Line Items] | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Loss from continuing operations after income taxes to pro forma segment operating EBITDA 1 (In millions) For the Year Ended December 31, 2019 For the Year Ended December 31, 2018 Loss from continuing operations after income taxes $ (351 ) $ (6,775 ) Benefit from income taxes on continuing operations (71 ) (31 ) Loss from continuing operations before income taxes (422 ) (6,806 ) Depreciation and amortization 1,000 909 Interest income (59 ) (86 ) Interest expense 242 337 Exchange losses - net 2 66 77 Non-operating benefits - net (129 ) (211 ) Goodwill impairment charge — 4,503 Significant items 991 1,346 Pro forma adjustments 298 2,003 Corporate expenses 119 141 Pro forma segment operating EBITDA $ 2,106 $ 2,213 1. Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. 2. Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. |
EID Quarterly FN (Tables)
EID Quarterly FN (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information | For the quarter ended In millions, except per share amounts March 31, June 30, September 30, December 31, 2019 Net sales $ 3,396 $ 5,556 $ 1,911 $ 2,983 Cost of goods sold 1 2,211 3,047 1,349 1,968 Restructuring and asset related charges - net 2 61 60 46 55 Integration and separation costs 2 212 330 152 50 (Loss) income from continuing operations after income taxes (184 ) 4 483 5 (527 ) 6,7 (42 ) 8 Net income (loss) attributable to Corteva 2 164 (608 ) (494 ) (21 ) (Loss) earnings per common share, continuing operations - basic 3 (0.26 ) 0.63 (0.69 ) (0.06 ) (Loss) earnings per common share, continuing operations - diluted 3 (0.26 ) 0.63 (0.69 ) (0.06 ) 2018 Net sales $ 3,794 $ 5,731 $ 1,947 $ 2,815 Cost of goods sold 1 2,752 3,687 1,485 2,024 Restructuring and asset related charges - net 2 130 101 235 228 Integration and separation costs 2 195 249 253 295 Goodwill impairment charge 2 — — 4,503 — (Loss) income from continuing operations after income taxes 9 (438 ) 10 375 11 (5,642 ) 12 (1,070 ) 4,5 Net (loss) income attributable to Corteva 2 (107 ) 694 (5,121 ) (531 ) (Loss) earnings per common share, continuing operations - basic 3 (0.60 ) 0.49 (7.54 ) (1.43 ) (Loss) earnings per common share, continuing operations - diluted 3 (0.60 ) 0.49 (7.54 ) (1.43 ) 1. Includes charges of $(639) million , $(676) million , $(109) million , and $(130) million for the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, and $(205) million , $(52) million , and $(15) million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. 2. See Note 2 - Summary of Significant Accounting Polices, Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. 3. Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. 4. First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. 5. Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. 6. Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. 7. Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. 8. Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. 9. Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. 10. First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. 11. Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. 12. Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. For the Quarter 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 Cost of goods sold $ 4,235 $ (2,963 ) $ 939 $ 2,211 Restructuring and asset related charges - net $ 55 $ (43 ) $ 49 $ 61 Integration and separation costs $ 405 $ (193 ) $ — $ 212 Income (loss) from continuing operations after income taxes $ 89 $ (369 ) $ 96 $ (184 ) Net income attributable to Corteva $ 85 $ (11 ) $ 90 $ 164 For the Quarter Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net sales $ 5,741 $ (4,350 ) $ 1,424 $ 2,815 Cost of goods sold $ 3,980 $ (3,026 ) $ 1,070 $ 2,024 Restructuring and asset related charges - net $ 115 $ (9 ) $ 122 $ 228 Integration and separation costs $ 449 $ (154 ) $ — $ 295 Loss from continuing operations after income taxes $ (351 ) $ (573 ) $ (146 ) $ (1,070 ) Net loss attributable to Corteva $ (354 ) $ (28 ) $ (149 ) $ (531 ) For the Quarter Ended March 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS Corteva Net sales $ 6,699 $ (4,388 ) $ 1,483 $ 3,794 Cost of goods sold $ 4,847 $ (3,003 ) $ 908 $ 2,752 Restructuring and asset related charges - net $ 97 $ (38 ) $ 71 $ 130 Integration and separation costs $ 255 $ (60 ) $ — $ 195 Loss from continuing operations after income taxes $ (216 ) $ (355 ) $ 133 $ (438 ) Net loss attributable to Corteva $ (228 ) $ (1 ) $ 122 $ (107 ) 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. |
EID [Member] | |
Quarterly Financial Information | For the quarter ended In millions (unaudited) March 31, June 30, September 30, December 31, 2019 (Loss) income from continuing operations after income taxes $ (184 ) $ 460 $ (557 ) $ (70 ) Net income (loss) attributable to EID $ 166 $ (626 ) $ (524 ) $ (46 ) 2018 Net (loss) income attributable to EID $ (105 ) $ 697 $ (5,119 ) $ (528 ) For the Quarter Ended March 31, 2019 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS EID Income (loss) from continuing operations after income taxes $ 89 $ (369 ) $ 96 $ (184 ) Net income attributable to EID $ 85 $ (9 ) $ 90 $ 166 For the Quarter Ended December 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS EID Net loss attributable to EID $ (354 ) $ (25 ) $ (149 ) $ (528 ) For the Quarter Ended March 31, 2018 (In millions) Historical EID Discontinued Operations and Other Adjustments 1 DAS EID Net loss attributable to EID $ (228 ) $ 1 $ 122 $ (105 ) 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. |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | $ 273 | $ 250 | $ 127 | $ 64 | |
Additions charges to expenses | 11 | 57 | 69 | 80 | |
Deductions from reserves | [1] | (7) | (34) | (22) | (17) |
Balance at end of period | 64 | 273 | 174 | 127 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | 220 | 164 | 272 | 137 | |
Additions charges to expenses | 88 | 217 | 370 | 449 | |
Deductions from reserves | [2] | (40) | (161) | (386) | (314) |
Balance at end of period | 137 | 220 | 256 | 272 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | 383 | 504 | 669 | 559 | |
Additions charges to expenses | 104 | 69 | 20 | 451 | |
Deductions from reserves | [3] | (47) | (190) | (232) | (341) |
Balance at end of period | 559 | 383 | $ 457 | $ 669 | |
Successor Period [Member] | SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | 60 | ||||
Balance at end of period | 60 | ||||
Successor Period [Member] | SEC Schedule, 12-09, Reserve, Inventory [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | 89 | ||||
Balance at end of period | 89 | ||||
Successor Period [Member] | SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Balance at beginning of period | $ 502 | ||||
Balance at end of period | $ 502 | ||||
[1] | Deductions include write-offs, recoveries and currency translation adjustments. | ||||
[2] | Deductions include disposals and currency translation adjustments. | ||||
[3] | Deductions include currency translation adjustments. |
Background and Basis of Prese_3
Background and Basis of Presentation (Details) | 12 Months Ended | |||||
Dec. 31, 2019$ / sharesshares | Feb. 07, 2020$ / shares | Jun. 03, 2019$ / sharesshares | Jun. 01, 2019$ / sharesshares | Apr. 01, 2019$ / shares | Dec. 31, 2018$ / sharesshares | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Common Stock, Shares Authorized | shares | 1,666,667,000 | |||||
Corteva [Member] | ||||||
Number of Reportable Segments | 2 | |||||
Number of Countries in which Entity Operates | 140 | |||||
EID [Member] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.30 | $ 0.30 | $ 0.30 | |||
Common Stock, Shares Authorized | shares | 1,800,000,000 | 1,800,000,000 | ||||
EID [Member] | Corteva [Member] | ||||||
Ownership interest in an entity | 100.00% | |||||
DAS [Member] | EID [Member] | ||||||
Ownership interest in an entity | 100.00% | |||||
Dow [Member] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||
Corteva [Member] | Corteva [Member] | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Common Stock, Shares Authorized | shares | 748,815,000 | 748,815,000 | ||||
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) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2019 | |||
Integration and Separation Costs | $ 50 | [1] | $ 152 | $ 330 | $ 212 | $ 295 | [1] | $ 253 | $ 249 | $ 195 | $ 255 | $ 744 | $ 992 | |||||||
Restricted Cash | $ 319 | |||||||||||||||||||
Percentage of FIFO Inventory | 59.00% | 57.00% | 59.00% | 57.00% | ||||||||||||||||
Percentage of Weighted Average Cost Inventory | 41.00% | 43.00% | 41.00% | 43.00% | ||||||||||||||||
Minimum [Member] | ||||||||||||||||||||
Definite-Lived Intangible Asset, Useful Life | 2 years | |||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||
Definite-Lived Intangible Asset, Useful Life | 25 years | |||||||||||||||||||
Other Current Assets [Member] | ||||||||||||||||||||
Prepaid Royalties | $ 440 | $ 440 | ||||||||||||||||||
Restricted Cash | 409 | $ 460 | 409 | $ 460 | ||||||||||||||||
Other Assets [Member] | ||||||||||||||||||||
Prepaid Royalties | $ 794 | $ 794 | ||||||||||||||||||
[1] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. |
Recent Accounting Guidance Leas
Recent Accounting Guidance Lease ASU - Effect on Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Net | $ 4,546 | $ 4,544 | $ 4,648 | ||
Other Assets | 2,326 | 1,932 | |||
Total Non-Current Assets - Discontinued Operations | 0 | 56,545 | |||
Short-term borrowings and finance lease obligations | 7 | 2,154 | |||
Accrued and other current liabilities | 4,434 | 4,005 | |||
Total Current Liabilities - Discontinued Operations | 0 | 3,167 | |||
Long-term Debt | 115 | 5,784 | |||
Other noncurrent obligations | 2,192 | 1,795 | |||
Non-current Liabilities - Discontinued Operations | $ 0 | $ 5,484 | |||
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 | ||||
Total Non-Current Assets - Discontinued Operations | 461 | ||||
Short-term borrowings and finance lease obligations | 1 | ||||
Accrued and other current liabilities | 143 | ||||
Total Current Liabilities - Discontinued Operations | 141 | ||||
Long-term Debt | 8 | ||||
Other noncurrent obligations | 403 | ||||
Non-current Liabilities - Discontinued Operations | 320 | ||||
Updated [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Property, Plant and Equipment, Net | 4,553 | ||||
Other Assets | 2,478 | ||||
Total Non-Current Assets - Discontinued Operations | 57,006 | ||||
Short-term borrowings and finance lease obligations | 2,155 | ||||
Accrued and other current liabilities | 4,148 | ||||
Total Current Liabilities - Discontinued Operations | 3,308 | ||||
Long-term Debt | 5,792 | ||||
Other noncurrent obligations | 2,198 | ||||
Non-current Liabilities - Discontinued Operations | $ 5,804 | ||||
[1] | Includes adjustments for discontinued operations and common control business combination. |
Business Combinations DAS Commo
Business Combinations DAS Common Control Transfer - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jun. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 01, 2017 | |
Business Acquisition [Line Items] | ||||||
Cash and Cash Equivalents | $ 1,764 | $ 2,270 | ||||
Accounts and notes receivable - net | 5,528 | 5,260 | ||||
Inventories | 5,032 | 5,310 | ||||
Other current assets | 1,190 | 1,038 | ||||
Property, Plant and Equipment, Net | 4,546 | 4,544 | [1] | $ 4,648 | ||
Goodwill | 10,229 | $ 10,179 | 10,193 | $ 14,873 | ||
Other intangible assets | 11,424 | 12,055 | ||||
Other Assets | 2,326 | 1,932 | [1] | |||
Accounts Payable | 3,702 | 3,798 | ||||
Accrued and other current liabilities | 4,434 | 4,005 | [1] | |||
Deferred Income Tax Liabilities, Net | 920 | 1,480 | ||||
Pension and other post employment benefits - noncurrent | 6,377 | 5,677 | ||||
Other noncurrent obligations | $ 2,192 | $ 1,795 | [1] | |||
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, Net | 66 | |||||
Pension and other post employment benefits - noncurrent | 126 | |||||
Other noncurrent obligations | $ 170 | |||||
[1] | Includes adjustments for discontinued operations and common control business combination. |
Business Combinations DAS Com_2
Business Combinations DAS Common Control Transfer Income Statement (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Net Sales | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 2,815 | $ 1,947 | $ 5,731 | $ 3,794 | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 | |||||||||||
(Loss) Income from Continuing Operations before Income Taxes, Noncontrolling Interest | (461) | (37) | (316) | (6,806) | |||||||||||||||||||
(Loss) income from continuing operations after income taxes | $ (42) | [1] | $ (527) | [2],[3] | $ 483 | [4] | (184) | [5] | (1,070) | [4],[5],[6] | $ (5,642) | [6],[7] | $ 375 | [6],[8] | (438) | [6],[9] | 1,760 | $ 358 | $ (270) | (6,775) | |||
Historical EID [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Net Sales | 6,288 | 5,741 | 6,699 | 7,053 | 26,279 | ||||||||||||||||||
(Loss) Income from Continuing Operations before Income Taxes, Noncontrolling Interest | (1,586) | (4,793) | |||||||||||||||||||||
(Loss) income from continuing operations after income taxes | 89 | (351) | (216) | 1,087 | (5,013) | ||||||||||||||||||
Discontinued Operations and Other Adjustments [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Net Sales | (4,341) | [10] | (4,350) | [10] | (4,388) | [10] | (5,477) | [11] | (17,638) | [11] | |||||||||||||
(Loss) Income from Continuing Operations before Income Taxes, Noncontrolling Interest | [11] | 480 | (2,128) | ||||||||||||||||||||
(Loss) income from continuing operations after income taxes | (369) | [10] | (573) | [10] | (355) | [10] | 485 | [11] | (1,753) | [11] | |||||||||||||
DAS [Member] | |||||||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||||||
Net Sales | 1,449 | 1,424 | 1,483 | 2,214 | 5,646 | ||||||||||||||||||
(Loss) Income from Continuing Operations before Income Taxes, Noncontrolling Interest | 645 | 115 | |||||||||||||||||||||
(Loss) income from continuing operations after income taxes | $ 96 | $ (146) | $ 133 | $ 188 | $ (9) | ||||||||||||||||||
[1] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[2] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||||||
[3] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[4] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | ||||||||||||||||||||||
[5] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | ||||||||||||||||||||||
[6] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[7] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[8] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | ||||||||||||||||||||||
[9] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[10] | Reflects discontinued operations of EID's ECP and Specialty Products businesses and adjustments primarily related to the elimination of intercompany transactions between Historical EID and Dow AgroSciences for periods subsequent to the Merger, as if they were combined affiliates. | ||||||||||||||||||||||
[11] | Reflects discontinued operations of EID's ECP and Specialty Products Entities and adjustments primarily related to the elimination of intercompany transactions between EID and DAS for periods subsequent to the Merger, as if they were combined affiliates, and adjustments made to align historical financial statement presentation of DAS and Corteva. |
Divestitures and Other Transa_3
Divestitures and Other Transactions Divestitures and Other Transactions - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnification Assets | $ 202 | |||||||||
Goodwill Impairment Charge | $ 0 | $ 4,503 | [1] | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 4,503 | |
Equity Method Investment, Other than Temporary Impairment | $ 41 | |||||||||
Income (loss) from discontinued operations after income taxes | (568) | 1,403 | (671) | 1,748 | ||||||
Specialty Products Disposal [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Goodwill Impairment Charge | 0 | 0 | 1,102 | 0 | ||||||
Equity Method Investment, Other than Temporary Impairment | 63 | |||||||||
Income (loss) from discontinued operations after income taxes | (493) | 1,054 | (859) | 1,602 | ||||||
Divested Ag Business [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income (loss) from discontinued operations after income taxes | (77) | [2] | $ 326 | 80 | $ (5) | |||||
DAS Divested Ag Business [Member] [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Proceeds from Sales of Business, Affiliate and Productive Assets | 1,129 | |||||||||
Pre-tax gain on disposal | $ 671 | |||||||||
Other discontinued operations [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Income (loss) from discontinued operations after income taxes | 89 | |||||||||
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 | 22 | |||||||||
Accounts and Notes Receivable [Member] | Dow [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnification Assets | 44 | |||||||||
Other Assets [Member] | DuPont de Nemours [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnification Assets | 57 | |||||||||
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 | 4 | |||||||||
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 | 115 | |||||||||
Other Noncurrent Obligations [Member] | DuPont de Nemours [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnified Liabilities | 69 | |||||||||
Other Noncurrent Obligations [Member] | Dow [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Indemnified Liabilities | $ 85 | |||||||||
[1] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | |||||||||
[2] | Includes results of operations for the period September 1 through October 31, 2017, as the Divested Ag Business was disposed of on November 1, 2017. |
Divestitures and Other Transa_4
Divestitures and Other Transactions ECP Divestiture (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Income (loss) from discontinued operations after income taxes | $ (568) | $ 1,403 | $ (671) | $ 1,748 | ||
Cash and Cash Equivalents | 0 | 2,254 | [1] | |||
Total Current Assets - Discontinued Operations | 0 | 9,089 | ||||
Total Non-Current Assets - Discontinued Operations | 0 | 56,545 | [2] | |||
Total Assets - Discontinued Operations | [3] | 0 | 65,634 | |||
Total Current Liabilities - Discontinued Operations | 0 | 3,167 | [2] | |||
Non-current Liabilities - Discontinued Operations | 0 | 5,484 | [2] | |||
ECP Disposal [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net Sales | 539 | 1,066 | 362 | 1,564 | ||
Cost of Goods Sold | 491 | 634 | 259 | 1,082 | ||
Research and Development Expense | 8 | 16 | 4 | 23 | ||
Selling, General and Administrative | 17 | 101 | 9 | 43 | ||
Amortization of Intangibles | 31 | 0 | 23 | 96 | ||
Restructuring and Asset Related Charges - Net | 16 | 0 | 2 | 12 | ||
Integration and Separation Costs | 31 | 44 | 135 | |||
Other Income - net | 6 | 23 | 2 | 13 | ||
Income (Loss) from Discontinued Operation, before Income Tax | (49) | 338 | 23 | 186 | ||
Provision for (Benefit from) Income Taxes, Discontinued Operation | (51) | 108 | 4 | 35 | ||
Income (loss) from discontinued operations after income taxes | 2 | 230 | 19 | 151 | ||
Depreciation | 44 | 38 | 28 | 133 | ||
Capital Expenditures | $ 31 | $ 49 | $ 16 | 77 | ||
Cash and Cash Equivalents | 55 | |||||
Accounts and notes receivable - net | 194 | |||||
Inventories | 465 | |||||
Other current assets | 12 | |||||
Total Current Assets - Discontinued Operations | 726 | |||||
Investment in nonconsolidated affiliates | 108 | |||||
Property, Plant and Equipment - Net | 770 | |||||
Goodwill | 3,587 | |||||
Other Intangible Assets | 1,143 | |||||
Deferred Income Taxes | 13 | |||||
Other Assets | 1 | |||||
Total Non-Current Assets - Discontinued Operations | 5,622 | |||||
Total Assets - Discontinued Operations | 6,348 | |||||
Short Term Borrowings and finance lease obligations | 2 | |||||
Accounts Payable | 214 | |||||
Accrued and Other Current Liabilities | 36 | |||||
Total Current Liabilities - Discontinued Operations | 252 | |||||
Long-term Debt | 4 | |||||
Deferred Income Tax Liabilities | 432 | |||||
Pension and Other Post Employment Benefits Obligation Noncurrent | 6 | |||||
Other Non-current Obligations | 2 | |||||
Non-current Liabilities - Discontinued Operations | 444 | |||||
Total Liabilities of discontinued operations | $ 696 | |||||
[1] | Refer to Note 5 - Divestitures and Other Transactions, for additional information. | |||||
[2] | Includes adjustments for discontinued operations and common control business combination. | |||||
[3] | See Note 5 - Divestitures and Other Transactions, for additional information on discontinued operations. |
Divestitures and Other Transa_5
Divestitures and Other Transactions SP Divestiture (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Goodwill Impairment Charge | $ 0 | $ 4,503 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 4,503 | |||||
(Loss) income from discontinued operations after income taxes | (568) | 1,403 | (671) | 1,748 | |||||||||
Cash and Cash Equivalents | 2,254 | [2] | 0 | 2,254 | [2] | ||||||||
Total Current Assets - Discontinued Operations | 9,089 | 0 | 9,089 | ||||||||||
Total Non-Current Assets - Discontinued Operations | 56,545 | [3] | 0 | 56,545 | [3] | ||||||||
Total Assets - Discontinued Operations | [4] | 65,634 | 0 | 65,634 | |||||||||
Total Current Liabilities - Discontinued Operations | 3,167 | [3] | 0 | 3,167 | [3] | ||||||||
Non-current Liabilities - Discontinued Operations | 5,484 | [3] | 0 | 5,484 | [3] | ||||||||
Specialty Products Disposal [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Net Sales | 4,916 | 9,321 | 5,030 | 15,711 | |||||||||
Cost of Goods Sold | 4,269 | 5,978 | 3,352 | 10,533 | |||||||||
Other Operating Charges | 309 | ||||||||||||
Research and Development Expense | 205 | 414 | 204 | 626 | |||||||||
Selling, General and Administrative | 505 | 1,184 | 573 | 1,599 | |||||||||
Amortization of Intangibles | 268 | 100 | [5] | 267 | 815 | ||||||||
Restructuring and Asset Related Charges - Net | 93 | 311 | 115 | 97 | |||||||||
Integration and Separation Costs | 79 | 253 | 340 | ||||||||||
Goodwill Impairment Charge | 0 | 0 | 1,102 | 0 | |||||||||
Other Income - net | 60 | 365 | 57 | 241 | |||||||||
(Loss) Income from Discontinued Operation, before Income Tax | (443) | 1,490 | (779) | 1,942 | |||||||||
Provision for Income Taxes, Discontinued Operation | 50 | 436 | 80 | 340 | |||||||||
(Loss) income from discontinued operations after income taxes | (493) | 1,054 | (859) | 1,602 | |||||||||
Depreciation | 273 | 396 | 281 | 837 | |||||||||
Capital Expenditures | $ 271 | $ 429 | $ 481 | 911 | |||||||||
Cash and Cash Equivalents | 2,199 | 2,199 | |||||||||||
Marketable Securities | 29 | 29 | |||||||||||
Accounts and notes receivable - net | 2,441 | 2,441 | |||||||||||
Inventories | 3,452 | 3,452 | |||||||||||
Other current assets | 242 | 242 | |||||||||||
Total Current Assets - Discontinued Operations | 8,363 | 8,363 | |||||||||||
Investment in nonconsolidated affiliates | 1,185 | 1,185 | |||||||||||
Property, Plant and Equipment - Net | 8,138 | 8,138 | |||||||||||
Goodwill | 28,250 | 28,250 | |||||||||||
Other Intangible Assets | 13,037 | 13,037 | |||||||||||
Deferred Income Taxes | 122 | 122 | |||||||||||
Other Assets | 191 | 191 | |||||||||||
Total Non-Current Assets - Discontinued Operations | 50,923 | 50,923 | |||||||||||
Total Assets - Discontinued Operations | 59,286 | 59,286 | |||||||||||
Short Term Borrowings and finance lease obligations | 15 | 15 | |||||||||||
Accounts Payable | 1,983 | 1,983 | |||||||||||
Income Taxes Payable | 33 | 33 | |||||||||||
Accrued and Other Current Liabilities | 884 | 884 | |||||||||||
Total Current Liabilities - Discontinued Operations | 2,915 | 2,915 | |||||||||||
Long-term Debt | 29 | 29 | |||||||||||
Deferred Income Tax Liabilities | 3,624 | 3,624 | |||||||||||
Pension and Other Post Employment Benefits Obligation Noncurrent | 1,125 | 1,125 | |||||||||||
Other Non-current Obligations | 262 | 262 | |||||||||||
Non-current Liabilities - Discontinued Operations | 5,040 | 5,040 | |||||||||||
Total Liabilities of discontinued operations | $ 7,955 | $ 7,955 | |||||||||||
[1] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | ||||||||||||
[2] | Refer to Note 5 - Divestitures and Other Transactions, for additional information. | ||||||||||||
[3] | Includes adjustments for discontinued operations and common control business combination. | ||||||||||||
[4] | See Note 5 - Divestitures and Other Transactions, for additional information on discontinued operations. | ||||||||||||
[5] | Included within cost of goods sold, selling, general and administrative expenses, other operating charges, and research and development expenses in the Predecessor period. |
Divestitures and Other Transa_6
Divestitures and Other Transactions Divestitures and Other Transactions - Divested Ag Business Results of Operations (Details) - USD ($) $ in Millions | Nov. 01, 2017 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | $ 10,750 | $ 4,152 | |||||
Income (loss) from discontinued operations after income taxes | $ (568) | $ 1,403 | (671) | 1,748 | |||
Divested Ag Business [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Fair Value - H&N Business | $ 1,970 | ||||||
Finite-Lived Intangible Assets, Gross | 495 | ||||||
Income (loss) from discontinued operations after income taxes | (77) | [1] | 326 | 80 | (5) | ||
Income (Loss) from Discontinued Operation, before Income Tax | (127) | [1] | 405 | (10) | |||
Net Sales | 199 | [1] | 1,068 | ||||
Cost of Goods Sold | 194 | [1] | 412 | ||||
Other Operating Charges | 17 | ||||||
Research and Development Expense | 30 | [1] | 95 | ||||
Selling, General and Administrative | [2] | 102 | [1] | 146 | |||
Other Income - net | 0 | [1] | 7 | ||||
Provision for (Benefit from) Income Taxes, Discontinued Operation | (50) | [1] | $ 79 | ||||
Disposal Group, Including Discontinued Operation, Transaction Costs | 44 | ||||||
Favorable Supply Contract [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | $ 475 | $ 475 | |||||
Favorable Supply Contract [Member] | Divested Ag Business [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Finite-Lived Intangible Assets, Gross | $ 495 | ||||||
Discontinued Operations, Disposed of by Sale [Member] | Divested Ag Business [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 1,200 | ||||||
[1] | Includes results of operations for the period September 1 through October 31, 2017, as the Divested Ag Business was disposed of on November 1, 2017. | ||||||
[2] | Successor period includes $44 million of transaction costs associated with the disposal of the Divested Ag Business. |
Divestitures and Other Transa_7
Divestitures and Other Transactions Divestitures and Other Transactions - Divested Ag Business Depreciation and Capital Expenditures (Details) - Divested Ag Business [Member] - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended |
Dec. 31, 2017 | Aug. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation | $ 0 | $ 21 |
Capital Expenditures | $ 5 | $ 8 |
Divestitures and Other Transa_8
Divestitures and Other Transactions Divestitures and Other Transactions - PChem Results of Operations (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | $ 202 | |||
Income (loss) from discontinued operations after income taxes | $ 568 | $ (1,403) | 671 | $ (1,748) |
Performance Chemicals [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Other Operating Charges | 335 | |||
Other Income - net | 3 | |||
(Loss) Income from Discontinued Operation, before Income Tax | (332) | |||
Provision for (Benefit from) Income Taxes, Discontinued Operation | (125) | |||
Income (loss) from discontinued operations after income taxes | (207) | |||
Loss Related To Litigation Settlement, Net Of Tax | $ 214 | |||
Performance Chemicals [Member] | Accounts and Notes Receivable [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 54 | |||
Performance Chemicals [Member] | Other Assets [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnification Assets | 302 | |||
Performance Chemicals [Member] | Accrued and Other Current Liabilities [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | 54 | |||
Performance Chemicals [Member] | Other Noncurrent Obligations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Indemnified Liabilities | $ 302 |
Revenue Narrative (Details)
Revenue Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation | $ 108 | $ 102 |
Minimum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year | |
Maximum [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining Performance Obligation, Expected Timing of Satisfaction | 6 years |
Revenue Contract Balances (Deta
Revenue Contract Balances (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Disaggregation of Revenue [Line Items] | |||
Accounts and notes receivable - trade | [1] | $ 4,396 | $ 3,843 |
Contract assets - current | [2] | 20 | 18 |
Contract assets - noncurrent | [3] | 49 | 46 |
Deferred Revenue Recognized During the Period | 2,146 | 1,967 | |
Accrued and Other Current Liabilities [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Deferred Revenue | [4] | 2,584 | 2,209 |
Other Noncurrent Obligations [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Deferred Revenue | [5] | $ 108 | $ 150 |
[1] | Included in accounts and notes receivable - net in the Consolidated Balance Sheets. | ||
[2] | Included in other current assets in the Consolidated Balance Sheets. | ||
[3] | Included in other assets in the Consolidated Balance Sheets. | ||
[4] | Included in accrued and other current liabilities in the Consolidated Balance Sheets. | ||
[5] | Included in other noncurrent obligations in the Consolidated Balance Sheets. |
Revenue Disaggregation of Reven
Revenue Disaggregation of Revenue - Products (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 2,815 | $ 1,947 | $ 5,731 | $ 3,794 | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 |
Seed [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 1,520 | 5,865 | 7,590 | 7,842 | ||||||||
Seed [Member] | Corn [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 1,205 | 3,941 | 5,111 | 5,180 | ||||||||
Seed [Member] | Soybean [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 163 | 1,384 | 1,371 | 1,494 | ||||||||
Seed [Member] | Other oilseeds [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 143 | 423 | 561 | 607 | ||||||||
Seed [Member] | Other [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 9 | 117 | 547 | 561 | ||||||||
Crop Protection [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 2,270 | 1,029 | 6,256 | 6,445 | ||||||||
Crop Protection [Member] | Other [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 147 | 0 | 253 | 382 | ||||||||
Crop Protection [Member] | Herbicides [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 1,150 | 377 | 3,270 | 3,415 | ||||||||
Crop Protection [Member] | Insecticides [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | 567 | 108 | 1,652 | 1,506 | ||||||||
Crop Protection [Member] | Fungicides [Member] | ||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||
Net Sales | $ 406 | $ 544 | $ 1,081 | $ 1,142 |
Revenue Disaggregation of Rev_2
Revenue Disaggregation of Revenue - Geo (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 2,815 | $ 1,947 | $ 5,731 | $ 3,794 | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 | ||||
EMEA | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | 535 | 1,287 | 2,740 | 2,765 | ||||||||||||
Asia Pacific | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | 428 | 380 | 1,288 | 1,293 | ||||||||||||
Latin America | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | 1,603 | [1] | 648 | 2,889 | [1] | 2,817 | [1] | |||||||||
Seed [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | 1,520 | 5,865 | 7,590 | 7,842 | ||||||||||||
Seed [Member] | North America [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | [2] | 437 | 4,227 | 4,724 | 4,974 | |||||||||||
Seed [Member] | EMEA | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | [3] | 256 | 1,017 | 1,378 | 1,408 | |||||||||||
Seed [Member] | Asia Pacific | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | 107 | 231 | 358 | 358 | ||||||||||||
Seed [Member] | Latin America | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | 720 | 390 | 1,130 | 1,102 | ||||||||||||
Crop Protection [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | 2,270 | 1,029 | 6,256 | 6,445 | ||||||||||||
Crop Protection [Member] | North America [Member] | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | [2] | 787 | 352 | 2,205 | 2,438 | |||||||||||
Crop Protection [Member] | EMEA | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | [3] | 279 | 270 | 1,362 | 1,357 | |||||||||||
Crop Protection [Member] | Asia Pacific | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | 321 | 149 | 930 | 935 | ||||||||||||
Crop Protection [Member] | Latin America | ||||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||||
Net Sales | $ 883 | $ 258 | $ 1,759 | $ 1,715 | ||||||||||||
[1] | Net sales for Brazil for the year ended December 31, 2019, the year ended December 31, 2018 and the period September 1 through December 31, 2017 were $1,794 million , $1,732 million and $1,111 million , respectively. Net sales for Brazil were less than 10 percent of consolidated net sales for the period January 1 through August 31, 2017. | |||||||||||||||
[2] | Represents U.S. & Canada. | |||||||||||||||
[3] | Europe, Middle East, and Africa ("EMEA"). |
Restructuring and Asset Relat_3
Restructuring and Asset Related Charges DowDuPont Agriculture Division Restructuring Program (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | 13 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | |||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges (Benefits) - Net | $ 55 | [1] | $ 46 | $ 60 | $ 61 | [1] | $ 228 | [1] | $ 235 | $ 101 | $ 130 | $ 270 | $ 12 | $ 222 | $ 694 | |||||||
DowDuPont Agriculture Division Restructuring Program [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges (Benefits) - Net | (14) | 84 | $ 70 | |||||||||||||||||||
Restructuring Reserve, Beginning Balance | 77 | 77 | ||||||||||||||||||||
Payments for Restructuring | (45) | |||||||||||||||||||||
Asset write-offs | (3) | |||||||||||||||||||||
Separation Adjustment | [2] | (6) | ||||||||||||||||||||
Restructuring Reserve, Ending Balance | 9 | 77 | 9 | 77 | 9 | |||||||||||||||||
DowDuPont Agriculture Division Restructuring Program [Member] | Seed [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges (Benefits) - Net | 3 | 5 | ||||||||||||||||||||
DowDuPont Agriculture Division Restructuring Program [Member] | Crop Protection [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges (Benefits) - Net | (4) | 1 | ||||||||||||||||||||
DowDuPont Agriculture Division Restructuring Program [Member] | Corporate Segment [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges (Benefits) - Net | (13) | 78 | ||||||||||||||||||||
DowDuPont Agriculture Division Restructuring Program [Member] | Employee Severance [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges (Benefits) - Net | (17) | 78 | 61 | |||||||||||||||||||
Restructuring Reserve, Beginning Balance | 77 | 77 | ||||||||||||||||||||
Payments for Restructuring | (45) | |||||||||||||||||||||
Asset write-offs | 0 | |||||||||||||||||||||
Separation Adjustment | [2] | (6) | ||||||||||||||||||||
Restructuring Reserve, Ending Balance | 9 | 77 | 9 | 77 | 9 | |||||||||||||||||
DowDuPont Agriculture Division Restructuring Program [Member] | Asset Related Charges [Member] | ||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||||
Restructuring and Asset Related Charges (Benefits) - Net | 3 | 6 | 9 | |||||||||||||||||||
Restructuring Reserve, Beginning Balance | $ 0 | 0 | ||||||||||||||||||||
Payments for Restructuring | 0 | |||||||||||||||||||||
Asset write-offs | (3) | |||||||||||||||||||||
Separation Adjustment | [2] | 0 | ||||||||||||||||||||
Restructuring Reserve, Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||||
[1] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | |||||||||||||||||||||
[2] | Adjustment reflects severance liabilities associated with DAS employees who were terminated by Dow prior to Separation and were recognized within the Consolidated Balance Sheet, as of December 31, 2018, but did not transfer to Corteva as part of the common control combination. |
Restructuring and Asset Relat_4
Restructuring and Asset Related Charges DowDuPont Cost Synergy Program (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | 28 Months Ended | ||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | ||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | $ 55 | [1] | $ 46 | $ 60 | $ 61 | [1] | $ 228 | [1] | $ 235 | $ 101 | $ 130 | $ 270 | $ 12 | $ 222 | $ 694 | ||||||||
DowDuPont Cost Synergy Program [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | 269 | 92 | 484 | $ 845 | |||||||||||||||||||
Restructuring Reserve, Beginning Balance | 215 | 215 | |||||||||||||||||||||
Payments for Restructuring | (209) | ||||||||||||||||||||||
Asset write-offs | (29) | ||||||||||||||||||||||
Restructuring Reserve, Ending Balance | 69 | 215 | 69 | 215 | 69 | ||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Employee Severance [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | 135 | (7) | 191 | 319 | |||||||||||||||||||
Restructuring Reserve, Beginning Balance | 154 | 154 | |||||||||||||||||||||
Payments for Restructuring | (118) | ||||||||||||||||||||||
Asset write-offs | 0 | ||||||||||||||||||||||
Restructuring Reserve, Ending Balance | 29 | 154 | 29 | 154 | 29 | ||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Costs Related To Contract Termination [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | 40 | 69 | [2] | 84 | 193 | ||||||||||||||||||
Restructuring Reserve, Beginning Balance | [2] | 61 | 61 | ||||||||||||||||||||
Payments for Restructuring | [2] | (90) | |||||||||||||||||||||
Asset write-offs | [2] | 0 | |||||||||||||||||||||
Restructuring Reserve, Ending Balance | [2] | 40 | 61 | 40 | 61 | 40 | |||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Asset Related Charges [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | 94 | 30 | 209 | 333 | |||||||||||||||||||
Restructuring Reserve, Beginning Balance | $ 0 | 0 | |||||||||||||||||||||
Payments for Restructuring | (1) | ||||||||||||||||||||||
Asset write-offs | (29) | ||||||||||||||||||||||
Restructuring Reserve, Ending Balance | $ 0 | $ 0 | 0 | 0 | $ 0 | ||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Seed [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | 133 | 66 | 237 | ||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Crop Protection [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | (2) | 27 | 57 | ||||||||||||||||||||
DowDuPont Cost Synergy Program [Member] | Corporate Segment [Member] | |||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | $ 138 | $ (1) | $ 190 | ||||||||||||||||||||
[1] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | ||||||||||||||||||||||
[2] | Relates primarily to contract terminations charges. |
Restructuring and Asset Relat_5
Restructuring and Asset Related Charges Asset Impairments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Cost and Reserve [Line Items] | |||
Equity Method Investment, Other than Temporary Impairment | $ 41 | ||
In Process Research and Development [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 90 | $ 54 | 85 |
Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | $ 69 | $ 41 | $ 66 |
Related Parties Services Provid
Related Parties Services Provided by and to Dow (Details) - Dow [Member] - USD ($) $ in Millions | 4 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Related Party Transaction, Purchases from Related Party | $ 42 | $ 42 | $ 149 |
Discontinued Operations [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable, Related Parties, Current | $ 110 |
Related Parties Transactions wi
Related Parties Transactions with DowDuPont (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 26, 2019 | Nov. 02, 2017 | |
Related Party Transaction [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 1,000 | $ 4,000 | ||||
Distributions to DowDuPont | $ (1,200) | $ (317) | $ (2,806) | |||
DowDuPont [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Distributions to DowDuPont | $ 829 | $ 317 | 2,806 | |||
Accounts Payable, Related Parties | $ 103 |
Supplementary Information Other
Supplementary Information Other Income (Expense) - Net (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
Royalty Income | [1] | $ 60 | |||||||||
Interest income | $ 50 | 59 | $ 59 | $ 86 | |||||||
Equity in losses of affiliates - net | (3) | (7) | (9) | (1) | |||||||
Net gain on sales of businesses and other assets | 689 | [2] | 10 | 64 | 62 | ||||||
Net exchange losses | (23) | (364) | (99) | [3],[4] | (127) | [3],[4],[5],[6] | |||||
Non-operating pension and other post employment benefit credit (cost) | [7] | 103 | (296) | 191 | 275 | ||||||
Miscellaneous income (expenses) - net | [8] | (11) | 37 | 9 | (46) | ||||||
Other income (expense) - net | 805 | (501) | 215 | 249 | |||||||
(Loss) Gain on sale or disposition of assets | $ 24 | ||||||||||
DAS Divested Ag Business [Member] [Member] | |||||||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
Pre-tax gain on disposal | 671 | ||||||||||
Segment Reconciling Items [Member] | |||||||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
Interest income | (59) | (86) | |||||||||
Net exchange losses | [9] | 66 | 77 | ||||||||
Deconsolidation of a subsidiary [Member] | Segment Reconciling Items [Member] | |||||||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
(Loss) Gain on sale or disposition of assets | [10] | (53) | |||||||||
Hedging Program [Member] | |||||||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
Net exchange losses | $ 91 | $ (431) | (58) | 94 | [6] | ||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
Net exchange losses | $ (33) | (51) | (68) | ||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | Segment Reconciling Items [Member] | |||||||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
Net exchange losses | [11] | $ (33) | |||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
Net exchange losses | $ (50) | (50) | |||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | |||||||||||
Schedule of Sundry Income (Expense) - Net [Line Items] | |||||||||||
Net exchange losses | [12] | $ (50) | |||||||||
[1] | In the Successor periods, royalty income is included in net sales. | ||||||||||
[2] | Includes a $671 million gain on the sale of assets for the period September 1 through December 31, 2017 related to the divestiture of the DAS Divested Ag Business. Refer to Note 5 - Divestitures and Other Transactions, for additional information. | ||||||||||
[3] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018 , respectively. | ||||||||||
[4] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018, respectively. | ||||||||||
[5] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | ||||||||||
[6] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||
[7] | 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). The company adopted ASU No. 2017-07, Compensation - Retirement Benefits (Topic 715) on January 1, 2018, retrospectively, and recorded the other components of net periodic benefit cost in other income (expense) - net. | ||||||||||
[8] | Miscellaneous income (expenses) - net, includes losses from sale of receivables, tax indemnification adjustments related to changes in indemnification balances as a result of the application of the terms of the Tax Matters Agreement, between Corteva and Dow and/or DuPont, and other items. In addition, the year ended December 31, 2018 includes a $(53) million loss related to the deconsolidation of a subsidiary (refer to Note 25 - Segment Information). Refer to Note 12 - Accounts and Notes Receivable - Net, for additional information on losses on the sale of receivables. | ||||||||||
[9] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, for additional information. | ||||||||||
[10] | Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | ||||||||||
[11] | Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. | ||||||||||
[12] | Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Supplementary Information Forei
Supplementary Information Foreign Currency Exchange Gain (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||
Foreign Currency Transaction (Loss) Gain, before Tax | $ (23) | $ (364) | $ (99) | [1],[2] | $ (127) | [1],[2],[3],[4] | ||
Foreign Currency Transaction Gain (Loss) Tax Benefits (Expenses) | (29) | 371 | 15 | (52) | ||||
Foreign Currency Transaction (Loss) Gain After Tax | (52) | 7 | (84) | (179) | ||||
Subsidiary Monetary Position | ||||||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||
Foreign Currency Transaction (Loss) Gain, before Tax | (114) | 67 | (41) | [1] | (221) | [1] | ||
Foreign Currency Transaction Gain (Loss) Tax Benefits (Expenses) | 4 | 216 | 2 | (31) | ||||
Foreign Currency Transaction (Loss) Gain After Tax | (110) | 283 | (39) | (252) | ||||
Hedging Program [Member] | ||||||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||
Foreign Currency Transaction (Loss) Gain, before Tax | 91 | (431) | (58) | 94 | [4] | |||
Foreign Currency Transaction Gain (Loss) Tax Benefits (Expenses) | (33) | 155 | 13 | (21) | ||||
Foreign Currency Transaction (Loss) Gain After Tax | $ 58 | $ (276) | (45) | 73 | ||||
Tax Reform Foreign Currency Exchange Impact [Member] | Hedging Program [Member] | ||||||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||
Foreign Currency Transaction (Loss) Gain, before Tax | $ (50) | (50) | ||||||
Argentina, Pesos | Hedging Program [Member] | ||||||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||
Foreign Currency Transaction (Loss) Gain, before Tax | (51) | |||||||
Argentine peso devaluation [Member] | Hedging Program [Member] | ||||||||
Foreign Currency Exchange Gain (Loss) [Line Items] | ||||||||
Foreign Currency Transaction (Loss) Gain, before Tax | $ (33) | $ (51) | $ (68) | |||||
[1] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018 , respectively. | |||||||
[2] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018, respectively. | |||||||
[3] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | |||||||
[4] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Supplementary Information Recon
Supplementary Information Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jun. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Cash and Cash Equivalents | $ 1,764 | $ 2,270 | |||||
Restricted Cash | $ 319 | ||||||
Cash, Cash Equivalents, and Restricted Cash | 2,173 | 2,730 | |||||
Cash and Cash Equivalents of discontinued operations | 0 | 2,254 | [1] | ||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations | 2,173 | 5,024 | $ 7,914 | $ 4,005 | $ 4,548 | ||
Other Current Assets [Member] | |||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||
Restricted Cash | 409 | 460 | |||||
Disposal group, Including Discontinued Operation, Restricted Cash | $ 0 | $ 40 | [2] | ||||
[1] | Refer to Note 5 - Divestitures and Other Transactions, for additional information. | ||||||
[2] | Amount included in other current assets within assets of discontinued operations - current. Refer to Note 5 - Divestitures and Other Transactions, for additional information. |
Supplementary Information Suppl
Supplementary Information Supplementary Information (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Accrued and other current liabilities | $ 4,434 | $ 4,005 | [1] |
Accounts Payable | 3,702 | 3,798 | |
Accounts Payable, Trade, Current | $ 2,577 | $ 2,602 | |
[1] | Includes adjustments for discontinued operations and common control business combination. |
Income Taxes Income Taxes - Nar
Income Taxes Income Taxes - Narrative (Details) - USD ($) $ in Millions | 4 Months Ended | 12 Months Ended | 16 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Benefit | $ 2,813 | $ 34 | $ 2,847 | |
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense | $ 746 | 182 | $ 928 | |
Tax Cuts and Jobs Act of 2017, Indirect Impact on Inventory, Income Tax Expense | 16 | |||
Undistributed Earnings of Foreign Subsidiaries | $ 4,614 | |||
Pension Resize [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Benefit | $ 114 |
Income Taxes Income Taxes - Geo
Income Taxes Income Taxes - Geographic Allocation of Income and Provision for Income Taxes (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss from Continuing Operations before Income Taxes | $ (461) | $ (37) | $ (316) | $ (6,806) |
Benefit from income taxes on continuing operations | (2,221) | (395) | (46) | (31) |
Net (loss) income from continuing operations after income taxes | 1,192 | 1,761 | (941) | (5,027) |
Continuing Operations [Member] | ||||
Loss from Continuing Operations before Income Taxes, Domestic | (961) | (519) | (1,352) | (5,040) |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 500 | 482 | 1,036 | (1,766) |
Loss from Continuing Operations before Income Taxes | (461) | (37) | (316) | (6,806) |
Current Federal Tax (Benefit) Expense | 8 | (581) | (11) | (112) |
Current State and Local Tax Expense (Benefit) | 11 | (117) | 1 | (32) |
Current Foreign Tax Expense | 287 | 81 | 317 | 446 |
Total current tax expense (benefit) | 306 | (617) | 307 | 302 |
Deferred Federal Income Tax (Benefit) Expense | (2,373) | 188 | (392) | (124) |
Deferred State and Local Income Tax Expense (Benefit) | 3 | 79 | 156 | (39) |
Deferred Foreign Income Tax Benefit | (157) | (45) | (117) | (170) |
Total deferred tax expense (benefit) | (2,527) | 222 | (353) | (333) |
Benefit from income taxes on continuing operations | (2,221) | (395) | (46) | (31) |
Net (loss) income from continuing operations after income taxes | $ 1,760 | $ 358 | $ (270) | $ (6,775) |
Income Taxes Income Taxes - Rec
Income Taxes Income Taxes - Reconciliation to US Statutory Rate (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Tax benefit (charge) related to The Act [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ (274) | $ 16 | $ (7) | $ (64) | |||||||||
Brazil Valuation Allowance [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ (75) | ||||||||||||
Continuing Operations [Member] | |||||||||||||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 21.00% | 21.00% | |||||||||
Equity earning effect | 1.90% | (2.70%) | 0.10% | 0.10% | |||||||||
Effective tax rates on international operations - net | [1] | 24.30% | 244.90% | (18.40%) | 0.40% | ||||||||
Acquisitions, divestitures, and ownership restructuring activities | [3] | 63.00% | [2] | (64.70%) | (10.70%) | (2.30%) | [2],[4] | ||||||
U.S. research and development credit | 1.40% | 24.40% | 7.00% | 0.10% | |||||||||
Exchange gains/losses | [5] | (8.80%) | 650.10% | (1.80%) | (1.30%) | ||||||||
SAB 118 Impact of Enactment of U.S. Tax Reform | 371.20% | [6] | 0.00% | 0.00% | (3.00%) | [6] | |||||||
Impact of Swiss Tax Reform | 0.00% | 0.00% | 11.90% | [7] | 0.00% | ||||||||
Excess tax benefits (tax deficiency) from stock-compensation | 1.00% | 38.30% | (0.60%) | 0.10% | |||||||||
Tax settlements and expiration of statue of limitations | 0.00% | 146.40% | [8] | 3.90% | (0.10%) | ||||||||
Goodwill impairment | 0.00% | 0.00% | 0.00% | (15.20%) | [9] | ||||||||
Other, net | (7.20%) | (4.10%) | 2.20% | 0.70% | |||||||||
Effective Income Tax Rate | 481.80% | 1067.60% | 14.60% | 0.50% | |||||||||
(Charge) Benefit related to internal legal entity restructuring | $ 261 | $ (25) | |||||||||||
Continuing Operations [Member] | Repatriation Accrual [Member] | |||||||||||||
Other Tax Benefit (Expense) | (50) | ||||||||||||
Continuing Operations [Member] | Tax benefit (charge) related to The Act [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 2,067 | (164) | |||||||||||
Continuing Operations [Member] | Swiss Tax Reform [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 38 | ||||||||||||
Continuing Operations [Member] | Accrued interest reversals [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 46 | ||||||||||||
Continuing Operations [Member] | Brazil Valuation Allowance [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ (75) | ||||||||||||
[1] | Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. | ||||||||||||
[2] | Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. | ||||||||||||
[3] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, for additional information. | ||||||||||||
[4] | Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 | ||||||||||||
[5] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. | ||||||||||||
[6] | Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively. | ||||||||||||
[7] | Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). | ||||||||||||
[8] | The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. | ||||||||||||
[9] | Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . |
Income Taxes Income Taxes - Def
Income Taxes Income Taxes - Deferred Tax Balances (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Assets | ||||
Deferred Tax Assets, Tax Loss And Tax Credit Carryforwards | [1] | $ 761 | $ 761 | $ 842 |
Deferred Tax Assets, Accrued Employee Benefits | 1,717 | 1,717 | 1,392 | |
Deferred Tax Assets, Other Accruals and Reversals | 135 | 135 | 263 | |
Deferred Tax Assets, Inventory | 25 | 25 | ||
Deferred Tax Assets, Long-Term Debt | 24 | |||
Deferred Tax Assets, Investments | 53 | 53 | 7 | |
Deferred Tax Assets, Other | 279 | 279 | 137 | |
Deferred Tax Assets, Gross | 2,970 | 2,970 | 2,665 | |
Deferred Tax Assets, Valuation Allowance | [2] | (457) | (457) | (669) |
Deferred Tax Assets, Net of Valuation Allowance | 2,513 | 2,513 | 1,996 | |
Liabilities | ||||
Deferred Tax Liabilities, Property | 369 | 369 | 344 | |
Deferred Tax Liabilities, Intangible Assets | 2,738 | 2,738 | 2,648 | |
Deferred Tax Liabilities, Inventory | 40 | |||
Deferred Tax Liabilities, Unrealized Exchange Gains/Losses | 39 | 39 | 140 | |
Deferred Tax Liabilities, Gross | 3,146 | 3,146 | 3,172 | |
Net Deferred Tax Liability | (633) | (633) | (1,176) | |
Swiss VA [Member] | ||||
Liabilities | ||||
Other Tax Benefit (Expense) | $ 34 | $ 34 | ||
Brazil Valuation Allowance [Member] | ||||
Liabilities | ||||
Other Tax Benefit (Expense) | $ (75) | |||
[1] | Primarily related to the realization of recorded tax benefits on tax loss and credit carryforwards from operations in the United States, Brazil, and Spain. | |||
[2] | During the year ended December 31, 2019, the company released a valuation allowance against the net deferred tax asset position of a legal entity in Switzerland in connection with an internal merger, resulting in a tax benefit of $34 million . During the year ended December 31, 2018 , the company established a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil due to revised financial projections, resulting in tax expense of $75 million . See Note 15 - Goodwill and Other Intangible Assets, for additional information. |
Income Taxes Income Taxes - Ope
Income Taxes Income Taxes - Operating Loss and Tax Credit Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | $ 531 | $ 637 |
Tax Credit Carryforwards | 230 | 205 |
Total Operating Loss and Tax Credit Carryforwards | 761 | 842 |
Expiring within Five Years [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 131 | 78 |
Tax Credit Carryforwards | 30 | 27 |
Expiring After Five Years Or Having Indefinite Expiration [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Operating Loss Carryforwards | 400 | 559 |
Tax Credit Carryforwards | $ 200 | $ 178 |
Income Taxes Income Taxes - Gro
Income Taxes Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits, Beginning Balance | $ 538 | $ 596 | $ 749 | $ 741 |
Decreases related to positions taken on items from prior years | (2) | (19) | (167) | (44) |
Increases related to positions taken on items from prior years | 9 | 3 | 77 | 74 |
Increases related to positions taken in the current year | 28 | 49 | 54 | 9 |
Settlement of uncertain tax positions with tax authorities | 1 | (6) | (9) | (13) |
Unrecognized Tax Benefits, Impact of Internal Reorganizations | 0 | 0 | (278) | 0 |
Decreases due to expiration of statutes of limitations | (5) | (86) | 0 | (5) |
Exchange (gain) loss | 1 | 1 | 0 | (13) |
Unrecognized Tax Benefits, Ending Balance | 741 | 538 | 426 | 749 |
Total unrecognized tax benefits that, if recognized, would impact the effective tax rate | 51 | 131 | 188 | 45 |
Total amount of interest and penalties (benefit) recognized in Provision for income taxes on continuing operations | 1 | (27) | (4) | 11 |
Total accrual for interest and penalties associated with unrecognized tax benefits | 47 | 40 | $ 24 | $ 45 |
Successor Period [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Unrecognized Tax Benefits, Beginning Balance | $ 709 | |||
Unrecognized Tax Benefits, Ending Balance | $ 709 |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock Net Income for EPS Calc Basic and Diluted (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [2],[3] | Jun. 30, 2019 | [4] | Mar. 31, 2019 | [5] | Dec. 31, 2018 | [4],[5],[6] | Sep. 30, 2018 | [6],[7] | Jun. 30, 2018 | [6],[8] | Mar. 31, 2018 | [6],[9] | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||||||||||||||||||||
(Loss) income from continuing operations after income taxes | $ (42) | $ (527) | $ 483 | $ (184) | $ (1,070) | $ (5,642) | $ 375 | $ (438) | $ 1,760 | $ 358 | $ (270) | $ (6,775) | ||||||||
Net Income attributable to continuing operations - Noncontrolling Interest | 10 | 8 | 13 | 29 | ||||||||||||||||
Net (Loss) Income from Continuing Operations Available to Common Shareholders | 1,750 | 350 | (283) | (6,804) | ||||||||||||||||
(Loss) income from discontinued operations after income taxes | (568) | 1,403 | (671) | 1,748 | ||||||||||||||||
Loss from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 19 | 5 | 9 | ||||||||||||||||
Net (Loss) Income from Discontinued Operations Available to Common Shareholders | (568) | 1,384 | (676) | 1,739 | ||||||||||||||||
Net (Loss) Income Available to Common Stockholders | $ 1,182 | $ 1,734 | $ (959) | $ (5,065) | ||||||||||||||||
[1] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[2] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | |||||||||||||||||||
[3] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[4] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | |||||||||||||||||||
[5] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | |||||||||||||||||||
[6] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[7] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[8] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | |||||||||||||||||||
[9] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock EPS Calculation - Basic (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||||||||||||||||||||
Basic (loss) earnings per share of common stock from continuing operations | $ (0.06) | $ (0.69) | $ 0.63 | $ (0.26) | $ (1.43) | $ (7.54) | $ 0.49 | $ (0.60) | $ 2.34 | $ 0.40 | $ (0.38) | $ (9.08) | ||||||||
Basic (loss) earnings per share of common stock from discontinued operations | $ (0.76) | $ 1.60 | $ (0.90) | $ 2.32 | ||||||||||||||||
Basic (loss) earnings per share of common stock | $ 1.58 | $ 2 | $ (1.28) | $ (6.76) | ||||||||||||||||
[1] | Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. |
Earnings Per Share of Common _5
Earnings Per Share of Common Stock EPS Calculation - Diluted (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | [1] | Jun. 30, 2019 | [1] | Mar. 31, 2019 | [1] | Dec. 31, 2018 | [1] | Sep. 30, 2018 | [1] | Jun. 30, 2018 | [1] | Mar. 31, 2018 | [1] | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||||||||||||||||||||
Diluted (loss) earnings per share of common stock from continuing operations | $ (0.06) | $ (0.69) | $ 0.63 | $ (0.26) | $ (1.43) | $ (7.54) | $ 0.49 | $ (0.60) | $ 2.34 | $ 0.40 | $ (0.38) | $ (9.08) | ||||||||
Diluted (loss) earnings per share of common stock from discontinued operations | $ (0.76) | $ 1.59 | $ (0.90) | $ 2.32 | ||||||||||||||||
Diluted (loss) earnings per share of common stock | $ 1.58 | $ 1.99 | $ (1.28) | $ (6.76) | ||||||||||||||||
[1] | Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. |
Earnings Per Share of Common _6
Earnings Per Share of Common Stock Share Count Information (Details) - shares | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 03, 2019 | Jun. 01, 2019 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Weighted Average Number of Shares Outstanding, Basic | [1] | 749,400,000 | 867,900,000 | 749,500,000 | 749,400,000 | ||
Dilutive effect of equity compensation plans | [2] | 0 | 4,500,000 | 0 | 0 | ||
Weighted Average Number of Shares Outstanding, Diluted | 749,400,000 | 872,400,000 | 749,500,000 | 749,400,000 | |||
Stock options and restricted stock units excluded from EPS | [3] | 0 | 0 | 14,400,000 | 0 | ||
Common Stock, Shares Authorized | 1,666,667,000 | ||||||
Shares in which vesting conditions were met | 600,000 | ||||||
Corteva [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Common Stock, Shares, Issued | 748,815,000 | ||||||
Corteva [Member] | Corteva [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Common Stock, Shares Authorized | 748,815,000 | 748,815,000 | |||||
Common Stock [Member] | Corteva [Member] | Corteva [Member] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||
Common Stock, Shares Authorized | 748,800,000 | ||||||
[1] | Share amounts for all periods prior to the Corteva Distribution were based on 748.8 million shares of Corteva, Inc. common stock distributed to holders of DowDuPont's common stock on June 1, 2019, plus 0.6 million | ||||||
[2] | Diluted earnings per share considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect. | ||||||
[3] | These outstanding potential shares of common stock were excluded from the calculation of diluted earnings per share because the effect of including them would have been anti-dilutive. |
Accounts and Notes Receivable_3
Accounts and Notes Receivable, Net (Schedule of Accounts and Notes Receivable, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Accounts receivable - trade | [1] | $ 4,225 | $ 3,649 |
Notes receivable - trade | [2] | 171 | 194 |
Other | [3] | 1,132 | 1,417 |
Total accounts and notes receivable - net | 5,528 | 5,260 | |
Accounts receivable - trade, allowance | 127 | ||
Due from Nonconsolidated Affiliates | $ 119 | $ 101 | |
[1] | Accounts receivable – trade is net of allowances of $174 million at December 31, 2019 and $127 million at December 31, 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 December 31, 2019 and 2018, there were no significant past due notes receivable which required a reserve, 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 ten percent of total receivables. In addition, Other includes amounts due from nonconsolidated affiliates of $119 million and $101 million as of December 31, 2019 and 2018, respectively. |
Accounts and Notes Receivable_4
Accounts and Notes Receivable, Net Customer Financing (Details) - Factoring Agreement [Member] - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Trade Receivables Sold | $ 67 | $ 6 | $ 328 | $ 133 |
Trade Receivables, Outstanding, Element of Recourse | 171 | 37 | ||
Loss on Sale of Accounts Receivable | $ 19 | $ 44 | $ 25 |
Inventories Schedule of Invento
Inventories Schedule of Inventory (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 01, 2017 | |
Inventory [Line Items] | |||||||||||
Finished products | $ 3,022 | $ 2,684 | $ 3,022 | ||||||||
Semi-finished products | 1,821 | 1,850 | 1,821 | ||||||||
Raw materials and supplies | 467 | 498 | 467 | ||||||||
Total inventories | 5,310 | 5,032 | 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 | $ (15) | $ (52) | $ (205) | $ (130) | $ (109) | $ (676) | $ (639) | $ 425 | $ 272 | $ 1,554 |
Property, Plant and Equipment S
Property, Plant and Equipment Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 7,872 | $ 7,340 | ||
Accumulated Depreciation | (3,326) | (2,796) | ||
Property, Plant and Equipment, Net | 4,546 | 4,544 | [1] | $ 4,648 |
Land and Land Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | 459 | 468 | ||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Gross | $ 1,508 | 1,430 | ||
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 | $ 5,323 | 4,863 | ||
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 | $ 582 | $ 579 | ||
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 | |||
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 | |||
[1] | Includes adjustments for discontinued operations and common control business combination. |
Property, Plant and Equipment_2
Property, Plant and Equipment Schedule of Depreciation (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 173 | $ 154 | $ 525 | $ 518 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets Goodwill by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 5 Months Ended | 7 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2018 | Sep. 30, 2018 | [2] | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2019 | Dec. 31, 2019 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Goodwill [Line Items] | ||||||||||||||
Goodwill Beginning Balance | $ 14,873 | $ 10,193 | $ 10,179 | $ 10,193 | $ 14,873 | |||||||||
Currency Translation Adjustment | (28) | 60 | (271) | |||||||||||
Measurement period adjustments - Merger | [1] | 94 | ||||||||||||
Goodwill Impairment Charge | $ 0 | $ (4,503) | $ 0 | 0 | $ 0 | $ 0 | 0 | (4,503) | ||||||
Other goodwill adjustments and acquisitions | 14 | [3] | (10) | [4] | ||||||||||
Segment realignment | 0 | |||||||||||||
Goodwill Ending Balance | 10,193 | 14,873 | 10,179 | 10,229 | 10,229 | 10,193 | ||||||||
Agriculture [Member] | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill Beginning Balance | 14,873 | 10,193 | 0 | 10,193 | 14,873 | |||||||||
Currency Translation Adjustment | (28) | 0 | (271) | |||||||||||
Measurement period adjustments - Merger | [1] | 94 | ||||||||||||
Goodwill Impairment Charge | 4,503 | |||||||||||||
Other goodwill adjustments and acquisitions | 14 | [3] | 0 | [4] | ||||||||||
Segment realignment | (10,179) | |||||||||||||
Goodwill Ending Balance | 10,193 | 14,873 | 0 | 0 | 0 | 10,193 | ||||||||
Crop Protection [Member] | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill Beginning Balance | 0 | 0 | 4,726 | 0 | 0 | |||||||||
Currency Translation Adjustment | 0 | 28 | 0 | |||||||||||
Measurement period adjustments - Merger | [1] | 0 | ||||||||||||
Other goodwill adjustments and acquisitions | 0 | [3] | (11) | [4] | ||||||||||
Segment realignment | 4,726 | |||||||||||||
Goodwill Ending Balance | 0 | 0 | 4,726 | 4,743 | 4,743 | 0 | ||||||||
Seed [Member] | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill Beginning Balance | $ 0 | 0 | 5,453 | 0 | 0 | |||||||||
Currency Translation Adjustment | 0 | 32 | 0 | |||||||||||
Measurement period adjustments - Merger | [1] | 0 | ||||||||||||
Other goodwill adjustments and acquisitions | 0 | [3] | 1 | [4] | ||||||||||
Segment realignment | 5,453 | |||||||||||||
Goodwill Ending Balance | $ 0 | $ 0 | $ 5,453 | $ 5,486 | $ 5,486 | 0 | ||||||||
Goodwill Impairment [Member] | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill Impairment Charge | (4,503) | |||||||||||||
Goodwill Impairment [Member] | Agriculture [Member] | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill Impairment Charge | (4,503) | |||||||||||||
Goodwill Impairment [Member] | Crop Protection [Member] | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill Impairment Charge | 0 | |||||||||||||
Goodwill Impairment [Member] | Seed [Member] | ||||||||||||||
Goodwill [Line Items] | ||||||||||||||
Goodwill Impairment Charge | $ 0 | |||||||||||||
[1] | See Note 1 - Background and Basis of Presentation, for further discussion of the Merger. | |||||||||||||
[2] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | |||||||||||||
[3] | Primarily consists of the acquisition of a distributor in Greece. | |||||||||||||
[4] | Primarily consists of the goodwill included in the sale of a business in crop protection. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets Other Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | $ 10,750 | $ 4,152 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (1,207) | (820) | |||
Finite-Lived Intangible Assets, Net | 9,543 | 3,332 | |||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,881 | 8,723 | |||
Intangible Assets, Gross (Excluding Goodwill) | 12,631 | 12,875 | |||
Total intangible assets - net | 11,424 | 12,055 | |||
In Process Research and Development [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [1] | 10 | 576 | ||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | 90 | $ 54 | $ 85 | ||
Impairment of Intangible Assets Indefinite lived Excluding Goodwill After Tax | 69 | $ 41 | $ 66 | ||
Germplasm [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | [2] | 6,265 | |||
Trademarks and Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 1,871 | 1,871 | |||
Other Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Indefinite-lived Intangible Assets (Excluding Goodwill) | 0 | 11 | |||
Germplasm [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | [2] | 6,265 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | [2] | (63) | |||
Finite-Lived Intangible Assets, Net | [2] | 6,202 | |||
Customer-Related Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 1,977 | 1,985 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (268) | (154) | |||
Finite-Lived Intangible Assets, Net | 1,709 | 1,831 | |||
Developed Technology Rights [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | [1] | 1,463 | 974 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | [1] | (370) | (163) | ||
Finite-Lived Intangible Assets, Net | [1] | 1,093 | 811 | ||
Trademarks and Trade Names [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 166 | 180 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (86) | (92) | |||
Finite-Lived Intangible Assets, Net | 80 | 88 | |||
Favorable Supply Contract [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | 475 | 475 | |||
Finite-Lived Intangible Assets, Accumulated Amortization | (207) | (111) | |||
Finite-Lived Intangible Assets, Net | 268 | 364 | |||
Other Intangible Assets [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Finite-Lived Intangible Assets, Gross | [3] | 404 | 538 | ||
Finite-Lived Intangible Assets, Accumulated Amortization | [3] | (213) | (300) | ||
Finite-Lived Intangible Assets, Net | [3] | $ 191 | $ 238 | ||
[1] | During the first quarter of 2019, the company announced the 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] | Beginning on October 1, 2019, the company changed its indefinite life assertion of the germplasm assets to definite lived with a useful life of 25 years. This change is the result of a more focused development effort of new seed products coupled with an intent to out license select germplasm on a non-exclusive basis. Prior to changing the useful life of the germplasm assets, the company tested the assets for impairment under ASC 350 - Intangibles, Goodwill and Other, concluding the assets were not impaired. | ||||
[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 Amortization Expense (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 97 | $ 40 | $ 475 | $ 391 |
Continuing Operations [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
2020 | 657 | |||
2021 | 649 | |||
2022 | 628 | |||
2023 | 548 | |||
2024 | 532 | |||
Germplasm [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | 63 | |||
2020 | $ 250 |
Leases Narrative (Details)
Leases Narrative (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leases, Rent Expense, Net | $ 86 | $ 100 | $ 225 | |
Guarantee Obligations | $ 97 | $ 299 | ||
Residual Value Guarantee [Member] | ||||
Guarantee Obligations | $ 278 | |||
Minimum [Member] | ||||
Remaining Lease Term | 1 year | |||
Maximum [Member] | ||||
Remaining Lease Term | 52 years |
Leases Lease Costs (Details)
Leases Lease Costs (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Cost | $ 166 |
Finance Lease, Right-of-Use Asset, Amortization | 10 |
Finance Lease, Interest Expense | 1 |
Finance Lease, Cost | 11 |
Short-term Lease, Cost | 17 |
Variable Lease, Cost | 7 |
Total Lease Cost | $ 201 |
Leases Supplemental Cash Flow I
Leases Supplemental Cash Flow Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash outflows from operating leases | $ 174 |
Operating cash outflows from finance leases | 1 |
Financing cash outflows from finance leases | $ 9 |
Leases Supplemental Balance She
Leases Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Lease Assets and Liabilities [Line Items] | |||
Operating Lease, Right-of-Use Asset | [1] | $ 555 | |
Current operating lease liabilities | [2] | 140 | |
Noncurrent operating lease liabilities | [3] | 426 | |
Total operating lease liabilities | 566 | ||
Finance Lease, Right-of-Use Asset, Gross | 15 | ||
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation | (8) | ||
Finance Lease, Liability, Current | 4 | $ 25 | |
Finance Lease, Liability, Noncurrent | 5 | $ 67 | |
Finance Lease, Liability | 9 | ||
Property, Plant and Equipment [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Right-of-Use Asset | 7 | ||
Short-term borrowings and finance lease obligations | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Liability, Current | 4 | ||
Long-term Debt [Member] | |||
Schedule of Lease Assets and Liabilities [Line Items] | |||
Finance Lease, Liability, Noncurrent | $ 5 | ||
[1] | Included in other assets in the Consolidated Balance Sheet. | ||
[2] | Included in accrued and other current liabilities in the Consolidated Balance Sheet. | ||
[3] | Included in other noncurrent obligations in the Consolidated Balance Sheet. |
Leases Lease Term and Discount
Leases Lease Term and Discount Rate (Details) | Dec. 31, 2019 |
Leases [Abstract] | |
Operating Lease, Weighted Average Remaining Lease Term | 10 years 9 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.96% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.26% |
Leases Maturity of Lease Liabil
Leases Maturity of Lease Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Lease, Year One | $ 154 |
Operating Lease, Year Two | 120 |
Operating Lease, Year Three | 93 |
Operating Lease, Year Four | 67 |
Operating Lease, Year Five | 47 |
Operating Lease, Due After Year Five | 167 |
Operating Lease, Total Payments | 648 |
Operating Lease, Interest | 82 |
Total operating lease liabilities | 566 |
Finance Lease, Year One | 4 |
Finance Lease, Year Two | 2 |
Finance Lease, Year Three | 1 |
Finance Lease, Year Four | 1 |
Finance Lease, Year Five | 1 |
Finance Lease, Due After Year Five | 1 |
Finance Lease, Total Payments | 10 |
Finance Lease, Interest | 1 |
Finance Lease, Liability | $ 9 |
Leases Future Minimum Lease Com
Leases Future Minimum Lease Commitments (Details) $ in Millions | Dec. 31, 2018USD ($) | [1] |
Leases [Abstract] | ||
Operating Leases, Future Minimum Payments 2019 | $ 169 | |
Operating Leases, Future Minimum Payments 2020 | 99 | |
Operating Leases, Future Minimum Payments 2021 | 72 | |
Operating Leases, Future Minimum Payments 2022 | 56 | |
Operating Leases, Future Minimum Payments 2023 | 38 | |
Operating Leases, Future Minimum Payments 2024 and 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 Capital Lease Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Short-term Debt [Line Items] | ||||
Long-term debt payable within one year | [1] | $ 1 | $ 263 | |
Finance Lease, Liability, Current | 4 | 25 | ||
Total short-term borrowings and finance lease obligations | $ 7 | $ 2,154 | [2] | |
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 6.70% | 3.00% | ||
Commercial Paper [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings and finance lease obligations | $ 0 | $ 1,847 | ||
Other loans - various currencies [Member] | ||||
Short-term Debt [Line Items] | ||||
Short-term borrowings and finance lease obligations | $ 2 | $ 19 | ||
[1] | See discussion of debt extinguishment that follows. | |||
[2] | 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 ($) | Dec. 31, 2019 | Mar. 22, 2019 | Dec. 31, 2018 | ||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 1,530,000,000 | ||||
Finance Lease, Liability, Noncurrent | $ 5,000,000 | $ 67,000,000 | |||
Unamortized debt discount and issuance costs | 0 | 2,000,000 | |||
Long-term debt payable within one year | [1] | 1,000,000 | 263,000,000 | ||
Long-term Debt | 115,000,000 | 5,784,000,000 | [2] | ||
Loans Payable [Member] | Final Maturity 2019 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [1] | $ 0 | $ 263,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | [1] | 0.00% | 2.23% | ||
Loans Payable [Member] | Final Maturity 2020 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [1] | $ 0 | $ 2,496,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | [1] | 0.00% | 2.14% | ||
Loans Payable [Member] | Final Maturity 2021 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [1] | $ 0 | $ 475,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | [1] | 0.00% | 2.08% | ||
Loans Payable [Member] | Final Maturity 2023 | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [1] | $ 0 | $ 386,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | [1] | 0.00% | 2.48% | ||
Loans Payable [Member] | Final Maturity 2024 and thereafter | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [1] | $ 0 | $ 249,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | [1] | 0.00% | 3.69% | ||
Loans Payable [Member] | Term Loan Facility due 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | [3] | $ 0 | $ 2,000,000,000 | ||
Long-term Debt, Weighted Average Interest Rate | [3] | 0.00% | 3.46% | ||
Loans Payable [Member] | Foreign Currency Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 2,000,000 | $ 3,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | |||||
Medium-term Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Gross | $ 109,000,000 | $ 110,000,000 | |||
Long-term Debt, Weighted Average Interest Rate | 1.61% | 2.37% | |||
Fair Value, Inputs, Level 2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-term Debt, Fair Value | $ 114,000,000 | $ 5,775,000,000 | |||
[1] | See discussion of debt extinguishment that follows. | ||||
[2] | Includes adjustments for discontinued operations and common control business combination. | ||||
[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 Available Committed Credit Facilities (Narrative) (Details) $ in Millions | 36 Months Ended | 37 Months Ended | 60 Months Ended | ||||
Nov. 13, 2021 | Mar. 31, 2019 | Nov. 13, 2023 | Dec. 31, 2019USD ($) | Nov. 13, 2018USD ($) | Mar. 22, 2016USD ($) | May 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | 6,000 | ||||||
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 | 3,000 | ||||||
Debt Instrument, Term | 5 years | ||||||
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 | ||||||
Debt Instrument, Term | 3 years | ||||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | ||||||
Term Loan Facility due 2020 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | ||||||
Debt Instrument, Term | 3 years | ||||||
Revolving Credit Facilities due 2022 [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Ratio of Indebtedness to Net Capital | 0.60 |
Short-Term Borrowings, Long-T_6
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Debt Redemptions/Repayments (Details) - USD ($) $ in Millions | May 02, 2019 | Dec. 11, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | May 17, 2019 | Mar. 22, 2019 | Nov. 13, 2018 | Jul. 01, 2018 | Mar. 22, 2016 |
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 1,530 | |||||||||||||
Repayments of Long-term Debt, including breakage fees and all applicable accrued and unpaid interest | $ 4,600 | |||||||||||||
Loss on Extinguishment of Debt | $ (13) | $ (81) | $ 0 | $ 0 | $ (13) | $ (81) | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | |||||||||||||
Long-term Line of Credit | $ 3,000 | |||||||||||||
Term Loan Facility due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 | |||||||||||||
Senior Subordinated Notes [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Transition Bond | $ 1,250 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||
4.625% Notes due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 474 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.625% | |||||||||||||
3.625% Notes due 2021 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 296 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.625% | |||||||||||||
4.250% Notes due 2021 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 163 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||||||
2.800% Notes due 2023 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 381 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |||||||||||||
6.500% Debentures due 2028 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 57 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | |||||||||||||
5.600% Senior Notes due 2036 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 42 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | |||||||||||||
4.900% Notes due 2041 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 48 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.90% | |||||||||||||
4.150% Notes due 2043 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 69 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.15% | |||||||||||||
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 | |||||||||||||
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 | |||||||||||||
Tender Notes [Member] | Loans Payable [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Tender Offer for Debt Securities | $ 6,200 | |||||||||||||
Extinguishment of Debt, Amount | $ 4,409 | |||||||||||||
Repayments of Long-term Debt, including breakage fees and all applicable accrued and unpaid interest | 4,849 | |||||||||||||
Loss on Extinguishment of Debt | $ 81 | |||||||||||||
EID [Member] | Term Loan Facility due 2020 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,500 |
Short-Term Borrowings, Long-T_7
Short-Term Borrowings, Long-Term Debt and Available Credit Facilities Uncommitted Credit Facilities and Outstanding Letters of Credit (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Line Of Credit Facility, Remaining Borrowing Capacity, Uncommitted Amount | $ 403 |
Letters of Credit Outstanding, Amount | $ 82 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities Guarantee Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | $ 97 | $ 299 |
Factoring Agreement [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | 16 | 3 |
Accounts Receivable, after Allowance for Credit Loss | 27 | $ 14 |
Current Portion [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantee Obligations | $ 96 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities Litigation - Chemours (Details) - USD ($) $ in Millions | Jul. 01, 2015 | Jul. 06, 2022 | Dec. 31, 2019 |
PFOA Matters: Multi-District Litigation [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency, Limited Sharing of Potential Future Liabilities, Period | 5 years | ||
Additional annual PFOA liabilities for the next five years paid by Corteva | $ 25 | ||
PFOA Matters: Multi-District Litigation [Member] | Chemours [Member] | |||
Loss Contingencies [Line Items] | |||
Additional annual PFOA liabilities for the next five years paid by Chemours | $ 25 | ||
Chemours [Member] | |||
Loss Contingencies [Line Items] | |||
Proceeds from Dividends Received | $ 3,910 |
Commitments and Contingent Li_5
Commitments and Contingent Liabilities Litigation - DuPont (Details) | Dec. 31, 2019USD ($) |
PFAS [Member] | Minimum [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 1 |
PFAS [Member] | Minimum [Member] | Once $300 million threshold is met [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | 1,000,000 |
PFAS [Member] | Maximum [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | 300,000,000 |
DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Amount credited to each company's threshold | $ 150,000,000 |
Corteva [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 29.00% |
Corteva [Member] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 50.00% |
Corteva [Member] | DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 200,000,000 |
DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 71.00% |
DuPont de Nemours [Member] | PFAS [Member] | |
Loss Contingencies [Line Items] | |
Stray liability sharing percentage | 50.00% |
DuPont de Nemours [Member] | DuPont de Nemours [Member] | |
Loss Contingencies [Line Items] | |
Stray liability threshold | $ 200,000,000 |
Commitments and Contingent Li_6
Commitments and Contingent Liabilities Litigation - Leach and MDL Settlement (Details) | 3 Months Ended | 12 Months Ended | 96 Months Ended | |
Mar. 31, 2017USD ($) | Dec. 31, 2004USD ($) | Dec. 31, 2019USD ($)lawsuits | Jan. 01, 2012 | |
Loss Contingencies [Line Items] | ||||
Indemnification Assets | $ 202,000,000 | |||
PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Binding Settlement Agreement Class Size | 80,000 | |||
Loss Contingency, Number Of Water Districts Receiving Water Treatment | 6 | |||
Litigation Settlement, Liability For Medical Monitoring Program, Threshold | $ 235,000,000 | |||
Litigation Settlement, Medical Monitoring Program, Escrow Account, Disbursements To Date | 2,000,000 | |||
Escrow Balance | $ 1,000,000 | |||
PFOA Matters: Multi-District Litigation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Disease Categories for MDL | 6 | |||
Lawsuits alleging personal injury filed | lawsuits | 3,550 | |||
Litigation Settlement Amount | $ 670,700,000 | |||
Personal injury cases [Member] | Firefighting Foam [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 180 | |||
NEW YORK | PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 50 | |||
WEST VIRGINIA AND OHIO [Domain] | PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 55 | |||
NEW JERSEY | PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 2 | |||
NEW JERSEY | Natural Resources Damages [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 4 | |||
OHIO | PFOA Matters: Drinking Water Actions [Member] | ||||
Loss Contingencies [Line Items] | ||||
Loss Contingency, Pending Claims, Number | 3 | |||
Chemours [Member] | PFOA Matters [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnified Liabilities | $ 20,000,000 | |||
Indemnification Assets | $ 20,000,000 |
Commitments and Contingent Li_7
Commitments and Contingent Liabilities Litigation - Fayetteville (Details) | 12 Months Ended |
Dec. 31, 2019 | |
NORTH CAROLINA | PFOA Matters: Drinking Water Actions [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Number of Additional Plaintiffs | 100 |
Commitments and Contingent Li_8
Commitments and Contingent Liabilities Environmental (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | ||
Loss Contingencies [Line Items] | ||||
Indemnification Assets | $ 202 | |||
Accrual for Environmental Loss Contingencies | 336 | [1] | $ 398 | |
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 620 | ||
Superfund Sites [Member] | ||||
Loss Contingencies [Line Items] | ||||
Accrual for Environmental Loss Contingencies | 51 | $ 54 | ||
Indemnification Agreement [Member] | Chemours [Member] | Superfund Sites [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnification Assets | 30 | |||
Chemours related obligation subject to indemnification [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnification Assets | 167 | |||
Accrual for Environmental Loss Contingencies | [1],[2],[3] | 167 | ||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 285 | ||
Discontinued Operations [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnification Assets | 0 | |||
Accrual for Environmental Loss Contingencies | [1],[2] | 91 | ||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 221 | ||
Environmental remediation liabilities primarily related to DuPont - subject to indemnity from DuPont [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnification Assets | 35 | |||
Accrual for Environmental Loss Contingencies | [1],[3] | 35 | ||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 60 | ||
Not subject to indemnification [Member] | ||||
Loss Contingencies [Line Items] | ||||
Indemnification Assets | 0 | |||
Accrual for Environmental Loss Contingencies | [1] | 43 | ||
Accrual for Environmental Loss Contingencies, Potential Exposure in Excess of Accrual | [1] | 54 | ||
DuPont de Nemours [Member] | DuPont de Nemours [Member] | ||||
Loss Contingencies [Line Items] | ||||
Stray liability threshold | $ 200 | |||
[1] | Accrual balance represents management’s best estimate of the costs of remediation and restoration, although it is reasonably possible that the potential exposure, as indicated, could range above the amounts accrued, as there are inherent uncertainties in these estimates. | |||
[2] | Represents liabilities that are subject the $200 million thresholds and sharing arrangements as discussed on page F-61, under Corteva Separation Agreement. | |||
[3] | The company has recorded an indemnification asset related to these accruals, including $30 million related to the Superfund sites. |
Stockholders' Equity Common Sto
Stockholders' Equity Common Stock (Details) $ / shares in Units, $ in Millions | 4 Months Ended | 7 Months Ended | 8 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017USD ($) | Dec. 31, 2019$ / sharesshares | Aug. 31, 2017USD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Feb. 07, 2020$ / shares | Jun. 26, 2019USD ($) | Jun. 03, 2019$ / sharesshares | Jun. 01, 2019$ / sharesshares | Nov. 02, 2017USD ($) | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common Stock, Shares Authorized | 1,666,667,000 | 1,666,667,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Common Stock, Shares, Outstanding | 748,577,000 | 748,577,000 | 748,815,000 | |||||||
Stock Issued During Period, Shares, New Issues | 586,000 | |||||||||
Stock Repurchased and Retired During Period, Shares | (824,000) | |||||||||
Stock Repurchase Program, Authorized Amount | $ | $ 1,000 | $ 4,000 | ||||||||
Payments for Repurchase of Common Stock | $ | $ 0 | $ 0 | $ 25 | $ 0 | ||||||
Corteva [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Stock Repurchased and Retired During Period, Shares | 824,000 | |||||||||
Corteva [Member] | Shares of Corteva Stock [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Exchange Ratio | 1 | |||||||||
Corteva [Member] | Shares of DowDuPont Common Stock Held [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Exchange Ratio | 3 | |||||||||
Corteva [Member] | Corteva [Member] | ||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||
Common Stock, Shares Authorized | 748,815,000 | 748,815,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 |
Stockholders' Equity Noncontrol
Stockholders' Equity Noncontrolling Interest (Details) - EID [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
$4.50 Series Preferred Stock [Member] | ||
Noncontrolling Interest [Line Items] | ||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 1,673,000 | 1,673,000 |
Preferred Stock, Redemption Amount | $ 120 | $ 120 |
$3.50 Series Preferred Stock [Member] | ||
Noncontrolling Interest [Line Items] | ||
Preferred Stock, Shares Authorized | 23,000,000 | 23,000,000 |
Preferred Stock, Shares Issued | 700,000 | 700,000 |
Preferred Stock, Redemption Amount | $ 102 | $ 102 |
Corteva [Member] | ||
Noncontrolling Interest [Line Items] | ||
Ownership interest in an entity | 100.00% |
Stockholders' Equity Other Comp
Stockholders' Equity Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | $ 12,517 | $ 10,196 | $ 75,153 | $ 79,593 | |
Net other comprehensive income (loss) | (420) | 1,289 | (1,124) | (2,183) | |
Ending Balance | 79,593 | 12,517 | 24,555 | 75,153 | |
Cumulative Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (1,801) | (2,843) | (2,793) | (1,217) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | [1] | (490) | 1,042 | (274) | (1,576) |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | 0 | 0 | 0 | |
Net other comprehensive income (loss) | (490) | 1,042 | (274) | (1,576) | |
Ending Balance | (1,217) | (1,801) | (1,944) | (2,793) | |
Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (3) | 7 | (26) | (2) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (2) | 3 | 16 | (19) | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | (13) | 12 | (5) | |
Net other comprehensive income (loss) | (2) | (10) | 28 | (24) | |
Ending Balance | (2) | (3) | 2 | (26) | |
Unrealized gain (loss) on investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 2 | 2 | 0 | 0 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 1 | 0 | 0 | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | (1) | 0 | 0 | |
Net other comprehensive income (loss) | 0 | 0 | 0 | 0 | |
Ending Balance | 0 | 2 | 0 | 0 | |
Total | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (8,622) | (9,911) | (3,360) | (1,177) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (416) | 968 | (1,140) | (2,187) | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (4) | 321 | 16 | 4 | |
Net other comprehensive income (loss) | (420) | 1,289 | (1,124) | (2,183) | |
Ending Balance | (1,177) | (8,622) | (3,270) | (3,360) | |
Internal Reorganization [Member] | Cumulative Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 1,123 | ||||
Internal Reorganization [Member] | Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 0 | ||||
Internal Reorganization [Member] | Unrealized gain (loss) on investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 0 | ||||
Internal Reorganization [Member] | Total | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 1,214 | ||||
Successor Period [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 79,973 | ||||
Ending Balance | 79,973 | ||||
Successor Period [Member] | Cumulative Translation Adjustment | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (727) | ||||
Ending Balance | (727) | ||||
Successor Period [Member] | Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 0 | ||||
Ending Balance | 0 | ||||
Successor Period [Member] | Unrealized gain (loss) on investments | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | 0 | ||||
Ending Balance | 0 | ||||
Successor Period [Member] | Total | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (757) | ||||
Ending Balance | (757) | ||||
Pension Plan | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (6,473) | (6,720) | (620) | 95 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 129 | (78) | (723) | (724) | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | (4) | 325 | 5 | 9 | |
Net other comprehensive income (loss) | 125 | 247 | (718) | (715) | |
Ending Balance | 95 | (6,473) | (1,247) | (620) | |
Pension Plan | Internal Reorganization [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | 91 | ||||
Pension Plan | Successor Period [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | [2] | (30) | |||
Ending Balance | [2] | (30) | |||
Other Benefit Plans | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (347) | (357) | 79 | (53) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (53) | 0 | (159) | 132 | |
Amounts Reclassified from Accumulated Other Comprehensive Income, Net of Tax | 0 | 10 | (1) | 0 | |
Net other comprehensive income (loss) | (53) | 10 | (160) | 132 | |
Ending Balance | (53) | (347) | (81) | $ 79 | |
Other Benefit Plans | Internal Reorganization [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Other Comprehensive Income, Other, Net of Tax | $ 0 | ||||
Other Benefit Plans | Successor Period [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | [2] | $ 0 | |||
Ending Balance | [2] | $ 0 | |||
[1] | The cumulative translation adjustment losses for the year ended December 31, 2019, the year ended December 31, 2018 and the period September 1 through December 31, 2017 are primarily driven by the strengthening of the U.S. Dollar ("USD") against the Brazilian Real ("BRL") and the European Euro ("EUR"). The cumulative translation adjustment gain for the period January 1 through August 31, 2017 is primarily driven by the weakening of the USD against the EUR. | ||||
[2] | In connection with the Merger, previously unrecognized prior service benefits and net losses related to EID's pension and other post employment benefit ("OPEB") plans were eliminated as a result of reflecting the balance sheet at fair value as of the date of the Merger. See Note 20 - Pension Plans and Other Post Employment Benefits, for further information regarding the pension and OPEB plans. Amounts reflected relate to DAS balances as of September 1, 2017. |
Stockholders' Equity Tax Benefi
Stockholders' Equity Tax Benefit (Expense) on Net Activity (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax | $ (20) | $ (144) | $ 275 | $ 165 |
Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax | (36) | (145) | 231 | 199 |
Other Benefit Plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax | 15 | (5) | 52 | (40) |
Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Tax | $ 1 | $ 6 | $ (8) | $ 6 |
Stockholders' Equity Reclassifi
Stockholders' Equity Reclassifications out of AOCI (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Cost of Goods Sold | $ 1,968 | $ 1,349 | [1] | $ 3,047 | [1] | $ 2,211 | [1] | $ 2,024 | [1] | $ 1,485 | [1] | $ 3,687 | [1] | $ 2,752 | [1] | $ 2,915 | $ 3,409 | $ 8,575 | $ 9,948 | ||
Income Tax Expense (Benefit) | (2,221) | (395) | (46) | (31) | |||||||||||||||||
(Loss) income from continuing operations after income taxes | $ (42) | [2] | $ (527) | [3],[4] | $ 483 | [5] | $ (184) | [6] | $ (1,070) | [5],[6],[7] | $ (5,642) | [7],[8] | $ 375 | [7],[9] | $ (438) | [7],[10] | 1,760 | 358 | (270) | (6,775) | |
Derivative Instruments | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Cost of Goods Sold | [11] | 0 | (21) | 13 | (6) | ||||||||||||||||
Income Tax Expense (Benefit) | [12] | 0 | 8 | (1) | 1 | ||||||||||||||||
(Loss) income from continuing operations after income taxes | 0 | (13) | 12 | (5) | |||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (13) | 12 | (5) | |||||||||||||||||
Gain (Loss) on Investments [Member] | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [13] | 0 | (1) | 0 | 0 | ||||||||||||||||
Reclassification from AOCI, Current Period, Tax | [12] | 0 | 0 | 0 | 0 | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (1) | 0 | 0 | |||||||||||||||||
AOCI Attributable to Parent | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4) | 321 | 16 | 4 | |||||||||||||||||
Pension Plan | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4) | 325 | 5 | 9 | |||||||||||||||||
Pension Plan | Prior Service Benefit | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [13],[14] | 0 | (3) | (1) | 0 | ||||||||||||||||
Pension Plan | Actuarial Losses | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [13],[14],[15] | (5) | 506 | 2 | 6 | ||||||||||||||||
Pension Plan | Curtailment (loss) gain | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [13],[14],[15] | 0 | 0 | 0 | 7 | ||||||||||||||||
Pension Plan | Accumulated Defined Benefit Plans Adjustment, Settlement Gain (Loss) [Member] | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [13],[14],[15] | 0 | 0 | 4 | (2) | ||||||||||||||||
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 Income, Current Period, before Tax | (5) | 503 | 5 | 11 | |||||||||||||||||
Reclassification from AOCI, Current Period, Tax | [12] | 1 | (178) | 0 | (2) | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4) | 325 | 5 | 9 | |||||||||||||||||
Other Benefit Plans | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 10 | (1) | 0 | |||||||||||||||||
Other Benefit Plans | Prior Service Benefit | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [13],[14] | 0 | (46) | 0 | 0 | ||||||||||||||||
Other Benefit Plans | Actuarial Losses | |||||||||||||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | [13],[14] | 0 | 61 | (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 Income, Current Period, before Tax | 0 | 15 | (1) | 0 | |||||||||||||||||
Reclassification from AOCI, Current Period, Tax | [12] | 0 | (5) | 0 | 0 | ||||||||||||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | $ 0 | $ 10 | $ (1) | $ 0 | |||||||||||||||||
[1] | Includes charges of $(639) million , $(676) million , $(109) million , and $(130) million for the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, and $(205) million , $(52) million , and $(15) million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. | ||||||||||||||||||||
[2] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||
[3] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||||
[4] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||
[5] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | ||||||||||||||||||||
[6] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | ||||||||||||||||||||
[7] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||
[8] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||
[9] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | ||||||||||||||||||||
[10] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||
[11] | Cost of goods sold. | ||||||||||||||||||||
[12] | Benefit from income taxes from continuing operations. | ||||||||||||||||||||
[13] | Other income (expense) - net. | ||||||||||||||||||||
[14] | 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 Employment Benefits, for additional information. | ||||||||||||||||||||
[15] | (Loss) income from discontinued operations after income taxes. |
Pension Plans and Other Post _3
Pension Plans and Other Post Employment Benefit Plans Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 4 Months Ended | 5 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Nov. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 01, 2019USD ($) | Aug. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($) | Nov. 30, 2016 | ||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Defined Benefit Plan, Unfunded Status of Plan | $ 5,800 | |||||||||
Pre-tax cash requirements to cover actual net claims costs and related administrative expenses | $ 59 | $ 166 | $ 202 | $ 216 | ||||||
Trust Asset | 319 | |||||||||
Expected long-term rate of return on plan assets | 6.25% | 8.00% | ||||||||
U.S. Retirement Savings Plan [Member] | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Employer Matching Contribution, Percent of Match | 100.00% | |||||||||
Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||||||||
Employer Discretionary Contribution Percent | 3.00% | |||||||||
Defined Contribution Plan, Employer Contribution | $ 53 | $ 129 | $ 142 | 183 | ||||||
Employers Discretionary Contribution, Vesting Period | 3 years | |||||||||
Corteva Other Contribution Plans [Member] | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Defined Contribution Plan, Employer Contribution | $ 30 | $ 33 | $ 46 | 82 | ||||||
Pension Plan | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Defined Benefit Plan, Unfunded Status of Plan | [1] | (4,063) | (4,581) | |||||||
Employer contributions | $ 121 | $ 1,314 | ||||||||
Expected long-term rate of return on plan assets | 6.24% | 7.66% | 6.24% | 6.19% | ||||||
Pension Plan | Principal U.S. Pension Plan [Member] | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Expected long-term rate of return on plan assets | 6.25% | 8.00% | 6.25% | 6.25% | ||||||
Principal U.S. Pension Plan [Member] | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Employer contributions | $ 1,100 | $ 2,900 | ||||||||
Other Post Employment Benefits Plan | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Defined Benefit Plan, Unfunded Status of Plan | [1] | $ (2,591) | $ (2,514) | |||||||
Employer contributions | 202 | 216 | ||||||||
Expected Future Employer Contributions, Next Fiscal Year | $ 240 | |||||||||
Eligible Employee Age Threshold | 50 | |||||||||
Other Pension Plan [Member] | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Employer contributions | $ 69 | 124 | 121 | 214 | ||||||
Expected Future Employer Contributions, Next Fiscal Year | $ 60 | |||||||||
Nonqualified Plan [Member] | Trust Agreement [Member] | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Contributions to Trust | $ 571 | |||||||||
Trust Asset Distribution | $ 39 | 62 | 68 | |||||||
Trust Asset | 409 | 500 | ||||||||
Discontinued Operations [Member] | Corteva Other Contribution Plans [Member] | ||||||||||
Defined Benefit and Contribution Disclosures [Line Items] | ||||||||||
Defined Contribution Plan, Employer Contribution | $ 42 | $ 107 | $ 73 | $ 148 | ||||||
[1] | Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations. |
Pension Plans and Other Post _4
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Benefit Obligations - Pension (Details) - Pension Plan | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount Rate | 3.20% | 3.94% |
Rate of increase in future compensation levels | 2.60% | 2.90% |
Pension Plans and Other Post _5
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Net Periodic Benefit Cost - Pension (Details) | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Expected long-term rate of return on plan assets | 6.25% | 8.00% | ||
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Periodic Benefit, Discount Rate | 3.42% | 3.80% | 4.19% | 3.38% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.80% | 3.80% | 2.84% | 4.04% |
Expected long-term rate of return on plan assets | 6.24% | 7.66% | 6.24% | 6.19% |
Pension Plan | Principal U.S. Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net Periodic Benefit, Discount Rate | 3.73% | 4.16% | 4.32% | 3.65% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.95% | 3.95% | 0.00% | 4.25% |
Expected long-term rate of return on plan assets | 6.25% | 8.00% | 6.25% | 6.25% |
Pension Plans and Other Post _6
Pension Plans and Other Post Employment Benefit Plans Weighted Average Assumptions used to Determine Benefit Obligations and Periodic Benefit Cost - OPEB (Details) - Other Post Employment Benefits Plan | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Discount Rate | 3.07% | 4.23% | ||
Net Periodic Benefit, Discount Rate | 3.62% | 4.03% | 3.93% | 3.56% |
Pension Plans and Other Post _7
Pension Plans and Other Post Employment Benefit Plans Assumed Health Care Cost Trend Rates (Details) - Other Post Employment Benefits Plan | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Health care cost trend rate assumed for next year | 7.20% | 7.50% |
Defined Benefit Plan, Ultimate Health Care Cost Trend Rate | 5.00% | 5.00% |
Year that the rate reached the ultimate health care cost trend rate | 2028 | 2028 |
Pension Plans and Other Post _8
Pension Plans and Other Post Employment Benefit Plans Change in Projected Benefit Obligations, Plan Assets and Funded Status (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2019 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | $ 5,800 | |||||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 21,000 | $ 23,200 | ||||
Trust Agreement [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Benefit obligation at beginning of the period | 349 | |||||
Benefit obligation at end of the period | 294 | 349 | ||||
Pension Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Benefit obligation at beginning of the period | 23,532 | 25,683 | ||||
Service Cost | $ 50 | $ 92 | 41 | 136 | ||
Interest Cost | 247 | 524 | 769 | 755 | ||
Plan participants' contributions | 2 | 10 | ||||
Actuarial (gain) loss | 2,469 | (1,078) | ||||
Benefits Paid | (1,635) | (1,763) | ||||
Plan amendments | (76) | 17 | ||||
Net effects of acquisitions / divestitures / other | (1) | (12) | ||||
Effect of foreign exchange rates | (60) | (216) | ||||
Change in Benefit Obligation - Impact of Internal Reorganizations | (4,037) | 0 | ||||
Benefit obligation at end of the period | 25,683 | 21,004 | 23,532 | |||
Fair value of plan assets at beginning of period | 18,951 | 20,329 | ||||
Actual return on plan assets | 2,552 | (781) | ||||
Employer contributions | 121 | 1,314 | ||||
Plan participants' contributions | 2 | 10 | ||||
Benefits paid | (1,635) | (1,763) | ||||
Net effects of acquisitions / divestitures / other | (6) | (7) | ||||
Effect of foreign exchange rates | (38) | (151) | ||||
Change in Plan Assets - Impact of Internal Reorganizations | (3,006) | 0 | ||||
Fair value of plan assets at end of period | 20,329 | 16,941 | 18,951 | |||
Funded (unfunded) status of plan | [1] | (4,063) | (4,581) | |||
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation | (41) | |||||
Pension Plan | U.S. Plans with Plan Assets [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | (3,535) | (2,890) | ||||
Pension Plan | Non-U.S. plans with plan assets [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | (90) | (32) | ||||
Pension Plan | All other plans [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | [2],[3] | (438) | (511) | |||
Pension Plan | Plans of Discontinued Operations [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | 0 | (1,148) | ||||
Other Post Employment Benefits Plan | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Benefit obligation at beginning of the period | 2,514 | 2,810 | ||||
Service Cost | 3 | 6 | 4 | 9 | ||
Interest Cost | 26 | $ 60 | 84 | 85 | ||
Plan participants' contributions | 37 | 38 | ||||
Actuarial (gain) loss | 211 | (172) | ||||
Benefits Paid | (239) | (254) | ||||
Plan amendments | 0 | 0 | ||||
Net effects of acquisitions / divestitures / other | 0 | 0 | ||||
Effect of foreign exchange rates | 0 | (2) | ||||
Change in Benefit Obligation - Impact of Internal Reorganizations | (20) | 0 | ||||
Benefit obligation at end of the period | 2,810 | 2,591 | 2,514 | |||
Fair value of plan assets at beginning of period | 0 | 0 | ||||
Actual return on plan assets | 0 | 0 | ||||
Employer contributions | 202 | 216 | ||||
Plan participants' contributions | 37 | 38 | ||||
Benefits paid | (239) | (254) | ||||
Net effects of acquisitions / divestitures / other | 0 | 0 | ||||
Effect of foreign exchange rates | 0 | 0 | ||||
Change in Plan Assets - Impact of Internal Reorganizations | 0 | 0 | ||||
Fair value of plan assets at end of period | $ 0 | 0 | 0 | |||
Funded (unfunded) status of plan | [1] | (2,591) | (2,514) | |||
Other Post Employment Benefits Plan | U.S. Plans with Plan Assets [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | 0 | 0 | ||||
Other Post Employment Benefits Plan | Non-U.S. plans with plan assets [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | 0 | 0 | ||||
Other Post Employment Benefits Plan | All other plans [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | [2],[3] | (2,591) | (2,490) | |||
Other Post Employment Benefits Plan | Plans of Discontinued Operations [Member] | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||
Funded (unfunded) status of plan | $ 0 | $ (24) | ||||
[1] | Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations. | |||||
[2] | As of December 31, 2019, and December 31, 2018, $294 million and $349 million , respectively, of the benefit obligations are supported by funding under the Trust agreement, defined in the "Trust Assets" section below. | |||||
[3] | Includes pension plans maintained around the world where funding is not customary. |
Pension Plans and Other Post _9
Pension Plans and Other Post Employment Benefit Plans Amounts Recognized in Consolidated Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 21,000 | $ 23,200 | |
Noncurrent liabilities | (6,377) | (5,677) | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net amount recognized | (4,063) | (4,581) | [1] |
Net loss (gain) | 1,641 | 767 | |
Prior service (benefit) cost | (10) | 17 | |
Pretax balance in accumulated other comprehensive (income) loss at end of year | 1,631 | 784 | |
Disposal Group, Including Discontinued Operation, Pension Plan Benefit Obligation | (41) | ||
Other Post Employment Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net amount recognized | (2,591) | (2,514) | [1] |
Net loss (gain) | 108 | (104) | |
Prior service (benefit) cost | 0 | 0 | |
Pretax balance in accumulated other comprehensive (income) loss at end of year | 108 | (104) | |
Assets of discontinued operations - current [Member] | Discontinued Operations [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Assets | 0 | 10 | |
Assets of discontinued operations - current [Member] | Discontinued Operations [Member] | Other Post Employment Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Assets | 0 | 0 | |
Other Assets [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Assets | 10 | 0 | |
Other Assets [Member] | Other Post Employment Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Other Assets | 0 | 0 | |
Accrued and Other Current Liabilities [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current liabilities | (50) | (45) | |
Accrued and Other Current Liabilities [Member] | Other Post Employment Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current liabilities | (237) | (242) | |
Liabilities of discontinued operations - non-current [Member] | Discontinued Operations [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current liabilities | 0 | (1,158) | |
Liabilities of discontinued operations - non-current [Member] | Discontinued Operations [Member] | Other Post Employment Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Current liabilities | 0 | (24) | |
Pension and other post employment benefits - noncurrent [Member] | Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Noncurrent liabilities | (4,023) | (3,388) | |
Pension and other post employment benefits - noncurrent [Member] | Other Post Employment Benefits Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Noncurrent liabilities | $ (2,354) | $ (2,248) | |
[1] | Excludes $(41) million as of December 31, 2018 of DAS pension and OPEB liabilities recognized within the Consolidated Balance Sheet that did not transfer to Corteva as part of the Internal Reorganizations. |
Pension Plans and Other Post_10
Pension Plans and Other Post Employment Benefit Plans Pension Plans with Projected Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligations | $ 20,788 | $ 23,261 | [1] |
Fair Value of plan assets | $ 16,716 | 18,669 | [2] |
Discontinued Operations [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligations | 3,800 | ||
Fair Value of plan assets | $ 2,600 | ||
[1] | Includes $3.8 billion of discontinued operations for the period ended December 31, 2018. | ||
[2] | Includes $2.6 billion of discontinued operations for the period ended December 31, 2018. |
Pension Plans and Other Post_11
Pension Plans and Other Post Employment Benefit Plans Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated benefit obligations | $ 20,654 | $ 22,291 | [1] |
Fair value of plan assets | $ 16,620 | 17,934 | [2] |
Discontinued Operations [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Accumulated benefit obligations | 2,900 | ||
Fair value of plan assets | $ 2,000 | ||
[1] | Includes $2.9 billion of discontinued operations for the period ended December 31, 2018. | ||
[2] | Includes $2.0 billion of discontinued operations for the period ended December 31, 2018. |
Pension Plans and Other Post_12
Pension Plans and Other Post Employment Benefit Plans Components of net periodic benefit cost (credit) and amounts recognized in other comprehensive loss (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ (34) | $ (18) | $ (31) | $ (97) | |
Pension Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Service Cost | 50 | 92 | 41 | 136 | |
Interest Cost | 247 | 524 | 769 | 755 | |
Expected return on plan assets | (411) | (824) | (1,078) | (1,216) | |
Amortization of unrecognized loss (gain) | 1 | 506 | 3 | 10 | |
Amortization of prior service benefit | 0 | (3) | (1) | 0 | |
Curtailment gain | 0 | 0 | (2) | (11) | |
Settlement loss | 0 | 0 | 4 | 5 | |
Net periodic benefit cost (credit) | (113) | 295 | (264) | (321) | |
Net loss (gain) | (163) | (22) | 970 | 908 | |
Amortization of unrecognized (loss) gain | (1) | (506) | (2) | (10) | |
Prior service cost (benefit) | 0 | 0 | (11) | 17 | |
Amortization of prior service benefit | 0 | 3 | 1 | 0 | |
Settlement loss | 0 | 0 | (4) | (2) | |
Effect of foreign exchange rates | 3 | 133 | (5) | 1 | |
Total (benefit) loss recognized in other comprehensive loss, attributable to Corteva | (161) | (392) | 949 | 914 | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | (274) | (97) | 685 | 593 | |
Other Post Employment Benefits Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Service Cost | 3 | 6 | 4 | 9 | |
Interest Cost | 26 | 60 | 84 | 85 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of unrecognized loss (gain) | 0 | 61 | (1) | 0 | |
Amortization of prior service benefit | 0 | (46) | 0 | 0 | |
Curtailment gain | 0 | 0 | 0 | 0 | |
Settlement loss | 0 | 0 | 0 | 0 | |
Net periodic benefit cost (credit) | 29 | 81 | 87 | 94 | |
Net loss (gain) | 68 | 0 | 211 | (172) | |
Amortization of unrecognized (loss) gain | 0 | (61) | 1 | 0 | |
Prior service cost (benefit) | 0 | 0 | 0 | 0 | |
Amortization of prior service benefit | 0 | 46 | 0 | 0 | |
Settlement loss | 0 | 0 | 0 | 0 | |
Effect of foreign exchange rates | 0 | 0 | 0 | 0 | |
Total (benefit) loss recognized in other comprehensive loss, attributable to Corteva | 68 | (15) | 212 | (172) | |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | 97 | 66 | 299 | (78) | |
Discontinued Operations [Member] | Pension Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic benefit cost (credit) | [1] | (13) | 27 | (14) | (42) |
Discontinued Operations [Member] | Other Post Employment Benefits Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic benefit cost (credit) | [1] | 0 | 0 | 0 | 1 |
Continuing Operations [Member] | Pension Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic benefit cost (credit) | (100) | 268 | (250) | (279) | |
Continuing Operations [Member] | Other Post Employment Benefits Plan | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic benefit cost (credit) | $ 29 | $ 81 | $ 87 | $ 93 | |
[1] | ncludes non-service related components of net periodic benefit credit of $(31) million , $(97) million , $(34) million , and $(18) million for the year ended December 31, 2019, the year ended December 31, 2018, the period September 1 through December 31, 2017, and the period January 1 through August 31, 2017, respectively. |
Pension Plans and Other Post_13
Pension Plans and Other Post Employment Benefit Plans Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | $ 1,527 |
2021 | 1,474 |
2022 | 1,437 |
2023 | 1,403 |
2024 | 1,370 |
2025-2029 | 6,314 |
Total | 13,525 |
Other Post Employment Benefits Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
2020 | 237 |
2021 | 228 |
2022 | 218 |
2023 | 209 |
2024 | 201 |
2025-2029 | 808 |
Total | $ 1,901 |
Pension Plans and Other Post_14
Pension Plans and Other Post Employment Benefit Plans Target Allocation for Plan Assets (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 100.00% | 100.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 50.00% | 50.00% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 3.00% | 2.00% |
Private Market Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 6.00% | 8.00% |
Real Estate [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 3.00% | 3.00% |
Cash and Cash Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 2.00% | 2.00% |
UNITED STATES | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 20.00% | 19.00% |
Non-US [Member] | Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation for plan assets | 16.00% | 16.00% |
Pension Plans and Other Post_15
Pension Plans and Other Post Employment Benefit Plans Basis of Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Trust Receivables | $ 763 | [1] | $ 210 | [2] | |
Pension Trust Payables | (646) | [3] | (208) | [4] | |
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 16,941 | 18,951 | $ 20,329 | ||
Investments Measured at Net Asset Value | 2,414 | 2,865 | |||
Fair Value of Plan Assets, Excluding Trust Receivables and payables and assets measured at NAV | 14,410 | 16,084 | |||
Pension Plan | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 7,038 | 8,828 | [5] | ||
Pension Plan | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 7,320 | 6,926 | [5] | ||
Pension Plan | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 52 | 330 | [5] | 161 | |
Pension Plan | Cash and Cash Equivalents [Domain] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,343 | 1,824 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,343 | 1,824 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Cash and Cash Equivalents [Domain] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | US Treasury and Government [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,693 | 3,659 | |||
Investments Measured at Net Asset Value | 37 | 208 | |||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 211 | |||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,693 | 3,448 | |||
Pension Plan | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Corporate Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,956 | 3,037 | |||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 253 | |||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,952 | 2,770 | |||
Pension Plan | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4 | 14 | 27 | ||
Pension Plan | Asset-backed Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 663 | 721 | |||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 39 | |||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 663 | 682 | |||
Pension Plan | Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | 2 | ||
Pension Plan | Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 162 | ||||
Investments Measured at Net Asset Value | 431 | 678 | |||
Pension Plan | Hedge Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 162 | ||||
Pension Plan | Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | ||||
Pension Plan | Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | 2 | ||
Pension Plan | Private Market Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 1 | |||
Investments Measured at Net Asset Value | 1,371 | 1,861 | |||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Private Market Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 1 | 14 | ||
Pension Plan | Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 33 | 336 | |||
Investments Measured at Net Asset Value | 516 | 112 | |||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 243 | |||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 33 | 93 | 96 | ||
Pension Plan | Derivative, Asset [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 10 | |||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 1 | |||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 9 | |||
Pension Plan | Derivative, Asset [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Derivative, Liability [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | (19) | (18) | |||
Pension Plan | Derivative, Liability [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Derivative, Liability [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | (19) | (18) | |||
Pension Plan | Derivative, Liability [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | |||
Pension Plan | Other Investments [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 19 | 233 | |||
Investments Measured at Net Asset Value | 6 | ||||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 9 | |||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 19 | 18 | |||
Pension Plan | Other Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 206 | 0 | ||
Non-US [Member] | Pension Plan | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,053 | 2,582 | |||
Investments Measured at Net Asset Value | 39 | ||||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,043 | 2,565 | |||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 6 | 15 | |||
Non-US [Member] | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4 | 2 | 3 | ||
UNITED STATES | Pension Plan | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,665 | [6] | 3,537 | [7] | |
Investments Measured at Net Asset Value | 20 | ||||
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,652 | 3,521 | |||
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4 | 2 | |||
UNITED STATES | Pension Plan | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 9 | 14 | $ 17 | ||
Common Stock [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of Employer and Related Party Securities Included in Plan Assets, Percent | 1.00% | ||||
Discontinued Operations [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 1,657 | ||||
Discontinued Operations [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 392 | ||||
Discontinued Operations [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 259 | ||||
Discontinued Operations [Member] | Investments measured at net asset value [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 606 | ||||
Common Stock [Member] | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of Employer and Related Party Securities Included in Plan Assets | $ 126 | $ 684 | |||
Amount of Employer and Related Party Securities Included in Plan Assets, Percent | 4.00% | ||||
[1] | Primarily receivables for investments securities sold. | ||||
[2] | Primarily receivables for investments securities sold. | ||||
[3] | Primarily payables for investment securities purchased. | ||||
[4] | Primarily payables for investment securities purchased. | ||||
[5] | Corteva's pension assets by fair value hierarchy at December 31, 2018 included approximately $1,657 million of Level 1 assets, $392 million of Level 2 assets, $259 million of Level 3 assets, and $606 million of investments measured at net asset value that were transferred to DuPont upon completion of the Separation. | ||||
[6] | The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2019. | ||||
[7] | The Corteva pension plans directly held $684 million (approximately 4 percent of total plan assets) of DowDuPont common stock at December 31, 2018. |
Pension Plans and Other Post_16
Pension Plans and Other Post Employment Benefit Plans Summary of Fair Value Measurement of Level 3 Pension Plan Assets (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | $ 16,941 | $ 18,951 | $ 20,329 | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 52 | 330 | [1] | 161 | |
Actual Return (Loss) on Plan Assets Sold | (21) | (83) | |||
Actual Return (Loss) on Plan Assets Still Held | 16 | 72 | |||
Purchases, Sales, and Settlements | (14) | 202 | |||
Assets Transferred into (out of) Level 3 | 0 | (22) | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | (259) | ||||
Corporate Debt Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,956 | 3,037 | |||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4 | 14 | 27 | ||
Actual Return (Loss) on Plan Assets Sold | 9 | (80) | |||
Actual Return (Loss) on Plan Assets Still Held | (8) | 87 | |||
Purchases, Sales, and Settlements | (12) | (15) | |||
Assets Transferred into (out of) Level 3 | 1 | (5) | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | 0 | ||||
Asset-backed Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 663 | 721 | |||
Asset-backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | 2 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | 0 | 0 | |||
Purchases, Sales, and Settlements | 0 | 0 | |||
Assets Transferred into (out of) Level 3 | 0 | (2) | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | 0 | ||||
Hedge Funds [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 162 | ||||
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 0 | 2 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | 0 | 0 | |||
Purchases, Sales, and Settlements | 0 | 0 | |||
Assets Transferred into (out of) Level 3 | 0 | (2) | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | 0 | ||||
Private Market Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 1 | |||
Private Market Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2 | 1 | 14 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | 4 | (3) | |||
Purchases, Sales, and Settlements | (3) | 0 | |||
Assets Transferred into (out of) Level 3 | 0 | (10) | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | 0 | ||||
Real Estate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 33 | 336 | |||
Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 33 | 93 | 96 | ||
Actual Return (Loss) on Plan Assets Sold | (29) | 2 | |||
Actual Return (Loss) on Plan Assets Still Held | 25 | 0 | |||
Purchases, Sales, and Settlements | (3) | (3) | |||
Assets Transferred into (out of) Level 3 | 0 | (2) | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | (53) | ||||
Derivative, Asset [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 19 | 233 | |||
Derivative, Asset [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 0 | 206 | 0 | ||
Actual Return (Loss) on Plan Assets Sold | 0 | 0 | |||
Actual Return (Loss) on Plan Assets Still Held | 0 | (11) | |||
Purchases, Sales, and Settlements | 0 | 217 | |||
Assets Transferred into (out of) Level 3 | 0 | 0 | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | (206) | ||||
Non-US [Member] | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 2,053 | 2,582 | |||
Non-US [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 4 | 2 | 3 | ||
Actual Return (Loss) on Plan Assets Sold | 1 | (4) | |||
Actual Return (Loss) on Plan Assets Still Held | 0 | 3 | |||
Purchases, Sales, and Settlements | 2 | 0 | |||
Assets Transferred into (out of) Level 3 | (1) | 0 | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | 0 | ||||
UNITED STATES | Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 3,665 | [2] | 3,537 | [3] | |
UNITED STATES | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Fair value of plan assets | 9 | 14 | $ 17 | ||
Actual Return (Loss) on Plan Assets Sold | (2) | (1) | |||
Actual Return (Loss) on Plan Assets Still Held | (5) | (4) | |||
Purchases, Sales, and Settlements | 2 | 3 | |||
Assets Transferred into (out of) Level 3 | 0 | $ (1) | |||
Plan assets transferred due to sale, liquidation, spin-off, or divestiture | $ 0 | ||||
[1] | Corteva's pension assets by fair value hierarchy at December 31, 2018 included approximately $1,657 million of Level 1 assets, $392 million of Level 2 assets, $259 million of Level 3 assets, and $606 million of investments measured at net asset value that were transferred to DuPont upon completion of the Separation. | ||||
[2] | The Corteva pension plans directly held $126 million (approximately 1 percent of total plan assets) of Corteva, Inc. common stock at December 31, 2019. | ||||
[3] | The Corteva pension plans directly held $684 million (approximately 4 percent of total plan assets) of DowDuPont common stock at December 31, 2018. |
Stock-Based Compensation Stock
Stock-Based Compensation Stock Compensation (Details) - USD ($) $ in Millions | Aug. 31, 2017 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Business Combination, Conversion Ratio | 1.2820 | ||||
Business Combination, Fair Value of Equity Awards | $ 629 | ||||
Business Combination, Fair Value, Consideration Transferred | 485 | ||||
Business Combination, Fair Value, Amortized to Stock Comp Expense | 144 | ||||
Incremental Expense | $ 23 | ||||
OIP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant | 20,000,000 | ||||
Shares authorized for future grants | 18,000,000 | ||||
Tax Benefit from Compensation Expense | $ 1 | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 24 | $ 34 | 84 | $ 83 | |
Tax Benefit from Compensation Expense | $ 8 | $ 12 | $ 17 | $ 17 |
Stock-Based Compensation Weight
Stock-Based Compensation Weighted Average Assumptions - Stock Options (Details) - EIP [Member] | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 2.20% | 2.00% | 1.55% | 2.10% |
Expected Volatility | 23.59% | 23.21% | 19.80% | 23.30% |
Risk Free Interest Rate | 2.10% | 2.30% | 2.40% | 2.80% |
Expected life of stock options granted during period | 7 years 2 months 12 days | 7 years 2 months 12 days | 6 years 1 month 6 days | 6 years 2 months 12 days |
Stock-Based Compensation Stoc_2
Stock-Based Compensation Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 2 Months Ended | 3 Months Ended | 4 Months Ended | 7 Months Ended | 8 Months Ended | 12 Months Ended | |||
May 31, 2019 | Mar. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Option Award Vesting Period | 3 years | ||||||||
Unrecognized Pretax Compensation Expense Related to Stock Options | $ 4,000 | $ 4,000 | |||||||
Remaining Weighted-Average Recognition Period | 1 year | ||||||||
Dow [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Option, Expiration Period | 10 years | ||||||||
EIP [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options outstanding at beginning of period | 21,700 | [1] | 17,079 | 17,079 | |||||
Stock options granted during the period | [2] | 2,561 | |||||||
Stock options exercised during the period | (134) | (886) | |||||||
Stock options forfeited/expired during the period | (129) | (85) | |||||||
Stock options outstanding at end of period | 13,886 | 16,108 | 17,079 | ||||||
Stock options exercisable at end of period | 12,481 | 13,314 | |||||||
Stock options outstanding, weighted average exercise price beginning of period | $ 35.41 | [1] | $ 53.26 | $ 53.26 | |||||
Stock options granted, weighted average price | [2] | 29.95 | |||||||
Stock options exercised during the period, weighted average exercise price | 27.24 | 39.19 | |||||||
Stock options forfeited/expired, weighted average price | 35.07 | 46.87 | |||||||
Stock options outstanding, weighted average exercise price end of period | 34 | 54.07 | $ 53.26 | ||||||
Stock options exercisable, weighted average exercise price | $ 32.85 | $ 51.09 | |||||||
Stock options outstanding, weighted average remaining contractual term | 3 years 10 months 24 days | 4 years 9 months 3 days | |||||||
Stock options exercisable, weighted average remaining contractual term | 3 years 4 months 20 days | 3 years 11 months 8 days | |||||||
Stock options outstanding, intrinsic value | $ 20,779 | $ 76,942 | |||||||
Stock options exercisable, intrinsic value | $ 18,979 | $ 74,749 | |||||||
Tax Benefit from Compensation Expense | $ 3,000 | ||||||||
EIP [Member] | Corteva [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Conversion - Corteva Distribution | [3] | (13,886) | |||||||
Conversion - Corteva Distribution, weighted average exercise price | [3] | $ 34 | |||||||
EIP [Member] | Internal Reorganization [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Impact of Internal Reorganizations | (10,112) | ||||||||
Impact of Internal Reorganizations, Weighted Average Exercise Price | $ 36.07 | ||||||||
OIP [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Intrinsic value of stock options | 3,000 | ||||||||
Tax Benefit from Compensation Expense | $ 1,000 | ||||||||
Employee Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Weighted Average Grant Date Fair Value | $ 28.56 | $ 16.65 | $ 7.29 | $ 15.46 | |||||
Intrinsic value of stock options | $ 19,000 | $ 108,000 | $ 16,000 | $ 50,000 | |||||
Equity Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock options outstanding at beginning of period | [4] | 10,468 | |||||||
Stock options exercised during the period | (355) | ||||||||
Stock options forfeited/expired during the period | (68) | ||||||||
Stock options outstanding at end of period | 10,045 | 10,045 | |||||||
Stock options exercisable at end of period | 8,036 | 8,036 | |||||||
Stock options outstanding, weighted average exercise price beginning of period | [4] | $ 32.11 | |||||||
Stock options exercised during the period, weighted average exercise price | 20.95 | ||||||||
Stock options forfeited/expired, weighted average price | 38.45 | ||||||||
Stock options outstanding, weighted average exercise price end of period | 32.47 | $ 32.47 | |||||||
Stock options exercisable, weighted average exercise price | $ 30.54 | $ 30.54 | |||||||
Stock options outstanding, weighted average remaining contractual term | 4 years 8 months 23 days | ||||||||
Stock options exercisable, weighted average remaining contractual term | 3 years 11 months 12 days | ||||||||
Stock options outstanding, intrinsic value | $ 20,186 | $ 20,186 | |||||||
Stock options exercisable, intrinsic value | $ 19,172 | $ 19,172 | |||||||
Grants between 2013 and 2015 [Member] | Equity Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Option, Expiration Period | 7 years | ||||||||
Grants between 2016 and 2018 [Member] | Equity Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock Option, Expiration Period | 10 years | ||||||||
[1] | As a result of the Dow Distribution, all outstanding DowDuPont equity awards under the EIP were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. | ||||||||
[2] | As a result of the Dow Distribution, outstanding DowDuPont equity awards under the Heritage Dow Plans were moved to the EIP and were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. These outstanding equity awards are included in the number of “Granted” awards in the table above. | ||||||||
[3] | As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. | ||||||||
[4] | As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. |
Stock-Based Compensation Restri
Stock-Based Compensation Restricted Stock Units and Performance Deferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Nov. 30, 2017 | Aug. 31, 2019 | Nov. 30, 2017 | May 31, 2019 | Mar. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | May 31, 2019 | Mar. 31, 2019 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU and PSU Award Vesting Period | 3 years | ||||||||||||||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | $ 91.56 | ||||||||||||||
Remaining Weighted-Average Recognition Period | 1 year | ||||||||||||||
Minimum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share based compensation arrangement by share based payment award, equity instruments other than options, actual awards granted, percentage of performance target | 0.00% | 0.00% | |||||||||||||
Maximum [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share based compensation arrangement by share based payment award, equity instruments other than options, actual awards granted, percentage of performance target | 200.00% | 200.00% | |||||||||||||
RSUs and PSUs - OIP [Domain] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Nonvested RSUs and PSUs at beginning of period | [1] | 3,757,000 | |||||||||||||
RSUs and PSUs granted during the period | 2,228,000 | ||||||||||||||
RSUs and PSUs vested during the period | (497,000) | ||||||||||||||
RSUs and PSUs forfeited during the period | (50,000) | ||||||||||||||
Nonvested RSUs and PSUs at end of period | 5,438,000 | 5,438,000 | |||||||||||||
Weighted average grant date fair value, nonvested RSUs and PSUs beginning of period | [1] | $ 35.56 | |||||||||||||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | 28.88 | $ 28.88 | |||||||||||||
Weighted Average Grant Date Fair Value, vested RSUs and PSUs during the period | 39.07 | ||||||||||||||
Weighted Average Grant Date Fair Value, RSUs and PSUs forfeited during the period | 36.50 | ||||||||||||||
Weighted average grant date fair value, nonvested RSUs and PSUs end of period | $ 35.56 | [1] | $ 32.49 | ||||||||||||
Fair Value of RSUs and PSUs vested during the period | $ 19 | ||||||||||||||
Unrecognized Pretax Compensation Expense Related to RSUs and PSUs | $ 57 | ||||||||||||||
RSUs and PSUs - EIP [Domain] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Nonvested RSUs and PSUs at beginning of period | 6,120,000 | [2] | 3,147,000 | 3,147,000 | |||||||||||
RSUs and PSUs granted during the period | 1,288,000 | [3] | 2,578,000 | ||||||||||||
RSUs and PSUs vested during the period | (76,000) | (1,113,000) | |||||||||||||
RSUs and PSUs forfeited during the period | (47,000) | (12,000) | |||||||||||||
Nonvested RSUs and PSUs at end of period | 3,100,000 | 4,600,000 | 3,147,000 | ||||||||||||
Weighted average grant date fair value, nonvested RSUs and PSUs beginning of period | $ 39.46 | [2] | $ 68.18 | $ 68.18 | |||||||||||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | 42.34 | [3] | 52.66 | ||||||||||||
Weighted Average Grant Date Fair Value, vested RSUs and PSUs during the period | 42.26 | 67.85 | |||||||||||||
Weighted Average Grant Date Fair Value, RSUs and PSUs forfeited during the period | 40.35 | 67.08 | |||||||||||||
Weighted average grant date fair value, nonvested RSUs and PSUs end of period | $ 39.46 | [2] | $ 68.18 | $ 68.18 | $ 68.18 | $ 40.18 | $ 59.57 | ||||||||
Fair Value of RSUs and PSUs vested during the period | $ 9 | $ 84 | $ 79 | $ 128 | |||||||||||
Remaining Weighted-Average Recognition Period | 1 year | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Equity award conversion ratio | 1 | ||||||||||||||
Performance Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU Requisite Service Period | 6 months | ||||||||||||||
Restricted Stock Units and Performance Deferred Stock Units [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Weighted Average Grant Date Fair Value, RSUs and PSUs granted during the period | $ 29.02 | $ 71.16 | $ 70.02 | $ 76.41 | $ 52.19 | $ 70.37 | |||||||||
Internal Reorganization [Member] | RSUs and PSUs - EIP [Domain] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Impact of Internal Reorganizations | (4,185,000) | ||||||||||||||
Impact of Internal Reorganizations, Weighted Average Grant Date Fair Value | $ 39.76 | ||||||||||||||
Corteva [Member] | RSUs and PSUs - EIP [Domain] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Conversion - Corteva Distribution | [4] | (3,100,000) | |||||||||||||
Conversion - Corteva Distribution, weighted average grant date fair value | $ 40.18 | ||||||||||||||
Minimum [Member] | Management [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU and PSU Award Vesting Period | 3 years | ||||||||||||||
Maximum [Member] | Management [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU and PSU Award Vesting Period | 5 years | ||||||||||||||
OIP [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU and PSU Award Vesting Period | 3 years | ||||||||||||||
EIP [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU and PSU Award Vesting Period | 3 years | ||||||||||||||
Dow [Member] | Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU and PSU Award Vesting Period | 1 year | ||||||||||||||
Dow [Member] | Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
RSU and PSU Award Vesting Period | 3 years | ||||||||||||||
[1] | As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. | ||||||||||||||
[2] | As a result of the Dow Distribution, all outstanding DowDuPont equity awards under the EIP were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. | ||||||||||||||
[3] | As a result of the Dow Distribution, outstanding DowDuPont equity awards under the Heritage Dow Plans were moved to the EIP and were converted into DowDuPont-denominated awards under the “Employer Method,” or into Dow-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 Dow Distribution. These outstanding equity awards are included in the number of “Granted” awards in the table above. | ||||||||||||||
[4] | As a result of the Corteva Distribution, all outstanding DowDuPont equity awards under the EIP were converted into Corteva-denominated awards under the “Employer Method,” or into DuPont-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 and moved to the OIP. |
Financial Instruments Financial
Financial Instruments Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash Equivalents [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 1,293 | $ 1,221 |
Marketable Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity securities | $ 5 | $ 5 |
Financial Instruments Notional
Financial Instruments Notional Amounts (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 570 | $ 525 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | 0 | 9 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative, Notional Amount | $ 582 | $ 2,057 |
Financial Instruments Cash Flow
Financial Instruments Cash Flow Hedges Included in AOCI (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Remaining Maturity | 2 years | |||
After-tax net loss to be reclassified from AOCL into earnings over the next twelve months | $ 1 | |||
Cash Flow Hedging [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Beginning Balance | $ (3) | $ 7 | (26) | $ (2) |
Additions and revaluations of derivatives designated as cash flow hedges | (2) | 3 | 16 | (19) |
Clearance of hedge results to earnings | 0 | (13) | 12 | (5) |
Ending Balance | (2) | (3) | $ 2 | $ (26) |
Cash Flow Hedging [Member] | Successor Period [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Beginning Balance | $ 0 | |||
Ending Balance | $ 0 |
Financial Instruments Fair Valu
Financial Instruments Fair Value of Derivatives (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset, Gross | $ 25 | $ 72 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (18) | (35) |
Derivative Asset, Net | 7 | 37 | |
Derivative Liability, Gross | 43 | 21 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (16) | (15) |
Derivative Liability, Net | 27 | 6 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Other Current Assets [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Asset, Gross | 25 | 72 | |
Derivative Asset, Counterparty and Cash Collateral Netting | [1] | (18) | (35) |
Derivative Asset, Net | 7 | 37 | |
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 | 43 | 21 | |
Derivative Liability, Counterparty and Cash Collateral Netting | [1] | (16) | (15) |
Derivative Liability, Net | $ 27 | $ 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. |
Financial Instruments Effect of
Financial Instruments Effect of Derivative Instruments (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Loss) Gain on Derivative Instruments, Net, Pretax | $ 91 | $ (408) | $ (62) | $ 105 | |
Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instrument, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [1] | 3 | 5 | 23 | (24) |
(Loss) Gain on Hedging Activity | [2] | 0 | 21 | (13) | 6 |
Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | 91 | (429) | (49) | 99 | |
Commodity Contract [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instrument, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Pre-Tax | [1] | 3 | 5 | 23 | (24) |
Commodity Contract [Member] | Cost of Goods Sold | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
(Loss) Gain on Hedging Activity | [2],[3] | 0 | 21 | (13) | 6 |
Commodity Contract [Member] | Cost of Goods Sold | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [3] | 0 | 2 | 9 | 5 |
Foreign Exchange Contract [Member] | Other Income (Expense) - net | Not Designated as Hedging Instrument [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments Not Designated as Hedging Instruments, (Loss) Gain, Net | [4] | $ 91 | $ (431) | $ (58) | $ 94 |
[1] | OCI is defined as other comprehensive income (loss). | ||||
[2] | For cash flow hedges, this represents the portion of the gain (loss) reclassified from accumulated OCI into income during the period. | ||||
[3] | Recorded in cost of goods sold. | ||||
[4] | Gain recognized in other income (expense) - 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 Measurement Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset | $ 25,000,000 | $ 72,000,000 | |
Derivative Liability | 43,000,000 | 21,000,000 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Long-term Debt, Fair Value | 114,000,000 | 5,775,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Cash equivalents and restricted cash equivalents | [1] | 1,293,000,000 | 1,221,000,000 |
Marketable securities | 5,000,000 | 5,000,000 | |
Total assets at fair value | 1,323,000,000 | 1,298,000,000 | |
Long-term Debt, Fair Value | [2] | 119,000,000 | 6,100,000,000 |
Liabilities at fair value | 162,000,000 | 6,121,000,000 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | |||
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings [Line Items] | |||
Derivative Asset | [3] | 25,000,000 | 72,000,000 |
Derivative Liability | [3] | $ 43,000,000 | $ 21,000,000 |
[1] | Time deposits included in cash and cash equivalents and money market funds included in other current assets in the 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 Consolidated Balance Sheets. |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value Measurement Nonrecurring Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 10,750 | $ 4,152 | |
Equity Method Investment, Other than Temporary Impairment | $ 41 | ||
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Method Investment, Other than Temporary Impairment | (41) | ||
Fair Value, Nonrecurring [Member] | Developed Technology | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | (1) | ||
Fair Value, Nonrecurring [Member] | Other Intangible Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | (6) | ||
Fair Value, Nonrecurring [Member] | In Process Research and Development [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | (137) | (85) | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in nonconsolidated affiliates | 51 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Developed Technology | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 0 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Intangible Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 0 | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | In Process Research and Development [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Indefinite-lived Intangible Assets (Excluding Goodwill), Fair Value Disclosure | $ 0 | $ 450 |
Geographic Information Revenue
Geographic Information Revenue by Country (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net Sales | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 2,815 | $ 1,947 | $ 5,731 | $ 3,794 | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 | |||
Geographic Information Threshold | 10.00% | 10.00% | |||||||||||||
UNITED STATES | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net Sales | 1,091 | 4,189 | $ 6,255 | 6,725 | |||||||||||
CANADA | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net Sales | 133 | 390 | 674 | 687 | |||||||||||
EMEA | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net Sales | 535 | 1,287 | 2,740 | 2,765 | |||||||||||
Asia Pacific | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net Sales | 428 | 380 | 1,288 | 1,293 | |||||||||||
Latin America | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net Sales | 1,603 | [1] | $ 648 | 2,889 | [1] | 2,817 | [1] | ||||||||
BRAZIL | |||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||||
Net Sales | $ 1,111 | $ 1,794 | $ 1,732 | ||||||||||||
[1] | Net sales for Brazil for the year ended December 31, 2019, the year ended December 31, 2018 and the period September 1 through December 31, 2017 were $1,794 million , $1,732 million and $1,111 million , respectively. Net sales for Brazil were less than 10 percent of consolidated net sales for the period January 1 through August 31, 2017. |
Geographic Information Net Prop
Geographic Information Net Property by Country (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Property | $ 4,546 | $ 4,544 | [1] | $ 4,648 |
UNITED STATES | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Property | 3,069 | 3,161 | 3,132 | |
CANADA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Property | 125 | 88 | 90 | |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Property | 566 | 546 | 570 | |
Asia Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Property | 178 | 181 | 215 | |
Latin America | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Property | $ 608 | $ 568 | $ 641 | |
[1] | Includes adjustments for discontinued operations and common control business combination. |
Segment Reporting Segment Infor
Segment Reporting Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 01, 2019 | ||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net Sales | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 2,815 | $ 1,947 | $ 5,731 | $ 3,794 | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 | ||||
Pro forma Segment Operating EBITDA | [1] | 2,106 | 2,213 | |||||||||||||
Depreciation and Amortization | 1,599 | 2,790 | ||||||||||||||
Segment Assets | 38,879 | 38,632 | 38,879 | 38,632 | ||||||||||||
Investments in nonconsolidated affiliates | 66 | 138 | 66 | 138 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 1,163 | 1,501 | ||||||||||||||
Goodwill | 10,229 | 10,193 | 14,873 | 10,229 | 10,193 | $ 10,179 | ||||||||||
Reallocation of goodwill [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Goodwill | 3,382 | |||||||||||||||
Operating Segments [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Depreciation and Amortization | 1,000 | 909 | ||||||||||||||
Segment Assets | 38,879 | 38,632 | 38,879 | 38,632 | ||||||||||||
Investments in nonconsolidated affiliates | 66 | 138 | 66 | 138 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 666 | 513 | ||||||||||||||
Seed [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net Sales | 1,520 | 5,865 | 7,590 | 7,842 | ||||||||||||
Pro forma Segment Operating EBITDA | 1,040 | 1,139 | ||||||||||||||
Depreciation and Amortization | 628 | 534 | ||||||||||||||
Segment Assets | 25,387 | [2] | 29,286 | 25,387 | [2] | 29,286 | ||||||||||
Investments in nonconsolidated affiliates | 27 | 102 | 27 | 102 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 373 | 263 | ||||||||||||||
Goodwill | 5,486 | 0 | 0 | 5,486 | 0 | 5,453 | ||||||||||
Crop Protection [Member] | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Net Sales | 2,270 | $ 1,029 | 6,256 | 6,445 | ||||||||||||
Pro forma Segment Operating EBITDA | 1,066 | 1,074 | ||||||||||||||
Depreciation and Amortization | 372 | 375 | ||||||||||||||
Segment Assets | 13,492 | [2] | 9,346 | 13,492 | [2] | 9,346 | ||||||||||
Investments in nonconsolidated affiliates | 39 | 36 | 39 | 36 | ||||||||||||
Payments to Acquire Property, Plant, and Equipment | 293 | 250 | ||||||||||||||
Goodwill | $ 4,743 | $ 0 | $ 0 | $ 4,743 | $ 0 | $ 4,726 | ||||||||||
[1] | Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | |||||||||||||||
[2] | On June 1, 2019, as a result of changes in reportable segments, $3,382 million of goodwill was reallocated from the seed reportable segment to the crop protection reportable segment. This change was not reflected in segment assets prior to June 1, 2019. |
Segment Reporting Segment Recon
Segment Reporting Segment Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | [4] | Mar. 31, 2019 | [5] | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | $ (42) | $ (527) | [2],[3] | $ 483 | $ (184) | $ (1,070) | [4],[5],[6] | $ (5,642) | [6],[7] | $ 375 | [6],[8] | $ (438) | [6],[9] | $ 1,760 | $ 358 | $ (270) | $ (6,775) | ||||||
Benefit from income taxes on continuing operations | (2,221) | (395) | (46) | (31) | |||||||||||||||||||
Loss from Continuing Operations before Income Taxes | (461) | (37) | (316) | (6,806) | |||||||||||||||||||
Depreciation and Amortization | 1,599 | 2,790 | |||||||||||||||||||||
Interest income | 50 | 59 | 59 | 86 | |||||||||||||||||||
Interest Expense | 115 | 254 | 136 | 337 | |||||||||||||||||||
Net exchange losses | (23) | (364) | (99) | [10],[11] | (127) | [10],[11],[12],[13] | |||||||||||||||||
Non-operating benefits - net | (129) | (211) | |||||||||||||||||||||
Goodwill Impairment Charge | $ 0 | $ 4,503 | [14] | $ 0 | 0 | 0 | 0 | 0 | 4,503 | ||||||||||||||
Significant items | 991 | 1,346 | |||||||||||||||||||||
Pro forma adjustments | 298 | 2,003 | |||||||||||||||||||||
Corporate Expenses | 119 | 141 | |||||||||||||||||||||
Pro forma Segment Operating EBITDA | [15] | 2,106 | 2,213 | ||||||||||||||||||||
Segment Reconciling Items [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Interest income | (59) | (86) | |||||||||||||||||||||
Net exchange losses | [16] | 66 | 77 | ||||||||||||||||||||
Significant items | (991) | (1,346) | |||||||||||||||||||||
Hedging Program [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | $ 91 | $ (431) | (58) | 94 | [13] | ||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | $ (33) | (51) | (68) | ||||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | [17] | (33) | |||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | $ (50) | (50) | |||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | [18] | (50) | |||||||||||||||||||||
Operating Segments [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Depreciation and Amortization | $ 1,000 | $ 909 | |||||||||||||||||||||
[1] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[2] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||||||
[3] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[4] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | ||||||||||||||||||||||
[5] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | ||||||||||||||||||||||
[6] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[7] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[8] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | ||||||||||||||||||||||
[9] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[10] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018 , respectively. | ||||||||||||||||||||||
[11] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018, respectively. | ||||||||||||||||||||||
[12] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | ||||||||||||||||||||||
[13] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[14] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | ||||||||||||||||||||||
[15] | Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | ||||||||||||||||||||||
[16] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, for additional information. | ||||||||||||||||||||||
[17] | Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. | ||||||||||||||||||||||
[18] | Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Segment Reporting Segment Asset
Segment Reporting Segment Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||
Segment Assets | $ 38,879 | $ 38,632 | |
Corporate Assets | 3,518 | 4,417 | |
Total Assets - Discontinued Operations | [1] | 0 | 65,634 |
Assets | $ 42,397 | $ 108,683 | |
[1] | See Note 5 - Divestitures and Other Transactions, for additional information on discontinued operations. |
Segment Reporting Other Items (
Segment Reporting Other Items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and Amortization | $ 1,599 | $ 2,790 | |
Investments in nonconsolidated affiliates | 66 | 138 | |
Payments to Acquire Property, Plant, and Equipment | 1,163 | 1,501 | |
Operating Segments [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and Amortization | 1,000 | 909 | |
Investments in nonconsolidated affiliates | 66 | 138 | |
Payments to Acquire Property, Plant, and Equipment | 666 | 513 | |
Discontinued Operations [Member] | |||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||
Depreciation and Amortization | [1] | 599 | 1,881 |
Investments in nonconsolidated affiliates | [1] | 0 | 0 |
Payments to Acquire Property, Plant, and Equipment | [1] | $ 497 | $ 988 |
[1] | See Note 5 |
Segment Reporting Sig Items (De
Segment Reporting Sig Items (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | [1] | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | [1] | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | $ 55 | $ 46 | [1] | $ 60 | [1] | $ 61 | [1] | $ 228 | [1] | $ 235 | $ 101 | [1] | $ 130 | [1] | $ 270 | $ 12 | $ 222 | $ 694 | |||||
Integration and Separation Costs | $ 50 | 152 | [1] | 330 | [1] | 212 | [1] | 295 | [1] | $ 253 | 249 | [1] | 195 | [1] | 255 | 744 | 992 | ||||||
Gain (Loss) on Disposition of Assets | $ 24 | ||||||||||||||||||||||
Loss on Extinguishment of Debt | $ (13) | $ (81) | 0 | 0 | (13) | (81) | |||||||||||||||||
Net exchange losses | (23) | (364) | (99) | [2],[3] | (127) | [2],[3],[4],[5] | |||||||||||||||||
Significant items | 991 | 1,346 | |||||||||||||||||||||
Sale of JV [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | $ (24) | ||||||||||||||||||||||
Hedging Program [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | $ 91 | $ (431) | (58) | 94 | [5] | ||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | $ (33) | (51) | (68) | ||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | $ (50) | (50) | |||||||||||||||||||||
Segment Reconciling Items [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | [6] | (222) | (694) | ||||||||||||||||||||
Integration and Separation Costs | [7] | (632) | |||||||||||||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | [8] | (67) | |||||||||||||||||||||
Loss on Extinguishment of Debt | [9] | (13) | |||||||||||||||||||||
Net exchange losses | [10] | 66 | 77 | ||||||||||||||||||||
Integration costs | [7] | (571) | |||||||||||||||||||||
Significant items | (991) | (1,346) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Seed [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | [6] | (213) | (368) | ||||||||||||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | [8] | (67) | |||||||||||||||||||||
Significant items | (304) | (399) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Crop Protection [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | [6] | (23) | (58) | ||||||||||||||||||||
Significant items | (23) | (58) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Corporate, Non-Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Restructuring and Asset Related Charges - Net | [6] | 14 | (268) | ||||||||||||||||||||
Integration and Separation Costs | [7] | (632) | |||||||||||||||||||||
Loss on Extinguishment of Debt | [9] | (13) | |||||||||||||||||||||
Integration costs | [7] | (571) | |||||||||||||||||||||
Significant items | (664) | (889) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Sale of JV [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [11] | (24) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Sale of JV [Member] | Seed [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [11] | (24) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Asset sale [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [12] | 24 | |||||||||||||||||||||
Segment Reconciling Items [Member] | Asset sale [Member] | Seed [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [12] | 24 | |||||||||||||||||||||
Segment Reconciling Items [Member] | Deconsolidation of a subsidiary [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [13] | (53) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Deconsolidation of a subsidiary [Member] | Seed [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [13] | (53) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Other loss on sale [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [14] | (2) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Other loss on sale [Member] | Seed [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Assets | [14] | (2) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | [15] | (33) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Argentine peso devaluation [Member] | Corporate, Non-Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | [15] | $ (33) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | [16] | (50) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | Corporate, Non-Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Net exchange losses | [16] | $ (50) | |||||||||||||||||||||
[1] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | ||||||||||||||||||||||
[2] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018 , respectively. | ||||||||||||||||||||||
[3] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018, respectively. | ||||||||||||||||||||||
[4] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | ||||||||||||||||||||||
[5] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[6] | Includes Board approved restructuring plans and asset related charges, which includes other asset impairments. See Note 7 - Restructuring and Asset Related Charges - Net, for additional information. | ||||||||||||||||||||||
[7] | Integration and separation costs related to post-Merger integration and Business Separation activities. | ||||||||||||||||||||||
[8] | Includes charges related to the amortization on the inventory that was stepped up to fair value in connection with the Merger, recognized in cost of goods sold. | ||||||||||||||||||||||
[9] | Includes a loss 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. | ||||||||||||||||||||||
[10] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, for additional information. | ||||||||||||||||||||||
[11] | Includes a loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. | ||||||||||||||||||||||
[12] | Includes a gain recorded in other income (expense) - net related to an asset sale. | ||||||||||||||||||||||
[13] | Includes a loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | ||||||||||||||||||||||
[14] | Includes a loss recorded in other income (expense) - net related to an asset sale. | ||||||||||||||||||||||
[15] | Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. | ||||||||||||||||||||||
[16] | Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Quaterly Financial Data Quarter
Quaterly Financial Data Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||||||
Net Sales | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 2,815 | $ 1,947 | $ 5,731 | $ 3,794 | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 | ||||||||
Cost of Goods Sold | 1,968 | 1,349 | [1] | 3,047 | [1] | 2,211 | [1] | 2,024 | [1] | 1,485 | [1] | 3,687 | [1] | 2,752 | [1] | 2,915 | 3,409 | 8,575 | 9,948 | |
Restructuring and Asset Related Charges - Net | 55 | [2] | 46 | [2] | 60 | [2] | 61 | [2] | 228 | [2] | 235 | [2] | 101 | [2] | 130 | [2] | 270 | 12 | 222 | 694 |
Integration and Separation Costs | 50 | [2] | 152 | [2] | 330 | [2] | 212 | [2] | 295 | [2] | 253 | [2] | 249 | [2] | 195 | [2] | 255 | 744 | 992 | |
Goodwill Impairment Charge | 0 | 4,503 | [2] | 0 | 0 | 0 | 0 | 0 | 4,503 | |||||||||||
(Loss) income from continuing operations after income taxes | (42) | [3] | (527) | [4],[5] | 483 | [6] | (184) | [7] | (1,070) | [6],[7],[8] | (5,642) | [8],[9] | 375 | [8],[10] | (438) | [8],[11] | 1,760 | 358 | (270) | (6,775) |
Net (loss) income attributable to Company | $ (21) | [2] | $ (494) | [2] | $ (608) | [2] | $ 164 | [2] | $ (531) | [2] | $ (5,121) | [2] | $ 694 | [2] | $ (107) | [2] | $ 1,182 | $ 1,734 | $ (959) | $ (5,065) |
(Loss) earnings per common share, continuing operations - basic | $ (0.06) | [12] | $ (0.69) | [12] | $ 0.63 | [12] | $ (0.26) | [12] | $ (1.43) | [12] | $ (7.54) | [12] | $ 0.49 | [12] | $ (0.60) | [12] | $ 2.34 | $ 0.40 | $ (0.38) | $ (9.08) |
(Loss) earnings per common share, continuing operations - diluted | $ (0.06) | [12] | $ (0.69) | [12] | $ 0.63 | [12] | $ (0.26) | [12] | $ (1.43) | [12] | $ (7.54) | [12] | $ 0.49 | [12] | $ (0.60) | [12] | $ 2.34 | $ 0.40 | $ (0.38) | $ (9.08) |
[1] | Includes charges of $(639) million , $(676) million , $(109) million , and $(130) million for the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, and $(205) million , $(52) million , and $(15) million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. | |||||||||||||||||||
[2] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | |||||||||||||||||||
[3] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[4] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | |||||||||||||||||||
[5] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[6] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | |||||||||||||||||||
[7] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | |||||||||||||||||||
[8] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[9] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[10] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | |||||||||||||||||||
[11] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | |||||||||||||||||||
[12] | Earnings per share for the year may not equal the sum of quarterly earnings per share due to rounding and the changes in average share calculations. |
Quaterly Financial Data Quart_2
Quaterly Financial Data Quarterly Financial Data (Parentheticals) (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
(Loss) Gain on sale or disposition of assets | $ 24 | |||||||||||||
Loss on Extinguishment of Debt | $ (13) | $ (81) | $ 0 | $ 0 | $ (13) | $ (81) | ||||||||
Net exchange losses | (23) | (364) | (99) | [1],[2] | (127) | [1],[2],[3],[4] | ||||||||
Hedging Program [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Net exchange losses | 91 | $ (431) | (58) | 94 | [4] | |||||||||
Argentine peso devaluation [Member] | Hedging Program [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Net exchange losses | $ (33) | (51) | (68) | |||||||||||
Tax Reform Foreign Currency Exchange Impact [Member] | Hedging Program [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Net exchange losses | $ (50) | (50) | ||||||||||||
Swiss Tax Reform [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Other Tax Benefit (Expense) | 38 | |||||||||||||
Brazil Valuation Allowance [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Other Tax Benefit (Expense) | $ (75) | |||||||||||||
Internal Entity Restructuring [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Other Tax Benefit (Expense) | (25) | |||||||||||||
Pension Resize [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Change in Tax Rate, Provisional Income Tax Benefit | 114 | |||||||||||||
Merger with Dow [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Business Combination, Fair Value Step-Up Of Acquired Inventory, Amount recognized in Cost of Goods sold | $ (15) | $ (52) | $ (205) | (130) | (109) | (676) | (639) | $ 425 | 272 | $ 1,554 | ||||
Sale of JV [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
(Loss) Gain on sale or disposition of assets | $ (24) | |||||||||||||
Swiss VA [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Other Tax Benefit (Expense) | $ 34 | $ 34 | ||||||||||||
Tax charge (benefit) related to The Act [Member] | ||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||
Other Tax Benefit (Expense) | $ (274) | $ 16 | $ (7) | $ (64) | ||||||||||
[1] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018 , respectively. | |||||||||||||
[2] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018, respectively. | |||||||||||||
[3] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | |||||||||||||
[4] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. |
Quaterly Financial Data Quart_3
Quaterly Financial Data Quarterly Financial Data Restatement (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||||
Net Sales | $ 2,983 | $ 1,911 | $ 5,556 | $ 3,396 | $ 2,815 | $ 1,947 | $ 5,731 | $ 3,794 | $ 3,790 | $ 6,894 | $ 13,846 | $ 14,287 | |||||||||||
Cost of Goods Sold | 1,968 | 1,349 | [1] | 3,047 | [1] | 2,211 | [1] | 2,024 | [1] | 1,485 | [1] | 3,687 | [1] | 2,752 | [1] | 2,915 | 3,409 | 8,575 | 9,948 | ||||
Restructuring and Asset Related Charges - Net | 55 | [2] | 46 | [2] | 60 | [2] | 61 | [2] | 228 | [2] | 235 | [2] | 101 | [2] | 130 | [2] | 270 | 12 | 222 | 694 | |||
Integration and Separation Costs | 50 | [2] | 152 | [2] | 330 | [2] | 212 | [2] | 295 | [2] | 253 | [2] | 249 | [2] | 195 | [2] | 255 | 744 | 992 | ||||
Income (Loss) from Continuing Operations After Taxes | (42) | [3] | (527) | [4],[5] | 483 | [6] | (184) | [7] | (1,070) | [6],[7],[8] | (5,642) | [8],[9] | 375 | [8],[10] | (438) | [8],[11] | 1,760 | 358 | (270) | (6,775) | |||
Net (loss) income attributable to Company | $ (21) | [2] | $ (494) | [2] | $ (608) | [2] | 164 | [2] | (531) | [2] | $ (5,121) | [2] | $ 694 | [2] | (107) | [2] | 1,182 | $ 1,734 | $ (959) | (5,065) | |||
Historical EID [Member] | |||||||||||||||||||||||
Net Sales | 6,288 | 5,741 | 6,699 | 7,053 | 26,279 | ||||||||||||||||||
Cost of Goods Sold | 4,235 | 3,980 | 4,847 | ||||||||||||||||||||
Restructuring and Asset Related Charges - Net | 55 | 115 | 97 | ||||||||||||||||||||
Integration and Separation Costs | 405 | 449 | 255 | ||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | 89 | (351) | (216) | 1,087 | (5,013) | ||||||||||||||||||
Net (loss) income attributable to Company | 85 | (354) | (228) | ||||||||||||||||||||
Discontinued Operations and Other Adjustments [Member] | |||||||||||||||||||||||
Net Sales | (4,341) | [12] | (4,350) | [12] | (4,388) | [12] | (5,477) | [13] | (17,638) | [13] | |||||||||||||
Cost of Goods Sold | [12] | (2,963) | (3,026) | (3,003) | |||||||||||||||||||
Restructuring and Asset Related Charges - Net | [12] | (43) | (9) | (38) | |||||||||||||||||||
Integration and Separation Costs | [12] | (193) | (154) | (60) | |||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | (369) | [12] | (573) | [12] | (355) | [12] | 485 | [13] | (1,753) | [13] | |||||||||||||
Net (loss) income attributable to Company | [12] | (11) | (28) | (1) | |||||||||||||||||||
DAS [Member] | |||||||||||||||||||||||
Net Sales | 1,449 | 1,424 | 1,483 | 2,214 | 5,646 | ||||||||||||||||||
Cost of Goods Sold | 939 | 1,070 | 908 | ||||||||||||||||||||
Restructuring and Asset Related Charges - Net | 49 | 122 | 71 | ||||||||||||||||||||
Integration and Separation Costs | 0 | 0 | 0 | ||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | 96 | (146) | 133 | $ 188 | $ (9) | ||||||||||||||||||
Net (loss) income attributable to Company | $ 90 | $ (149) | $ 122 | ||||||||||||||||||||
[1] | Includes charges of $(639) million , $(676) million , $(109) million , and $(130) million for the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, and $(205) million , $(52) million , and $(15) million for the first quarter 2019, second quarter 2019, and third quarter 2019, respectively, related to the amortization of inventory step-up as a result of the Merger. | ||||||||||||||||||||||
[2] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | ||||||||||||||||||||||
[3] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[4] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||||||
[5] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[6] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | ||||||||||||||||||||||
[7] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | ||||||||||||||||||||||
[8] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[9] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[10] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | ||||||||||||||||||||||
[11] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[12] | 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. | ||||||||||||||||||||||
[13] | Reflects discontinued operations of EID's ECP and Specialty Products Entities and adjustments primarily related to the elimination of intercompany transactions between EID and DAS for periods subsequent to the Merger, as if they were combined affiliates, and adjustments made to align historical financial statement presentation of DAS and Corteva. |
Subsequent Events (Details)
Subsequent Events (Details) - Securities Sold under Agreements to Repurchase [Member] $ in Billions | Feb. 29, 2020USD ($) |
Subsequent Event [Line Items] | |
Short-term Debt | $ 1.3 |
Percentage of outstanding amounts borrowed utilized as collateral | 105.00% |
Interest rate in addition to LIBOR | 0.75% |
EID Basis of Presentation (Deta
EID Basis of Presentation (Details) - $ / shares | Feb. 07, 2020 | Dec. 31, 2019 | Jun. 01, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Common Stock, Shares, Outstanding | 748,577,000 | 748,815,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
EID Related Party (Details)
EID Related Party (Details) - EID [Member] - Corteva [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Related Party Transaction [Line Items] | |
Long-Term Debt - Related Party | $ 4,021 |
Debt, Weighted Average Interest Rate | 3.27% |
Interest Expense, Related Party | $ 106 |
Accrued and Other Current Liabilities [Member] | |
Related Party Transaction [Line Items] | |
Indemnified Liabilities | 119 |
Other Noncurrent Obligations [Member] | |
Related Party Transaction [Line Items] | |
Indemnified Liabilities | $ 154 |
EID Income Taxes Geographic All
EID Income Taxes Geographic Allocation (Details) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss from Continuing Operations before Income Taxes | $ (461) | $ (37) | $ (316) | $ (6,806) |
Benefit from income taxes on continuing operations | (2,221) | (395) | (46) | (31) |
Net (loss) income from continuing operations after income taxes | 1,192 | 1,761 | (941) | (5,027) |
Continuing Operations [Member] | ||||
Loss from Continuing Operations before Income Taxes, Domestic | (961) | (519) | (1,352) | (5,040) |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 500 | 482 | 1,036 | (1,766) |
Loss from Continuing Operations before Income Taxes | (461) | (37) | (316) | (6,806) |
Current Federal Tax (Benefit) Expense | 8 | (581) | (11) | (112) |
Current State and Local Tax Expense (Benefit) | 11 | (117) | 1 | (32) |
Current Foreign Tax Expense | 287 | 81 | 317 | 446 |
Total current tax expense (benefit) | 306 | (617) | 307 | 302 |
Deferred Federal Income Tax (Benefit) Expense | (2,373) | 188 | (392) | (124) |
Deferred State and Local Income Tax Expense (Benefit) | 3 | 79 | 156 | (39) |
Deferred Foreign Income Tax Benefit | (157) | (45) | (117) | (170) |
Total deferred tax (benefit) expense | (2,527) | 222 | (353) | (333) |
Benefit from income taxes on continuing operations | (2,221) | (395) | (46) | (31) |
Net (loss) income from continuing operations after income taxes | 1,760 | 358 | (270) | (6,775) |
EID [Member] | ||||
Loss from Continuing Operations before Income Taxes | (461) | (37) | (422) | (6,806) |
Benefit from income taxes on continuing operations | (2,221) | (395) | (71) | (31) |
Net (loss) income from continuing operations after income taxes | 1,192 | 1,761 | (1,022) | (5,027) |
EID [Member] | Continuing Operations [Member] | ||||
Loss from Continuing Operations before Income Taxes, Domestic | (961) | (519) | (1,458) | (5,040) |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | 500 | 482 | 1,036 | (1,766) |
Loss from Continuing Operations before Income Taxes | (461) | (37) | (422) | (6,806) |
Current Federal Tax (Benefit) Expense | 8 | (581) | (11) | (112) |
Current State and Local Tax Expense (Benefit) | 11 | (117) | 1 | (32) |
Current Foreign Tax Expense | 287 | 81 | 317 | 446 |
Total current tax expense (benefit) | 306 | (617) | 307 | 302 |
Deferred Federal Income Tax (Benefit) Expense | (2,373) | 188 | (417) | (124) |
Deferred State and Local Income Tax Expense (Benefit) | 3 | 79 | 156 | (39) |
Deferred Foreign Income Tax Benefit | (157) | (45) | (117) | (170) |
Total deferred tax (benefit) expense | (2,527) | 222 | (378) | (333) |
Benefit from income taxes on continuing operations | (2,221) | (395) | (71) | (31) |
Net (loss) income from continuing operations after income taxes | $ 1,760 | $ 358 | $ (351) | $ (6,775) |
EID Income Taxes Rate Reconcili
EID Income Taxes Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Tax benefit (charge) related to The Act [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ (274) | $ 16 | $ (7) | $ (64) | |||||||||
Brazil Valuation Allowance [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ (75) | ||||||||||||
Continuing Operations [Member] | |||||||||||||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 21.00% | 21.00% | |||||||||
Equity earning effect | 1.90% | (2.70%) | 0.10% | 0.10% | |||||||||
Effective tax rates on international operations - net | [1] | 24.30% | 244.90% | (18.40%) | 0.40% | ||||||||
Acquisitions, divestitures, and ownership restructuring activities | [3] | 63.00% | [2] | (64.70%) | (10.70%) | (2.30%) | [2],[4] | ||||||
U.S. research and development credit | 1.40% | 24.40% | 7.00% | 0.10% | |||||||||
Exchange gains/losses | [5] | (8.80%) | 650.10% | (1.80%) | (1.30%) | ||||||||
SAB 118 Impact of Enactment of U.S. Tax Reform | 371.20% | [6] | 0.00% | 0.00% | (3.00%) | [6] | |||||||
Impact of Swiss Tax Reform | 0.00% | 0.00% | 11.90% | [7] | 0.00% | ||||||||
Excess tax benefits (tax deficiency) from stock-compensation | 1.00% | 38.30% | (0.60%) | 0.10% | |||||||||
Tax settlements and expiration of statue of limitations | 0.00% | 146.40% | [8] | 3.90% | (0.10%) | ||||||||
Goodwill impairment | 0.00% | 0.00% | 0.00% | (15.20%) | [9] | ||||||||
Other, net | (7.20%) | (4.10%) | 2.20% | 0.70% | |||||||||
Effective Income Tax Rate | 481.80% | 1067.60% | 14.60% | 0.50% | |||||||||
(Charge) Benefit related to internal legal entity restructuring | $ 261 | $ (25) | |||||||||||
Continuing Operations [Member] | Repatriation Accrual [Member] | |||||||||||||
Other Tax Benefit (Expense) | (50) | ||||||||||||
Continuing Operations [Member] | Tax benefit (charge) related to The Act [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 2,067 | (164) | |||||||||||
Continuing Operations [Member] | Swiss Tax Reform [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 38 | ||||||||||||
Continuing Operations [Member] | Accrued interest reversals [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 46 | ||||||||||||
Continuing Operations [Member] | Brazil Valuation Allowance [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ (75) | ||||||||||||
EID [Member] | Continuing Operations [Member] | |||||||||||||
Statutory U.S. federal income tax rate | 35.00% | 35.00% | 21.00% | 21.00% | |||||||||
Equity earning effect | 1.90% | (2.70%) | 0.10% | 0.10% | |||||||||
Effective tax rates on international operations - net | [10] | 24.30% | 244.90% | (13.80%) | 0.40% | ||||||||
Acquisitions, divestitures, and ownership restructuring activities | [12] | 63.00% | [11] | (64.70%) | (8.00%) | (2.30%) | [11],[13] | ||||||
U.S. research and development credit | 1.40% | 24.40% | 5.20% | 0.10% | |||||||||
Exchange gains/losses | [14] | (8.80%) | 650.10% | (1.30%) | (1.30%) | ||||||||
SAB 118 Impact of Enactment of U.S. Tax Reform | 371.20% | [6] | 0.00% | 0.00% | (3.00%) | [6] | |||||||
Impact of Swiss Tax Reform | 0.00% | 0.00% | 8.90% | [15] | 0.00% | ||||||||
Excess tax benefits (tax deficiency) from stock-compensation | 1.00% | 38.30% | (0.50%) | 0.10% | |||||||||
Tax settlements and expiration of statue of limitations | 0.00% | 146.40% | [16] | 2.90% | (0.10%) | ||||||||
Goodwill impairment | 0.00% | 0.00% | 0.00% | (15.20%) | [17] | ||||||||
Other, net | (7.20%) | (4.10%) | 2.30% | 0.70% | |||||||||
Effective Income Tax Rate | 481.80% | 1067.60% | 16.80% | 0.50% | |||||||||
(Charge) Benefit related to internal legal entity restructuring | $ 261 | $ (25) | |||||||||||
EID [Member] | Continuing Operations [Member] | Repatriation Accrual [Member] | |||||||||||||
Other Tax Benefit (Expense) | (50) | ||||||||||||
EID [Member] | Continuing Operations [Member] | Tax benefit (charge) related to The Act [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 2,067 | (164) | |||||||||||
EID [Member] | Continuing Operations [Member] | Swiss Tax Reform [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 38 | ||||||||||||
EID [Member] | Continuing Operations [Member] | Accrued interest reversals [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ 46 | ||||||||||||
EID [Member] | Continuing Operations [Member] | Brazil Valuation Allowance [Member] | |||||||||||||
Other Tax Benefit (Expense) | $ (75) | ||||||||||||
[1] | Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. | ||||||||||||
[2] | Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. | ||||||||||||
[3] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, for additional information. | ||||||||||||
[4] | Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 | ||||||||||||
[5] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, under the heading Foreign Currency Risk. | ||||||||||||
[6] | Reflects a net tax benefit of $2,067 million and a net tax charge of $164 million associated with the company's completion of the accounting for the tax effects of The Act for the period September 1 through December 31, 2017 and the year ended December 31, 2018, respectively. | ||||||||||||
[7] | Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). | ||||||||||||
[8] | The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. | ||||||||||||
[9] | Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . | ||||||||||||
[10] | Includes the effects of local and U.S. taxes related to earnings of non-U.S. subsidiaries, changes in the amount of unrecognized tax benefits associated with these earnings, losses at non-U.S. subsidiaries without local tax benefits due to valuation allowances, and other permanent differences between tax and U.S. GAAP results. | ||||||||||||
[11] | Includes a net tax charge of $25 million and a net tax benefit of $261 million for the year ended December 31, 2018 and the period September 1 through December 31, 2017 , respectively, related to an internal legal entity restructuring associated with the Business Separations. | ||||||||||||
[12] | See Notes 4 - Common Control Business Combination, and Note 5 - Divestitures and Other Transactions, of the Corteva, Inc. Consolidated Financial Statements for additional information. | ||||||||||||
[13] | Includes a net tax charge of $50 million related to repatriation activities to facilitate the Business Separations for the year ended December 31, 2018 . | ||||||||||||
[14] | Principally reflects the impact of foreign exchange gains and losses on net monetary assets for which no corresponding tax impact is realized. Further information about the company's foreign currency hedging program is included in Note 9 - Supplementary Information, and Note 22 - Financial Instruments, of the Corteva, Inc. Consolidated Financial Statements under the heading Foreign Currency Risk. | ||||||||||||
[15] | Reflects tax benefits of $38 million associated with the enactment of the Federal Act on Tax Reform and AHV Financing ("Swiss Tax Reform"). | ||||||||||||
[16] | The period January 1 through August 31, 2017 includes a tax benefit of $46 million related to changes in accruals for certain prior year tax positions and the tax effect of the associated accrued interest reversals. | ||||||||||||
[17] | Reflects the impact of the non-tax-deductible, non-cash impairment charge for the agriculture reporting unit and corresponding $75 million tax charge associated with a valuation allowance recorded against the net deferred tax asset position of a legal entity in Brazil for the year ended December 31, 2018 . |
EID Segment FN Segment Reconcil
EID Segment FN Segment Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | $ (42) | [1] | $ (527) | [2],[3] | $ 483 | [4] | $ (184) | [5] | $ (1,070) | [4],[5],[6] | $ (5,642) | [6],[7] | $ 375 | [6],[8] | $ (438) | [6],[9] | $ 1,760 | $ 358 | $ (270) | $ (6,775) | |||
Benefit from income taxes on continuing operations | (2,221) | (395) | (46) | (31) | |||||||||||||||||||
Loss from Continuing Operations before Income Taxes | (461) | (37) | (316) | (6,806) | |||||||||||||||||||
Depreciation and Amortization | 1,599 | 2,790 | |||||||||||||||||||||
Interest income | 50 | 59 | 59 | 86 | |||||||||||||||||||
Interest Expense | 115 | 254 | 136 | 337 | |||||||||||||||||||
Net exchange losses | (23) | (364) | (99) | [10],[11] | (127) | [10],[11],[12],[13] | |||||||||||||||||
Non-operating benefits - net | (129) | (211) | |||||||||||||||||||||
Goodwill Impairment Charge | $ 0 | $ 4,503 | [14] | $ 0 | 0 | 0 | 0 | 0 | 4,503 | ||||||||||||||
Significant items | 991 | 1,346 | |||||||||||||||||||||
Pro forma adjustments | 298 | 2,003 | |||||||||||||||||||||
Corporate Expenses | 119 | 141 | |||||||||||||||||||||
Pro forma Segment Operating EBITDA | [15] | 2,106 | 2,213 | ||||||||||||||||||||
Hedging Program [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Net exchange losses | 91 | (431) | (58) | 94 | [13] | ||||||||||||||||||
Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Net exchange losses | (33) | (51) | (68) | ||||||||||||||||||||
Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Net exchange losses | $ (50) | (50) | |||||||||||||||||||||
Segment Reconciling Items [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Interest income | (59) | (86) | |||||||||||||||||||||
Net exchange losses | [16] | 66 | 77 | ||||||||||||||||||||
Significant items | (991) | (1,346) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Net exchange losses | [17] | (33) | |||||||||||||||||||||
Segment Reconciling Items [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Net exchange losses | [18] | (50) | |||||||||||||||||||||
EID [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | $ (70) | $ (557) | $ 460 | $ (184) | 1,760 | 358 | (351) | (6,775) | |||||||||||||||
Benefit from income taxes on continuing operations | (2,221) | (395) | (71) | (31) | |||||||||||||||||||
Loss from Continuing Operations before Income Taxes | (461) | (37) | (422) | (6,806) | |||||||||||||||||||
Depreciation and Amortization | 1,000 | 909 | |||||||||||||||||||||
Interest Expense | 115 | 254 | 242 | 337 | |||||||||||||||||||
Non-operating benefits - net | (129) | (211) | |||||||||||||||||||||
Goodwill Impairment Charge | $ 0 | $ 0 | 0 | 4,503 | |||||||||||||||||||
Pro forma adjustments | 298 | 2,003 | |||||||||||||||||||||
Corporate Expenses | 119 | 141 | |||||||||||||||||||||
Pro forma Segment Operating EBITDA | [19] | 2,106 | 2,213 | ||||||||||||||||||||
EID [Member] | Hedging Program [Member] | Argentine peso devaluation [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Net exchange losses | (33) | ||||||||||||||||||||||
EID [Member] | Hedging Program [Member] | Tax Reform Foreign Currency Exchange Impact [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Net exchange losses | (50) | ||||||||||||||||||||||
EID [Member] | Segment Reconciling Items [Member] | |||||||||||||||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||||||||||||||
Interest income | (59) | (86) | |||||||||||||||||||||
Net exchange losses | [20] | 66 | 77 | ||||||||||||||||||||
Significant items | $ 991 | $ 1,346 | |||||||||||||||||||||
[1] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[2] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||||||
[3] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[4] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | ||||||||||||||||||||||
[5] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | ||||||||||||||||||||||
[6] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[7] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[8] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | ||||||||||||||||||||||
[9] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[10] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018 , respectively. | ||||||||||||||||||||||
[11] | Includes a net $(51) million and $(68) million pre-tax exchange loss associated with the devaluation of the Argentine peso for the year ended December 31, 2019 and December 31, 2018, respectively. | ||||||||||||||||||||||
[12] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, which is included within significant items. | ||||||||||||||||||||||
[13] | Includes a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[14] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | ||||||||||||||||||||||
[15] | Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | ||||||||||||||||||||||
[16] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, for additional information. | ||||||||||||||||||||||
[17] | Includes a charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. Throughout the three months ended September 30, 2019, the Argentine Peso dropped approximately a third of its value against the US dollar and in September of 2019, the country’s central bank announced new restrictions on foreign currency transactions. | ||||||||||||||||||||||
[18] | Includes a foreign exchange loss recorded in other income (expense) - net related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[19] | Segment operating EBITDA for all periods is presented on a pro forma basis, prepared in accordance with Article 11 of Regulation S-X. | ||||||||||||||||||||||
[20] | Excludes a $(33) million foreign exchange loss for the year ended December 31, 2019 associated with the devaluation of the Argentine peso and a $(50) million foreign exchange loss for the year ended December 31, 2018 related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform, as they are included within significant items. See Note 9 - Supplementary Information, of the Corteva, Inc. Consolidated Financial Statements for additional information. |
EID Quarterly FN (Details)
EID Quarterly FN (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||||||||
(Loss) income from continuing operations after income taxes | $ (42) | [1] | $ (527) | [2],[3] | $ 483 | [4] | $ (184) | [5] | $ (1,070) | [4],[5],[6] | $ (5,642) | [6],[7] | $ 375 | [6],[8] | $ (438) | [6],[9] | $ 1,760 | $ 358 | $ (270) | $ (6,775) |
Net (loss) income attributable to Company | (21) | [10] | (494) | [10] | (608) | [10] | 164 | [10] | (531) | [10] | (5,121) | [10] | 694 | [10] | (107) | [10] | 1,182 | 1,734 | (959) | (5,065) |
EID [Member] | ||||||||||||||||||||
Effect of Fourth Quarter Events [Line Items] | ||||||||||||||||||||
(Loss) income from continuing operations after income taxes | (70) | (557) | 460 | (184) | 1,760 | 358 | (351) | (6,775) | ||||||||||||
Net (loss) income attributable to Company | $ (46) | $ (524) | $ (626) | $ 166 | $ (528) | $ (5,119) | $ 697 | $ (105) | $ 1,185 | $ 1,741 | $ (1,030) | $ (5,055) | ||||||||
[1] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[2] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | |||||||||||||||||||
[3] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[4] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | |||||||||||||||||||
[5] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | |||||||||||||||||||
[6] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[7] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | |||||||||||||||||||
[8] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | |||||||||||||||||||
[9] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | |||||||||||||||||||
[10] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. |
EID Quarterly FN Reconciliation
EID Quarterly FN Reconciliations (Details) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||||||||
Income (Loss) from Continuing Operations After Taxes | $ (42) | [1] | $ (527) | [2],[3] | $ 483 | [4] | $ (184) | [5] | $ (1,070) | [4],[5],[6] | $ (5,642) | [6],[7] | $ 375 | [6],[8] | $ (438) | [6],[9] | $ 1,760 | $ 358 | $ (270) | $ (6,775) | |||
Net (loss) income attributable to Company | (21) | [10] | (494) | [10] | (608) | [10] | 164 | [10] | (531) | [10] | (5,121) | [10] | 694 | [10] | (107) | [10] | 1,182 | 1,734 | (959) | (5,065) | |||
EID [Member] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | (70) | (557) | 460 | (184) | 1,760 | 358 | (351) | (6,775) | |||||||||||||||
Net (loss) income attributable to Company | $ (46) | $ (524) | $ (626) | 166 | (528) | $ (5,119) | $ 697 | (105) | 1,185 | $ 1,741 | $ (1,030) | (5,055) | |||||||||||
Historical EID [Member] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | 89 | (351) | (216) | 1,087 | (5,013) | ||||||||||||||||||
Net (loss) income attributable to Company | 85 | (354) | (228) | ||||||||||||||||||||
Historical EID [Member] | EID [Member] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | 89 | ||||||||||||||||||||||
Net (loss) income attributable to Company | 85 | (354) | (228) | ||||||||||||||||||||
Discontinued Operations and Other Adjustments [Member] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | (369) | [11] | (573) | [11] | (355) | [11] | 485 | [12] | (1,753) | [12] | |||||||||||||
Net (loss) income attributable to Company | [11] | (11) | (28) | (1) | |||||||||||||||||||
Discontinued Operations and Other Adjustments [Member] | EID [Member] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | [13] | (369) | |||||||||||||||||||||
Net (loss) income attributable to Company | [13] | (9) | (25) | 1 | |||||||||||||||||||
DAS [Member] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | 96 | (146) | 133 | $ 188 | $ (9) | ||||||||||||||||||
Net (loss) income attributable to Company | 90 | (149) | 122 | ||||||||||||||||||||
DAS [Member] | EID [Member] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations After Taxes | 96 | ||||||||||||||||||||||
Net (loss) income attributable to Company | $ 90 | $ (149) | $ 122 | ||||||||||||||||||||
[1] | Fourth quarter 2019 includes a tax benefit of $34 million related to the impact of the release of a tax valuation allowance recorded against the net deferred tax asset position of a Switzerland legal entity. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[2] | Third quarter 2019 includes a $(33) million charge included in other income (expense) - net associated with remeasuring the company’s Argentine Peso net monetary assets, resulting from an unexpected August primary election result in Argentina. | ||||||||||||||||||||||
[3] | Third quarter 2019 includes a tax benefit of $38 million related to Swiss Tax Reform. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[4] | Includes a loss on early extinguishment of debt of $(13) million in the second quarter of 2019 and $(81) million in the fourth quarter 2018 related to the retirement of some of the company's debt. See Note 17 - Short-Term Borrowings, Long-Term Debt and Available Credit Facilities, for additional information. | ||||||||||||||||||||||
[5] | First quarter 2019 includes a $(24) million loss recorded in other income (expense) - net related to Historical Dow’s sale of a joint venture related to synergy actions. Fourth quarter 2018 includes a $(53) million loss recorded in other income (expense) - net related to the deconsolidation of a subsidiary. | ||||||||||||||||||||||
[6] | Includes tax (charges) benefits of $(64) million , $(7) million , $16 million , and $(274) million in the first quarter 2018, second quarter 2018, third quarter 2018, and fourth quarter 2018, respectively, related to The Act. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[7] | Includes a tax charge of $(75) million in the third quarter 2018 related to the establishment of a full valuation allowance against the net deferred tax asset position of a legal entity in Brazil, a tax charge of $(25) million related to an internal legal entity restructuring associated with the Business Separations, and a tax benefit of $114 million related to the company's discretionary pension contribution in 2018 which was deducted on a 2017 tax return. See Note 10 - Income Taxes, for additional information. | ||||||||||||||||||||||
[8] | Second quarter 2018 includes a $24 million gain recorded in other income (expense) - net related to an asset sale. | ||||||||||||||||||||||
[9] | First quarter 2018 includes a $(50) million foreign exchange loss related to adjustments to foreign currency exchange contracts as a result of U.S. tax reform. | ||||||||||||||||||||||
[10] | Note 7 - Restructuring and Asset Related Charges - Net, Note 5 - Divestitures and Other Transactions, and Note 15 - Goodwill and Other Intangible Assets, for additional information related to integration and separation costs, restructuring and asset related charges - net, discontinued operations, and goodwill impairment charge, respectively. | ||||||||||||||||||||||
[11] | 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. | ||||||||||||||||||||||
[12] | Reflects discontinued operations of EID's ECP and Specialty Products Entities and adjustments primarily related to the elimination of intercompany transactions between EID and DAS for periods subsequent to the Merger, as if they were combined affiliates, and adjustments made to align historical financial statement presentation of DAS and Corteva. | ||||||||||||||||||||||
[13] | 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. |